Interim Results - Part 2 of 2
AstraZeneca PLC
22 July 2004
Consolidated Profit & Loss Account
2004 2003
For the six months ended 30 June $m $m
Sales 10,362 9,171
Cost of sales (2,365) (2,237)
Distribution costs (86) (75)
Research and development (1,923) (1,597)
Selling, general and administrative expenses (3,968) (3,163)
Other operating income 170 62
Operating profit 2,190 2,161
Net interest and dividend income 57 53
Profit on ordinary activities before taxation 2,247 2,214
Taxation (606) (609)
Profit on ordinary activities after taxation 1,641 1,605
Attributable to minorities (7) (7)
Net profit for the period 1,634 1,598
Dividends to shareholders (494) (436)
Retained profit for the period 1,140 1,162
Earnings per Ordinary Share $0.97 $0.93
Diluted earnings per Ordinary Share $0.97 $0.93
Weighted average number of Ordinary Shares in issue (millions) 1,684 1,714
Diluted average number of Ordinary Shares in issue (millions) 1,686 1,716
Consolidated Profit & Loss Account
2004 2003
For the quarter ended 30 June $m $m
Sales 5,288 4,436
Cost of sales (1,220) (1,102)
Distribution costs (44) (40)
Research and development (980) (815)
Selling, general and administrative expenses (2,062) (1,637)
Other operating income 129 47
Operating profit 1,111 889
Net interest and dividend income 28 32
Profit on ordinary activities before taxation 1,139 921
Taxation (301) (253)
Profit on ordinary activities after taxation 838 668
Attributable to minorities (5) (2)
Net profit for the period 833 666
Dividends to shareholders (494) (436)
Retained profit for the period 339 230
Earnings per Ordinary Share $0.50 $0.39
Diluted earnings per Ordinary Share $0.50 $0.39
Weighted average number of Ordinary Shares in issue (millions) 1,679 1,712
Diluted average number of Ordinary Shares in issue (millions) 1,681 1,714
Consolidated Balance Sheet
30 June 30 June
2004 2003
$m $m
Fixed assets
Tangible fixed assets 7,526 7,005
Goodwill and intangible assets 2,741 2,863
Fixed asset investments 145 47
10,412 9,915
Current assets
Stock 3,138 2,765
Debtors 6,564 5,479
Cash and short-term investments 3,984 3,987
13,686 12,231
Total assets 24,098 22,146
Creditors due within one year
Short-term borrowings and current instalments of loans (102) (55)
Other creditors (7,519) (7,047)
(7,621) (7,102)
Net current assets 6,065 5,129
Total assets less current liabilities 16,477 15,044
Creditors due after more than one year
Loans (1,035) (323)
Other creditors (56) (42)
Provisions for liabilities and charges (2,105) (1,922)
(3,196) (2,287)
Net assets 13,281 12,757
Capital and reserves
Shareholders' funds - equity interests 13,195 12,696
Minority equity interests 86 61
Shareholders' funds & minority interests 13,281 12,757
Statement of Total Recognised Gains and Losses
2004 2003
For the six months ended 30 June $m $m
Net profit for the period 1,634 1,598
Exchange adjustments on net assets (227) 647
Total recognised gains and losses relating to the period 1,407 2,245
Consolidated Cash Flow Statement
2004 2003
For the six months ended 30 June $m $m
Cash flow from operating activities
Operating profit 2,190 2,161
Depreciation 461 417
Amortisation 155 141
Increase in working capital (372) (346)
Other non-cash movements (42) 100
Net cash inflow from operating activities before exceptional items 2,392 2,473
Outflow related to exceptional items (7) (381)
Net cash inflow from operating activities 2,385 2,092
Returns on investments and servicing of finance 70 33
Tax paid (713) (762)
Capital expenditure and financial investment
Net cash expenditure on fixed assets (644) (673)
Cash expenditure on fixed asset investments (7) -
(651) (673)
Acquisitions and disposals 68 80
Equity dividends paid to Shareholders (897) (770)
Net cash inflow before management of liquid 262 -
resources and financing
Management of liquid resources
Movement in short-term investments and fixed deposits (net) 327 487
Financing (162) (604)
Increase/(decrease) in cash in the period 427 (117)
Net cash funds
Net cash inflow before management of liquid resources and 262 -
financing
AstraZeneca PLC Ordinary Shares
Issued for cash 72 26
Repurchased for cash (968) (311)
Outflow of net cash funds in the period (634) (285)
Independent Review Report by KPMG Audit Plc to AstraZeneca PLC
Introduction
We have been engaged by the Company to review the financial information for the
six month period ended 30 June 2004 set out on pages 8, 10 to 11 and 13 to 16
and we have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the Company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Company
for our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the interim report in accordance with the Listing
Rules which require that the accounting policies and presentation applied to the
interim figures should be consistent with those applied in preparing the
preceding annual accounts except where they are to be changed in the next annual
accounts in which case any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/
4: Review of Interim Financial Information issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review is substantially less
in scope than an audit performed in accordance with Auditing Standards and
therefore provides a lower level of assurance than an audit. Accordingly, we do
not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2004.
