LONDON, April 29 ― AstraZeneca today beat first-quarter sales and profit expectations, helped by higher than expected sales of its Covid-19 vaccine, a product the company has forecast will see a sharp decline over the course of the year.
The antibody treatment, which generated US$469 million in first-quarter revenue, came in just short of consensus expectations of US$480 million. The London-listed drugmaker maintained those forecasts today, after reporting total revenue of US$11.39 billion for the three months ended March 31 and core earnings of $1.89 per share ― surpassing consensus expectations of US$10.85 billion and $1.70 per share, respectively, Refinitiv IBES data showed.
But the company's shares fell by 1 per cent in early trade after sales of its top three oncology drugs ― Tagrisso, Imfinzi and Lynparza ― missed consensus expectations. Even though Covid-19 levels are beginning to wane, access to cancer diagnoses and treatment has still not rebounded to pre-pandemic levels.
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