Astrazeneca ups 2014 revenue and profit guidance

6th Nov 2014 07:39

Drug group Astrazeneca has increased its full-year revenue and earnings guidance after good performances by its flagship drugs in the third quarter.The group said 2014 annual revenue was now expected to increase in low single digits at constant exchange rates rather than its previous guidance for revenue to match that of 2013.It said core earnings per share (EPS) for 2014 were now expected to fall about 10% at constant exchange rates, better than anticipated in previous guidance.But it said core EPS at actual exchange rates were likely to take a 5% hit from currency volatility, assuming current exchange rates.At current exchange rates, Astrazeneca said it was targeting core EPS for 2015 of no less than the lower end of the range of the upgraded guidance for core EPS for 2014 at actual exchange rates.The company plans to give guidance for 2015 at its 2014 results on 5 February 2015.Astrazeneca said revenue from its best-performing drugs including heart drug Brilinta and diabetic and respiratory treatments, was up 16%, making up 54% of total revenue, which lifted 5% to $6.5bn. Reported operating profit fell 63% at constant exchange rates to $541m and core operating profit dropped 9% to $1.7bn at constant exchange rates.Revenue in emerging markets rose 12% and by 22% in China.Chief executive Pascal Soriot said: "I'm pleased to report our third consecutive quarter of revenue growth, driven by a strong contribution from our growth platforms. In addition, we have chosen to invest in our rapidly developing pipeline that will continue to create value for AstraZeneca in 2015 and beyond."