Astrazeneca’s revenue surges as pipeline investments pay off
Pharma giant Astrazeneca has reported a jump in revenue for the first half of the year as the company’s investments in growth started to yield results.
Alliance Revenue, revenue generated from partnerships with peers, grew 59 per cent to $457m (£366m) and Collaboration Revenue rose 66 per cent to $45m (£36m).
The group’s oncology and rare disease divisions were particularly strong performers, with revenue up 26 per cent and 16 per cent, respectively.
Off the back of these numbers, Astrazeneca reported a jump in reported earnings per share for the first quarter of 30 per cent on a constant current basis. Core earnings per share rose 13 per cent due to a one-off gain last year on disposal of Pulmicort Flexhaler US rights.
Pascal Soriot, chief executive officer of Astrazeneca, said: “Astrazeneca had a very strong start in 2024 with substantial total revenue growth of 19 per cent in the first quarter.
“Our strong pipeline momentum continued and already this year we announced positive trial results for Imfinzi and Tagrisso that were unprecedented in lung cancer, the data from both of these studies will be presented during the ASCO plenary in June. We are also looking forward to seeing the results of several other important trials throughout the year.
At our annual general meeting we were pleased to announce a 7 per cent increase in the annual dividend, and at our Investor Day on 21 May 2024 we will outline the evolution of our company, underscoring our confidence in sustaining industry-leading growth.”
Astrazeneca said it remained on-track to grow revenue by a low double-digit to low teens percentage for the full-year