AstraZeneca's shares dip despite 41% rise in EPS, as CEO's guidance disappoints
The UK's second largest drugmaker, Astra Zeneca, posted a 10% increase in second-quarter 2006 sales at constant exchange rates (plus 8% in actual figures), to $6.63 billion, with operating profit up 50% (+24% actual) at $2.13 billion, pretax rising 31% (+26%) to $2.21 billion and earnings per share 41% (36%) higher at $1.02.
The figures were either in line with, or slightly better than, most analysts' forecasts when adjusted for the group's $200.0 million sale of its anesthetics brands to US firm Abraxis during the reporting period (Marketletter May 8), but still saw AstraZeneca's share price decline 3% to L32.09 on the day of the announcement, July 27. The disappointment was that chief executive David Brennan, who took over the post from Sir Tom McKillop at the start of the year, narrowed his full-year 2006 EPS guidance to the $3.60-$3.90 range.
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