AstraZeneca delivered robust revenue growth of 15% (11% at CER1) in the quarter to $7,320m; excluding the contribution from the pandemic COVID-19 vaccine, revenue growth increased by 11% (7% at CER) to $7,045m. The overall results in the quarter further increased the Company's profitability and cash generation, while the pipeline demonstrated encouraging progress; the Company reiterates full-year 2021 guidance.
Pascal Soriot, Chief Executive Officer, commented:
“We delivered solid progress in the first quarter of 2021 and continued to advance our portfolio of life-changing medicines. Oncology grew 16% and New CVRM grew 15%. New medicines contributed over half of revenue and all regions delivered encouraging growth. This performance ensured another quarter of strong revenue and earnings progression, continued profitability, and cash-flow generation, despite the pandemic's ongoing negative impact on the diagnosis and treatment of many conditions. Given the performance in the first quarter, in line with our expectations, we reiterate our full-year guidance. We expect the impact of COVID to reduce and anticipate a performance acceleration in the second half of 2021.
Further significant pipeline advances were achieved as we continued to invest for long-term sustainable growth, including the OlympiA Phase III trial demonstrating Lynparza's benefit for certain forms of early breast cancer. This sustained pipeline progress and accelerating business performance underlines our commitment to patients and delivering our growth potential, which will be further complemented by the proposed acquisition of Alexion.”
Table 1 : Q1 2021 – Financial summary
|
|
|
|
Actual |
CER |
|
|
|
$m |
% change |
% change |
|
– Product Sales |
|
7,257 |
15 |
11 |
|
– Collaboration Revenue |
|
63 |
43 |
42 |
|
Total revenue |
|
7,320 |
15 |
11 |
|
– Less pandemic COVID-19 vaccine |
|
275 |
n/m2 |
n/m |
|
Total revenue ex. pandemic vaccine 3 |
|
7,045 |
11 |
7 |
|
Reported4 EPS5 |
|
$1.19 |
100 |
97 |
|
Core6 EPS |
|
$1.63 |
55 |
53 |
|
Impact of pandemic vaccine on EPS |
|
$(0.03) |
n/m |
n/m |
Highlights of Total Revenue in the quarter included:
– An increase in Product Sales of 15% (11% at CER) to $7,257m. New medicines7 Total Revenue improved by 30% (26% at CER) in the quarter to $3,891m, including growth in Emerging Markets of 33% (30% at CER) to $874m. Globally, new medicines represented 53% of Total Revenue (Q1 2020: 47%). Q1 2020 benefitted from a low-to-mid single-digit percentage increase in sales following short-term inventory increases in the distribution channel, an indirect effect of the COVID-19 pandemic
– Oncology growth of 20% (16% at CER) to $3,024m, an increase in New CVRM8 of 19% (15% at CER) to $1,306m. Respiratory & Immunology (R&I), however, declined by 1% (4% at CER) to $1,546m, predominately reflecting the impact of stocking of an authorised generic version of Symbicort in the US during Q1 2020 and phasing of COVID-19 impacts
– An increase in Emerging Markets of 14% (10% at CER) to $2,592m, with China growth of 19% (10% at CER) to $1,679m. In the US, Total Revenue increased by 10% to $2,310m and in Europe by 28% (18% at CER) to $1,546m