KPMG Audit Plc
Chartered Accountants
8 Salisbury Square
London
22 July 2004
Notes to the Interim Financial Statements
1 BASIS OF PREPARATION AND ACCOUNTING POLICIES
The unaudited financial statements for the six months ended 30 June 2004 have
been prepared in accordance with UK generally accepted accounting principles.
The accounting policies applied are those set out in AstraZeneca PLC's Annual
Report and Form 20-F Information 2003, except that, during the period, the
Company adopted UITF No. 38 'Accounting for ESOP Trusts'. This adoption had no
effect on net profit or shareholders' funds. The information contained in Note
5 below updates the disclosures concerning legal proceedings in the Company's
Annual Report and Form 20-F Information 2003.
The financial statements are unaudited but have been reviewed by the auditors
and their report is set out above. Statutory accounts for the year ended 31
December 2003 have been filed with the Registrar of Companies. The auditor's
report on those accounts was unqualified and did not contain any statement under
Section 237 of the Companies Act 1985.
2 International Accounting
Under current European proposals, AstraZeneca will be required to adopt
International Financial Reporting Standards (IFRS) and International Accounting
Standards (IAS) when preparing its consolidated Financial Statements from 2005
onwards. In the Annual Report and Form 20-F Information 2003 it was noted that
the major areas of impact on net profit and shareholders' funds would be share
based payments, goodwill amortisation, deferred tax and pensions and there has
been no change from this initial assessment. For pensions, AstraZeneca expects
to adopt the proposed amendment to IAS19 'Employee benefits' which replicates
FRS17 'Retirement benefits' by allowing actuarial surpluses and deficits to be
taken to reserves. Overall the impacts on 2003 net profit and shareholders'
funds are not expected to be material. Net profits and shareholders' funds for
2004 will be affected in the same areas, together with some further adjustments
to fair values, assuming the relevant standard IAS39 'Financial Instruments:
Recognition and Measurement' is available for adoption.
AstraZeneca's first results reported under IFRS will be interim results for Q1
2005. Prior to this the Company intends to provide information on both 2003 and
2004 results under IFRS/IAS. The proposed timetable for communication of
restated results is:
October/November 2004 Communication of 2003 IFRS restatements
January/February 2005 Communication of 2004 IFRS restatements
(including quarterly restatements)
Communications will include primary financial statements together with details
of changes in accounting policies and reconciliation to UK GAAP results. In
addition a separate conference call will be considered after the third quarter
results if investor demand requires it. With the 2004 year end results
announcement in January it is anticipated that a full year reconciliation
between UK GAAP and IFRS will be presented to enable 2005 earnings guidance to
be based on 2004 IFRS earnings.
3 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2004 2003
For the six months ended 30 June $m $m
Shareholders' funds at beginning of period 13,178 11,172
Net profit for the period 1,634 1,598
Dividends to Shareholders (494) (436)
1,140 1,162
Issue of AstraZeneca PLC Ordinary Shares 72 26
Repurchase of AstraZeneca PLC Ordinary Shares (968) (311)
Foreign currency adjustment (227) 647
Net addition to Shareholders' funds 17 1,524
Shareholders' funds at end of period 13,195 12,696
4 NET CASH FUNDS
The table below provides an analysis of net cash funds and a reconciliation of
net cash flow to the movement in net cash funds.
