AstraZeneca’s H1 and Q2 2024 Financial Results
AstraZeneca (AZN) has reported strong financial results for H1 and Q2 2024, leading to an upgrade in FY 2024 guidance. Total Revenue increased by 18% to $25,617m, driven by an 18% rise in Product Sales and growth in Alliance Revenue. Key highlights include:
- Oncology, CVRM, R&I, and Rare Disease segments all saw 22% growth or higher
- Core EPS increased by 5% to $4.03
- Interim dividend increased by 7c to $1.00
- FY 2024 guidance upgraded: Total Revenue and Core EPS now expected to grow by a mid teens percentage
The company also reported positive Phase III study results and regulatory approvals for several key drugs, including Imfinzi, Calquence, Enhertu, Truqap, and Tagrisso.
AstraZeneca (AZN) ha riportato risultati finanziari solidi per il primo semestre e il secondo trimestre del 2024, portando a un aggiornamento delle previsioni per l'intero anno 2024. Il fatturato totale è aumentato del 18% a $25,617 milioni, sostenuto da un incremento del 18% nelle vendite di prodotti e dalla crescita dei ricavi da alleanze. I punti salienti includono:
- I segmenti Oncologia, CVRM, R&I e Malattie Rare hanno registrato tutti una crescita del 22% o superiore
- L'EPS core è aumentato del 5% a $4.03
- Il dividendo intermedio è aumentato di 7 centesimi a $1.00
- Aggiornamento delle previsioni per il FY 2024: si prevede ora una crescita del fatturato totale e dell'EPS core di una percentuale a due cifre bassa
La società ha inoltre riportato risultati positivi di studi di fase III e approvazioni normative per diversi farmaci chiave, tra cui Imfinzi, Calquence, Enhertu, Truqap e Tagrisso.
AstraZeneca (AZN) ha reportado resultados financieros sólidos para el primer semestre y el segundo trimestre de 2024, lo que ha llevado a una actualización de las previsiones para el año fiscal 2024. Los ingresos totales aumentaron un 18% a $25,617 millones, impulsados por un aumento del 18% en las ventas de productos y el crecimiento en ingresos por alianzas. Los aspectos destacados incluyen:
- Los segmentos de Oncología, CVRM, R&I y Enfermedades Raras experimentaron un crecimiento del 22% o más
- El EPS central aumentó un 5% a $4.03
- El dividendo intermedio aumentó 7 centavos a $1.00
- Previsión de FY 2024 mejorada: se espera que los ingresos totales y el EPS central crezcan en un porcentaje de un solo dígito medio
La empresa también informó resultados positivos de estudios de fase III y aprobaciones regulatorias para varios medicamentos clave, incluidos Imfinzi, Calquence, Enhertu, Truqap y Tagrisso.
AstraZeneca (AZN)는 2024년 상반기 및 2분기 동안 강력한 재무 실적을 보고하며 2024 회계연도 가이던스를 상향 조정했습니다. 총 수익이 18% 증가하여 256억 1,700만 달러에 달했습니다, 이는 제품 판매 증가와 동맹 수익 성장에 의해 촉진되었습니다. 주요 하이라이트는 다음과 같습니다:
- 종양학, CVRM, R&I 및 희귀 질환 세그먼트 모두 22% 이상의 성장을 보였습니다.
- 핵심 EPS가 5% 증가하여 $4.03에 도달했습니다.
- 중간 배당금이 7센트 증가하여 $1.00가 되었습니다.
- 2024 회계연도 가이던스 상향 조정: 총 수익 및 핵심 EPS는 이제 중간 10%대 성장할 것으로 예상됩니다.
회사는 또한 Imfinzi, Calquence, Enhertu, Truqap 및 Tagrisso를 포함한 여러 주요 의약품에 대한 긍정적인 3상 연구 결과 및 규제 승인을 보고했습니다.
