Zeneca Shows Its Strength At Nine Months Stage

Group sales at UK biopharmaceutical company Zeneca in the first nine months of 1996 rose 14% to L4.1 billion ($6.6 million). Pharmaceutical turnover also rose 14% to L1.8 billion, with good volume growth following the launch of several new products, said the firm. It added that pricing pressures continue, particularly in Japan and some European markets.

The firm's agrochemicals business achieved a rise in turnover of 11% to L1.4 billion. The specialties division saw sales of L802 million, up 9%. It was noted that sales of the food product Quorn grew strongly. The seeds business was flat at L117 million, with 18% underlying growth.

Analysts James Dodwell and Franc Gregori at BZW Research said that Zeneca's nine-month performance was "excellent," and that the outlook for the full year is favorable. They said the firm's aspirational target of average five-year earnings growth of 15% per annum remains intact.