AstraZeneca Upgrades Outlook Despite Slide in Profit
October 24 2019 - 2:57AM
Dow Jones News
By Carlo Martuscelli
AstraZeneca PLC (AZN.LN) said Thursday that third-quarter net
profit fell, while sales increased as it raised its guidance.
Profit in the period was $299 million, down from $431 million in
the prior year. Revenue climbed 16% to $6.13 billion. Core earnings
per share, a closely-watched company measure that strips out
exceptional items, rose 40% to 99 cents, edging ahead of the 97
cents expected by analysts.
The drug maker said that its reported net profit was hit by
increased legal provisions, while comparables were made more
difficult by a positive $436 million legal settlement the year
before.
Product sales in China, a market that has been a key focus for
Chief Executive Pascal Soriot, grew by 40% at constant exchange
rates.
Meanwhile, revenue from the pharmaceutical company's oncology
portfolio, which has been key to returning the business to sales
growth after years of declines, increased by 48% excluding currency
effects. The drug that generated the most revenue in the category
was Tagrisso, with total sales of $891 million in the quarter.
Astra upgraded its full-year outlook for the year. The company
said it now expects to product sales to grow by a low to mid-teens
percentage at constant exchange rates. Previously it guided for low
double-digit percentage growth.
Write to at carlo.martuscelli@dowjones.com; @carlomartu
(END) Dow Jones Newswires
October 24, 2019 02:42 ET (06:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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