AstraZeneca (AZN.US) Q2 Earnings Beat Expectations, Reaffirms 2023 Guidance

Intelligent Finance APP learned that AstraZeneca (AZN.US) announced its second-quarter results. The data showed that AstraZeneca's total revenue in Q2 was $11.416 billion, a year-on-year increase of 6%, surpassing market expectations; core earnings per share were $2.15, a year-on-year increase of 25%, also surpassing market expectations.

Total revenue excluding COVID-19 drugs was $11.237 billion, an increase of 14% year-over-year, or 17% at constant exchange rates.

Core selling, general and administrative expenses (SG&A) accounted for 29% of total revenue, flat compared with the same period last year.

AstraZeneca Reiterates Fiscal Year 2023 Guidance, Predicting Total Revenue Growth in the Low to Mid-Single Digit Percentage Range, Excluding COVID-19 Medicines, Total Revenue Growth is Expected in the Low Double-Digit Percentage Range, and Core Earnings Per Share Growth in the High Single to Low Double-Digit Percentage Range.

AstraZeneca expects total revenue from COVID-19 drugs (Vaxzevria17 and COVID-19 mAbs18) to decline significantly in the 2023 fiscal year.

AstraZeneca also expects total revenue from China in the 2023 fiscal year to resume growth, increasing by a low to mid-single-digit percentage, compared to the previous forecast of a low single-digit percentage growth.