1st Quarter Results (1 of 2)

AstraZeneca PLC
24 April 2008


AstraZeneca PLC
First Quarter Results 2008

-    Core EPS increased by 9 percent at CER to $1.28.
-    First quarter sales increased by 4 percent at CER to $7,677 million.
     -    Inclusion  of  MedImmune   sales  more  than  offset  the  decline  in
          Toprol-XL((TM)) sales in the US.
     -    Strong growth in Emerging Markets, with sales up 11 percent at CER.
-    Underlying  business  performance  on track.  Core EPS target  increased to
     reflect year to date currency impact.
     -    Revised target range for Core EPS is $4.45 to $4.75.
-    First of 3 planned regulatory filings for the year achieved.
     -    US Biologics Licence Application for motavizumab submitted in January.
-    Settlement   agreement  with  Ranbaxy  in  Nexium(TM)  patent  infringement
     announced 15 April.
     -    Agreement  gives  increased  clarity and stability to allow  continued
          inves(TM)ent in our growing pipeline.
     -    Company will vigorously defend its intellectual property.

Financial Summary

  Group                       1st Quarter    1st Quarter      Actual        CER
                                     2008           2007           %          %
                                       $m             $m
  Sales                             7,677          6,966         +10         +4
  Reported
    Operating Profit                2,257          2,170          +4         -5
    Profit before Tax               2,143          2,267          -5        -15
    Earnings per Share            $1.03**          $1.02          +1         -9
  Core
    Operating Profit                2,765          2,274         +21        +12
    Profit before Tax               2,651          2,371         +12         +2
    Earnings per Share*             $1.28          $1.07         +19         +9


*Core financial  measures are  supplemental  non-IFRS  measures which management
believe  useful to  understanding  the Company's  performance;  it is upon these
measures that financial  guidance for 2008 is based. See Operating and Financial
Review for a reconciliation of Core to Reported financial measures.

**Included  in Reported EPS for Q1 2008 is a ($0.12)  charge for  impairment  of
intangible  assets related to  Ethyol(TM),  a product  acquired with  MedImmune,
arising  from an 'at risk'  launch of a generic  product  by Sun  Pharmaceutical
Industries Ltd., prior to the conclusion of ongoing patent litigation.

David Brennan,  Chief Executive  Officer,  said: 'The first quarter  performance
puts us on track to  achieve  our full  year  financial  targets.  We have  also
announced  the  motavizumab  BLA  submission  in  January  - the  first of three
regulatory filings planned for 2008 - and the agreement to settle the Nexium(TM)
patent  infringement  litigation  against Ranbaxy,  which has provided increased
clarity and stability to allow us to continue the  substantial  inves(TM)ent  in
our growing pipeline of new medicines.'

London, 24 April 2008


Media Enquiries:    Steve Brown/Chris Sampson 
                    (London)                      [phone]/5130
                    Earl Whipple (Wilmington)     [phone]
                    Per Lorentz (Sodertaje)       (8) 553 26020

Analyst/
Investor Enquiries: Mina Blair/Karl Hard (London) [phone]/5322
                    Jonathan Hunt (London)        [phone]
                    Staffan Ternby (Sodertaje)    (8) 553 26107
                    Ed Seage/Jorgen Winroth (US)  [phone]/[phone]
                    Peter Vozzo (MedImmune)       [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 at CER, or 10 percent on an as
reported  basis.  Sales in the US were up 5 percent;  the inclusion of MedImmune
sales in the quarter more than offset the decline in Toprol-XL(TM)  sales in the
US market.  Sales in the Rest of World were up 4 percent.  Sales in  Established
Markets were up 1 percent despite a 1 percent  decline in Western Europe.  Sales
in Emerging  Markets  were up 11 percent,  driven by strong  growth in China and
other Asian markets.

Core operating  profit in the first quarter was up 12 percent to $2,765 million,
as a result of improvement in Core gross margin and continued efficiencies in SG
&A and R&D. Reported operating profit, which included  restructuring and synergy
costs ($117 million),  Merck and MedImmune related  amortisation  ($134 million)
and an intangible asset impairment charge as a result of the 'at risk' launch of
a generic  competitor to MedImmune's  oncology product Ethyol(TM) ($257 million)
was $2,257 million, 5 percent lower than last year.

