AstraZeneca Q4 net profits up 32%

02/02/06 - newratings.com

LONDON, February 2 (newratings.com) - Pharmaceutical company AstraZeneca Plc (AZN-GBX) Thursday reported a 32% rise in its fourth-quarter net profits, benefiting from robust medicine sales and impressive cost control.

London-based AstraZeneca said its net income in the three months ended December rose to $1.22 billion, or $0.77 per share, from $923 million, or $0.55 per share, in the year-ago quarter. The company’s full-year net profits jumped 28% to $4.71 billion on revenues of $23.95 billion, which climbed 12%. Forbes quoted AstraZeneca’s chief executive, David Brennan, as saying that the company’s key products and efficiency improvements contributed to the robust fourth-quarter results. AstraZeneca guided to earnings of $3.40-$3.60 per share for 2006. The company’s guidance includes a $0.45 per share contribution from heart drug Toprol-XL, which is widely expected to witness generic competition in 2006.