-- adds broker comment, share price --
Pharma giant AstraZeneca (LON:AZN) nudged up its sales estimate for the year after a good showing from licensed products in the first six months.
Licensed sales rose to US$780mln (US$352mln) in the half year to June, reflecting an agreement with Celgene in haematology, though sales overall were 6% lower at US$12.4bn due to adverse currency movements.
Pascal Soriot, chief executive, said it was a robust performance and he was confident new products coming through would help it offset generic competition.
“The strong performance of the growth platforms and the subsequent upgrade to top-line guidance, together with increased R&D productivity reaffirm the confidence we have in our ability to navigate the final impacts from the loss of exclusivity."
Astra, which fought off a bid from Pfizer last year, did better on a constant currency basis.
Sales were up 1% over the half and by 2% in the second quarter and the pharma now expects sales over the full year to decline by low single digits rather than mid previously.
Earnings per share dipped 4% with operating profit 5% lower at US$1.86bn.
Product sales declined by 2% in the half as veteran gastric treatment Nexium suffered from a generic product entering the US market.
Elsewhere, heart treatments Brilinta/Brilique saw sales rise by 42%, diabetes drug sales rose by 88% driven by emerging markets while respiratory sales rose by 11% in the second quarter.
Soriot added he was especially pleased by progress in oncology, with new approvals for both Iressa and Faslodex accompanied by regulatory submissions for AZD9291 and cediranib.
The interim dividend was unchanged at $0.90.
Liberum said the results beat expectations on a number of fronts.
Sales beat expectations by 3%, core earnings by 4% and core earnings by 15%, albeit helped by an unusually low tax rate.
The better revenue guidance stems from Nexium declining less than expected and Diabetes doing better than expected. Cardiac treatment Forxiga was the standout performer, beating consensus by 40%.
More catalysts should start to come through in the second half of the year, added the broker. Buy with a £58 target price.
Shares rose 2.8% to 4,307p..