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AstraZeneca PLC on Friday said it delivered a strong first-half, boosted by demand for its cancer treatments, and lifted its full-year revenue guidance.
For the six months to June 30, revenue jumped to $22.16 billion from $15.54 billion last year with growth coming from all disease areas, including Covid-19 medicines, and from the addition of Alexion Pharmaceuticals Inc.
However, pretax profit dropped to $800 million from $2.37 billion year-on-year. This was largely due to selling, general & administrative expenses growing 58% to $9.52 billion from $6.03 billion - driven by the acquisition of Alexion and recent launches, including Evusheld.
Core earnings per share improved 43% to $3.61, meanwhile, or up 44% at constant currencies.
AstraZeneca declared a $0.93 interim dividend, which it said reflects its intention to increase its payout to $2.90 per share for 2022. It had paid out a total of $2.87 for 2021.
Looking ahead, the Cambridge, England-based drug maker raised its full-year revenue guidance, saying it expects it to rise by a percentage in the low twenties at constant currency rather than the high teens forecast previously.
Core EPS guidance for 2022 was retained, expected to increase by a mid-to-high twenties percentage.
Separately, AstraZeneca promoted Non-Executive Director Michel Demare to chair-designate, set to replace Leif Johansson at the annual general meeting in April 2023. Demare joined the AstraZeneca board in September 2019.
‘AstraZeneca had a strong financial first half of 2022, and great pipeline delivery. We announced practice-changing data for several medicines including Enhertu in breast cancer, Farxiga in heart failure and Ultomiris in neuromyelitis optica spectrum disorder,’ said Chief Executive Officer Pascal Soriot.
‘Given the ongoing performance of our underlying business and the contribution of our Covid-19 medicines, we are updating our revenue guidance for 2022. This has enabled us to increase our R&D investment in the exciting number of pipeline opportunities that can benefit patients and drive long term sustainable growth for our company. We look forward to announcing the results of several important late-stage trials this year and next,’ Soriot said.
Shares in AstraZeneca were down 1.8% at 10,680 pence in London early Friday.
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