AZN: H1 2016 Results
AstraZeneca PLC
28 July 2016 07:00
This announcement contains inside information.
H1 2016 Results
Financial Summary
| H1 2016 | Q2 2016 | ||||||
| % change | % change | ||||||
| $m | CER1 | Actual | $m | CER1 | Actual | ||
| Total Revenue | 11,718 | (3) | (5) | 5,603 | (10) | (11) | |
| Product Sales | 11,034 | (2) | (5) | 5,469 | (5) | (6) | |
| Externalisation Revenue | 684 | (12) | (12) | 134 | (72) | (72) | |
| Reported Operating Profit | 1,341 | (24) | (28) | 303 | (64) | (67) | |
| Core Operating Profit2 | 2,999 | (14) | (17) | 1,406 | (21) | (22) | |
| Reported Earnings Per Share (EPS) | $0.51 | (45) | (48) | $0.00 | (99) | (100) | |
| Core EPS | $1.78 | (20) | (22) | $0.83 | (31) | ||
- Total Revenue down by 3% as expected, reflecting a 2% decline in Product Sales that was driven by patent expiries, in particular Crestor in the US. The phasing of Externalisation Revenue is towards H2 2016
- Reported and Core R&D costs increased by 6% and 9% respectively; Reported SG&A costs were stable, with Core SG&A costs declining by 5%, supporting full-year commitments
- Reported EPS declined 45%, negatively impacted by restructuring charges related to the recently-announced cost reduction programme. Core EPS declined 20%, reflecting the phasing of Externalisation Revenue to the second half of the year
- An unchanged first interim dividend per share of $0.90
- FY 2016 guidance unchanged
Commercial Highlights
The Growth Platforms grew by 7% in the half. Of the six platforms, the performance included:
- Emerging Markets: +7%. Encouraging China growth of 11%
- Diabetes: +18%. A good performance underpinned by the success of Farxiga
- Respiratory: +1%. Strong Emerging Markets sales of Symbicort, pricing compression in the US and Europe
- New Oncology: Sales of $251m reflected the successful ongoing launch of Tagrisso
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