AstraZeneca Raises 2014 Outlook

AstraZeneca

reported better-than-expected earnings for the third quarter and raised its 2014 sales outlook. Net profit slipped to $254 million, versus a year-ago profit of $1.25 billion. AstraZeneca's sales climbed 5% to $6.54 billion, versus expectations of $6.41 billion. Its core earnings declined 13% to $1.05 per share, versus analysts' estimates of $1.03 per share. The company now projects full-year revenue to rise in low single digits. It also expects core earnings per share to drop about 10% this year, versus the low double-digit drop. Pascal Soriot, Chief Executive Officer, said, “This enhanced execution of our strategy and our sustained performance gives us confidence to increase our revenue and Core earnings guidance for the year. I'm particularly proud of our teams who continue to demonstrate their focus and belief in our strategy, which is rapidly transforming our company.” AstraZeneca shares fell 2.14% to $71.90 in pre-market trading.