Pharmaceuticals giant Astrazeneca has reported double-digit sales growth on higher demand and said it remains committed to China despite the detention of a high-ranking staff member there.
The FTSE 100 firm told markets this morning that total revenue rose 19 per cent to $39.2bn (£30.6bn) in the first nine months of the year.
The London-listed group subsequently upgraded its full-year guidance to “high teens” percentage growth from mid-teens previously.
Cancer care revenue rose 22 per cent, while revenue from heart care was up 21 per cent and research revenue up 24 per cent.
Core earnings per share rose by 11 per cent to $6.12.
Pascal Soriot, Chief Executive Officer, AstraZeneca, said: “Our company has continued on its strong growth trajectory in the first nine months of 2024. Total Revenue and Core EPS were up 21 per cent and 27 per cent respectively in the third quarter, reflecting the increasing demand for our medicines… and supporting an upgrade to our full year 2024 guidance.
The boss added: “In the year to date we have announced the results for multiple positive high-value trials and are working to bring these new options to patients as quickly as possible. Additionally, the quality and impact of our scientific research was well recognised this quarter with data for AstraZeneca medicines featuring in an unprecedented five Presidential Plenary sessions at the two major oncology conferences in September.”
“We are highly encouraged by the broad-based underlying momentum we are seeing across our company in 2024, and growth looks set to continue through 2025, providing a solid foundation to deliver on our 2030 ambition.”
Astrazeneca still committed to China
The company said it remained “committed to delivering innovative life-changing medicines to patients in China” despite multiple investigations by the Chinese authorities into current and former Astrazeneca employees.
Allegations include medical insurance fraud, illegal drug importation and personal information breaches.
Authorities have also detained the company’s president in the country.
“The company has not received any notification that it is itself under investigation. If requested, AstraZeneca will fully cooperate with the Chinese authorities,” it said.
China accounted for $1.6bn of the company’s revenue in the first nine months of the year or around four per cent.
Alongside today’s announcement, the company also announced a $3.5bn capital spending commitment to the US, focused on expanding the company’s research and manufacturing footprint by the end of 2026.
The company’s share price has fallen more than 16 per cent in the last month.