AstraZeneca Earnings, Sales Rise, Beating Forecasts — Update

By Helena Smolak

AstraZeneca posted increased first-quarter core earnings per share and sales that beat forecasts.

The Anglo-Swedish pharmaceutical giant said Thursday that its core earnings per share increased to $2.06 from $1.92 the prior-year period.

At 0910 GMT, Shares of AstraZeneca traded 5.2% higher at 11,940 pence. The stock was up 13% year to date but down 2.9% on year.

Total revenue rose 19% to $12.68 billion boosted by product sales and continued growth in alliance revenue from partnered medicines which could offset waning demand for its Covid-19 products. Its oncology segment, the drugmaker's top business, grew 26% to $5.11 billion.

Analysts expected core earnings per share of $1.92 on sales of $11.84 billion, according to a company-compiled consensus.

AstraZeneca reiterated its full-year guidance and said it is increasing investment in its pipeline with research and development expenses climbing by 17% in the first quarter.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

April 25, 2024 05:42 ET (09:42 GMT)

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