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AstraZeneca Q2 Highlights: Profits Fall, COVID-19 Vaccine Sales Dip, Lifts Annual Sales Guidance

·1 min read
  • AstraZeneca Plc (NASDAQ: AZN) Q2 profits fell sharply on ballooning costs linked to its Alexion takeover. The net profit was down 68% Y/Y (75% on constant currency) to $247 million.

  • Core EPS reached $1.72, +92% (+89% CC).

  • The company clocked Q2 sales of $10.77 billion, +32% (+38% CC), beating the consensus of $10.53 billion.

  • AstraZeneca's best-selling product Tagrisso for lung cancer saw revenues increase 7% to $1.4 billion, while sales of cardiovascular and diabetes treatment Farxiga jumped 51% to $1.1 billion.

  • Sales of its Covid-19 vaccine Vaxzevria slumped 49% to $455 million in the second quarter. The company said most Vaxzevria revenues came from initial, non-profit contracts.

  • Operating expenses jumped 33%, "reflecting the addition of Alexion, and continued investment in new launches and the pipeline" of drugs.

  • Guidance: AstraZeneca said FY22 revenue from Covid-19 medicines is anticipated to be broadly flat compared with 2021, with the growth of its preventative antibody treatment Evusheld offsetting an expected decline in Vaxzevria sales.

  • Revenue is expected to increase by a low twenties percentage (previously high teens).

  • Price Action: AZN shares are down 1.24% at $65.89 during the premarket session on the last check Friday.

  • Photo via Wikimedia Commons

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