AZN Astrazeneca Plc

By Cecilia Butini

AstraZeneca PLC on Thursday posted a swing to fourth-quarter profit, though it reported lower revenue due to declining sales of its Covid-19 vaccine Vaxzevria.

The Anglo-Swedish pharma major reported net profit of $901 million, compared with a loss of $347 million in the fourth quarter of 2021, when it took a hit from charges related to the acquisition of Alexion Pharmaceuticals.

Operating profit was $1.09 billion in the quarter, up from an operating loss of $292 million the year prior, while earnings per share came in at $0.58 for the period, from a loss per share of $0.22 in the fourth quarter of 2021. Core earnings per share were $1.38, beating consensus expectations that had them at $1.32 but down 17% from the previous-year fourth quarter, the company said.

Revenue declined in the quarter to $11.21 billion, from $12.01 billion in the fourth quarter of 2021, AstraZeneca said, and product sales fell to $10.80 billion from $11.50 billion the year prior. Lower sales of Covid-19 vaccine Vaxzevria affected total sales in the fourth quarter, and the company said that revenue grew 17% when excluding the vaccine.

Among the top-performing drugs were cancer treatments Tagrisso, Lynparza and Imfinzi, as expected.

Looking ahead at 2023, the company said it expects revenue to increase by a low-to-mid single-digit percentage, and by a low double-digit percentage when excluding Covid-19 medicines. Core earnings per share are expected to increase by a high single-digit to low double-digit percentage, the company said. Total revenue from Covid-19 medicines, including AstraZeneca's vaccine, is expected to decline significantly in 2023, with minimal revenue from Vaxzevria, the company said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

February 09, 2023 05:11 ET (10:11 GMT)

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