1st Quarter Results

AstraZeneca PLC
30 April 2003



AstraZeneca PLC
First Quarter Results 2003

        'Earnings per Share $0.54.  Targets for the year maintained.'

Financial Highlights (before Exceptional Items)


Group                           1st Quarter    1st Quarter                  Constant
(Continuing operations)                2003           2002     Reported     Currency
                                         $m             $m            %            %

Sales                                 4,735          4,346           +9           +4

Operating Profit                      1,272          1,297           -2           -3

Profit before Tax                     1,293          1,318           -2           -3

Earnings per Share
  Group                               $0.54          $0.55           -2           -3
  Group (Statutory FRS3)              $0.54          $0.55





All narrative in this section refers to growth rates at constant exchange rates
(CER)



•  Sales increased by 4 percent.  Excluding LosecTM/PrilosecTM sales grew
   by 23 percent, benefiting from wholesaler stocking in the US.

•  Operating profits were down by 3 percent, affected by $141 million
   lower other operating income compared with the first quarter 2002, which
   included proceeds from the sale of Sular marketing rights.

•  Costs in R&D and SG&A combined increased by 4 percent in CER terms.

•  Earnings per Share of $0.54 were down 3 percent.

•  NexiumTM sales were $835 million.  Share of total prescriptions in the
   US market increased to 21.4 percent in March.

•  Sales of CrestorTM in the quarter were $3 million, following
   successful launches in Canada in mid-February, and in the Netherlands and 
   the UK in March.

•  IressaTM sales were $19 million in the first quarter.  IressaTM
   submission in Europe for the treatment of non-small cell lung cancer was
   announced on 11 February.  Target date for completion of US FDA regulatory
   review is 5 May.

•  SymbicortTM sales were $122 million in the first quarter.  Successful
   completion of Mutual Recognition Procedure in Europe for use in chronic
   obstructive pulmonary disease (COPD) was announced 10 February.



Tom McKillop, Chief Executive, said:  'The transformation of our product
portfolio is proceeding as anticipated, with strong demand for the growth and
recently launched products balancing the expected declines due to patent
expiries.  With this sales performance and the planned programme of product
launches we are well placed to achieve the financial targets for the year we
communicated in January.'

London, 30 April 2003


Media Enquiries:              Steve Brown/Emily Denney (London)            [phone]/5034
                              Staffan Ternby (Sodertalje)                  (8) 553 26107
                              Rachel Bloom (Wilmington)                    [phone]

Analyst/Investor Enquiries:   Mina Blair-Robinson (London)                 [phone]
                              Jonathan Hunt (London)                       [phone]
                              Staffan Ternby (Sodertalje)                  (8) 553 26107
                              Ed Seage (Wilmington)                        [phone]
                              Jorgen Winroth (New York)                    [phone]


Business Highlights All narrative in this section refers to growth rates at
constant exchange rates (CER) unless otherwise indicated.

Sales in the first quarter increased by 4 percent.  Operating profit decreased
by 3 percent.  Earnings per Share were down by 3 percent to $0.54.  The weaker
US dollar increased the reported sales growth rate by 5 percent.  Nearly all the
currency benefit on reported sales was offset by the adverse currency impact on
operating costs, with the overall result that reported operating profits and
earnings per share benefited by just 1 percent from currency movements.

Other operating income for the first quarter 2003 ($15 million) was
significantly lower than the first quarter 2002 ($156 million) which included
proceeds from the sale of Sular marketing rights to First Horizon.  Costs  in R&
D and SG&A combined increased by 4 percent in CER terms.

Sales growth in the first quarter was 4 percent in the US and 5 percent in the
rest of the world.  As expected, sales in the US reflected significant generic
competition for PrilosecTM, ZestrilTM, and NolvadexTM.  In aggregate, sales of
these three products were $669 million lower than the first quarter 2002.  This
was more than offset by a continued strong performance in the rest of the
portfolio, with sales up 55 percent.  The company estimates that underlying
demand for these products grew by around 35 percent.  The balance of the growth
is attributable to favourable effects from wholesaler stock movements in the US
market in this quarter compared to the first quarter 2002, which also benefited
from stock building.   At the end of the first quarter 2003, the company
estimates that trade inventories are some $400 million higher than normal (and
some $200 million higher than at the end of the first quarter 2002).  This
inventory should be worked off in the normal course of business over the next
two quarters, with no adverse effect on our estimates for revenue for the year
as a whole.  The products chiefly affected include NexiumTM, SeroquelTM,
Toprol-XLTM and AtacandTM.

