AstraZeneca trades higher as Q3 sales boosted by cancer drugs; raises FY22 EPS outlook
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AstraZeneca (NASDAQ:AZN) stock rose ~3% premarket on Thursday after Q3 results beat estimates as oncology drove sales and the company raised its core EPS outlook.
Core EPS rose +55% at actual exchange rates - AER Y/Y (+70% at constant exchange rates - CER) to $1.67.
Total revenue grew +11.2% Y/Y (+19% CER) to $10.98B. The company said Strong Oncology and BioPharmaceuticals sales were seen in Q3.
COVID vaccine Vaxzevria sales declined -83% Y/Y to $173M. while COVID therapy Evusheld generated sales of $537M. In Q2 2022 Evusheld sales were $445M.
Sales from Oncology segment rose +20% Y/Y to $4.04B driven by Tagrisso whose revenue grew +12% $1.4B
Lung cancer drug Imfinzi sales grew +19% Y/Y to $737M. Ovarian cancer therapy Lynparza also grew 12% Y/Y to $659M. Lymphocytic leukemia therapy Calquence rose +60% Y/Y to $566M.
BioPharmaceuticals: CVRM segment sales increased 11% Y/Y to ~$2.35B, driven by Farxiga which achieved its third consecutive blockbuster quarter with $1.10B in revenues, up +38% Y/Y.
Stroke prevention drug Brilinta sales fell -10% Y/Y to $338M.
BioPharmaceuticals: R&I segment sales up 1% Y/Y to $1.5B.
BioPharmaceuticals: V&I sales declined -29% Y/Y to $878M, as sales from the COVID vaccine fell.
Rare Disease business grew +4% Y/Y to $1.74B. While Soliris sales fell -13% Y/Y to $901M, Ultomiris sales grew +37% Y/Y to $518M.
Outlook:
"AstraZeneca continues to see the benefit of our sustained investment in R&D, with 19 major regulatory approvals since our last earnings call. After a strong performance in the year to date, we have increased our Core EPS guidance for the full year 2022," said AstraZeneca CEO Pascal Soriot.
The company now expects Core EPS to increase by a high twenties to low thirties percentage (previously mid-to-high twenties percentage) at CER
AstraZeneca added that total revenue outlook remains unchanged and is expected to increase by a low twenties percentage at CER.
AZN +2.54% to $62.60 premarket Nov. 10