1st Quarter Results - Part 1

RNS Number : 4462R

AstraZeneca PLC

30 April 2009

 

AstraZeneca PLC

First Quarter Results 2009

London, 30 April 2009

Sales for the first quarter increased by 7 percent at constant exchange rates (CER) to $7,701 million.  

-Crestor sales increased by 35 percent at CER.

-Emerging Markets sales increased by 15 percent at CER.

-Benefit to US sales of Toprol-XL from withdrawal of some generic competitors.

Core operating profit increased by 19 percent at CER to $3,362 million.

-Core operating margin improved on sales growth, operational efficiencies, higher other income from disposals and currency benefit.

Core EPS increased by 20 percent at CER to $1.58.

Reported EPS increased by 39 percent at CER to $1.48.

-Reported EPS growth rate affected by higher intangible impairment and restructuring costs last year.  

Progress on previously announced restructuring programmes on track.  

Strong cash performance; after payment of the second interim dividend of $2,103 million, net debt was reduced by a further $321 million since 31 December.  

Core EPS guidance confirmed; Core EPS target remains $5.15 to $5.45.

On 23 April, the European CHMP recommended approval of Iressa.

-Recommendation is for adults with locally advanced or metastatic non-small cell lung cancer with activating mutations of EGFR-TK, in all lines of therapy.

   Financial Summary

Group	1st Quarter 2009 $m	1st Quarter 2008 $m	Actual %	CER %
Revenue	7,701	7,677	-	+7
Reported
Operating Profit	3,163	2,257	+40	+37
Profit before Tax	3,003	2,143	+40	+36
Earnings per Share	$1.48	$1.03**	+44	+39
Core*
Operating Profit	3,362	2,765	+22	+19
Profit before Tax	3,202	2,651	+21	+17
Earnings per Share	$1.58	$1.28	+24	+20

*	Core financial measures are supplemental non-GAAP measures which management believe useful to understanding the Company's performance; it is upon these measures that financial guidance for 2009 is based. See below for a definition of Core financial measures and 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, 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: 'Our business has proved to be resilient in the first quarter, the result of excellent execution in driving growth in key product franchises and in all regions, whilst delivering improvements in operating efficiency. Our full year target for Core EPS remains unchanged, reflecting our continued caution about the 2009 outlook for the pharmaceutical sector in the context of global economic conditions.'

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 7 percent at CER, but were unchanged on an as reported basis as a result of the negative impact of exchange rate movements. Sales in the US were up 7 percent compared with the first quarter 2008 which was affected by higher levels of destocking. Sales in the US also benefited from increased Toprol-XL franchise sales as two generic competitors withdrew their products from the market. Excluding Toprol-XL, US sales increased by 3 percent. Group sales in the Rest of World were up 7 percent. Sales in Established Markets were up 4 percent. Strong sales growth continued in Emerging Markets; the 15 percent increase in these markets accounted for more than half of Rest of World sales growth.  

Core operating profit in the first quarter was up 19 percent to $3,362 million, as a result of sales growth and operational efficiencies together with higher other income related to proceeds from the agreement returning Abraxane® co-promotion rights to Abraxis BioScience LLC. Reported operating profit increased by 37 percent to $3,163 million, chiefly as a result of the Ethyol impairment charge and somewhat higher restructuring costs taken in the first quarter of 2008.  

Core earnings per share in the first quarter were $1.58 compared with $1.28 in the first quarter 2008, a 20 percent increase at CER. Reported earnings per share in the first quarter were $1.48, up 39 percent compared with the first quarter 2008, in line with the previously identified factors affecting reported operating profit growth.  

Research and Development Update

A comprehensive update of the AstraZeneca R&D pipeline was presented in conjunction with the Full Year 2008 results and the pipeline table remains available on the Company's website, www.astrazeneca.com, under information for investors.

Developments since the last update include:

Symbicort

On 27 February, AstraZeneca announced that the US Food and Drug Administration (FDA) has approved Symbicort for the twice daily maintenance treatment of airflow obstruction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and emphysema.

