AstraZeneca's Second-Quarter Profit Exceeds Expectations of its Oncology Drug Sales

The London-listed company, which reports earnings in US dollars, reported an adjusted profit of $2.15 per share on sales of approximately $11.42 billion. According to sources, analysts were expecting $1.98 per share on sales of around $10.97 billion. AstraZeneca is expected to beat second-quarter profit expectations later this week, thanks to higher-than-expected sales of its oncology drugs.

"Each of our non-COVID-19 therapy areas saw double-digit revenue growth, with eight medicines delivering more than $1bn in revenue in the first half, demonstrating the strength of our business," said Chief Executive Pascal Soriot. The Anglo-Swedish drugmaker - one of the strongest performers among listed European pharma companies - said the total revenue from oncology medicines increased 22 per cent in the first half of the year. The London-listed firm, which reports its results in U.S. dollars, posted an adjusted profit of $2.15 per share on sales of about $11.42 billion. Analysts were expecting $1.98 per share on sales of about $10.97 billion, according to company-compiled consensus estimates. AstraZeneca stood by its 2023 forecast.