AstraZeneca Plc expects revenue for the year to increase by a high single-digit percentage following a first quarter in which the figure reached $13.588 billion. This represented an increase of 7% on a reported basis, and 10% at constant exchange rate from the previous year. Core earnings per share are expected to rise by a low double-digit percentage, after increasing by 21% in the first three months. The core measure excludes amortisation and impairment charges for intangible assets.
Speaking to journalists on 29 April, Pascal Soriot, the chief executive, said the company has entered “a catalyst rich” period during which multiple clinical trial read-outs and regulatory filings are taking place.
During the first quarter, the company reported five positive Phase 3 read-outs including two for the Enhertu antibody-drug conjugate in HER2-positive gastric/gastroesophageal cancer and HER2-positve breast cancer. Regulatory approvals were achieved for eight drugs in multiple geographies, including China. The approvals were mostly for new indications of oncology drugs, but also included two medicines for hereditary transthyretin amyloidosis, a rare disease.
In driving the portfolio forward, AstraZeneca spent $3.2 billion on research and development in the quarter which represented 23% of total revenue. Operating profit was $3.67 billion, up by 18% from a year earlier.
Business deals in the first quarter included the acquisition for up to $1 billion of the Belgian biotech EsoBiotec which is developing in vivo cell therapies, and a strategic collaboration with Syneron Bio of China to develop a macrocyclic peptide for the treatment of chronic diseases. In November 2024, AstraZeneca announced plans to invest up to $2 billion to increase its R&D and manufacturing presence in the US.
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