UK-based pharmaceutical giant AstraZeneca Inc. (AZ, NASDAQ: AZN) has reported its financial performance for the Q3 2024 period, showing a robust 21% year-on-year (YOY) increase in total revenues to USD 13.565 billion at constant exchange rates. Product sales also saw a significant 20% growth to USD 12.947 billion.
Business Unit Growth
The quarter witnessed double-digit growth across all business units, with oncology sales up 22% to USD 5.569 billion, CVRM (Cardiovascular, Renal, and Metabolism) up 20% to USD 3.159 billion, R&I (Respiratory & Immunology) up 29% YOY to USD 1.595 billion, V&I (Vaccines & Immune Therapies) up 49% YOY to USD 460 million, and Rare Disease up 14% to USD 2.148 billion.
Portfolio Product Performance
Leading portfolio products, including lung cancer therapy Tagrisso (osimertinib), PD-L1 inhibitor Imfinzi (durvalumab), and diabetes therapy Farxiga (dapagliflozin), all performed well, with sales increasing 17%, 16%, and 27% respectively to USD 1.674 billion, USD 1.203 billion, and USD 1.94 billion.
Collaboration Products
Collaboration products also showed strong growth. Antibody drug conjugate Enhertu (trastuzumab deruxtecan), co-developed with Daiichi Sankyo, saw a 55% YOY increase in global sales in Q3, totaling USD 2.729 billion for the first nine months, a significant increase from the previous year’s USD 1.844 billion. Combined sales of asthma medicine Tezspire, co-developed with Amgen, amounted to USD 843 million over the last three quarters, nearly doubling from the previous year’s USD 438 million.
Regional Sales Performance
Regionally, US sales grew 23% YOY to USD 6.008 billion. Emerging Markets rose 23% to USD 3.423 billion, with China contributing USD 1.671 billion, up 15% YOY. Europe recorded USD 2.875 billion in sales, up 22% YOY, and Established RoW (Rest of World) came in at USD 1.26 billion in sales, up 4% YOY.
Investigations by Chinese Authorities
The financial report also mentioned several individual investigations by the Chinese authorities into current and former AstraZeneca employees, including allegations of medical insurance fraud, illegal drug importation, and personal information breaches. Recently, Leon Wang, EVP International and AstraZeneca China President, was detained. However, AstraZeneca has not received any notification that it is itself under investigation and will fully cooperate with the Chinese authorities if requested.-Fineline Info & Tech
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