Fourth Quarter and Full Year Results 2008
Sales for the full year increased by 3 percent at CER; Core operating profit increased by 9 percent at CER.
-Core operating margin improved to 34.7 percent of sales on operational efficiencies.
Sales in Emerging Markets reached $4,273 million for the full year, a 16 percent increase at CER.
Core EPS for the full year increased by 8 percent at constant exchange rates (CER) to $5.10, in line with the Company’s guidance.
Growth in Reported EPS for the full year, 2 percent at CER, was lower than Core EPS growth rate.
-Reflects higher intangible impairments and a full year of MedImmune amortisation compared with 2007.
New initiatives extend the scope of restructuring programme to sustain long-term competitiveness.
-When fully implemented, annual benefits anticipated to reach $2.5 billion, up from $1.4 billion.
Continued progress on the pipeline; up to four new compounds planned for regulatory filing in 2009.
Dividend increased by 10 percent to $2.05 for the full year.
Net debt reduced by $1.9 billion on strong cash performance and investment discipline.
-No share repurchases will take place in 2009 in order to maintain the flexibility to invest in the business.
Financial Summary
[Se PDF for table]
* Core financial measures are supplemental non-GAAP measures which management believe useful to understanding the Company’s performance; it is upon these measures that financial guidance for 2009 is based. See page 9 for a definition of Core financial measures and pages 9 and 10 for a reconciliation of Core to Reported financial measures.
David Brennan, Chief Executive Officer, said: “AstraZeneca has delivered a robust performance in an increasingly challenging market
environment. I am particularly pleased with our continued success in globalising our business, as shown by our strong performance in Emerging Markets. We are also making good headway in further improving the efficiency of our organisation. The expansion in the scope of our restructuring efforts is another important step towards sustaining our long-term competitiveness.”