#UK AstraZeneca nurses profits and patients in stunning first quarter

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Cambridge Big Biotech AstraZeneca delivered a stunning performance in the first quarter of 2020 – combining dual roles as white knight to the healthcare community in the eye of the COVID-19 storm and darling of the stockmarket with rocketing revenues across all therapy areas and geographies.

The UK business hoisted revenues 16 per cent to $6.354 billion; this included product sales 15 per cent higher at $6.311bn. 

The performance of new medicines improved 47 per cent to $2.986bn, including new-medicine growth in emerging markets of 82 per cent to $658 million.

Revenue growth was achieved across all therapy areas: Oncology +33 per cent to $2.518bn, New CVRM8 +7 per cent to $1.102bn and Respiratory & Immunology +21 per cent to $1.555bn.

Revenue growth was achieved in every region; China returns rose 14 per cent to $1.416bn; those in the US by 16 per cent to $2.091bn; in Europe by 22 per cent to $1.204bn; and in Japan by 10 per cent to $553m.

The stock rose 81.43p to 8,269.43 on the news on  Wednesday, taking market cap to a staggering £108.48 billion.

CEO Pascal Soriot said every single employee across the globe could take a bow for achieving such strong revenue and profit growth against such a difficult and tragic backdrop in the COVID-19 crisis.

Altruistic AstraZeneca was among the first responders to the pandemic – initially in China and then elsewhere around the world – while keeping its eye on the ball in terms of its own financial performance.

That the company delivered such a strong quarter reflected the immense efforts of supply-chain, commercial and other colleagues around the world to get vital medicines to patients, Soriot said. 

He added: “Our focus ensured another quarter of strong growth across every therapy area and region. The new medicines performed extremely well, and our pipeline continued to deliver. 

“Standouts included landmark news for Tagrisso, Farxiga and Koselugo, our latest oncology medicine. The progress made on all fronts provides confidence that we will, once again, meet our full-year commitments.

“I could not be prouder of how the AstraZeneca team has responded to the challenges of COVID-19. We moved quickly to maintain continuity of care, contribute to society, and use our scientific expertise to fight the pandemic.
 
“We hope our efforts to protect organs from damage, mitigate the cytokine storm and the associated hyperinflammatory state, and target the virus prove to be successful.”

from Business Weekly https://ift.tt/2W4FT6S

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