NexiumTM sales were up 136 percent on strong prescription demand and wholesaler
stock building in the US.  PrilosecTM sales in the US were $287 million in the
first quarter, a decline of 60 percent, broadly in line with the trend in
prescriptions.  Generic omeprazole market share has been holding steady at
around 60 percent of total prescriptions for the omeprazole molecule in recent
weeks.

Sales of Cardiovascular products were down just 3 percent, despite the
significant decline in ZestrilTM, as good prescription growth in the US
continues for Toprol-XLTM (up 31 percent) and AtacandTM (up 19 percent). The
first sales for CrestorTM were recorded in the quarter ($3 million), with the
mid-February launch in Canada followed by the first European launches in the
Netherlands and in the UK.

Oncology product sales grew by 6 percent, as growth in CasodexTM, ArimidexTM,
FaslodexTM and IressaTM more than offset generic erosion on NolvadexTM.  Iressa
TM sales of $19 million in the quarter were affected by label changes and some
market adjustment following the rapid up-take in the fourth quarter 2002.  The
regulatory submission in the EU for IressaTM in the treatment of locally
advanced or metastatic non-small cell lung cancer was announced 11 February.
The target date for completion of the review by the US FDA is May 5.  FaslodexTM
sales were $22 million in the quarter, and the file for second-line treatment of
advanced breast cancer was submitted in the EU in February.



Other product development highlights in the quarter included regulatory
submissions in the US and Europe for the use of SeroquelTM for the treatment of
manic episodes associated with bipolar disorder, and for the use of NexiumTM for
the treatment of upper GI symptoms in patients taking non-steroidal
anti-inflammatory drugs (NSAIDs).

Future Prospects All narrative in this section refers to growth rates at
constant exchange rates (CER) unless otherwise indicated.

After adjusting for wholesaler buying patterns, the underlying sales revenue for
the quarter was in line with the company's expectations, with expected declines
due to patent expiries balanced by strong demand in the growth and recently
launched products.  Therefore the company has not changed its targets for the
full year, and continues to anticipate earnings per share in the range of $1.50
to $1.65 per share.

Disclosure Notice:  The preceding forward looking statements relating to
expectations for earnings and business prospects for AstraZeneca PLC are subject
to risks and uncertainties, which may cause results to differ materially from
those set forth.  These include, but are not limited to: the rate of growth in
sales of generic omeprazole in the US, the successful registration and launch of
new products (in particular CrestorTM, IressaTM, and ExantaTM), continued growth
of currently marketed products, the growth in costs and expenses, interest rate
movements, exchange rate fluctuations, and the effective tax  rate.  For further
details on these and other risks and uncertainties, see AstraZeneca PLC's
Securities and Exchange Commission filings, including the 2002 annual report on
Form 20-F.


Sales

All narrative in this section refers to growth rates at constant exchange rates
(CER).

Gastrointestinal
                                                    First Quarter               CER %
                                                 2003          2002

LosecTM/PrilosecTM                                692         1,192               -45
NexiumTM                                          835           347              +136
Total                                           1,545         1,552                -3



•         NexiumTM sales in the US increased by 135 percent to $669 million.
Total prescriptions in the first quarter were up 68 percent over last year, with
wholesaler stock building responsible for much of the balance.  Market share of
total PPI prescriptions in the US continues to grow, reaching 21.4 percent in
March.  Total prescriptions for the PPI class were up 14 percent versus the
first quarter 2002.

•         Sales of NexiumTM in markets outside the US were up 142 percent to
$166 million.

•         Regulatory submissions for the use of NexiumTM in the treatment of
upper GI symptoms in patients taking NSAIDs were announced on 1 April.

•         Sales of LosecTM/PrilosecTM declined by 45 percent, with PrilosecTM
sales in the US down by 60 percent as a result of competition from generic
omeprazole.  PrilosecTM share of total omeprazole prescriptions was around 40
percent in March, consistent with restricted supply of generic product.

•         Sales of LosecTM outside the US declined by 22 percent as a result of
generic competition  as well as in response to the continued strong growth of
NexiumTM.  Sales of LosecTM in Japan, however, grew by 62 percent.

Cardiovascular
                                                     First Quarter              CER %
                                                 2003          2002

ZestrilTM                                         108           277               -64
AtacandTM                                         206           149               +31
SelokenTM / Toprol-XLTM                           368           231               +56
PlendilTM                                         110           106                -1
Total                                             969           946                -3



•         Sales of ZestrilTM in the US were $20 million in the quarter (down 89
percent) as generic lisinopril now accounts for over 90 percent of dispensed
prescriptions.

