AstraZeneca reports strong 2022 performance, expects moderate growth in 2023

AstraZeneca has reported a strong financial performance for 2022, with total revenue reaching $44.35 billion, a 25% increase year-on-year. The fourth quarter saw a 7% decline in total revenue, amounting to $11.2 billion. The company forecasts low-to-mid single-digit revenue growth for 2023, though sales of COVID-19 medicines are expected to decrease significantly.

The company's revenue growth was driven across all therapy areas, with the addition of Alexion, integrated into group results from July 2021, contributing to the full-year performance. While the decline in Vaxzevria sales impacted the fourth quarter, AstraZeneca reported strong growth in other areas, particularly oncology, which saw a 20% increase in revenue. Excluding COVID-19 medicines, total revenue in the quarter increased by 17%.

Core earnings per share rose 33% to $6.66, and the company declared a total dividend of $2.90 for the year. AstraZeneca is significantly investing in research and development, planning to initiate over thirty Phase III trials in 2023, aiming to develop medicines with the potential for peak sales exceeding one billion dollars.

For 2023, AstraZeneca expects total revenue growth in the low-to-mid single digits, excluding COVID-19 medicines, which are projected to contribute minimally. The company anticipates its China market revenue to return to growth, increasing by a low single-digit percentage. The approval of several key drugs, including Lynparza, Enhertu, and Imfinzi, in various global markets is expected to support future revenue streams.