AstraZeneca
12 November 2024
9M and Q3 2024 results
Upgrade to full year 2024 guidance underpinned by strong underlying growth momentum
Revenue and EPS summary
| 9M 2024 | % Change | Q3 2024 | % Change | ||||
| $m | Actual | CER[1] | $m | Actual | CER | ||
| - Product Sales | 37,576 | 16 | 19 | 12,947 | 18 | 20 | |
| - Alliance Revenue | 1,498 | 49 | 50 | 559 | 48 | 50 | |
| - Collaboration Revenue | 108 | (66) | (66) | 59 | (39) | (40) | |
| Total Revenue | 39,182 | 16 | 19 | 13,565 | 18 | 21 | |
| Reported EPS | $3.57 | 11 | 21 | $0.92 | 4 | 17 | |
| Core[2] EPS | $6.12 | 5 | 11 | $2.08 | 20 | 27 | |
Financial performance for 9M 2024 (Growth numbers at constant exchange rates)
? Total Revenue up 19% to $39,182m, driven by a 19% increase in Product Sales and continued growth in Alliance Revenue from partnered medicines
? Total Revenue growth from Oncology was 22%, CVRM 21%, R&I 24% and Rare Disease 14%
? Core Product Sales Gross Margin[3] of 82%
? Core Operating Margin of 32%
? Core Tax Rate of 20%
? Core EPS increased 11% to $6.12. In the prior year period, Core EPS included gains totalling $953m from the disposal of Pulmicort Flexhaler US rights and updated contractual arrangements for Beyfortus
? Guidance for FY 2024 Total Revenue and Core EPS growth at CER upgraded to high teens percentage growth
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"Our company has continued on its strong growth trajectory in the first nine months of 2024. Total Revenue and Core EPS were up 21% and 27% respectively in the third quarter, reflecting the increasing demand for our medicines across Oncology, BioPharmaceuticals and Rare Disease and supporting an upgrade to our full year 2024 guidance.
In the year to date we have announced the results for multiple positive high-value trials and are working to bring these new options to patients as quickly as possible. Additionally, the quality and impact of our scientific research was well recognised this quarter with data for AstraZeneca medicines featuring in an unprecedented five Presidential Plenary sessions at the two major oncology conferences in September.
We are highly encouraged by the broad-based underlying momentum we are seeing across our company in 2024, and growth looks set to continue through 2025, providing a solid foundation to deliver on our 2030 ambition.
Finally, we take the matters in China very seriously. If requested we will fully cooperate with the authorities. We remain committed to delivering innovative life-changing medicines to patients in China."
Key milestones achieved since the prior results announcement
? Positive read-outs for Tagrisso plus Orpathys in EGFRm NSCLC with high levels of MET overexpression and/or amplification (SAVANNAH), Calquence in combination with venetoclax, with or without obinutuzumab in previously untreated CLL (AMPLIFY), and the next generation propellant for Breztri. Koselugo in adult patients with NF1-PN (KOMET), Tezspire in severe chronic rhinosinusitis with nasal polyps (WAYPOINT)
? US approvals for Tagrisso in unresectable, Stage III EGFRm NSCLC (LAURA) and Imfinzi plus chemotherapy in resectable early-stage NSCLC (AEGEAN) and FluMist for self-administration. EU approvals for Imfinzi plus chemotherapy followed by Imfinzi alone in mismatch repair deficient endometrial cancer (DUO-E), Imfinzi plus chemotherapy followed by Lynparza and Imfinzi in mismatch repair proficient endometrial cancer (DUO-E) and Fasenra for EGPA (MANDARA). China approvals for Enhertu in unresectable, locally advanced or metastatic HER2-mutated NSCLC (DESTINY-Lung02, DESTINY-Lung05), Enhertu in locally advanced or metastatic HER2-positive gastric or gastroesophageal junction adenocarcinoma (DESTINY-Gastric06), and Fasenra for severe eosinophilic asthma (MIRACLE)
Please refer to the attached PDF document to view the full announcement.
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