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Article: New drugs offset Tenormin's decline. (Zeneca Ltd.; medication)
- Article from:
- Chemistry and Industry
- Article date:
- March 21, 1994
CopyrightCOPYRIGHT 1994 Society of Chemical Industry. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Exchange rate effects helped Zeneca, the old bioscience wing of ICI, to a more than five-fold surge in pre-tax profits to |pounds~642M, on sales up 11.6% at |pounds~4.44bn. Profits before exceptional items -- the effects of last year's hefty restructuring charges -- increased 42%.
The company's trading profits grew 21%, to |pounds~713M. Of this rise, 14% came from increased sales volumes -- mostly in the first half, as drug pricing reforms began to bite later in the year; and only 1% from price rises. Exchange rates boosted trading profits by 22%, although this was offset by a 16% rise in fixed costs.
The bulk of the company's trading profits -- 81% -- came ...