AstraZeneca beats Q2 top and bottom line estimates; reaffirms FY23 outlook
mohd izzuan

AstraZeneca press release (NASDAQ:AZN): Q2 Non-GAAP EPS of $2.15  beats by $1.18.
Revenue of $11.42B (+6.0% Y/Y)  beats by $400M.
Excluding COVID-19 medicines, Q2 2023 Total Revenue increased by 14% (17% at CER).
Core SG&A-to-Total Revenue ratio of 29% (Q2 2022: 29%).

Reiterating guidance for FY 2023 Total Revenue and Core EPS: 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 COVID-19 medicines (Vaxzevria17 and COVID-19 mAbs18) is expected to decline significantly in FY 2023 .
Total Revenue from China is expected to return to growth and increase by a low-to-mid single-digit (previously low single-digit) percentage in FY 2023.
Alliance Revenue and Collaboration Revenue are both expected to increase19, driven by continued growth of our partnered medicines and success-based milestones.
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%.