You are here: Home » Current Affairs » Coronavirus » News
Business Standard

AstraZeneca to book modest profit from coronavirus vaccine

British-Swedish pharmaceutical company AstraZeneca said Friday that it will start to book a modest profit from its coronavirus vaccine as it moves away from the nonprofit model

AstraZeneca | Coronavirus Vaccine

AP  |  London 


British-Swedish pharmaceutical company said Friday that it will start to book a modest profit from its vaccine as it moves away from the nonprofit model that it has operated so far during the pandemic.

In a third-quarter update, the company said it is now expecting to progressively transition the vaccine to modest profitability as new orders are received.

It said profits from the vaccine in the fourth quarter will offset costs related to its antibody cocktail developed to prevent and treat COVID-19.

Through the pandemic so far, said it would provide the vaccine, which was developed by scientists at the University of Oxford, at cost.

It confirmed Friday that it will not be booking any vaccine profits from developing countries.

The slight change of tack came as unveiled plans to set up a separate arm for vaccines and antibody treatments that focus on COVID-19.

In its earnings, the company said revenue jumped by about 50 per cent in the third quarter, largely as a result of sales of more than USD 1 billion in COVID-19 vaccines. Total revenue jumped to USD 9.87 billion for the quarter, with revenue for the year to date up by 32 per cent.

AstraZeneca said the trend is set to continue following eight positive phase three trials, including treatments for liver and prostate cancer.

It also held firm on its earnings guidance for the year.

AstraZeneca's scientific leadership continues to provide strong revenue growth and exceptional pipeline delivery, with eight positive late-stage readouts across seven medicines since June, including our long-acting antibody combination showing promise in both prevention and treatment of COVID-19," Chief Executive Pascal Soriot said.

(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.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 12 2021. 17:18 IST