AstraZeneca Posts Earnings Beat, Lifts Guidance on Strong Sales

AstraZeneca (AZN) posted better-than-expected results for nan 2nd 4th and lifted its full-year guidance Thursday arsenic gross grew successful astir each of its merchandise categories compared to nan aforesaid clip past year.

The pharmaceutical elephantine reported $12.94 cardinal successful revenue for nan quarter, conscionable complete 13% higher than past year's $11.42 cardinal and supra nan $12.54 cardinal analysts had projected, according to estimates compiled by Visible Alpha.

Net income besides accrued much than analysts expected, to $1.93 cardinal from $1.82 cardinal past year. Analysts had expected a smaller summation to $1.84 billion.

Guidance Lifted, Revenue Rises successful Most Areas Aside From Vaccines

Sales grew for each of AstraZeneca's therapy areas for illustration oncology and cardiovascular, renal, and metabolism (CVRM), speech from vaccines and "other medicines," which fell by 57% and 11%, respectively. AstraZeneca and different pharmaceutical companies for illustration Pfizer (PFE) and Johnson & Johnson (JNJ) person reported little vaccine gross successful caller quarters arsenic request has faded for nan COVID-19 vaccine, which boosted gross during nan pandemic.

The institution besides updated its guidance for nan afloat twelvemonth connected nan backmost of nan beardown supplier sales, expecting gross and adjusted earnings per stock (EPS) to each emergence by a mid-teens percentage, compared to projections of a low-double-digit to low-teens summation previously.

During its yearly investor time during nan quarter, AstraZeneca laid retired its goals to summation gross to $80 cardinal annually by 2030, astir double nan $45.81 cardinal nan institution reported successful fiscal 2023, pinch a number of caller narcotics successful testing.

"This is simply a clear reflection of nan important maturation imaginable we spot from some our approved medicines and those successful our late-stage pipeline," AstraZeneca CEO Pascal Soriot said. "Already this twelvemonth we person announced 5 positive, perchance practice-changing Phase III studies that are anticipated to meaningfully lend to our growth."

Despite nan gross hit and lifted guidance, AstraZeneca's American depositary receipts (ADRs) were 4% little astatine $79.71 successful pre-market trading Thursday pursuing nan release.