AstraZeneca Posts Bumper Earnings On Strong Sales From Cancer Drugs, Sticks To Annual Guidance
Thursday, AstraZeneca Plc (NASDAQ: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.
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
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