6k

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For July 2003

Commission File Number: 001-11960

AstraZeneca PLC

15 Stanhope Gate, London W1K 1LN, England

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F   X    Form 40-F __

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):          

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes __    No  X 

If “Yes” is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b): 82-_________





    AstraZeneca PLC
     
    INDEX TO EXHIBITS
     
1.   Press release entitled, “AstraZeneca PLC appoints two new non-executive directors”, dated 1 July 2003.
     
2.   Press release entitled, “Dealing by Directors”, dated 8 July 2003.
     
3.   Press release entitled, “FDA Advisory Committee unanimously recommends approval of Crestor® (rosuvastatin calcium)”, dated 10 July 2003.
     
4.   Press release entitled, “Exanta™ (ximelagatran) shows efficacy in first study for treatment of venous thromboembolism (VTE) – supports regulatory submission”, dated 14 July 2003.
     
5.   Press release entitled, “Front half of AstraZeneca PLC Second Quarter and Half Year Results 2003”, dated 24 July 2003.
     
6.   Press release entitled, “Second half of AstraZeneca PLC Second Quarter and Half Year Results 2003”, dated 24 July 2003.




SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    AstraZeneca PLC
     
     
Date: 28 July 2003 By: /s/ G H R Musker
   
    Name: G H R Musker
    Title:  Company Secretary & Solicitor




Item 1

ASTRAZENECA PLC APPOINTS TWO NEW

NON-EXECUTIVE DIRECTORS

AstraZeneca PLC today announced that two new Non-Executive Directors are to join the Board of Directors with immediate effect.

They are Ms. Michele Hooper, formerly President and Chief Executive Officer of Stadtlander Drug Company in the US and earlier with Baxter, and Mr Joe Jimenez, President and Chief Executive Officer of Heinz Europe.

Mr. Percy Barnevik, Chairman of AstraZeneca, said: “I am very pleased that Michele Hooper and Joe Jimenez are joining us. Michele brings considerable experience of the US healthcare industry and Joe has expertise in brand development and consumer marketing both in the US and Europe. This experience will add great benefit to the work of the Board.”

1 July 2003
 
Media Enquiries:
Emily Denney, Tel: +44 (0) 207 304 5034
Steve Brown, Tel: +44 (0) 207 304 5033
 
Investor Relations:
Mina Blair Robinson, Tel: +44 (0) 207 304 5084
Jonathan Hunt, Tel: +44 (0) 207 304 5087
 
 
NOTE TO NEWS EDITORS:
 
The biographical details of Ms.Hooper and Mr. Jimenez are as follows:
 
Ms Michele J Hooper (51)
     
Business experience
    Stadtlander Drug Company
     President and CEO (1998 - 1999)
     
  Baxter (including Baxter spin-offs) (1976 -1998)
    •  Caremark International (Now Medpartners Inc.)
        Corporate VP And President – International Businesses (1992 - 1998)
    
  •  Alternate Site International
      President (1991 - 1992)
       
  •  Baxter Healthcare Corp.
      President – Canada (1988 - 1991)
       
  •  Baxter International, Inc.
      VP – Corporate Planning (1984 - 1998)
       
  •  Baxter Healthcare Corp.
      Various Management Positions (1976 - 1984)

  Current Boards
  PPG Industries, Inc.
    Target Corporation
  Davita Inc.
     
Mr Joe Jimenez (42)
     
Business Experience
     
  H J Heinz Company
  º Executive Vice President, President and Chief Executive Officer – Heinz Europe (2002 to present)
  º Senior Vice President and President – Heinz North America (2001 - 2002)
  º Corporate Vice President and President – Heinz North America (1998 - 2001)
     
  Conagra
  º President – Hunt Wesson/Peter Pan & Orville Redenbacher/Swiss Miss Food Cos. (1997 - 1998)
  º Various positions including Senior Vice President – Marketing, Orville Redenbacher/Swiss Miss & Vice President – Marketing, La Choy / Rosarita & Vice President – Orville Redenbacher Popcorn (1993 - 1997)
     
  Clorox Company
  º Senior Marketing Officer (1984 - 1993)
     
Current Boards
     Hain Celestial Group, Inc.
     
     
- Ends -




Item 2

DEALING BY DIRECTORS
COMPANIES ACT 1985 SECTIONS 324/329

WE HEREBY INFORM YOU THAT, ON 7 JULY 2003, SIR TOM MCKILLOP, A DIRECTOR OF THE COMPANY, ACQUIRED AN INTEREST IN 61 ASTRAZENECA PLC ORDINARY SHARES OF USD0.25 EACH AT A PRICE OF 2439 PENCE PER SHARE. THE INTEREST ARISES AS A RESULT OF THE AUTOMATIC ANNUAL ACQUISITION OF ASTRAZENECA SHARES BY EMPLOYEES PARTICIPATING IN THE COMPANY'S PARTNERSHIP SHARE ARRANGEMENTS. PARTNERSHIP SHARES ARE ACQUIRED AND HELD ON BEHALF OF PLAN PARTICIPANTS BY ASTRAZENECA EMPLOYEE SHARE TRUST LIMITED UNDER THE TERMS OF THE ASTRAZENECA ALL EMPLOYEE SHARE PLAN, WHICH IS OPEN TO ALL UK EMPLOYEES OF THE COMPANY. FOLLOWING THIS ACQUISITION, SIR TOM MCKILLOP HAS A TOTAL INTEREST IN 69,560 ORDINARY SHARES, WHICH REPRESENTS APPROXIMATELY 0.004 PER CENT OF THE NUMBER OF SHARES CURRENTLY IN ISSUE.

G H R MUSKER
COMPANY SECRETARY
8 JULY 2003





Item 3

FDA ADVISORY COMMITTEE UNANIMOUSLY RECOMMENDS
APPROVAL OF CRESTOR® (rosuvastatin calcium)

AstraZeneca announced today that the Endocrinologic and Metabolic Advisory Committee to the U.S. Food and Drug Administration (FDA) unanimously voted to recommend approval for CRESTOR® (rosuvastatin calcium) as an adjunct to diet for the treatment of various lipid disorders including hypercholesterolemia, mixed dyslipidemia and isolated hypertriglyceridemia. The FDA will now review the Committee’s recommendation and make its final decision on granting marketing approval for CRESTOR.

“The Committee’s unanimous recommendation to approve CRESTOR represents a vote of confidence in the clinical profile of CRESTOR,” said Howard Hutchinson, Vice President of Clinical Research, AstraZeneca. “We believe that once approved, CRESTOR will provide patients who are untreated or not at their target cholesterol levels with an important new treatment option in the control of elevated cholesterol.”