At 31 Dec Cash Other Exchange At 30 June
2003 flow non-cash movements 2004
$m $m $m $m $m
Loans due after 1 year (303) (732) - - (1,035)
Current instalments of loans - - - - -
Total loans (303) (732) - - (1,035)
Short-term investments 3,218 (327) - 1 2,892
Cash 733 376 - (17) 1,092
Overdrafts (152) 51 - 1 (100)
Short-term borrowings - (2) - - (2)
3,799 98 - (15) 3,882
Net cash funds 3,496 (634) - (15) 2,847
Issue of AstraZeneca PLC (72)
Ordinary
Shares
Repurchase of AstraZeneca PLC 968
Ordinary Shares
Net cash inflow before 262
management of liquid resources
and financing
5 LEGAL PROCEEDINGS
AstraZeneca is involved in various legal proceedings considered typical to its
business, including litigation relating to employment matters, product
liability, commercial disputes, infringement of intellectual property rights and
the validity of certain patents. The matters discussed below constitute the
more significant developments since publication of the disclosures concerning
legal proceedings in the Company's Annual Report and Form 20-F Information 2003.
Matters previously disclosed in respect of the first quarter of 2004
PlendilTM (felodipine)
In April 2004, Zenith Goldline Pharmaceuticals, Inc. (now known as Ivax
Pharmaceuticals, Inc.) filed a motion for summary judgment on the issue of
non-infringement in the patent infringement action pending between AstraZeneca
Pharmaceuticals LP and Zenith/Ivax in the US District Court for the District of
New Jersey. The patent infringement action against Zenith/Ivax, which
AstraZeneca filed in July 2001, resulted from a May 2001 letter to AstraZeneca
in which Zenith/Ivax declared its intention to market a generic version of
PlendilTM extended release tablets (felodipine) prior to the expiration of
AstraZeneca's patent covering the extended release formulation. Zenith/Ivax
filed counterclaims in the litigation alleging non-infringement. The parties
have completed the briefing on Zenith/Ivax's motion. No hearing date for the
motion has been set.
Toprol-XLTM (metoprolol succinate)
In April 2004, AstraZeneca filed proceedings against Eon Labs Manufacturing Inc.
in the US District Court for the District of Delaware following Eon's
notification that it had filed an abbreviated new drug application with the US
Food and Drug Administration seeking approval to market generic forms of
Toprol-XLTM in the 25mg, 50mg, 100mg and 200mg doses. AstraZeneca maintains
that its patents are valid and infringed by Eon's products.
Additional government investigations into drug marketing practices
Since publication of the Annual Report and Form 20-F Information 2003,
AstraZeneca has received two subpoenas from the US Attorney's Office in Boston,
Massachusetts. The first seeks documents relating to promotional programmes
involving healthcare professionals at three regional healthcare entities in the
Boston area. The second seeks documents relating to the marketing and sale of
three products (ZestrilTM, NaropinTM and CefotanTM) to a leading provider of
pharmacy services to long term care facilities. AstraZeneca is co-operating
fully with the document requests.
Matters disclosed in respect of the second quarter of 2004
LosecTM / PrilosecTM (omeprazole)
In March 2004, the German Supreme Court heard AstraZeneca's appeal against the
March 2000 decision of the German Federal Patent Court which ruled that
AstraZeneca's formulation patent for omeprazole in Germany was invalid. The
German Supreme Court confirmed the decision of the German Federal Patent Court
declaring the patent invalid. AstraZeneca has sought leave to appeal this
decision to the German Constitutional Court.
Following the German Supreme Court decision, ratiopharm GmbH is seeking damages
from AstraZeneca for lost sales due to the interlocutory injunction previously
obtained by AstraZeneca against ratiopharm based on the formulation patent.
