AstraZeneca’s first quarter total revenue up 19% to $12,679m, driven by an 18% increase in product sales and continued growth in alliance revenue from partnered medicines. The company posted double-digit growth in total revenue from Oncology at 26%, CVRM at 23%, R&I at 17%, and Rare Disease at 16%. It recorded core product sales gross margin of 82% and core operating margin of 34%.

Core EPS increased 13% to $2.06. The increase in Core EPS was lower than Total Revenue growth principally due to a US$ 241million gain in the prior year period on the disposal of Pulmicort Flexhaler US rights.

Pascal Soriot, Chief Executive Officer, AstraZeneca, said: “AstraZeneca had a very strong start in 2024 with substantial Total Revenue growth of 19% in the first quarter. Our strong pipeline momentum continued and already this year we announced positive trial results for Imfinzi and Tagrisso that were unprecedented in lung cancer, the data from both of these studies will be presented during the ASCO plenary in June. We are also looking forward to seeing the results of several other important trials throughout the year.

“At our Annual General Meeting we were pleased to announce a 7% increase in the annual dividend, and at our Investor Day on 21 May 2024 we will outline the evolution of our company, underscoring our confidence in sustaining industry-leading growth.”

The Company reiterates its Total Revenue and Core EPS guidance for FY 2024 at CER, based on the average foreign exchange rates through 2023.