Astrazeneca's Outlook Brightens With Profit Surge

LONDON, July 25 (Bernama-dpa) -- British biopharmaceutical firm AstraZeneca reported second-quarter profits before tax of US$2.40 billion, a 15 per cent increase from last year's US$2.09 billion, reported German news agency dpa.

Earnings per share rose 6 per cent to US$1.24 from US$1.17 last year, while core earnings per share were US$1.98, down 8 per cent from the prior year.

Total revenues for the second quarter grew 13 per cent to US$12.94 billion from last year's US$11.42 billion. The growth was 17 per cent at constant exchange rates.

Further, the company has declared that interim dividend increased 7 cents to US$1.00. The record date for the first interim dividend for 2024, payable on September 9, will be August 9.

Looking ahead for fiscal 2024, AstraZeneca raised its outlook with strong underlying growth, now expecting total revenue and core earnings per share to grow by a mid-teens percentage at constant exchange rates. The previous outlook for both was a low double-digit to low teens percentage growth.

The company has set a target to deliver US$80 billion total revenue by 2030.

Pascal Soriot, the firm's chief executive officer, said: "In the year to date we have continued to make encouraging progress with several disruptive technologies, including antibody drug conjugates, bispecifics, cell and gene therapies, radioconjugates, and weight management medicines, all of which have the potential to drive our growth beyond 2030."

--BERNAMA-dpa