AstraZeneca Q1 Revenue Up 7%
For the first quarter of 2010, the company posted a profit of $2.77 billion, compared to $2.14 billion for the prior year period. Operating profit was $3.64 billion, compared to $3.16 billion for the year ago period.
Cash generated from operating activities was $1. 73 billion for the quarter, compared with $2.27 billion for the first quarter of 2009. Net cash outflows from investing activities were $1.26 billion million in the quarter compared with an inflow of $74m for the first quarter of 2009.
Based on the first quarter results and the outlook for the remainder of the year, the company has increased its guidance for core earnings per share for the full year to a range of $6.05 to $6.35.
David Brennan, CEO of AstraZeneca, said: “The first quarter results reflect continued strong market performance for key brands like Crestor, Seroquel and Symbicort. We saw revenue growth in all major regions, including another strong quarter in emerging markets.
“Looking forward, revenue comparisons will become more challenging in the second half of the year as a result of the uplift from Toprol-XL and H1N1 vaccine sales in 2009 and the expiration of the Arimidex patent later this year. Based on the first quarter performance and the outlook for the remainder of the year we have increased our core EPS target.”
Will the company further improve its revenues in Q2?
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