AstraZeneca’s 9M and Q3 2024 results
AstraZeneca reported strong financial results for 9M 2024, with Total Revenue up 19% to $39,182m and Core EPS increasing 11% to $6.12. Product Sales grew 19%, with significant growth across all therapeutic areas: Oncology (22%), CVRM (21%), R&I (24%), and Rare Disease (14%). The company maintained a Core Product Sales Gross Margin of 82% and Core Operating Margin of 32%. Based on strong performance and increased confidence in achieving sales milestones, AstraZeneca upgraded its FY 2024 guidance, now expecting high teens percentage growth for both Total Revenue and Core EPS.
AstraZeneca ha riportato risultati finanziari solidi per i primi 9 mesi del 2024, con entrate totali in aumento del 19% a 39.182 milioni di dollari e Core EPS in crescita dell'11% a 6,12 dollari. Le vendite di prodotti sono cresciute del 19%, con una crescita significativa in tutte le aree terapeutiche: Oncologia (22%), CVRM (21%), R&I (24%) e Malattie Rare (14%). L'azienda ha mantenuto un margine lordo sulle vendite di prodotti core dell'82% e un margine operativo core del 32%. Sulla base di una forte performance e di una maggiore fiducia nel raggiungimento degli obiettivi di vendita, AstraZeneca ha aggiornato le sue previsioni per l'intero anno 2024, prevedendo ora una crescita percentuale nei tardi anni '10 per le entrate totali e il Core EPS.
AstraZeneca informó resultados financieros sólidos para los primeros 9 meses de 2024, con los ingresos totales aumentando un 19% a 39,182 millones de dólares y el Core EPS incrementándose un 11% a 6.12 dólares. Las ventas de productos crecieron un 19%, con un crecimiento significativo en todas las áreas terapéuticas: Oncología (22%), CVRM (21%), R&I (24%) y Enfermedades Raras (14%). La compañía mantuvo un margen bruto en ventas de productos core del 82% y un margen operativo core del 32%. Basándose en un rendimiento sólido y una mayor confianza en lograr hitos de ventas, AstraZeneca actualizó su orientación para el año fiscal 2024, ahora esperando un crecimiento porcentual de adolescentes altos tanto en ingresos totales como en Core EPS.
AstraZeneca는 2024년 9개월 동안 강력한 재무 결과를 보고했으며, 총 수익이 19% 증가하여 39,182백만 달러에 이르고 핵심 EPS가 11% 증가하여 6.12달러에 달했습니다. 제품 매출은 19% 성장하였고, 모든 치료 분야에서 눈에 띄는 성장을 보였습니다: 종양학(22%), 심혈관 및 신장 질환(CVRM)(21%), 연구 및 혁신(R&I)(24%), 희귀 질환(14%). 회사는 핵심 제품 매출의 총 마진을 82%, 핵심 운영 마진을 32%로 유지했습니다. 강력한 성과와 판매 이정표 달성에 대한 신뢰가 높아짐에 따라, AstraZeneca는 2024회계연도 가이던스를 업그레이드했으며, 이제 총 수익 및 핵심 EPS의 성장이 10대 후반의 비율로 예상됩니다.
AstraZeneca a annoncé des résultats financiers solides pour les 9 premiers mois de 2024, avec des revenus totaux en hausse de 19% à 39,182 millions de dollars et un EPS de base en augmentation de 11% à 6,12 dollars. Les ventes de produits ont augmenté de 19%, avec une forte croissance dans tous les domaines thérapeutiques : Oncologie (22%), CVRM (21%), Recherche et Innovation (24%) et Maladies Rares (14%). L'entreprise a maintenu une marge brute sur les ventes de produits de base de 82% et une marge opérationnelle de base de 32%. Sur la base d'une performance solide et d'une confiance accrue dans l'atteinte des objectifs de vente, AstraZeneca a rehaussé ses prévisions pour l'exercice 2024, s'attendant désormais à une croissance en pourcentage dans les années élevées des adolescents pour les revenus totaux et le EPS de base.
