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(Alliance News) - AstraZeneca PLC on Thursday said sales shot up in 2021, helped by its Covid vaccine, and the pharmaceutical firm hiked its shareholder return.
Shares were up 2.9% at 8,610.00 pence in London early Thursday, the stock up almost 20% over the past year.
Revenue for 2021 rose 41% on a reported basis, and 38% at constant currencies, to USD37.42 billion from USD26.62 billion in 2020, lifted as product sales increased 41% to USD36.54 billion.
Excluding Covid vaccine revenue, total sales for the year still rose a robust 26% to USD33.44 billion.
"Growth was well balanced across our strategic areas of focus, and we saw double-digit growth in all major regions, including Emerging Markets despite some headwinds in China," said Chief Executive Pascal Soriot.
Despite the sales growth, Astra swung to a pretax loss of USD265 million from a profit of USD3.92 billion year-on-year. This was due to research & development costs jumping 63% to USD9.74 billion from USD5.99 billion and selling, general & administrative expense increasing 35% to USD15.23 billion from USD11.29 billion.
Earnings per share tumbled 97% to USD0.08. But core EPS increased 32% at reported rates, or 37% at constant currencies, to USD5.29. The difference is due to the acquisition of Alexion Pharmaceuticals, impairments and restructuring charges, Astra said.
Astra bought Alexion, a Boston, Massachusetts-based biotech firm, in July for USD13.3 billion in cash and 236.3 million new AstraZeneca shares. Astra's results include Alexion from July 21 last year onward.
For 2022, core EPS is expected to increase by a mid-to-high twenties percentage and revenue should grow in a high teens percentage, both at constant currencies.
Covid-19 medicine revenue is expected to decline by a low-to-mid twenties percentage, with an expected decline in sales of vaccine Vaxzevria being partially offset by growth in Evusheld, a Covid antibody treatment.
"The positive news from our pipeline, including approvals for Evusheld and Tezspire, supports the outlook for 2022. This, along with the transformative acquisition of Alexion, means that we are confident in our long term growth and profitability. After a landmark year in 2021, we are increasing the dividend for our shareholders," said Soriot.
Astra said that, reflecting its confidence, it plans to increase the annualised dividend by USD0.10 to USD2.90. After approving a second interim dividend for 2021 of USD1.97, it will pay out a total dividend for the year of USD2.87.
By Lucy Heming; lucyheming@alliancenews.com
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