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AstraZeneca generated $ 275 million in revenue from its first-quarter Covid-19 vaccine, while sales of cancer drugs and growth in emerging markets helped the drug maker surpass profits and sales expectations.
The pharmaceutical company confirmed its full-year revenue forecasts that would increase in a low percentage of teens, with a basic earnings per share that would increase more quickly, to $ 4.75 and $ 5.
Pascal Soriot, chief executive of AstraZeneca, said the strong performance came despite the pandemic delaying the diagnosis and treatment of many conditions.
“We made solid progress in the first quarter of 2021 and continued to move forward in our portfolio of life-changing drugs,” he said. “We expect Covid’s impact to slow and we anticipate a performance acceleration during the second half of 2021.”
AstraZeneca reported revenue of $ 7.3 billion, excluding the vaccine contribution it developed with Oxford University, up 15% year-on-year and above the projected $ 7 billion consensus.
Oncology sales increased 20% over the same period last year, while emerging market revenues increased 14%, with a 19% increase in China.
Basic earnings per share soared 55% to $ 1.63, surpassing the analyst’s average estimate of $ 1.48.
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