AstraZeneca hat starke finanzielle Ergebnisse für die ersten 9 Monate 2024 berichtet, mit einem Anstieg des Gesamtumsatzes um 19% auf 39.182 Millionen Dollar und einem Anstieg des Core EPS um 11% auf 6,12 Dollar. Die Produktverkäufe stiegen um 19%, mit erheblichem Wachstum in allen therapeutischen Bereichen: Onkologie (22%), CVRM (21%), Forschung und Innovation (24%) sowie seltene Erkrankungen (14%). Das Unternehmen hielt eine Bruttomarge für Kernproduktverkäufe von 82% und eine Betriebsmarge von 32% aufrecht. Basierend auf der starken Leistung und dem gestiegenen Vertrauen in das Erreichen der Verkaufsmeilensteine hat AstraZeneca seine Prognose für das Geschäftsjahr 2024 angehoben und erwartet nun ein prozentuales Wachstum im hohen Teenagerbereich sowohl für den Gesamtumsatz als auch für das Core EPS.
- Total Revenue increased 19% to $39,182m in 9M 2024
- Strong growth across all therapeutic areas (Oncology 22%, CVRM 21%, R&I 24%, Rare Disease 14%)
- Core Product Sales Gross Margin maintained at 82%
- Multiple regulatory approvals secured in US, EU, and China
- Guidance upgraded to high teens percentage growth for both Revenue and Core EPS
- Core Operating Margin remained at 32%, showing no improvement
- Collaboration Revenue declined 66% to $108m
Insights
Key highlights include:
- Total revenue up
19% to$39.18B for 9M 2024 - Q3 core EPS growth of
27% - Strong performance across all segments with Oncology up
22% , CVRM21% , R&I24% - Robust core product sales gross margin of
82%
The upgraded guidance to high teens percentage growth for both revenue and core EPS reflects strong commercial execution and pipeline momentum. The healthy
AstraZeneca's clinical development program is delivering significant wins across key therapeutic areas. Notable regulatory approvals include:
- Tagrisso for unresectable Stage III EGFRm NSCLC
- Imfinzi plus chemotherapy in early-stage NSCLC
- Multiple approvals in China for Enhertu in various indications
The unprecedented presence in five Presidential Plenary sessions at major oncology conferences underscores the company's scientific leadership. The positive trial results for Tagrisso plus Orpathys and Calquence combinations suggest strong future growth potential in oncology. The pipeline momentum across multiple therapeutic areas supports sustainable long-term growth.
Upgrade to full year 2024 guidance underpinned by strong underlying growth momentum
Revenue and EPS summary
|
|
9M 2024 |
% Change |
Q3 2024 |
% Change |
|||
$m |
Actual |
CER1 |
$m |
Actual |
CER |
|||
- Product Sales |
37,576 |
16 |
19 |
12,947 |
18 |
20 |
||
- Alliance Revenue |
|
1,498 |
49 |
50 |
559 |
48 |
50 |
|
- Collaboration Revenue |
108 |
(66) |
(66) |
59 |
(39) |
(40) |
||
Total Revenue |
|
39,182 |
16 |
19 |
13,565 |
18 |
21 |
|
Reported EPS |
|
11 |
21 |
|
4 |
17 |
||
Core2 EPS |
|
5 |
11 |
|
20 |
27 |
||
Financial performance for 9M 2024 (Growth numbers at constant exchange rates)
-
Total Revenue up
19% to$39,182m 19% increase in Product Sales and continued growth in Alliance Revenue from partnered medicines -
Total Revenue growth from Oncology was
22% , CVRM21% , R&I24% and Rare Disease14% -
Core Product Sales Gross Margin3 of
82% -
Core Operating Margin of
32% -
Core Tax Rate of
20% -
Core EPS increased
11% to$6.12 $953m - Guidance for FY 2024 Total Revenue and Core EPS growth at CER upgraded to high teens percentage growth
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"Our company has continued on its strong growth trajectory in the first nine months of 2024. Total Revenue and Core EPS were up
In the year to date we have announced the results for multiple positive high-value trials and are working to bring these new options to patients as quickly as possible. Additionally, the quality and impact of our scientific research was well recognised this quarter with data for AstraZeneca medicines featuring in an unprecedented five Presidential Plenary sessions at the two major oncology conferences in September.
We are highly encouraged by the broad-based underlying momentum we are seeing across our company in 2024, and growth looks set to continue through 2025, providing a solid foundation to deliver on our 2030 ambition.
