AstraZeneca weathers global financial downturn

LONDON: Pharmaceutical company AstraZeneca PLC posted a 6 percent rise in second quarter net profit yesterday as the company weathered the global recession better than feared and some of its key drugs benefited from a lack of generic competition.

The Anglo-Swedish drugmaker bolstered its positive outlook with a decision to lift full year earnings per share forecast to a range of $5.70 to $6 from $5.15-$5.45.

The company posted net profit of $1.72 billion for the three months to June 30, compared with $1.63 billion in the same period a year ago. Revenue was barely changed at $7.958 billion, compared with $7.956 billion, as exchange rate impacts all but wiped out a 9 percent gain on a constant currency basis.