AstraZeneca sees strong earnings and revenue growth in2009 but a slowdown in 4th qtr

Anglo-Swedish drug major AstraZeneca was upbeat this morning, as it posted fourth-quarter and full-year 2009 financial results, which saw revenues of $8.95 billion, up 4%, and $32.80 billion, 7% higher (both at constant exchange rates), for the respective periods The company, Britain's second-largest drugmaker behind GlaxoSmithKline, also announced plans for a $1 billion share buyback this year.

Core operating profit for the full year increased 23% at CER to $13,621 million on revenue growth and operational efficiencies, with core earnings per share also rising 23% to $6.32, in line with guidance, said the company. Reported EPS for the full year advanced 22% to $5.19, while core EPS increased 7%. For the fourth quarter, however, operating profit moved just 6% higher to $3.04 billion, and EPS rose 7% to 1.42.

David Brennan, chief executive of the London-headquartered company, said: 'In 2009 we delivered a strong financial performance, exceeding the targets we set at the beginning of the year. In addition, good progress was made on the pipeline; we now have five products awaiting regulatory approval, and have added four significant late stage development projects through our externalisation efforts. Our plans for the next five years confirm our commitment to research-based, innovative biopharmaceuticals. I believe successful execution of this strategy will benefit patients and generate the cash flow necessary to provide for the investment needs of the business and shareholder returns.'