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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Astrazeneca Plc | LSE:AZN | London | Ordinary Share | GB0009895292 | ORD SHS $0.25 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -20.00 | -0.16% | 12,106.00 | 12,120.00 | 12,122.00 | 12,190.00 | 12,024.00 | 12,080.00 | 999,558 | 16:35:02 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pharmaceutical Preparations | 45.81B | 5.96B | 3.8415 | 31.55 | 187.98B |
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RNS Number:9122N
AstraZeneca PLC
24 July 2003
Consolidated Profit & Loss Account
2003 2002
For the six months ended 30 June $m $m
Sales 9,171 8,658
Cost of sales (2,237) (2,154)
Distribution costs (75) (65)
Research and development (1,597) (1,420)
Selling, general and administrative expenses (3,163) (2,869)
Other operating income 62 211
Operating profit 2,161 2,361
Net interest and dividend income 53 22
Profit on ordinary activities before taxation 2,214 2,383
Taxation (609) (644)
Profit on ordinary activities after taxation 1,605 1,739
Attributable to minorities (7) (6)
Net profit for the period 1,598 1,733
Dividends to shareholders (436) (398)
Retained profit for the period 1,162 1,335
Earnings per Ordinary Share $0.93 $1.00
Diluted earnings per Ordinary Share $0.93 $1.00
Weighted average number of Ordinary Shares in issue (millions) 1,714 1,741
Diluted average number of Ordinary Shares in issue (millions) 1,716 1,743
Consolidated Profit & Loss Account
2003 2002
For the quarter ended 30 June $m $m
Sales 4,436 4,312
Cost of sales (1,102) (1,060)
Distribution costs (40) (35)
Research and development (815) (723)
Selling, general and administrative expenses (1,637) (1,485)
Other operating income 47 55
Operating profit 889 1,064
Net interest and dividend income 32 1
Profit on ordinary activities before taxation 921 1,065
Taxation (253) (288)
Profit on ordinary activities after taxation 668 777
Attributable to minorities (2) (2)
Net profit for the period 666 775
Dividends to shareholders (436) (398)
Retained profit for the period 230 377
Earnings per Ordinary Share $0.39 $0.45
Diluted earnings per Ordinary Share $0.39 $0.45
Weighted average number of Ordinary Shares in issue (millions) 1,712 1,736
Diluted average number of Ordinary Shares in issue (millions) 1,714 1,738
Consolidated Balance Sheet
30 June 30 June
2003 2002
$m $m
Fixed assets
Tangible fixed assets 7,005 6,079
Goodwill and intangible assets 2,863 2,748
Fixed asset investments 47 22
9,915 8,849
Current assets
Stocks 2,765 2,460
Debtors 5,479 4,648
Cash and short-term investments 3,987 4,247
12,231 11,355
Total assets 22,146 20,204
Creditors due within one year
Short-term borrowings and current instalments of loans (55) (476)
Other creditors (7,047) (6,646)
(7,102) (7,122)
Net current assets 5,129 4,233
Total assets less current liabilities 15,044 13,082
Creditors due after more than one year
Loans (323) (337)
Other creditors (42) (153)
Provisions for liabilities and charges (1,922) (1,547)
(2,287) (2,037)
Net assets 12,757 11,045
Capital and reserves
Shareholders' funds - equity interests 12,696 10,994
Minority equity interests 61 51
Shareholders' funds and minority interests 12,757 11,045
Statement of Total Recognised Gains and Losses
2003 2002
For the six months ended 30 June $m $m
Net profit for the period 1,598 1,733
Exchange adjustments on net assets 647 797
Translation differences on foreign currency borrowings - (5)
Tax on translation differences on foreign currency borrowings - -
Other movements - 3
Total recognised gains and losses relating to the period 2,245 2,528
Consolidated Cash Flow Statement
2003 2002
For the six months ended 30 June $m $m
Cash flow from operating activities
Operating profit 2,161 2,361
Depreciation 417 328
Amortisation 141 131
(Increase)/decrease in working capital (346) 251
Other non-cash movements 100 78
Net cash inflow from operating activities before exceptional
items 2,473 3,149
Outflow related to exceptional items (381) (55)
Net cash inflow from operating activities 2,092 3,094
Returns on investments and servicing of finance 33 3
Tax paid (762) (415)
