AstraZeneca Reports Profit Beat, Sees Growth Amid New Drug Launches

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AstraZeneca Reports Profit Beat, Sees Growth Amid New Drug Launches

Bloomberg2023-02-09

AstraZeneca Plc reported better-than-expected profit and said earnings will rise this year, helped by demand for drugs like Farxiga for diabetes and Tagrisso for cancer.

Core earnings per share will probably rise by a high single-digit to low double-digit percentage in 2023, the UK drugmaker said Thursday, roughly in line with what analysts had anticipated.

Chief Executive Officer Pascal Soriot is reaping the benefits of a risky bet on cancer to transform the drugmaker’s once meager pipeline. Astra is scheduled to report results from some key clinical trials this year, including one for a lung cancer treatment that could generate billions of dollars in sales.

Earnings per share were $1.38 in the fourth quarter, beating the average analyst estimate of $1.35. Revenue from Covid-19 medicines will probably decline significantly this year.

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