AstraZeneca beats Q1 estimates

AstraZeneca posted better-than-expected first quarter results and reiterated its full-year guidance.

The drugmaker's boss, Pascal Soriot, hailed the "strong" start to the year and the double-digit growth in sales when Covid-19 products were excluded.

"Our pipeline momentum continued with positive Phase III results for a Lynparza-plus-Imfinzi combination in ovarian cancer, Imfinzi in lung cancer, and promising new data for Enhertu across a range of cancer types," Soriot said.

"Additionally, in the year to date we have started six new Phase III trials and are on track to initiate 30 over the course of 2023."

Over the first three months of 2023, total revenues, including those from Covid-19, dipped by 4% to reach $10.88bn (consensus: $10.69bn).

But excluding a $1.46bn decline in sales of Covid-19 medicines, then total topline growth was 15%.

At actual exchange rates, the drugmaker's core earnings per share came in at $1.92 or up by 1% on a year earlier.

Looking ahead, the company reiterated its previous guidance for a rise in total full-year revenues at a low-to-mid single-digit pace at constant currencies.

Core EPS meanwhile was seen rising at a high single-digit to low double-digit rate.

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