Capital expenditure and financial investment
Net cash expenditure on fixed assets (673) (632)
Cash expenditure on fixed asset investments - (1)
(673) (633)
Acquisitions and disposals 80 -
Equity dividends paid to Shareholders (770) (820)
Net cash inflow before management of liquid
resources and financing - 1,229
Management of liquid resources
Movement in short-term investments and fixed deposits (net) 487 (428)
Financing (604) (815)
Decrease in cash in the period (117) (14)
Net cash funds
Net cash inflow before management of liquid resources and - 1,229
financing
AstraZeneca PLC Ordinary Shares
Issued for cash 26 26
Repurchased for cash (311) (748)
(Outflow)/inflow of net cash funds in the period (285) 507
Independent Review Report by KPMG Audit Plc to AstraZeneca PLC
Introduction
We have been engaged by the Company to review the financial information for the
six month period ended 30 June 2003 set out on pages 10 and 12 to 16 and we have
read the other information contained in the interim report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the Company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Company
for our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the interim report in accordance with the Listing
Rules which require that the accounting policies and presentation applied to the
interim figures should be consistent with those applied in preparing the
preceding annual accounts except where they are to be changed in the next annual
accounts in which case any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/
4: Review of Interim Financial Information issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review is substantially less
in scope than an audit performed in accordance with Auditing Standards and
therefore provides a lower level of assurance than an audit. Accordingly, we do
not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2003.
KPMG Audit Plc
Chartered Accountants
8 Salisbury Square
London
24 July 2003
Notes to the Interim Financial Statements
1 BASIS OF PREPARATION AND ACCOUNTING POLICIES
The unaudited financial statements for the six months ended 30 June 2003 have
been prepared in accordance with UK generally accepted accounting principles.
The accounting policies applied are those set out in AstraZeneca PLC's 2002
Annual Report and Form 20-F.
The financial statements are unaudited but have been reveiwed by the auditors
and their report is set out above. These interim financial statements do not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985. Statutory accounts for the year ended 31 December 2002 have been
filed with the Registrar of Companies. The auditor's report on those accounts
was unqualified and did not contain any statement under Section 237 of the
Companies Act 1985.
As part of AstraZeneca's objective to align with best accounting practice, cash
discounts arising from prompt payments of invoices were reclassified from cost
of sales to sales for the year ended 31 December 2002. Comparatives were
reclassified and additional detail at product and territorial level are
available on the AstraZeneca website. Both sales and cost of sales were reduced
by $145m in the first half 2002. Neither profits nor net assets were affected.
2 JOINT VENTURES AND ASSOCIATES
The group's share of joint ventures' sales for the half year to 30 June 2003
amounted to $174m and $173m for the comparative period. Share of joint
ventures' operating profits for the half year to 30 June 2003, and for the
comparative period, were $nil.
3 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
For the six months ended 30 June 2003 2002
$m $m
Shareholders' funds at beginning of period 11,172 9,586
Net profit for the period 1,598 1,733
Dividends to Shareholders (436) (398)
1,162 1,335
Issue of AstraZeneca PLC Ordinary Shares 26 26
Repurchase of AstraZeneca PLC Ordinary Shares (311) (748)
Foreign currency adjustment 647 792
Other movements - 3
Net addition to Shareholders' funds 1,524 1,408
Shareholders' funds at end of period 12,696 10,994
4 NET CASH FUNDS
The table below provides an analysis of net cash funds and a reconciliation of
net cash flow to the movement in net cash funds.
