beat analysts’ expectations for its fourth-quarter profit as its cancer and cardiovascular therapies offset a fall in sales of its Covid-19 vaccine.
The Anglo-Swedish pharma major reported a net profit of $901 million. Revenue came to $11.21 billion, up 1% from the prior year at constant exchange rates. Analysts had expected a profit of $819 million on sales of $11.25 billion, according to a FactSet consensus.
Excluding lower sales of its Covid-19 vaccine, commonly known as Vaxzevria,
(ticker: AZN) said its overall revenue would have been up 17% at constant exchange rates. The company’s fourth-quarter earnings per share were $6.66, up 33% from the prior year.
AstraZeneca said that in 2023 it expects revenue to increase by a low-to-mid single-digit percentage, and by a low double-digit percentage when excluding Covid-19 medicines. Core EPS is expected to increase by a high single-digit to low double-digit percentage.
AstraZeneca shares were up 2.5% in London in early trading on Thursday.
“Our R&D success and revenue increase in 2022 demonstrate that we are on track to deliver industry-leading revenue growth through 2025 and beyond, and have set AstraZeneca on a path to deliver at least 15 new medicines before the end of the decade,” CEO Pascal Soriot said.
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