AstraZeneca's First-Quarter 2024 Financial statements

AstraZeneca's first-quarter results for 2024 showcase robust revenue and EPS growth, fueled by significant advancements in its pipeline. Key highlights include substantial increases in product sales, alliance revenue, and collaboration revenue.

Highlights

• Total revenue up 19% to $12.7 billion, driven by 18% growth in product sales.
• Core EPS increased by 13% to $2.06.
• Double-digit revenue growth in Oncology, CVRM, R&I, and Rare Disease segments.
• Announcement of a 7% increase in the annual dividend.

Financial Performance

AstraZeneca's total revenue surged by 19% to $12.7 billion, with notable growth across key therapeutic areas. The company achieved a core product sales gross margin of 82% and a core operating margin of 34%. Despite a lower increase in core EPS compared to total revenue growth, the company remains confident in sustaining industry-leading growth.

Key Milestones

During the first quarter, AstraZeneca achieved positive trial results for Imfinzi and Tagrisso, particularly significant in lung cancer treatment. Several regulatory approvals were also secured, including approvals for Enhertu and Ultomiris in various cancer indications.

Guidance

The company reaffirms its guidance for FY 2024, expecting total revenue and core EPS to increase by a low double-digit to low teens percentage. Collaboration revenue is anticipated to increase substantially, driven by success-based milestones and anticipated transactions.

Currency Impact

If foreign exchange rates remain stable, a slight adverse impact on total revenue and core EPS is expected for FY 2024.

Data Source:

https://www.astrazeneca.com/content/dam/az/PDF/2024/q1/Q1-2024-results-announcement.pdf
https://www.astrazeneca.com/content/dam/az/PDF/2024/q1/Q1-2024-results-presentation.pdf

https://www.astrazeneca.com/content/dam/az/PDF/2024/q1/Q1-2024-results-clinical-trials-appendix.pdf