Pandemic's Effect Is 'Highly Uncertain', Says AstraZeneca

By Denise Roland

AstraZeneca PLC said stockpiling of medicines boosted first-quarter sales but warned it was hard to predict the overall impact of the coronavirus pandemic.

The British drugmaker on Wednesday said the longer-term impact of the pandemic was "highly uncertain" with any damaging ramifications for the company depending on its duration, extent and severity. It added that the pandemic could hurt drug development, new medicine launches and the manufacturing or supply of medicines. For now, the company has retained its full-year guidance.

AstraZeneca said revenue in the three months to March 31 rose 17% at constant currencies to $6.4 billion. It attributed a low-to-mid single-digit percentage of that growth to patients filling their prescriptions for longer periods because of the pandemic. It expects that effect to reverse in the coming months.

Net profit rose 32% to $780 million, largely thanks to higher sales and proceeds from licensing deals. Core earnings per share, a measure that strips out one-time items, rose 21% to $1.05.

Write to Denise Roland at denise.roland@wsj.com

(END) Dow Jones Newswires

April 29, 2020 03:40 ET (07:40 GMT)

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