AstraZeneca Q2 Highlights: Profits Fall, COVID-19 Vaccine Sales Dip, Lifts Annual Sales Guidance

AstraZeneca Plc AZN Q2 profits fell sharply on ballooning costs linked to its Alexion takeover. The net profit was down 68% Y/Y (75% on constant currency) to $247 million.
Core EPS reached $1.72, +92% (+89% CC).
The company clocked Q2 sales of $10.77 billion, +32% (+38% CC), beating the consensus of $10.53 billion.
AstraZeneca's best-selling product Tagrisso for lung cancer saw revenues increase 7% to $1.4 billion, while sales of cardiovascular and diabetes treatment Farxiga jumped 51% to $1.1 billion.
Sales of its Covid-19 vaccine Vaxzevria slumped 49% to $455 million in the second quarter. The company said most Vaxzevria revenues came from initial, non-profit contracts.
Operating expenses jumped 33%, "reflecting the addition of Alexion, and continued investment in new launches and the pipeline" of drugs.
Guidance: AstraZeneca said FY22 revenue from Covid-19 medicines is anticipated to be broadly flat compared with 2021, with the growth of its preventative antibody treatment Evusheld offsetting an expected decline in Vaxzevria sales.
Revenue is expected to increase by a low twenties percentage (previously high teens).
Price Action: AZN shares are down 1.24% at $65.89 during the premarket session on the last check Friday.
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