By Joe Hoppe
AstraZeneca, the Anglo-Swedish pharmaceutical company, has announced its second-quarter financial results, reporting a substantial increase in net profit. However, the figures fell short of market forecasts, although the company has maintained its full-year guidance.
Impressive Financial Results
For the second quarter, AstraZeneca reported a net profit of $1.82 billion, compared to $360 million during the same period last year. While this represents significant growth, it missed the consensus forecast of $2.02 billion based on five analysts' predictions.
Operating profit also saw a remarkable increase, rising from $539 million in the previous year to $2.46 billion this year. Additionally, core earnings per share rose by 25% to reach $2.15.
Robust Revenue Growth
AstraZeneca achieved total revenue of $11.42 billion for the quarter, up from $10.77 billion during the same quarter in 2022. This growth was driven by double-digit expansion across all non-Covid-19 therapy areas. Excluding Covid-19 medicines, the company witnessed a 14% increase in total revenue and a 2% rise in product sales.
Maintaining Guidance for 2023
The pharmaceutical giant has reaffirmed its guidance for the year 2023 at constant exchange rates. It expects a low-to-mid single-digit percentage increase in total revenue. Excluding Covid-19 medicines, total revenue is projected to rise by a low double-digit percentage. Furthermore, 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
AstraZeneca foresees a significant decline in revenue from Covid-19 medicines, including its vaccine, for 2023.
These positive financial results demonstrate AstraZeneca's strong performance in the second quarter. The company remains committed to its strategic goals and is well-positioned for future growth.