AstraZeneca's 1st-qtr results beat expectations

27 April 2023

UK pharma major AstraZeneca (LSE: AZN) this morning reported first-quarter 2023 financial results, with total revenues of $10.879 billion, a decline of 4% (1% increase at constant exchange rates) impacted by lower sales of COVID-19 medicines.

This was 2.9% above the consensus estimate of $10.573 billion) driven in part by emerging markets growth, including China. Core earnings per share (EPS) of $1.92 were up 6% and above consensus of $1.71 by ~12%.

AstraZeneca reiterated 2023 guidance, which includes total revenue growth by a low-to-mid single digit percentage, total revenue growth excluding COVID-19 medicines by low double-digit percentage, core EPS growth by a high single-digit to low double-digit percentage.

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