By Joe Hoppe
AstraZeneca on Friday reported a significant rise in second-quarter net profit, but missed market forecasts, and backed its full-year guidance.
The Anglo-Swedish pharma giant said net profit for the quarter was $1.82 billion compared with $360 million for the comparable period a year earlier and a consensus of $2.02 billion, taken from FactSet and based on five analysts forecasts.
Operating profit rose to $2.46 billion from $539 million the year prior, and core earnings per share rose 25% to $2.15, AstraZeneca said.
Total revenue for the quarter increased to $11.42 billion from $10.77 billion in the same quarter of 2022, as each of its non-Covid-19 therapy areas saw double digit growth. Excluding Covid-19 medicines, total revenue increased by 14% and product sales increased by 2%, it said.
The company backed its guidance for 2023 at constant exchange rates, saying it expects total revenue to increase by a low-to-mid single-digit percentage.
Excluding Covid-19 medicines, total revenue is expected to increase by a low double-digit percentage, and core EPS is expected to increase by a high single-digit to low double-digit percentage, the company said.
Revenue from Covid-19 medicines, including its vaccine, is expected to decline significantly in 2023, AstraZeneca said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
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