Revenues, profits surge at AstraZeneca
By Abigail Townsend
Date: Thursday 06 Feb 2025
(Sharecast News) - AstraZeneca posted forecast-beating numbers on Thursday, fuelled by strong demand for its cancer and cardiometabolic drugs.
The blue chip said 2024 revenues jumped 21% to $54.1bn on a constant currency basis, ahead of guidance for high-teens growth.
Within that, oncology revenues improved 24% to $22.4bn, while sales in its CVRM (cardiovascular, renal and metabolism) unit rose 20% to $12.5bn.
Oncology accounts for around 43% of AstraZeneca's total sales.
Core earnings per share rose 19% to $8.21, while pre-tax profits spiked 38% at $8.7bn.
Pascal Soriot, chief executive, said: "Our company delivered a very strong performance in 2024.
"We also delivered nine positive, high-value Phase III studies, which coupled with increasing demand for our medicines in all key regions will help sustain our growth momentum into 2025."
The firm expects to increase total revenues by a high, single-digit percentage in the current year. Core EPS was forecast to rise by a low double-digit percentage.
Soriot continued: "This year marks the beginning of an unprecedented, catalyst-rich period for our company, an important step on our journey to deliver $80bn total revenue by the end of the decade.
"In 2025 alone, we anticipate the first Phase III data for seven new medicines, along with several important new indication opportunities for our existing medicines."
As at 0830 GMT, shares in AstraZeneca were up 4% at 11,612.0p
Derren Nathan, head of equity research at Hargreaves Lansdown, said: "AstraZeneca's results have shown that when it comes to high-octane growth in the pharmaceutical sector, obesity drugs aren't the only game in town.
"AstraZeneca looks well on the way to achieving its $80bbn revenue target by 2023, but there may be some disappointment that this bar hasn't been raised.
"Guidance for 2025 was also on the light side, but if 2024 is anything to go by, upgrades aren't out of the question as the year shapes up."
AstraZeneca also provided an update on China, where it is being investigated over several issues. Last October, the company's international executive vice president, Leon Wang, was detained by Chinese authorities. Shortly afterwards, it emerged that a number of former sales staff had been jailed as part of a medical insurance fraud case.
AstraZeneca said it could face a fine of up to $4.5m over suspected unpaid taxes relating to the import of two of its cancer drugs. It confirmed it would continue to cooperate fully with authorities.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN