UK (Commonwealth) _AstraZeneca boosted its annual profit as a result of higher sales of cancer medications, which helped offset lower orders for the Covid-19 vaccine.
Instead of the low double-digit percentage that was originally predicted, the pharmaceutical giant now projects its revenue for the year to climb by a “low-teens percentage,” excluding Covid-related medications.
Additionally, it predicts that core profits per share would increase by “a low double-digit to low-teens percentage,” as opposed to the high single-digit to low double-digit percentage that was originally predicted. In the three months that concluded in September, both metrics showed robust growth. At constant currency rates, AstraZeneca’s turnover increased by 6% to $11.49 billion.
Following a spike in orders for Imfinzi, a medication that helps target lung and gallbladder cancer, and Calquence, a significant therapy for non-Hodgkin’s lymphoma, sales of oncology medications increased by 17% to $4.39 billion.
Farxiga, a medicine for type 2 diabetes, was the main driver of the $335 million increase in sales from cardiovascular, renal, and metabolic pharmaceuticals, which came too little under $7.9 billion during this period.
This counterbalanced sales of its Covid-19 vaccine, Vaxzeveria, which remained at zero for the second consecutive quarter due to a lack of lockdown limitations, together with a notable increase in orders for rare illness medications.
Also Read:
ASTRAZENECA INDIA WINS DCGI APPROVAL TO LAUNCH A BREAST CANCER MEDICATION!
ASTRAZENECA CEO URGES UK TO INVEST IN FUTURE MEDICINES
GLENMARK SIGNS DEAL WITH ASTRAZENECA TO MARKET ITS PULMICORT RESPULES® IN COLOMBIA
KENYA TO RECEIVE EXTRA DOSES OF ASTRAZENECA CORONAVIRUS VACCINE
Concerns over the safety of the vaccine, which was created in collaboration with Oxford University, are presently the focus of a legal lawsuit. The families of British citizens who received the injection and had an uncommon but serious blood clot problem have filed two claims against AstraZeneca in the High Court. Attorneys for a man who had a brain hemorrhage have claimed that the vaccination was “defective” and that reports of its effectiveness were “vastly exaggerated.”
According to an AstraZeneca spokesperson, “Vaxzevria has consistently been shown to have an acceptable safety profile from the body of evidence in clinical trials and real-world data, and regulators around the world consistently state that the benefits of vaccination outweigh the risks of extremely rare potential side effects.”
Based on the drug’s effectiveness and safety profile, the Medicines and Healthcare Products Regulatory Authority (MHRA) has given Vaxzevria complete marketing clearance for the UK. On Thursday, AstraZeneca also said that it had signed an exclusive license agreement for a type 2 diabetes and obesity medication that was still in the early stages of research.
It will pay the Chinese business Eccogene $185 million up front and a further $1.83 billion if certain “commercial, clinical, and regulatory milestones” are met.
“The idea of a magic pill for weight loss, as opposed to the current injectable options in the class, clearly has its commercial attractions,” stated Derren Nathan, head of equities research at Hargreaves Lansdown. The possible $1.8 billion consideration may be justified if it is effective.
The headquarters of the Anglo-Swedish multinational pharmaceutical and biotechnology business AstraZeneca plc are located in Cambridge, England’s Cambridge Biomedical Campus. It offers a range of medications for treating serious illnesses in the fields of neurology, cancer, cardiovascular, gastrointestinal, infection, and inflammation. It has contributed to the COVID-19 vaccine development process at Oxford-AstraZeneca.
The Swedish Astra AB and the British Zeneca Group, which had been established in 1993 by the demerger of Imperial Chemical Industries’ pharmaceutical division, merged to form the firm in 1999. It has grown to be one of the biggest pharmaceutical firms in the world. Three key locations are home to its research and development: Gaithersburg, Maryland; Göteborg, Sweden; and Cambridge, England.
The Oxford–AstraZeneca vaccine was licensed for use in January 2021 in India, opening the door for a widespread immunization program in the second-most populated nation in the world. It was revealed that the Serum Institute of India (SII) will produce the Oxford–AstraZeneca shot domestically under the COVISHIELD brand.