Core earnings per share in the first  quarter were $1.28  compared with $1.07 in
the first quarter 2007, a 9 percent  increase at CER. The increase is the result
of the  growth in Core  operating  profit and the  benefit of a lower  number of
shares outstanding, partially offset by increased net interest expense.

Research and Development Update

In the first quarter, the first of three planned regulatory submissions for 2008
was achieved, with the submission of the Biologics Licence Application in the US
for motavizumab in January. The filing for saxagliptin is on track for mid-year,
with Phase III clinical data to be presented at the upcoming  American  Diabetes
Association  meeting.  The regulatory  submission for Zactima(TM) is planned for
the fourth quarter.

The large  lifecycle  management  programme  in  support of  Seroquel  XR(TM) is
nearing completion,  culminating in a large number of regulatory  submissions in
2008.  Regulatory  filings  in the US and  Europe  for  Seroquel  XR(TM) for the
trea(TM)ent of Bipolar Mania and Bipolar  Depression were announced early in the
first  quarter.  The US submission  for Seroquel  XR(TM) for the  trea(TM)ent of
major depressive disorder (MDD) was made on 29 February.  Submissions for MDD in
Europe and filings for generalised  anxiety  disorder (GAD) in the US and Europe
will follow later this year.  Much of the clinical data  supporting  the MDD and
GAD filings will be presented at the American  Psychiatric  Association  meeting
early next month.

On 31 March,  AstraZeneca announced its decision to stop the Crestor(TM) JUPITER
clinical  study  early  based  on a  recommendation  from  an  Independent  Data
Monitoring Board and the JUPITER Steering Committee,  which met on 29 March. The
study will be stopped early because there is unequivocal evidence of a reduction
in cardiovascular  morbidity and mortality amongst patients who received Crestor
(TM) when compared to placebo.

The JUPITER study team has initiated activities to close this large multi-centre
study. Over 15,000 trial  participants  will be scheduled by their  investigator
for final  assessments  at over  1,200  sites in 26  countries.  Data from these
visits will generate  80,000 pages of case report forms. We plan to complete the
analysis in the fourth quarter of this year.

Enhancing Productivity

The  Company  remains  on track to  deliver  two-thirds  of the total  programme
benefits of $1.4 billion per annum by the end of this year, with the full amount
to be delivered by 2010.

As part of this programme,  AstraZeneca undertook major restructuring in many of
its European sales and marketing organisations in 2007. As a result, the Company
is now delivering about the same level of sales with smaller sales forces in its
largest marketing companies in Western Europe.

The R&D  organisation  is now  actively  involved in the  implementation  of our
agreement with Cognizant to provide centralised Data Management services for the
whole of AstraZeneca  Clinical  Development.  This agreement is the largest such
contract within the pharmaceutical  industry and will deliver economies of scale
and cost  savings  that will help R&D  deliver  its  commi(TM)ent  to  improving
productivity and efficiency.

A further $117 million in costs associated with the  Company-wide  restructuring
and synergy  programmes  were charged to the first  quarter  accounts,  bringing
cumulative charges since the inception of the programmes to $1,083 million.

Future Prospects

Based on an  assessment  of the  underlying  business  performance  in the first
quarter and the outlook for the remainder of the year,  the Company  believes it
is on track to achieve the full year targets. The target range for Core earnings
per share has been increased to $4.45 to $4.75 to reflect the currency  benefits
realised in the first quarter  relative to the currency  assumptions  upon which
the targets were based.

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 in the forward-looking  statements.  These include,  but are not
limited to: the rate of growth in sales of generic  competitors to Toprol-XL(TM)
in the US  market,  the rate of growth in sales of generic  products  in the PPI
market in the US, continued growth in currently marketed products (in particular
Crestor(TM),  Nexium(TM),  Seroquel(TM),  Symbicort(TM) and  Arimidex(TM)),  the
growth  in  costs  and  expenses,   interest  rate   movements,   exchange  rate
fluctuations, and the tax rate. For further details on these and other risks and
uncertainties, see AstraZeneca PLC's Securities and Exchange Commission filings,
including the 2007 Annual Report on Form 20-F.

