AstraZeneca’s product sales returned to growth in the third quarter, with new medicines and emerging markets driving performance.
The drug giant booked total product sales of $5.3 billion for period, marking
8% growth (9% at constant exchange rates [CER]) as revenues from new medicines rocketed 85% (86% at CER) and that from emerging markets jumped 12% (16% at CER).
Also of note, sales of the firm’s cancer drugs jumped 56% in the quarter (57% at CER), while turnover in China and the US sales leapt 32% and 25%, respectively.
Reported operating profit came in at $851 million for the period, marking a 26% drop (21% at CER) from a year ago, while reported earning per share (EPS) were $0.34.
The results mark “an important day for the future of AstraZeneca, with the performance in the quarter and year to date showing what we expect will be the start of a period of sustained growth for years to come. Commercial execution has been exceptional and our new medicines are now firmly established as the drivers of growth, supporting our continued success in Emerging Markets,” said the firm’s chief executive Pascal Soriot.
“These new medicines are showing great promise, including Tagrisso (osimertinib), Imfinzi (durvalumab), Lynparza (olaparib) in cancer, Farxiga (dapagliflozin) in diabetes and Fasenra (benralizumab) in severe asthma. We’re also continuing to replenish our early-stage pipeline as we bring our innovative medicines to patients around the world.”
Sales of Tagrisso were up 104% (105% at CER) for the quarter at $506 million, while Lynparza turnover rocketed of 122% (118% at CER) to $438 million. Elsewhere, Farxiga pulled in $355 million (up 25% or 27% at CER), and Fasenra generated $86 million.
The company said it remains on track to deliver its full year 2018 guidance of a low single-digit percentage increase in product sales and core EPS of $3.30 to $3.50 (at CER).