AstraZeneca delivered a quarter of strong revenue and profit growth, reflecting the immense efforts of supply-chain, commercial and other colleagues around the world to get vital medicines to patients. As part of the fight, the Company has rapidly responded to the pandemic, firstly in China and then globally.
AstraZeneca reports robust first quarter results
The company reported total revenue growth of 16% to o $6.354 billion, including product sales up 15% at $6.311 billion. Total revenue increased in the quarter across all three therapy areas - Oncology; Cardiovascular, Renal and Metabolism (CVRM); and Respiratory & Immunology - and in every region.
Pascal Soriot, Chief Executive Officer (pictured), commented:“Our focus ensured another quarter of strong growth across every therapy area and region. The new medicines performed extremely well, and our pipeline continued to deliver. Standouts included landmark news for Tagrisso, Farxiga and Koselugo, our latest oncology medicine. The progress made on all fronts provides confidence that we will, once again, meet our full-year commitments.
"I could not be prouder of how the AstraZeneca team has responded to the challenges of COVID-19. We moved quickly to maintain continuity of care, contribute to society, and use our scientific expertise to fight the pandemic. We hope our efforts to protect organs from damage, mitigate the cytokine storm and the associated hyperinflammatory state, and target the virus prove to be successful.”
The Company donated nine million face masks to support healthcare workers around the world, delivered in collaboration with the World Economic Forum’s COVID Action Platform.
AstraZeneca also contributed to the UK Government’s testing effort with a dedicated site in Cambridge operated in collaboration with the University of Cambridge and GlaxoSmithKline plc(GSK), with a goal to deliver 30,000 tests a day in May 2020.
The Company has mobilised research efforts to find new ways to help target the virus, reduce the cytokine storm, arising from an overactive immune response, and potentially protect organs. As part of the effort to target the virus, the Company is identifying novel SARS-CoV-2-neutralising monoclonal antibodies that can be used for treatment, as well as a prophylaxis against viral infection.
AstraZeneca is evaluating the use of Calquence, approved in a number of countries for the treatment of chronic lymphocyticleukaemia, in the Phase II CALAVI trial, which is assessing the suppression of the cytokine storm that inflames the lungs and other organs of some COVID-19 patients.
The Company is also looking at protecting organs in the Phase III DARE-19 trial, assessing whether Farxiga, an oral medicine that has demonstrated benefits in heart failure and kidney disease, can potentially reduce organ failure. The Company has also joined the UK Government’s ACCORD-2 proof-of-concept clinical-trial platform, to speed the development of medicines for patients with COVID-19.
AstraZeneca is a global, innovation-driven biopharmaceutical business that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of cardiovascular, metabolic, respiratory, inflammation, autoimmune, oncology, infection and neuroscience diseases.