AstraZeneca profits rise on cancer drugs, Alexion buy

AstraZeneca, a British pharmaceutical firm, reported a record annual net profit, boosted by cancer treatments and the integration of biotech unit Alexion following a blockbuster takeover. AstraZeneca said in a results statement that profit after tax increased to $3.3 billion (3.1 billion euros) last year from $112 million in 2021 due to costs associated with the Alexion acquisition. Revenue increased by nearly one-fifth to $44.4 billion, owing to a strong contribution from oncology or cancer treatments, which offset declining fourth-quarter sales of its COVID vaccine.

COVID-19 medicine sales are expected to fall "significantly" in 2023, with "minimal revenue" from the COVID jab Vaxzevria, according to the company. "2022 was a year of continued strong company performance and execution of our long-term growth strategy," said chief executive Pascal Soriot. We expect another year of double-digit revenue growth in 2023, excluding our COVID-19 medicines." Astra anticipates a one to five percent increase in total revenue this year. Soriot went on to say that AstraZeneca was on track to deliver "at least fifteen new medicines" by the end of the decade.

AstraZeneca completed its $39 billion takeover of US biotech giant Alexion in 2021. Soriot has pushed AstraZeneca into lucrative treatments such as cancer therapies since taking the helm in 2012, while Alexion gives it more clout in areas such as treating blood disorders.