TOP NEWS: AstraZeneca shares fall despite improved full-year outlook

(Alliance News) - AstraZeneca PLC on Thursday raised its annual guidance as it hailed "strong growth in the first half of the year".

The Cambridge-based pharmaceutical firm said total revenue in the first half of 2024 surged 15% to USD25.62 billion from USD22.30 billion. Pretax profit jumped 19% to USD5.29 billion from USD4.35 billion.

For the second-quarter alone, revenue climbed 13% USD12.94 billion, and pretax profit was 15% higher at USD2.40 billion.

Half-year earnings per share rose to USD2.65 from USD2.34. In the second quarter EPS climbed to USD1.24 from USD1.17.

AstraZeneca lifted the dividend to USD1.00 from 93 US cents a year ago, growth of 7.5%.

Looking to the full-year, the pharmaceutical firm now expects total revenue and core EPS to grow by a "mid teens percentage" at constant currency, its view upgraded from a previously expected "low double-digit to low teens rise".

Chief Executive Pascal Soriot said the increase reflected "our strong growth in the first half of the year and continued underlying demand for our medicines".

"In the year to date we have continued to make encouraging progress with several disruptive technologies, including antibody drug conjugates, bispecifics, cell and gene therapies, radioconjugates, and weight management medicines, all of which have the potential to drive our growth beyond 2030."

AstraZeneca set a new revenue ambition to deliver USD80 billion of revenue by 2030 at its Investor Day in May.

AstraZeneca highlighted double-digit annual revenue growth from Oncology at 15% to USD5.33 billion, Cardiovascular, Renal & Metabolism at 18% to USD3.16 billion, Respiratory & Immunology at 23% to USD1.91 billion, and Rare Disease at 10% to USD2.15 billion.

In Oncology, the company said sales of lung cancer treatment Tagrisso rose 8% and breast cancer drug Enhertu by 46%.

In CVRM, sales of the type 2 diabetes treatment Farxiga increased by 29%. In Rare Diseases, Ultomiris sales rose 33%.

Despite the raised annual outlook, Astra shares fell 3.3% to 11,808.00 pence in London on Thursday. However, they are up 10% in the last 12 months.

By Jeremy Cutler, Alliance News reporter

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