AstraZeneca raised its full-year revenue guidance on strong sales of its Evusheld Covid-19 antibody treatment and drugs to treat cancer and rare diseases. The Anglo-Swedish drugmaker now expects total revenue to rise by a percentage point in the 20s, up from its previous forecast of growth in the teens. It stuck to its previous guidance for core earnings per share, expecting it to rise by a mid- to high-20s rate. Pascal Soriot, chief executive of AstraZeneca, said the expected increase in revenue would help the company boost investment in research and development. “We look forward to announcing the results of several important late-stage trials this year and next year,” he said. In the second quarter, AstraZeneca beat sales and profit expectations. It reported total revenue of $10.8 billion, higher than the average analyst estimate of $8.7 billion, and up 37 percent year-over-year at constant exchange rates. Oncology contributed $3.8 billion, up 20 percent year-over-year, while the rare disease portfolio, acquired through the Alexion acquisition, grew 12 percent year-over-year to $1.8 billion . Sales of Evusheld, the antibody therapy that helps protect people who don’t respond to vaccines, were $445 million and are expected to rise in the second half. Sales of AstraZeneca’s Covid-19 vaccine, developed with the University of Oxford, brought in $455 million but are expected to decline for the rest of the year. Core earnings per share rose 89 percent in constant currencies to $1.72, above the consensus forecast of $1.57. Operating profit was $539 million, down 53 percent at constant rates.
