AstraZeneca share price up by over 4%
AstraZeneca (LON:AZN) earned $275m in revenue in Q1 from its Covid-19 vaccine, which it is not making a profit from, as sales of its cancer drugs and growth in emerging markets allowed the pharmaceutical company to surpass its expectations.
The FTSE 100 drugmaker confirmed it revenue grew by 15% during the first quarter of 2021, as its post-tax profit climbed from £750m to £1.56bn.
AstraZeneca confirmed $275m of sales after it delivered nearly 70m doses across the world, as the vaccine roll-out picked up momentum. This figure is way up from $2m in Q4 of last year.
Pascal Soriot, AstraZeneca’s chief executive, said the strong performance came in the face of a number of challenges faced due to the pandemic. “We delivered solid progress in the first quarter of 2021 and continued to advance our portfolio of life-changing medicines,” he said. “We expect the impact of Covid to reduce and anticipate a performance acceleration in the second half of 2021.”
The AstraZeneca share price is up by 4.29% at mid-morning trading. Year-to-date the company’s stock is up to 7,713p, from 7,422p, an increase of just under 4%.