AstraZeneca reported fourth quarter and full year results for 2013 on Thursday.
Pascal Soriot, chief executive officer, commenting on the results, said: “As expected, our financial performance for 2013 reflects the ongoing impact from the loss of exclusivity for several key brands. In the near term these headwinds will remain challenging, however I am confident that we can return to growth faster than anticipated and expect our 2017 revenues will be broadly in line with 2013.
“I’m pleased with the momentum we have built in 2013 against our strategic priorities, in particular our objective of achieving scientific leadership. We continue to focus our organization on the areas that will drive growth, redeploying our resources to fund the promising late-stage pipeline, which nearly doubled in size over the last 12 months. The acquisition of Bristol-Myers Squibb’s share of our diabetes alliance strengthens our position in this important area and I am delighted that the business integration is progressing with such pace. We extend a warm welcome to our new colleagues who will help us maximize the potential of our diabetes portfolio.”
The company has made significant progress toward achieving scientific leadership. The pipeline now includes 11 new molecular entities in Phase 3 or registration, which is almost double compared with the previous year.
The pipeline and portfolio were also bolstered through business development in core therapeutic areas. Integration of the Bristol-Myers Squibb share of the diabetes alliance occurred at pace and that business combination transaction completed on Feb. 1.
The 2013 financial performance was in line with our expectations and reflected a continuing impact of loss of exclusivity on several brands. However, 19 candidates for potential new Phase 3 starts are available for 2014-15.
The previously announced restructuring program has been expanded to deliver a total $1.1 billion of annual benefits.
The company expects a low-to-mid single digit percentage decline in revenue at constant exchange rates (CER) for 2014. Core EPS expected to decline in the teens.
The Board declares a second interim dividend of $1.90 per share, bringing the dividend for the full year to $2.80. The Board remains committed to the company’s progressive dividend policy.
The full earnings report is available online.
Date: February 6, 2014
Filed Under: Drug Discovery