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1999 Annual Report and Form 20-F CONTENTS

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1999 Annual Report and Form 20-F CONTENTS 1999 Annual Report and Form 20-F CONTENTS Key Achievements in 1999 1 Financial Highlights 2 Shareholder Highlights 5 Chairman’s Statement 6 Chief Executive’s Review 7 Operational Review 8 Safety, Health and Environment 32 In April 1999, Astra AB and Zeneca Group PLC People and Community 34 merged to form AstraZeneca, one of the world’s Financial Review 35 leading pharmaceutical and agrochemical Board of Directors and Officers companies, which provides innovative, effective of the Company 48 products to improve health, nutrition and quality Directors’ Report 49 of life worldwide. The company is research and Financial Statements 55 technology intensive, with extensive international Financial statements and notes development and marketing skills. Its healthcare relating to the financial statements 55 business is strategically focused on seven major Principal subsidiaries, joint ventures therapeutic areas: gastrointestinal, oncology, pain and associates 118 control and anaesthesia, cardiovascular, central Additional information for US investors 120 nervous system, respiratory and infection. Zeneca Group Financial Record 129 Agrochemicals provides crop protection products Shareholder Information 131 designed to improve crop yields and food quality. Exchange rates 138 Definitions 139 Glossary of Terms 140 Cross Reference to Form 20-F IBC Cautionary statement regarding forward-looking statements In order to utilise the ‘Safe Harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995, AstraZeneca is providing the following cautionary statement. This Annual Report and Form 20-F 1999 contains forward-looking statements with respect to the financial condition, results of operations and businesses of AstraZeneca. By their nature, forward-looking statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from that expressed or implied by these forward-looking statements. These factors include, among other things, exchange rate fluctuations, the risk that research and development 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 to environmental liability and the risks related to the difficulty of integrating Astra’s and Zeneca’s large and complex businesses on a timely basis and realising synergies. © AstraZeneca PLC 2000 Key Achievements in 1999 n Merger of equals delivers profit growth and market share gains in its first year n Group sales up 9%; up 17% for ongoing operations n Group operating profit up 12%; up 20% for ongoing operations (before exceptional items) n Group earnings per share up by 14%; up 22% for ongoing operations (before exceptional items) n Pharmaceutical sales up 18% n US pharmaceutical sales up 23% n Rapid and effective integration. Synergies of $130 million exceed $100 million target for 1999 n Further record sales of $5.9 billion for Losec, for gastric acid-related diseases n Performance of newer products such as Casodex (+41%), Atacand (+312%) and Seroquel (+254%) represent very positive pointers for the future n Filing for marketing approval in Europe and US of Nexium which offers significant clinical improvements over Losec n Other new products are progressing well through development towards the market, including: ZD4522, treatment of lipid disorders; H376/95 and melagatran, thrombin inhibitors; Viozan and Symbicort, respiratory therapies; Faslodex and Iressa, anti-cancer treatments; and Zendra, treatment of stroke n Restructuring of pharmaceutical research and development to create an integrated, globally managed organisation which is therapy area led, project driven and focused on important commercial targets and real medical needs n Amistar now the world’s largest selling proprietary fungicide (sales up over 40%) n Announcement of agreement to merge the Zeneca Agrochemicals business with the agrochemicals and seeds businesses of Novartis to create the world’s first global, dedicated agribusiness, Syngenta n Successful completion of sale of Zeneca Specialties for $2 billion All growth rates quoted on pages 1-34 are on a pro forma basis and at constant currency, unless otherwise stated. Product names in italics indicate trade marks owned by the AstraZeneca group of companies, except as otherwise stated. AstraZeneca, the AstraZeneca logotype and the AstraZeneca symbol are all trade marks of the AstraZeneca group of companies. ASTRAZENECA – ANNUAL REPORT AND FORM 20-F 1999 1 Financial Highlights OPERATIONS BEFORE EXCEPTIONAL ITEMS Actual Pro Forma Constant 1999 1998 Currency % Sales $m Group 18,445 17,117 + 9 Continuing (excluding Specialties)1 17,791 15,823 + 13 Ongoing (excluding Specialties and Agrochemicals)2 15,134 13,033 + 17 Operating Profit $m Group 3,908 3,507 + 12 Continuing (excluding Specialties)1 3,837 3,361 + 15 Ongoing (excluding Specialties and Agrochemicals)2 3,570 3,002 + 20 Earnings per share $ Group 1.54 1.36 + 14 Group (Statutory FRS3) 0.64 1.47 Continuing (excluding Specialties)1 1.51 1.30 + 17 Ongoing (excluding Specialties and Agrochemicals)2 1.41 1.17 + 22 1 Following the completion of the sale of Zeneca Specialties on 30 June 1999, the results for AstraZeneca on a continuing basis exclude the results of Zeneca Specialties. 