AstraZeneca PLC (LSE:AZN) repeated its guidance for the full year after it reported forecast-beating results for the first quarter, boosted by sales of its diabetes drug and Covid-19 vaccine.
The pharma company also announced plans to open a strategic research and development centre and new headquarters for its rare diseases subsidiary Alexion in Cambridge, Massachusetts.
Revenue jumped 60% to US$11.39bn, ahead of analysts’ forecast for US$10.85bn, driven by growth across the company, the contribution of Alexion medicines and contracts for its Covid-19 vaccine Vaxzevria, the pharma group said in a statement.
Core EPS increased 20% to US$1.89 at constant currencies, exceeding forecasts for US$1.70.
"2022 has started strongly for AstraZeneca,” commented AstraZeneca chief executive Pascal Soriot.
Diabetes medicine Farxiga achieved US$1bn revenue in the quarter and the group’s oncology medicines delivered product sales growth of 18%, “despite Covid-19 continuing to impact cancer diagnosis and treatment”, Soriot noted.
Total oncology revenue increased by 25% US$3.64bn, including US$175mln from Lynparza and US$76mln from Enhertu.
The company reiterated its guidance for 2022 of revenue percentage growth in the high teens and EPS growth in the mid-to-high twenties.
Revenue from Covid-19 medicines is anticipated to decline by a low-to-mid twenties percentage this year, with an expected decline in sales of Vaxzevria being partially offset by growth in sales of the antibody combo Evusheld, it said.
The group said its new R&D site, due to be completed in 2026, will bring together some 1,500 R&D, commercial and corporate colleagues into a single purpose-built space in world leading life sciences hub Kendall Square.
"Kendall Square, Cambridge, is at the heart of the life sciences and innovation hub of the greater Boston area, and our new site will put us right at the centre of this space,” said Soriot.