AstraZeneca Posts Bumper Earnings On Strong Sales From Cancer Drugs, Sticks To Annual Guidance
Portfolio Pulse from Vandana Singh
AstraZeneca Plc (NASDAQ:AZN) reported Q1 sales of $12.68 billion, a 17% increase year over year, driven by strong sales in cancer drugs, but missed the adjusted EPADS consensus. The company saw an 18% increase in Product Sales and growth in Alliance Revenue. R&D expenses rose to $2.7 billion, with sales and administration costs up due to marketing for new drugs. Oncology sales jumped 26% to $5.12 billion, with Tagrisso and Imfinzi leading. CVRM sales increased 20%, and Rare Disease drug sales were up 12%. AstraZeneca reaffirmed its fiscal year 2024 guidance for revenue and core EPS to increase by a low double-digit to low teens percentage. AZN shares were up 4.99% at $74.75 in the premarket session.
April 25, 2024 | 1:03 pm
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AstraZeneca reported a 17% increase in Q1 sales, driven by cancer drugs, but missed the adjusted EPADS consensus. Shares were up 4.99% in premarket trading.
The positive sales growth, particularly in the oncology segment, and the reaffirmation of the fiscal year 2024 guidance, despite missing the EPADS consensus, indicate a strong performance and positive outlook for AstraZeneca. The premarket share price increase reflects investor optimism about the company's growth trajectory and its ability to maintain momentum in its key business areas.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100