AstraZeneca has reported a stronger-than-anticipated performance in the second quarter, with robust sales from its leading cancer drugs offsetting the decline in Covid vaccine sales.
The Anglo-Swedish pharmaceutical giant reported an adjusted profit of $2.15 per share, a 25% increase, which surpassed the expected $1.98 per share according to the company-compiled consensus estimates.
The quarterly revenue soared to $11.4bn (£8.9bn), a 6% hike, exceeding the analyst estimates of nearly $11bn.
Contrary to its peak performance in 2021, when it was the top-selling product amidst the pandemic, AstraZeneca reported no sales of its Covid vaccine in the recent quarter. It lost the market to competing mRNA vaccines after generating $445m in the same quarter the previous year.
Pascal Soriot, AstraZeneca’s CEO, remarked, “Our non-Covid-19 therapy areas experienced double-digit revenue growth, with eight drugs generating over $1bn in revenue in the first half, indicating the resilience of our business.”
AstraZeneca, currently the UK’s largest company by market capitalisation at over £165bn, reaffirmed its 2023 forecast.
Furthermore, the company announced that it had reached an agreement to acquire a suite of rare disease gene therapies from Pfizer in a deal that could reach up to $1bn, with additional tiered royalties on subsequent sales.