The clinical development programme for CRESTOR is the largest pre-approval programme ever submitted to evaluate the safety and efficacy of a new statin. More than 12,500 patients are included in the safety database with more than 4,000 patients exposed to the 40 mg dose. The most commonly reported treatment-related adverse events were myalgia, abdominal pain, nausea and asthenia.

CRESTOR belongs to the class of lipid-lowering medications called HMG- CoA reductase inhibitors, or “statins” and has been studied in more than 24,000 patients worldwide. CRESTOR is being studied in an extensive clinical outcomes programme known as GALAXY, which includes more than 19,000 patients from 23 countries.

AstraZeneca licensed worldwide rights to CRESTOR from the Japanese pharmaceutical company Shionogi & Co., Ltd. CRESTOR was first approved in the Netherlands in 2002 and approval has recently been granted in 23 other countries. Launches have occurred in a number of countries, including Canada, the Netherlands and the United Kingdom.

AstraZeneca (AZN: NYSE) is a major international healthcare business engaged in the research, development, manufacture and marketing of prescription pharmaceuticals and the supply of healthcare services. It is one of the top five pharmaceutical companies in the world with healthcare sales of over $17.8 billion and leading positions in sales of cardiovascular, gastrointestinal, oncology, neuroscience and respiratory products. AstraZeneca is listed in the Dow Jones Sustainability Index (Global and European) as well as the FTSE4Good Index.

10 July 2003

Media Enquiries:
Emily Denney, Tel: +44 (0) 207 304 5034
Steve Brown, Tel: +44 (0) 207 304 5033
Gary Bruell, Tel: +1 302-885-1554
Rachel Bloom-Baglin, Tel: +1 302-886-7858

Investor Relations:
Mina Blair Robinson, Tel: +44 (0) 207 304 5084
Jonathan Hunt, Tel: +44 (0) 207 304 5087

- Ends -





Item 4

EXANTATM (ximelagatran) SHOWS EFFICACY IN FIRST STUDY FOR
TREATMENT OF VENOUS THROMBOEMBOLISM (VTE) – SUPPORTS
REGULATORY SUBMISSION

AstraZeneca announced today that data from the THRIVE Treatment study show that ExantaTM (ximelagatran), the first in a new class of oral anticoagulants called oral direct thrombin inhibitors (oral DTIs), is as effective as the current standard of care treatment regimen, enoxaparin/warfarin, in the treatment of acute venous thromboembolism (VTE; deep vein thrombosis with or without pulmonary embolism) and secondary prevention of recurrent VTE events. Importantly, the six month long study, presented today at the XIX Congress of the International Society on Thrombosis and Haemostasis (ISTH) in Birmingham, UK, also showed a favourable trend for Exanta in bleeding and mortality rates compared with the standard therapy regimen.

THRIVE Treatment, an international, randomised, multicentre, double-blind study, was designed as a non-inferiority study to compare fixed dose oral Exanta 36mg twice daily with the current standard treatment, enoxaparin (1mg/kg) followed by dose-adjusted warfarin (INR 2.0-3.0). The primary endpoint of the study was achieved, demonstrating the equivalent efficacy of oral Exanta to the standard treatment regimen in the prevention of recurrent VTE over six months. The incidence of recurrent VTE events was 26 Exanta vs 24 enoxaparin/warfarin (estimated cumulative risk 2.1% vs 2.0%), in the ITT (Intention To Treat) analysis.

“The impact of thrombosis is often underestimated, despite the fact that it is the third most common cardiovascular disease worldwide, affecting over five million people each year,” said Dr. Hamish Cameron, Vice President, Head of Exanta, AstraZeneca. “The results of THRIVE Treatment complement the earlier findings of THRIVE III, and further demonstrate the promise of Exanta to be at least as effective as the best type of standard treatment currently available. These studies will form the basis for the regulatory submission for Exanta in the treatment and long-term prevention of VTE, which remains on track for late this year.”

Safety and mortality outcomes also showed a favourable trend for Exanta over enoxaparin/warfarin with respect to the risk of major bleeding: 14 Exanta vs 25 standard treatment, (estimated cumulative risk 1.3% vs 2.2%) in the OT (On Treatment) analysis and all-cause mortality: 28 Exanta vs 42 standard treatment, (estimated cumulative risk 2.3% vs 3.4%), ITT analysis.

Laboratory blood tests in the study showed an incidence of liver enzyme elevations in 9.6% of patients receiving Exanta, compared with 2% of patients receiving enoxaparin/warfarin. These elevations decreased spontaneously whether treatment continued or was stopped. As has been seen in previous studies, these elevations were typically transient and not associated with any specific clinical symptoms.

Patients taking Exanta benefit from at least as effective anti-thrombotic protection as those treated with well-controlled warfarin, but without the limitations of warfarin treatment or its requirement for time and cost-intensive coagulation monitoring and dose titration. These promising efficacy results need to be considered alongside the safety profile for Exanta emerging from this study and from other clinical trials, which will define its overall benefit-risk profile.

Exanta has completed phase III studies in a number of indications and is the first oral anticoagulant to reach late stage clinical trials since the development of warfarin more than 50 years ago. To date more than 30,000 patients have been enrolled in the Exanta clinical trial programme. Of the 17,000 patients who have been treated with Exanta, over a third (7,000) have received Exanta treatment for at least six months. The current worldwide market for anti-thrombotics is $9.6 billion.

Exanta is being reviewed in Europe for the prevention of venous thromboembolism (VTE) following elective hip or knee replacement surgery and will be submitted for regulatory approval in the US for the same indication in Q4 2003. In addition to the regulatory submission for the treatment of VTE, scheduled for submission in Europe in the fourth quarter of this year, submissions in the EU and US for the prevention of stroke in atrial fibrillation patients are also planned for the 4Q of 2003.

Exanta is a trademark of the AstraZeneca group of companies.

14 July 2003

Media Inquiries:

Steve Brown, +44 (0) 207 304 5033
Emily Denney, +44 (0) 207 304 5034

Investor Inquiries:

Mina Blair-Robinson, +44 (0) 207 304 5084
Jonathan Hunt, +44 (0) 207 304 5087

Editors’ Notes:

The THRIVE Treatment study was established from study groups from the THRIVE II & V studies.

The THRombin Inhibitor in Venous thromboEmbolism (THRIVE) Treatment study involved 2,489 patients with acute deep vein thrombosis (DVT), of whom 37% had confirmed pulmonary embolism. Patients were randomly assigned to, and received, either oral ximelagatran 36mg bid for six months, or subcutaneous enoxaparin 1mg/kg bid for a minimum of five days followed by warfarin (target INR of 2.0-3.0) for six months.

