AstraZeneca reports 1Q14 results

AstraZeneca plc (LSE:AZN; NYSE:AZN) reported 1Q14 financial results on Thursday and reemphasized its commitment to its core research areas of cardiovascular/metabolic, cancer, and respiratory/inflammation as well as its plans to seek partners for its neurology and infectious disease programs. Last year, the pharma said R&D and business development in neurology and infectious diseases would be "opportunity-driven." On a conference call to discuss the pharma's 1Q14 financial results, CEO Pascal Soriot stressed that he was not talking about divesting the units. The comment came in response to a question about a Financial Times article speculating that a spinout or divestments of AZ's neurology and infectious diseases businesses could be worth $15 billion. Soriot did not comment on media reports of aborted talks for an acquisition by Pfizer Inc. (NYSE:PFE) (see BioCentury Extra, April 21).

First quarter revenues were $6.42 billion, up 3% from $6.39 billion in 1Q13. The Street was expecting $6.32 billion. Core EPS was $1.17 for 1Q14, a nickel below the Street's $1.23 estimate and down 11% from $1.41 in 1Q13. The pharma reiterated its 2014 guidance of a low- to mid- single digit percentage decline in revenue and a percentage decline in core EPS in the teens. All percent changes are at constant exchange rates. ...