AstraZeneca raises FY revenue guidance, names new chairman
AstraZeneca
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Drugmaker AstraZeneca raised full-year revenue guidance on Friday as it provided details of its "strong" first trading half and announced that Michel Demaré would take over as the group's chairman in April 2023.
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Astra-Zeneca, which reported a 48% increase in interim revenues to $22.16bn, said total revenues were now expected to increase by "a low twenties percentage", up from previous estimates in the "high teens".
Product sales were up 41% at $21.61bn and collaboration revenues came to $551.0m for the six months ended 30 June. Total revenue from oncology increased 22%, including receipt of a milestone payment, product sales from oncology increased 18%, while total revenue from R&I increased 3%, CVRM revenues improved 19% and rare diseases revenues grew 10%.
Interim core earnings grew 43% to $3.61 per share, while reported earnings fell 70% to $0.48 per share.
AZN said gross margins printed at 81% in the half, with the second quarter benefitting from currency fluctuations and the phasing of Covid-19 medicine contracts, while core operating margins increased to 33%, reflecting its recent acquisition of Alexion and continued investment in new launches and its pipeline.
AstraZeneca, which declared an interim dividend of $0.93 per share, also said chairman Leif Johansson will be replaced by Vodafone director Michel Demaré following the group's annual general meeting in April.
Reporting by Iain Gilbert at Sharecast.com