Sales

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

Gastrointestinal
                                       First Quarter               CER %
                                     2008          2007
Nexium(TM)                          1,238         1,308               -9
Losec(TM)/ Prilosec(TM)               252           279              -16
Total                               1,510         1,607              -10


•    In the US,  Nexium(TM)  sales in the first quarter were $736 million,  a 15
     percent  decline  compared  with last year.  Volume was  broadly  unchanged
     compared with the first quarter last year; dispensed retail unit demand was
     essentially  flat,  whilst an increase in  non-retail  volume was offset by
     trade  destocking  during the quarter.  Net prices during the first quarter
     are slightly  lower than those  realised in the fourth  quarter  2007;  the
     price  variance  versus the first  quarter 2007  reflects  the  back-loaded
     phasing of the lower prices realised over the course of last year.

•    Nexium(TM)  sales in other  markets  were up 1 percent,  as sales growth in
     Canada and in Emerging Markets exceeded the declines in Nexium(TM) sales in
     Western Europe.

•    The Company expects a mid-single digit sales decline for worldwide sales of
     Nexium(TM) for the full year.

•    Prilosec(TM)  sales in the US were down 13  percent  in the first  quarter.
     Losec(TM)  sales in other  markets  were  down 17  percent  despite  modest
     increases in Japan and China.

Cardiovascular
                                      First Quarter                CER %
                                    2008          2007
Crestor(TM)                          772           628               +16
Seloken(TM) / Toprol-XL(TM)          190           444               -60
Atacand(TM)                          346           296                +7
Plendil(TM)                           66            65                -6
Zestril(TM)                           59            80               -33
Total                              1,571         1,653               -11


•    In the US,  Crestor(TM)  sales in the first quarter were $353 million,  a 3
     percent increase over last year. Crestor (TM) share of total  prescriptions
     in the US statin market increased to 8.75 percent in March;  Crestor(TM) is
     the only  branded  statin to gain market  share  during the first  quarter.
     Since the  launch  of the  atherosclerosis  indication  in  November  2007,
     Crestor(TM)  share  of new  patient  starts,  as  well as net  switches  to
     Crestor(TM) from other statin products, has increased.

•    Crestor(TM) sales in Rest of World now exceed those in the US.  Crestor(TM)
     sales in other markets were up 32 percent to $419 million. Sales in Western
     Europe were up 11 percent.  Crestor(TM)  sales  increased by 180 percent in
     Japan, where Crestor(TM) volume share of the statin market has reached 13.2
     percent.

•    US sales of the  Toprol-XL(TM)  product range,  which includes sales of the
     authorised  generic to Par, were $64 million in the first quarter,  down 81
     percent.   Generic   products   accounted   for  87  percent  of  dispensed
     prescriptions in the first quarter.

•    Sales of  Seloken(TM)  in other  markets were  unchanged,  as the growth in
     Emerging Markets offset the decline in Established Markets.

•    Atacand(TM) sales in the first quarter were down 5 percent in the US. Sales
     in other markets increased 10 percent, chiefly in Western Europe.

Respiratory and Inflammation
                                         First Quarter               CER %
                                      2008          2007
Symbicort(TM)                          471           354               +21
Pulmicort(TM)                          411           401                -1
Rhinocort(TM)                           80            92               -16
Oxis(TM)                                17            23               -35
Accolate(TM)                            18            19                -5
Total                                1,040           931                +5


•    Symbicort(TM)  sales  in the US were  $44  million  in the  first  quarter.
     Specialist adoption of Symbicort(TM) is steadily  increasing;  since launch
     more than 80 percent of allergists and 70 percent of pulmonary  specialists
     in our target  audience have  prescribed  Symbicort(TM).  The product trial
     rate among primary care  physicians  has increased to more than 29 percent.
     Overall,  Symbicort(TM)  share of new prescriptions for fixed  combinations
     reached  7.8  percent  in the week  ending 11  April;  market  share  among
     patients newly starting  combination  trea(TM)ents has increased to over 15
     percent.

•    US regulatory filings for Symbicort(TM) for the trea(TM)ent of COPD and for
     paediatric use are planned for the second quarter 2008.

•    Symbicort(TM)  sales  in  other  markets  were up 9  percent  in the  first
     quarter,  to $427 million,  with more than half of the increase coming from
     Western Europe.

•    US sales for Pulmicort(TM) were up 2 percent in the first quarter.  Initial
     stocking of the  Pulmicort(TM)  Flexhaler  (TM) dry powder  inhaler  (which
     replaces  Pulmicort(TM)  Turbuhaler(TM)  in the  market)  took place in the
     first quarter 2007,  and has adversely  affected the reported  sales growth
     rate for the quarter.  Sales of  Pulmicort(TM)  Respules (TM)  increased 11
     percent  against the backdrop of a relatively  mild season for  respiratory
     illness.

