AstraZeneca Reports Higher-Than-Expected First-Quarter Revenue and Profit

Pharmaceutical company AstraZeneca reported first-quarter revenue of $15.29 billion, an 8 percent increase from the previous year. This figure surpassed analysts' expectations of $14.9 billion. Core operating profit rose 12 percent to $4.24 billion.

The revenue growth was attributed to double-digit increases in oncology and rare disease treatments. AstraZeneca reiterated its full-year forecast, projecting total revenue growth at a mid-to-high single-digit rate and core earnings per share growth at a low double-digit percentage at constant currencies.

Pascal Soriot, AstraZeneca's chief executive since 2012, stated that the results showed consistent commercial execution. He noted positive readouts from four phase III programs since the last quarterly results, including data for two new molecular entities.

The company plans to invest in commercial capabilities ahead of multiple product launches and further readouts this year. AstraZeneca aims to achieve $80 billion in annual sales by 2030, as set during a 2024 capital markets day in Cambridge, its global headquarters.

Recent positive results included phase III trials for tozorakimab, a respiratory disease drug, which reduced exacerbations in chronic obstructive pulmonary disease patients compared to placebo, as announced in March.

Soriot's leadership, AstraZeneca defended against a 2014 takeover approach from U.S. pharmaceutical company Pfizer. The company has focused on rebuilding its pipeline, particularly in cancer medicines, and expanding in the U.S. and China markets. Soriot mentioned in February that AstraZeneca had more than 100 phase III studies ongoing.