AstraZeneca first quarter sales flat, but beat forecasts

Anglo-Swedish drug major AstraZeneca (LSE: AZN) this morning posted first-quarter 2014 financials, revealed sales for the period of $6.42 billion, unchanged in actual terms by 3% higher at constant exchange rates, beating the expectations of $6.37 billion of analysts polled by Thomson Reuters.

Core operating profit fell 16% (-11% CER) to $1.95 billion, and earnings per share fell 17% to $1.17, just under analysts expectations of $1.20. On a reported basis, operating profit was down 40% at $836 million and EPS was $0.40, a fall of 51%.

The company made no mention of the rumored $100 billion takeover approach widely reported over last weekend (The Pharma Letter April 20), although, according to media reports, the firm’s chief executive said such large-scale deals are "often disruptive," and noting “what you are likely to see from us is continued focus on what we do well," reported CNBC.