The rationale for ‘non-inferiority’ studies: As many highly effective treatments are available in various therapeutic areas, placebo-controlled trials are often now considered unethical. Therefore, the concept of non-inferiority testing is increasingly common where the objective of these studies is to demonstrate that a treatment is ‘not inferior to’ or 'as effective as' a gold standard treatment. This can then enable treatments to be differentiated in terms of their respective additional advantages to the patient and physician, such as convenience or benefit-risk. Exanta met the non-inferiority criterion in the THRIVE Treatment study.

- Ends -





Item 5

AstraZeneca PLC
Second Quarter and Half Year Results 2003

“First half results ahead of expectations. Interim dividend increased by 10
percent. EPS targets for the year increased.”

Financial Highlights
 
Group 2nd Quarter
2003		 2nd Quarter
2002		 Actual % CER %   Half Year
2003		 Half Year
2002		 Actual
%		 CER
%
  $m $m       $m $m    
Sales 4,436 4,312 +3 -4   9,171 8,658 +6 -
                   
Operating Profit 889 1,064 -16 -18   2,161 2,361 -8 -10
                   
Profit before Tax 921 1,065 -14 -17   2,214 2,383 -7 -9
                   
Earnings per Share $     0.39 $     0.45 -13 -16   $     0.93 $     1.00 -6 -8
 

All narrative in this section refers to growth rates at constant exchange rates (CER)

Sir Tom McKillop, Chief Executive, said: "The successful transformation of our product range is shown by the replacement of $1.2 billion US sales of Prilosec™, Zestril™ and Nolvadex™ lost to generics by new and high growth products, leaving sales unchanged for the first half. As a result of this strong sales performance and prospects for the rest of the year we have raised our earnings target for the year to the range of $1.65 to $1.75 per share. We have also increased the interim dividend by 10 percent to $0.255.”

London, 24 July 2003

Media Enquiries: Steve Brown/Emily Denney (London) (020) 7304 5033/5034
  Staffan Ternby (Södertälje) (8) 553 26107
  Rachel Bloom (Wilmington) (302) 886 7858
Analyst/Investor Enquiries: Mina Blair-Robinson (London) (020) 7304 5084
  Jonathan Hunt (London) (020) 7304 5087
  Staffan Ternby (Södertälje) (8) 553 26107
  Ed Seage/Jörgen Winroth (USA) (302) 886 4065/(212) 581 8720

AstraZeneca PLC

Business Highlights All narrative in this section refers to growth rates at constant exchange rates (CER) unless otherwise indicated.

First Half

First half sales were unchanged from the prior year in CER terms. The strengthening of exchange rates versus the US dollar lifted the actual sales growth rate to 6 percent. Operating profit was down 10 percent, chiefly on significantly lower other operating income in comparison to last year, which included a disposal gain. Costs were well managed as SG&A and R&D costs grew by 4 percent in CER terms. The currency benefit on operating profit was 2 percentage points positive. Earnings per share declined by 8 percent to $0.93. In view of the increased expectations for the year and the progress of the portfolio transformation, the Board has recommended an increased first interim dividend of $0.255 (15.9 pence; SEK 2.07) to be paid on 6 October 2003.

Sales for the first half were up 5 percent in markets outside the US, and were down by 4 percent in the US market. The portfolio transformation is progressing well. Global sales of the cohort of ten recently launched and growth products increased by 48 percent to $3.7 billion, and now comprise 40 percent of sales. This strong growth offset the loss of $1.2 billion US sales of Prilosec™, Zestril™ and Nolvadex™, leaving total first half sales unchanged compared to 2002.

Nexium™ sales increased by 76 percent in the first half, with strong growth in the US (up 74 percent) and in the rest of the world (up 83 percent). During the second quarter, Nexium™ share of new prescriptions in the US PPI market surpassed those of Prilosec™ and generic omeprazole combined. Nexium™ now ranks second in new prescriptions share of the overall US PPI market, and first in new prescriptions by gastroenterologists.

Symbicort™ sales were $249 million in the first half (up 79 percent) on market share gains in the rapidly growing market for fixed combination asthma treatments.

Sales for Iressa™ reached $66 million in the first half, including $18 million in sales in the US since launch in mid-May. Through the end of June nearly 5,000 retail prescriptions have been dispensed for Iressa™ in the US and, including patients still in the expanded access programme, it is estimated that as many as 10,000 patients may be currently taking Iressa™ in this market.

Crestor™ continues to perform well in its first launch markets. Sales were $12 million in the first half. Crestor™ share of the dynamic segment of the statin market (defined as new and switch patients but excluding from the data pool patients who are simply continuing their existing treatment) is around 30 percent in Canada (private payer segment only) and in the Netherlands. On 9 July the Endocrinology and Metabolic Advisory Committee to the US Food and Drug Administration voted unanimously to recommend approval for Crestor™.

Second Quarter

Sales in the second quarter were down 4 percent in CER terms. The weaker US dollar lifted the reported actual sales growth to 3 percent. Operating profit was down 18 percent as costs grew against a sales decline. R&D and SG&A costs continue to be tightly managed, growing by 3 percent in CER terms. The currency effect on operating profit was 2 percentage points positive. Earnings per share in the second quarter were 16 percent lower, at $0.39.

Sales outside the US increased by 4 percent in the quarter, as sales growth from Nexium™, Symbicort™ and Oncology products more than offset declines in Losec™ and Zestril™.

US sales were down 11 percent as a result of wholesaler destocking and as generic erosion continued on Prilosec™ (down 52 percent), Nolvadex™ (down 94 percent) and Zestril™ (down 86 percent). US sales excluding these three products grew by 23 percent (or by an estimated 35 percent on an underlying demand basis, adjusted for the net destocking effect).

As expected, wholesaler stocks declined from the levels seen in the first quarter. Estimated inventory levels at the end of the second quarter are now at or below normal for Nexium™ and Seroquel™ and are trending down for Atacand™. Wholesaler purchasing in excess of underlying demand continued for Toprol-XL™ in the second quarter. Across the entire product range, the company estimates the value of inventory in the distribution channels has been reduced to around $200 million above normal (half the level at the end of the first quarter), the majority of which is Toprol-XL™.

2

AstraZeneca PLC

Future Prospects All narrative in this section refers to growth rates at constant exchange rates (CER) unless otherwise indicated.

Based on the strong performance to date, prospects for the second half, and assuming current exchange rates hold for the remainder of the year, the company has increased its expectations for earnings per share for the full year to the range of $1.65 to $1.75 per share.

Disclosure Notice: The preceding forward looking statements relating to expectations for earnings and business prospects for AstraZeneca PLC are subject to risks and uncertainties, which may cause results to differ materially from those set forth in the forward looking statements. These include, but are not limited to: the rate of growth in sales of generic omeprazole in the USA, the successful registration and launch of new products (in particular Crestor™, Iressa™, and Exanta™), continued growth of currently marketed products, the growth in costs and expenses, interest rate movements, exchange rate fluctuations, and changes in the tax rate. For further details on these and other risks and uncertainties, see AstraZeneca PLC’s Securities and Exchange Commission filings, including the 2002 Annual Report on Form 20-F.

