AstraZeneca reports steady growth in 9M and Q3 2023 with core EPS increase

AstraZeneca has announced its financial results for the nine months (9M) and third quarter (Q3) of 2023, displaying solid financial performance with a focus on non-COVID-19 medicines.

Financial Summary and Performance

• In 9M 2023, AstraZeneca reported total revenue of $33,787 million, a 5% increase, with a notable decline of $2,896 million from COVID-19 medicines.
• Excluding COVID-19 medicines, Total Revenue and Product Sales increased by 15%.
• The company’s reported earnings per share (EPS) for 9M 2023 were $3.22, showing a significant increase, while core EPS was $5.80, up by 17%.
• AstraZeneca’s core product sales gross margin improved to 82%, reflecting the decline in sales of lower-margin COVID-19 medicines.
• The company’s core operating margin increased by three percentage points to 35%.

CEO’s Commentary

Pascal Soriot, Chief Executive Officer of AstraZeneca, commented on the company’s continued strong growth trajectory, particularly in non-COVID-19 medicines, which saw a 13% increase compared to last year. He highlighted new Phase III trials and the company’s focus on advancing the cardiometabolic and obesity pipeline.

Key Milestones and Approvals

AstraZeneca achieved several key milestones, including positive read-outs in various cancer treatments and regulatory approvals across different global markets. The company also made progress in treatments for heart failure, chronic lymphocytic leukemia, and neuromyelitis optica spectrum disorder.

Future Outlook and Financial Guidance

Given the strong momentum in 2023, AstraZeneca has increased its full-year guidance for Total Revenue excluding COVID-19 medicines and Core EPS. The company expects continued growth and development in its portfolio, aligning with its strategic focus on innovation in pharmaceuticals.