AstraZeneca (NASDAQ:AZN) has reported a significant surge in its quarterly revenue and profits, surpassing market predictions thanks to robust demand for its leading drugs and sustained sales from its partnership medicines.
The Anglo-Swedish pharmaceutical giant saw its shares rise by more than 5% in early trading.
The company's oncology division, a critical area of focus, reported a notable 26% increase in sales, reaching $5.12 billion in the first quarter alone.
This boost is attributed to the success of its blockbuster medications, including Tagrisso for lung cancer, Calquence for leukemia, and Farxiga for diabetes.
Further bolstering its financial results, AstraZeneca saw a more than 60% jump in revenue from partnered medicines.
Noteworthy collaborations include the breast cancer therapy Enhertu with Daiichi Sankyo and the asthma treatment Tezspire with Amgen.
Meanwhile, the company's total revenue soared by 19% year-on-year to $12.68 billion, with core earnings per share reaching $2.06.
These figures comfortably beat the analysts' expectations of a $1.92 core profit per share on revenues of $11.84 billion.
Looking ahead, AstraZeneca remains confident in its financial outlook for 2024, maintaining its forecast for revenue and core earnings per share to grow by low double-digit to low teens percentages.