1st Quarter Results - Part 2

AstraZeneca PLC 3 May 2000 PART TWO Consolidated Profit & Loss Account For Ongoing Operations Before Exceptional Items 1st 1st Quarter Quarter 2000 1999 USDm USDm ------------------------------------ ----- ----- Sales 3,892 3,651 Cost of sales (1,072) (949) Distribution costs (63) (61) Research and development (597) (568) Selling, general and administrative expenses (1,218) (1,226) Other operating income 34 30 ------------------------------------ ----- ----- Group operating profit 976 877 Share of joint ventures' and associates' operating profits 22 18 Net interest 19 4 ------------------------------------ ----- ----- Profit on ordinary activities before taxation 1,017 899 Taxation (295) (267) ------------------------------------ ----- ----- Profit on ordinary activities after taxation 722 632 Attributable to minorities (2) - ------------------------------------ ----- ----- Net profit for the period 720 632 ------------------------------------ ----- ----- Earnings per Ordinary Share USD0.41 USD0.36 Diluted earnings per Ordinary Share USD0.41 USD0.36 ------------------------------------ ----- ----- Weighted average number of Ordinary Shares in issue (millions) 1,773 1,776 ------------------------------------ ----- ----- Diluted average number of Ordinary Shares in issue (millions) 1,776 1,780 ------------------------------------ ----- ----- Consolidated Profit and Loss Accounts including discontinued operations, operations to be discontinued and exceptional items for the quarters ended 31 March 2000 and 31 March 1999 are provided on pages 10 and 11, respectively. Consolidated Profit and Loss Account Continuing Operations Discont- Total inued oper- ations ----------------------- Oper- ations Ongoing to be Except- oper- discon- ional ations tinued items For the quarter ended 31 March 2000 USDm USDm USDm USDm USDm ----------------------------------- ----- ----- ----- ----- ----- Sales 3,892 706 - - 4,598 Cost of sales (1,072) (393) (1) - (1,466) Distribution costs (63) (26) - - (89) Research and development (597) (69) (12) - (678) Selling, general and administrative expenses (1,218) (127) (70) - (1,415) Other operating income 34 10 - - 44 ----------------------------------- ----- ----- ----- ----- ----- Group operating profit 976 101 (83) - 994 Share of joint ventures' and associates' operating profits 22 - - - 22 Net interest 19 - - - 19 ----------------------------------- ----- ----- ----- ----- ----- Profit on ordinary activities before taxation 1,017 101 (83) - 1,035 Taxation (295) (37) 25 - (307) ----------------------------------- ----- ----- ----- ----- ----- Profit on ordinary activities after taxation 722 64 (58) - 728 Attributable to minorities (2) - - - (2) ----------------------------------- ----- ----- ----- ----- ----- Net profit for the period 720 64 (58) - 726 ----------------------------------- ----- ----- ----- ----- ----- Earnings per Ordinary Share before exceptional items (USD) 0.41 0.03 - - 0.44 Earnings per Ordinary Share (USD) 0.41 0.03 (0.03) - 0.41 Diluted earnings per Ordinary Share (USD) 0.41 0.03 (0.03) - 0.41 ----------------------------------- ----- ----- ----- ----- ----- Weighted average number of Ordinary Shares in issue (millions) 1,773 ----------------------------------- ----- Diluted average number of Ordinary Shares in issue (millions) 1,776 ----------------------------------- ----- Consolidated Profit and Loss Account Continuing Operations Discont- Total inued oper- ations ----------------------- Oper- ations Ongoing to be Except- oper- discon- ional ations tinued items For the quarter ended 31 March 1999 USDm USDm USDm USDm USDm ----------------------------------- ----- ----- ----- ----- ----- Sales 3,651 663 - 296 4,610 Cost of sales (949) (367) - (180) (1,496) Distribution costs (61) (25) - (13) (99) Research and development (568) (68) - (22) (658) Selling, general and administrative expenses (1,226) (142) (9) (51) (1,428) Other operating income 30 10 - 1 41 ----------------------------------- ----- ----- ----- ----- ----- Group operating profit 877 71 (9) 31 970 Share of joint