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Pioneering Science, Life-Changing Medicines Pioneering science, life-changing medicines AstraZeneca Annual Report and Form 20-F Information 2013 We are a global, innovation-driven biopharmaceutical business. We push the boundaries of science to deliver medicines that transform the lives of people around the world. Pioneering science, life-changing medicines. This Annual Report is also available on our website, www.astrazeneca.com/annualreport2013 Important information for readers Use of terms In this Annual Report, > Corporate Governance Report of this Annual Report For further unless the context otherwise requires, > Audit Committee Report information in relation to the inclusion ‘AstraZeneca’, ‘the Group’, ‘we’, ‘us’ > Development Pipeline of reported performance, Core financial and ‘our’ refer to AstraZeneca PLC > Responsible Business measures and constant exchange and its consolidated entities. > Shareholder Information rate (CER) growth rates as used in > Corporate Information Cautionary statement regarding this Annual Report, please refer to forward-looking statements Strategic Report The following the Financial Review on page 74. A cautionary statement regarding sections make up the Strategic Throughout this Annual Report, growth forward-looking statements and other Report, which has been prepared rates are expressed at CER unless essential information relating to this in accordance with the requirements otherwise stated. Annual Report can be found on the of the Companies Act 2006: Definitions The Glossary and the inside back cover. > AstraZeneca at a glance Market definitions table from page 232 Directors’ Report The following > Chairman’s Statement are intended to provide a useful guide sections make up the Directors’ Report, > Chief Executive Officer’s Review to terms and AstraZeneca’s definitions which has been prepared in accordance > Strategy of markets, as well as to acronyms with the requirements of the Companies > Business Review and abbreviations, used in this Act 2006: > Therapy Area Review Annual Report. > Resources Review > Financial Review Strategic Report Report Strategic 2 AstraZeneca at a glance 6 Chairman’s Statement Welcome to the AstraZeneca Annual Report 8 Chief Executive Officer’s Review and Form 20-F Information 2013. 10 Strategy 34 Business Review 48 Therapy Area Review 66 Resources Review 74 Financial Review What is in our Strategic Report? Dear shareholder Corporate Governance Corporate Our Strategic Report is designed to help you assess how the Directors performed in 2013 in promoting the success of your Company for our collective benefit. Governance It begins with an overview of our performance in 2013 and personal statements from your 88 Corporate Governance Report Chairman and Chief Executive Officer. We also describe our business model, explaining 98 Audit Committee Report how each element helps deliver our strategic priorities and adds value. 102 Directors’ Remuneration Report Strategy Business Review Our purpose and strategic priorities and how How our activities span the entire life-cycle they are brought to life by the way we work. of a medicine How we measure our success and the risks we might face Business model Page 10 Life-cycle of a medicine Page 34 Pioneering science, Research and Development Page 36 Financial Statements Page 12 life-changing medicines Sales and Marketing Page 40 Financial Our marketplace Page 13 Manufacturing and Supply Page 43 Statements Our strategic priorities Page 16 Key performance indicators Page 20 128 Auditor’s Reports 132 Consolidated Statements Risk overview Page 24 136 Group Accounting Policies Governance and 141 Notes to the Group Financial Page 26 Remuneration Statements Board of Directors and Page 28 Senior Executive Team Therapy Area Review Resources Review The progress we made in our chosen therapy The resources we use to achieve our strategy areas in 2013 Additional Information Additional Overview Page 48 Employees Page 66 Additional Cardiovascular and Our relationships Page 70 Page 52 Information Metabolic disease Intellectual Property Page 72 Oncology Page 56 Our infrastructure Page 73 194 Development Pipeline Respiratory, Inflammation 198 Patent Expiries Page 58 and Autoimmunity 199 Risk 214 Geographical Review Infection, Neuroscience Page 61 220 Responsible Business and Gastrointestinal 222 Financials (Prior year) 225 Shareholder Information 230 Corporate Information 231 Trade Marks Financial Review 232 Glossary 235 Index A full financial review of 2013 Page 74 AstraZeneca Annual Report and Form 20-F Information 2013 1 Strategic Report AstraZeneca at a glance We are a global, innovation-driven biopharmaceutical business. Financial summary $25.7 billion $8.4 billion $5.05 Sales down 6% at CER to $25,711 million Core operating profit down 23% at CER Core EPS for the full year decreased by ($27,973 million in 2012) to $8,390 million ($11,159* million in 2012) 23% at CER to $5.05 ($6.83^ in 2012) $3.0 billion $3.7 billion $2.04 Net cash shareholder distributions Reported operating profit down 51% at