UK-based AstraZeneca (AZ, NASDAQ: AZN) released its financial report for H1 2022, showing a 48% year-on-year (YOY) increase in total global revenues to USD22.16 billion in constant currency terms. The company saw strong growth across various disease areas and key products.
Business Performance
- Oncology: Revenues up 20% YOY to USD3.81 billion, driven by Tagrisso (osimertinib) which generated USD2.7 billion in sales, a 14% increase.
- Cardiovascular, Renal and Metabolism (CVRM): Grew 19% to USD2.36 billion.
- Respiratory & Immunology (R & I): Increased by 1% to USD1.4 billion.
- Vaccines & Immune Therapies: Up 12% to USD981 million.
- Rare Diseases: Grew by 10% to USD1.8 billion.
Key Products
- Tagrisso (Osimertinib): Leading the pack with USD2.7 billion in sales, a 14% increase.
- Farxiga (Dapagliflozin): Grew by 63% to USD2.1 billion.
- Enhertu (Trastuzumab Deruxtecan): Revenues doubled to over USD200 million, with expectations of further growth in the coming quarters.
COVID-19 Portfolio
- Vaxzevria: Added USD1.5 billion in sales over the six-month period.
- Evusheld (Cilgavimab + Tixagevimab): Contributed USD941 million after receiving emergency use authorization in the US in December 2021.
Geographical Performance
- US: Grew at 75%.
- Europe: Increased by 45%.
- Established Rest of World: Grew by 74%.
- Emerging Markets: Up 16% with China included, and 46% excluding China.
- China: Sales down 5% YOY to USD3.057 billion. Excluding Vaxzevria, China region growth was -7%.
Challenges in China
AstraZeneca’s portfolio in China continues to face pressures from National Reimbursement Drug List (NRDL) price cuts and the Volume-Based Procurement (VBP) program. COVID-19 lockdowns in major Chinese cities also reduced specialist treatments requiring hospital administration.
Key Product Developments
- Lokelma (Sodium Zirconium Cyclosilicate): Added to the NRDL from the beginning of the year.
- Enhertu: Filed for approval as a second-line treatment for HER2-positive breast cancer.
Upcoming Regulatory Events in China (H2 2022)
- Forxiga: Regulatory decision on chronic kidney disease indication.
- Enhertu: Submission in HER2-low breast cancer.
- Evusheld: Regulatory submission.-Fineline Info & Tech
