AstraZeneca's 4th-qtr 2006 profits jump 17%, in line with expectations
Anglo-Swedish drug major AstraZeneca posted a strong set of financial results for the fourth quarter and full year 2006 - in line with analysts' consensus expectations - but, even though it forecast ongoing strong growth, said it would be cutting 3,000 jobs.
Sales for the quarter rose 14% (+11% at constant exchange rates) to $7.15 billion, and were up 11% to $26.47 billion for the year. Pretax profit was up 25% at $2.10 billion, or $0.93 a share, for the three months and 28% higher at $8.54 billion, or $3.86 a share, for the year.
For the first time, AstraZeneca presented a forward earnings guidance, saying that it expects sales growth in the high single digits and set a target for earnings per share of $3.80-$4.05.
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