Astrazeneca beats forecasts due to strong drug sales in lockdown
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Pharmaceuticals giant Astrazeneca this morning reported better than expected second-quarter sales and profits for the second quarter due to strong sales during the coronavirus lockdown.
The figures
The FTSE 100-listed firm, which has signed up to produce a front-running coronavirus vaccine candidate, said product sales in the three months to 30 June reached $6.05bn.
Analysts had forecast sales of $6.01bn.
Core earnings of 96 cents per share beat analysts’ expectation of 93 cents. Total revenue rose 11 per cent.
The company reiterated that it was on track with late-stage trials for its coronavirus vaccine, which could be rolled out by the year-end.
What Astrazeneca said
Astrazeneca chief executive Pascal Soriot said: “I want to thank my colleagues around the world for producing a strong performance in the first half of the year, delivering further revenue growth and another step forward in profitability and cash generation.
“I was particularly pleased with the robust growth in emerging markets and the success of our new medicines.
“We made further progress with our pipeline, highlighted by the overwhelming success of Tagrisso in the Adaura trial and with Farxiga, which expanded its potential beyond diabetes.
“We are also pleased with our new collaboration with Daiichi Sankyo on DS-1062, which strengthens our growing Oncology portfolio.
“Furthermore, our company has mounted a significant response to Covid-19, with capacity to deliver over two billion doses of AZD1222, the accelerated development of our monoclonal antibodies and new trials for the use of Calquence and Farxiga to treat patients affected by the virus.”
More to follow