Investing.com – Shares of AstraZeneca (NASDAQ:AZN) (LON:AZN) dropped on Thursday after the company reported that other operating income is expected to "decrease substantially". This forecast contrasts with FY 2023, which included a $241 million gain from the disposal of Pulmicort Flexhaler US rights and a $712 million one-time gain related to updates in contractual arrangements for Beyfortus.
The pharmaceutical giant reported a solid second quarter with total revenue surpassing analyst expectations, driven by robust performance across its key therapeutic areas. Analysts from BMO Capital Markets said that the company's flagship products, Farxiga and Tagrisso, outperformed consensus estimates, contributing significantly to overall revenue growth.
Higher-than-expected SG&A and R&D expenses tempered earnings growth, resulting in EPS in line with consensus, said analysts from BofA Global Research.
While the company achieved double-digit growth in most therapeutic areas, Imfinzi underperformed expectations, raising questions about its future trajectory. Additionally, collaboration revenues declined sharply, contrary to previous guidance, BMO added.
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