On 6 April, AstraZeneca announced the Company has received a Complete Response Letter (CRL) from the US Food and Drug Administration (FDA) for Symbicort pressurised metered dose inhaler (pMDI) for the long-term maintenance treatment of asthma in paediatric patients ages 6-11 years. The FDA stated that AstraZeneca did not provide adequate data to establish the appropriate dose or doses of the individual components of Symbicort - budesonide and formoterol - and to establish how the individual components contribute to the combination product, in paediatric patients ages 6-11 years. AstraZeneca is evaluating the CRL and will provide a response to the Agency in due course.

ONGLYZATM

On 1 April, AstraZeneca and Bristol-Myers Squibb announced that the FDA's Endocrinologic and Metabolic Drugs Advisory Committee determined (by a vote of 10 to 2) that the data supporting the new drug application for ONGLYZATM (saxagliptin) for the treatment of adults with type 2 diabetes were sufficient to rule out unacceptable cardiovascular risk relative to comparators in the programme.  

The Advisory Committee unanimously recommended that the sponsors perform a post-marketing trial to confirm the cardiovascular profile of ONGLYZATM. AstraZeneca and Bristol-Myers Squibb are working on a series of Phase IIIb and IV studies, including a large, controlled, randomised post-marketing trial, to further characterise the long-term clinical effectiveness as well as the cardiovascular profile of ONGLYZATM. The companies will now work with the FDA to finalise the post-marketing trial design.

The new drug application for ONGLYZATM was submitted to the FDA on 30 June 2008.

On 23 April, AstraZeneca and Bristol-Myers Squibb reported that the FDA has determined it needs additional time to complete the review of the New Drug Application (NDA) for ONGLYZATM for the treatment of type 2 diabetes. Accordingly, the FDA has extended the Prescription Drug User Fee Act (PDUFA) date from 30 April 2009 to 30 July 2009. The companies continue to work closely with the FDA to support the review of ONGLYZATM.

Seroquel XR

On 8 April 2009, the FDA Psychopharmacologic Drugs Advisory Committee (PDAC) conducted a review of the safety and efficacy of supplemental new drug applications (sNDA) for Seroquel XR proposed for the treatment of major depressive disorder (MDD) and generalised anxiety disorder (GAD).

The FDA frequently convenes advisory committee meetings to obtain independent expert guidance and recommendations on clinical matters. While the FDA is not required to follow this guidance, the agency usually takes the advice into account when rendering its final decisions on pending applications and other public health matters.  

The Advisory Committee concluded:

	Seroquel XR was shown to be effective in MDD as both monotherapy and adjunctive therapy, and shown to be effective in GAD as monotherapy.
	Seroquel XR was shown to be acceptably safe as an adjunctive treatment for MDD.
	Seroquel XR was not shown to be acceptably safe as a monotherapy for broad treatment for MDD.
	The committee was undecided as to whether Seroquel XR was shown to be acceptably safe in certain instances as a monotherapy treatment for MDD.
	Seroquel XR was not shown to be acceptably safe as a monotherapy for the treatment of GAD.

The Company looks forward to having further discussions with the FDA regarding both sNDAs.

Crestor

In April, AstraZeneca submitted an sNDA to the FDA to amend the Crestor label to reflect the significant reductions in cardiovascular events demonstrated in the landmark JUPITER clinical trial. Regulatory submissions in Europe are planned for later this quarter. 

Iressa 

On 23 April, the Company announced that the Committee for Medicinal Products for Human Use (CHMP), the scientific advisory committee of the European Medicines Agency (EMEA), has issued a positive opinion supporting approval of the targeted oral anti-cancer drug, Iressa.

The CHMP has recommended the approval of Iressa for adults with locally advanced or metastatic non-small cell lung cancer (NSCLC) with activating mutations of EGFR-TK (epidermal growth factor receptor-tyrosine kinase), in all lines of therapy.

AstraZeneca will be required to conduct a Follow-up Measure Study, to generate further data in a Caucasian NSCLC patient population. AstraZeneca is in a discussion with CHMP to finalise the study design and endpoints.

The CHMP positive opinion is now referred for final action to the European Commission, which grants marketing approval in the European Union. 

Enhancing Productivity

In the first quarter, $72 million in restructuring and synergy costs were charged to the accounts in relation to previously announced business reshaping programmes which, when fully implemented, are expected to deliver benefits of $2.1 billion per annum by the end of 2010, with a further $0.4 billion by 2013.  

