Pandemic won't dent outlook, AstraZeneca says

29 April 2020

Beating analysts’ forecasts for profits in the first quarter of 2020, UK-based drugmaker AstraZeneca (LSE: AZN) reported revenues of $6.3 billion, an increase of 16%, and beating analysts' forecasts of $5.89 billion, yielding a 27% increase in earnings per share (EPS), to $0.59.

Revenues were driven by strong demand for novel drugs in diabetes, cardiovascular and oncology. Growth in China was particularly significant, rising 17% to over $1.4 billion.

The result marks the second consecutive year of growth for AstraZeneca, following several years of decline. A change in strategy from chief executive Pascal Soriot saw the firm focus on cost management tied with sales growth, particularly in oncology.

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