At 31 Dec Cash Other Exchange At 30 June
2002 flow Non-cash Movements 2003
$m $m $m $m $m
Loans due after 1 year (328) - 5 - (323)
Current instalments of loans (314) 319 (5) - -
Total loans (642) 319 - - (323)
Short-term investments 3,962 (487) - 28 3,503
Cash 726 (264) - 22 484
Overdrafts (202) 147 - - (55)
4,486 (604) - 50 3,932
Net cash funds 3,844 (285) - 50 3,609
Issue of AstraZeneca PLC Ordinary
Shares (26)
Repurchase of AstraZeneca PLC
Ordinary Shares 311
Net cash inflow before
management of liquid resources
and financing -
5 LEGAL PROCEEDINGS
The Company announced on 20 June 2003 a settlement of the US Department of
Justice investigation into the US sales and marketing practices for Zoladex
(goserelin acetate implant). Under the terms of the settlement, AstraZeneca
Pharmaceuticals LP admitted to violating the Prescription Drug Marketing Act by
providing free samples of Zoladex to physicians during the period 1993 through
1996, with the understanding that these physicians would bill Medicare for
reimbursement. AstraZeneca also settled, without admitting liability, civil
claims involving allegations that the Company provided inducements to physicians
to purchase Zoladex and for improperly setting and reporting its price. The
total payment associated with the settlement is $355 million, with a portion of
the settlement placed in escrow to fund anticipated settlements with the
individual states. The settlement also provides for a five-year Corporate
Integrity Agreement with the Office of Inspector General (OIG) for the
Department of Health and Human Services, under which AstraZeneca Pharmaceuticals
LP is required, among other obligations, to keep in place its current Compliance
Program and provide periodic reports to the OIG on the status of compliance
activities.
6 HALF YEAR TERRITORIAL SALES ANALYSIS
% Growth
1st Half 1st Half
2003 2002 Constant
$m $m Actual Currency
US 4,432 4,597 (4) (4)
Canada 330 273 21 16
North America 4,762 4,870 (2) (2)
France 688 533 29 9
UK 274 325 (16) (24)
Germany 390 329 19 1
Italy 450 379 19 1
Sweden 152 138 10 (7)
Europe others 1,247 1,084 15 (1)
Total Europe 3,201 2,788 15 (1)
Japan 536 412 30 20
Rest of World 672 588 14 19
Total 9,171 8,658 6 -
7 SECOND QUARTER TERRITORIAL SALES ANALYSIS
% Growth
2nd Quarter 2nd Quarter
2003 2002 Constant
$m $m Actual Currency
US 1,962 2,214 (11) (11)
Canada 174 144 21 13
North America 2,136 2,358 (9) (10)
France 359 270 33 10
UK 130 147 (12) (21)
Germany 207 165 25 4
Italy 242 207 17 (3)
Sweden 73 74 (1) (16)
Europe others 635 538 18 -
Total Europe 1,646 1,401 17 (2)
Japan 293 240 22 11
Rest of World 361 313 15 19
Total 4,436 4,312 3 (4)
8 HALF YEAR PRODUCT SALES ANALYSIS
World US
1st Half 1st Half Constant 1st Half
2003 2002 Actual Currency 2003 Actual
$m $m Growth Growth $m Growth
% % %
Gastrointestinal:
Losec 1,434 2,308 (38) (42) 607 (56)
Nexium 1,466 811 81 76 1,106 74
Others 35 30 17 7 11 22
Total Gastrointestinal 2,935 3,149 (7) (11) 1,724 (15)
Cardiovascular:
Zestril 226 546 (59) (63) 43 (87)
Seloken 748 437 71 67 576 93
Atacand 358 278 29 20 137 20
Plendil 239 203 18 12 89 24
Tenormin 165 190 (13) (18) 13 (65)
Crestor 12 - n/m n/m - n/m
