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AstraZeneca shares rise after earnings beat on oncology strength
Adjusted EPS excluding certain items rose 21% to $2.63, and the company reaffirmed its path toward $80 billion in annual revenue by 2030.
AstraZeneca shares climbed in London after the company reported stronger-than-expected quarterly results, with demand for its cancer treatments helping drive growth and improving sentiment around its next-generation oncology medicines, according to LiveMint Markets.
The company said adjusted earnings per share, excluding certain items, increased 21% to $2.63 and beat analysts' expectations. AstraZeneca also noted continued strength in key oncology drugs including Enhertu for breast cancer and Imfinzi for lung cancer.
AstraZeneca reaffirmed full-year guidance and reiterated it remains on course to reach $80 billion in annual revenue by 2030, while CFO Aradhana Sarin said the company expects a similar growth pace beyond 2030.
Alongside the results, AstraZeneca reported encouraging clinical data for an experimental gastric cancer treatment, while also citing disappointing results for Ultomiris in a rare blood disorder study and updating expectations for tozorakimab and the Wainua trial outcomes.