AstraZeneca ups guidance as profits soar

29th Apr 2010 11:01

AstraZeneca has upped its profit target for the full year after strong growth from key drugs and emerging markets helped the drug giant post a sharp rise in earnings in the first quarter.Pre-tax profits climbed to $3.5bn from $3bn over the same quarter the previous year on the back of revenues that rose to $8.6bn from $7.7bn.Chief executive David Brennan pointed to strong sales of cholesterol treatment Crestor, depression treatment Serroquel and asthma drug Symbicort.'We saw revenue growth in all major regions, including another strong quarter in emerging markets,' he said.Revenue comparisons will become tougher in the second half of the year due to the boost Astra received from orders of swine flu treatments towards the end of 2009, he said.However, the company has increased its core earnings guidance per share for the full year to $6.05 to $6.35 from a previous forecast of $5.90 to $6.30. Yesterday, Astra's rival GlaxoSmithKline also cited strong emerging markets growth as it posted a jump in profits for the first quarter.