Astrazeneca H1 gross profits up 10pc as 'strong growth momentum' continues

(Sharecast News) - Drugmaker Astrazeneca said on Tuesday that "strong growth momentum" had continued in H1, with "excellent R&D pipeline delivery" in the year-to-date. Astrazeneca said total revenues were up 9% in the six months ended 30 June at $28.04bn, with growth reported across all major geographic regions, while gross profits grew 10% to $23.33bn and operating profits rose 23% $7.18bn and pre-tax profits shot up 26% to $6.52bn.

Reported earnings per share were up 31% in H1 at 3.46p, while core EPS was 16% higher year-on-year at 4.66p.

On the operational front, Astrazeneca said it had delivered 12 positive Phase III readouts and 19 approvals in major regions during H1.

Looking forward, the FTSE 100-listed group said total revenues were expected to increase by "a high single-digit percentage" in FY25, while core EPS was pegged to improve by "a low double-digit percentage."

Chief executive Pascal Soriot said: "Our strong momentum in revenue growth continued through the first half of the year and the delivery from our broad and diverse pipeline has been excellent.

"As we enter our next phase of growth, we have pledged $50.0bn to continue to grow in the US, which includes the largest manufacturing investment in Astrazeneca's history, set for Virginia. This landmark investment reflects not only America's importance but also our confidence in our innovative medicines to transform global health and power Astrazeneca's ambition to deliver $80.0bn revenue by 2030."





Reporting by Iain Gilbert at Sharecast.com