Q1 Results - Part 2 of 2
AstraZeneca PLC
26 April 2001
Consolidated Profit & Loss Account For Continuing Operations
1st 1st
Quarter Quarter
2001 2000
$m $m
Sales 3,991 3,892
Cost of sales (1,074) (1,072)
Distribution costs (30) (63)
Research and development (672) (597)
Selling, general and administrative expenses (1,321) (1,218)
Other operating income 161 34
Operating profit before exceptional items 1,055 976
Exceptional items charged to operating profit (25) (83)
Operating profit 1,030 893
Share of joint ventures' and associates' operating - 22
profits
Profit on sale of fixed assets 10 -
Net interest and dividend income 55 19
Profit on ordinary activities before taxation 1,095 934
Profit before taxation before exceptional items 1,110 1,017
Exceptional items charged to profit before taxation (15) (83)
Taxation (310) (270)
Profit on ordinary activities after taxation 785 664
Attributable to minorities (3) (2)
Net profit for the period 782 662
Earnings per Ordinary Share before exceptional items $0.45 $0.41
Earnings per Ordinary Share $0.44 $0.38
Diluted earnings per Ordinary Share $0.44 $0.38
Weighted average number of Ordinary Shares in issue 1,766 1,773
(millions)
Diluted average number of Ordinary Shares in issue 1,768 1,776
(millions)
Consolidated Balance Sheet
31 Mar 31 Dec
2001 2000
$m $m
Fixed assets 7,650 7,919
Current assets 11,036 10,515
Total assets 18,686 18,434
Creditors due within one year (6,994) (6,897)
Net current assets 4,042 3,618
Total assets less current liabilities 11,692 11,537
Creditors due after more than one year (903) (927)
Provisions for liabilities and charges (1,124) (1,068)
Net assets 9,665 9,542
Capital and reserves
Shareholders' funds and minority interests 9,665 9,542
Consolidated Cash Flow Statement
1st 1st
Quarter Quarter
2001 2000
$m $m
Cash flow from operating activities
Operating profit before exceptional items 1,055 1,077
Depreciation and amortisation 212 261
Decrease/(increase) in working capital and other non-cash 110 (417)
movements
Net cash inflow from operating activities before exceptional 1,377 921
items
Outflow related to exceptional items (105) (287)
Net cash inflow from operating activities 1,272 634
Returns on investments and servicing of finance 58 53
Tax paid (86) (60)
Capital expenditure and financial investment (345) (295)
Acquisitions and disposals (20) -
Net cash inflow before management of liquid resources 879 332
and financing
Net (purchase)/issues of shares (126) (166)
Exchange and other movements (42) 17
Increase in net cash funds in the period 711 183
Net cash funds at beginning of period 3,605 2,169
Net cash funds at end of period 4,316 2,352
Notes to the Interim Financial Statements
1 BASIS OF PREPARATION AND ACCOUNTING POLICIES
The results for the quarter ended 31 March 2001 have been prepared in
accordance with UK generally accepted accounting principles. The
accounting policies applied are those set out in AstraZeneca PLC's
2000 Annual Report and Form 20-F. In 2001, the continued
standardisation of accounting treatments across AstraZeneca has led
certain subsidiaries to classify as cost of sales some elements of
expense recorded as distribution costs in previous periods. The effect
of this change in the current period is to reclassify approximately
$30m of costs. These interim financial statements do not constitute
statutory accounts within the meaning of Section 240 of the Companies
Act 1985. Statutory accounts for the year ended 31 December 2000 will
be filed with the Registrar of Companies following the Company's
Annual General Meeting. The auditor's report on those accounts was
unqualified and did not contain any statement under Section 237 of the
Companies Act 1985.
2 TERRITORIAL SALES ANALYSIS
% Growth
1st 1st
Quarter Quarter Constant
2001 2000 Actual Currency
$m $m
USA 2,139 2,021 6 6
Japan 178 156 14 26
France 238 231 3 13
Germany 168 175 (4) 5
Italy 150 153 (2) 9
Sweden 67 87 (23) (15)
UK 172 184 (7) -
Rest of World 879 885 (1) 10
Total 3,991 3,892 3 7
3 PRODUCT SALES ANALYSIS
% Growth
1st 1st
Quarter Quarter Constant
2001 2000 Actual Currency
$m $m
Gastrointestinal:
Losec 1,495 1,588 (6) (3)
Nexium 81 - n/m n/m
Others 12 11 9 9
Total Gastrointestinal 1,588 1,599 (1) 2
Cardiovascular:
Zestril 294 276 7 11
Seloken 151 106 42 49
Plendil 106 115 (8) (3)
Tenormin 98 119 (18) (11)
Atacand 83 56 48 59
Imdur 21 23 (9) -
Others 82 99 (17) (9)
