AstraZeneca beats Q3 expectations, maintains FY outlook

(Sharecast News) - Drugmaker AstraZeneca reiterated its full-year guidance on Thursday as it posted a third-quarter earnings beat, driven by solid sales of its cancer, heart and kidney disease drugs. AstraZeneca said core earnings had grown 12% to $2.38 per share for the three months ended 30 September, while revenues were up 10% at $15.19bn at constant currency rates.

Revenues for the nine months ended 30 September were up 11% to $43.24bn, driven by double-digit growth across all therapy areas and major geographic regions.

Oncology sales rose 16% year-to-date, while revenue from its rare disease and immunology division were up 13%, all at constant exchange rates. Core operating profits increased 13%, with core earnings per share up 15% to $7.04.

AstraZeneca also highlighted that it had delivered 16 positive Phase III readouts and secured 31 approvals across major markets during the period.

Looking ahead, AstraZeneca reiterated its full-year guidance at CER, with total revenues expected to grow by a high single-digit percentage and core EPS by a low double-digit percentage.

Chief executive Pascal Soriot said: "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 ambition."

As of 0915 GMT, AstraZeneca shares were down 0.19% at 12,426p.

Reporting by Iain Gilbert at Sharecast.com