AstraZeneca Q2 Earnings Beat on Strong Cancer Drug Sales
AstraZeneca reported second-quarter earnings that exceeded expectations, driven by strong sales in its cancer drug portfolio. Core earnings per share reached $2.63 for the three months ended June 30, up 18% year-over-year and above analyst forecasts of $2.48. Total revenue rose to $15.38 billion, slightly below expectations but still showing a 5% increase. Cancer drug sales climbed by 15%, while rare disease revenues increased by 8%. However, the company faced challenges in China, its second-largest market, where revenue dropped 13% due to generic competition and policy changes. AstraZeneca maintained its full-year guidance for core earnings growth of low double digits and total revenue growth in the mid-to-high single-digit range. Despite a recent setback with failed late-stage trials for nerve drug Wainua, CEO Pascal Soriot expressed confidence in the company's pipeline and long-term goals. The firm also initiated six Phase III trials for its GLP-1 weight-loss pill candidate elecoglipron to compete against Novo Nordisk and Eli Lilly.
Topics: cancer drugs earnings report pharmaceutical industry revenue growth