AstraZeneca share price soars after posting strong Q1 figures

And CEO Pascal Soriot said the strong start to 2024 was only the beginning as the company continued to broaden its pipeline and steered through several other critical trials throughout the year.

The figures are rocketing in oncology worldwide but AstraZeneca’s sustainable strength is clearly in the breadth and spread of its influence across several sectors, including the rapidly growing rare disease sector.

Total Q1 revenue was 19 per cent ahead to $12,679 million – driven by an 18 per cent increase in product sales and continued growth in alliance revenue from partnered medicines.

AstraZeneca notched double digit growth in total revenue in Oncology at 26 per cent, CVRM (23 per cent), R&I (17 per cent) and Rare Disease (16 per cent).

Soriot said: “Our strong pipeline momentum continued and already this year we announced positive trial results for Imfinzi and Tagrisso that were unprecedented in lung cancer. The data from both of these studies will be presented during the ASCO plenary in June. We are also looking forward to seeing the results of several other important trials throughout the year.

“At our Annual General Meeting we were pleased to announce a seven per cent increase in the annual dividend and at our Investor Day on May 21 we will outline the evolution of our company – underscoring our confidence in sustaining industry-leading growth.”

Total full-year revenue is tipped to increase by a low double digit to low teens percentage and collaboration revenue is expected to rise substantially, driven by success-based milestones and certain anticipated transactions, the company teased.