Shares of AstraZeneca PLC (LSE:AZN) rose 3% following the upward revision to its full-year core earnings per share (EPS) and revenue forecasts.
The Anglo-Swedish pharma giant now anticipates a low double-digit percentage rise in core EPS, refining its earlier projection from a high single-digit increase.
Similarly, AZ has adjusted its growth expectations for total revenue, excluding Covid treatments, forecasting a rise in the low teens percentage range, a boost from the previously estimated low double-digit percentage growth.
Overall revenue growth is also projected to outperform previous estimates, with the company now setting its sights on a mid-single-digit percentage increase, as opposed to the earlier forecast of a low-to-mid single-digit rise.
In the third quarter, core EPS climbed to US$1.73 from US$1.67, marking a 9% increase when adjusted for constant exchange rates, and exceeding the consensus estimate of US$1.69.
Revenue also increased, rising 6% to US$11.49 billion from US$10.98 billion, although slightly below the anticipated consensus of US$11.55 billion.
At 8.23 am, the shares were changing hands for £103.78, up 208p.