Final Results - Part 1 of 2

AstraZeneca PLC
29 January 2004


AstraZeneca PLC
Fourth Quarter and Full Year Results 2003

'Achievements in 2003 position AstraZeneca for strong sales and profit growth'

Financial Highlights (before Exceptional Items)

  Group                        4th Quarter  4th Quarter    Actual    CER      Full Year   Full Year    Actual    CER
                                      2003         2002         %      %           2003        2002         %      %

                                        $m           $m                              $m          $m

  Sales                              4,875        4,901        -1     -8         18,849      17,841        +6      -

  Operating Profit                     849        1,074       -21    -26          4,111       4,356        -6    -11

  Profit before Tax                    869        1,081       -20    -25          4,202       4,387        -4     -9

  Earnings per Share

  Before Exceptional Items           $0.38        $0.45       -17    -22          $1.78       $1.84        -3     -9

  Statutory (FRS3)                   $0.38        $0.25       +52    +42          $1.78       $1.64        +9     +3

All narrative in this section refers to growth rates at constant exchange rates
(CER)

•  Sales for key growth and launch products increased by 45 percent to
   $8.2 billion and now comprise 44 percent of total company sales.

•  Sales for the full year were unchanged at CER whilst absorbing the
   loss of $2.6 billion in US sales of PrilosecTM , ZestrilTM and NolvadexTM.

•  Operating profit for the full year was $4,111 million, down 11
   percent, on planned investments in R&D and SG&A required to effect the 
   portfolio transformation.

•  NexiumTM sales were $3.3 billion for the full year, up 62 percent.

•  SeroquelTM sales increased by 27 percent to $1.5 billion for the full
   year.  Approval in the US for the use of SeroquelTM in the treatment of acute
   bipolar mania was received 12 January 2004.

•  IressaTM sales reached $228 million for the full year, chiefly in the
   US ($102 million) and Japan ($101 million).

•  CrestorTM sales were $129 million for the full year.  In the week
   ending 16 January, Crestor TM share of new prescriptions in the US statin 
   market reached 4.6 percent.

•  On 23 December ExantaTM received its first regulatory approval (in
   France) and regulatory submissions were made in the US and European Union for
   key chronic indications, including prevention of stroke associated with 
   atrial fibrillation.

•  Dividend increased by 13.6 percent to $0.795 for the full year.  New
   $4 billion share repurchase programme approved, for completion by the end of
   2005.


Sir Tom McKillop, Chief Executive, said:  'Achievements in 2003 when sales of
key growth and launch products increased by 45 percent to $8.2 billion, propel
AstraZeneca into an era of strong sales and profit growth, with a financial
performance likely to rank amongst the best of our peer group.  For 2004 we
anticipate earnings per share should be in the range of $2.00 to $2.15.'

London, 29 January 2004

Media Enquiries:              Steve Brown/Edel McCaffrey (London)          [phone]/5034

                              Staffan Ternby (Sodertalje)                  (8) 553 26107

                              Rachel Blo-Baglin (Wilmington)om             [phone]

Analyst/Investor Enquiries:   Mina Blair-Robinson (London)                 [phone]

                              Jonathan Hunt (London)                       [phone]

                              Staffan Ternby (Sodertalje)                  (8) 553 26107

                              Ed Seage/Jorgen Winroth (US)                 [phone]/[phone]

Interviews with Sir Tom McKillop, Chief Executive and Jonathan Symonds, Chief
Financial Officer are available in video/audio and text on  http://
www.astrazeneca.com and http://www.cantos.com


Business Highlights All narrative in this section refers to growth rates at
constant exchange rates (CER) unless otherwise indicated

Full Year


Sales for the full year were unchanged in CER terms, as the strong sales
performance of growth products offset the loss of $2.6 billion in US sales of
PrilosecTM, ZestrilTM and NolvadexTM.  Sales of growth and recently launched
products increased 45 percent to $8.2 billion.  The weaker US dollar lifted
reported sales growth to 6 percent.  Combined R&D and SG&A costs increased by an
underlying 5.8 percent, but including the effects of currency movements, were up
14 percent on an 'as reported' basis. Operating profit was down 11 percent at
CER.  Earnings per share for the full year were $1.78 versus $1.64 ($1.84 before
exceptional items) in 2002.


Sales for the full year in the US were down 6 percent, following an aggregate 72
percent decline in PrilosecTM, ZestrilTM and NolvadexTM.  Sales excluding these
products grew 36 percent.  Sales outside the US increased by 6 percent, helped
by 15 percent growth in Asia Pacific.  Sales in Europe were up 2 percent.


