Health

AstraZeneca Stocks Soar with Robust Q1 Results and Cancer Drug Sales

Apr 26, 2024 1 min read

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AstraZeneca has announced a robust start to 2024 with first-quarter revenues reaching $12.68 billion, marking a 19% increase compared to the previous year. This surge in revenue has been attributed to the strong performance of the company's oncology portfolio, which saw a 26% growth, and its cardiovascular, renal, and metabolism (CVRM) division, particularly the Farxiga drug, with a 23% rise in sales. Additionally, the firm's partnership revenues from its Alliance business climbed by 59%.

Shares of AstraZeneca climbed by 5% in response to the positive financial results and the company's stock reached the highest level since May 2023. Core earnings per share also increased to $2.06, exceeding market expectations. The company has maintained its full-year financial guidance, anticipating a low double-digit to low teens percentage rise in both total revenue and core earnings per share.

The company's success has been bolstered by its aggressive strategy in acquiring companies to strengthen its drug development pipeline, including recent purchases of Fusion Pharmaceuticals Inc. and Amolyt Pharma. Despite the impact of these acquisitions, the company has confirmed that it will increase its annual dividend by $0.20 to $3.10 per share. Looking forward, AstraZeneca's CEO Pascal Soriot has expressed optimism regarding the upcoming results from several important trials set to be presented throughout the year.

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