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Astrazeneca Annual Report 2005

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Astrazeneca Annual Report 2005 AstraZeneca Annual Report and Form 20-F Information 2005 Annual Report and Form 20-F Information 2005 DRIVING PROGRESS THROUGH PERFORMANCE CONTENTS 2005 in Brief 1 Financial Statements 81 21. Dividends to shareholders 106 Chairman’s Statement 2 Preparation of the Financial Statements 22. Disposal of business operations 106 Chief Executive’s Review 3 and Directors’ Responsibilities 82 23. Post-retirement benefits 107 Financial Highlights 5 Basis of Consolidation and Presentation 24. Employee costs and share option of Financial Information 82 Business Review 6 plans for employees 111 Independent Auditors’ Report to the Business Environment 7 25. Commitments and Members of AstraZeneca PLC (Group) 83 contingent liabilities 116 Strategy 9 Consolidated Income Statement 84 26. Leases 126 Delivering Strategy 10 Consolidated Statement 27. Statutory and other information 127 Measuring Performance 12 of Recognised Income and Expense 84 28. Share capital of parent company 128 Reporting Performance 13 Consolidated Balance Sheet 85 Principal Subsidiaries 129 Therapy Area Review Consolidated Cash Flow Statement 86 Additional Information for US Investors 130 Cardiovascular Medicines 14 Accounting Policies (Group) 87 Explanation of Transition to IFRS 137 Gastrointestinal Medicines 18 Notes to the Financial Statements (Group) 90 Independent Auditors’ Report to the Neuroscience Medicines 21 1. Operating profit 90 Members of AstraZeneca PLC (Company) 139 Oncology Medicines 24 2. Profit on sale of interest in joint venture 90 Company Balance Sheet 140 Respiratory and 3. Finance income and expense 90 Accounting Policies (Company) 141 Inflammation Medicines 27 4. Taxation 91 Notes to the Financial Infection Medicines 30 5. Earnings per $0.25 Ordinary Share 93 Statements (Company) 142 Geographic Review 31 6. Segment information 94 1. Fixed asset investments 142 Research and Development 34 7. Property, plant and equipment 96 2. Other debtors 142 Development Pipeline 36 8. Intangible assets 97 3. Non-trade creditors 142 Commercialisation and 9. Other investments 98 4. Loans 142 Portfolio Management 38 10. Inventories 98 5. Reserves 143 Supply 39 11. Trade and other receivables 98 6. Reconciliation of movement Managing Risk 40 12. Cash and cash equivalents 99 in shareholders’ funds 143 Corporate Responsibility 41 13. Interest bearing loans and borrowings 99 7. Share capital 144 Main Facilities 43 14. Financial risk management 8. Statutory and other information 144 Other Businesses 43 objectives and policies 99 Group Financial Record – IFRS 145 Industry Regulation 43 15. Financial instruments 100 Group Financial Record – US GAAP 146 Financial Review 45 16. Trade and other payables 103 Shareholder Information 147 Board of Directors 60 17. Provisions for liabilities and charges 103 Risk Factors 154 Directors’ Report 62 18. Statement of changes in equity 104 AstraZeneca Code of Conduct 157 Audit Committee’s Report 68 19. Reserves 105 Additional Information 159 Directors’ Remuneration Report 70 20. Minority interests 106 Cross-reference to Form 20-F 160 Trade marks Statements of growth rates words ‘anticipates’, ‘believes’, ‘expects’, ‘intends’ and Trade marks of the AstraZeneca group of companies Except as otherwise stated, growth rates in this Annual similar expressions in such statements. These forward- appear throughout this document in italics. AstraZeneca, Report and Form 20-F Information 2005 are given at looking statements are subject to numerous risks and the AstraZeneca logotype and the AstraZeneca symbol constant exchange rates (CER). uncertainties. Important factors that could cause actual are all trade marks of the AstraZeneca group of companies. results to differ materially from those contained in forward- AstraZeneca websites looking statements, certain of which are beyond our Use of terms Information on our websites, including control, include, among other things: the loss or expiration In this Annual Report and Form 20-F Information 2005, astrazeneca.com, astrazenecaclinicaltrials.com of patents, marketing exclusivity or trade marks; unless the context otherwise requires, ‘AstraZeneca’, and rosuvastatininformation.com, does not exchange rate fluctuations; the risk that R&D will not ‘the Group’, ‘the Company’, ‘we’, ‘us’ and ‘our’ refer form part of this document. yield new products that achieve commercial success; to AstraZeneca PLC and its consolidated entities. the impact of competition, price controls and price Cautionary statement regarding reductions; taxation risks; the risk of substantial product Statements of competitive position forward-looking statements liability claims; the impact of any failure by third parties Except as otherwise stated, market information in this