LONDON – Pharmaceutical company AstraZeneca PLC posted a 13 percent rise in second-quarter profit on Thursday, and increased its full-year earnings per share target as it continues to strengthen its drug pipeline.

AstraZeneca, Britain's second-largest drug maker behind GlaxoSmithKline PLC, reported net profit for the quarter ended June 30 of $1.62 billion, compared with $1.43 billion for the same period a year ago. Revenue rose 9 percent to $7.96 billion from $7.27 billion.

Chief Executive Officer David Brennan said the Anglo-Swedish company had made good progress on performance and strengthening its pipeline and patents over the first half of the year.

As a result of the good operational performance and currency benefits, it lifted its full-year core earnings per share forecast range to between $4.60 and $4.90. That is significantly above the $4.40 and $4.70 it forecast in January when delivering its 2007 results, which included earnings per share of $4.38.

“The business is on track to achieve our increased financial target for the year and we continue to strengthen the pipeline,” Brennan said. “In addition, we have mitigated the biggest near-term financial risks with the Nexium patent settlement and the successful summary judgment motion for Seroquel.”

Shares jumped 3.3 percent to 2,468 pence ($48.89) after the earnings announcement, reversing an earlier fall in the stock on an overall lower London Stock Exchange.

Like other drug makers, AstraZeneca has struggled with a growing number of patent challenges to top-selling drugs, particularly in the United States.

AstraZeneca said that U.S. sales in the second quarter dropped 4 percent as a result of the decline in its hypertension and angina drug Toprol-XL due to generic competition. Sales in the rest of the world were up 7 percent.

Sales in established markets rose 2 percent, which included double-digit sales growth in Japan, while sales in emerging markets increased by 20 percent.

AstraZeneca has had some recent wins in its fight to protect patents of its key drugs.

The drug maker settled a patent lawsuit against Ranbaxy Laboratories Ltd. in April, agreeing a deal that will delay the Indian company's release of a generic version of Nexium, its best selling heartburn drug.

Earlier this month, a decision by a U.S. court to award a summary judgment in AstraZeneca's favor avoided the need for a full trial and meant that generic copies of Seroquel, its anti-psychotic drug and second-best seller which raked in $4 billion in sales last year, will not be launched any time soon.