Others 188 181 4 (8) 9 (18)
Total Cardiovascular 1,936 1,835 6 - 867 (1)
Respiratory:
Pulmicort 490 426 15 9 261 37
Rhinocort 186 144 29 26 136 39
Symbicort 249 122 104 79 - -
Accolate 56 65 (14) (16) 38 (16)
Oxis 60 61 (2) (13) - -
Others 74 72 3 (8) - -
Total Respiratory 1,115 890 25 16 435 31
Oncology:
Zoladex 406 382 6 (1) 84 (17)
Casodex 417 271 54 43 132 110
Nolvadex 100 257 (61) (63) 36 (81)
Arimidex 236 144 64 54 101 66
Iressa 66 - n/m n/m 18 n/m
Faslodex 37 8 n/m n/m 37 n/m
Others 9 11 (18) (27) - -
Total Oncology 1,271 1,073 18 10 408 (3)
CNS:
Seroquel 714 592 21 18 545 10
Zomig 162 166 (2) (8) 78 (19)
Others 15 15 - (13) 2 (33)
Total CNS 891 773 15 11 625 5
Pain, Infection and Other
Pharma:
Diprivan 234 222 5 - 123 13
Merrem 154 141 9 8 25 (22)
Local anaesthetics 223 156 43 34 51 55
Other Pharma Products 135 180 (25) (31) 31 (44)
Total Pain, Infection and Other
Pharma 746 699 7 2 230 -
Salick Health Care 134 113 19 19 134 19
Astra Tech 94 71 32 11 7 40
Marlow Foods 49 55 (11) (18) 2 100
Total 9,171 8,658 6 - 4,432 (4)
n/m not meaningful
9 SECOND QUARTER PRODUCT SALES ANALYSIS
World US
2nd 2nd Constant 2nd
Quarter Quarter Actual Currency Quarter Actual
2003 2002 Growth Growth 2003 Growth
$m $m % % $m %
Gastrointestinal:
Losec 742 1,116 (34) (39) 320 (52)
Nexium 631 464 36 31 437 25
Others 17 17 - (12) 3 (40)
Total Gastrointestinal 1,390 1,597 (13) (18) 760 (25)
Cardiovascular:
Zestril 118 269 (56) (61) 23 (86)
Seloken 380 206 84 79 291 112
Atacand 152 129 18 6 35 (19)
Plendil 129 97 33 26 50 72
Tenormin 81 96 (16) (23) - -
Crestor 9 - n/m n/m - n/m
Others 98 92 7 (6) 5 -
Total Cardiovascular 967 889 9 1 404 3
Respiratory:
Pulmicort 239 199 20 13 128 51
Rhinocort 96 81 19 17 68 24
Symbicort 127 68 87 61 - -
Accolate 25 33 (24) (27) 15 (35)
Oxis 29 30 (3) (16) - -
Others 36 37 (3) (17) - -
Total Respiratory 552 448 23 13 211 29
Oncology:
Zoladex 213 195 9 - 42 (24)
Casodex 228 148 54 41 72 118
Nolvadex 39 117 (67) (70) 5 (94)
Arimidex 143 79 81 70 68 94
Iressa 47 - n/m n/m 18 n/m
Faslodex 15 8 88 88 15 88
Others 5 6 (17) (34) - -
Total Oncology 690 553 25 15 220 4
CNS:
Seroquel 270 263 3 (1) 185 (11)
Zomig 54 74 (27) (35) 9 (76)
Others 7 8 (13) (38) - -
Total CNS 331 345 (4) (9) 194 (21)
Pain, Infection and Other
Pharma:
Diprivan 98 111 (12) (17) 42 (25)
Merrem 80 74 8 5 12 (29)
Local anaesthetics 122 60 103 90 31 182
Other Pharma Products 69 112 (38) (41) 14 (62)
Total Pain, Infection and Other
Pharma 369 357 3 (2) 99 (18)
Salick Health Care 69 59 17 17 69 17
Astra Tech 50 37 35 13 4 33
Marlow Foods 18 27 (33) (37) 1 -
Total 4,436 4,312 3 (4) 1,962 (11)
n/m not meaningful
Information for US Investors
RECONCILIATION TO UNITED STATES ACCOUNTING PRINCIPLES
The profit and loss account and balance sheet set out on pages 10 to 12 are
prepared in accordance with generally accepted accounting principles in the
United Kingdom (UK GAAP) which differ in certain material respects from those
generally accepted in the United States (US GAAP). The differences as they
apply to AstraZeneca PLC are explained in the 2002 Annual Report and Form 20-F.
The approximate effects on income and shareholders' equity of the GAAP
differences are shown below.