AstraZeneca (AZN) a rapporté de solides résultats financiers pour le premier semestre et le deuxième trimestre 2024, entraînant une mise à jour des prévisions pour l'exercice 2024. Les revenus totaux ont augmenté de 18 % pour atteindre 25,617 milliards de dollars, soutenus par une hausse de 18 % des ventes de produits et la croissance des revenus d'alliances. Les points forts incluent :
- Les segments Oncologie, CVRM, R&I et Maladies Rares ont tous connu une croissance de 22 % ou plus.
- Le BPA de base a augmenté de 5 % pour atteindre 4,03 $
- Le dividende intérimaire a augmenté de 7 cents pour atteindre 1,00 $
- Prévisions pour l'exercice 2024 mises à jour : les revenus totaux et le BPA de base devraient désormais croître d'un pourcentage à deux chiffres moyen.
L'entreprise a également signalé des résultats positifs d'études de phase III et des approbations réglementaires pour plusieurs médicaments clés, notamment Imfinzi, Calquence, Enhertu, Truqap et Tagrisso.
AstraZeneca (AZN) hat starke Finanzergebnisse für das erste Halbjahr und das zweite Quartal 2024 gemeldet, was zu einer Aufwärtskorrektur der Prognose für das Geschäftsjahr 2024 geführt hat. Der Gesamtumsatz stieg um 18% auf 25.617 Millionen Dollar, angetrieben von einem Anstieg der Produktverkäufe um 18% und einem Wachstum der Allianzerträge. Zu den wichtigsten Punkten gehören:
- Die Segmente Onkologie, CVRM, R&I und Seltene Krankheiten verzeichneten alle ein Wachstum von 22% oder mehr
- Der Kern-EPS stieg um 5% auf 4,03 $
- Die Zwischen-Dividende wurde um 7 Cent auf 1,00 $ erhöht
- Prognose für das Geschäftsjahr 2024 angehoben: Gesamtumsatz und Kern-EPS werden jetzt mit einem mittleren zweistelligen Wachstum erwartet.
Das Unternehmen berichtete außerdem über positive Ergebnisse aus der Phase-III-Studie und behördliche Zulassungen für mehrere wichtige Medikamente, darunter Imfinzi, Calquence, Enhertu, Truqap und Tagrisso.
- Total Revenue increased by 18% to $25,617m in H1 2024
- Product Sales grew by 18% in H1 2024
- Oncology, CVRM, R&I, and Rare Disease segments all saw 22% growth or higher
- Core Product Sales Gross Margin of 82%
- Interim dividend increased by 7c to $1.00
- FY 2024 guidance upgraded for both Total Revenue and Core EPS
- Five positive Phase III studies announced year-to-date
- Multiple regulatory approvals received for key drugs in various markets
- Core EPS growth (5%) was lower than Total Revenue growth due to prior year gains
- Other operating income expected to decrease substantially in FY 2024
- Core Operating Margin of 33%, potentially indicating increased costs
AstraZeneca's H1 2024 financial results demonstrate robust growth, prompting an upgrade in full-year guidance. The 18% increase in Total Revenue to
The Core EPS growth of
The upgraded FY 2024 guidance, now projecting mid-teens percentage growth for both Total Revenue and Core EPS, signals management's confidence in the company's trajectory. This upward revision, without assuming an increase in Collaboration Revenue, underscores the strength of AstraZeneca's core business operations.
Investors should note the robust Core Product Sales Gross Margin of
AstraZeneca's H1 2024 results reflect significant progress in its clinical pipeline, particularly in oncology and rare diseases. The positive Phase III readouts for Imfinzi in bladder cancer (NIAGARA), Calquence in mantle cell lymphoma (ECHO) and Enhertu in HR-positive, HER2-low metastatic breast cancer (DESTINY-Breast06) are potential game-changers. These studies could lead to expanded indications and increased market share in highly competitive therapeutic areas.
The regulatory approvals for Imfinzi in endometrial cancer, Truqap in breast cancer and Tagrisso with chemotherapy in NSCLC across multiple regions (US, EU, Japan and China) are particularly noteworthy. These approvals not only validate AstraZeneca's R&D efforts but also pave the way for near-term revenue growth.
