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(Sharecast News) - AstraZeneca posted better-than-expected revenues and profit for the first quarter of 2024 with both the company and analysts highlighting its drug pipeline.
At constant exchange rates total revenues jumped 19% to reach approximately $12.17bn (consensus: $11.8bn).
Core earnings per share were ahead by 13% to $2.06 (consensus: $1.92).
"Our strong pipeline momentum continued and already this year we announced positive trial results for Imfinzi and Tagrisso that were unprecedented in lung cancer, the data from both of these studies will be presented during the ASCO plenary in June," the company's boss, Pascal Soriot, said.
"We are also looking forward to seeing the results of several other important trials throughout the year."
Hargreaves Lansdown head of equity research, Derren Nathan, sounded a similar note.
Nathan conceded that Astra's research spend remained "high", but said that it was "certainly bearing fruit", including six regulatory approvals since the last results announcement.
Six Phase III clinical trials had been undertaken since the end of 2023 and more might be set to get underway.
"Of course, there's a high likelihood that they won't all lead to new revenue streams, but the company's record of success is impressive," the analyst wrote in a note.
"Pascal Soriot may have come under some fire later for his multi-million pay package, but for now there's little faulting the direction of travel on which he has set AstraZeneca."
The company also reiterated its full-year guidance for low double digit to low teens growth in revenues and core EPS.
As of 0856 BST, shares of AstraZeneca were trading 5.53% higher to 11,980.0p.
-- More to follow --
