AstraZeneca 2nd-qtr earnings leap, beating expectations

Anglo-Swedish pharma major AstraZeneca (LSE: AZN), which earlier this year defended itself against an unsolicited takeover attempt by Pfizer, this morning reported second-quarter 2014 financials that beat analysts’ forecasts and surprised investors by raising its full year guidance.

Marking the second consecutive quarter of revenue growth, the pharmaceutical firm beat City forecasts with second-quarter revenues of $6.45 billion, up 4% at constant exchange rates and actual, exceeding consensus expectations of $6.28 billion.

Core operating profit dipped 1% to $2.03 billion (2% at CER) with earnings per share of $1.30 increasing 8% (13% at CER), and significantly better than forecasts of $1.06. Pre-tax profits totalled $866 million. Citigroup analyst Andrew Baum said AstraZeneca's "robust" second quarter had been flattered by several one-off items – including a $200 million payment from Pfizer in relation to the over-the-counter launch of Nexium (esomeprazole) in the USA.