3

AstraZeneca PLC

Sales
All narrative in this section refers to growth rates at constant exchange rates (CER) unless otherwise indicated.

Gastrointestinal

 
  Second Quarter   Half Year  
 
CER %
CER %
  2003 2002   2003 2002  
 
Losec™/Prilosec™ 742 1,116 -39 1,434 2,308 -42
Nexium™ 631 464 +31 1,466 811 +76
 
Total 1,390 1,597 -18 2,935 3,149 -11
 

Cardiovascular

 
 
  Second Quarter       Half Year      
 
  CER %  
  CER %  
  2003   2002       2003   2002      
 
 
Seloken™ / Toprol-XL™ 380   206   +79   748   437   +67  
Atacand™ 152   129   +6   358   278   +20  
Plendil™ 129   97   +26   239   203   +12  
Zestril ™ 118   269   -61   226   546   -63  
Crestor™ 9   -   n/m   12   -   n/m  
 
 
Total 967   889   +1   1,936   1,835   -  
 
 

4

AstraZeneca PLC

Respiratory

 
 
  Second Quarter   CER %   Half Year   CER %  
 
     
     
  2003   2002       2003   2002      
 
 
Symbicort™ 127   68   +61   249   122   +79  
Pulmicort™ 239   199   +13   490   426   +9  
Rhinocort™ 96   81   +17   186   144   +26  
Accolate™ 25   33   -27   56   65   -16  
Oxis™ 29   30   -16   60   61   -13  
 
 
Total 552   448   +13   1,115   890   +16  
 
 

5

AstraZeneca PLC

Oncology

 
 
  Second Quarter       Half Year      
 
  CER %  
  CER %  
  2003   2002       2003   2002      
 
 
Casodex ™ 228   148   +41   417   271   +43  
Zoladex™ 213   195   -   406   382   -1  
Arimidex ™ 143   79   +70   236   144   +54  
Iressa™ 47   -   n/m   66   -   n/m  
Faslodex ™ 15   8   +88   37   8   n/m  
Nolvadex ™ 39   117   -70   100   257   -63  
 
 
Total 690   553   +15   1,271   1,073   +10  
 
 
·
  		 Casodex™ sales in markets outside the US were up 19 percent in the quarter, and by 22 percent in the first half. The second quarter sales growth rate in the US (up 118 percent) reflects wholesaler stocking in the current quarter coupled with destocking in the same period last year.
·
  		 Sales for Arimidex™ outside the US increased by 50 percent in the quarter and by 46 percent at the half year. The indication for adjuvant treatment for early breast cancer is now approved in 25 countries. Arimidex™ share of the global market for aromatase inhibitors has increased by 15 percentage points since the clinical data supporting its use for early breast cancer were first presented in December 2001.
·
  		 Total prescriptions for Arimidex™ in the US are up 54 percent through June. Sales were up 66 percent in the first half, but were up 94 percent in the second quarter, indicating some wholesaler stockbuilding in the quarter.
·
  		 In May it was announced that clinical trials in the US and in Europe will evaluate the efficacy and safety of Arimidex™ in patients with very early breast cancer and in women at high risk of developing the disease.
·
  		 Sales of Iressa™ reached $66 million in the first half, including $18 million in the US since launch in mid-May. Through June nearly 5,000 retail prescriptions have been dispensed for Iressa™ in the US. Sales in Japan in the second quarter returned to a more normal trend line from that seen in the first quarter.
·
  		 Faslodex™ sales increased to $37 million in the first half, indicating that Faslodex™ is a welcome addition to treatment options for the management of advanced breast cancer.
·
  		 The global sales decline in Nolvadex™ reflects the entry of multiple generic tamoxifen products in the US market since the end of February.
CNS
 
 
  Second Quarter       Half Year      
 
  CER %  
  CER %  
  2003   2002       2003   2002      
 
 
Seroquel™ 270   263   -1   714   592   +18  
Zomig™ 54   74   -35   162   166   -8  
 
 
Total 331   345   -9   891   773   +11  
 
 
·
  		 Total prescriptions for Seroquel™ in the US continue to grow strongly, up 35 percent through June. Market share in June was 19.6 percent, up 2 points this year. Seroquel™ is the only product among the top three in the atypical antipsychotic class to gain market share this year.
·
  		 In contrast to the prescription trend, Seroquel™ sales in the US have been distorted by wholesaler stocking patterns. Sales in the second quarter were down 11 percent as the above normal wholesaler inventories carried from the first quarter were unwound. First half sales were up 10 percent, with inventories at the end of the period back to normal levels.

6

AstraZeneca PLC

Pain, Infection and Other Pharma

 
 
  Second Quarter   CER %   Half Year   CER %  
 
   
   
  2003   2002     2003   2002    
 
 
Merrem™ 80   74   +5   154   141   +8  
Diprivan™ 98   111   -17   234   222   -  
Xylocaine™ 50   45   +9   88   85   +2  
Marcaine™ 23   18   +22   42   35   +14  
 
 
Total 369   357   -2   746   699   +2  
 
 

Geographic Sales

 
 
  Second Quarter   CER %   Half Year   CER %  
 
   
   
  2003   2002     2003   2002    
 
 
USA 1,962   2,214   -11   4,432   4,597   -4  
Europe 1,646   1,401   -2   3,201   2,788   -1  
Japan 293   240   +11   536   412   +20  
RoW 535   457   +17   1,002   861   +18  
 
 

AstraZeneca PLC

Operating Review

Half Year

Reported sales were up 6 percent (unchanged CER) and operating profits down 8 percent (CER down 10 percent). The weaker US dollar increased sales growth by 6 percentage points but also increased costs so that the effect at the profit level was reduced to 2 points. Gross margin increased by 0.5 points due to favourable mix, including lower proportional payments to Merck. Operating margins declined by 3.7 points to 23.6 percent. R&D and SG&A continue to be tightly managed, growing by 4 percent in CER terms. Other operating income is significantly lower in comparison with last year, which included a disposal gain and accounts for around 1.6 points of the margin decline.

Second Quarter

Reported sales grew by 3 percent, operating profits fell by 16 percent. At constant exchange rates, sales fell by 4 percent and operating profit by 18 percent. Operating margin at 20.0 percent fell by 4.7 percentage points as a result of declining sales while costs increased. Currency also depressed margins. R&D and SG&A costs remained well controlled in the quarter increasing by only 3 percent in CER terms. Also, in the quarter, the disposal of Marlow Foods was completed and a small gain was included in other income.

