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* Q2 profit and sales beat on portfolio strength
* Reiterates 2020 guidance for what has been a strong year
* Optimism around AZ/Oxford coronavirus vaccine high
* Shares rise as much as 3% in morning trade
(Writes through, adds details, context, shares)
By Pushkala Aripaka and Ludwig Burger
July 30 (Reuters) - Britain's AstraZeneca bettered
second-quarter sales and profit estimates on Thursday, thanks to
strong sales during the lockdowns from the drugmaker's diverse
product line-up, which now includes a front-running coronavirus
vaccine candidate.
Optimism over its COVID-19 vaccine has fuelled what was
already a strong year for the company as it also stuck by its
2020 outlook. AstraZeneca has gained from changes wrought by
Chief Executive Pascal Soriot's focus on products and bets on
newer medicines.
The company reiterated that it was on track with late-stage
trials for its coronavirus vaccine, which could be rolled out by
the year-end.
Shares of London's most valuable listed company on Thursday
rose 3% at 88.6 pounds after product sales of $6.05 billion in
the three months ended June 30 surpassed analysts' consensus of
$6.01 billion. The figure excludes payments from tie-ups.
Newer drugs for diabetes, heart conditions and cancer,
including its top selling lung cancer drug Tagrisso, performed
well in the quarter and AstraZeneca remains on track for a third
consecutive year of growth.
AstraZeneca has had a busy few months: it took on
development of the COVID-19 shot from Oxford University, got
billions in government funding, signed several supply deals, and
was even the subject of a mega-merger speculation - all while
marching on with its core business.
Among drugs with better-than-expected revenues, sales of
respiratory drug Symbicort rose 12% to $653 million, about $90
million above consensus, while revenue from cancer drug Lynparza
jumped 62% to $554 million.
There are no approved vaccines for the illness caused by the
novel coronavirus, but AstraZeneca's shot is widely considered
the leading candidate after results from early-stage human
trials showed it was safe and produced an immune response.
Core earnings of 96 cents per share beat analysts'
expectation of 93 cents. Total revenue rose 11%.
(Reporting by Pushkala Aripaka in Bengaluru and Ludwig Burger
in Frankfurt; Additional reporting by Ankur Banerjee; Editing by
Saumyadeb Chakrabarty)
