AstraZeneca’s Q3 financial report bodes profit growth

<img width="250" height="166" src="https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-AstraZenecas-Q3-financial-report-bodes-profit-growth-5489094997-iStock-1437627078-250×166.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-AstraZenecas-Q3-financial-report-bodes-profit-growth-5489094997-iStock-1437627078-250×166.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-AstraZenecas-Q3-financial-report-bodes-profit-growth-5489094997-iStock-1437627078-700×466.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-AstraZenecas-Q3-financial-report-bodes-profit-growth-5489094997-iStock-1437627078-768×511.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-AstraZenecas-Q3-financial-report-bodes-profit-growth-5489094997-iStock-1437627078-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-AstraZenecas-Q3-financial-report-bodes-profit-growth-5489094997-iStock-1437627078-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-AstraZenecas-Q3-financial-report-bodes-profit-growth-5489094997-iStock-1437627078-500×333.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-AstraZenecas-Q3-financial-report-bodes-profit-growth-5489094997-iStock-1437627078.jpg 1255w" sizes="(max-width: 250px) 100vw, 250px" /><p>This is the third consecutive quarter that the company came in ahead of analyst predictions. Chief executive officer (CEO) of the Cambridge-based pharmaceutical enterprise, Pascal Soriot, said:</p>
<blockquote><p>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.</p></blockquote>
<p>To boost its future growth prospects further, AstraZeneca announced it bought an exclusive licence for a weight-loss candidate from Eccogene, a China-based pharmaceutics outfit that focuses on metabolic and auto-immune diseases. This deal of an estimated $2bn launches AstraZeneca into the rapidly growing anti-obesity market.</p>
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<p>As one of the top performers among listed European pharmaceutical businesses, AstraZeneca’s third-quarter profits came in at $11.49bn, narrowly beating the market forecast of $11.47bn. A year-on-year comparison shows an increase in total revenue of 15%.</p>
<p>China sales made up 13% of the company’s revenue in 2022. The Q3 report shows a 1% increase in these sales. Although not much, it is the fifth consecutive China-based quarter of growth. Expressing his satisfaction with the financial performance, Soriot further commented:</p>
<blockquote><p>I am excited about the acceleration of our cardiometabolic and obesity pipeline with today’s licensing agreement for ECC5004, a potential best-in-class, oral GLP-1RA². This molecule could offer an important advance, as both a monotherapy and in combinations, for the estimated one billion people living with cardiometabolic diseases such as type-2 diabetes and obesity.</p></blockquote>
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