:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2161185777-2ba3444e8e3d442d86c828820395d0b1.jpg)
KEY TAKEAWAYS
- AstraZeneca shares are rising in premarket trading Tuesday after the pharma giant beat second-quarter estimates on strong U.S. growth and demand for its cancer drugs.
- During the second quarter, oncology product revenue jumped 18% year-over-year, while revenue from the U.S., which makes up 44% of its total, gained 13%.
- AstraZeneca reiterated its outlook for the full-year at constant exchange rates.
AstraZeneca (AZN) shares are rising in premarket trading Tuesday after the pharma giant beat second-quarter estimates on strong U.S. growth and demand for its cancer drugs.
The U.K.-based drugmaker posted second-quarter core earnings per share (EPS) of $2.17 on revenue that rose 12% year-over-year to $14.46 billion. Analysts polled by Visible Alpha had expected $1.63 and $14.25 billion, respectively.
During the second quarter, oncology product revenue jumped 18% year-over-year, while revenue from the U.S., which makes up 44% of its total, gained 13%.
CEO Pascal Soriot said the $50 billion it is investing to expand its manufacturing and research presence in the U.S. by 2030 “reflects not only America’s importance but also our confidence in our innovative medicines to transform global health and power AstraZeneca’s ambition to deliver $80 billion revenue by 2030.”
AstraZeneca reiterated its outlook for the full-year at constant exchange rates. It said it expects total revenue to increase by a high single-digit percentage and core EPS to rise by a low double-digit percentage.
AstraZeneca shares, which entered Tuesday up around 10% so far this year, are gaining about 2% in premarket trading.
