AstraZeneca profit beats forecasts, shares up

Source: Healthcare Digital

Date :31/07/2008 13:47:12

AstraZeneca plc has reported that second quarter profit came in ahead of forecasts, causing shares to soar.

The weak dollar helped sales increase nine percent in the three months to June 30, while earnings went up seven percent in the same period.

The UK’s second-largest drugmaker is due to axe 11 percent of its workforce by 2010 due to pricing pressure in the US. Its acid reflux drug Nexium is also experiencing slower revenues as it beats off competition from cheaper rivals.

Anti-cholesterol treatment Crestor, schizophrenia drug Seroquel and Symbicort, the asthma treatment, helped drive sales at the company.

The drugmaker has raised its full year earnings forecast for the second time this year in response to its strong performance.