AstraZeneca 2Q Net Profit Dropped Despite Higher Revenue; Raises Guidance
July 29 2021 - 3:05AM
Dow Jones News
By Cecilia Butini
AstraZeneca PLC said Thursday that net profit declined on-year
in the second quarter, though total revenue increased, and raised
its core earnings-per-share guidance for 2021.
The pharmaceutical major posted a profit of $550 million in the
quarter, down from $756 million in the same period a year prior, on
sales which grew to $8.22 billion from $6.28 billion, including
revenue generated from the company's Covid-19 vaccine.
Core earnings per share were $0.90 in the quarter, down from
$0.96 in the same quarter a year prior, as the metric continued to
suffer from the impact of the company's Covid-19 vaccine, which
AstraZeneca is developing at no profit.
AstraZeneca raised its guidance for core EPS growth in 2021
following the recently completed acquisition of Alexion
Pharmaceuticals Inc. and the issuance of new shares. It said it
expects total revenue to increase by a low-twenties percentage and
core EPS to be in the range of $5.05 to $5.40. It had previously
guided for the metric to be in a range of $4.75 and $5.
"The guidance does not incorporate any revenue or profit impact
from sales of the pandemic Covid-19 vaccine," AstraZeneca said,
adding that it recognizes uncertainties related to the effects of
the pandemic, including the impact from potential new medicines for
Covid-19 in clinical development.
AstraZeneca's Covid-19 vaccine generated revenue of $894 million
in the quarter, the company said.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
July 29, 2021 02:52 ET (06:52 GMT)
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