AstraZeneca raises annual sales forecast on strong growth
Pharmaceutical company AstraZeneca has upgraded its annual sales forecast, citing improved sales growth and progress with new medicines. The company reported a significant increase in revenue for the third quarter.
Pharmaceutical giant AstraZeneca has raised its full-year sales forecast, projecting low-to-mid teens percentage growth on a constant exchange rate basis. This upgrade reflects a marked improvement in sales momentum, particularly driven by the company's portfolio of new medicines.
For the nine months to September 30, 2019, AstraZeneca reported product sales of $17.3 billion, a 13% increase year-on-year (17% at constant exchange rates). The third quarter alone saw product sales reach $6.1 billion, up 16% (18% at CER), with strong performances across all three main therapy areas and all global regions.
New medicines were a key driver, with sales growing 62% (64% at CER) to $2.7 billion in the third quarter. Oncology sales rose 46% (48% at CER) to $2.3 billion, while the New Cardiovascular, Renal & Metabolism (CVRM) segment grew 8% (11% at CER) to $1.1 billion, and Respiratory sales increased 15% (18% at CER) to $1.3 billion.
CEO Pascal Soriot commented that the company's accelerating growth and strong performance in key markets like China, the US, and Japan reinforce confidence in delivering sustainable earnings. AstraZeneca plans to continue reinvesting in its business while focusing on operational leverage and cash generation.