•         Sales of AtacandTM grew by 44 percent in the US, whereas total
prescriptions in the US were up 19 percent versus the first quarter 2002.  Since
US sales in the first quarter 2002 also benefited from wholesaler stocking, this
indicates a high level of trade inventories at the end of March.  Sales of
AtacandTM outside the US increased by 20 percent.

•         Toprol-XLTM prescriptions in the US increased by 31 percent compared
to the first quarter 2002, well above the 8 percent growth for the beta blocker
class as a whole.  Reported sales growth of 76 percent on a strong first quarter
last year also means wholesaler stocks are well above normal levels.



•         CrestorTM was successfully launched in Canada on 19 February, followed
by the Netherlands and the UK in March.  Sales were $3 million.  The company is
encouraged by the early launch experience in these markets.  In Canada, for
example, after 8 weeks Crestor has achieved an estimated new prescription market
share of 23.5 percent within the private payer statin market which represents
about 40 percent of the total Canadian market, the remainder requiring
government sector formulary acceptances. The company strongly advises caution
when interpreting such early prescription tracking data and, in particular,
counsels against extrapolating to other markets.




Respiratory
                                                     First Quarter              CER %
                                                 2003          2002

PulmicortTM                                       251           227                +6
AccolateTM                                         31            32                -3
RhinocortTM                                        90            63               +40
OxisTM                                             31            31               -10
SymbicortTM                                       122            54              +102
Total                                             563           442               +20



•         SymbicortTM continues to gain market share in the fast-growing fixed
combination segment of the asthma market, with market share in Europe having
grown to around 24 percent.  Successful completion of the Mutual Recognition
Procedure in Europe for the use of SymbicortTM in COPD was announced 10
February.

•         Prescriptions for PulmicortTM RespulesTM in the US were up 34 percent
versus the first quarter last year, whilst reported sales increased by 56
percent.

•         In the US, Rhinocort AquaTM share of prescriptions for intranasal
steroids grew to 14 percent in March, fuelling a growth in total prescriptions
of 37 percent.  Reported sales increased by 113 percent, indicating above normal
levels of stocking.

•         AccolateTM sales were up 5 percent in the US, whilst prescriptions
were down by 19 percent.  Wholesaler inventories were high at the beginning of
the first quarter of 2003 and remain so as a result of      further speculative
purchases.

Oncology
                                                    First Quarter               CER %
                                                 2003          2002

CasodexTM                                         189           123               +44
ArimidexTM                                         93            65               +35
NolvadexTM                                         61           140               -57
IressaTM                                           19             -               n/m
FaslodexTM                                         22             -               n/m
ZoladexTM                                         193           187                -2
Total                                             581           520                +6



•         Expanded usage of CasodexTM 150 mg tablets in the treatment of early
prostate cancer has contributed to the 26 percent increase in sales for markets
outside the US, to $129 million in the quarter.  The 100 percent increase in US
sales is compared to the destocking which occurred in the first quarter of 2002;
stock levels at the end of the first quarter this year are close to normal.
Underlying demand for CasodexTM in the US is broadly unchanged.





•         Expansion of labelled claims into the adjuvant treatment for early
breast cancer is driving sales growth for ArimidexTM throughout the world.
Sales outside the US increased by 41 percent.  In the US, total prescriptions
were up 64 percent over last year's first quarter.  Reported sales growth of 27
percent reflects inventory movements.

•         Market exclusivity for NolvadexTM in the US expired in February,
followed by the launch of several generic products.  US sales declined by 71
percent.

•         Sales of FaslodexTM in the US reached $22 million in the quarter, and
reflect steady progression in utilisation since launch last May.

•         Sales of IressaTM were $19 million.  Sales built quite rapidly in the
fourth quarter 2002 following launch in Japan, and some reduction from this
level was likely as pent-up demand was cleared.  However, lower sales this
quarter also reflect the labelling revisions implemented in response to
post-marketing reports of interstitial lung disease (ILD).

•         The regulatory submission in Europe for the use of IressaTM for the
treatment of locally advanced or metastatic non-small cell lung cancer was made
in February.  The target date for the US FDA to complete its review of IressaTM
is 5 May, according to the Prescription Drug User Fee Act (PDUFA) guidelines.

CNS
                                                    First Quarter               CER %
                                                 2003          2002

SeroquelTM                                        444           329               +33
ZomigTM                                           108            92               +13
Total                                             560           428               +28



•         In markets outside the US SeroquelTM sales grew by 79 percent,
including strong growth in Japan.

