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30 April, 2021 - 11:55 By Tony Quested

AstraZeneca Q1 revenues up 15 per cent to $7.32bn

Cambridge Big Biotech business AstraZeneca delivered revenue growth of 15 per cent in the first quarter of 2021 to $7.32 billion.

Excluding the contribution from the COVID-19 vaccine, revenue growth increased 11 per cent to $7.045bn. 

The overall results in the quarter further increased the company's profitability and cash generation while the pipeline demonstrated encouraging progress. AstraZeneca has reiterated full-year 2021 guidance.

Chief executive Pascal Soriot said: “We delivered solid progress in the first quarter of 2021 and continued to advance our portfolio of life-changing medicines. 

“Oncology grew 16 per cent and New CVRM 15 per cent. New medicines contributed over half of revenue and all regions delivered encouraging growth.

“This performance ensured another quarter of strong revenue and earnings progression, continued profitability, and cash-flow generation, despite the pandemic's ongoing negative impact on the diagnosis and treatment of many conditions. 

“Given the performance in the first quarter, in line with our expectations, we reiterate our full-year guidance. We expect the impact of COVID to reduce and anticipate a performance acceleration in the second half of 2021.

“Further significant pipeline advances were achieved as we continued to invest for long-term sustainable growth, including the OlympiA Phase III trial demonstrating Lynparza's benefit for certain forms of early breast cancer. 

“This sustained pipeline progress and accelerating business performance underlines our commitment to patients and delivering our growth potential, which will be further complemented by the proposed acquisition of Alexion.”

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