ventures' and associates' operating profits 18 1 - 1 20 Net interest 4 - - - 4 ----------------------------------- ----- ----- ----- ----- ----- Profit on ordinary activities before taxation 899 72 (9) 32 994 Taxation (267) (26) 4 (11) (300) ----------------------------------- ----- ----- ----- ----- ----- Profit on ordinary activities after taxation 632 46 (5) 21 694 Attributable to minorities - - - - - ----------------------------------- ----- ----- ----- ----- ----- Net profit for the period 632 46 (5) 21 694 ----------------------------------- ----- ----- ----- ----- ----- Earnings per Ordinary Share before exceptional items (USD) 0.36 0.03 - 0.01 0.40 Earnings per Ordinary Share (USD) 0.36 0.03 - 0.01 0.40 Diluted earnings per Ordinary Share (USD) 0.36 0.03 - 0.01 0.40 ----------------------------------- ----- ----- ----- ----- ----- Weighted average number of Ordinary Shares in issue (millions) 1,776 ----------------------------------- ----- Diluted average number of Ordinary Shares in issue (millions) 1,780 ----------------------------------- ----- Consolidated Balance Sheet 31 March 31 Dec 2000 1999 USDm USDm ------------------------------------ ----- ----- Fixed assets 9,830 9,902 Current assets 10,886 9,914 ------------------------------------ ----- ----- Total assets 20,716 19,816 Creditors due within one year (7,571) (7,019) ------------------------------------ ----- ----- Net current assets 3,315 2,895 ------------------------------------ ----- ----- Total assets less current liabilities 13,145 12,797 ------------------------------------ ----- ----- Creditors due after more than one year (1,150) (1,202) Provisions for liabilities and charges (1,285) (1,253) ------------------------------------ ----- ----- Net assets 10,710 10,342 ------------------------------------ ----- ----- Capital and reserves Shareholders' funds and minority interests 10,710 10,342 ------------------------------------ ----- ----- Consolidated Cash Flow Statement 1st 1st Quarter Quarter 2000 1999 USDm USDm ------------------------------------ ----- ----- Cash flow from operating activities Operating profit before exceptional items 1,077 979 Depreciation and amortisation 261 262 Increase in working capital and other non-cash movements (417) (670) ------------------------------------ ----- ----- Net cash inflow from operating activities before exceptional items 921 571 Outflow related to exceptional items (287) (50) ------------------------------------ ----- ----- Net cash inflow from operating activities 634 521 Returns on investments and servicing of finance 53 16 Tax paid (60) (226) Capital expenditure and financial investment (295) (514) Acquisitions and disposals - 18 ------------------------------------ ----- ----- Net cash inflow/(outflow) before management of liquid resources and financing 332 (185) Net (purchase)/issues of shares (166) 6 Exchange and other movements 17 (117) ------------------------------------ ----- ----- Increase/(decrease) in net cash funds in the period 183 (296) Net cash funds at beginning of period 2,169 2,254 ------------------------------------ ----- ----- Net cash funds at end of period 2,352 1,958 ------------------------------------ ----- ----- Notes to the Interim Financial Statements 1 BASIS OF PREPARATION AND ACCOUNTING POLICIES The results for the quarter ended 31 March 2000 have been prepared in accordance with UK generally accepted accounting principles. The accounting policies applied are those set out in AstraZeneca PLC's 1999 Annual Report and Form 20-F, except that during the current period AstraZeneca adopted Financial Reporting Standard No. 15 'Tangible Fixed Assets' and Financial Reporting Standard No. 16 'Current Tax'. The impact of the adoption of FRS15 and FRS16 was not material. These interim financial statements do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 December 1999 will be filed with the Registrar of Companies following the Company's annual general meeting. The auditors' report on those accounts was unqualified and did not contain any statement under Section 237 of the Companies Act 1985. 