2 Following the announcement on 2 December 1999 of the proposed spin-off of Zeneca Agrochemicals and its subsequent merger with the crop protection and seeds activities of Novartis to form Syngenta AG, the results for AstraZeneca on an ongoing basis exclude the results of Zeneca Agrochemicals and Zeneca Specialties. GROUP SALES 1999 CONTINUING SALES 1999 ONGOING SALES 1999 Pharmaceuticals 80% Pharmaceuticals 83% Pharmaceuticals 98% Salick Health Care 1% Salick Health Care 1% Agrochemicals 14% Agrochemicals 15% Salick Health Care 1% Other 1% Specialties 4% Other 1% Other 1% 2 ASTRAZENECA – ANNUAL REPORT AND FORM 20-F 1999 Financial Highlights FIVE YEAR PROGRESSION: EXTERNAL SALES $m Pro forma basis 9,224 1995 2,310 1,605 10,720 1996 2,553 1,526 11,539 1997 2,605 1,359 13,033 1998 2,790 1,294 15,134 1999 2,657 654 Ongoing operations Agrochemicals Specialties FIVE YEAR PROGRESSION: FIVE YEAR PROGRESSION: PROFIT $m EARNINGS PER ORDINARY SHARE $ Actual basis Actual basis 3,500 1.4 1.54 3,897 1.47 1.45 1.45 1.44 1.42 1.40 3,699 3,660 3,660 3,000 3,637 1.2 3,599 3,543 1.27 2,500 1.0 3,099 1.05 2,000 2,690 0.8 1,500 0.6 1,959 1,000 0.4 0.64 500 0.2 95 96 97 98 99 95 96 97 98 99 Profit before exceptional items and tax Earnings per share before exceptional items Profit before tax Earnings per share ASTRAZENECA – ANNUAL REPORT AND FORM 20-F 1999 3 Financial Highlights HEALTHCARE SALES $m HEALTHCARE SALES BY THERAPEUTIC AREA $m Pro forma combined Pro forma combined CER 5,957 15,042 Gastrointestinal +24% 15,000 4,845 12,500 12,938 Cardiovascular +14% 3,416 3,017 11,461 10,666 1,764 10,000 Oncology +15% 9,196 1,538 7,500 1,339 Respiratory +10% 1,256 5,000 Specialist/ 2,358 +15% Hospital 2,074 2,500 Salick Health 208 0% 1999 Care 208 1998 95 96 97 98 99 PHARMACEUTICAL SALES BY SALES OF MAJOR PHARMACEUTICAL PRODUCTS $m CUSTOMER LOCATION $m Pro forma combined Pro forma combined CER CER 5,909 7,156 Losec +24% US 23% 4,799 5,834 1,221 Zestril +9% 5,310 1,126 Europe 15% 4,793 730 Pulmicort +9% 691 710 Japan 8% 686 568 Zoladex +9% 626 1,658 608 1999 Diprivan –6% ROW 13% 653 1,535 1998 573 Nolvadex +7% 526 531 Seloken +19% 450 509 Tenormin +2% 502 PHARMACEUTICAL R&D INVESTMENT $m 452 Plendil +24% Pro forma combined 367 340 1999 Casodex +41% % of sales 245 1998 2,500 25 2,000 20 1,500 15 1,000 10 500 5 95 96 97 98 99 R&D investment $m R&D investment as % of sales 4 ASTRAZENECA – ANNUAL REPORT AND FORM 20-F 1999 Shareholder Highlights ASTRAZENECA RELATIVE SHARE PERFORMANCE 7 December 1998 – 31 December 1999 AstraZeneca Major international pharmaceutical companies* 20 15 10 5 ormance f 0 er P ve ve i – 5 Relat –10 –15 DJFMAMJJASOND 1998 1999 *Abbott Labs, AHP, Aventis, BMS, Eli Lilly, GW, Johnson & Johnson, Merck, Merck KGaA, Monsanto, Novartis, Novo Nordisk, Pfizer, Pharmacia & Upjohn, Roche, Sanofi-Synthelabo, Schering AG, Schering-Plough and SB Source: Datastream SHARE DIVIDEND FOR 1999 Per share Payment date $ First interim dividend 0.23 25 October 1999 Second interim dividend 0.47 17 April 2000 ASTRAZENECA’S LARGEST SHAREHOLDERS Shareholder Number of shares* Issued share capital % The Capital Group Companies, Inc. 138,837,853 7.8% Investor AB 91,545,308 5.2% *Notified interest as at 14 March 2000 (for further details, see page 135) ASTRAZENECA REGISTERED SHAREHOLDER PROFILE At 31 December 1999 Key: VPC: Ordinary Shares held via VPC AB, VPC 30% the Swedish securities register ADR: American Depositary Receipts Ordinary 65% Ordinary: Ordinary Shares held directly This data is based on the statutory register ADR 5% of members and consequently under- represents US ownership as some US investors hold Ordinary Shares through a foreign registered nominee company. This analysis represents the registered shareholder base, not the true underlying geographic split of shareholders, particularly with respect to the US. ASTRAZENECA – ANNUAL REPORT AND FORM 20-F 1999 5 Chairman’s Statement As Chairman of AstraZeneca, it gives me great pleasure to company more flexibility in managing its capital structure over report on the impressive progress that has been made in time.
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