AstraZeneca beats Q1 top and bottom line estimates; reaffirms FY23 outlook
AstraZeneca press release (NASDAQ:AZN): Q1 Non-GAAP EPS of $1.92  beats by $1.10.
Revenue of $10.88B (-4.5% Y/Y)  beats by $270M.
Excluding COVID-19 medicines, Total Revenue increased 15% and Product Sales increased 16%.
Total Revenue from Oncology medicines increased 19%, CVRM7 22%, R&I8 8%, and Rare Disease 14%.

Core Gross margin of 83%, up four percentage points, reflecting the decline in sales of lower margin COVID-19 medicines.
Core Operating margin of 36%, up one percentage point, reflecting a $220m increase in Core Other operating income.

The Company reiterates guidance for FY 2023 at CER, based on the average exchange rates through 2022. Total Revenue is expected to increase by a low-to-mid single-digit percentage Excluding COVID-19 medicines, Total Revenue is expected to increase by a low double-digit percentage.
Core EPS is expected to increase by a high single-digit to low double-digit percentage.
Total Revenue from China is expected to return to growth and increase by a low single-digit percentage in FY 2023.
Alliance Revenue and Collaboration Revenue are both expected to increase16, driven by continued growth of our partnered medicines and success-based milestones.
Other operating income is expected to increase.
Core Operating expenses are expected to increase by a low-to-mid single-digit percentage, driven by investment in recent launches and the ungating of new trials following pipeline success.
The Core Tax Rate is expected to be between 18-22% .