Finally, we take the matters in
Key milestones achieved since the prior results announcement
- Positive read-outs for Tagrisso plus Orpathys in EGFRm NSCLC with high levels of MET overexpression and/or amplification (SAVANNAH), Calquence in combination with venetoclax, with or without obinutuzumab in previously untreated CLL (AMPLIFY), and the next generation propellant for Breztri. Koselugo in adult patients with NF1-PN (KOMET), Tezspire in severe chronic rhinosinusitis with nasal polyps (WAYPOINT)
-
US approvals for Tagrisso in unresectable, Stage III EGFRm NSCLC (LAURA) and Imfinzi plus chemotherapy in resectable early-stage NSCLC (AEGEAN) and FluMist for self-administration. EU approvals for Imfinzi plus chemotherapy followed by Imfinzi alone in mismatch repair deficient endometrial cancer (DUO-E), Imfinzi plus chemotherapy followed by Lynparza and Imfinzi in mismatch repair proficient endometrial cancer (DUO-E) and Fasenra for EGPA (MANDARA).
China approvals for Enhertu in unresectable, locally advanced or metastatic HER2-mutated NSCLC (DESTINY-Lung02, DESTINY-Lung05), Enhertu in locally advanced or metastatic HER2-positive gastric or gastroesophageal junction adenocarcinoma (DESTINY-Gastric06), and Fasenra for severe eosinophilic asthma (MIRACLE)
Guidance
Given the strength of underlying Product Sales and Alliance Revenue, as well as increased confidence in achieving certain sales-based milestones, the Company raises its Total Revenue and Core EPS guidance for FY 2024 at CER.
Total Revenue is expected to increase by a high teens percentage (previously a mid teens percentage) |
Core EPS is expected to increase by a high teens percentage (previously a mid teens percentage) |
- Other elements of the Income Statement are expected to be broadly in-line with the indications issued in the Company's H1 2024 earnings statement
The Company is unable to provide guidance on a Reported basis because it cannot reliably forecast material elements of the Reported results, including any fair value adjustments arising on acquisition-related liabilities, intangible asset impairment charges and legal settlement provisions. Please refer to the cautionary statements section regarding forward-looking statements at the end of this announcement.
Currency impact
If foreign exchange rates for October 2024 to December 2024 were to remain at the average rates seen in September 2024, it is anticipated that FY 2024 Total Revenue would incur a low single-digit percentage adverse impact compared to the performance at CER (unchanged from previous guidance), and Core EPS would incur a mid single-digit percentage adverse impact (unchanged from previous guidance). The Company's foreign exchange rate sensitivity analysis is provided in Table 17.
As previously disclosed, the Company is aware of a number of individual investigations by the Chinese authorities into current and former AstraZeneca employees. To the best of the Company's knowledge, the investigations include allegations of medical insurance fraud, illegal drug importation and personal information breaches. Recently Leon Wang, EVP International and AstraZeneca China President was detained. The Company has not received any notification that it is itself under investigation. If requested, AstraZeneca will fully cooperate with the Chinese authorities.
Table 1: Key elements of Total Revenue performance in Q3 2024
|
% Change |
|
|
|||||
Revenue type |
|
$m |
Actual % |
CER % |
|
|||
Product Sales |
12,947 |
18 |
20 |
|
||||
Alliance Revenue |
|
559 |
48 |
50 |
*
*
* |
|||
Collaboration Revenue |
59 |
(39) |
(40) |
* |
||||
Total Revenue |
|
13,565 |
18 |
21 |
|
|||
Therapy areas |
$m |
Actual % |
CER % |
|
||||
Oncology |
5,569 |
19 |
22 |
* Tagrisso up |
||||
CVRM |
3,159 |
18 |
20 |
* Farxiga up |
||||
R&I |
|
1,959 |
26 |
29 |
* Breztri up |
|||
V&I |
|
460 |
48 |
49 |
* Beyfortus Total Revenue up |
|||
Rare Disease |
|
2,148 |
9 |
11 |
* Ultomiris up |
|||
Other Medicines |
|
270 |
(12) |
(8) |
|
|||
Total Revenue |
|
13,565 |
18 |
21 |
|
|||
Regions |
|
$m |
Actual % |
CER % |
|
|||
US |
6,008 |
23 |
23 |
|
||||
Emerging Markets |
|
3,423 |
15 |
23 |
|
|||
- |
1,671 |
15 |
15 |
|
||||
- Ex-China Emerging Markets |
|
1,752 |
16 |
31 |
|
|||
|
|
2,875 |
22 |
22 |
|
|||
Established RoW |
|
1,260 |
(1) |
4 |
|
|||
Total Revenue |
|
13,565 |
18 |
21 |
|
|||
Key alliance medicines
-
