FX.co ★ AstraZeneca Q1 Profit, Revenues Climb; Backs FY24 Outlook

AstraZeneca Plc., a leading British pharmaceutical company, has reported a substantial 24% growth in its pre-tax profit for the first quarter, rising to $2.80 billion from $2.26 billion in the same period last year.

The company also reported a 21% increase in its earnings per share, which now stands at $1.41, up from $1.16 in the preceding year. Additionally, AstraZeneca's core earnings per share have shown a rise of 7%, increasing to $2.06 in comparison to last year's figures. This surpasses the earnings expectations of $1.22 per share predicted by analysts, as per data compiled by Thomson Reuters.

The total revenue for the quarter also painted a positive picture, with a 17% increase to $12.68 billion, as against the $10.88 billion recorded for the same span in the previous year. This exceeds the anticipated revenue of $11.83 billion projected by market watchers.

The surge in revenue by 19%, calculated at constant currency rates, has been propelled by an 18% increase in product sales and continuous revenue growth in alliance partnerships for medicines.

Looking forward, AstraZeneca maintains a positive outlook for the fiscal year 2024, forecasting a low double-digit to low teens percentage increase in total revenue and the core earnings per share.