The AstraZeneca plc (LON: AZN) share price edged 4.71% higher after the release of fiscal Q2 and H1 financial results. The company’s total revenues rose 4% to $22,295 million despite a massive decline of $2,181 million from the sales of COVID-19 medicines.
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The leading pharmaceutical company reported revenues from its Oncology medicines increased 22%, Rare Diseases grew 12%, Respiratory & Immunology expanded 10%, and Cardiovascular, Renal and Metabolism sales rose 20%.
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Excluding COVID-19 medicines, the company’s Total Revenue rose 16%, and Product Sales expanded 15%. The company’s Core Product Sales Gross Margin was 83%, up three percentage points, reflecting the drop in sales of lower-margin COVID‑19 medicines, e ongoing mix shift to more speciality medicines and the higher cost of production in prior periods.
Some of the crucial milestones achieved by AstraZeneca included positive clinical data from datopotamab deruxtecan in lung cancer (TROPION-Lung01), Lynparza + Imfinzi in endometrial cancer (DUO-E), agrisso in Non-small cell lung cancer (FLAURA2), and Imfinzi in gastric and gastroesophageal cancers (MATTERHORN).
AstraZeneca also celebrated the critical regulatory approvals in the United States of Farxiga in Heart Failure regardless of ejection fraction (DELIVER), Lynparza in BRCA-mutated prostate cancer (PROpel), and Beyfortus for the prevention of RSV.
The EU also approved Ultomiris in Neuromyelitis optica spectrum disorder (NMOSD). Furthermore, China approved Enhertu in Human epidermal growth factor receptor 2 (HER2)-low metastatic breast cancer, Koselugo in neurofibromatosis and Soliris in Generalised myasthenia gravis (gMG).
This is just a snapshot of the very detailed AstraZeneca half-year report.
Pascal Soriot, AstraZeneca’s CEO, said: “Each of our non-COVID-19 therapy areas saw double-digit revenue growth, with eight medicines delivering more than $1bn of revenue in the first half, demonstrating the strength of our business. Several medicines grew rapidly, including Ultomiris, Imfinzi/Imjudo and Farxiga, with revenues up 64%, 57% and 40% respectively.
“Our pipeline momentum continues with eight positive pivotal trials for our Oncology medicines so far this year, and we are encouraged by the positive data from TROPION-Lung01, the first pivotal trial of datopotamab deruxtecan. We look forward to sharing the data with the medical community at an upcoming medical congress…”
*This is not investment advice.
AstraZeneca (AZN) share price.
The AstraZeneca (AZN) share price edged 4.71% higher to trade at 11213.0p, from Thursday’s closing price of 10709.0p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.