Currency for the year is expected to have a small positive effect on earnings per share (around 4 cents) as the relative strength of the Euro has a positive effect on sales, outweighing the negative effect on costs as a result of the stronger sterling and Swedish Krona.

Wholesaler Stocking

Sales in the first quarter’s results were increased by speculative wholesaler purchases made ahead of anticipated price increases. At the end of the first quarter it was estimated that wholesaler inventories were approximately $400 million above normal. As expected, during the second quarter, inventory levels reduced and at the end of June it was estimated that wholesaler inventories had fallen to around $200 million above normal, a significant part of which was Toprol-XL™ with most other major products affected – including Nexium™ and Seroquel™ having returned to normal or below normal levels.

Interest and Dividend Income

Net interest and dividend income for the first half of 2003 was $53 million, $32 million in the second quarter, with higher overall cash balances compensating for lower yields on investments together with a reduction in exchange losses (particularly in the second quarter) compared with the same periods last year.

Taxation

The effective tax rate for the second quarter and half year was 27.5 percent compared with 27.0 percent for the comparative periods in 2002.

Cash Flow

Cash generated from operating activities before exceptional items in the first half of the year fell to $2,473 million from $3,149 million in the comparative period, a decline caused by a combination of lower operating profits, inventory increase and the timing of creditor settlements. Cash expenditure on exceptional items was $381 million, compared to $55 million in 2002 – the Zoladex settlement in the second quarter was the major element. Tax paid in the first six months was $762 million, $347 million higher than the same period in 2002 due to earlier payment of US taxes. Net capital expenditure was broadly comparable with the comparative period, totalling $673 million in the six months. The cash inflow of $80 million in respect of acquisitions and disposals represents the disposal of Marlow Foods in the second quarter. Share repurchases totalled $311 million and in the second quarter indebtedness of $319 million was repaid. Net cash funds fell by $235 million from the beginning of the year to stand at $3,609 million at 30 June 2003.

8

AstraZeneca PLC
Dividends

A first interim dividend of $0.255 (15.9 pence, SEK 2.07) will be paid on 6 October 2003 to all shareholders on the register on 22 August 2003.

Share Repurchase Programme

During the second quarter 4.6 million ordinary shares were repurchased for cancellation at a cost of $182 million bringing the total repurchases for the first half of the year to 8.6 million shares at a total cost of $311 million. Since the start of this programme 74.2 million shares have been repurchased at a total cost of $3,116 million. The total number of shares in issue (as at 30 June 2003) is 1,710 million. Approximately $900 million remains available under the previously announced share repurchase programme.

Upcoming Milestones and Key Events

   
2 October Annual Business Review, Wilmington, USA
23 October Announcement of third quarter results
   
Sir Tom McKillop  
Chief Executive  

9





Item 6

Consolidated Profit & Loss Account

    2003     2002  
For the six months ended 30 June   $m     $m  
 
 
Sales   9,171     8,658  
Cost of sales   (2,237 )   (2,154 )
Distribution costs   (75 )   (65 )
Research and development   (1,597 )   (1,420 )
Selling, general and administrative expenses   (3,163 )   (2,869 )
Other operating income   62     211  
 
 
Operating profit   2,161     2,361  
Net interest and dividend income   53     22  
 
 
Profit on ordinary activities before taxation   2,214     2,383  
Taxation   (609 )   (644 )
 
 
Profit on ordinary activities after taxation   1,605     1,739  
Attributable to minorities   (7 )   (6 )
 
 
Net profit for the period   1,598     1,733  
 
 
Dividends to shareholders   (436 )   (398 )
 
 
Retained profit for the period   1,162     1,335  
 
 
             
Earnings per Ordinary Share $ 0.93   $ 1.00  
Diluted earnings per Ordinary Share $ 0.93   $ 1.00  
 
 
Weighted average number of Ordinary Shares in issue (millions)   1,714     1,741  
 
 
Diluted average number of Ordinary Shares in issue (millions)   1,716     1,743  
 
 

10





Consolidated Profit & Loss Account

For the quarter ended 30 June       2003
$m 		    2002
$m 		 
   
 
 
Sales       4,436     4,312  
Cost of sales       (1,102 )   (1,060 )
Distribution costs       (40 )   (35 )
Research and development       (815 )   (723 )
Selling, general and administrative expenses       (1,637 )   (1,485 ) 
Other operating income       47     55  
   
 
 
Operating profit       889     1,064  
Net interest and dividend income       32     1  
   
 
 
Profit on ordinary activities before taxation       921     1,065  
Taxation       (253 )   (288 )
   
 
 
Profit on ordinary activities after taxation       668     777  
Attributable to minorities       (2 )   (2 )
   
 
 
Net profit for the period       666     775  
   
 
 
Dividends to shareholders       (436 )   (398 )
   
 
 
Retained profit for the period       230     377  
   
 
 
                 
Earnings per Ordinary Share     $ 0.39   $ 0.45  
Diluted earnings per Ordinary Share     $ 0.39   $ 0.45  
   
 
 
Weighted average number of Ordinary Shares in issue (millions)       1,712     1,736  
   
 
 
Diluted average number of Ordinary Shares in issue (millions)       1,714     1,738  
   
 
 

11





Consolidated Balance Sheet

        30 June     30 June  
        2003     2002  
        $m     $m  
   
 
 
Fixed assets                
Tangible fixed assets       7,005     6,079  
Goodwill and intangible assets       2,863     2,748  
Fixed asset investments       47     22  
   
 
 
        9,915     8,849  
Current assets    
Stocks       2,765     2,460  
Debtors       5,479     4,648  
Cash and short-term investments       3,987     4,247  
   
 
 
        12,231     11,355  
   
 
 
Total assets       22,146     20,204  
   
 
 
Creditors due within one year    
Short-term borrowings and current instalments of loans       (55 )   (476 )
Other creditors       (7,047 )   (6,646 ) 
   
 
 
        (7,102 )   (7,122 )
   
 
 
Net current assets       5,129     4,233  
   
 
 
Total assets less current liabilities       15,044     13,082  
   
 
 
Creditors due after more than one year    
Loans       (323 )   (337 )
Other creditors       (42 )   (153 )
Provisions for liabilities and charges       (1,922 )   (1,547 )
   
 
 
        (2,287 )   (2,037 )
   
 
 
Net assets       12,757     11,045  
   
 
 
Capital and reserves    
Shareholders' funds - equity interests       12,696     10,994  
Minority equity interests       61     51  
   
 
 
Shareholders' funds and minority interests       12,757     11,045  
   
 
 
                 
Statement of Total Recognised Gains and Losses                
        2003     2002  
For the six months ended 30 June       $m     $m  
   
 
 
Net profit for the period       1,598     1,733  
Exchange adjustments on net assets       647     797  
Translation differences on foreign currency borrowings       -     (5 )
Tax on translation differences on foreign currency borrowings       -     -  
Other movements       -     3  
   
