AstraZeneca, the Anglo-Swedish pharmaceutical giant, has revised its full-year guidance for core earnings per share and total revenue excluding Covid-19 medicines. Despite a lower third-quarter profit that fell short of forecasts, the company remains optimistic about its overall performance.
Earnings and Revenue Growth
AstraZeneca now expects core earnings per share to increase by a low double-digit percentage, surpassing its previous guidance of a high single-digit to low double-digit increase. Similarly, total revenue excluding Covid-19 medicines is projected to grow by a low-teens percentage at constant-exchange rates, compared to the earlier expectation of low double-digit growth.
In terms of total revenue, AstraZeneca anticipates a mid single-digit percentage increase, outperforming the previous guidance of low-to-mid single-digit growth.
During the third quarter, AstraZeneca reported a net profit attributable to shareholders of $1.37 billion, which fell short of the FactSet consensus of $1.58 billion based on analysts' forecasts. The company recorded a tax charge of $274 million for the quarter, contrasting with a credit of $720 million for the same period last year.
However, core earnings per share showed growth, rising to $1.73 compared to $1.67 at constant-exchange rates, marking a 9% increase. Revenue also experienced a positive trend, reaching $11.49 billion compared to $10.98 billion at constant-exchange rates, translating to a 6% increase.
While the third-quarter profit may have missed forecasts, AstraZeneca's raised guidance suggests confidence in its ability to rebound and achieve strong results in the remaining months of the year. With revised projections for core earnings per share and total revenue, the company is positioning itself for continued growth.
Oracle shares have slumped following disappointing guidance, but analysts see potential for growth due to the company's cloud infrastructure revenue surge and c...
Kroger reports a 14% rise in gross fuel margins for Q3, along with the success of its fuel rewards program. The company also highlights its merger plans with Al...
Traders are shifting focus towards mega-cap tech companies, raising concerns about the overall market's stability. Microsoft CEO accuses Google of using unfair...