AstraZeneca Q2 Profit Rises, Lifts FY24 Outlook

(RTTNews) - British drug major AstraZeneca Plc (AZN.L, AZN) reported Thursday that its second-quarter profit before tax was $2.40 billion, 15 percent higher than last year's $2.09 billion.

Earnings per share were $1.24, up 6 percent from last year's $1.17. Core earnings per share were $1.98, down 8 percent from the prior year.

Total revenues for the second quarter grew 13 percent to $12.94 billion from last year's $11.42 billion. The growth was 17 percent at constant exchange rates.

Further, the company has declared that interim dividend increased 7 cents to $1.00, or 77.6 pence per share. The record date for the first interim dividend for 2024, payable on September 9, will be August 9.

Looking ahead for fiscal 2024, AstraZeneca raised its outlook with strong underlying growth, now expecting total revenue and core earnings per share to grow by a mid teens percentage at constant exchange rates. The previous outlook for both was a low double-digit to low teens percentage growth.

The company has set a target to deliver $80 billion total revenue by 2030.

Pascal Soriot, Chief Executive Officer, said, "In the year to date we have continued to make encouraging progress with several disruptive technologies, including antibody drug conjugates, bispecifics, cell and gene therapies, radioconjugates, and weight management medicines, all of which have the potential to drive our growth beyond 2030."

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