AstraZeneca Raises Guidance After Revenue, Earnings Beat Market Expectations

By Helena Smolak

AstraZeneca raised its full-year guidance after second-quarter revenue and core earnings per share beat analysts' expectations.

The Anglo-Swedish pharmaceutical giant said Thursday that it now expects core earnings per share and total revenue to both grow by a mid-teen percentage at constant currencies. It had previously expected growth in the low double-digit to low teen range.

Core earnings per share--the company's preferred metric, which strips out exceptional and other one-off items--decreased to $1.98 in the second quarter from $2.15 in the prior-year period, when it posted one-off gains for its respiratory portfolio.

Revenue for the quarter rose to $12.94 billion from $11.42 billion, driven by 18% sales growth at constant currencies in its product business. At the oncology segment, the drugmaker's top business, revenue grew 15% to $5.33 billion, accelerated by demand for its cancer blockbuster drugs Imfinzi, Tagrisso and Enhertu.

Analysts had expected core earnings per share at $1.95 on sales of $12.7 billion, according to a company-compiled consensus.

Its research and development expenses climbed by 13% in the second quarter as London's largest company by market capitalization bets on increased investments in its pipeline.

The company lifted its interim dividend by 7 cents to $1.00.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

July 25, 2024 02:48 ET (06:48 GMT)

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