Financial results for 2014 in line with upgraded Company guidance given at Q3 2014 results.
Full year revenue up 3% at constant exchange rates to $26,095m (FY 2013: $25,711m).
Q4 revenue up 2% to $6,683m, the 4th consecutive quarter of revenue growth (Q4 2013: $6,844m).
Core EPS for the full year was $4.28, down 8%. Core EPS for the 4th quarter was $0.76, down 28%.
A record six product approvals in 2014.
Pipeline progress since Q3 2014 results:
Respiratory: Duaklir Genuair: EU approval for COPD. Brodalumab: superior to ustekinumab in second and third pivotal Phase III studies in psoriasis. Lesinurad: submission for gout treatment accepted in the EU.
CVMD: Brilinta PEGASUS study met its primary endpoints. Saxagliptin/dapagliflozin fixed-dose combination filed in the US.
Oncology: Lynparza approved in US & EU for advanced BRCA-mutated ovarian cancer. The US submission for Iressa accepted by the FDA.
Neuroscience: Moventig approved in EU for opioid-induced constipation. Movantik descheduled by the US DEA.
Growth platform revenues were up 15% in 2014 and contributed 53% of total revenue.
Brilinta/Brilique: our antiplatelet medicine achieved 70% growth in global sales, with continued momentum across all regions.
Diabetes: we achieved 139% growth, successful integration of BMS assets, strong Farxiga/Forxiga launch and good uptake of new Bydureon Pen in the US.
Respiratory: Year-to-date sales grew 10%, with Emerging Markets growth of 27% and decelerating US growth of +15%.
Emerging Markets: +12%, with China growth of 22%, making China AstraZeneca's second largest national market.
Japan: -3%, due to mandated price cuts, increased use of generics and Nexium recall in the fourth quarter.
The Board has declared a second interim dividend of $1.90 per share, bringing the dividend for the full year to $2.80. The Board reaffirms its commitment to the Company's progressive dividend policy.
Pascal Soriot, Chief Executive Officer, commenting on the results, said:
"2014 was a remarkable year for AstraZeneca. We achieved a record six product approvals as we accelerated our pipeline across all main therapy areas. Alongside this, we delivered four quarters of revenue growth, with growth platforms now contributing over half of our revenues. Our strong performance in Emerging Markets is a particular highlight, with China becoming our second largest national market, while the delay in the introduction of Nexium generics in the US helped to direct additional investment towards our launch brands and our rapidly advancing pipeline.
"Our guidance for 2015 reflects our focus on creating value by investing in our new brands and exciting pipeline while we continue improving productivity to protect our profitability in the face of patent expiries. With the depth of our science and the momentum we have built across our organisation, we are on track to return to growth by 2017 and are well positioned to deliver our long-term goals."
For 2015 the company anticipates to continue its significant progress towards achieving scientific leadership:
Pivotal data: MEDI4736 for 3L NSCLC; tremelimumab for mesothelioma; selumetinib for uveal melanoma; PT003 for COPD.
Filings: AZD9291 for 2L NSCLC; cediranib for ovarian cancer (EU); brodalumab for psoriasis.
Potential approval decisions: saxagliptin/dapagliflozin FDC (US); Iressa (US); lesinurad (US).
2015 Guidance:
Sales revenue is expected to decline by mid single-digit percent at CER. Consistent with its business model, the Company will continue to seek externalisation revenue from partnerships and licensing select products and technologies. Core EPS is expected to increase by low single-digit percent at CER.
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