Combined sales of Enhertu, recorded by Daiichi Sankyo Company Limited (Daiichi Sankyo) and AstraZeneca, amounted to
$2,729m $1,844m -
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to
$843m $438m
Table 2: Key elements of financial performance in Q3 2024
Metric |
Reported |
Reported change |
Core |
Core
|
|
Comments4 |
Total Revenue |
|
|
|
|
|
* See Table 1 and the Total Revenue section of this document for further details |
Product Sales Gross Margin |
|
-5pp Actual -4pp CER |
|
Stable Actual and CER |
|
* Variations in Product Sales Gross Margin can be expected between periods, due to product seasonality (e.g. FluMist and Beyfortus sales are weighted to the second half of the year), foreign exchange fluctuations and other effects ‒ Reported Product Sales Gross Margin impacted by PAAGR5 inventory related restructuring charges taken in the quarter |
R&D expense |
|
|
|
|
|
+ Increased investment in the pipeline
* Core R&D-to-Total Revenue ratio of |
SG&A expense |
|
|
|
|
|
+ Market development for recent launches and pre-launch activities
* Core SG&A-to-Total Revenue ratio of |
Other operating income and expense6 |
|
- |
|
- |
|
|
Operating Margin |
|
-1pp Actual Stable CER |
|
+1pp Actual +2pp CER |
|
* See commentary above on Gross Margin, R&D, SG&A and Other operating income and expense |
Net finance expense |
|
- |
|
|
|
+ New debt issued at higher interest rates + Higher level of Net debt |
Tax rate |
|
+5pp Actual +5pp CER |
|
Stable Actual and CER |
|
* Variations in the tax rate can be expected between periods |
EPS |
|
|
|
|
|
* Further details of differences between Reported and Core are shown in Table 12 |
Table 3: Pipeline highlights since prior results announcement
Event |
Medicine |
Indication / Trial
|
Event |
Regulatory approvals and other regulatory actions |
Tagrisso |
Unresectable, Stage III EGFRm NSCLC (LAURA) |
Regulatory approval (US) |
Imfinzi |
Primary advanced or recurrent endometrial cancer with mismatch repair deficiency (DUO-E) |
Regulatory approval (EU) |
|
Imfinzi + Lynparza |
Primary advanced or recurrent endometrial cancer with mismatch repair proficiency (DUO-E) |
Regulatory approval (EU) |
|
Imfinzi |
Resectable early-stage (IIA-IIIB) NSCLC (AEGEAN) |
Regulatory approval (US) |
|
Enhertu |
Locally advanced or metastatic HER2-positive gastric or gastroesophageal junction adenocarcinoma (DESTINY-Gastric06) |
Regulatory approval (CN) |
|
Enhertu |
Unresectable locally advanced or metastatic HER2m NSCLC (DESTINY-Lung02, DESTINY-Lung05) |
Regulatory approval (CN) |
|
Fasenra |
EGPA (MANDARA) |
Regulatory approval (US, EU) |
|
Fasenra |
Fasenra (MIRACLE) |
Regulatory approval (CN) |
|
FluMist |
Self-administration |
Regulatory approval (US) |
|
Regulatory submissions
|
Tagrisso |
EGFRm NSCLC (Stage III unresectable) (LAURA) |
Regulatory submission (EU, JP, CN) |
Imfinzi |
Muscle-invasive bladder Cancer (NIAGARA) |
Regulatory submission (EU) |
|
Imfinzi |
NSCLC (neoadjuvant) AEGEAN |
Regulatory submission (JP) |
|
Imfinzi |
SCLC (limited stage) (ADRIATIC) |
Regulatory submission (US, EU, JP, CN) |
|
Calquence |
Mantle cell lymphoma (1st-line) (ECHO) |
Regulatory submission (US, EU, JP) |
|
Calquence |
CLL (ELEVATE-TN) |
Regulatory submission (CN) |
|
Lynparza |
mCRPC (PROpel) |
Regulatory submission (CN) |
|
Enhertu |
HER2-low breast cancer (2nd-line) (DESTINY-Breast06) |
Regulatory submission (US, EU, JP) |
|
Wainua |
Hereditary transthyretin-mediated amyloid polyneuropathy (NEURO-TTRansform) |
Regulatory submission (CN) |
|
Breztri and HFO1234ze |
Moderate to severe COPD |
Regulatory submission (EU) |
|
Sipavibart |
Prevention of COVID-19 (SUPERNOVA) |
Regulatory submission (JP) |
|
Ultomiris |
NMOSD (CHAMPION-NMOSD) |
Regulatory submission (CN) |
|
Phase III / registrational data readouts and other developments |
Tagrisso + Orpathys |
EGFRm NSCLC with high levels of MET overexpression and/or amplification (SAVANNAH) |
Clinically meaningful ORR |
Calquence fixed duration |
Chronic lymphocytic leukaemia (AMPLIFY) |
Primary endpoint met |
|
Fasenra |
Eosinophilic chronic rhinosinusitis with nasal polyps (ORCHID) |
Primary endpoint not met |
|
Tezspire |
Severe chronic rhinosinusitis with nasal polyps (WAYPOINT) |
Primary endpoint met |
|
Koselugo |
Adults with NF1-PN (KOMET) |
Primary endpoint met |
*US, EU and
Upcoming pipeline catalysts
For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix, available on www.astrazeneca.com/investor-relations.html.
