Covid vaccines help AstraZeneca sales jump 50% in third quarter

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Covid Vaccines Help Astrazeneca Sales Jump 50% In Third Quarter Covid Vaccines Help Astrazeneca Sales Jump 50% In Third Quarter
A vial of the AstraZeneca Covid-19 vaccine, © PA Archive/PA Images
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By Henry Saker-Clark, PA City Reporter

AstraZeneca has revealed that revenues jumped by 50 per cent in the latest quarter as it was buoyed by more than $1 billion (€873 million) worth of Covid-19 vaccine sales.

The pharmaceutical company held firm on its earnings guidance for the year as it hailed “strong revenue growth and exceptional pipeline delivery”.

It saw total revenues jump to $9.87 billion (€8.47 billion) for the quarter, with revenues for the year to date increased by 32 per cent.

AstraZeneca chief executive Pascal Soriot (AstraZeneca/PA)

It comes after AstraZeneca, which said it will not take a profit from its coronavirus shot during the pandemic, unveiled plans to set up a separate arm for vaccines and antibody treatments which focus on Covid-19.

The company added that limited profit from the vaccine in the next quarter will offset costs related to its antibody cocktail developed to prevent and treat Covid.

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AstraZeneca reported that product sales have risen by a third, with the trend set to continue as it announced eight positive phase three trials, including treatments for liver and prostate cancer.

Chief executive Pascal Soriot said: “AstraZeneca’s scientific leadership continues to provide strong revenue growth and exceptional pipeline delivery, with eight positive late-stage readouts across seven medicines since June, including our long-acting antibody combination showing promise in both prevention and treatment of Covid-19.

“The addition of Alexion furthers our commitment to bring transformative therapies to patients around the world, and I am proud of our colleagues’ ongoing dedication and focus.

“Our broad portfolio of medicines and diversified geographic exposure provides a robust platform for long-term sustainable growth. Following accelerated investment in upcoming launches after positive data flow, we expect a solid finish to the year and our earnings guidance is unchanged.”

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