AstraZeneca earnings beat expectations as steady drug sales boost revenues

AstraZeneca plc today, on April 25, announced its earnings report for the first quarter of FY24.

Total Revenue increased by 19% to $ 12,679 million, driven by an 18% increase in product sales and continued growth in Alliance Revenue from partnered medicines.

Core EPS increased 13% to $2.06. The increase in Core EPS was lower than total revenue growth mainly because of a $241m gain in the previous year’s period on the disposal of Pulmicort Flexhaler US rights.

The total dividend for FY 2024 will increase by $0.20 per share to $3.10 per share as announced by the company at the Annual General Meeting on 11 April 2024.

The shares of the company saw an increase of 5.32% reacting positively to the quarterly results.

Astra Zeneca’s Chief Executive Officer Pascal Soriot, said:

“AstraZeneca had a very strong start in 2024 with substantial Total Revenue growth of 19% 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% 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.”

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