2 JOINT VENTURES AND ASSOCIATES The group's share of joint ventures' and associates' sales for the quarter ended 31 March 2000 amounted to USD105m and USD109m for the comparative period and the group's share of operating profits amounted to USD22m and USD20m for the comparative period. 3 SEGMENT ANALYSIS 1st 1st Quarter Quarter 2000 1999 USDm USDm ------------------------------------ ----- ----- Sales by class of business Healthcare 3,861 3,630 Other trading 31 21 ------------------------------------ ----- ----- Ongoing operations 3,892 3,651 ------------------------------------ ----- ----- Agrochemicals (to be discontinued) 706 663 ------------------------------------ ----- ----- Continuing operations 4,598 4,314 ------------------------------------ ----- ----- Specialties (discontinued) - 296 ------------------------------------ ----- ----- Total Operations 4,598 4,610 ------------------------------------ ----- ----- Operating profit/(loss) before exceptional items Healthcare 985 880 Other trading (9) (3) ------------------------------------ ----- ----- Ongoing operations 976 877 ------------------------------------ ----- ----- Agrochemicals (to be discontinued) 101 71 ------------------------------------ ----- ----- Continuing operations 1,077 948 ------------------------------------ ----- ----- Specialties (discontinued) - 31 ------------------------------------ ----- ----- Total Operations 1,077 979 ------------------------------------ ----- ----- 4 PRODUCT AND TERRITORIAL SEGMENT SALES ANALYSIS 1st 1st % Growth Quarter Quarter --------------- 2000 1999 Constant USDm USDm Actual Currency ------------------------------------ ----- ----- ----- ----- Gastrointestinal: Losec 1,588 1,414 12% 15% Others 11 12 -8% - ------------------------------------ ----- ----- ----- ----- Total Gastrointestinal 1,599 1,426 12% 15% ------------------------------------ ----- ----- ----- ----- Cardiovascular: Zestril 276 301 -8% -5% Tenormin 119 124 -4% -2% Plendil 115 108 6% 10% Seloken 106 112 -5% -1% Atacand 56 32 75% 84% Imdur 23 32 -28% -25% Others 99 106 -7% -1% ------------------------------------ ----- ----- ----- ----- Total Cardiovascular 794 815 -3% 1% ------------------------------------ ----- ----- ----- ----- Respiratory: Pulmicort 174 190 -8% -1% Accolate 55 28 96% 100% Rhinocort 41 43 -5% - Bricanyl 34 38 -11% -6% Oxis 27 20 35% 45% Others 14 17 -18% -12% ------------------------------------ ----- ----- ----- ----- Total Respiratory 345 336 3% 9% ------------------------------------ ----- ----- ----- ----- Oncology: Zoladex 167 165 1% 3% Nolvadex 139 143 -3% -4% Casodex 115 91 26% 29% Arimidex 37 27 37% 44% Others 7 7 - 14% ------------------------------------ ----- ----- ----- ----- Total Oncology 465 433 7% 9% ------------------------------------ ----- ----- ----- ----- Specialist/Hospital: Diprivan 164 149 10% 13% Xylocaine 54 61 -11% -13% Marcaine 21 20 5% 10% Naropin 13 10 30% 40% Seroquel 82 47 74% 74% Zomig 65 39 67% 72% Merrem 36 38 -5% - Other Products 150 169 -11% -9% Astra Tech 28 27 4% 11% Salick Health Care 45 60 -25% -25% ------------------------------------ ----- ----- ----- ----- Total Specialist/Hospital 658 620 6% 8% ------------------------------------ ----- ----- ----- ----- Total Healthcare 3,861 3,630 6% 9% ------------------------------------ ----- ----- ----- ----- 4 PRODUCT AND TERRITORIAL SEGMENT SALES ANALYSIS (CONTINUED) 1st 1st % Growth Quarter Quarter --------------- 2000 1999 Constant USDm USDm Actual Currency ------------------------------------ ----- ----- ----- ----- Territorial Analysis USA: Pharmaceuticals 1,976 1,679 18% 18% Salick Health Care 45 60 -25% -25% ------------------------------------ ----- ----- ----- ----- Total USA 2,021 1,739 16% 16% Japan 156 127 23% 8% France 231 211 9% 22% Germany 175 249 -30% -22% Italy 153 160 -4% 7% Sweden 87 98 -11% -6% UK 153 193 -21% -19% Rest of World 885 853 4% 10% ------------------------------------ ----- ----- ----- ----- Total Healthcare 3,861 3,630 6% 9% ------------------------------------ ----- ----- ----- ----- 1st 1st % Growth Quarter Quarter --------------- 2000 1999 