AstraZeneca’s total revenue increased 19% at constant exchange rates (CER), the company announced in its latest earnings report released Thursday morning.
The British drugmaker’s product sales rose 16%, its collaboration revenue increased threefold and its core earnings per share soared 70% year-over-year. AstraZeneca benefited from strong oncology and biopharmaceutical sales, with Farxiga generating more than $1.1 billion in revenues.
In light of its quarterly performance, AstraZeneca updated its full-year guidance, increasing its range for core EPS to a “high twenties to low thirties percentage.” Similarly, the company expects total revenue to increase by a low twenties percentage, though it noted that this metric could be impacted by a currency headwind of a mid single-digit percentage.
Beyond its quarterly earnings, AstraZeneca’s total revenue year-to-date is up 37% while its core operating margin is 32%, up six percentage points at CER.
The earnings were released less than a week after AstraZeneca CEO Pascal Soriot collaborated with six other CEOs from major pharma companies to reach emissions reduction targets and boost net zero healthcare.
“AstraZeneca continues to see the benefit of our sustained investment in R&D, with 19 major regulatory approvals since our last earnings call,” Soriot said in a statement. “After a strong performance in the year to date, we have increased our Core EPS guidance for the full year 2022. Additionally, recent encouraging data for several of our pipeline programmes have given us the confidence to proceed with additional late-stage clinical trials as we maintain our focus on delivery of our growth ambitions.”
Just last week, the company announced it is handing over its omnichannel operations mandate to life-sci commercialization firm Indegene. Terms were not immediately released by Indegene will assist the pharma giant in creating more personalized customer experiences across its brands and campaigns.
One of AstraZeneca’s latest campaigns is Asthma Behaving Badly, which features a purple, anthropomorphic representation of an eosinophil to help raise awareness of a common but serious form of asthma that often goes overlooked.
Several other healthcare companies released their Q3 earnings reports Thursday morning, including Finch Therapeutics, Blue Water Vaccines, Jounce Therapeutics and atai Life Sciences.
