AstraZeneca beats estimates on strong emerging market sales as COVID wanes

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AstraZeneca on Thursday beat expectations for first-quarter profit and revenue, as buoyant sales of cancer drug Imfinzi and strong demand for its roster of drugs in emerging markets helped to offset dwindling COVID product sales.

The London-listed drugmaker, which reports its results in U.S. dollars, reported adjusted profit of $1.92 per share on sales of about $10.9 billion.

Sales of its COVID-19 vaccine dropped to $28 million in the first quarter, versus $1.14 billion over the same period last year, as the company lost ground to rival mRNA shots.Excluding sales of its COVID-19 products, sales rose 22% to $3.1 billion in emerging markets on a constant currency basis. Sales in China were hurt last year by lower drug prices, while the country's tough zero-COVID policy, which was abandoned in December, has kept some patients from being diagnosed and seeking care.

 

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