AstraZeneca maintains guidance after profit jumps in Q3 on strength in cancer drugs

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StockMarketWire.com – Pharma giant AstraZeneca maintained its guidance after reporting a jump in third-quarter profit as revenue was boosted by strength in its portfolio of cancer drugs.

For the three months ended 30 September, pre-tax profit jumped to $853 million from $409 million as revenue rose to $6.58 billion from $6.41 billion year-on-year.

Product sales of 6% to $6.52 billion for the quarter, topping the company-compiled consensus of $6.50 billion.

‘Highlights of the sales performance included further success in oncology and an acceleration in the progress of Farxiga,’ the company said.

Looking ahead, the company reiterated it expected results from the late-stage trials on its investigational COVID-19 vaccine before the end of the year.

In separate statements, the company said it had won approval for lynparza in the European Union as a 1st-line maintenance treatment with bevacizumab for patients with positive advanced ovarian cancer.

Lynparza had also been approved in the European Union to treat prostate cancer patients with a breast cancer susceptibility gene.

AstraZeneca’s Forxiga, meanwhile, had been approved in the European Union for the treatment of symptomatic chronic heart failure with reduced ejection fraction in adults with and without type-2 diabetes.

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