The company's focus on 'disruptive technologies' including antibody-drug conjugates, bispecifics, cell and gene therapies, radioconjugates and weight management medicines positions it well for long-term growth. These innovative approaches have the potential to address unmet medical needs and capture significant market share.
Investors should closely monitor the progress of these pipeline assets and newly approved indications, as they will be important drivers for AstraZeneca's ambitious
Strong underlying growth supports FY 2024 guidance upgrade, with both Total Revenue and Core EPS now expected to increase by a mid teens percentage at CER1
Revenue and EPS summary
H1 2024 |
% Change |
Q2 2024 |
% Change |
|||||
$m |
Actual |
CER |
$m |
Actual |
CER |
|||
- Product Sales |
24,629 |
15 |
18 |
12,452 |
14 |
18 |
||
- Alliance Revenue |
|
939 |
50 |
50 |
482 |
42 |
42 |
|
- Collaboration Revenue |
49 |
(78) |
(78) |
4 |
(98) |
(98) |
||
Total Revenue |
|
25,617 |
15 |
18 |
12,938 |
13 |
17 |
|
Reported EPS |
|
13 |
23 |
|
6 |
15 |
||
Core2 EPS |
|
(1) |
5 |
|
(8) |
(3) |
Financial performance for H1 2024 (Growth numbers at constant exchange rates)
-
Total Revenue up
18% to , driven by an$25,617m 18% increase in Product Sales and continued growth in Alliance Revenue from partnered medicines -
Total Revenue growth from Oncology was
22% , CVRM22% , R&I22% , and Rare Disease15% -
Core Product Sales Gross Margin3 of
82% -
Core Operating Margin of
33% -
Core Tax Rate of
20% -
Core EPS increased
5% to . The increase in Core EPS was lower than Total Revenue growth principally due to gains recognised in the prior year, specifically a$4.03 gain on the disposal of Pulmicort Flexhaler US rights (Q1 2023), and a$241m gain relating to updates to contractual arrangements for Beyfortus (Q2 2023)$712m -
Interim dividend increased 7c to
($1.00 77.6 pence ,10.79 SEK ) has been declared - Guidance for FY 2024 increased, with Total Revenue and Core EPS anticipated to grow by a mid teens percentage at CER (previously a low double-digit to low teens percentage). An increase in Collaboration Revenue is not assumed in the upgraded guidance
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
“Building on our strong growth in the first half of the year and continued underlying demand for our medicines we are upgrading our FY 2024 guidance for both Total Revenue and Core EPS.
At our Investor Day in May we set out a new revenue ambition to deliver
In the year to date we have continued to make encouraging progress with several disruptive technologies, including antibody drug conjugates, bispecifics, cell and gene therapies, radioconjugates, and weight management medicines, all of which have the potential to drive our growth beyond 2030.”
Key milestones achieved since the prior results announcement
- Positive read-outs for Imfinzi in combination with chemotherapy in muscle-invasive bladder cancer (NIAGARA), Calquence in untreated mantle cell lymphoma (ECHO), Enhertu in HR-positive, HER2-low metastatic breast cancer (DESTINY-Breast06)
-
US approvals for Imfinzi in combination with chemotherapy followed by Imfinzi monotherapy for primary advanced or recurrent endometrial cancer that is mismatch repair deficient (DUO-E). EU approvals for Truqap in combination with Faslodex for biomarker-positive estrogen receptor-positive, HER2‑negative advanced breast cancer (CAPItello-291), Tagrisso with the addition of chemotherapy for 1st‑line EGFRm NSCLC (FLAURA2).
Japan andChina approvals for Tagrisso with the addition of chemotherapy for the 1st‑line EGFRm NSCLC (FLAURA2)
Guidance
Due to strong underlying growth in Product Sales and Alliance Revenue, the Company raises its Total Revenue and Core EPS guidance for FY 2024 at CER, based on the average foreign exchange rates through 2023.
