Financial performance for the full year reflects the loss of exclusivity on several brands. At constant exchange rates (CER), revenue declined by 15 percent and Core EPS declined by 9 percent.
Brilinta/Brilique, Symbicort, Faslodex, Onglyza and Iressa continue to grow, while diabetes alliance franchise is strengthened by the inclusion of Amylin portfolio and the approval of Forxiga in Europe.
The Company will hold a Capital Markets Day on 21 March 2013 to provide a strategy update.
Revenue for the full year was $27,973 million, down 15 percent at CER.
-Loss of exclusivity on several brands and the disposals of Astra Tech and Aptium were the key drivers of the revenue decline.
-Symbicort, Faslodex, Onglyza, Iressa, Brilinta/Brilique and Seroquel XR combined to deliver $600 million of CER revenue growth for the full year.
Core EPS was $6.41 for the full year, a 9 percent decline at CER.
-Core EPS in 2012 benefited by $470 million ($0.37) from two separate tax related matters during the year. Proceeds from the sale of Nexium OTC rights contributed $0.16 to Core EPS.
Reported EPS for the full year was down 29 percent at CER to $4.99. The decline reflects the $1.08 per share benefit in 2011 from the sale of Astra Tech and higher restructuring costs in 2012.
Revenue in the fourth quarter was down 15 percent; Core EPS was up 1 percent as a result of lower operating costs (including significantly lower intangible impairment costs in R&D) and a favourable $230 million adjustment to deferred tax balances following substantive enactment of a reduction in the Swedish corporation tax rate.
The Board has declared a second interim dividend of $1.90 per share, bringing the dividend for the full year to $2.80, consistent with the progressive dividend policy.
The Company expects a mid-to-high single digit percentage decline in revenue at CER for 2013. With Core operating costs expected to be slightly higher than 2012 at CER, Core EPS will decline significantly more than revenue.
Pascal Soriot, Chief Executive Officer, commenting on the results, said: "Our performance in 2012 reflects a period of significant patent expiry and tough market conditions globally. Despite the challenges we face, I am excited about AstraZeneca's fundamental strengths which will be key in returning the Company to growth and achieving scientific leadership while maintaining our reputation for strong financial discipline. It is my firm belief that we have the brands, science, pipeline and people to create distinctive, long-term value for patients and shareholders. Our new leadership team and I look forward to elaborating on these themes at our Capital Markets Day in March."
