By Joe Hoppe

AstraZeneca shares rose Friday after the company reported a significant rise in second-quarter revenue and earnings per share, ahead of market views, and backed its full-year guidance.

Shares at 0746 GMT were up 3.7%, or 400 pence, at 11,100 pence.

The Anglo-Swedish pharma giant said core earnings per share rose 25% to $2.15, comfortably beating a company-provided consensus from 19 analysts of $1.98.

Total revenue for the quarter meanwhile 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. This also beat a company-compiled consensus of $10.97 billion.

Excluding Covid-19 medicines, total revenue increased by 14% and product sales increased by 2%, it said.

Net profit for the quarter was $1.82 billion compared with $360 million for the comparable period a year earlier, while operating profit rose to $2.46 billion from $539 million the year prior, AstraZeneca 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

(END) Dow Jones Newswires

July 28, 2023 04:19 ET (08:19 GMT)

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