All programmes remain on track for costs incurred and benefits achieved. 

Future Prospects 

The strong first quarter sales performance reflects determined execution of our plans combined with the favourable impact in the US related to the Toprol-XL market.

Global economic conditions remain difficult. Management believes that continued caution is warranted when assessing the potential impact of these conditions on the pharmaceutical sector and AstraZeneca. For the full year, the Company confirms that its guidance for Core EPS remains in the range of $5.15 to $5.45. Actual performance within this range is dependent on the extent of the impact of the downward pressures from the global economy.

This Core EPS guidance has been based on January 2009 average exchange rates for our principal currencies, and actual first quarter results were broadly in line with this currency assumption. The target takes no account of the likelihood that average exchange rates for the remainder of 2009 may differ materially from the rates upon which our earnings guidance is based. An estimate of the sales and earnings sensitivity to movements of our major currencies versus the US dollar was provided in conjunction with the Full Year 2008 results announcement, and can be found on the AstraZeneca website.

 Sales 

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

Gastrointestinal

	First Quarter		CER %
	2009 $m	2008 $m
Nexium	1,192	1,238	+2
Losec/ Prilosec	211	252	-15
Total	1,427	1,510	-

	In the US, Nexium sales in the first quarter were $705 million, down 4 percent compared with first quarter last year. Dispensed retail tablet volume increased by 3.6 percent; average realised selling prices were around 9 percent lower.
	Nexium sales in other markets were up 12 percent to $487 million. Sales in Western Europe increased by 8 percent despite the 35 percent decline in Germany. Sales in Emerging Markets were up 19 percent, including good growth in China.
	Prilosec sales in the US were down 62 percent in the first quarter following generic entry of the 40mg dosage form in the second half of 2008.
	Losec sales in other markets were down 4 percent, although sales were up 14 percent in Emerging Markets.

Cardiovascular

	First Quarter		CER %
	2009 $m	2008 $m
Crestor	969	772	+35
Seloken / Toprol-XL	288	190	+59
Atacand	323	346	+6
Plendil	61	66	-5
Zestril	47	59	-14
Total	1,810	1,571	+24

	In the US, Crestor sales in the first quarter were $478 million, a 35 percent increase over last year. Crestor total prescriptions increased by 24 percent, more than 4 times the market growth rate of 5 percent. Crestor remains the only branded statin to gain market share; Crestor share of total prescriptions in the US reached 10.3 percent in March 2009.
	Crestor sales in Rest of World were up 34 percent to $491 million.  Crestor year-to-date volume growth was 4 times the market growth rate. Sales in Canada were up 26 percent. Sales in Established Markets grew by 34 percent. There was strong growth in Western Europe (up 22 percent), where Crestor volume share is over 20 percent in France and Italy. Sales in Australia were up 96 percent, and sales in Japan grew by 61 percent. Sales in Emerging Markets increased by 41 percent.  Crestor has become the market leading statin by value and volume in Mexico.
	US sales of the Toprol-XL product range, which includes sales of the authorised generic, increased by 175 percent to $176 million. This increase is the result of the withdrawal of two generic products from the market. It is difficult to ascertain as to when or if these products will return to the market or when potential new entrants will be approved. AstraZeneca is making every effort to increase the supply of Toprol-XL and the authorised generic to meet patient needs.
	Sales of Seloken in other markets in the first quarter were up 1 percent. The 14 percent growth in Emerging Markets more than offset the 26 percent decline in Western Europe.
	US sales for Atacand were down 2 percent in the quarter. Sales in the Rest of World were up 7 percent on broadly equal contribution for Established and Emerging markets.