 
 
Total recognised gains and losses relating to the period       2,245     2,528  
   
 
 

12





Consolidated Cash Flow Statement

        2003     2002  
For the six months ended 30 June       $m     $m  
   
 
 
Cash flow from operating activities            
Operating profit       2,161     2,361  
Depreciation       417     328  
Amortisation       141     131  
(Increase)/decrease in working capital       (346 )   251  
Other non-cash movements       100     78  
   
 
 
Net cash inflow from operating activities before exceptional    
items       2,473     3,149  
Outflow related to exceptional items       (381 )   (55 )
   
 
 
Net cash inflow from operating activities       2,092     3,094  
   
 
 
Returns on investments and servicing of finance       33     3  
   
 
 
Tax paid       (762 )   (415 )
   
 
 
Capital expenditure and financial investment    
Net cash expenditure on fixed assets       (673 )   (632 )
Cash expenditure on fixed asset investments       -     (1 )
   
 
 
        (673 )   (633 )
   
 
 
Acquisitions and disposals       80     -  
   
 
 
Equity dividends paid to Shareholders       (770 )   (820 )
   
 
 
Net cash inflow before management of liquid    
resources and financing       -     1,229  
   
 
 
Management of liquid resources    
Movement in short-term investments and fixed deposits (net)       487     (428 )
   
 
 
Financing       (604 )   (815 )
   
 
 
Decrease in cash in the period       (117 )   (14 )
   
 
 
Net cash funds    
   
 
 
Net cash inflow before management of liquid resources and financing       -     1,229  
AstraZeneca PLC Ordinary Shares    
  Issued for cash       26     26  
  Repurchased for cash       (311 )   (748 )
   
 
 
(Outflow)/inflow of net cash funds in the period       (285 )   507  
   
 
 

13





Independent Review Report by KPMG Audit Plc to AstraZeneca PLC

Introduction

We have been engaged by the Company to review the financial information for the six month period ended 30 June 2003 set out on pages 10 and 12 to 16 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.

This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Listing Rules of the Financial Services Authority. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities

The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the interim report in accordance with the Listing Rules which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where they are to be changed in the next annual accounts in which case any changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4: Review of Interim Financial Information issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2003.

KPMG Audit Plc
Chartered Accountants
8 Salisbury Square
London

24 July 2003

Notes to the Interim Financial Statements

1 BASIS OF PREPARATION AND ACCOUNTING POLICIES

The unaudited financial statements for the six months ended 30 June 2003 have been prepared in accordance with UK generally accepted accounting principles. The accounting policies applied are those set out in AstraZeneca PLC’s 2002 Annual Report and Form 20-F.

The financial statements are unaudited but have been reveiwed by the auditors and their report is set out above. These interim financial statements do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 December 2002 have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain any statement under Section 237 of the Companies Act 1985.

As part of AstraZeneca’s objective to align with best accounting practice, cash discounts arising from prompt payments of invoices were reclassified from cost of sales to sales for the year ended 31 December 2002. Comparatives were reclassified and additional detail at product and territorial level are available on the AstraZeneca website. Both sales and cost of sales were reduced by $145m in the first half 2002. Neither profits nor net assets were affected.

2 JOINT VENTURES AND ASSOCIATES

The group's share of joint ventures' sales for the half year to 30 June 2003 amounted to $174m and $173m for the comparative period. Share of joint ventures' operating profits for the half year to 30 June 2003, and for the comparative period, were $nil.

14





3 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS

        2003     2002  
For the six months ended 30 June       $m     $m  
   
 
 
Shareholders' funds at beginning of period       11,172     9,586  
   
 
 
Net profit for the period       1,598     1,733  
Dividends to Shareholders       (436 )   (398 )
        1,162     1,335  
   
 
 
Issue of AstraZeneca PLC Ordinary Shares       26     26  
Repurchase of AstraZeneca PLC Ordinary Shares       (311 )   (748 )
Foreign currency adjustment       647     792  
Other movements       -     3  
   
 
 
Net addition to Shareholders' funds       1,524     1,408  
   
 
 
Shareholders' funds at end of period       12,696     10,994  

4 NET CASH FUNDS

The table below provides an analysis of net cash funds and a reconciliation of net cash flow to the movement in net cash funds.

        At 31 Dec     Cash     Other     Exchange     At 30 June  
        2002     flow     Non-cash     Movements     2003  
        $m     $m     $m     $m     $m  
     
   
   
   
   
 
Loans due after 1 year       (328 )   -     5     -     (323 )
Current instalments of loans       (314 )   319     (5 )   -     -  
     
   
   
   
   
 
Total loans       (642 )   319     -     -     (323 )
     
   
   
   
   
 
Short-term investments       3,962     (487 )   -     28     3,503  
Cash       726     (264 )   -     22     484  
Overdrafts       (202 )   147     -     -     (55 )
     
   
   
   
   
 
        4,486     (604 )   -     50     3,932  
     
   
   
   
   
 
Net cash funds       3,844     (285 )   -     50     3,609  
     
         
   
   
 
Issue of AstraZeneca PLC Ordinary    
Shares             (26 )
Repurchase of AstraZeneca PLC    
Ordinary Shares             311  
           
 
Net cash inflow before    
management of liquid resources    
and financing             -  
           
 

5 LEGAL PROCEEDINGS

The Company announced on 20 June 2003 a settlement of the US Department of Justice investigation into the US sales and marketing practices for Zoladex (goserelin acetate implant). Under the terms of the settlement, AstraZeneca Pharmaceuticals LP admitted to violating the Prescription Drug Marketing Act by providing free samples of Zoladex to physicians during the period 1993 through 1996, with the understanding that these physicians would bill Medicare for reimbursement. AstraZeneca also settled, without admitting liability, civil claims involving allegations that the Company provided inducements to physicians to purchase Zoladex and for improperly setting and reporting its price. The total payment associated with the settlement is $355 million, with a portion of the settlement placed in escrow to fund anticipated settlements with the individual states. The settlement also provides for a five-year Corporate Integrity Agreement with the Office of Inspector General (OIG) for the Department of Health and Human Services, under which AstraZeneca Pharmaceuticals LP is required, among other obligations, to keep in place its current Compliance Program and provide periodic reports to the OIG on the status of compliance activities.