•         In the US, total prescriptions for SeroquelTM were up 36 percent
versus the first quarter 2002.  Market share for SeroquelTM has grown despite
the launch of new entrants, reaching 18.4 percent in March.  Sales for Seroquel
TM in the US increased by 26 percent.  Wholesaler stock building has occurred
this year and in the first quarter 2002; trade inventories are above normal at
quarter's end.

•         Regulatory files were submitted in the EU and the US for the use of
SeroquelTM in the treatment of mania associated with bipolar disorder.

•         Sales of ZomigTM were up by 17 percent in the US and by 6 percent in
the rest of the world.  US sales exceeded underlying prescription demand both in
this quarter and the first quarter last year.

Pain, Infection and Other Pharma
                                                    First Quarter               CER %
                                                 2003          2002

MerremTM                                           74            67               +10
DiprivanTM                                        136           111               +19
Local anaesthetics                                101            96                -1
Total                                             377           342                +5



•         Sales of DiprivanTM in the US were 53 percent higher than the first
quarter last year, as a result of a combination of market growth and significant
wholesaler stock building in anticipation of price changes.

Geographic Sales
                                                      First Quarter             CER %
                                                   2003          2002

US                                                2,470         2,383              +4
Europe                                            1,555         1,387              -2
Japan                                               243           172             +32
RoW                                                 467           404             +19



•         Apart from wholesaler stock movements, underlying demand in the US
featured strong growth in NexiumTM, Toprol-XLTM, and SeroquelTM, which partially
offset sales lost to generic competition.

•         Sales in Europe were off 2 percent.  Good volume growth in France and
Italy was offset by price reductions in Italy and generic competition in the UK.
  NexiumTM, SymbicortTM, SeroquelTM, CasodexTM and AtacandTM were the key growth
products.

•         The Oncology product range (up 35 percent) as well as SeroquelTM and
LosecTM paced the sales increase in Japan.


Operating Review

Sales grew by 4 percent.  Operating profit declined by 3 percent.  The operating
margin decline of 2.9 percentage points is almost entirely explained by the
absence of disposal gains, which in the first quarter of 2002 included a gain on
the sale of Sular marketing rights for the US.  Without this gain, operating
margin for the first quarter of 2002 would have been 26.8 percent of sales, and
operating profit would have increased by 8 percent this quarter.

The other elements of operating margin showed a net improvement of 0.4
percentage points, as small increases in R&D and SG&A as a percent of sales (0.5
and 0.3 points respectively) were more than offset by improvements in gross
margin.  Gross margin increased by 1.2 points to 76 percent of sales through mix
benefits as well as lower proportional payments to Merck.

The weaker US dollar increased sales by 5 percent and operating profits by 1
percent, accounting for around 0.7 percentage points of the margin decline.
Currency for the year is expected to have a broadly neutral effect on profits.

In recent years the first quarter results have been marked by speculative
wholesaler purchases ahead of anticipated price increases.  At the end of the
first quarter 2003 it was estimated that wholesaler inventories were some $400
million above normal, compared to $200 million at the end of the first quarter
2002.  The products principally affected in 2003 were NexiumTM, SeroquelTM,
Toprol-XLTM and AtacandTM.  It is expected that these excess inventories will
unwind over the next two quarters with no overall impact on sales for the year.

Interest

Interest income was $21 million in the quarter, with higher overall cash
balances compensating for lower yield on investments.

Taxation

The effective tax rate for the first quarter 2003 was 27.5 percent compared with
27.0 percent for the same period in 2002.

Cash Flow

Cash generated from operating activities after exceptional items amounted to
$1.2 billion for the first quarter, compared with $1.9 billion for the same
quarter 2002.  Much of this variance arises from a timing difference in payments
made to Merck (the first quarter 2002 benefited from the absence of such
payment) and receivables arising from the strong first quarter sales.  In the
first quarter 2003 capital expenditures were $0.3 billion, taxation paid was
$0.2 billion, and share repurchases were $0.1 billion, resulting in an increase
in net cash funds of just under $0.5 billion.  Net cash funds at the end of the
quarter amounted to $4.3 billion ($3.8 billion in fourth quarter 2002).

Share Repurchase Programme

During the quarter, 4.04 million ordinary shares were re-purchased (nominal
value $0.25 each) for cancellation at a total cost of $129 million.

Since the commencement of the programme, 70.6 million shares have been
repurchased for cancellation at a total cost of $2,968 million. The total number
of shares in issue (as at 31 March 2003) is 1,715 million.  Approximately $1.0
billion remains available under the previously announced share repurchase
programme.








Upcoming Milestones and Key Events

24 July             Announcement of second quarter and half year results
2 October           Annual Business Review
23 October          Announcement of third quarter and nine months results





Tom McKillop
Chief Executive


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