Riding on the strong demand for its cancer drugs, AstraZeneca Plc (NYSE: AZN) on Friday reported its third consecutive quarter of top line growth. Product sales for the quarter jumped 14% to $5.46 billion, without taking into account the impact of currency fluctuations.
Product sales were primarily boosted by the oncology segment, where sales improved 59%, with particular strength in emerging markets including China.
Total revenue grew 11% to $5.49 billion, surpassing analysts’ projection of $5.27 billion. Core EPS doubled to 89 cents per share, beating the consensus estimate by 46 cents.
Lung Cancer drug Tagrisso was the best selling product during the quarter. Sale of this drug almost doubled to $630 million and accounted for 12% of its total product sales.
CEO Pascal Soriot said, “Our 14% Product Sales growth in the quarter reflected the success of our new medicines and Emerging Markets. In Oncology, Tagrisso, Imfinzi, and Lynparza continued to do well and, in BioPharma, Farxiga, Brilinta, and Fasenra also grew strongly.”
READ: WHAT IS NASH AND WHICH BIOTECH FIRMS ARE VYING FOR THE FIRST-MOVER STATUS
“The recently-announced collaboration with Daiichi Sankyo also broadened an exciting Oncology portfolio with a potentially-transformative cancer treatment that could benefit patients around the world,” he added.
Outlook
The British-Swedish biopharmaceutical company revised its guidance following the solid results. The company now expects full-year 2019 product sales in a high single-digit percentage increase. Core EPS is projected in the range of $3.50 to $3.70.
AZN shares were down 1.4% during pre-market trading on Friday. The stock has gained 2.6% in the year-to-date period.
Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!
Most Popular
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%