NexiumTM sales reached $3.3 billion for the full year on strong growth in both
the US (up 62 percent) and in the rest of the world (up 60 percent).  Market
share of total prescriptions in the US PPI market is now over 25 percent.


Sales of Cardiovascular products increased by 3 percent, as a 50 percent decline
in ZestrilTM was more than offset by a 19 percent increase in other products.
Sales of SelokenTM/Toprol-XLTM were up 38 percent, exceeding the one billion
dollar mark for the first time.  AtacandTM sales were up 21 percent.  CrestorTM
added $129 million in sales from its first launches (25 countries to date),
including $62 million since launch in the US in September. Across all launch
markets the Company estimates that more than 1.5 million prescriptions have been
written for CrestorTM so far.  In the week ending 16 January, CrestorTM share of
new prescriptions in the US statin market reached 4.6 percent.


In December, ExantaTM received its first regulatory approval (in France) for the
prevention of venous thromboembolic events in major orthopaedic surgery.  France
will now act as the reference member state for seeking approval in the European
Union via the Mutual Recognition Procedure for this indication. Also in
December, regulatory submissions were made in Europe and in the US for the first
key chronic indications, including the prevention of stroke associated with
atrial fibrillation.


Respiratory product sales were up 15 percent.  SymbicortTM sales were $549
million, mostly in Europe, as further market share gains were fueled by approval
for treatment of chronic obstructive pulmonary disease and by the appeal of its
unique adjustable maintenance dose regimen in the treatment of asthma.  Growth
in the US for PulmicortTM RespulesTM and RhinocortTM Aqua also contributed to
the strong performance of the Respiratory franchise.


Sales of Oncology products increased 8 percent despite generic erosion for
NolvadexTM in the US.  CasodexTM sales were up 22 percent overall on strong
growth in markets outside the US.  ArimidexTM sales were up 46 percent on
increased usage in early breast cancer.  IressaTM sales reached $228 million for
the full year, with sales of just over $100 million each in Japan and the US.
In the US, more than 42,000 retail prescriptions have been dispensed for
IressaTM since launch in May 2003.


Neuroscience product sales were up 12 percent, as SeroquelTM continued strong
growth in the US (up 22 percent) and in the rest of the world (up 45 percent).
Earlier this month the US FDA approved SeroquelTM for use in the treatment of
acute bipolar mania.


Fourth Quarter


Sales in the fourth quarter were down by 8 percent in CER terms.  Exchange rate
movements against the US dollar resulted in a reported sales decline of just 1
percent.  As expected, fourth quarter sales in the US were affected not only by
the ongoing generic competition for PrilosecTM, ZestrilTM and NolvadexTM , but
also by the projected unwinding of wholesaler stocks, which had been estimated
to be around $300 million higher than normal at the end of the third quarter
(chiefly in NexiumTM and Toprol-XLTM).  At the end of the year, the Company
believes wholesaler inventory across the product range that can be considered
above normal has been reduced to well under $100 million.  Fourth quarter sales
for NexiumTM in the US increased by 12 percent, which was below the prescription
trend, resulting in normal inventories at the end of the year.  Substantial
destocking also occurred for Toprol-XLTM (US sales down 21 percent versus last
year's fourth quarter), but levels still remain higher than normal at year end.


Sales outside the US in the fourth quarter increased 7 percent at CER, on growth
in Europe (up 5 percent) and Asia Pacific (up 8 percent).


R&D and SG&A were up 8 percent at CER in the fourth quarter and, set against the
fourth quarter sales decline, resulted in operating profits down 26 percent (21
percent as reported with currency benefit of 5 percentage points included).
Earnings per share in the fourth quarter were $0.38 compared with $0.25 ($0.45
before exceptional items) in 2002.


Future Prospects


Continued good performance from the Company's newer products should deliver
strong sales and profit growth over the next several years, as the impact of
generic erosion on the business diminishes. The Company believes that its
financial performance over this period is likely to rank amongst the best in the
global peer group of large capitalisation pharmaceutical companies.


For 2004, on the basis of current exchange rates, the Company anticipates
earnings per share in the range of $2.00 to $2.15 per share.The outcome is
sensitive to exchange rate fluctuations and the sales performance attained for
NexiumTM, CrestorTM and SeroquelTM.


