AstraZeneca raises full-year earnings guidance

Anglo-Swedish drugmaker AstraZeneca says that it is raising its full-year 2003 earnings guidance to $1.65-$1.75 from the $1.50-$1.65 initially forecast, after what it described as a "strong sales performance" in the first half.

The company, Europe's second-largest drugmaker, made the announcement as it reported a 3% rise in second-quarter sales to $4.44 billion over the like, year-earlier period. Turnover was down 4% in constant exchange rate terms but a weaker US dollar lifted actual growth to the level stated.

In terms of regional performance, US sales fell 11% to $1.96 billion, European turnover edged down 2% to $1.65 billion, Japanese revenues leapt 11% to $293 million and sales in the rest of the world jumped 17% to $535 million.