Trending: AstraZeneca Hikes Forecasts and Makes a $2 Billion Licensing Deal
09 November 2023 - 1:03PM
Dow Jones News
1133 GMT - AstraZeneca is among the most mentioned companies
across news items over the past four hours, according to Factiva
data. The Anglo-Swedish drugmaker hiked its forecasts for core
earnings per share and total revenue for the year as soaring cancer
medicine sales offset plummeting coronavirus vaccine sales.
AstraZeneca's third-quarter revenue largely met market
expectations, rising 5% to $11.49 billion, compared to a $11.56
billion forecast by 12 analysts taken from FactSet. The higher
sales in the oncology division--which accounts for 40% of company
revenue--offset a 65% drop to $312 million in sales from the
vaccine and immune therapies division, due to sharp declines in
demand for coronavirus vaccines. The company also separately said
it has entered a $2 billion exclusive agreement with Eccogene,
licensing its ECC5004 product for treating conditions such as
type-2 diabetes and obesity. "[AstraZeneca's] latest update will
build confidence the company can sustain its recent momentum and
reclaim its position as the largest company on the FTSE 100 from
energy giant Shell," AJ Bell investment director Russ Mould says in
a market comment. Shares at 1125 GMT were up 282.0 pence, or 2.8%
at 10,452.0 pence. Dow Jones & Co. owns Factiva.
(joseph.hoppe@wsj.com)
(END) Dow Jones Newswires
November 09, 2023 06:48 ET (11:48 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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