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Annual Report and Form 20-F Information 2003 AZ AR Innercovs.Qxd 18/2/04 3:58 PM Page 1 AZ_AR_OuterCovs.qxd 18/2/04 3:59 PM Page 1 AstraZeneca Annual Report and Form 20-F Information 2003 Annual Report and Form 20-F Information 2003 AZ_AR_InnerCovs.qxd 18/2/04 3:58 PM Page 1 AstraZeneca Annual Report and Contents Form 20-F Information 2003 Contents Cross Reference to The information in this document that is r Key Achievements 01 Financial Statements 21. Reserves 86 with the Securities and Exchange Comm Chairman’s Statement 02 Preparation of the Financial Statements 22. Net cash inflow from into any filings by AstraZeneca under the Global Market Overview 03 and Directors’ Responsibilities 60 trading operations 87 such major headings, including subhead Chief Executive’s Review 04 Basis of Consolidation and Presentation 23. Cash flows related Graphs are not included unless specifica Financial Highlights 05 of Financial Information 60 to exceptional items 87 SEC passed comment upon the accurac Board of Directors 06 Independent Auditor’s Report to the 24. Acquisitions of subsidiaries and information and may be updated from tim Members of AstraZeneca PLC 61 purchases of minority interests 87 Strategy 08 Group Profit and Loss Account 62 25. Disposals of business operations 88 Operational Review 09 Group Statement of Total Recognised 26. Reconciliation of net cash flow Cardiovascular 10 Item Gains and Losses 62 to movement in net funds 88 3 Key Information Gastrointestinal 12 Group Balance Sheet 64 27. Analysis of net funds 89 Neuroscience 14 A. Selected financial data Statement of Group Cash Flow 65 28. Financing 89 Financial Highlights Oncology 16 Accounting Policies 66 29. Post-retirement benefits 90 Group Financial Record Respiratory and Inflammation 18 Notes to the Financial Statements 30. Employee costs and share option Shareholder Information Infection 20 1. Group operating profit 68 plans for employees 95 D. Risk factors Geographic Review 21 2. Share of turnover and operating 31. Assets pledged, commitments Research and Development 23 profits of joint ventures and and contingent liabilities 100 4 Information on the Company Development Pipeline 24 associates 68 32. Leases 106 A. History and development Commercialisation and 3. Exceptional items 70 33. Statutory and other information 107 Financial Review – Investm Portfolio Management 26 and capital expenditure 4. Net interest 70 34. Company information 108 Note 9 – Tangible fixed ass Supply and Manufacturing 27 5. Taxation 71 35. Called-up share capital Note 24 – Acquisitions of s Other Businesses, Main Facilities 6. Dividends to shareholders 74 of parent company 111 purchases of minority inte and Intellectual Property 28 7. Earnings per $0.25 Ordinary Share 74 Principal Subsidiaries 112 Note 25 – Disposals of bu Industry Regulation 29 8. Segment information 75 Additional Information for B. Business overview Operational Review Corporate Responsibility 30 9. Tangible fixed assets 77 US Investors 113 Group Financial Record – UK GAAP 124 C. Organisational structure Financial Review 31 10. Goodwill and intangible assets 77 Directors’ Report Directors’ Report 43 11. Fixed asset investments 78 Group Financial Record – US GAAP 126 Principal Subsidiaries Audit Committee’s Report 48 12. Stocks 78 Shareholder Information 127 D. Property, plant and equipm Operational Review – Mai Directors’ Remuneration Report 50 13. Debtors 79 Risk Factors 135 AstraZeneca Code of Conduct 138 14. Short term investments 79 5 Operating and Financial Revie 15. Short term borrowings and Additional Information 140 A-F. Financial Review overdrafts 79 Cross Reference to Form 20-F inside back cover 16. Other creditors 80 6 Directors, Senior Managemen 17. Loans 80 A. Directors and senior mana 18. Financial instruments 81 Board of Directors and Off 19. Provisions for liabilities and charges 85 B. Compensation 20. Reconciliation of movements Directors’ Remuneration R in shareholders’ funds 85 C. Board practices Board of Directors and Off Directors’ Remuneration R Directors’ Report Audit Committee’s Report D. Employees Note 30 – Employee costs plans for employees Trade marks our sales revenue to competitors’ and total market the forward-looking statements by using the words Directors’ Report – Emplo Trade marks of the AstraZeneca group sales revenues for that period. ‘anticipates’, ‘believes’, ‘expects’, ‘intends’ and similar E. Share ownership of companies appear throughout this document in expressions in such statements. These forward- Directors’ Remuneration R italics. AstraZeneca, the AstraZeneca logotype and the Statements of growth rates looking statements are subject to numerous risks and Directors’ Interests in Sha AstraZeneca symbol are all trade marks of the Except as otherwise stated, growth rates in this uncertainties. Important factors