AZ delivers strong first quarter

AstraZeneca says it has delivered “a quarter of strong revenue and profit growth, reflecting the immense efforts of supply chain, commercial and other colleagues around the world to get vital medicines to patients”.

The company's total revenues of $6.35 billion were up 16% for the period, comprised of $6.31 billion in product sales and $43 million in collaboration revenue.

Total Revenue increased in the quarter across all three therapy areas and in every region, with highlights including: new medicines, which were up by 47% (49% at CER) to $2.99 billion; and revenue growth across Oncology (up 33% [34% at CER] to $2.52 billion, New CVRM (up 7% [+8% at CER] to $1.10 billion) and Respiratory & Immunology (up 21% [+22% at CER] to $1.56 billion).

On the product side, notable performanes were seen for: Tagrisso (osimertinib; up 56% to $982 million); Lynparza (olaparib; up 67% to $397 million); Imfinzi (durvalumab; up 57% to $462 million); Farxiga (dapagliflozin; up 16% to $407 million); Fasenra (benralizumab; up 54% to $199 million); and Symbicort (budesonide/formoterol; 35% to $790 million).

On the down side, reported and core gross profit margin declined by two percentage points in the quarter to 77% and 78%, respectively, reflecting the impact of one-off adjustments related to group inventory, the growth in profit share from the collaboration with MSD in respect of Lynparza and an element of foreign exchange impact.

However, reported earnings per share (EPS) of $0.59 in the quarter marked an increase of 27% (33% at CER), despite an increase in the weighted-average number of shares to 1,312 million from 1,267 million a year ago. Core EPS increased by 17% (21% at CER) to $1.05.

AstraZeneca said its financial outlook for full year 2020 is unchanged, with total sales expected to increase by a high single-digit to a low double-digit percentage and Core EPS is expected to increase by a mid- to high-teens percentage.

“The progress made on all fronts provides confidence that we will, once again, meet our full-year commitments,” said the firm's chief executive Pascal Soriot.

“I could not be prouder of how the AstraZeneca team has responded to the challenges of COVID-19. We moved quickly to maintain continuity of care, contribute to society, and use our scientific expertise to fight the pandemic. We hope our efforts to protect organs from damage, mitigate the cytokine storm and the associated hyperinflammatory state, and target the virus prove to be successful.”

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