AstraZeneca Posts Bumper Earnings On Strong Sales From Cancer Drugs, Sticks To Annual Guidance

Zinger Key Points
  • AstraZeneca's top business, oncology, delivered a 26% jump in first-quarter sales to $5.12 billion.
  • For fiscal year 2024, AstraZeneca reaffirms total revenues and core EPS growth guidance.

Thursday, AstraZeneca Plc AZN reported first-quarter sales of $12.68 billion, up 17% year over year (+19% at constant currency), slightly below the consensus of $11.83 billion. 

This was fueled by an 18% increase in Product Sales and continued growth in Alliance Revenue from partnered medicines.

The company’s adjusted EPADS reached $1.03, missing the consensus of $1.22.

Also Read: AstraZeneca Hikes Annual Dividend By 7% Just Before Vote On Its CEO’s Pay Package Boost.

R&D expenses rose about 18% to $2.7 billion, while sales, general, and administration costs were up 13% on higher marketing spend for new drug launches.

AstraZeneca’s top business, oncology, delivered a 26% jump in first-quarter sales to $5.12 billion.

  • Top-selling cancer drugs were Tagrisso and Imfinzi, which generated $1.6 billion and $1.11 billion, up 12% and 29%, respectively.

Cardiovascular, Renal, and Metabolism (CVRM) sales increased 20% (up 23 at CER)% to $3.1 billion.

  • Farxiga sales were up 43% (45% at CER) with continued demand growth and the launch of an authorized generic in the U.S., Lokelma was up 16% (19% at CER), roxadustat up 24% (28% at CER), Brilinta decreased 3% (1% at CER).

R&I Respiratory & Immunology sales increased 15% (17% CER).

  • Continued strong growth from Fasenra up 6% (6% CER), Breztri up 52% (54% CER). 
  • Saphnelo sales were up 94% (95% CER), and Tezspire was up >2x (>2x CER). Symbicort was up 12% (14% CER).

Rare Disease drug sales increased by 12% (+16% at CER) to $2.1 billion.

  •  Ultomiris revenues were up 32% (34% at CER), partially offset by a decline in Soliris of 11% (8% at CER)
  • Strensiq is up 20% (21% at CER), and Koselugo is up 68% (82% at CER), reflecting strong patient demand and tender market order timing.

Guidance: For fiscal year 2024, AstraZeneca reaffirms total revenues and core EPS are expected to increase by a low double-digit to low teens percentage at constant exchange rates.

Read NextAstraZeneca CEO Highlights Decade-Long Sales Goal Of $45B Along With Investor Doubts As It Lags In Weight Loss Race.

Price Action: At the last check Thursday, AZN shares were up 4.99% at $74.75 during the premarket session.

Photo by Paul McManus via Pixabay

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: BiotechEarningsLarge CapNewsGuidanceHealth CareTop StoriesMoversGeneralBriefsStories That Matterwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!