Constant Agrochemicals USDm USDm Actual Currency ------------------------------------ ----- ----- ----- ----- Product Analysis Herbicides: Non-Selective 193 146 32% 33% Selective 160 193 -17% -12% ------------------------------------ ----- ----- ----- ----- Total Herbicides 353 339 4% 7% Insecticides 109 100 9% 13% Fungicides 226 203 11% 21% Others 18 21 -14% -9% ------------------------------------ ----- ----- ----- ----- Total Agrochemicals 706 663 6% 12% ------------------------------------ ----- ----- ----- ----- Territorial Analysis North America 186 171 9% 9% Latin America 75 63 19% 19% Europe 324 311 4% 17% Asia, Africa, Australasia 121 118 3% - ------------------------------------ ----- ----- ----- ----- Total Agrochemicals 706 663 6% 12% ------------------------------------ ----- ----- ----- ----- Constant currency % growth has been calculated excluding the effects arising from exchange rate movements. Shareholder Information ANNOUNCEMENTS AND MEETINGS ------------------------------------------------------------------------------ Annual General Meeting 26 May 2000 Announcement of half year results 1 August 2000 Announcement of third quarter and nine month results 25 October 2000 DIVIDENDS ------------------------------------------------------------------------------ The record date for the second interim dividend payable on 17 April 2000 (in the UK, Sweden and the US) was 10 March 2000. Ordinary Shares traded ex-dividend on the London Stock Exchange from 6 March 2000 and on the Stockholm Stock Exchange from 8 March 2000. ADSs traded ex-dividend on the New York Stock Exchange from 8 March 2000. Future dividends will normally be paid as follows: First interim Announced end of July/beginning of August and paid in late October. Second interim Announced in February and paid in April. TRADEMARKS ------------------------------------------------------------------------------ All product or brand names included in Note 4 of this Preliminary Announcement and the following names are trademarks of, or licensed to, AstraZeneca PLC or its subsidiary companies: Amistar Atacand Plus Force Nexium Prilosec Rhinocort Aqua Touchdown For simplicity, sales are reported under the above lead brand names, whereas some compounds are sold under several brand names to address separate market niches. ADDRESSES FOR CORRESPONDENCE ------------------------------------------------------------------------------ Registrar and Depositary Registered Office Swedish Central Transfer Office for ADRs Securities Depositary The AstraZeneca Morgan Guaranty 15 Stanhope Gate VPC AB Registrar Trust Company London Box 7822 Lloyds TSB of New York W1Y 6LN S-103 97 Stockholm Registrars ADR Service Sweden The Causeway Center Worthing PO Box 842006 West Sussex Boston BN99 6DA MA 02284-2006 Tel: (01903) Tel: (781) Tel: (020) Tel: (8) 502 541 575 4328 7304 5000 402 9000 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ------------------------------------------------------------------------------ In order to utilise the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995, AstraZeneca is providing the following cautionary statement. This Interim Report contains certain forward- looking statements with respect to the financial condition, results of operations and businesses of AstraZeneca. By their nature, forward-looking statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from that expressed or implied by these forward-looking statements. These factors include, among other things, exchange rate fluctuations, the risk that research and development will not yield new products that achieve commercial success, the impact of competition, price controls and price reductions, the risk of loss or expiration of patents or trade marks, difficulties of obtaining and maintaining governmental approvals for products, the risk of substantial product liability claims, exposure to environmental liability and the risks related to the difficulty of integrating Astra's and Zeneca's large and complex businesses on a timely basis and realising synergies.

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