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news.AstraZeneca has said that its third quarter sales increased 6% to $7.15 billion, with core earnings per share achieving an 8% increase for the nine months ended 2007.
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Operating profit in the third quarter was $2.02 billion, down 7%. Operating profit was reduced by restructuring costs of $146 million and by $212 million from the inclusion of MedImmune, as a result of the expected seasonal trading loss and the amortization of intangible assets.
For the nine months, sales were $21.38 billion, up 7%. Operating profit was down 3% to $6.16 billion. Operating profit was reduced by restructuring costs of $604 million, and by an operating loss of $315 million from the inclusion of MedImmune. Free cash flow before acquisitions was $3.6 billion for the nine months. Cash distributions to shareholders were $5.77 billion, including net share repurchases of $3.13 billion.
David Brennan, CEO of AstraZeneca, said: “We continue to make progress on our key priorities: the business is on track to meet its earnings target for the full year, the entire organization is driving for increased productivity and the pipeline has been further strengthened with two projects added to Phase III development during the quarter.”