- AstraZeneca Plc's (NASDAQ:AZN) total revenue jumped 60% Y/Y at CER to $11.39 billion in Q1 FY22, beating the consensus of $10.99 billion.
- The growth reflects the contribution of the Alexion medicines and several Vaxzevria contracts that are expected to complete the delivery by half year 2022.
- Core EPS came in at $1.89, up 20% at CER.
- In Q1, sales of the COVID-19 vaccine, Vaxzevria, were $1.15 billion, which came from initial contracts.
- Lung cancer drug Tagrisso racked up $1.3 billion in revenues, and type 2 diabetes treatment Farxiga achieved $1 billion in revenue. Evusheld sales reached $469 million.
- "2022 has started strongly for AstraZeneca. Farxiga achieved $1bn revenue in the quarter, and our Oncology medicines delivered Product Sales growth of 18%, despite COVID-19 continuing to impact cancer diagnosis and treatment," Chief Executive Pascal Soriot said.
- Guidance: AstraZeneca reiterates its FY22 guidance at CER with revenue to increase by a high teens percentage, with core earnings growing by a mid-to-high 20s percentage.
- The company expects sales of COVID-19 products to decline by a low-to-mid 20s percentage, with an anticipated decline in sales of Vaxzevria COVID-19 being partially offset by growth in Evusheld sales.
- The gross margin from the COVID19 medicines is expected to be lower than the company average.
- AZN expects sales to decline by a mid-single-digit percentage in 2022 in China due to discounts it has agreed to secure on China's National Reimbursement Drug List (NRDL) for various medicines.
- Price Action: AZN shares are up 2.33% at $58.53 during the premarket session on the last check Thursday.
- Photo by Paul_McManus via Pixabay
