:max_bytes(150000):strip_icc()/GettyImages-1244086535-bad148c4c6074fb6abbfbe9e893ee348.jpg "AstraZeneca Gets a Boost From Sales of Its Cancer Drugs")
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Key Takeaways
- AstraZeneca’s sales of cancer drugs helped the pharmaceutical firm beat first-quarter estimates for earnings and revenue.
- Sales of oncology treatments rose 23%, and those for medicines made with partners jumped 59%.
- American depositary receipts (ADRs) of AstraZeneca traded near their all-time high on the news.
American depositary receipts (ADRs) of AstraZeneca (AZN) traded near their all-time high as the Anglo-Swedish pharmaceutical company had solid first-quarter demand for its cancer drugs.
AstraZeneca reported quarterly core earnings per share (EPS) of $2.06, with revenue advancing 16.5% to $12.68 billion. Both were more than estimates.
The company said sales of oncology treatments increased 23% to $5.11 billion, with gains across all key medicines and regions. Cardiovascular, renal, and metabolism drug revenue added 20% to $3.06 billion, driven by a 43% jump in sales of its Farxiga diabetes treatment.
Revenue from medicines made in partnership with other companies soared 59% to $457 million.
Chief Executive Officer (CEO) Pascal Soriot explained that AstraZeneca’s “strong pipeline momentum continued,” adding that it has already announced positive trial results for its lung cancer medicines Imfinzi and Tagrisso.
AstraZeneca ADRs were up 5.6% to $75.20 as of noon ET and have gained nearly 12% so far this year. They reached their all-time high of $76.56 precisely one year ago.