AstraZeneca posts 16% drop in Q3 2023 profit after tax
AstraZeneca has posted a profit after tax of $1.37bn for the third quarter (Q3) of 2023, compared with $1.64bn in the same quarter of the previous year, indicating a decline of 16% on an actual basis. For the quarter ended 30 September 2023, the company saw a 17% rise in gross profit to $9.39bn from $8.0bn in Q3 2022. The earnings per share (EPS) on a reported basis was $0.89 compared with $1.06 in the third quarter of 2022, signifying a 16% drop. The company’s earnings before interest, taxes, depreciation, and amortisation rose by 25% to $3.23bn from 2.57 in Q3 2022. Revenue was $11.49bn versus $10.98bn in the third quarter of 2022, up 5% on an actual basis. In the oncology therapy area, the company’s revenues stood at $4.66bn. Revenues were $2.68bn in cardiovascular, renal and metabolism areas, $1.54bn in respiratory and immunology areas, $312m in vaccines and immune therapies, and $1.97bn in rare diseases. Product sales were reported at $11.01bn from $10.59bn in Q3 2022, indicating a growth of 4%. AstraZeneca CEO Pascal Soriot stated: “Our company continued its strong growth trajectory in the third quarter with total revenue from our non‑Covid-19 medicines up 13% compared to last year. “Given the momentum in the year to date, we have increased our full-year guidance for total revenue excluding Covid medicines, as well as for core EPS.” In early November 2023, the company entered a partnership with Eccogene for ECC5004, a small molecule GLP-1 agonist.
AstraZeneca has posted a profit after tax of $1.37bn for Q3 2023 versus $1.64bn in the same quarter of the previous year, a decline of 16%.
What's Your Reaction?