Drug Importation Anti-trust Litigation
In May 2004, plaintiffs in a purported class action filed complaints in the US
District Court in Minnesota and in New Jersey, alleging that AstraZeneca
Pharmaceuticals LP and eight other pharmaceutical manufacturer defendants
conspired to prevent American consumers from purchasing prescription drugs from
Canada, 'depriving consumers of the ability to purchase' drugs at competitive
prices. The New Jersey case was voluntarily dismissed in July 2004 and only the
Minnesota proceedings remain pending. The plaintiffs seek injunctive relief,
restitution and other remedies.
StarLink
AstraZeneca Insurance Company Limited (AZIC) has commenced arbitration
proceedings in the UK against insurers in respect of amounts paid by Garst Seed
Company of the US in settlement of claims arising in the US from Garst's sale of
StarLink, a genetically engineered corn seed. AstraZeneca's interest in Garst
is through AstraZeneca's 50% ownership of Advanta BV, the sale of which by
AstraZeneca to Syngenta AG was recently announced. AZIC's claim against the
insurers will not be affected by the disposal of AstraZeneca's interest in
Advanta BV.
Salick Health Care, Inc.
In April 2004, a subsidiary of Salick Health Care, Inc. (SHC) received a
subpoena from the US Department of Justice seeking, among other items, medical
records and related documentation for services provided to patients at the
Comprehensive Cancer Center at Desert Regional Medical Center in Palm Springs,
California. The Comprehensive Cancer Center is managed by the SHC subsidiary
which is co-operating fully with the document request.
General
With respect to each of the legal proceedings described above, we are unable to
make estimates of the loss or range of losses at this stage. We also do not
believe that disclosure of the amount sought by plaintiffs, if that is known,
would be meaningful with respect to those legal proceedings.
6 HALF YEAR TERRITORIAL SALES ANALYSIS
% Growth
1st Half 1st Half
2004 2003 Constant
$m $m Actual Currency
US 4,567 4,432 3 3
Canada 449 330 36 19
North America 5,016 4,762 5 4
France 847 688 23 5
UK 281 274 3 (9)
Germany 467 390 20 2
Italy 543 450 21 3
Sweden 153 152 1 (14)
Europe others 1,512 1,247 21 6
Total Europe 3,803 3,201 19 3
Japan 666 536 24 10
Rest of World 877 672 31 19
Total 10,362 9,171 13 5
7 SECOND QUARTER TERRITORIAL SALES ANALYSIS
% Growth
2nd Quarter 2nd Quarter
2004 2003 Constant
$m $m Actual Currency
US 2,288 1,962 17 17
Canada 231 174 33 20
North America 2,519 2,136 18 17
France 405 359 13 (1)
UK 149 130 15 -
Germany 241 207 16 2
Italy 288 242 19 4
Sweden 74 73 1 (11)
Europe others 771 635 21 9
Total Europe 1,928 1,646 17 3
Japan 376 293 28 13
Rest of World 465 361 29 17
Total 5,288 4,436 19 11
8 HALF YEAR PRODUCT SALES ANALYSIS
World US
1st Half 1st Half Actual Constant 1st Half Actual
2004 2003 Growth Currency 2004 Growth
$m $m % Growth $m %
%
Gastrointestinal:
Losec 1,071 1,406 (24) (32) 208 (64)
Nexium 1,826 1,466 25 20 1,280 16
Others 38 35 9 (2) 11 -
Total Gastrointestinal 2,935 2,907 1 (6) 1,499 (12)
Cardiovascular:
Zestril 222 226 (2) (13) 31 (28)
Seloken 653 748 (13) (16) 453 (21)
Atacand 425 358 19 8 125 (9)