Total Revenue is expected to increase by a mid teens percentage
|
Core EPS is expected to increase by a mid teens percentage
|
- An increase in Collaboration Revenue is not assumed in the upgraded guidance (previously assumed a substantial increase)
-
Other operating income is expected to decrease substantially (FY 2023 included a
gain on the disposal of Pulmicort Flexhaler US rights, and a$241m one-time gain relating to updates to contractual arrangements for Beyfortus)$712m -
The Core Tax rate is expected to be between 18
-22%
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 July 2024 to December 2024 were to remain at the average rates seen in June 2024, it is anticipated that FY 2024 Total Revenue would incur a low single-digit percentage adverse impact compared to the performance at CER, and Core EPS would incur a mid single-digit percentage adverse impact. The Company’s foreign exchange rate sensitivity analysis is provided in Table 17.
Table 1: Key elements of Total Revenue performance in Q2 2024
% Change |
||||||
Revenue type |
|
$m |
Actual % |
CER % |
|
|
Product Sales |
12,452 |
14 |
18 |
|
|
|
Alliance Revenue |
482 |
42 |
42 |
• |
||
Collaboration Revenue |
4 |
(98) |
(98) |
• Q2 2023 included |
||
Total Revenue |
|
12,938 |
13 |
17 |
|
|
Therapy areas |
$m |
Actual % |
CER % |
|
|
|
Oncology |
5,331 |
15 |
19 |
|
• Tagrisso up |
|
CVRM |
3,160 |
18 |
22 |
|
• Farxiga up |
|
R&I |
|
1,905 |
23 |
26 |
|
• Breztri up |
V&I |
119 |
(57) |
(53) |
• The drop in V&I revenue was primarily driven by lower Collaboration Revenue from COVID-19 mAbs
|
||
Rare Disease |
2,147 |
10 |
14 |
• Ultomiris up |
||
Other Medicines |
|
276 |
(11) |
(5) |
|
|
Total Revenue |
|
12,938 |
13 |
17 |
|
|
Regions |
|
$m |
Actual % |
CER % |
|
|
US |
5,571 |
17 |
17 |
|
|
|
Emerging Markets |
|
3,386 |
9 |
18 |
|
|
- |
1,630 |
13 |
18 |
|
|
|
- Ex-China Emerging Markets |
|
1,756 |
5 |
18 |
|
|
|
|
2,732 |
24 |
24 |
|
|
Established RoW |
|
1,249 |
(5) |
6 |
|
|
Total Revenue |
|
12,938 |
13 |
17 |
|
|
Key partnered medicines
-
Combined sales of Enhertu, recorded by Daiichi Sankyo Company Limited (Daiichi Sankyo) and AstraZeneca, amounted
in H1 2024 (H1 2023:$1,772m ).$1,169m -
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to
in H1 2024 (H1 2023:$507m ).$257m
Table 2: Key elements of financial performance in Q2 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 |
|
Stable Actual
|
|
Stable Actual
|
|
• Variations in Product Sales Gross Margin can be expected between periods due to product seasonality (e.g. FluMist and Beyfortus in H2), foreign exchange fluctuations and other effects |
R&D expense |
|
|
|
|
+ Increased investment in the pipeline
|
|
SG&A expense |
|
- |
|
|
+ Market development for recent launches and pre-launch activities
|
|
Other operating income and expense5 |
|
- |
|
- |
|
‒The prior year quarter included a |
Operating Margin |
|
Stable Actual
|
|
-6pp Actual
|
|
• See commentary above on Gross Margin, R&D, SG&A and Other operating income and expense |
Net finance expense |
|
- |
|
|
|
+ Higher level of Net debt |
Tax rate |
|
+7pp Actual
|
|
+2pp Actual
|
|
• 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 |
Imfinzi |
Primary advanced or recurrent endometrial cancer with mismatch repair deficiency (DUO-E) |
Regulatory approval (US), CHMP positive opinion (EU) |
Imfinzi + Lynparza |
Primary advanced or recurrent endometrial cancer with mismatch repair proficiency (DUO-E) |
CHMP positive opinion (EU) |
|
Tagrisso |
EGFRm NSCLC (1st-line) (FLAURA2) |
Regulatory approval (EU, JP, CN) |
|
Truqap |
