By Helena Smolak
AstraZeneca posted increased first-quarter core earnings per share and sales that beat forecasts.
The Anglo-Swedish pharmaceutical giant said Thursday that its core earnings per share increased to $2.06 from $1.92 the prior-year period.
At 0910 GMT, Shares of AstraZeneca traded 5.2% higher at 11,940 pence. The stock was up 13% year to date but down 2.9% on year.
Total revenue rose 19% to $12.68 billion boosted by product sales and continued growth in alliance revenue from partnered medicines which could offset waning demand for its Covid-19 products. Its oncology segment, the drugmaker's top business, grew 26% to $5.11 billion.
Analysts expected core earnings per share of $1.92 on sales of $11.84 billion, according to a company-compiled consensus.
AstraZeneca reiterated its full-year guidance and said it is increasing investment in its pipeline with research and development expenses climbing by 17% in the first quarter.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
04-25-24 0542ET