AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) posted what analysts called a very solid set of third-quarter results, where guidance was maintained and the shares barely moved in early morning trading.
In afternoon trading, shares in the giant drugmaker jumped over 4% to a new all-time high above 12,990p.
On a later morning call with reporters, finance chief Aradhana Sarin said the FTSE 100 group was confident it could absorb the impact of the 'most favoured nation' drug pricing deal with Washington.
Some analysts had anticipated a hike to the full-year outlook, but AstraZeneca kept its existing forecast for high single-digit percentage revenue growth and a low double-digit percentage rise in core earnings.
Sarin and chief executive Pascal Soriot said this reflected a number of reasons, including pressure from generic drug competition and a 9% rise in core operating expenses.
On the call, Soriot also warned that Europe, likely including the UK, could "easily lose its health sovereignty", with the suggestion being that governments should provide more support for the pharma industry.
"The US is half of our potential revenue by 2030," the Frenchman said, adding that "future products rely on new technologies that require new manufacturing tools to produce those products.
"And these technologies are going to the US and they are going to China and other parts of the world.
"So in 15, 20 years, Europe could easily lose its health sovereignty."
The Q3 results included revenues rising 12% compared to a year ago, and core earnings per share climbing 14%, both of which were above what City analysts expected.
UBS said the results were "a very straightforward, solid beat and delivery".