FiercePharma says: AstraZeneca reported stronger-than-expected second-quarter earnings. It hiked its 2010 forecast for the third time, and announced a $2 billion share-buyback program. Crestor steamed forward with a 23 percent increase in second-quarter sales, fueling the company's 23 percent rise in Q2 profits, to $2.11 billion.
- Revenue for the second quarter increased by 1 percent at constant exchange rates (CER) to $8,178 million.
- Core operating profit in the second quarter was $3,650 million, unchanged at CER, as lower other operating income offset increased revenue and lower operating costs.
- Core EPS in the second quarter increased by 9 percent at CER to $1.79.
- Reported EPS in the second quarter increased by 22 percent at CER to $1.46.
- Crestor patent upheld by US Court in a ruling announced on 29 June 2010.
- The Board has recommended a first interim dividend of $0.70. Target for net share repurchases is increased to $2 billion for 2010.
- Core EPS target for the full year increased to the range of $6.35 to $6.65.
AstraZeneca's website: http://www.astrazeneca.com/
Full earnings release: AstraZeneca release