15





6 HALF YEAR TERRITORIAL SALES ANALYSIS

                    % Growth  
        1st Half     1st Half    
 
        2003     2002           Constant  
        $m     $m     Actual     Currency  
     
   
   
   
 
        US       4,432     4,597     (4 )   (4 )
        Canada       330     273     21     16  
     
   
   
   
 
        North America       4,762     4,870     (2 )   (2 )
     
   
   
   
 
        France       688     533     29     9  
        UK       274     325     (16 )   (24 )
        Germany       390     329     19     1
        Italy       450     379     19     1  
        Sweden       152     138     10     (7 )
        Europe others       1,247     1,084     15     (1 )
     
   
   
   
 
        Total Europe       3,201     2,788     15     (1 )
     
   
   
   
 
        Japan       536     412     30     20  
        Rest of World       672     588     14     19  
     
   
   
   
 
Total       9,171     8,658     6     -  
     
   
   
   
 

7 SECOND QUARTER TERRITORIAL SALES ANALYSIS

                    % Growth  
        2nd Half     2nd Half    
 
        2003     2002           Constant  
        $m     $m     Actual     Currency  
     
   
   
   
 
        US       1,962     2,214     (11 )   (11 )
        Canada       174     144     21     13  
     
   
   
   
 
        North America       2,136     2,358     (9 )   (10 )
     
   
   
   
 
        France       359     270     33     10  
        UK       130     147     (12 )   (21 )
        Germany          207     165     25     4  
        Italy       242     207     17     (3 )
        Sweden       73     74     (1 )   (16 )
        Europe others       635     538     18     -  
     
   
   
   
 
        Total Europe       1,646     1,401     17     (2 )
     
   
   
   
 
        Japan       293     240     22     11  
        Rest of World       361     313     15     19  
     
   
   
   
 
Total       4,436     4,312     3     (4 )
     
   
   
   
 

16





8 HALF YEAR PRODUCT SALES ANALYSIS

        World     US  
       
   
 
                    Constant          
        1st Half     1st Half     Actual     Currency     1st Half     Actual  
        2003     2002     Growth     Growth     2003     Growth  
        $m     $m     %     %     $m     %  
     
   
   
   
   
   
 
Gastrointestinal:                            
  Losec       1,434     2,308     (38 )   (42 )   607     (56 )
  Nexium       1,466     811     81     76     1,106     74  
  Others       35     30     17     7     11     22  
     
   
   
   
   
   
 
Total Gastrointestinal       2,935     3,149     (7 )   (11 )   1,724     (15 )
     
   
   
   
   
   
 
Cardiovascular:                                        
  Zestril       226     546     (59 )   (63 )   43     (87 )
  Seloken       748     437     71     67     576     93  
  Atacand       358     278     29     20     137     20  
  Plendil       239     203     18     12     89     24  
  Tenormin       165     190     (13 )   (18 )   13     (65 )
  Crestor       12     -     n/m   n/m   -   n/m  
  Others       188     181     4     (8 )   9     (18 )
     
   
   
   
   
   
 
Total Cardiovascular       1,936     1,835     6     -     867     (1 )
     
   
   
   
   
   
 
Respiratory:    
  Pulmicort       490     426     15     9     261     37  
  Rhinocort       186     144     29     26     136     39  
  Symbicort       249     122     104     79     -     -  
  Accolate       56     65     (14 )   (16 )   38     (16 )
  Oxis       60     61     (2 )   (13 )   -     -  
  Others       74     72     3     (8 )   -     -  
     
   
   
   
   
   
 
Total Respiratory       1,115     890     25     16     435     31  
     
   
   
   
   
   
 
Oncology:    
  Zoladex       406     382     6     (1 )   84     (17 )
  Casodex       417     271     54     43     132     110  
  Nolvadex       100     257     (61 )   (63 )   36     (81 )
  Arimidex       236     144     64     54     101     66  
  Iressa       66     -     n/m     n/m     18     n/m  
  Faslodex       37     8     n/m     n/m     37     n/m  
  Others       9     11     (18 )   (27 )   -     -  
     
   
   
   
   
   
 
Total Oncology       1,271     1,073     18     10     408     (3 )
     
   
   
   
   
   
 
CNS:    
  Seroquel       714     592     21     18     545     10  
  Zomig       162     166     (2 )   (8 )   78     (19 )
  Others       15     15     -     (13 )   2     (33 )
     
   
   
   
   
   
 
Total CNS       891     773     15     11     625     5  
     
   
   
   
   
   
 
Pain, Infection and Other Pharma:    
  Diprivan       234     222     5     -     123     13  
  Merrem       154     141     9     8     25     (22 )
  Local anaesthetics       223     156     43     34     51     55  
  Other Pharma Products       135     180     (25 )   (31 )   31     (44 )
     
   
   
   
   
   
 
Total Pain, Infection and Other    
Pharma       746     699     7     2     230     -  
     
   
   
   
   
   
 
  Salick Health Care       134     113     19     19     134     19  
  Astra Tech       94     71     32     11     7     40  
  Marlow Foods       49     55     (11 )   (18 )   2     100  
     
   
   
   
   
   
 
Total       9,171     8,658     6     -     4,432     (4 )
     
   
   
   
   
   
 
n/m not meaningful    

17





9 SECOND QUARTER PRODUCT SALES ANALYSIS

        World     US  
       
   
 
        2nd Quarter     2nd Quarter     Actual     Constant Currency     2nd Quarter     Actual  
        2003     2002     Growth     Growth     2003     Growth  
        $m     $m     %     %     $m     %  
     
   
   
   
   
   
 
Gastrointestinal:                                        
  Losec       742     1,116     (34 )   (39 )   320     (52 )
  Nexium       631     464     36     31     437     25  
  Others       17     17     -     (12 )   3     (40 )
     
   
   
   
   
   
 
Total Gastrointestinal       1,390     1,597     (13 )   (18 )   760     (25 )
     
   
   
   
   
   
 
Cardiovascular:    
  Zestril       118     269     (56 )   (61 )   23     (86 )
  Seloken       380     206     84     79     291     112  
  Atacand       152     129     18     6     35     (19 )
  Plendil       129     97     33     26     50     72  
  Tenormin       81     96     (16 )   (23 )   -     -  
  Crestor       9     -     n/m     n/m     -     n/m  
  Others       98     92     7     (6 )   5     -  
     
   
   
   
   
   
 
Total Cardiovascular       967     889     9     1     404     3  
     
   
   
   
   
   
 
Respiratory:    
  Pulmicort       239     199     20     13     128     51  
  Rhinocort       96     81     19     17     68     24  
  Symbicort       127     68     87     61     -     -  
  Accolate       25     33     (24 )   (27 )   15     (35 )
  Oxis       29     30     (3 )   (16 )   -     -  
  Others       36     37     (3 )   (17 )   -     -  
     
   
   
   
   
   
 
Total Respiratory       552     448     23     13     211     29  
     
   
   
   
   
   
 
