AstraZeneca, the Anglo-Swedish drugmaker, yesterday raised its target for full-year earnings per share, as increased sales in emerging markets and Europe more than compensated for flat revenues in the US.

The company said efficiency gains in research and development, combined with improved gross margins and beneficial currency effects, would mean full-year earnings per share of $4.90-$5.05, up from estimates three months ago of $4.60-$4.90.