AstraZeneca settles UK tax claim

Anglo-Swedish drugmaker AstraZeneca reported on Tuesday that it had reached an agreement with the UK tax authority to pay £505 million ($786 million) to settle a long-standing tax dispute.

The firm said in a statement that by agreeing to resolve claims with the HM Revenue & Customs dating between 1996 and 2010, it was able to upgrade its earnings outlook for 2010.

“AstraZeneca has increased its 2010 target for core earnings per share from $5.75-6.15 to $5.90-6.30 per share,” the statement said.

AstraZeneca stock rose by one percent on the London Stock Exchange after announcement.

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