Plendil 259 239 8 2 106 19
Tenormin 178 165 8 (4) 15 15
Crestor 336 12 n/m n/m 185 -
Others 175 188 (7) (18) 9 -
Total Cardiovascular 2,248 1,936 16 8 924 7
Respiratory:
Pulmicort 526 490 7 1 280 7
Rhinocort 181 186 (3) (6) 127 (7)
Symbicort 393 249 58 37 - -
Accolate 53 56 (5) (9) 36 (5)
Oxis 51 60 (15) (27) - -
Others 83 74 12 - - -
Total Respiratory 1,287 1,115 15 5 443 2
Oncology:
Zoladex 439 406 8 (3) 92 10
Casodex 478 417 15 4 107 (19)
Nolvadex 69 100 (31) (39) 3 (92)
Arimidex 357 236 51 39 130 29
Iressa 196 66 196 182 100 n/m
Faslodex 49 37 32 29 43 16
Others 8 9 (11) (22) - -
Total Oncology 1,596 1,271 26 15 475 16
Neuroscience:
Seroquel 936 714 31 27 694 27
Zomig 186 162 15 6 83 6
Diprivan 248 234 6 - 128 4
Local anaesthetics 270 223 21 9 60 13
Others 38 37 3 (8) 10 -
Total Neuroscience 1,678 1,370 22 16 975 21
Infection and Other:
Merrem 209 154 36 24 36 44
Other Products 136 141 (4) (11) 59 20
Total Infection and Other 345 295 17 8 95 28
Salick Health Care 148 134 10 10 148 10
Astra Tech 125 94 33 16 8 14
Marlow Foods - 49 n/m n/m - n/m
Total 10,362 9,171 13 5 4,567 3
n/m not meaningful
9 SECOND QUARTER PRODUCT SALES ANALYSIS
World US
2nd 2nd Constant 2nd
Quarter Quarter Actual Currency Quarter Actual
2004 2003 Growth Growth 2004 Growth
$m $m % % $m %
Gastrointestinal:
Losec 531 714 (26) (33) 117 (60)
Nexium 891 631 41 36 609 39
Others 17 17 - (6) 4 33
Total Gastrointestinal 1,439 1,362 6 - 730 -
Cardiovascular:
Zestril 117 118 (1) (10) 19 (17)
Seloken 320 380 (16) (19) 216 (26)
Atacand 216 152 42 30 57 63
Plendil 148 129 15 10 73 46
Tenormin 93 81 15 3 4 -
Crestor 207 9 n/m n/m 113 n/m
Others 92 98 (6) (15) 7 40
Total Cardiovascular 1,193 967 23 15 489 21
Respiratory:
Pulmicort 244 239 2 (3) 123 (4)
Rhinocort 100 96 4 1 71 4
Symbicort 205 127 61 42 - -
Accolate 23 25 (8) (12) 14 (7)
Oxis 26 29 (10) (20) - -
Others 41 36 14 6 - -
Total Respiratory 639 552 16 7 208 (1)
Oncology:
Zoladex 226 213 6 (4) 45 7
Casodex 249 228 9 (1) 51 (29)
Nolvadex 38 39 (3) (13) 2 (60)
Arimidex 191 143 34 24 68 -
Iressa 103 47 119 106 49 172
Faslodex 23 15 53 46 19 27
Others 4 5 (20) (20) - -
Total Oncology 834 690 21 11 234 6
Neuroscience:
Seroquel 488 270 81 75 357 93
Zomig 91 54 69 56 37 311
Diprivan 126 98 29 22 65 55
Local anaesthetics 140 122 15 5 30 (9)
Others 21 19 11 - 7 75
Total Neuroscience 866 563 54 46 496 82
Infection and Other:
Merrem 112 80 40 29 18 50
Other Products 64 85 (25) (30) 32 (11)
Total Infection and Other 176 165 7 (1) 50 4
Salick Health Care 77 69 12 12 77 12
Astra Tech 64 50 28 14 4 -
Marlow Foods - 18 n/m n/m - n/m
Total 5,288 4,436 19 11 2,288 17
n/m not meaningful
Information for US Investors
RECONCILIATION TO UNITED STATES ACCOUNTING PRINCIPLES
The profit and loss account and balance sheet set out on pages 8 and 10 are
prepared in accordance with generally accepted accounting principles in the
United Kingdom (UK GAAP), which differ in certain material respects from those
generally accepted in the United States (US GAAP). The differences as they
apply to AstraZeneca PLC are explained in the Annual Report and Form 20-F
Information 2003. The approximate effects on income and shareholders' equity of
the GAAP differences are shown below.
