* 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 more than 3% in morning trade
(Adds CEO quote from media call, updates shares)
By Pushkala Aripaka and Ludwig Burger
July 30 (Reuters) - Britain's AstraZeneca said on
Thursday that good data was coming in so far on its vaccine for
COVID-19, already in large-scale human trials and widely seen as
the front-runner in the race for a shot against the novel
coronavirus.
The drugmaker, Britain's most valuable listed company, also
announced second quarter results that beat its sales and profit
estimates, thanks to strong sales from a diverse product
line-up.
"The vaccine development is progressing well. We have had
good data so far. We need to show the efficacy in the clinical
programme, but so far, so good," Chief Executive Pascal Soriot
said on a media call.
AstraZeneca has already reached deals with countries to make
more than 2 billion doses of its COVID-19 vaccine, developed in
partnership with the University of Oxford, and says it could be
approved by the end of this year.
The company has had a busy few months: it took on
development of the COVID-19 shot, received 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.
It stuck by its 2020 outlook on Thursday, and its shares
were up about 3% at 88.6 pounds after product sales of $6.05
billion in the three months to June surpassed 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.
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
new virus, 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)
Astrazeneca (AZN)
