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Astrazeneca Annual Report & Form 20-F 2000

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Astrazeneca Annual Report & Form 20-F 2000 AstraZeneca Annual Report & Form 20-F 2000 Contents Key Achievements 1 Financial Highlights 2-3 Shareholder Highlights 4 Chairman’s Statement 5 Chief Executive’s Review 6 Operational Review 7-29 Strategy 7 Key Product Summary 8-9 World Market Overview 10 Industry Environment 10 Gastrointestinal (GI) 11 Cardiovascular (CV) 12 Oncology 13 Respiratory and Inflammation 14 Central Nervous System (CNS) 15 Pain Control 16 Infection 16 The path to a new medicine 17 R&D Pipeline Table 18-19 Research and Development (R&D) 20-21 Portfolio Management and Commercialisation 21 E-strategy 21 Sales and Marketing 21 Geographical Review North America: US & Canada 22 Geographical Review Europe, Japan, Rest of the World 23 Manufacturing 24 Competition 24 Other Businesses (Astra Tech, Salick Health Care, Marlow Foods) 24 Intellectual Property 25 Description of Property 25 Industry Regulation 26 Corporate Social Responsibility 27-28 Cautionary Statement Regarding Forward Looking Statements Safety, Health and Environment (SHE) 27 In order to utilise the ‘safe harbour’ provisions of the US Private Securities Litigation Reform Act of 1995, AstraZeneca PLC is providing the following cautionary statement: This Annual Report and Form 20-F Community Involvement 28 2000 contains certain forward-looking statements about AstraZeneca. Although AstraZeneca believes its expectations are based on reasonable assumptions, any forward-looking statements may be influenced People 29 by factors that could cause actual outcomes and results to be materially different from those predicted. AstraZeneca intends to identify the forward-looking statements by using the words ‘anticipates’, Board of Directors 30-31 ‘believes’, ‘expects’, ‘intends’ and similar expressions in such statements. These forward-looking statements are subject to numerous risks and uncertainties. Important factors that could cause actual Directors’ Report 32-35 results to differ materially from those in forward-looking statements, certain of which are beyond the Financial Review 36-46 control of AstraZeneca, include, among other things: 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, the risk of loss or expiration of patents or trade marks, difficulties of obtaining and maintaining governmental approvals for products, the risk of substantial product liability claims, exposure Financial Statements 47-115 to environmental liability and the risks related to the difficulty of completing the integration of Astra’s and Zeneca’s large and complex businesses on a timely basis and realising synergies. Contents 47 Trade Marks Financial statements and notes Product names in italics indicate trade marks owned by the AstraZeneca group of companies, except as relating to the financial statements 48-104 otherwise stated. AstraZeneca, the AstraZeneca logotype and the AstraZeneca symbol are all trade marks owned by the AstraZeneca group of companies. Principal subsidiaries, joint ventures and associates 105 Statements of Competitive Position Additional information for US investors 106-115 Except as otherwise stated, market information in this Annual Report and Form 20-F 2000 regarding the position of AstraZeneca’s business or products relative to its or their competition are based upon Group Financial Record – UK GAAP 116-118 published statistical data obtained from IMS Health, a leading supplier of statistical data to the pharmaceutical industry. Except as otherwise stated, this market share and industry data from IMS Shareholder Information 119-127 Health has been derived by comparing AstraZeneca’s sales revenue to competitors’ and total market Risk factors and additional information 128-132 sales revenues. Cross Reference to Form 20-F IBC AstraZeneca Website Information on the AstraZeneca website, www.astrazeneca.com, does not form part of this document. © AstraZeneca PLC 2001 Key Achievements 1 Key Achievements G Sales* of $15.8 billion, up 8% G Operating profit* of $4.0 billion, up 14% G US pharmaceutical sales of $8.0 billion, up 12% G Losec sales of $6.3 billion, up 9% G Sales of seven products each exceed $500 million – Losec, Zestril, Seloken, Zoladex, Pulmicort, Diprivan & Nolvadex G Sales in five therapeutic areas each exceed $1 billion – gastrointestinal, cardiovascular, oncology, respiratory & pain control G Total sales of the five key growth products exceed $1.5 billion, up 50% – Seroquel up 85%, Atacand up 82%, Casodex & Zomig both up 31% & Arimidex up 19% G Successful launch of Nexium in its first ten markets – UK, Germany, Sweden, Ireland, Norway & Denmark in 2000 – Iceland, Finland, Netherlands & Luxembourg in January-February 2001 G US regulatory approval for Nexium achieved in February 2001 – resources in place to support a major US product launch in