Respiratory and Inflammation

	First Quarter		CER %
	2009 $m	2008 $m
Symbicort	515	471	+24
Pulmicort	292	411	-26
Rhinocort	64	80	-15
Oxis	12	17	-12
Accolate	16	18	-6
Total	935	1,040	-1

	Symbicort sales in the US were $99 million, a 125 percent increase over the first quarter last year, fuelled by continued growth in asthma and the launch of the COPD indication.  Symbicort share of new prescriptions for fixed combination products increased to 12.8 percent in March 2009, paced by a market share of patients new to combination therapy that is now over 20 percent.
	Symbicort sales in other markets in the first quarter were $416 million, 13 percent ahead of last year. Sales in Western Europe were up 12 percent. Emerging Market sales were up 19 percent in the quarter.
	US sales for Pulmicort were down 37 percent to $173 million.  Pulmicort Respules sales were down 42 percent. The dispensed prescription share attributable to the Teva generic product was 52 percent in the quarter, which is lower than expected. As a result, the impact on Pulmicort Respules sales will likely persist through the second quarter.
	Sales of Pulmicort in the Rest of World were down 3 percent in the quarter, to $119 million.

Oncology

	First Quarter		CER %
	2009 $m	2008 $m
Arimidex	463	430	+14
Casodex	236	316	-27
Zoladex	232	255	-
Iressa	68	58	+10
Faslodex	59	56	+14
Nolvadex	20	18	+6
Ethyol	4	14	-71
Total	1,083	1,165	-3

	In the US, sales of Arimidex were up 20 percent in the first quarter to $219 million. Total prescriptions for Arimidex were down 3 percent, in line with the market decline of around 2 percent.
	Arimidex sales in other markets were up 10 percent to $244 million. Sales in Western Europe were up 10 percent, whilst sales in Emerging Markets increased by 21 percent.
	Casodex sales in the US were down 18 percent in the first quarter to $54 million. Total prescriptions were down 5 percent, and there was some destocking in anticipation of generic entry following loss of market exclusivity in April.
	Casodex sales in the Rest of World were down 29 percent to $182 million. Sales in Western Europe declined by 58 percent as a result of the generic competition that began in the third quarter of last year.
	Iressa sales were up 10 percent to $68 million. Sales in China were up 42 percent and sales in Japan increased by 12 percent over last year.
	Faslodex sales were up 4 percent in the US and were up 23 percent in the Rest of World.

Neuroscience

	First Quarter		CER %
	2009 $m	2008 $m
Seroquel	1,125	1,050	+11
Zomig	101	107	+1
Total	1,432	1,378	+9

	In the US, Seroquel sales were up 14 percent to $800 million. With the indications for bipolar depression and bipolar mania now launched for Seroquel XR, the market-leading 31.5 percent share of total prescriptions for antipsychotics for Seroquel franchise was broadly unchanged in the quarter. Total prescriptions increased by 3 percent, with more than 80 percent of this increase attributable to Seroquel XR.
	Seroquel sales in the Rest of World were up 6 percent despite the 68 percent decline in Canada due to generic competition, on the strength of a 19 percent increase in Western Europe.
	Zomig sales in the US were down 2 percent to $43 million. Sales in the Rest of World were up 3 percent to $58 million.

Infection and Other

	First Quarter		CER %
	2009 $m	2008 $m
Synagis	545	519	+5
Merrem	202	213	+8
FluMist	2	-	n/a
Total	792	787	+5

Sales of Synagis were up 5 percent to $545 million. Sales in the US were $471 million, a 3 percent increase. Sales in the Rest of World increased by 17 percent to $74 million.

Geographic Sales

	First Quarter		CER %
	2009 $m	2008 $m
North America	3,891	3,723	+6
US	3,624	3,401	+7
Established ROW*	2,834	2,973	+4
Emerging ROW	976	981	+15

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

	In the US, sales were up 7 percent. Excluding Toprol-XL, sales increased by 3 percent. Estimated underlying demand growth was below reported sales growth as a result of higher levels of destocking in the prior year quarter.  Crestor and Symbicort were the key drivers of underlying demand growth in the quarter, more than offsetting the sales declines for Pulmicort Respules and Nexium.
	Sales in the Established Rest of World segment were up 4 percent. Sales in Western Europe were up 2 percent, as growth for Crestor, Seroquel and Symbicort more than offset the decline in Casodex sales resulting from generic competition. Sales in Japan were up 10 percent chiefly on sales growth for Crestor and the oncology franchise.  Crestor was the primary driver of the 14 percent increase in sales in Australia.
	Sales in Emerging Markets were up 15 percent. More than one-third of the increase is attributable to Crestor and Nexium; the balance achieved across a broad range of product franchises. Sales in Emerging Europe were up 16 percent. Sales in China increased by 35 percent in the quarter.

