With third quarter product sales rising by 18 per cent at constant currencies to $6.1bn (£4.8bn), AstraZeneca (AZN) has revised its full-year sales guidance upwards for the second consecutive quarter. Compared to the 4 per cent seen last year, the pharma giant now anticipates product sales growth in the “low to mid-teens” for 2019, up from its previous “low double-digits” expectations.
The three months to 30 September saw revenue from oncology medications jump by 48 per cent at constant currencies to $2.3bn. Cancer therapies now account for almost two-fifths of product sales, with new drugs Tagrisso and Imfinzi propelling sales growth across all geographical regions. Emerging markets continue to be a key source of momentum with $2.1bn of overall product sales benefitting from a 40 per cent increase in revenue from China.
With an unspecified provision against a patent dispute settlement with AbbVie subsidiary Pharmacyclics, ‘selling, general and administrative’ costs rose by almost a third to $3.2bn. Together with higher research and development expenses, operating profit for the quarter dipped by 11 per cent to $757m.
