AstraZeneca: Q1 2017 Results
AstraZeneca PLC
27 April 2017 07:00
Q1 2017 Results
An encouraging start as the pipeline newsflow continued in a potentially defining year
Financial Summary
| $m | % change | ||
| Actual(1) | CER(2) | ||
| Total Revenue | 5,405 | (12) | (10) |
| Product Sales | 4,843 | (13) | (12) |
| Externalisation Revenue | 562 | 2 | 3 |
| Reported Operating Profit | 917 | (12) | (23) |
| Core(3) Operating Profit | 1,667 | 5 | (2) |
| Reported Earnings Per Share (EPS) | $0.42 | (17) | (35) |
| Core EPS | $0.99 | 4 | (4) |
- The Product Sales performance mainly reflected the residual impact of the US Crestor patent expiry
- One third of Externalisation Revenue was represented by sustainable and ongoing income
- Continued good progress on cost control, reflecting the evolving shape of the business:
- Reported R&D costs declined by 2% (up by 2% at CER) to $1,453m; Core R&D costs declined by 6% (3% at CER) to $1,338m
- Reported SG&A costs declined by 11% (8% at CER) to $2,300m; Core SG&A costs declined by 14% (12% at CER) to $1,829m - Reported EPS declined by 17% (35% at CER); Core EPS increased by 4% (down by 4% at CER)
- Financial guidance for 2017 confirmed
Commercial Highlights
The Growth Platforms grew by 4% (5% at CER) and represented 66% of Total Revenue:
- Emerging Markets: 7% growth (9% at CER), becoming AstraZeneca’s largest sales regio
- Respiratory: A decline of 2% (stable at CER), with growth offset by the performance of Symbicort in the US
- New CVMD5: Growth of 5% (6% at CER), with competitive pressures in the US continuing
- Japan: Growth of 5% (3% at CER), partly reflecting the ongoing successful launch of Tagrisso and the performance of Symbicort
- New Oncology6: Sales of $236m (Q1 2016: $99m), accompanied by regulatory approval for Tagrisso in China
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