Biomarker-positive ER-positive HER2-negative locally advanced or metastatic breast cancer (CAPItello-291) |
Regulatory approval (EU) |
|
|
|
|
|
Regulatory submissions
|
Tagrisso |
EGFRm NSCLC (Stage III unresectable) (LAURA) |
sNDA acceptance and Priority Review (US) |
Dato-DXd
|
Non-squamous NSCLC (2nd- and 3rd-line) (TROPION-Lung01) |
Regulatory submission (EU) |
|
sipavibart |
Prevention of COVID-19 (SUPERNOVA) |
Regulatory submission (EU) |
|
|
|
|
|
Major Phase III data readouts and other developments |
Calquence |
Mantle cell lymphoma (1st‑line) (ECHO) |
Primary endpoint met |
Dato-DXd |
Locally advanced or metastatic NSCLC (TROPION-Lung01) |
Dual primary endpoint OS not met in the intention to treat population |
|
Enhertu |
HER2-low breast cancer (2nd-line) (DESTINY-Breast-06) |
Primary endpoint met |
|
Imfinzi |
Muscle-invasive bladder cancer (NIAGARA) |
Primary endpoint met |
|
Imfinzi |
Adjuvant use in early-stage PD-L1 ≥ |
Primary endpoint not met |
|
|
|
|
|
|
Truqap |
Locally advanced or metastatic TNBC (CAPItello-290) |
Primary endpoint not met |
|
|
|
|
|
sipavibart |
Prevention of COVID-19 (SUPERNOVA) |
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 May 2024, AstraZeneca announced its intention to build a
In May 2024, AstraZeneca completed an additional
In June 2024, AstraZeneca completed the acquisition of Fusion Pharmaceuticals Inc., a clinical-stage biopharmaceutical company developing next-generation radioconjugates. The acquisition marks a major step forward in AstraZeneca delivering on its ambition to transform cancer treatment and outcomes for patients by replacing traditional regimens like chemotherapy and radiotherapy with more targeted treatments. The acquisition complements AstraZeneca’s leading oncology portfolio with the addition of the Fusion pipeline of radioconjugates, including FPI-2265, a potential new treatment for patients with mCRPC, and brings new expertise and pioneering R&D, manufacturing and supply chain capabilities in actinium-based radioconjugates to AstraZeneca. See Note 5 for further information.
In July 2024, AstraZeneca completed the acquisition of Amolyt Pharma, a clinical-stage biotechnology company focused on developing novel treatments for rare endocrine diseases. The acquisition bolsters the Alexion, AstraZeneca Rare Disease late-stage pipeline and expands on its bone metabolism franchise with the notable addition of eneboparatide (AZP-3601), a Phase III investigational therapeutic peptide with a novel mechanism of action designed to meet key therapeutic goals for hypoparathyroidism. In patients with hypoparathyroidism, a deficiency in parathyroid hormone production results in significant dysregulation of calcium and phosphate, which can lead to life-altering symptoms and complications, including chronic kidney disease. See Note 7 for further information.
Sustainability highlights
At the 77th World Health Assembly in
Conference call
A conference call and webcast for investors and analysts will begin today, 25 July 2024, at 11:45
Reporting calendar
The Company intends to publish its 9M and Q3 2024 results on 12 November 2024.
To read AstraZeneca's H1 and Q2 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 |
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/20240724980001/en/
Global Media Relations team
global-mediateam@astrazeneca.com
+44 (0)1223 344 800
Source: AstraZeneca
FAQ
What was AstraZeneca's (AZN) Total Revenue for H1 2024?
How much did AstraZeneca's (AZN) Core EPS grow in H1 2024?
What is AstraZeneca's (AZN) updated guidance for FY 2024?
Which therapeutic areas showed strong growth for AstraZeneca (AZN) in H1 2024?