AstraZeneca Reports Strong Revenue and EPS Growth
Pharmaceutical company AstraZeneca announced its first and second-quarter results, showcasing strong revenue and earnings per share growth driven by new product launches and solid commercial performance. The company reaffirmed its financial outlook for 2023.
London, UK – July 28, 2023 – AstraZeneca reported robust financial results for the first half and second quarter of 2023. Total revenue reached $22.3 billion in the first half, a 4% increase year-on-year. The company noted that while revenue from COVID-19 medicines declined, excluding these products, total revenue grew by 16%.
Growth was particularly strong in key areas: oncology product sales rose 22%, cardiovascular, renal, and metabolism (CVRM) sales increased by 20%, and rare disease drug sales were up 12%. CEO Pascal Soriot highlighted that multiple non-COVID-19 therapy areas achieved double-digit revenue growth, with eight medicines exceeding $1 billion in sales during the first half.
The reported diluted earnings per share (EPS) for the first half stood at $2.34, more than quadrupling compared to the previous year. The core EPS increased by 13% to $4.07. The company also recognized a one-time gain of $712 million in the second quarter related to an updated contractual arrangement for Beyfortus.
Looking ahead, AstraZeneca reaffirmed its full-year 2023 guidance. The company anticipates total revenue to increase by a low-to-mid single-digit percentage, with an expected low double-digit percentage increase excluding COVID-19 medicines. Core EPS is projected to grow in the high single-digit to low double-digit percentage range.