UK-based pharmaceutical giant AstraZeneca (AZ; NASDAQ: AZN) has released an impressive set of financial results for the first quarter of 2024, with overall revenues increasing by 19% year-on-year (YOY) in constant currency terms to USD 12.68 billion. Product sales soared 18% YOY, reaching USD 12.18 billion.
The company’s business units experienced double-digit growth across the board, with oncology leading the pack with a 26% expansion, followed by cardiovascular, renal & metabolic (CVRM) with 23% growth, respiratory & immunology (R&I) at 17%, and rare diseases with 16% growth. The biopharmaceuticals unit, however, saw revenues decline by 34% due to the loss of COVID-19 vaccine sales.
AstraZeneca now boasts three products that each generate over USD 1 billion in revenue per quarter: lung cancer therapy Tagrisso (osimertinib) reached USD 1.595 billion with a 15% increase, PD-L1 inhibitor Imfinzi (durvalumab) grew by 33% to USD 1.113 billion, and diabetes therapy Farxiga (dapagliflozin) saw a 45% surge, reaching USD 1.892 billion.
Other notable products include:
- Enhertu (trastuzumab deruxtecan), co-developed with Daiichi Sankyo, which saw a 79% increase to USD 461 million.
- Newly launched asthma therapy Tezpire (tezepelumab), the only biologic approved for asthma regardless of phenotype, with sales more than doubling to USD 120 million.
- Respiratory therapy Breztri (budesonide, glycopyrrolate, and formoterol), which expanded by 54% to USD 219 million.
- Rare disease therapy Ultomiris (ravulizumab), up 34% to USD 859 million.
- BTK inhibitor for blood cancers Calquence (acalabrutinib), which grew by 35% to USD 718 million.
Emerging markets are becoming increasingly significant for AstraZeneca, with the region posting the fastest growth at 26% YOY, reaching USD 3.73 billion. China’s market saw a 13% growth, while ex-China emerging markets recorded an impressive 40% expansion. Leon Wang, AZ’s head of International and China, highlighted that key drivers in emerging markets include asthma therapy Symbicort (budesonide, formoterol), Farxiga, Tagrisso, and several off-patent legacy products.
CEO Soriot emphasized that a dedicated regulatory team is now in place to ensure more rapid new product launches in broader Emerging Markets outside China. However, Wang also noted the anticipated inclusion of Farxiga in China’s volume-based procurement (VBP) program in the second half of 2024 as a potential challenge.
The conference call also discussed the impact of AstraZeneca’s acquisition of Canadian-US biotech Fusion Pharmaceuticals (Nasdaq: FUSN) for up to USD 2 billion, announced in March this year. This deal strengthens AZ’s presence in the radiopharma space and adds Fusion’s PSMA-targeted FPI-2265 to its pipeline. AZ’s oncology head Susan Galbraith noted that the acquisition will accelerate radiopharmaceutical manufacturing capabilities and secure actinium supply for Fusion’s pipeline candidates.- Flcube.com
