AstraZeneca, the Anglo-Swedish drugmaker, has reported strong profits and sales in the second quarter of this year, despite the loss of revenue from its Covid-19 vaccine. The company exceeded expectations with an adjusted profit of US$2.15 per share, up 25% from estimates of US$1.98 per share. In terms of total revenue, AstraZeneca achieved US$11.4 billion, beating analyst estimates of US$10.97 billion.
Although the company faced a decline in Covid-19 vaccine sales, its blockbuster cancer drugs performed well, helping to offset the loss. Last year, AstraZeneca’s Covid-19 vaccine was its best-selling product, generating US$445 million in the second quarter. However, due to competition from rival mRNA vaccines, the company reported no Covid-19 vaccine sales for this quarter.
Despite this setback, AstraZeneca’s CEO Pascal Soriot remains optimistic about the company’s performance. Each of our non-Covid-19 therapy areas saw double-digit revenue growth, with eight medicines delivering more than US$1 billion in revenue in the first half, demonstrating the strength of our business, he said.
As the UK’s largest company by market capitalization, valued at over £165 billion (US$211.10 billion), AstraZeneca has affirmed its 2023 outlook.
In summary, AstraZeneca has delivered impressive financial results in the second quarter, surpassing profit and sales expectations. The company’s strong performance in its cancer drug portfolio has compensated for the loss of Covid-19 vaccine revenue. With double-digit revenue growth in non-Covid-19 therapy areas, AstraZeneca remains confident about its future.