  Operating and Financial Review

All narrative in this section refers to growth rates at constant exchange rates (CER) and on a Core basis unless otherwise indicated. These measures are non-GAAP measures which management believe useful to understanding the Group's performance. The Core financial measure is adjusted to exclude certain items, such as charges and provisions related to restructuring and synergy programmes, amortisation and the impairment of the significant intangibles arising from corporate acquisitions and those related to our current and future exit arrangements with Merck in the US, and other specified items. 

First Quarter 

All financial figures, except earnings per share, are in $ millions. Weighted average shares in millions.

	Reported 2009	Restructuring and synergy costs	MedImmune Amortisation	Intangible Impairment	Merck Amortisation	Core  2009	Core 2008	Actual %	CER %
Sales	7,701	-	-	-	-	7,701	7,677	-	7
Cost of Sales	(1,383)	31	-	-	-	(1,352)	(1,470)
Gross Margin	6,318	31	-	-	-	6,349	6,207	2	8
% sales	82.0%					82.4%	80.9%	+1.5	+0.9
Distribution	(64)	-	-	-	-	(64)	(66)	(3)	16
% sales	0.8%					0.8%	0.9%	+0.1	-0.1
R&D	(980)	-	-	-	-	(980)	(1,182)	(17)	-
% sales	12.7%					12.7%	15.4%	+2.7	+1.0
SG&A	(2,376)	41	76	-	23	(2,236)	(2,345)	(5)	5
% sales	30.9%					29.1%	30.6%	+1.5	+0.5
Other income	265	-	28	-	-	293	151	94	111
% sales	3.4%					3.8%	2.0%	+1.8	+1.9
Operating Profit	3,163	72	104	-	23	3,362	2,765	22	19
% sales	41.0%					43.6%	36.0%	+7.6	+4.2
Net finance expense	(160)	-	-	-	-	(160)	(114)
Profit before Tax	3,003	72	104	-	23	3,202	2,651	21	17
Taxation	(859)	(21)	(30)	-	-	(910)	(782)
Profit after Tax	2,144	51	74	-	23	2,292	1,869	23	19
Minority Interests	2	-	-	-	-	2	(2)
Net Profit	2,146	51	74	-	23	2,294	1,867	23	19
Weighted Average Shares	1,447	1,447	1,447	1,447	1,447	1,447	1,457
Earnings per Share	1.48	0.03	0.05	-	0.02	1.58	1.28	24	20

Sales were unchanged on a reported basis and grew by 7 percent on a constant currency basis. Currency movements resulted in a negative impact of 7 percent.  

Core gross margin of 82.4 percent in the first quarter was 0.9 percentage points higher than last year in constant currency terms. Lower payments to Merck (0.7 percentage points) and continued efficiency gains and mix factors (1.1 percentage points) were partially offset by higher royalty payments (0.9 percentage points). 

Core R&D expenditure was $980 million in the first quarter, unchanged from last year in constant currency terms as increased costs associated with the growing number of later stage pipeline projects were offset by continued R&D productivity improvements.

Core SG&A costs of $2,236 million were 5 percent higher than the first quarter of 2008 as a result of continued investment in Emerging Markets and the phasing of certain costs within G&A, partially offset by operational efficiencies.

Core other income of $293 million was $142 million higher than the first quarter of 2008, chiefly as a result of the Abraxane® disposal. 

Core operating profit was $3,362 million, an increase of 19 percent at CER, up 22 percent on an as reported basis. Currency movements increased Core operating profit by 3 percent. In comparison with last year, the dollar was 15 percent stronger against the euro (reducing sales and costs), 33 percent stronger against the Swedish krona (reducing costs), and 38 percent stronger against sterling (reducing costs).  On a constant currency basis, Core operating margin increased by 4.2 percentage points to 43.6 percent of sales, as a result of sales growth, efficiencies in gross margin, SG&A and R&D, as well as the Abraxane® disposal within other income.