In order to utilise the ‘safe harbour’ provisions of the to supply materials or services; the risk of delay to new Annual Report and Form 20-F Information 2005 regarding US Private Securities Litigation Reform Act 1995, we are product launches; the difficulties of obtaining and the position of our business or products relative to its or providing the following cautionary statement: This Annual maintaining governmental approvals for products: the their competition is based upon published statistical data Report and Form 20-F Information 2005 contains certain risk of failure to observe ongoing regulatory oversight; for the 12 months ended 30 September 2005, obtained forward-looking statements about AstraZeneca. Although the risk that new products do not perform as we expect; from IMS Health, a leading supplier of statistical data to we believe our expectations are based on reasonable and the risk of environmental liabilities. the pharmaceutical industry. Except as otherwise stated, assumptions, any forward-looking statements may be these market share and industry data from IMS Health influenced by factors that could cause actual outcomes have been derived by comparing our sales revenue to and results to be materially different from those predicted. competitors’ and total market sales revenues for that period. We identify the forward-looking statements by using the ©AstraZeneca PLC 2 February 2006 1 ASTRAZENECA IS ONE OF THE WORLD’S LEADING PHARMACEUTICAL COMPANIES, WITH A BROAD RANGE OF MEDICINES DESIGNED TO FIGHT DISEASE IN IMPORTANT AREAS OF HEALTHCARE. BACKED BY STRONG SCIENCE AND WIDE-RANGING COMMERCIAL SKILLS, WE ARE COMMITTED TO SUSTAINABLE DEVELOPMENT OF OUR BUSINESS AND THE DELIVERY OF A FLOW OF NEW MEDICINES THAT BRING BENEFIT FOR PATIENTS AND ADD VALUE FOR WIDER SOCIETY. 2005 IN BRIEF >GROUP SALES UP 10% AT CONSTANT EXCHANGE RATES TO $24 BILLION >OPERATING PROFIT UP 39% TO $6.5 BILLION, REFLECTING STRONG SALES GROWTH AND ONGOING PRODUCTIVITY GAINS. OPERATING MARGIN FOR THE YEAR INCREASED TO 27.2% >EPS BEFORE EXCEPTIONAL ITEMS UP 41% >DIVIDEND INCREASED BY 38% TO $1.30 FOR THE FULL YEAR >OUR PRODUCT PORTFOLIO NOW INCLUDES 10 MEDICINES EACH WITH ANNUAL SALES OF MORE THAN $1 BILLION >STRONG PERFORMANCE OF KEY GROWTH PRODUCTS ARIMIDEX,CRESTOR,NEXIUM, SEROQUEL AND SYMBICORT,WITH COMBINED SALES OF $10.8 BILLION, UP 27% >GOOD SALES GROWTH IN ALL REGIONS,WITH THE US UP 12%, EUROPE 8%, JAPAN 8% AND REST OF WORLD 15% >NEW PRODUCT PIPELINE STRENGTHENED: FOUR NEW CHEMICAL ENTITIES ENTERED PHASE 3 DEVELOPMENT >PIPELINE FURTHER ENHANCED BY THREE IN-LICENCES (ONE PHASE 3 AND TWO PHASE 2 COMPOUNDS) AND ACQUISITION OF KUDOS PHARMACEUTICALS ANNOUNCED IN DECEMBER >SIR TOM MCKILLOP RETIRED AS CHIEF EXECUTIVE AT THE END OF THE YEAR AND WAS SUCCEEDED BY DAVID BRENNAN AstraZeneca Annual Report and 2 Form 20-F Information 2005 CHAIRMAN’S STATEMENT The Board also concluded that the environment Total Shareholder Return: AstraZeneca in which we operate remains difficult with compared with FTSE 100 over five years* challenges to the prices of medicines, increasingly high regulatory hurdles for products 110 and greater demands on the accountability 100 of the industry, all combining to impact the introduction and use of medicines. We remain 90 focused on meeting the challenges and 80 maximising the opportunities to deliver 70 sustainable profit growth. 60 50 Changes to the composition of the Board were Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 made in 2005. I became Chairman in January AZ FTSE 100 and John Patterson joined the Board at the same time as Executive Director responsible * Source: Thomson Financial Datastream for Development. AstraZeneca delivered an outstanding financial approved at the 2005 Annual General performance in 2005 with good growth in In March, David Brennan was appointed an Meeting. The Plan introduces longer term sales of recently introduced products and Executive Director and in July the Board incentive opportunities for Senior Executives good market performance in all continents. appointed him as Chief Executive Officer with of the Company accompanied by demanding Productivity improvements made an important effect from 1 January 2006 on the retirement measures of performance and is designed to contribution. We have made progress in of Sir Tom McKillop. support the Company’s objective of delivering meeting the challenge of rebuilding our late superior value to shareholders. stage development pipeline. High levels David Brennan has more than 30 years’ of investment in research were maintained experience in the pharmaceutical industry with In 2006, we will continue to focus on the top throughout 2005 with new facilities and projects a strong record of management achievement line sales growth of our key products; on in Sweden, the UK, the US, China and India.
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