AstraZeneca topped analysts’ estimates for quarterly profit and reiterated its targets for the year Wednesday, as the British drug manufacturer benefited from higher demand for some of its medicines during the coronavirus pandemic.
The Cambridge-based drug manufacturer joined other huge pharma firms in either sustaining or raising its forecast for 2020 and said its supply network had proved resilient to the coronavirus-induced disruptions in the period.
All of its China operations had come quickly back on track, it stated, and while it assumed the pandemic would last for several more months, sales have been helped in the short term by stockpiling by distributors.
Revenues would increase by a high single-digit to a low double-digit percentage this year, the corporate stated, evaluating favorably to analysts’ current average forecast of 8.4%, based on Refinitiv data.
European peers, including Bayer and Novartis, have also seen an uplift in demand in the quarter, as hospitals moved rapidly to stock their shelves.
AstraZeneca’s product sales for the first quarter ended March 31 soared 17% to $6.31 billion on a constant-currency basis, as asthma treatment Symbicort and cancer drug Tagrisso fared nicely, helping it beat analysts’ overall expectations of $5.89 billion.
Newer treatments, along with those for diabetes, heart conditions, and cancer, have put the corporate’s business on track for its third consecutive year of growth, with a robust line-up in place for future sales.