Drug maker AstraZeneca PLC (LSE:AZN)’s fourth-quarter numbers marginally undershot consensus as it felt the impact of declining sales of its Covid vaccine.
Total revenues for the three months ended 31 December 2022 were US$11.2bn, around US$100mln shy of consensus.
Year-on-year, this represented a 7% drop, due mainly to receding demand for its Vaxzevria jab.
Turnover for 2022 was US$44.3bn, an increase of 25% while core gross margins grew by six percentage points helping earnings per share jump by 26% to US$6.66, or 33% at constant exchange rates.
Looking ahead, AZ said it expects total revenue to grow by low-to-mid single digits this year, or by low double digits excluding Covid products.
“We will continue to invest behind our pipeline and recent launches while continuing to improve profitability. We plan to initiate more than thirty Phase III trials this year, of which ten have the potential to deliver peak year sales over one billion dollars,” said chief executive Pascal Soriot.
The shares opened 1.6% higher at 10,922p, valuing the business at almost £170bn.