AstraZeneca predicts faster growth after 'robust' Q1

AstraZeneca said it expected performance to accelerate as the drugs company reported "robust" revenue growth for the first quarter.

Revenue increased 15% to $7.3bn in the three months to the end of March, or by 11% excluding currency movements. At constant currency and excluding the Covid-19 vaccine revenue rose 7% to $7.05bn.

Core earnings per share rose 55% to $1.63 and the company reiterated its full-year guidance for core EPS between $4.75 and $5. Total revenue included $275m of pandemic Covid-19 vaccine sales.

Sales growth in the first quarter was driven mainly by new medicines in oncology and biopharmaceuticals, including cancer treatment Tagrisso and Farxiga, a diabetes medication also used to treat heart failure. Tagrisso sales rose 17% to $1.15bn and sales of Farxiga jumped 54% to $625m.

Pascal Soriot, AstraZeneca's chief executive, said: "We delivered solid progress in the first quarter of 2021 and continued to advance our portfolio of life-changing medicines. This performance ensured another quarter of strong revenue and earnings progression, continued profitability, and cash-flow generation, despite the pandemic's ongoing negative impact on the diagnosis and treatment of many conditions.

"Given the performance in the first quarter, in line with our expectations, we reiterate our full-year guidance. We expect the impact of Covid to reduce and anticipate a performance acceleration in the second half of 2021."