{"id":42127,"date":"2023-07-29T23:33:08","date_gmt":"2023-07-30T03:33:08","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/astrazeneca-q2-results-beat-estimates-covid-vaccine-sales-dry-up\/"},"modified":"2023-07-29T23:33:09","modified_gmt":"2023-07-30T03:33:09","slug":"astrazeneca-q2-results-beat-estimates-covid-vaccine-sales-dry-up","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42127","title":{"rendered":"AstraZeneca Q2 results beat estimates; COVID vaccine sales dry up"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange, U.S., April 8, 2019. REUTERS\/Brendan McDermid\/File Photo<\/span>
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By Maggie Fick and Radhika Anilkumar<\/p>\n

LONDON (Reuters) -AstraZeneca on Friday delivered forecast-beating profits and sales in the second quarter as a strong performance by its blockbuster cancer drugs offset the loss of COVID-19 vaccine sales.<\/p>\n

Shares in the Anglo-Swedish drugmaker, which has a strong line-up of cancer, metabolic and rare disease drugs, rose as much as 4.8%, before settling back to 3.9% by 1052 GMT, making the stock the largest weighted gainer on the .<\/p>\n

Sentiment was boosted by Chief Executive Pascal Soriot’s positive remarks on the company’s data from a key lung cancer trial, an AstraZeneca (NASDAQ:) shareholder and an analyst told Reuters.<\/p>\n

Speaking to the media after second-quarter results, which showed a 25% rise in earnings, Soriot said the company is “very encouraged” by interim data from the TROPION-Lung01 trial, but he did not explain why the company had not declared results as “clinically meaningful”.<\/p>\n

Shares in AstraZeneca fell by as much by 8% earlier this month after interim data from the TROPION trial on an experimental precision drug called datopotamab deruxtecan, which disappointed investors.<\/p>\n

The company said on Friday it will continue with its plan to file data from the trial with the U.S. drug regulator, soothing some concerns.<\/p>\n

Markus Manns, a senior portfolio manager at Union Investment and AstraZeneca shareholder, said that \u201cshould increase investor confidence in the product\u201d, after underwhelming interim data.<\/p>\n

The strong results, which showed an adjusted profit of $2.15 per share, up 25% and exceeding the $1.98 per share expected in a company-compiled consensus, add to a string of strong quarters for the UK’s biggest company by market capitalisation worth more than 165 billion pounds ($211 billion), bolstered by a strong pipeline of drugs.<\/p>\n

Even so, the company registered no sales of its COVID-19 vaccine, its best-selling product in 2021 at the height of the pandemic, compared with $445 million a year ago, and said it expects sales to decline significantly in the full year.<\/p>\n

SATISFIED WITH CHINA STRUCTURE<\/p>\n

The rapid decline of the COVID business for one of the first drugmakers to develop a shot against the virus in 2020 highlights the challenge in competing with rival vaccines manufactured by Pfizer <\/span><\/span> (NYSE:) and Moderna <\/span><\/span> (NASDAQ:).<\/p>\n

“Each of our non-COVID-19 therapy areas saw double-digit revenue growth, with eight medicines delivering more than $1bn of revenue in the first half, demonstrating the strength of our business,” Soriot said. <\/p>\n

Excluding COVID medicines, sales in China grew by 7% at constant exchange rates in the quarter, the fourth consecutive quarter of growth on that basis.<\/p>\n

The company upgraded its guidance for China, saying it expected total revenue to grow by a low-to-mid single digit percentage in 2023, up from a low single-digit percentage increase. <\/p>\n

AstraZeneca is the largest drugmaker in China, which accounted for 13% of last year’s revenue.<\/p>\n

According to an FT report in June, the drugmaker was drafting a plan to spin off its China business, and considering listing a separate unit in Hong Kong.<\/p>\n

On Friday’s call with journalists, Soriot responded to a question about that report by dismissing it as a “rumour”. “We are satisfied with the way we are structured in China today and our focus is delivering those medicines to patients and partnering with local biotech companies in particular.”<\/p>\n

AstraZeneca stood by its 2023 outlook. <\/p>\n

Separately, the company said on Friday its unit Alexion (NASDAQ:) has agreed to buy U.S. drugmaker Pfizer’s early-stage rare disease gene therapy portfolio for up to $1 billion, plus royalties on sales to bolster its genomic medicine capabilities. <\/p>\n

($1 = 0.7816 pounds)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange, U.S., April 8, 2019. REUTERS\/Brendan McDermid\/File Photo By Maggie Fick and Radhika Anilkumar LONDON (Reuters) -AstraZeneca on Friday delivered forecast-beating profits and sales in the second quarter as a strong […]<\/p>\n","protected":false},"author":1,"featured_media":2931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-42127","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAstraZeneca Q2 results beat estimates; COVID vaccine sales dry up | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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