•   Pulmicort(TM) sales in other markets were down 6 percent in the first quarter.


Oncology
                               First Quarter               CER %
                            2008          2007
Arimidex(TM)                 430           401                +2
Casodex(TM)                  316           310                -5
Zoladex(TM)                  255           249                -6
Iressa(TM)                    58            52                +4
Faslodex(TM)                  56            49                +8
Nolvadex(TM)                  18            19               -16
Ethyol(TM) *                  14             -               n/m
Total                      1,165         1,096                -1

* Sales of this MedImmune product are consolidated in AstraZeneca  accounts from
1 June 2007. As a result, there are no prior period sales included. • In the US,
sales of Arimidex(TM) were up 13 percent in the first quarter,  to $183 million.
Total prescriptions for Arimidex(TM) increased by 2 percent in the quarter.


•    Arimidex(TM)  sales in other markets were down 6 percent to $247 million as
     sales in Western Europe reflect a slowing in the aromatase inhibitor market
     and a small decline in market share.

•    Casodex(TM)  sales in the first  quarter were down 10 percent in the US and
     declined 4 percent in other markets.

•    Iressa(TM) sales increased by 4 percent in the first quarter,  chiefly as a
     result of growth in Asian Emerging Markets, including China. Sales in Japan
     were down 4 percent.

•    Faslodex(TM)  sales  in the US  were  $25  million  in the  first  quarter,
     unchanged  from the first  quarter  2007.  Sales in other  markets were $31
     million, an increase of 17 percent.

•    In the US, sales of Ethyol(TM) were $14 million in the first quarter. On 31
     March, Sun Pharmaceutical  Industries Ltd. commenced an 'at risk' launch of
     its generic  amifostine  product prior to the  conclusion of ongoing patent
     litigation.   MedImmune  has   subsequently   entered  into  a  supply  and
     distribution  agreement  with  Bedford  Pharmaceuticals  to  distribute  an
     authorised  generic version of amifostine.  The generic launch gave rise to
     an intangible asset impairment charge in the first quarter accounts.


Neuroscience
                                   First Quarter                CER %
                                 2008          2007
Seroquel(TM)                    1,050           923               +10
Zomig(TM)                         107           107                -7
Total                           1,378         1,227                +7


•    In the US,  Seroquel(TM)  sales  were up 7 percent to $702  million.  Total
     prescriptions  for  Seroquel(TM)  increased 8 percent in the first quarter,
     with 25 percent of the growth attributable to Seroquel XR(TM). The increase
     in Seroquel(TM) prescriptions accounted for more than half the prescription
     growth for the antipsychotic market in the US in the first quarter.

•    Seroquel(TM)  sales in other  markets  increased  17  percent  in the first
     quarter to $348  million.  Sales  were up 17  percent  in  Western  Europe,
     fuelled by a 43 percent increase in Germany, which included launch stocking
     for Seroquel XR(TM).

•    Zomig(TM) sales in the first quarter were down 6 percent in the US and were
     down 7 percent in other markets.

Infection and Other
                                   First Quarter                CER %
                                 2008          2007
Synagis(TM)*                      519             -               n/m
Merrem(TM)                        213           178               +12
FluMist(TM)*                        -             -               n/m
Total                             787           252              +206

* Sales of these MedImmune  products are  consolidated  in AstraZeneca  accounts
from 1 June 2007. As a result, there are no prior period sales included.

•    Sales of Synagis(TM)  totalled $519 million in the first quarter.  US sales
     were $456  million;  sales  outside the US were $63  million.  There are no
     corresponding sales recorded in the AstraZeneca accounts in the prior year;
     on a  pro-forma  basis  Synagis(TM)  sales  are 2  percent  above the first
     quarter last year.



Geographic Sales
                                   First Quarter                CER %
                                 2008          2007
North America                   3,723         3,488                +5
   US                           3,401         3,234                +5
Established ROW*                2,973         2,664                +1
Emerging ROW                      981           814               +11



*Established ROW comprises Western Europe (including France, UK, Germany, Italy,
Sweden, and others), Japan, Australia and New Zealand.