Total Cardiovascular 835 794 5 11
3 PRODUCT SALES ANALYSIS CONT.
% Growth
1st 1st
Quarter Quarter Constant
2001 2000 Actual Currency
$m $m
Respiratory:
Pulmicort 200 174 15 22
Rhinocort 56 41 37 42
Accolate 49 55 (11) (9)
Oxis 32 27 19 30
Bricanyl 28 34 (18) (9)
Symbicort 3 - n/m n/m
Others 13 14 (7) 7
Total Respiratory 381 345 11 18
Oncology:
Zoladex 160 167 (4) 3
Nolvadex 139 139 - 3
Casodex 115 115 - 5
Arimidex 43 37 16 24
Others 7 7 - -
Total Oncology 464 465 - 5
CNS:
Seroquel 189 82 130 132
Zomig 66 65 2 5
Other CNS 2 8 n/m n/m
Total CNS 257 155 66 69
Pain, Infection and Other Pharma:
Diprivan 107 164 (35) (31)
Merrem 49 36 36 44
Xylocaine 47 54 (13) (7)
Marcaine 19 21 (10) (5)
Naropin 15 13 15 23
Other Pharma Products 127 142 (11) (7)
Total Pain, Infection and Other Pharma 364 430 (15) (10)
Salick Health Care 45 45 - -
Astra Tech 30 28 7 18
Marlow Foods 27 25 8 20
Other - 6 n/m n/m
102 104 (2) 4
Total 3,991 3,892 3 7
n/m not meaningful
Shareholder Information
ANNOUNCEMENTS AND MEETINGS
------------------------------------------------------------------------------
Annual General Meeting 26 April 2001
Announcement of half year results 26 July 2001
Announcement of third quarter and nine month results 24 October 2001
DIVIDENDS
------------------------------------------------------------------------------
The record date for the second interim dividend payable on 9 April 2001 (in
the UK, Sweden and the US) was 23 February 2001. Ordinary Shares traded
ex-dividend on the London and Stockholm Stock Exchange from 21 February 2001.
ADSs traded ex-dividend on the New York Stock Exchange from the same date.
Future dividends will normally be paid as follows:
First interim Announced end of July and paid in October.
Second interim Announced in February and paid in April.
TRADEMARKS
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All products or brand names included in Note 3 of this Interim Statement and
the following names are trademarks of, or licensed to, AstraZeneca PLC or its
subsidiary companies:
Atacand HCT Atacand Plus Crestor Faslodex Iressa Prilosec Pulmicort Respules
Rhinocort Aqua Toprol-XL Viozan Zomig Rapimelt Zomig ZMT
ADDRESSES FOR CORRESPONDENCE
------------------------------------------------------------------------------
Registrar and Depositary Registered Swedish Securities
Office
Transfer Office for ADRs Register Centre
The AstraZeneca Morgan Guaranty 15 Stanhope Gate Vardepapperscentralen
Registrar Trust VPC AB
Lloyds TSB Company of New London Box 7822
Registrars York
The Causeway ADR Service W1K 1LN S-103 97 Stockholm
Center
Worthing PO Box 842006 Sweden
West Sussex Boston, MA
02284-2006
BN99 6DA
Tel: (01903) 502 541 Tel: (781) 575 Tel: (020) 7304 Tel: (8) 402 9000
4328 5000
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
------------------------------------------------------------------------------
In order to utilise the 'Safe Harbor' provisions of the United States Private
Securities Litigation Reform Act of 1995, AstraZeneca is providing the
following cautionary statement. This Interim Report contains forward-looking
statements with respect to the financial condition, results of operations and
businesses of AstraZeneca. By their nature, forward-looking statements and
forecasts involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future. There are a number of
factors that could cause actual results and developments to differ materially
from that expressed or implied by these forward-looking statements. These
factors include, among other things, exchange rate fluctuations, the risk that
research and development will not yield new products that achieve commercial
success, the impact of competition, price controls and price reductions, the
risk of loss or expiration of patents or trade marks, difficulties of
obtaining and maintaining governmental approvals for products, the risk of
substantial product liability claims, exposure to environmental liability and
the risks related to the difficulty of completing the integration of Astra's
and Zeneca's large and complex businesses on a timely basis and realising
synergies.
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