Corporate and business development
In October 2024, AstraZeneca entered into an exclusive license agreement with CSPC Pharmaceutical Group Ltd (CSPC) to advance the development of an early stage, novel small molecule Lipoprotein (a) (Lp(a)) disruptor that has the potential to offer additional benefits for patients with dyslipidaemia. This further strengthens the company's cardiovascular portfolio to help address the major risk factors driving chronic cardiovascular disease. Under the terms of the agreement, AstraZeneca will receive access to CSPC's pre-clinical candidate small molecule, YS2302018, an oral Lp(a) disruptor, with the aim of developing this as a novel lipid-lowering therapy with potential in a range of cardiovascular disease indications alone or in combination, including with AstraZeneca's oral small molecule PCSK9 inhibitor, AZD0780. CSPC will receive an upfront payment of
In October 2024, AstraZeneca entered into an agreement to out-license ALXN1840 (bis-choline tetrathiomolybdate), a drug candidate for Wilson disease to Monopar Therapeutics Inc (Monopar). Monopar will be responsible for all future global development and commercialisation activities. AstraZeneca will have a
Sustainability highlights
In September, AstraZeneca had a significant presence at Climate Week NYC and the 79th Session of the UN General Assembly in
Conference call
A conference call and webcast for investors and analysts will begin today, 12 November 2024, at 14:00
Reporting calendar
The Company intends to publish its FY and Q4 2024 results on 6 February 2025.
To read AstraZeneca's 9M and Q3 2024 Financial Results press release in full including the glossary, please click here.
_____________________ |
||
| 1 | Constant exchange rates. The differences between Actual Change and CER Change are due to foreign exchange movements between periods in 2024 vs. 2023. CER financial measures are not accounted for according to generally accepted accounting principles (GAAP) because they remove the effects of currency movements from Reported results. |
|
| 2 | Core financial measures are adjusted to exclude certain items. The differences between Reported and Core measures are primarily due to costs relating to the amortisation of intangibles, impairments, legal settlements and restructuring charges. A full reconciliation between Reported EPS and Core EPS is provided in Table 11 and Table 12 in the Financial performance section of this document. |
|
| 3 | The calculations for Reported and Core Product Sales Gross Margin exclude the impact of Alliance Revenue and Collaboration Revenue. |
|
| 4 | In Table 2, the plus and minus symbols denote the directional impact of the item being discussed, e.g. a ‘+’ symbol next to a comment related to the R&D expense indicates that the item resulted in an increase in the R&D spend relative to the prior year. |
|
| 5 | Post Alexion Acquisition Group Review. In conjunction with the acquisition of Alexion, the Post Alexion Acquisition Group Review Group initiated a comprehensive review, aimed at integrating systems, structure and processes, optimising the global footprint and prioritising resource allocations and investments. These activities are expected to be substantially complete by the end of 2026. |
|
| 6 | Income from disposals of assets and businesses, where the Group does not retain a significant ongoing economic interest, continue to be recorded in Other operating income and expense in the Company’s financial statements. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241111928553/en/
Global Media Relations team
global-mediateam@astrazeneca.com
+44 (0)1223 344 800
Source: AstraZeneca
FAQ
What is AstraZeneca's (AZN) revenue growth for Q3 2024?
What is AstraZeneca's (AZN) updated guidance for FY 2024?
How much did AstraZeneca's (AZN) Core EPS grow in Q3 2024?
What was AstraZeneca's (AZN) Product Sales growth in 9M 2024?