Disclosure Notice:  The preceding forward-looking statements relating to
expectations for earnings and business prospects for AstraZeneca PLC are subject
to risks and uncertainties, which may cause results to differ materially from
those set forth in the forward-looking statements.  These include, but are not
limited to: the rate of growth in sales of generic omeprazole in the US,
continued growth in currently marketed products (in particular CrestorTM,
NexiumTM, SeroquelTM, SymbicortTM, ArimidexTM and IressaTM), the successful
registration and launch of ExantaTM, the growth in costs and expenses, interest
rate movements, exchange rate fluctuations and the tax rate.  For further
details on these and other risks and uncertainties, see AstraZeneca PLC's
Securities and Exchange Commission filings, including the 2002 Annual Report on
Form 20-F.

Sales

All narrative in this section refers to growth rates at constant exchange rates
(CER) unless otherwise indicated

Gastrointestinal
                                     Fourth Quarter             CER %        Full Year               CER %
                                        2003        2002                     2003        2002

LosecTM/ PrilosecTM                      528       1,115          -58       2,565       4,623          -49

NexiumTM                                 836         686          +17       3,302       1,978          +62

Total                                  1,387       1,819          -29       5,943       6,664          -16


•  In the US, sales of NexiumTM for the full year increased by 62 percent
   to $2,477 million.  Total prescriptions for NexiumTM were up 46 percent and 
   its share of total prescriptions in the US PPI market grew by nearly 5 
   percentage points over the course of the year, to 25.3 percent in December.

•  US sales for NexiumTM in the fourth quarter were up 12 percent as high
   wholesaler inventories following strong third quarter stocking were unwound 
   to normal levels by year end.

•  Sales of NexiumTM outside the US increased by 60 percent for the full
   year, with excellent growth in the major markets in Europe, particularly 
   France, Germany and the UK and a strong performance in Australia.

•  On 14 January 2004 the Company announced that the European Mutual
   Recognition Procedure for the intravenous formulation of NexiumTM had been
   successfully completed.  An application for approval in the US is under 
   review by the FDA.

•  US sales of PrilosecTM for the full year declined by 70 percent, in line
   with the decline in prescriptions.  At the end of the year, PrilosecTM share 
   of total prescriptions for omeprazole had fallen to 27.4 percent, with the 
   balance held by generic products.

•  In markets outside the US, sales of LosecTM continued to grow strongly
   in Japan (up 39 percent) but otherwise sales were down in all major markets,
   resulting in a 16 percent decline.


Cardiovascular
                                     Fourth Quarter             CER %        Full Year               CER %
                                        2003        2002                     2003        2002

SelokenTM / Toprol-XLTM                  246         263          -10       1,280         901          +38

AtacandTM                                207         160          +18         750         569          +21

PlendilTM                                157         139           +8         540         489           +5

ZestrilTM                                136         144          -15         478         877          -50

CrestorTM                                 41           -          n/m         129           -          n/m

Total                                    990         894           +3       3,910       3,569           +3


•  For the full year, worldwide sales of SelokenTM/Toprol-XLTM exceeded one
   billion dollars for the first time, on continued strong growth in the US (up 
   47 percent).

•  Total prescriptions for Toprol-XLTM in the US increased by 25 percent,
   and market share of total beta blocker prescriptions reached 26.2 percent in
   December, up 2.6 points versus last year.

•  As anticipated, US sales for Toprol-XLTM in the fourth quarter (down 21
   percent) were affected by wholesaler destocking. At the end of the year,
   however, wholesaler inventories remained higher than normal.

•  AtacandTM sales for the full year increased by 28 percent in the US, and
   by 18 percent in the markets outside the US, which account for nearly 
   two-thirds of global AtacandTM sales.  US sales growth exceeded growth in 
   total prescriptions, indicating some increase in wholesaler inventories.

•  CrestorTM sales for the full year were $129 million, including $62
   million in the US.

•  Since its first launch in the Netherlands in February, the Company
   estimates that more than  750,000 patients have taken CrestorTM and over 1.5
   million prescriptions have been dispensed.  Post marketing surveillance 
   confirms excellent tolerability for CrestorTM, with a safety profile 
   comparable to the other marketed statins.

•  The early launch markets for CrestorTM included the Netherlands, Canada
   and the UK.  Based on the most recent market research data, CrestorTM share 
   of total prescriptions in these markets has reached 8.2 percent 
   (Netherlands), 6.9 percent (Canada) and 2.9 percent (UK) respectively.

