AstraZeneca Posts Mixed Q2 Earnings, Still Raises Annual Guidance On Strong Demand For Cancer, Rare Disease Medicines

On Thursday, AstraZeneca Plc AZN reported second-quarter sales of $12.94 billion, up 13% year over year (+17% at constant currency), beating the consensus of $12.75 billion. 

The company’s adjusted EPADS reached $0.99, inline with consensus. The adjusted EPS was $1.98 (1 ADR = 2 Common Shares)

Also Read: China Approves AstraZeneca’s Tagrisso-Chemotherapy Combo Regime For Previously Untreated Lung Cancer Patients.

AstraZeneca’s top business, oncology, delivered a 15% jump (up 19% on constant currency) in second-quarter sales to $5.33 billion.

• Tagrisso, Imfinzi, and Calquence were the top-selling cancer drugs, generating $1.61 billion, $1.15 billion, and $790 million, respectively.
• Tagrisso is up 8% (12% at CER) due to strong global demand, and Calquence is up 21% (22% at CER) with sustained leadership in 1L CLL. Enhertu’s revenue reached $472 million, up 46% (49% at CER).

Cardiovascular, Renal, and Metabolism (CVRM) sales increased 18% (up 22 at CER)% to $3.16 billion.

• Farxiga sales were up 29% (32% at CER) to $1.95 billion, and Lokelma sales increased 36% (41% at CER).

R&I Respiratory & Immunology sales increased 23% (26% CER) to $1.91 billion.

• Breztri revenue is up 44% (47% at CER). Saphnelo sales increased 65%, Tezspire sales were up 97% (>2x at CER), and Symbicort revenues were up 20% (25% CER) to $722 million.

Rare Disease drug sales increased by 10% (+14% at CER) to $2.15 billion.

• Ultomiris revenue is up 33% to $946 million (36% at CER), partially offset by a decline in Soliris of 14% (8% at CER) to $700 million.
• Strensiq up 13% (14% at CER) and Koselugo up 43% (45% at CER).

Guidance: For fiscal year 2024, AstraZeneca forecasts total revenue and core EPS to increase by a mid-teens percentage, compared to prior guidance of a low double-digit to low-teens percentage.

Reuters highlights the sales outlook, which indicates that the company has transitioned beyond its peak-selling COVID vaccine from 2021, driven by its cancer therapies and a robust pipeline with new treatments for various diseases expected by the decade’s end.

Price Action: AZN stock is down 4.44% at $76.16 during the premarket session at last check on Thursday.

Read Next:

• AstraZeneca’s COVID-19 Prevention Drug For Patients With Weak Immune Systems – European Medicines Agency Accepts Marketing Application Under Accelerated Assessment.

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