AstraZeneca raises full-year 2024 guidance on strong growth momentum
Pharmaceutical company AstraZeneca has upgraded its full-year 2024 financial guidance, expecting total revenue and core earnings per share (Core EPS) to grow in the 'high teens' percentage range. The upgrade is driven by robust underlying growth across its portfolio.
LONDON – AstraZeneca has raised its financial outlook for the full year 2024, projecting higher growth for total revenue and core earnings per share (Core EPS). This upgrade reflects strong performance in the first nine months of the year, driven by continued demand for its medicines.
For the third quarter ending September 30, AstraZeneca reported total revenue of $13.565 billion, an increase of 18% on an actual basis and 21% at constant exchange rates (CER). Product sales rose 18% (20% CER) to $12.947 billion. Core EPS for the quarter grew 20% CER to $2.08 per share, contributing to the company's updated full-year forecast.
CEO Pascal Soriot attributed the revised guidance to the company's "strong growth trajectory" and "broad-based underlying momentum." He highlighted increasing demand for its medicines across Oncology, BioPharmaceuticals, and Rare Disease therapy areas, stating that the current growth provides a solid foundation for achieving its 2030 ambitions.
The company also addressed ongoing investigations by Chinese authorities concerning current and former AstraZeneca employees. Soriot affirmed full cooperation with the authorities and reiterated AstraZeneca's commitment to providing innovative medicines to patients in China. The company has not been notified that it is under investigation itself.