Shares in AstraZeneca PLC (LSE:AZN) fell 4% in early trading after first-quarter revenues missed City forecasts, as investors looked past stronger-than-expected earnings and a standout performance from its oncology portfolio.
The Anglo-Swedish drugmaker reiterated its guidance for the full year, forecasting high single-digit percentage growth in total revenue and a low double-digit percentage rise in core earnings per share at constant exchange rates.
Total revenue rose 10% at constant exchange rates to $13.6 billion, as strength in oncology and biopharmaceuticals offset a more modest contribution from collaborations and alliances.
Growth was recorded across all major regions. However, analysts reported the performance from China as being 'soft'.
Core earnings per share, which strip out certain costs and one-off items, increased 21% to $2.49, coming in ahead of expectations. Reported earnings per share rose 34% to $1.88.
The group said oncology remained the main driver of growth, highlighting five positive phase III trial readouts since its last update.
These included results for Enhertu in breast cancer, camizestrant in breast cancer and Imfinzi in gastric cancer, two of which will feature in the key sessions at the American Society of Clinical Oncology’s 2025 meeting.
Chief executive Pascal Soriot said AstraZeneca had entered an "unprecedented catalyst-rich period" and pointed to further investment plans in US manufacturing and research.
The company currently operates eleven production sites across the country and intends to expand its US presence further.