Britain’s largest pharmaceuticals company AstraZeneca PLC (LSE:AZN) shares climbed 6% to their highest in a year as first-quarter results hit the mark.
Total revenue increased by 19% at constant exchange rates to $12.7 billion (£10.2 billion), driven by an 18% increase in product sales.
This trickled down to a 22% year-on-year increase in operating profits to $3.1 billion and a 13% increase in earnings per share to $2.06.
AstraZeneca’s suite of oncology products was the top performer, with sales adding 26% year on year.
Notable developments in the quarter included positive trial results for Imfinzi and Tagrisso in lung cancer, and several US and EU approvals for other drugs.
AstraZeneca reiterated its full-year guidance of low double-digit to low teens percentage growth in both total revenues and EPS.
The group said the total dividend for the year should increase by $0.20 per share to $3.10.
Chief executive Pascal Soriot, whose executive remuneration has been a matter of hot debate, called it “a very strong start in 2024”.
“Our strong pipeline momentum continued and already this year we announced positive trial results for Imfinzi and Tagrisso that were unprecedented in lung cancer, the data from both of these studies will be presented during the ASCO plenary in June.
“We are also looking forward to seeing the results of several other important trials throughout the year.”