AstraZeneca, the Anglo-Swedish pharmaceutical giant, has announced its financial results for the second quarter of the year, surpassing market expectations and providing a positive outlook for the full year. The company’s shares saw a 3.7% increase following the announcement.
Impressive Revenue and Earnings Growth
AstraZeneca reported a significant rise in both revenue and earnings per share for Q2 2023. Core earnings per share increased by 25% to $2.15, outperforming the consensus estimate of $1.98 from 19 analysts. The total revenue for the quarter reached $11.42 billion, exceeding last year’s figure of $10.77 billion. This growth was supported by double-digit growth across all non-Covid-19 therapy areas.
Positive Outlook for 2023
AstraZeneca remains confident in its performance for the remainder of the year. The company has backed its guidance for 2023, projecting a low-to-mid single-digit increase in total revenue at constant exchange rates. Excluding Covid-19 medicines, total revenue is expected to grow by a low double-digit percentage. Additionally, core earnings per share are anticipated to increase by a high single-digit to low double-digit percentage.
Decline in Revenue from Covid-19 Medicines
While AstraZeneca experienced substantial growth in its overall revenue, it expects a significant decline in revenue from Covid-19 medicines, including its vaccine, for the upcoming year.
These results showcase AstraZeneca’s strong performance in the second quarter and instill confidence in its future prospects.