•  In the US, CrestorTM was launched in mid-September.  In the week ending
   16 January, CrestorTM share of new prescriptions in the US statin market was 
   4.6 percent, a good start in a highly competitive market.  CrestorTM dynamic 
   share of new statin treatments (new and switch therapy only) is 13.7 percent.


Respiratory
                                     Fourth Quarter             CER %        Full Year               CER %
                                        2003        2002                     2003        2002

SymbicortTM                              172         105          +43         549         299          +61

PulmicortTM                              294         237          +17         968         812          +12

RhinocortTM                               92          76          +17         364         299          +19

AccolateTM                                31          52          -42         107         144          -28

OxisTM                                    29          29          -10         120         120          -12

Total                                    661         537          +14       2,261       1,818          +15


•  SymbicortTM sales for the full year increased 61 percent to $549
   million, as the product continues to gain share in the rapidly growing market
   for fixed combination asthma treatments.  Launches for the chronic 
   obstructive pulmonary disease indication as well as promotion of its unique 
   adjustable maintenance dose regimen for asthma treatment are fuelling this 
   growth.

•  On 9 December the Company announced submission of a regulatory
   application in the European Union for the new asthma treatment concept
   SymbicortTM Single inhaler Therapy (SiT), which is a further development of
   SymbicortTM adjustable maintenance dosing. SymbicortTM Single inhaler 
   Treatment, once approved, will make asthma treatment more convenient for both 
   the physician and the patient.

•  PulmicortTM sales for the full year increased by 12 percent as a result
   of growth in the US market (up 41 percent).  PulmicortTM RespulesTM accounts 
   for most of this growth, with total prescriptions in the US market up 32 
   percent for the year.

•  Sales growth for RhinocortTM Aqua in the US (up 58 percent) accounts for
   nearly all of the 19 percent increase in global RhinocortTM sales for the 
   full year.


Oncology
                                     Fourth Quarter             CER %        Full Year               CER %
                                        2003        2002                     2003        2002

CasodexTM                                207         184           +2         854         644          +22

ZoladexTM                                239         206           +5         869         794            -

ArimidexTM                               147          92          +47         519         331          +46

IressaTM                                  92          41         +114         228          67         +227

FaslodexTM                                21          16          +31          77          35         +120

NolvadexTM                                40         138          -74         178         480          -66

Total                                    750         681           +1       2,743       2,369           +8

• CasodexTM sales outside the US increased by 23 percent for the full
  year, on continued penetration into the treatment of early prostate cancer.
  Sales in Japan were up 28 percent, with good growth in Germany and Italy
  contributing to a 20 percent increase in Europe.

• In the US, the market for anti-androgen therapy in the treatment of
  advanced prostate cancer is quite mature; estimated underlying demand for
  CasodexTM was unchanged for the year.  Reported sales growth of 18 percent
  reflects wholesaler destocking that occurred in 2002.

• ArimidexTM is the leading aromatase inhibitor for the treatment of
  breast cancer.  Approval for use in the adjuvant treatment of early breast
  cancer has been granted in 57 countries.  Sales for the full year increased by
  47 percent in the US and by 45 percent in the rest of the world, including a 
  61 percent increase in Japan.

• FaslodexTM sales reached $77 million for the full year, virtually all in
  the US market.  Formal approval in the European Union for FaslodexTM is 
  expected shortly, with first launches anticipated in the second quarter.

• IressaTM sales were $228 million for the full year, with sales evenly
  split between Japan ($101 million) and the US ($102 million).  In December
  alone, more than 7,300 retail prescriptions were dispensed for IressaTM in the
  US, bringing the total to over 42,000 since launch in May.


Neuroscience
                                     Fourth Quarter             CER %        Full Year               CER %
                                        2003        2002                     2003        2002

SeroquelTM                               428         357          +17       1,487       1,145          +27

ZomigTM                                  104          94           +4         349         328           -1

DiprivanTM                               119         117           -3         458         443           -2

Local anaesthetics                       122         121           -9         466         432            -

Others                                    19          16           +6          73          70           -7

Total                                    792         705           +7       2,833       2,418          +12


•  Sales of SeroquelTM in markets outside the US increased 44 percent for
   the full year.  Sales in Europe were up 40 percent and sales in Japan rose 67
   percent.
 
•  In the US, SeroquelTM sales reached $1,134 million for the full year, an
   increase of 22 percent. Total prescriptions for SeroquelTM in the US were up 
   34 percent for the year.  SeroquelTM share of total prescriptions in the US
   antipsychotic market reached a new high at 21.2 percent in December, up 3.4
   points versus last year.  SeroquelTM was the only product among the three
   leading brands to increase its market share in 2003.

