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  • AstraZeneca beat...

AstraZeneca beat expectations for first-quarter profit, revenue

Ruchika SharmaWritten by Ruchika Sharma Published On 2023-04-30T12:15:01+05:30  |  Updated On 30 April 2023 12:15 PM IST
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London: AstraZeneca on Thursday beat expectations for its first-quarter profit and revenue, helped by sales of its roster of drugs in emerging markets. The London-listed drugmaker, which reports its results in U.S. dollars, reported an adjusted profit of $1.92 per share on sales of about $10.9 billion.

Analysts on average were expecting $1.71 per share on sales of about $10.6 billion, according to company-compiled consensus estimates. AstraZeneca's performance in emerging markets was particularly strong, CEO Pascal Soriot said in a statement.
Excluding sales of its COVID-19 products, sales grew 22 per cent to $3.1 billion in emerging markets on a constant currency basis.
AstraZeneca is seen as a bellwether for the pharmaceutical sector in China, given its outsized presence in the region. In 2022, the country accounted for about 13 per cent of the company's total revenue.
Sales in China were hurt by lower drug prices while its tough zero-COVID policy, which was abandoned in December, have kept some patients from being diagnosed and seeking care.
But sales started to pick up in the second half of 2022, and the company generated 8 per cent sales growth in the region on a constant currency basis in the first quarter of 2023.
The Anglo-Swedish drugmaker also stood by its 2023 forecast on Thursday.
AstraZeneca's best-selling cancer drugs - Tagrisso, Imfinzi and Lynparza - generated $1.4 billion, $900 million and $651 million of sales, respectively, in the quarter.
Cowen analysts expected the three drugs to bring in about $1.45 billion, $735 million and $700 million respectively, in quarterly sales.
Other key medicines, such as the rare blood disorder drug Soliris and Ultomiris that came with AstraZeneca's $39 billion acquisition in 2021 of Alexion, generated sales of $834 million and $651 million, well ahead Cowen estimates of $500 million and $400 million respectively.
Read also: USFDA panel backs restricted use of AstraZeneca Prostrate cancer drug
AstraZenecaAstraZeneca newsfinancial resultsq1 results
Source : Reuters
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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