AstraZeneca trounces Q1 estimates as resilient demand fuels growth

AstraZeneca sailed past market expectations for quarterly revenue and profit on Thursday, underpinning strong demand for its blockbuster drugs and steady sales from partnered medicines.
 

Oncology, the Anglo-Swedish drugmaker's top business, clocked a 26% jump in first-quarter sales to $5.12 billion.
 

CEO Pascal Soriot has rebuilt the company's pipeline of new drugs since taking the helm more than a decade ago, to make blockbusters such as lung cancer drug Tagrisso, leukaemia drug Calquence and Farxiga for diabetes.
 

Combined revenue from partnered medicines, such as breast cancer therapy Enhertu with Daiichi Sankyo and asthma medicine Tezspire with Amgen, jumped by more than 60% in the three-month period, fuelling overall growth.
 

The number two London-listed company by market value reported core earnings per share of $2.06 on a 19% year-on-year rise in total revenue to $12.68 billion. Analysts had expected a core profit of $1.92 per share on revenue of $11.84 billion, according to a company-compiled consensus.
 

AstraZeneca stuck by its forecast of total revenue and core earnings per share increasing by percentages in the low double-digits to low-teens in 2024.
 

The company said two weeks ago it would raise its annual dividend by 7% this year, betting on a strong performance and cash generation from its blockbuster drugs and several recent acquisitions.
 

Other businesses, such as rare diseases and respiratory and immunology, also clocked double-digit percentage growth in quarterly sales.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)