•  SeroquelTM prescriptions grew by 33 percent in the US in the fourth
   quarter.  Sales growth was 16 percent versus the fourth quarter 2002, which
   included some increases in wholesaler stocking.

•  On 12 January 2004 the Company announced that the US FDA approved
   SeroquelTM for the treatment of acute bipolar mania.

•  ZomigTM sales for the full year increased 7 percent outside the US, and
   were down 8 percent in the US market.  From 1 January 2004 Medpointe Inc., a
   specialty pharmaceutical company, has assumed responsibility to promote and 
   sell the ZomigTM family of prescription migraine products in the US, 
   including ZomigTM Nasal Spray, which was launched in the fourth quarter 2003.


Geographic Sales

                               Fourth Quarter               CER %         Full Year                 CER %
                                  2003         2002                       2003         2002

US                               2,044        2,564           -20        8,747        9,351            -6

Europe                           1,846        1,528            +5        6,709        5,695            +2

Japan                              356          314            +3        1,189          977           +14

RoW                                629          495           +14        2,204        1,818           +16


•  In the US, sales for the full year (excluding the three products which
   faced generic erosion-PrilosecTM, ZestrilTM and NolvadexTM) increased 36
   percent, holding the decline in overall sales to 6 percent.  Growth products
   with strong performances included NexiumTM (up 62 percent), Toprol-XLTM (up 
   47 percent), and SeroquelTM (up 22 percent).  In addition, IressaTM and 
   CrestorTM were launched in the US in 2003.

•  Sales in Europe increased 2 percent for the full year, as strong sales
   growth for NexiumTM (up 55 percent), SymbicortTM (up 53 percent), SeroquelTM 
   (up 40 percent), and the oncology products (up 18 percent) more than offset 
   declines in LosecTM, ZestrilTM and PulmicortTM.

•  Sales in Japan were up 14 percent for the full year, as a result of
   increases in LosecTM (up 39 percent), SeroquelTM (up 67 percent), and a 
   strong oncology portfolio (up 16 percent).

•  Sales in the rest of the world increased by 16 percent for the full
   year, with good growth achieved in China, Mexico and Australia.


Operating Review

All narrative in this section refers to growth rates at constant exchange rates
(CER) unless otherwise indicated

Full Year

Reported sales grew by 6 percent and operating profits declined by 6 percent.
At constant exchange rates sales were unchanged and operating profit declined by
11 percent. Currency movements continued to have a significant effect in 2003
as, compared with average 2002 rates, the US dollar weakened against the euro
(17 percent), benefiting sales, and also against the Swedish krona (17 percent)
and sterling (9 percent), increasing operating costs.


Operating margin fell from 24.4 percent to 21.8 percent. Currency had a neutral
effect on operating margin as a positive impact on gross margin was offset by
the negative effect on SG&A and R&D costs as a percentage of sales. Gross margin
increased 1.6 percentage points from 74.7 percent to 76.3 percent as a result of
three factors: lower payments to Merck (related to proportionally lower US sales
of products subject to these contingent payments) improved margin by 1.7
percentage points; underlying costs of sales increased by 0.7 percentage points;
and the remainder was largely explained by exchange benefits.


In aggregate R&D and SG&A grew by just under 6 percent in CER terms, with
currency movements adding a further 8 percent. Against unchanged sales, both R&D
and SG&A increased as a percentage of sales and exchange added a further 0.6
percentage points to these lines in aggregate. R&D increased by 1.1 percentage
points to 18.3 percent.  SG&A grew by 2.8 percentage points to 36.4 percent of
sales as a result of the launches of CrestorTM and some field force increases in
Europe and Japan.


Other income was $43 million lower than last year, which included the gain on
the disposal of SularTM marketing rights in the first quarter 2002.


Fourth Quarter

Reported sales declined by 1 percent and operating profits by 21 percent.  At
constant exchange rates sales fell by 8 percent and operating profit by 26
percent.


Operating margin fell from 21.9 percent to 17.4 percent. Overall, currency was
neutral on margin. Gross margin increased by 3.9 percentage points from 74.4
percent to 78.3 percent. Reduced payments to Merck following low PrilosecTM
sales and destocking of NexiumTM and Toprol-XLTM accounted for 3.0 percentage
points of this improvement, 0.7 percentage points were accounted for by
underlying cost of sales and the balance being exchange.


