AstraZeneca posts better-than-expected second quarter results
A view of the AstraZeneca office in Mölndal, Sweden, on September 12, 2024.
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AstraZeneca on Tuesday posted better-than-expected second quarter earnings, driven by demand for key cancers and biopharmaceutical products, and reiterated its commitment to expanding the business in the U.S.
The Anglo-Swedish pharma firm posted revenues of $14.46 billion over the three-month period to June 30, ahead of the $14.07 billion estimated by analysts in an LSEG poll.
Quarterly adjusted core operating profit came in at $4.58 billion versus $4.48 billion anticipated.
The FTSE 100 company maintained its full-year forecast for revenues to rise by a high single-digit percentage, despite geopolitical challenges, and cited its ambitions to grow its U.S. footprint to deliver $80 billion revenue by 2030.
AstraZeneca said last week it plans to invest $50 billion in bolstering its U.S. manufacturing and research capabilities by 2030, becoming the latest pharmaceutical firm to ramp up its stateside spending in the wake of U.S. trade tariffs.
— Karen Gilchrist
Opening calls
Good morning from London.
European stock markets are heading for a higher open today, according to IG data, with major bourses heading for gains of around 0.2%.
On Monday, initial optimism over the EU-U.S. framework trade deal faded by the end of the session to leave the Stoxx 600 index at a 0.23% loss. Investors will continue to hunt for any clarity on the outlook today — particularly as uncertainty remains for sectors including pharmaceuticals, and key products like spirits.
“We see the tentative trade deal with the EU as pretty much completing the run of good trade news that has lifted global confidence and equity markets, and weakened the [U.S. dollar],” Standard Chartered macro strategist Steve Englander said in a Monday note.
“The deals are a negative from a global growth perspective but appear to be something that US trading partners can live with.”
Earnings are also in focus, with British bank Barclays reporting shortly. Results are also out from L’Oréal, AstraZeneca and Ferrovial, along with Boeing, Starbucks, Visa, PayPal and more Stateside.
— Jenni Reid
