AstraZeneca Plc (AZN) reported a 22% dip in earnings for the fourth quarter to 82 cents per share, weighed down higher costs. Core earnings for the quarter stood at $1.58 per share. Analysts were expecting the UK-based pharmaceutical giant to post earnings of 73 cents per share.
Total revenues rose 11% to $6.4 billion as product sales improved 5% on the strong performance of new medicines and the sustained strength in emerging markets. Analysts were expecting total revenue of $6.16 billion.
Oncology sales surged by 58% to $1.77 billion.
AZN shares popped over 6% during pre-market trading on Thursday. The stock has gained 6.2% in the trailing 52 weeks.
CEO Pascal Soriot said, “Our new medicines performed particularly well across the therapy areas and the Emerging Markets business went from strength to strength. 2019 will be a year of focus on continued pipeline delivery and flawless commercial execution.”
The company provided earnings guidance for fiscal year 2019. During this period, AstraZeneca expects Core EPS in the range of $3.50 to $3.70, as product sales are anticipated to increase in the high single-digits.