1st Half 1st Half
2004 2003
Income attributable to Shareholders $m $m
Net income for the period under UK GAAP from continuing
operations 1,634 1,598
Adjustments to conform to US GAAP
Purchase accounting adjustments (including goodwill and
intangibles):
- deemed acquisition of Astra (amortisation and other
acquisition adjustments) (508) (461)
- others 30 28
Capitalisation less disposals and amortisation of interest 10 3
Software costs (4) (45)
Deferred taxation
- on fair values of Astra 142 129
- others 22 (49)
Pension expense and other post-retirement benefits expense (16) (14)
Share based compensation (1) (4)
Fair value of derivative financial instruments (65) (11)
Deferred income recognition - 12
Unrealised losses on foreign exchange and others - (1)
Net income in accordance with US GAAP 1,244 1,185
Net income per Ordinary Share under US GAAP - basic and diluted $0.74 $0.69
RECONCILIATION TO UNITED STATES ACCOUNTING PRINCIPLES (CONTINUED)
30 June 30 June
2004 2003
Shareholders' equity $m $m
Shareholders' equity under UK GAAP 13,195 12,696
Adjustments to conform to US GAAP
Purchase accounting adjustments (including goodwill and
intangibles):
- deemed acquisition of Astra
- goodwill 13,884 13,406
- tangible and intangible fixed assets 6,926 7,658
- others 175 114
Capitalisation, less disposals and amortisation of interest 265 241
Deferred taxation
- on fair value of Astra (2,103) (2,300)
- others (175) (218)
Dividend 494 436
Pension expense and other post-retirement benefits expense (550) (309)
Software costs capitalised 42 19
Fair value of derivative financial instruments 40 101
Deferred income recognition - (2)
Others 53 96
Shareholders' equity in accordance with US GAAP 32,246 31,938
Shareholder Information
ANNOUNCEMENTS AND MEETINGS
Annual Business Review 2004 6 October 2004
Announcement of third quarter and nine months 2004 21 October 2004
results
DIVIDENDS
The record date for the first interim dividend payable on 20 September 2004 (in
the UK, Sweden and the US) is 13 August 2004. Ordinary shares will trade
ex-dividend on the London and Stockholm Stock Exchanges from 11 August 2004.
ADRs will trade ex-dividend on the New York Stock Exchange from the same date.
Future dividends will normally be paid as follows:
First interim Announced in July and paid in September
Second interim Announced in January and paid in March
TRADEMARKS
The following brand names used in these interim financial statements are
trademarks of the AstraZeneca group of companies:
Accolate Arimidex Astra Tech Atacand Casodex Cefotan Crestor Diprivan
Exanta Faslodex Iressa Losec Naropin Nexium Nolvadex Oxis Plendil
Prilosec Pulmicort Pulmicort Respules Rhinocort Rhinocort Aqua Seloken
Seroquel Symbicort Toprol-XL Zestril Zoladex Zomig
ADDRESSES FOR CORRESPONDENCE
Registrar and Depositary Registered Office Swedish Securities Register Centre
Transfer Office for ADRs VPC AB
The AstraZeneca Registrar JPMorgan Chase Bank 15 Stanhope Gate PO Box 7822
Lloyds TSB Registrars PO Box 43013 London SE-103 97 Stockholm
The Causeway Providence W1K 1LN Sweden
Worthing RI 02940-3013 UK
West Sussex US
UK
BN99 6DA
Tel: +44 (0)121 415 7033 Tel: +1 (781) 575 4328 Tel: +44 (0)20 7304 5000 Tel: +46 (0)8 402 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. These interim financial statements contain
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, the loss or expiration of patents,
marketing exclusivity or trade marks; exchange rate fluctuations; the risk that
R&D will not yield new products that achieve commercial success; the impact of
competition, price controls and price reductions; taxation risks; the risk of
substantial product liability claims; the impact of any failure by third parties
to supply materials or services; the risk of delay to new product launches; the
difficulties of obtaining and maintaining governmental approvals for products;
and the risk of environmental liabilities.
This information is provided by RNS
The company news service from the London Stock Exchange
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