•    In the US,  sales were up 5 percent in the first  quarter.  The addition of
     MedImmune sales more than offset the decline in  Toprol-XL(TM).  Underlying
     demand  growth  was  ahead of  reported  sales  growth  as a result of some
     destocking   in  the  quarter.   Among  the  key  brands,   the  growth  in
     Symbicort(TM),  Crestor(TM),  Arimidex(TM)  and Seroquel (TM) was offset by
     the decline in Nexium(TM).

•    Sales in the Established Rest of World segment were up 1 percent.  Sales in
     Western  Europe were down 1 percent,  with sales  growth for  Seroquel(TM),
     Symbicort(TM)  and  Crestor(TM)  offset by the  declines in  Losec(TM)  and
     Nexium(TM).  Sales in Japan were up 4 percent,  as wholesalers  constrained
     purchases  ahead of the biennial  price  decreases  taking effect in April.
     Sales in Australia increased 29 percent,  fuelled by the launch performance
     of Crestor (TM).

•    Sales in Emerging Markets  increased 11 percent,  accounting for two-thirds
     of total  Company  sales  growth  outside the US.  Sales in  Emerging  Asia
     markets  (including China) were up 22 percent.  Sales in Latin America were
     up 11 percent.

Operating and Financial Review

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

First Quarter
                               Restructuring
                     Reported    and synergy     MedImmune    Ethyol(TM)         Merck    Core      Core Actual   CER   
                         2008          costs  Amortisation  Impairment  Amortisation      2008      2007      %     %   
                                                                           
Sales                  7,677              -             -           -             -     7,677     6,966      10     4
Cost of Sales         (1,502)             32            -           -             -    (1,470)   (1,404)
Gross Margin           6,175              32            -           -             -     6,207     5,562      12     5
% sales                80.4%                                                             80.9%     79.8%   +1.1  +0.6
Distribution             (66)             -             -           -             -       (66)      (61)      8     2
% sales                 0.9%                                                              0.9%      0.9%      -     -
R&D                   (1,236)            54             -           -             -    (1,182)   (1,170)      1    -2
% sales                16.1%                                                             15.4%     16.8%   +1.4  +1.1
SG&A                  (2,737)            31            79         257            25    (2,345)   (2,195)      7     2
% sales                35.7%                                                             30.6%     31.5%   +0.9  +0.7
Other income             121              -            30           -             -       151       138       9     8
% sales                 1.6%                                                              2.0%      2.0%      -  +0.1
Operating Profit       2,257            117           109         257            25     2,765     2,274      21    12
% sales                29.4%                                                             36.0%     32.6%   +3.4  +2.5
Net finance             (114)             -             -           -             -      (114)       97
(expense)/income
Profit before Tax      2,143            117           109         257            25     2,651     2,371      12     2
Taxation                (638)           (35)          (32)        (77)            -      (782)     (728)
Profit after Tax       1,505             82            77         180            25     1,869     1,643      14     4
Minority Interests        (2)             -             -           -             -        (2)       (4)
Net Profit             1,503             82            77         180            25     1,867     1,639      14     4
Weighted Average       1,457          1,457         1,457       1,457          1,457    1,457     1,527
Shares
Earnings per Share      1.03           0.06          0.05        0.12          0.02      1.28      1.07      19     9

A reconciliation  by quarter of Reported to Core financial  measures for 2007 is
given in note 3.

Sales increased by 10 percent on a reported basis and by 4 percent on a constant
currency basis. Currency movements increased sales by 6 percent.

Core gross margin of 80.9 percent in the first quarter is 0.6 percentage  points
higher than last year. Principal  contributors were lower payments to Merck (1.2
percentage  points),  and continued  efficiency gains and favourable product mix
(0.8  percentage  points),  partially  offset by higher  royalty  payments  (1.4
percentage  points),  chiefly due to the inclusion of  Synagis(TM)  sales in the
first quarter of 2008.

Core R&D  expenditure  was $1,182 million in the first  quarter,  down 2 percent
over  last  year.  In the  first  quarter  2007,  there  were  intangible  asset
impairment charges relating to the collaborations  with AtheroGenics and Avanir;
excluding  these  impairments,  Core R&D  expenditure  was up 4  percent  in the
quarter,  due to the  inclusion  of  MedImmune  R&D  expense  offset by  ongoing
efficiencies.  The Company continues to make good progress on the delivery of R&
D projects and productivity initiatives.

Core SG&A costs of $2,345  million were 2 percent  higher than the first quarter
of 2007,  where the  inclusion  of  MedImmune  has more than offset  operational
efficiencies and benefits from the Company's productivity initiatives. Excluding
MedImmune, Core SG&A expense was 2 percent lower than last year.