that could cause AstraZeneca group of companies. Annual Report and Form 20-F Information 2003 are actual results to differ materially from those contained 7 Major Shareholders and Relat given at constant exchange rates (CER). in forward-looking statements, certain of which are Use of terms beyond our control, include, among other things: the A. Major shareholders In this Annual Report and Form 20-F Information 2003, AstraZeneca website loss or expiration of patents, marketing exclusivity or Shareholder Information – unless the context otherwise requires, ‘AstraZeneca’, Information on our website, astrazeneca.com, does trade marks; exchange rate fluctuations; the risk that B. Related party transactions ‘the Group’, ‘the Company’, ‘we’, ‘us’ and ‘our’ refer not form part of this document. R&D will not yield new products that achieve Shareholder Information – to AstraZeneca PLC and its consolidated entities. commercial success; the impact of competition, price transactions Cautionary statement regarding forward-looking controls and price reductions; taxation risks; the risk of Note 33 – Statutory and o Statements of competitive position statements substantial product liability claims; the impact Except as otherwise stated, market information In order to utilise the ‘safe harbour’ provisions of the of any failure by third parties to supply materials in this Annual Report and Form 20-F Information 2003 US Private Securities Litigation Reform Act 1995, we or services; the risk of delay to new product launches; 8 Financial Information regarding the position of our business or products are providing the following cautionary statement: This the difficulties of obtaining and maintaining A. Consolidated statements relative to its or their competition is based upon Annual Report and Form 20-F Information 2003 governmental approvals for products; and the risk of financial information published statistical data for the 12 months ended contains certain forward-looking statements about environmental liabilities. 30 September 2003, or the month of November 2003, AstraZeneca. Although we believe our expectations Financial Statements (exc obtained from IMS Health, a leading supplier of are based on reasonable assumptions, any forward- responsibilities on page 60 statistical data to the pharmaceutical industry. Except looking statements may be influenced by factors that opinion on page 61) as otherwise stated, this market share and industry could cause actual outcomes and results to be B. Significant changes data from IMS Health has been derived by comparing materially different from those predicted. We identify ©AstraZeneca PLC 2004 AstraZeneca Annual Report and Key Achievements Form 20-F Information 2003 01 Key Achievements > At constant exchange rates, total sales for the year were unchanged whilst absorbing the loss of $2.6 billion in US sales of Losec/Prilosec, Zestril and Nolvadex following anticipated patent expiries. > Operating profit was down 11% due to planned investments in R&D and SG&A required to launch new products and complete the product portfolio transformation. > Dividend increased by 13.6% to 79.5 cents for the full year. > Sales for key growth and launch products increased by 45% to $8.2 billion and now represent 44% of total sales. > Nexium sales reached $3.3 billion, up 62%. > Seroquel sales reached $1.5 billion, up 27%. Approvals for use of Seroquel in the treatment of acute bipolar mania were received in the US and Europe. > Symbicort sales reached $549 million, up 61%. Symbicort also gained first approval in Europe for use in the treatment of chronic obstructive pulmonary disease. > Arimidex is moving rapidly towards replacing tamoxifen as the standard of care in breast cancer. Sales up 46% to $519 million. > Rapid uptake of Iressa since first launch in Japan in 2002 and in the US in 2003, with over 100,000 patients treated since launch. 2003 sales reached $228 million. > Crestor sales reached $129 million. We estimate that more than 1.5 million prescriptions had been written for, and over 750,000 patients had been treated with, Crestor by the end of January 2004. > Exanta received its first regulatory approval (in France) in December 2003. Regulatory submissions were made in the US and Europe for key chronic indications, including prevention of stroke associated with atrial fibrillation. > R&D investment totalled $3.5 billion. We now have 12 projects in phase 2 development and 28 projects in phase 3. > Continued enhancement of supply and manufacturing processes led to improved customer service levels and reduced manufacturing lead times which consequently reduced the requirement for stock build-up. Continuing Operations before Exceptional Items % growth 2003 2002 CER Sales $m 18,849 17,841 – Operating profit $m 4,111 4,356 –11 Earnings per share
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