AstraZeneca beats Q3 sales estimate on strong demand; backs 2020 outlook

AstraZeneca, the British drugmaker working on one of the world's leading Covid-19 vaccine candidates, on Thursday beat third-quarter sales estimates on strong demand for its diverse portfolio of drugs during Covid-19 pandemic lockdowns and maintained its 2020 forecasts.

Product sales, which exclude payments from collaborations, rose 7 per cent to $6.52 billion for the three months ended September 30 on a constant-currency basis, ahead of a company-compiled consensus of $6.50 billion. However, the company reported core earnings of 94 cents per share, lower than analysts' expectations of 98 cents.

The company has taken on the development of Oxford University's potential Covid-19 vaccine, scoring billions in funding and signing multiple deals to supply over three billion doses to countries around the world.