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Drugs giant AstraZeneca profit soars on slashed costs

July 28, 2023 / 4:43 PM
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Sharjah24 – AFP: British pharmaceutical group AstraZeneca on Friday announced a surge in net profits as it slashed costs, adding it would purchase a portfolio of rare-disease medicines from US peer Pfizer.
Profit after tax came in at $3.6 billion in the first half compared with $746 million in the first six months of 2022, AstraZenenca said in an earnings statement.

Revenue from its Covid treatments slumped by almost $2.2 billion in the first half.

At the same time eight non-Covid medicines delivered "more than $1bn of revenue", chief executive Pascal Soriot said in the statement.

AstraZeneca also announced that Alexion, its rare diseases unit, would "purchase and licence the assets of Pfizer's early stage rare disease gene therapy portfolio for a total consideration of up to $1 billion, plus tiered royalties on sales".

AstraZeneca's share price was up 4.6 percent in afternoon London trading following the updates.

The company's "robust portfolio of speciality medicines is serving it well and the biggest revenue line, cancer treatments, was also the fastest growing, up 22 percent", noted Derren Nathan, head of equity research at Hargreaves Lansdown.
 
July 28, 2023 / 4:43 PM

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