Pharmaceutical giant AstraZeneca (AZN, Financial) reported robust third-quarter financial results. The company achieved revenues of $13.575 billion, marking an 18% increase compared to the previous year, surpassing analysts' expectations of $13.1 billion. Core earnings per share reached $2.08, a 20% rise, also beating the forecast of $2.04.
The growth in revenue was significantly fueled by high demand for its cancer therapies, including Imfinzi, Tagrisso, and Calquence, leading to product sales of $12.95 billion, an 18% increase year-over-year.
In the first nine months of the year, AstraZeneca's total revenue reached $39.182 billion, a 16% growth. Product sales contributed $37.576 billion, also up by 16%. Core earnings per share for this period were $6.12, a 5% increase, with an operating margin of 32%.
The company has raised its full-year guidance, now expecting a high-teen percentage growth in both revenue and core earnings per share, compared to previous mid-teen projections. Additionally, AstraZeneca announced a substantial investment of $3.5 billion in research and development in the United States.
