AstraZeneca has reported a significant surge in sales, largely driven by its cancer drugs.
The Cambridge-based pharmaceutical giant's shares rose by 5% in early trading on Thursday as investors celebrated the strong performance. AstraZeneca announced that total revenues for the first quarter of 2024 increased by 19% to $12.68billion (£10.1billion), exceeding analysts' predictions.
Pascal Soriot, the company's chief executive said the company "had a very strong start in 2024". The firm saw an 18% rise in product sales, with its oncology division experiencing a 26% boost. The cardiovascular, renal and metabolism (CVRM) operation also performed well, growing by 23%, supported by high demand for its Farxiga drug, used for kidney disease and type 2 diabetes.
AstraZeneca also enjoyed a 59% increase in sales from its partnered medicine business Alliance. The company maintained its revenue guidance for the year, highlighting a promising pipeline of new drugs and trials.
Mr Soriot added: "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. We are also looking forward to seeing the results of several other important trials throughout the year."
The update arrives just weeks after the firm awarded Mr Soriot a £18.7million pay deal, sparking dissent among certain shareholders. Derren Nathan, head of equity research at Hargreaves Lansdown, said: “AstraZeneca has passed its first quarter health check with flying colours.
“Its drive to roll out next-generation cancer therapies is powering both revenue growth and clinical success. 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.”