Core other income of $151 million was $13 million  higher than the first quarter
in 2007 with the inclusion of MedImmune being partially counterbalanced by lower
one-time gains and royalty  income.  The  amortisation  expense  relating to the
intangible assets arising from MedImmune's  licensing and royalty income streams
has been reclassified from SG&A to other income. As a result of this change, the
Company  still  expects Core other  income to be similar to last year,  but with
this amortisation  expense,  other income on a reported basis will be lower than
2007.

Core operating profit was $2,765 million, an increase of 12 percent at CER or up
21 percent on an as  reported  basis.  Currency  movements  increased  operating
profit by 9  percent.  In  comparison  to last  year,  the dollar was 13 percent
weaker against the euro,  increasing  sales,  and also against the Swedish krona
(11 percent) and sterling (1 percent),  increasing costs. On a constant currency
basis,  Core operating margin increased by 2.5 percentage points to 36.0 percent
of sales, as a result of  improvements in gross margin and  efficiencies in SG&A
and R&D.

Core  earnings per share in the first  quarter  were $1.28,  a CER increase of 9
percent,  as the  increase in Core  operating  profit and the benefit of a lower
number of  shares  in issue was  partially  offset  by  increased  net  interest
expense. Core earnings per share on an as reported basis increased 19 percent.

Reported  operating profit was down 5 percent to $2,257 million,  reflecting the
impact of  restructuring  and synergy costs ($117  million),  MedImmune  related
amortisation ($109 million) and the impairment of intangible assets arising from
the 'at risk'  launch of a  generic  competitor  to  Ethyol(TM)  ($257  million)
compared  with the first  quarter  last year.  Reported  earnings per share were
$1.03.

Finance Income and Expense

Net finance expense was $114 million for the first quarter, versus income of $97
million in the first quarter of 2007. This decrease is primarily attributable to
the interest payable on the borrowings to acquire MedImmune, Inc.

Taxation

The  effective  tax rate for the quarter  was 29.8  percent  compared  with 31.0
percent  for the  same  period  last  year.  For the  full  year the tax rate is
anticipated to be around 29.5 percent, the same as for 2007.

Cash Flow

Cash  generated  from  operating  activities  was  $2,391  million  in the first
quarter, in comparison with $2,187 million in 2007. The increase of $204 million
was mainly  driven by an  increase  in  operating  profit  before  depreciation,
amortisation and impairment of $419 million,  partially offset by an increase in
interest payments of $256 million.

Net cash outflows from  investing  activities  were $2,937  million in the first
quarter,  versus $616 million in 2007.  This was due primarily to the payment of
$2,630  million to Merck (see note 6), which was partially  offset by reductions
in  expenditure on new  externalisation  deals and in the purchase of short term
inves(TM)ents and fixed deposits.

Cash  distributions to shareholders were $2,007 million,  through the payment of
the second interim dividend from 2007.

Inves(TM)ents

As  described  in note 6, on 17  March,  the  Company  made  payments  under the
provisions of the Merck  agreements of  approximately  $2.6 billion.  These have
been recorded as intangible  assets to reflect the benefits  accruing in respect
of relief from future  contingent  payments and the ability to fully exploit our
resources  and  products  within  certain  therapy  areas.  There  were no other
significant inves(TM)ents in the quarter.

Debt and Capital Structure

As at 31  March  2008,  outstanding  gross  debt  (including  loans,  short-term
borrowings and overdrafts) was $15,002 million (31 December:  $15,156  million),
of which $11,116 million is due after one year (31 December:  $10,876  million).
Outstanding  net debt of $11,752  million  increased  by $2,640  million from 31
December,  principally as a result of the significant cash outflows as described
above.

Share Repurchases

During the first quarter, there were no share repurchases.

The total number of shares in issue at 31 March 2008 was 1,457 million.

The Board's  distribution policy and its overall financial strategy is to strike
a balance  between the  interests  of the  business,  our  shareholders  and our
financial  creditors,  whilst  maintaining  a strong  inves(TM)ent  grade credit
rating.  The Board expects to undertake  share  repurchases  in the region of $1
billion in 2008, subject to business needs.

Calendar

31 July 2008         Announcement of second quarter and half year 2008 results
30 October 2008      Announcement of third quarter and nine months 2008 results



David Brennan
Chief Executive Officer


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