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AstraZeneca quiet on Pfizer bid

Published: 17:31 24 Apr 2014 AEST

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British drugmaker AstraZeneca (LON:AZN) failed to comment on a reported £60bn takeover bid from US giant Pfizer in its first quarter results.

The company was silent on the well-documented reports, which sent the shares up 8% on Tuesday.

The group reported quarterly figures were generally in line with market expectations. Revenues were up 3% at $6.42bn, while core operating profits fell 16% to $1.95bn, reflecting patent expirations on older drugs.

It highlighted progress with its new cancer drugs, which are reportedly a big draw for Viagra maker Pfizer.

Astra said it would be taking four experimental medicines – two for cancer and two for respiratory problems – into late-stage clinical testing.

Chief executive Pascal Soriot said: “The first quarter has seen continued momentum across the business and our revenue growth reflects the increasing contribution from the five growth platforms that showed strong performance.

“I am pleased with the significant progress we are making towards achieving scientific leadership in our core therapeutic areas. We have confirmed our decision to advance four programmes to Phase III in oncology and respiratory disease,” he added.


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