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AstraZeneca PLC on Friday reported half-year profit more than quintupling amid much lower costs, as its rare disease focused unit Alexion signed an agreement with Pfizer. The Cambridge-based pharmaceutical company said that, in the first half of 2023, pretax profit jumped to $4.35 billion from $800 million a year prior. This was on the back of significantly lower cost of sales, down 41% to $3.87 billion from $6.51 billion. Astra maintained an interim dividend of $0.93 per share. Chief Executive Officer Pascal Soriot said: ‘Each of our non-Covid-19 therapy areas saw double-digit revenue growth, with eight medicines delivering more than $1 billion of revenue in the first half, demonstrating the strength of our business. Several medicines grew rapidly including Ultomiris, Imfinzi/Imjudo and Farxiga, with revenues up 64%, 57% and 40% respectively.’ As AstraZeneca’s non-Covid business booms, the Covid arm is set to further decline ‘significantly’ during 2023, with lower revenue from its Vaxzevria and Covid-19 mAbs medicines. Looking ahead, AstraZeneca confirmed its 2023 guidance at constant exchange rates, expecting revenue to increase by a low-to-mid single-digit percentage in 2023. Further, AstraZeneca announced that Mene Pangalos in early 2024 will step down from her role as executive vice president of the company’s BioPharmaceuticals research & development arm after spending almost 14 years with the company. Sharon Barr will replace her. Barr has been senior vice president, head of research & product development of AstraZeneca’s rare diseases-focused Alexion since 2013. Meanwhile, Alexion signed an agreement with Pfizer Inc to buy a portfolio of preclinical rare disease gene therapies for up to $1 billion. It expects the transaction to close in the third quarter of 2023. ‘The agreement furthers Alexion and AstraZeneca’s commitment to advancing next-generation genomic medicines with the addition of complementary pipeline assets and innovative technologies,’ AstraZeneca said. AstraZeneca shares rose 3.7% to 11,096.99 each on Friday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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