5th Nov 2015 07:13
LONDON (Alliance News) - AstraZeneca PLC on Thursday said its operating profit increased in the third quarter and was ahead for the year to date, as AstraZeneca upgraded its revenue guidance for 2015 in constant currencies.
The FTSE 100-listed pharmaceutical giant said its operating profit for the third quarter to the end of September rose to USD137.0 million from USD116.0 million a year earlier, helped by an improvement in margins in the half.
Total revenue for the quarter fell 10% to USD5.95 billion and was down 2.0% in constant currencies, while revenue for the nine months to the end of September was down 8.0% to USD18.31 billion but was flat in constant currencies. The revenue decline was driven by generic competition for its Nexium acid reflux product in the US and by accounting changes.
AstraZeneca upgraded its revenue guidance for the full year in constant currencies to expectations for a broadly flat performance against 2014, having previously guided to a low-single-digit percentage decline.
"Our financial performance in the year to date, including an 8% increase in core EPS in the third quarter, underpinned today's upgrade to full-year guidance. 2016 will be a pivotal year in our strategic journey as we face the impact of loss of exclusivity to Crestor in the US," said Pascal Soriot, AstraZeneca's chief executive.
"Looking ahead however, the continued performance of our growth platforms and upcoming launches will combine with our increasing focus on costs and cash generation to help offset short-term headwinds and return AstraZeneca to sustainable growth," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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