LONDON: Strong demand for AstraZeneca’s new drugs – especially those for cancer – drove a return to sales growth in the third quarter and the drugmaker said it now expected a period of sustained growth “for years to come”.
Product sales in the three months rose 8 per cent, or 9 per cent in constant currencies, which is the benchmark AstraZeneca uses for measuring the return to growth, which it has been promising for 2018.
Total revenue, however, fell 14 per cent in dollar terms to $5.34 billion and core earnings per share, which exclude some items, were down 37 per cent to 71 cents, reflecting lower income from divestments and investment behind new drug launches.
Analysts, on average, had forecast earnings of 72 cents on revenue of $5.30 billion, Refinitiv data showed. For the full year, the company kept its financial guidance unchanged.
(Reporting by Ben Hirschler; editing by Jason Neely)