Zeneca talks bullish

PHARMACEUTICAL company Zeneca yesterday gave a generally bullish account of its performance last year forecasting that its trading…

PHARMACEUTICAL company Zeneca yesterday gave a generally bullish account of its performance last year forecasting that its trading record was likely to be at the upper end of market expectations. But it warned that for the 12 months to the end of December, profits would be hit by a £60 million one off charge relating to restructuring and boosting the efficiency of the production and distribution activities of its drugs arm. Zeneca reported strong growth in drug sales in the fourth quarter and although during the year there were some price falls in European markets, especially in the UK and Italy, those were largely offset by US increases.