In aggregate R&D and SG&A grew by 8 percent in CER terms, with currency
movements adding a further 9 percent. R&D and SG&A increased as a percentage of
sales on increased spending set against the decline in sales versus the strong
fourth quarter 2002, and currency effects.  R&D increased by 3.2 points to 21.4
percent, as the phasing of spending was weighted toward the fourth quarter,
which included several up-front payments for collaboration agreements signed in
December and recruitment of additional staff in Discovery Research and
Development. SG&A grew by 6.1 points to 40.0 percent of sales as a result of
spending in support of the launches of new products.



Wholesaler Stocking

Wholesaler stocking continues to have an effect on the quarterly phasing of
sales. As expected, wholesaler inventories unwound this quarter from an excess
at the end of quarter three estimated at around $300 million to well under $100
million. For the year as a whole we estimate that excess wholesaler inventories
had little or no effect on sales growth.

Interest

Net interest and dividend income in the quarter was $20 million, resulting in
$91 million for the full year. Both the quarter and the full year benefited in
comparison with 2002, as several small exchange and market revaluation losses in
2002 were absent in 2003.


Taxation

The effective tax rate for the fourth quarter was 26.0 percent, bringing the
rate for the full year to 27.2 percent compared with 26.8 percent in 2002.


In the fourth quarter AstraZeneca concluded a negotiated settlement with the UK
and the US Governments covering all tax liabilities potentially arising from
transfer pricing in respect of ex-Zeneca products for the years 1987 to 2001.



Cash Flow

Cash generated from operating activities before exceptional cash outflows was
$4,617 million compared with $5,686 million in 2002. The principal cause of this
decline was an increase in working capital of $1,101 million compared to a
decrease of $305 million in 2002.  Debtors increased by $540 million, partly due
to higher invoiced sales in December in the US compared with 2002 and partly due
to a higher proportion of sales from Europe where average credit terms are
longer than in the US.  The stronger European and Japanese currencies also
increased the cash flow effect compared with last year.  In addition,
prepayments into pension funds increased, in particular a one-off payment of
$165 million to the UK fund. Inventories increased by $131 million in support of
CrestorTM launches and other rapidly growing products while inventories of
mature products declined. Creditors have fallen by $430 million, partly due to a
reduction in payables to Merck, but also due to the settlement of several
one-off items notably commitments to pension funds in the US and Sweden at the
end of 2002.


Cash expenditure on exceptional items increased to $391 million principally as a
result of the settlement of $355 million in respect of the ZoladexTM
investigation.


Tax paid was $886 million, including the transfer pricing settlement which had
been provided for in previous years. Capital expenditures including intangible
assets and new fixed asset investments totalled $1,597 million.  Without the
effect of exchange movements, expenditure on tangible fixed assets is slightly
lower than in 2002. The cash inflow in respect of the disposal of Marlow Foods
contributed $80 million in the year.


After accounting for dividends paid of $1,222 million and net share repurchases
of $1,107 million there was a $348 million decrease in net cash funds, which
totalled $3,496 million at 31 December 2003.


Dividends

The Board has recommended a 15 percent increase in the second interim dividend
to $0.54 (29.4 pence, 3.91 SEK) to be paid on 6 April 2004.  This brings the
dividend for the full year to $0.795 (45.3 pence, 5.98 SEK), an increase of 13.6
percent.


It is the Board's intention that subsequently, dividends will increase broadly
in line with earnings growth whilst bringing dividend cover to around the middle
of the two to three times range.

Share Repurchase Programme

During the quarter 11.7 million shares were repurchased for cancellation at a
total cost of $547 million, bringing the total for the year to 27.2 million
shares at a total cost of $1,154 million.


This was the final phase of share repurchases under the $4 billion programme
that commenced in August 1999. Under this programme the total number of shares
repurchased for cancellation stands at 92.8 million at an aggregate cost of
$3,959 million.

The Board has approved a new programme of share repurchases of $4 billion to be
completed by the end of 2005, assuming continued market access and the absence
of strategic uses for cash.

The total number of shares that remain in issue at 31 December 2003 is 1,693
million.

Upcoming Milestones and Key Events

29 April           Announcement of first quarter results

29 April           Annual General Meeting

22 July            Announcement of second quarter results

6 October          Annual Business Review meeting

21 October         Announcement of third quarter and nine months results


Sir Tom McKillop
Chief Executive


                      This information is provided by RNS
            The company news service from the London Stock Exchange