Pascal Soriot, Chief Executive of AstraZeneca (EPA/FACUNDO ARRIZABALAGA via APE-MPE)
AstraZeneca’s first-quarter profits rose on demand for its popular cancer drugs Imfinzi and Tagrisso, but also for its newer drug Enhertu, which also targets the same disease.
Earnings per share excluding certain items rose 7% to $2.06 in the period, the British drugmaker said in a statement.
Analysts polled by Bloomberg had expected it to reach $1.89 on average.
It is noted that its revenue increased by 17% last quarter.
At the same time, Astra has been indulging in a barrage of deals lately.
Last month it acquired Fusion Pharmaceuticals and Amolyt Pharma in order to strengthen the list of drugs it plans to bring to market.
It’s worth noting that under CEO Pascal Soriot, Astra has invested heavily in cancer drugs, but profit margins and drug launch spending have come under close scrutiny in recent months.
Next month, the drugmaker will present its drug lineup to investors, while also giving updates on the timing of future treatments and their potential for revenue.
In early April, it announced that Imfinzi increases the life expectancy of patients suffering from an extremely aggressive form of cancer.
Imfinzi showed a statistically and clinically significant improvement in both slowing disease progression and overall survival, according to initial results of an advanced study.
It is Astra’s second best-selling cancer drug after Tagrisso.
The trial results follow “a series of positive indications and approvals for Imfinzi” that have helped drive a strong uptick in sales, said Sean Conroy of Shore Capital.
Read also:
AstraZeneca: Cancer drug trials successful – Significantly increases life expectancy
Astrazeneca: New mega-deal worth $2.4 billion with the acquisition of Fusion Pharma
AstraZeneca: Acquires Amolyt Pharma for $1B – Focus on rare diseases
