LONDON - AstraZeneca (NASDAQ:AZN) reported stronger-than-expected third quarter results and raised its full-year guidance on Tuesday, driven by robust demand for its medicines across key therapeutic areas.
Despite the strong results and improved outlook, AstraZeneca shares dipped 0.94% in early trading.
The British-Swedish drugmaker posted adjusted earnings per share of $2.08 for Q3, significantly beating analyst estimates of $1.02. Revenue rose 21% year-over-year at constant exchange rates to $13.57 billion, also surpassing expectations of $13.06 billion.
AstraZeneca saw broad-based growth across its portfolio, with oncology sales up 22%, cardiovascular, renal and metabolism (CVRM) up 20%, and respiratory and immunology rising 29% YoY at constant rates.
"Our company has continued on its strong growth trajectory in the first nine months of 2024," said CEO Pascal Soriot. He highlighted the "increasing demand for our medicines across Oncology, BioPharmaceuticals and Rare Disease."
Based on the robust performance, AstraZeneca upgraded its full-year 2024 outlook. The company now expects total revenue to increase by a high teens percentage, up from a previous forecast of mid-teens growth. Core EPS guidance was also raised to high teens percentage growth.
AstraZeneca said it is taking the matters in China "very seriously" and will fully cooperate with authorities if requested. The company noted it has not been notified of any investigation into AstraZeneca itself.
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