AstraZeneca continued to see strong growth in 2024 on the back of a series of positive trials, as well as a solid pipeline of products.
Pharmaceutical giant AstraZeneca announced its fourth quarter and full year 2024 earnings on Thursday.
Product sales for the fourth quarter came up to $13.4 billion (€12.9bn), which was a rise of 18% in actual terms. Total revenue for Q4 2024 was $14.9bn (€14.4bn), which was a surge of 24%. Core earnings per share (EPS) came up to $2.09 (€2.0), which was a jump of 44%.
For the full year 2024, product sales came up to $50.9bn (€49.1bn), an increase of 16%, whereas total revenue grew 18% to $54.1bn (€52.2bn). Core EPS advanced 13% to $8.21 (€7.9).
These robust figures were mainly driven by a number of promising trials, with the company delivering nine positive high value Phase III studies during the full year 2024.
AstraZeneca has seen rising demand for its drugs across all of its main markets in 2024 as well. This is expected to go a long way in helping the company grow this year.
Pascal Soriot, the chief executive officer (CEO) of AstraZeneca, said in the fourth quarter and full year earnings report on the company’s website: “This year marks the beginning of an unprecedented, catalyst-rich period for our company, an important step on our Ambition 2030 journey to deliver $80bn total revenue by the end of the decade.
“In 2025 alone, we anticipate the first Phase III data for seven new medicines, along with several important new indication opportunities for our existing medicines. We are also investing in and making significant progress with transformative technologies that have the potential to drive our growth well beyond 2030, many of which have now entered pivotal trials.”
Euronews has contacted AstraZeneca for comment.
Strong trials and pipeline continue to support AstraZeneca growth
AstraZeneca’s main departments saw increasing growth in 2024, with total revenue from Oncology rising 24%. Rare Disease total revenue grew 16%, whereas Cardiovascular, Renal and Metabolism (CVRM) total revenue jumped 20%.
Respiratory and immunology total revenue also surged 25%, with vaccines and immune therapies (V&I) total revenue advancing 8% as well.
Russ Mould, investment director at AJ Bell, said in an email note: “AstraZeneca is in rude health. It has delivered a solid set of numbers, beating market expectations on both the revenue and earnings lines.
“A good run of Phase III trials during the year bodes well for converting the pipeline of drug developments into the next generation of products to sustain earnings growth. Having something else ready on the conveyer belt is paramount to the success of pharma companies as they face patent cliffs.
“China import-related tax issues won’t derail the business. They’re just noise and any fines will be small fry relative to the typical outflows from a company the size of AstraZeneca. Unlike GSK which delivered a lopsided performance thanks to weakness in its vaccines arm, AstraZeneca looks more balanced with gains recorded across all therapy areas.
“So far, so good, yet AstraZeneca needs to sustain this strong momentum if it is to achieve ambitious medium-term goals.”
