AstraZeneca (AZN) Tops Q2 EPS by 21c; Boosts Outlook

AstraZeneca (NYSE: AZN) reported Q2 EPS of $1.30, $0.21 better than the analyst estimate of $1.09. Revenue for the quarter came in at $6.45 billion versus the consensus estimate of $6.24 billion.

The Company increases its revenue and Core EPS guidance for the full year:

• Revenue is expected to be in line with 2013 at CER, an increase on our previous guidance of low-to-mid single digit percentage decline.
• Core EPS is expected to decrease in low double digits at CER, an update on our previous guidance of a percentage decrease in the teens.

“We have made significant progress in the first half of the year, with visible momentum across our cardiovascular, diabetes and respiratory franchises as well as strong growth in the emerging markets," CEO Pascal Soriot commented. "This has driven revenue growth for the second consecutive quarter and achieved a 13% increase in Core EPS in the quarter. The pace of execution of our strategy and the underlying performance of our teams give us confidence to raise 2014 guidance for the full year.

“The business combination with Almirall will offer strategic long-term value, bringing together the two innovative portfolios to strengthen further our commitment to respiratory disease and contribute to our growth.

“We now have one of the most exciting pipelines in the industry with 14 assets in late stage development. Over recent weeks, we have presented compelling data that demonstrate our potential to significantly advance the way patients are treated, including in immuno-oncology. The quality of transformation we are seeing across all core areas of our business further underpins our confidence in AstraZeneca's longer term prospects.”

The Board has recommended a first interim dividend of $0.90 (53.1 pence, 6.20 SEK). The amount of the dividend reflects the Board’s aim of setting the first interim dividend at around a third of the prior year dividend, which last year was $2.80.

For earnings history and earnings-related data on AstraZeneca (AZN) click here.

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