AstraZeneca Q1 sales boosted by cancer drugs amid COVID products wane
Fotonen
AstraZeneca's (NASDAQ:AZN) stock is trading in the green premarket on Thursday after Q1 results beat estimates and the company reaffirmed its FY23 outlook.
Core EPS grew +1%% at actual exchange rates - AER Y/Y (+6% at constant exchange rates - CER) to $1.92.
Total Revenue fell -4.4% Y/Y (but was stable at CER) to $10.88B. This despite a decline of $1.46B from COVID-19 medicines. Excluding COVID-19 medicines, total revenue grew +10% Y/Y (+15% CER) to ~$10.73B.
"Our performance in Emerging Markets was particularly strong and I am impressed by the growth and pace of innovation I see in China, which underscores the competitive advantage of our leading presence in this country," said AstraZeneca CEO Pascal Soriot.
Emerging Markets revenue, Regions including COVID-19 products, declined -6% Y/Y (but +1% CER) to $3.16B. Meanwhile, Regions ex. COVID-19 products, Emerging Markets sales soared +14% (+22% CER) to ~$3.14B.
COVID vaccine Vaxzevria sales fell -97% Y/Y (-97% CER) to $28M. Revenue from COVID-19 mAbs, or that of Evusheld, declined -73% Y/Y (-70% CER) to $127M. The COVID-19 mAbs are Evusheld and AZD3152, which is currently in development.
Evusheld did not see any revenue in the U.S. in this quarter following the completion of U.S. government contract deliveries in Q4 2022. The drug's emergency use authorization was also revised in January 2023 by the FDA.
Sales from Oncology segment rose +14% Y/Y (+19% CER) to ~$4.15B â driven by Tagrisso which saw revenue rise +9% (+15% CER) to ~$1.42B, and lung cancer drug Imfinzi, which saw sales grow +50% Y/Y (+56% CER) to $900M.
Ovarian cancer therapy Lynparza grew +5% Y/Y (+10% CER) to $651M. Lymphocytic leukemia therapy Calquence rose +28% Y/Y (+31% CER) to $532M.
Total BioPharmaceuticals segment sales fell -19% Y/Y (-15% CER) to ~$4.55B, mainly due to declining revenues from COVID-19 drugs. However, growth from Farxiga and newer R&I medicines offset decreases in some older medicines.
BioPharmaceuticals: CVRM segment sales increased +15% Y/Y (+22% CER) to ~$2.56B, driven by Farxiga which generated ~$1.3B in revenues, up +30% Y/Y (+37% CER).
Stroke prevention drug Brilinta sales rose +3% Y/Y (+5% CER) to $334M. Cresto sales grew +14 Y/Y (+23 %CER) to $305M.
BioPharmaceuticals: R&I segment sales increased +3% Y/Y (+8% CER) to ~$1.63B. COPD therapy Symbicort sales rose +2% Y/Y (+7% CER) to $688M.
BioPharmaceuticals: V&I sales declined -80% Y/Y (-79% Y/Y) to $355M, as sales from the COVID products fell.
Rare Disease business grew +10% Y/Y (+14% CER) to ~$1.87B.
Soliris sales fell -16% Y/Y (-13% CER) to $834M, while Ultomiris sales grew +55% Y/Y (+61% CER) to $651M. Strensiq
revenue increased +26% ( +28% CER) to $262M.
Outlook:
AstraZeneca reiterated its outlook for FY 2023 at CER. Total Revenue is expected to increase by a low-to-mid single-digit percentage. Meanwhile, excluding COVID-19 medicines, total revenue is expected to grow by a low double-digit percentage. Core EPS is expected to increase by a high single-digit to low double-digit percentage.
AZN +0.69% to $74.16 premarket April 27