AZN: Full-year and Q4 2019 results
AstraZeneca PLC
14 February 2020 7:00 GMT
Full-year and Q4 2019 results
A year of significant innovation for patients; accelerating the strategic transition
AstraZeneca delivered a year of strong revenue growth, supported by the launch of new medicines1 and further good progress on its pipeline, with several approvals and data readouts. These trends are set to continue in 2020, accompanied by growth in earnings and cash. In maintaining its focus on patients and science, the Company remains on track to deliver its strategic ambitions.
Full-year Product Sales growth of 12% (15% at CER2) to $23,565m included fourth-quarter Product Sales of $6,250m (+8%, +9% at CER). All three therapy areas and every sales region grew at CER in the quarter and over the full year. Highlights for the year included:
- Sales of new medicines increased by 59% (62% at CER) to $9,906m, including new-medicine growth in Emerging Markets of 75% (84% at CER) to $1,865m. New medicines represented 42% of total Product Sales (FY 2018: 30%)
- Sales growth across the therapy areas: Oncology +44% (+47% at CER) to $8,667m, New CVRM3 +9% (+12% at CER) to $4,376m and Respiratory +10% (+13% at CER) to $5,391m
- For the first time, around half of Product Sales in the year were within the specialty-care4 setting
- Sales growth across regions: total Emerging Markets sales increased by 18% (24% at CER) to $8,165m, with China sales growth of 29% (35% at CER); China sales in the quarter increased by 25% (28% at CER) to $1,189m. US sales increased by 13% in the year to $7,747m; Europe sales declined by 2% in the year (up by 2% at CER) to $4,350m; Japan sales increased by 27% (26% at CER) to $2,548m
| FY 2019 | Q4 2019 | |||||
| $m | % change | $m | % change | |||
| Actual | CER | Actual | CER | |||
| Product Sales | 23,565 | 12 | 15 | 6,250 | 8 | 9 |
| Collaboration Revenue | 819 | (21) | (20) | 414 | (36) | (36) |
| Total Revenue | 24,384 | 10 | 13 | 6,664 | 4 | 5 |
| Reported5 Operating Profit | 2,924 | (14) | (16) | 577 | (46) | (56) |
| Core6 Operating Profit | 6,436 | 13 | 13 | 1,545 | (29) | (33) |
| Reported EPS7 | $1.03 | (40) | (44) | $0.24 | (71) | (78) |
| Core EPS | $3.50 | 1 | - | $0.89 | (44) | (46) |
Pascal Soriot, Chief Executive Officer, commenting on the results said:
“In the first full year of our return to growth, we made good progress in line with our strategy. Results from our new medicines and Emerging Markets accompanied positive news for patients, most recently including regulatory approvals of Enhertu in breast cancer and Calquence in leukaemia. Our collaborations also progressed at pace, including that with Daiichi Sankyo, while there were several regulatory approvals for new medicines in China at the end of the year, such as Lynparza in first-line ovarian cancer.
Driven by a strong team, 2020 is anticipated to be another year of progress for AstraZeneca. We are becoming a better-balanced business, both regionally and through our medicines. This transition is a further step towards improving operating leverage and cash generation. As we accelerate our commitments to achieving our long-term climate-change and decarbonisation targets, we will maintain our focus on executing a strategy centred on science and patients.”
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