AstraZeneca: Cancer medicine sales offset a post-pandemic slump in Covid drugs
AstraZeneca reported a slight dip in sales but beat forecasts on the back of a boost in sales of oncology medicines.
The pharmaceutical company reported a 4 per cent fall in revenue to $10.9bn (£8.7bn) on Thursday morning. Sales of oncology drugs helped compensate for a $1.5bn (£1.2bhn) fall in Covid-19 medicines, the company said.
“Our performance in Emerging Markets was particularly strong and I am impressed by the growth and pace of innovation I see in China, which underscores the competitive advantage of our leading presence in this country,” chief executive Pascal Soriot said in a statement.
Sales excluding Covid-19 drugs increased by 15 per cent, the company said, with total revenue from cancer medicines up 19 per cent.
The slip in sales of lower-margin Covid-19 drugs also boosted gross margins, which increased by four percentage points to 83 per cent.
Core earnings per share increased by 6 per cent to $1.92: the company maintained its full year guidance.
AstraZeneca Ireland expansion
Earlier this year the UK lost out to a £320m new AstraZeneca factory after the drugs giant chose the low-tax Republic of Ireland instead.
The group had wanted to build a plant near its existing sites close to Macclesfield, Cheshire, but the “discouraging” tax rate had prompted a switch to Dublin, AstraZeneca chief executive Sir Pascal Soriot reportedly said.
Chancellor Jeremy Hunt said he was disappointed the UK “lost out this time” .