Oncology:    
  Zoladex       213     195     9     -     42     (24 )
  Casodex       228     148     54     41     72     118  
  Nolvadex       39     117     (67 )   (70 )   5     (94 )
  Arimidex       143     79     81     70     68     94  
  Iressa       47     -     n/m     n/m     18     n/m  
  Faslodex       15     8     88     88     15     88  
  Others       5     6     (17 )   (34 )   -     -  
     
   
   
   
   
   
 
Total Oncology       690     553     25     15     220     4  
     
   
   
   
   
   
 
CNS:    
  Seroquel       270     263     3     (1 )   185     (11 )
  Zomig       54     74     (27 )   (35 )   9     (76 )
  Others       7     8     (13 )   (38 )   -     -  
     
   
   
   
   
   
 
Total CNS       331     345     (4 )   (9 )   194     (21 )
     
   
   
   
   
   
 
Pain, Infection and Other Pharma:    
  Diprivan       98     111     (12 )   (17 )   42     (25 )
  Merrem       80     74     8     5     12     (29 )
  Local anaesthetics       122     60     103     90     31     182  
  Other Pharma Products       69     112     (38 )   (41 )   14     (62 )
     
   
   
   
   
   
 
Total Pain, Infection and Other    
 Pharma       369     357     3     (2 )   99     (18 )
     
   
   
   
   
   
 
  Salick Health Care       69     59     17     17     69     17  
  Astra Tech       50     37     35     13     4     33  
  Marlow Foods       18     27     (33 )   (37 )   1     -  
     
   
   
   
   
   
 
Total       4,436     4,312     3     (4 )   1,962     (11 )
     
   
   
   
   
   
 
n/m not meaningful    

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Information for US Investors

RECONCILIATION TO UNITED STATES ACCOUNTING PRINCIPLES

The profit and loss account and balance sheet set out on pages 10 to 12 are prepared in accordance with generally accepted accounting principles in the United Kingdom (UK GAAP) which differ in certain material respects from those generally accepted in the United States (US GAAP). The differences as they apply to AstraZeneca PLC are explained in the 2002 Annual Report and Form 20-F. The approximate effects on income and shareholders’ equity of the GAAP differences are shown below.

        1st Half     1st Half  
        2003     2002  
Income attributable to Shareholders $m       $m     $m  
   
 
 
Net income for the period under UK GAAP from continuing            
  operations       1,598     1,733  
Adjustments to conform to US GAAP    
Purchase accounting adjustments (including goodwill and    
intangibles):    
  - deemed acquisition of Astra (amortisation and other acquisition adjustments)       (461 )   (419 )
  - others       28     26  
Capitalisation less amortisation of interest       3     -  
Capitalisation less amortisation of software costs       (45 )   (42 )
Deferred taxation    
  - on fair values of Astra       129     115  
  - others       (49 )   (83 )
Pension expense       (16 )   (27 )
Post-retirement benefits/plan amendment       2     2  
Share based compensation       (4 )   32  
Fair value of derivative financial instruments       (11 )   37  
Deferred income recognition       12     (47 )
Unrealised gains on foreign exchange and others       (1 )   4  
   
 
 
Net income in accordance with US GAAP       1,185     1,331  
   
 
 
Net income per Ordinary Share under US GAAP – basic and diluted     $ 0.69   $ 0.77  
   
 
 

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RECONCILIATION TO UNITED STATES ACCOUNTING PRINCIPLES (CONTINUED)

        30 June     30 June  
Shareholders' equity       2003     2003  
        $m     $m  
     
   
 
Shareholders' equity under UK GAAP       12,696     10,994  
     
Adjustments to conform to US GAAP    
Purchase accounting adjustments (including goodwill and    
intangibles):    
  - deemed acquisition of Astra    
    - goodwill       13,406     12,355  
    - tangible and intangible fixed assets       7,658     7,737  
  - others       114     57  
Capitalisation, less disposals and amortisation of interest       241     192  
Deferred taxation    
  - on fair value of Astra       (2,300 )   (2,310 )
  - others       (218 )   (156 )
Dividend       436     398  
Pension expense       (287 )   (189 )
Post-retirement benefits/plan amendment       (22 )   (26 )
Software costs capitalised       19     68  
Fair value of derivative financial instruments       101     87  
Deferred income recognition       (2 )   (122 )
Others       96     93  
     
   
 
Shareholders' equity in accordance with US GAAP       31,938     29,178  
     
   
 

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Shareholder Information

ANNOUNCEMENTS AND MEETINGS  
   
Annual Business Review 2 October 2003
   
Announcement of third quarter and nine months results 23 October 2003
   
   
   
DIVIDENDS  

The record date for the first interim dividend payable on 6 October 2003 (in the UK, Sweden and the US) is 22 August 2003. Ordinary Shares will trade ex-dividend on the London and Stockholm Stock Exchanges from 20 August 2003. ADRs will trade ex-dividend on the New York Stock Exchange from the same date.

Future dividends will normally be paid as follows:  
   
First interim Announced in July and paid in October
   
   
Second interim Announced in January and paid in April.
   
   
   
TRADEMARKS  

The following brand names used in this interim report are trade marks of the AstraZeneca group of companies:

Accolate Arimidex Astra Tech Atacand Casodex Crestor Diprivan Exanta Faslodex Iressa Losec Merrem Nexium Nolvadex Oxis Plendil Prilosec Pulmicort Pulmicort Respules Pulmicort Turbuhaler Rhinocort Rhinocort Aqua Seloken Seroquel Symbicort Tenormin Toprol-XL Zestril Zoladex Zomig

ADDRESSES FOR CORRESPONDENCE
Registrar and Depositary Registered Office Swedish Securities
Transfer Office for ADRs   Register Centre
The AstraZeneca Registrar JPMorgan Chase Bank 15 Stanhope Gate VPC AB
Lloyds TSB Registrars PO Box 43013 London PO Box 7822
The Causeway Providence, W1K 1LN S-103 97 Stockholm
Worthing RI 02940-3013 UK Sweden
West Sussex US    
BN99 6DA      
Tel: +44 (0)121 433 8000 Tel: (781) 575 4328 Tel: +44 (0)20 7304 5000 Tel: +46 (0)8 402 9000


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
 
In order to utilise the ‘Safe Harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995, AstraZeneca is providing the following cautionary statement. This Interim Report contains forward-looking statements with respect to the financial condition, results of operations and businesses of AstraZeneca. By their nature, forward-looking statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from that expressed or implied by these forward-looking statements. These factors include, among other things, the loss or expiration of patents, marketing exclusivity or trade marks; exchange rate fluctuations; the risk that R&D will not yield new products that achieve commercial success; the impact of competition; price controls and price reductions; taxation risks; the risk of substantial product liability claims; the impact of any failure by third parties to supply materials or services; the risk of delay to new product launches; the difficulties of obtaining and maintaining governmental approvals for products; and the risk of environmental liabilities.

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