March 2001 G First launch of Symbicort in Sweden and regulatory approval granted in 16 European countries G High potential products in later stages of development are progressing well – Crestor, Oral Direct Thrombin Inhibitor, Viozan, Faslodex & Iressa G Continued good progress with the new product pipeline – over 150 projects in the pipeline – 14 new chemical entities into development G AstraZeneca is now one of the most focused prescription medicine companies in the world G Delivery of synergy benefits ahead of plans – $650 million of the $1.1 billion per annum target delivered to date G Successful completion of the demerger of Zeneca Agrochemicals and the creation of Syngenta in November 2000 *Continuing operations, excluding Specialties and Agrochemicals. All growth rates at constant exchange rates (CER) AstraZeneca Annual Report and Form 20-F 2000 2 Financial Highlights Financial Highlights Continuing Operations before Exceptional Items % growth 2000 1999 CER Sales* $m 15,804 15,134 + 8 Operating Profit* $m 3,984 3,570 + 14 Earnings per share* $ 1.64 1.41 + 18 Group earnings per share (Statutory FRS3) $ 1.44 0.64 Following the demerger of the Agrochemicals business in November 2000 and the disposal of the Specialties business in June 1999, the results of these operations are treated as discontinued. Sales* $m Profit* $m Earnings per ordinary share $ R&D investment $m Healthcare I Profit before exceptional I Earnings per share* before items and tax exceptional items I R&D investment $m I Profit before tax I Group earnings per share R&D investment as (Statutory FRS3) % of sales $m % of Sales 3,000 2,616 1.64 2,469 4,110 15,804 2,500 20 15,134 1.47 1.44 3,651 2,110 1.41 3,556 1.25 2,000 3,235 3,127 15 11,318 1,500 10 1,000 0.64 1,506 5 500 0 0 98 99 2000 98 99 2000 98 99 2000 98 99 2000 *Continuing operations, excluding Specialties and Agrochemicals Note: All growth rates at constant exchange rates (CER) AstraZeneca Annual Report and Form 20-F 2000 Financial Highlights 3 Healthcare sales by therapeutic area $m Sales of major products > $500m I 1999 I 1999 I 2000 I 2000 % growth CER % growth CER 5,957 5,909 Gastrointestinal Losec +9% 6,322 +9% 6,260 3,416 Cardiovascular Zestril 1,221 +6% +1% 3,477 1,188 1,764 686 Oncology Zoladex +12% 1,929 +10% 734 1,339 730 Respiratory Pulmicort +10% 1,372 +5% 705 Central nervous 433 531 system Seloken +58% 672 +13% 577 1,201 573 Pain Nolvadex -7% 1,079 +1% 576 305 608 Infection Diprivan +1% 297 -14% 507 627 Others -8% 550 Healthcare sales by major markets $m Growth of key products % CER I I 1999 2000 Sales $m I 2000 % growth CER Seroquel 7,364 85% US $424m +11% 8,153 Atacand 82% $293m 5,310 Oxis Europe 48% $116m +6% 5,064 Rhinocort 37% $221m 710 Japan Casodex +8% 31% 825 $433m Zomig 31% 1,658 $237m ROW +2% Arimidex 1,656 19% $156m Note: All growth rates at constant exchange rates (CER) AstraZeneca Annual Report and Form 20-F 2000 4 Shareholder Highlights Shareholder Highlights AstraZeneca relative share performance Total shareholder return (TSR) 7 December 1998 – 31 December 2000 7 December 1998 – 31 December 2000 TSR AstraZeneca Major international pharmaceutical companies* AstraZeneca1 22.2% 60 Major international pharmaceutical companies2 6.4% 50 40 TSR = share price appreciation plus dividend 30 share price at the start of the period 20 1 Annual rate of return 10 2 Weighted average rate of return 0 -10 -20 -30 Dec 98 Apr 99 Sep 99 Feb 00 Jul 00 Dec 00 *Abbott Labs, AHP, Aventis, BMS, Eli Lilly, GSK, JNJ, Merck, Novartis, Pfizer, Pharmacia, Roche, Sanofi-Synthélabo, Schering & Schering-Plough. Source: Thomson Financial Datastream. High and low share prices in $, £ and SEK 2000 Range of prices* $ £ SEK ࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞ ࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞ ࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞࿞ High Low High Low High Low Quarter 1 43.00 30.79 29.71 19.26 386.0 266.0 Quarter 2 45.57 39.28 30.85 26.03 413.0 345.0 Quarter 3 51.80 41.78 35.90 28.50 511.0 386.5 Quarter 4 52.25 45.51 36.00 31.60 515.0 444.0 *Prices are those of the New York, London and Stockholm Stock Exchanges. Share dividend for 2000 $ pence SEK Payment date First interim dividend 0.23 15.3 2.10 23 October 2000 Second interim dividend 0.47 32.1 4.49 9 April 2001 Total dividend 0.70 47.4 6.59 Share repurchase 2000 AstraZeneca registered shareholder profile No. of shares Cost As at 31 December 2000 m$m Quarter 1 4,940 169 Quarter 2 4,465 184 I Ordinary 69% I VPC 26% Quarter 3/4 –– I ADR 5% Total 9,405 353 Key: Ordinary: Ordinary Shares held directly VPC: Ordinary Shares held via VPC AB, the Swedish securities register ADR: American Depositary Receipts This data is based on the statutory register of members and consequently under-represents US ownership as some US investors hold Ordinary Shares directly or through foreign registered nominee companies.
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