Anglo-Swedish pharmaceuticals giant AstraZeneca reported day a slight fall in pre-tax profits for the first quarter of 2003 and said it was on course to meet its targets for the full year.
The group announced profit before tax of $1.29 billion for the first three months of 2003, down two per cent from the same period of the previous year. The figure was ahead of analyst forecasts which had ranged from $1.01 billion to $1.17 billion.
Sales grew by nine per cent in the period to $4.74 billion.
AstraZeneca also stood by its earnings per share forecast of $1.50 to $1.65 in 2003 given in its annual earnings report in January, when it also predicted a low single digit decline in sales this year because of generic competition to several key drugs.
"After adjusting for wholesaler buying patterns, the underlying sales revenue for the quarter was in line with the company's expectations, with expected declines due to patent expires balanced by strong demand in the growth and recently launched products," the company said in a statement.
AFP