1st 1st
Half Half
2003 2002
Income attributable to Shareholders $m $m
Net income for the period under UK GAAP from continuing
operations 1,598 1,733
Adjustments to conform to US GAAP
Purchase accounting adjustments (including goodwill and
intangibles):
- deemed acquisition of Astra (amortisation and other
acquisition adjustments) (461) (419)
- others 28 26
Capitalisation less amortisation of interest 3 -
Capitalisation less amortisation of software costs (45) (42)
Deferred taxation
- on fair values of Astra 129 115
- others (49) (83)
Pension expense (16) (27)
Post-retirement benefits/plan amendment 2 2
Share based compensation (4) 32
Fair value of derivative financial instruments (11) 37
Deferred income recognition 12 (47)
Unrealised gains on foreign exchange and others (1) 4
Net income in accordance with US GAAP 1,185 1,331
Net income per Ordinary Share under US GAAP - basic and
diluted $0.69 $0.77
RECONCILIATION TO UNITED STATES ACCOUNTING PRINCIPLES (CONTINUED)
30 June 30 June
Shareholders' equity 2003 2002
$m $m
Shareholders' equity under UK GAAP 12,696 10,994
Adjustments to conform to US GAAP
Purchase accounting adjustments (including goodwill and
intangibles):
- deemed acquisition of Astra
- goodwill 13,406 12,355
- tangible and intangible fixed assets 7,658 7,737
- others 114 57
Capitalisation, less disposals and amortisation of interest 241 192
Deferred taxation
- on fair value of Astra (2,300) (2,310)
- others (218) (156)
Dividend 436 398
Pension expense (287) (189)
Post-retirement benefits/plan amendment (22) (26)
Software costs capitalised 19 68
Fair value of derivative financial instruments 101 87
Deferred income recognition (2) (122)
Others 96 93
Shareholders' equity in accordance with US GAAP 31,938 29,178
Shareholder Information
ANNOUNCEMENTS AND MEETINGS
Annual Business Review 2 October 2003
Announcement of third quarter and nine months results 23 October 2003
DIVIDENDS
The record date for the first interim dividend payable on 6 October 2003 (in the
UK, Sweden and the US) is 22 August 2003. Ordinary Shares will trade
ex-dividend on the London and Stockholm Stock Exchanges from 20 August 2003.
ADRs will trade ex-dividend on the New York Stock Exchange from the same date.
Future dividends will normally be paid as follows:
First interim Announced in July and paid in October
Second interim Announced in January and paid in April.
TRADEMARKS
The following brand names used in this interim report are trade marks of the
AstraZeneca group of companies:
Accolate Arimidex Astra Tech Atacand Casodex Crestor Diprivan Exanta
Faslodex Iressa Losec Merrem Nexium Nolvadex Oxis Plendil Prilosec
Pulmicort Pulmicort Respules Pulmicort Turbuhaler Rhinocort Rhinocort Aqua
Seloken Seroquel Symbicort Tenormin Toprol-XL Zestril Zoladex Zomig
ADDRESSES FOR CORRESPONDENCE
Registrar and Depositary Registered Office Swedish Securities Register Centre
Transfer Office for ADRs
The AstraZeneca Registrar JPMorgan Chase Bank 15 Stanhope Gate VPC AB
Lloyds TSB Registrars PO Box 43013 London PO Box 7822
The Causeway Providence, W1K 1LN S-103 97 Stockholm
Worthing RI 02940-3013 UK Sweden
West Sussex US
BN99 6DA
Tel: +44 (0)121 433 8000 Tel: (781) 575 4328 Tel: +44 (0)20 7304 5000 Tel: +46 (0)8 402 9000
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
In order to utilise the 'Safe Harbor' provisions of the United States Private
Securities Litigation Reform Act of 1995, AstraZeneca is providing the following
cautionary statement. This Interim Report contains forward-looking statements
with respect to the financial condition, results of operations and businesses of
AstraZeneca. By their nature, forward-looking statements and forecasts involve
risk and uncertainty because they relate to events and depend on circumstances
that will occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from that expressed or
implied by these forward-looking statements. These factors include, among other
things, the loss or expiration of patents, marketing exclusivity or trade marks;
exchange rate fluctuations; the risk that R&D will not yield new products that
achieve commercial success; the impact of competition; price controls and price
reductions; taxation risks; the risk of substantial product liability claims;
the impact of any failure by third parties to supply materials or services; the
risk of delay to new product launches; the difficulties of obtaining and
maintaining governmental approvals for products; and the risk of environmental
liabilities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR IIFFADSISFIV
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