AstraZeneca beats third-quarter expectations, maintains outlook
The firm will also list its shares on the NYSE to gain access to a deeper capital pool
[LONDON] AstraZeneca beat third-quarter earnings expectations on Thursday (Nov 6), helped by strong sales of its cancer, heart and kidney disease drugs, prompting London’s most valuable listed company to retain its full-year forecasts.
AstraZeneca is making big strides to achieve its goal of US$80 billion in annual revenue by 2030, and is betting on its expansion plans and drug pricing deal in the US, its biggest market, to provide some relief from import tariffs.
Global drugmakers have pledged billions of dollars to boost their manufacturing in the US in a bid to avoid tariffs.
AstraZeneca will also list its shares on the New York Stock Exchange (NYSE) to gain access to a deeper capital pool.
The Anglo-Swedish drugmaker still expects full-year revenue growth of a high single-digit percentage, and core profit per share growth in the low double-digit percentage.
“The strong underlying momentum across our business through the first nine months of the year sets us up well to sustain growth through 2026, and has us on track to deliver our 2030 ambitions,” chief executive officer Pascal Soriot said in a statement.
AstraZeneca reported core earnings growth of 12 per cent to US$2.38 a share for the three months ended Sep 30, and 10 per cent revenue growth to US$15.19 billion at constant currency rates.
That compares with expectations of US$2.29 a share in earnings, and sales of US$14.79 billion in a company-provided poll. REUTERS
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