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30 July, 2020 - 12:36 By Tony Quested

AstraZeneca hoists H1 revenues 14 per cent to $12.62bn

Shares in Cambridge-based Big Biotech AstraZeneca rocketed by more than 240p to 8,855.54 and the market cap hit £116.21 billion as the company’s first half results wowed the UK market.

Revenue was up 14 per cent to $12.629bn with growth across all three therapy areas and in every region.

The performance of the new medicines improved by 42 per cent to $6.353 bn and represented 50 per cent of global total revenue. Oncology was +28 per cent to $5.324bn.

CEO Pascal Soriot said: “I want to thank my colleagues around the world for producing a strong performance in the first half of the year, delivering further revenue growth and another step forward in profitability and cash generation. 

“I was particularly pleased with the robust growth in emerging markets and the success of our new medicines. We made further progress with our pipeline, highlighted by the overwhelming success of Tagrisso in the ADAURA trial and with Farxiga, which expanded its potential beyond diabetes. 

“We are also pleased with our new collaboration with Daiichi Sankyo on DS-1062, which strengthens our growing oncology portfolio.

“Furthermore, our company has mounted a significant response to COVID-19, with capacity to deliver over two billion doses of the vaccine AZD1222, the accelerated development of our monoclonal antibodies and new trials for the use of Calquence and Farxiga to treat patients affected by the virus.

“Looking ahead, while we continue to anticipate variations in quarterly performance, the continuation of our strategy makes us confident about the future. We are retaining our full-year guidance that is underpinned by the focus on commercial execution and an exciting pipeline of new medicines.”

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