Core earnings per share in the first quarter were $1.58, up 20 percent at CER, as the increase in Core operating profit and the lower tax rate was partially offset by higher net finance expense. Core earnings per share on an as reported basis, including a currency benefit of 4 percent, increased by 24 percent.

Reported operating profit was up 37 percent at CER at $3,163 million, reflecting lower restructuring and synergy costs and the Ethyol impairment charge ($257 million) in the first quarter of 2008. Reported earnings per share were $1.48.

Finance Income and Expense

Net finance expense was $160 million for the quarter, versus $114 million in 2008. The key drivers were the reversal of the fair value gain as described below, reduced interest received due to lower interest rates, a higher net interest expense on pension obligations, partially offset by reduced interest payable on lower debt balances.  

Net finance expense included a net fair value loss of $21 million for the quarter ($44 million gain in Q1 2008) as credit spreads have reduced since the year end. As outlined in the full year 2008 results, a net fair value gain of $130 million was recorded in 2008 mainly relating to two long-term bonds. These bonds are swapped to floating interest rates and accounted for using the fair value option under IFRS. Under this accounting treatment both the bonds and the related interest rate swaps are measured at fair value, with changes in fair value reported in the Income Statement. The fair value of each instrument reflects changes in market interest rates, which broadly offset, but the fair value of these bonds also reflects changes in credit spreads. The Company anticipates that the 2008 gain will reverse further in 2009 if credit spreads continue to reduce.   

Taxation

The effective tax rate for the quarter was 28.6 percent compared with 29.8 percent for the same period last year. The full year tax rate for 2009 is currently anticipated to be around 29.5 percent.

Cash Flow

Cash generated from operating activities was $2,227 million in the quarter, compared with $2,391 million in the corresponding quarter in 2008. Cash generated from operations increased by $190 million driven by strong underlying performance, although this was more than offset by a phasing related increase in tax payments of $325 million.

Net cash inflows from investing activities were $74 million in the quarter compared with outflows of $2,937 million in the corresponding quarter in 2008. The movement of $3,011 million is due primarily to the payment of $2,630 million to Merck as part of the partial retirement in 2008, the proceeds from the disposal of the Abraxane® co-promotion rights of $269 million in the quarter and a movement in the net cash flow from short-term investments and fixed deposits of $99 million. 

Cash distributions to shareholders were $2,103 million through payment of the second interim dividend from 2008.

A series of option-based currency hedges have been executed to protect the current year free cash flow from adverse exchange rate movements. The nature of these hedges is such that they will only provide protection if there is an extreme movement in exchange rates from current levels. The cost of executing these hedges along with changes in fair value are recorded in earnings and as such may introduce some earnings volatility during the year. This volatility is not expected to be significant unless there is an extreme adverse movement in exchange rates, in which case the hedges are likely to result in a gain.  

Debt and Capital Structure

As at 31 March 2009, outstanding gross debt (including loans, short-term borrowings and overdrafts) was $11,634 million (31 December 2008: $11,848 million). Of this debt, $1,628 million is due within one year (31 December 2008: $993 million), which we currently anticipate repaying from current cash balances of $4,441 million and business cash flows, without the need to refinance. Outstanding net debt of $6,853 million has decreased by $321 million since 31 December 2008.

Share Repurchases

As announced in 2008, the Group's share repurchase programme has been suspended. As a result, during the first quarter, no shares were re-purchased. In the quarter, 0.2 million shares were issued in consideration of share option exercises for a total of $6 million.

The total number of shares in issue at 31 March 2009 was 1,448 million.

Calendar

30 April 2009	Annual General Meeting
30 July 2009	Announcement of second quarter and half year 2009 results
29 October 2009	Announcement of third quarter and nine months 2009 results

David Brennan

Chief Executive Officer

Media Enquiries:	Neil McCrae (London)	[phone]
	Chris Sampson/Sarah Lindgreen (London)	[phone]/5033
	Earl Whipple (Wilmington)	[phone]
	Ann-Leena Mikiver (Södertälje)	(8) 553 260 20
Analyst/Investor Enquiries	Karl Hard/James Mead (London)	[phone]/5084
	Jonathan Hunt (London)	[phone]
	Ed Seage/Jörgen Winroth (US)	[phone]/[phone]

 

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