CER Reported EPS for the full year decreased decreased by 49% to $2,979 million, partly to $3,712 million ($8,148 million in 2012) by 55% at CER to $2.04 ($4.95† in 2012) as a result of the cessation of the share repurchase programme ($5,871 million net cash shareholder distributions including $2,206 million net share repurchases in 2012) * Restated for new Core definition (as detailed on page 224). ^ Restated for new Core definition and adoption of IAS 19 (2011) (as detailed on pages 136 and 224). † Restated on adoption of IAS 19 (2011) (as detailed on page 136). Our proposition to investors AstraZeneca is one of only a handful of pure-play biopharmaceutical companies to span the entire value chain of a medicine from Pure-play innovation discovery, early- and late-stage development to manufacturing and distribution, and the global commercialisation of primary care, specialty care-led and specialty care medicines that transform lives. Our primary focus is on three important areas of healthcare: Cardiovascular and Metabolic disease (CVMD); Oncology; and Respiratory, Inflammation and Autoimmunity (RIA). We are also active A focused, …combined …with in the Infection, Neuroscience and Gastrointestinal (ING) disease areas. on-market with a distinctive disciplined portfolio in three R&D platform capital We operate in more than 100 countries and our innovative medicines core therapy and a growing allocation and are used by millions of patients worldwide. areas and late-stage a commitment We want to be valued as a source of great medicines and trusted a strong pipeline… to a progressive as a company that delivers business success responsibly. We are commercial dividend. committed to operating with integrity and high ethical standards presence… across all our activities. We push the boundaries of science to deliver life-changing medicines. Our 10 leading medicines by sales value are: Cardiovascular and Metabolic disease Oncology More people die annually from cardiovascular diseases than from any Cancer is a leading cause of death worldwide and accounted for other cause – an estimated 17.3 million people in 2008 – representing 8.2 million deaths in 2012*. Cancer medicines represented 12% of 30% of all global deaths. Worldwide, 347 million people have diabetes*. our sales in 2013 CVMD medicines represented 34% of our sales in 2013 Crestor Seloken/Toprol-XL Iressa Faslodex Zoladex for managing for hypertension, heart for lung cancer for breast cancer for prostate and cholesterol levels failure and angina breast cancer 2011: $6,622m 2011: $986m 2011: $554m 2011: $546m 2011: $1,179m 2012: $6,253m 2012: $918m 2012: $611m 2012: $654m 2012: $1,093m 2013 2013 2013 2013 2013 $5,622m $750m $647m $681m $996m (-8%) (-18%) (+11%) (+6%) (0%) ** WHOWHO datadata. 2 AstraZeneca Annual Report and Form 20-F Information 2013 Strategic Report Strategic A global science-led company * 51,500 * * employees worldwide 1,300 2,800 employees in Russia employees in Japan (2.5%) (5.5%) 17,900 * Governance Corporate employees in Europe * (excluding Russia) 11,200 (34.8%) employees in North America * (21.7%) 8,000 employees in China (15.5%) 3,100 * 2,100 * 5,100 * employees in Central employees in employees in Asia Pacific and South America Middle East and Africa (excluding China, Japan and Russia) Financial Statements (6.0%) (4.1%) (9.9%) 9,000* 29,600* 8,700* employees work in R&D employees work in Sales and Marketing employees work in Supply and Manufacturing * All figures are approximate. Respiratory, Inflammation and Autoimmunity Other leading medicines Information Additional Some 235 million people suffer from asthma and an estimated 64 million people had COPD in 2004*. RIA medicines represented 18% of our sales in 2013 Pulmicort Symbicort Nexium Seroquel XR Synagis for asthma and COPD for asthma and COPD for acid-reflux for schizophrenia, bipolar for RSV, a respiratory disorder and major infection in infants depressive disorder 2011: $892m 2011: $3,148m 2011: $4,429m 2011: $1,490m 2011: $975m 2012: $866m 2012: $3,194m 2012: $3,944m 2012: $1,509m 2012: $1,038m 2013 2013 2013 2013 2013 $867m $3,483m $3,872 $1,337m $1,060m (+1%) (+10%) (0%) (-12%) (+2%) AstraZeneca Annual Report and Form 20-F Information 2013 3 Strategic Report | AstraZeneca at a glance Financial overview Sales Core operating profit Core earnings per $m (-6%) $m (-22%) Ordinary Share $ (-23%) 13 25,711 13 8,390 13 5.05 12 27,973 12 11,159 12 6.83 11 33,591 11 13,932 11 7.68 Net cash flow from Reported operating profit Reported earnings per operating activities $m $m (-51%) Ordinary Share $ (-55%) 13 7,400 13 3,712 13 2.04 12 6,948 12 8,148 12 4.95 11 7,821 11 12,795 11 7.29 Operational overview Achieve Scientific Return to Growth Be a Great Place Leadership to Work 99 pipeline projects 6% reduction in revenue > To drive accountability and improve > including 85 in clinical development > Revenue fell by 9% in the US, decision making, we made our and 14 either approved, launched 9% in Europe and 10% in Established organisational structure flatter.
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