AstraZeneca (NASDAQ: AZN), a UK-based biopharmaceutical company, has reported its financial results for the second quarter and the first half of 2024, demonstrating robust growth. For the six-month period, total revenues increased by 18% year-on-year (YOY) to $25.617 billion, with product sales also experiencing an 18% rise to $24.629 billion. In the second quarter alone, product sales were up 18% to $12.452 billion.
Excluding vaccines, which saw a significant decline of 56%, all therapeutic areas registered double-digit growth during the quarter. Oncology sales rose by 19%, cardiovascular, renal & metabolic sales by 22%, respiratory and immunology by 26%, and rare diseases by 14%. AstraZeneca’s CEO, Pascal Soriot, confirmed that the company is on track to achieve its ambitious target of $80 billion in annual sales by 2030.
The Q2’24 sales performance of key products included:
- Tagrisso (osimertinib) for non-small cell lung cancer (NSCLC), which grew by 12% to $1.608 billion.
- PD-L1 Imfinzi (durvalumab), with an 18% increase to $1.147 billion.
- Diabetes therapy Farxiga (dapagliflozin), which saw a substantial rise of 32% to $1.940 billion.
Co-developed products also contributed significantly:
- The antibody-drug conjugate Enhertu (trastuzumab deruxtecan), co-developed with Daiichi Sankyo, recorded a 49% YOY increase in global sales to $1.772 billion for the H1’24 period.
- The combined sales of asthma medicine Tezspire, co-developed with Amgen, reached $507 million.
AstraZeneca’s strong financial performance has led the company to revise its guidance for the full year of 2024. The total revenues and core earnings per share (EPS) are now expected to grow by a mid-teens percentage, up from the previous forecast of a low double-digit to low teens percentage growth.- Flcube.com
