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AstraZeneca Q2 Profit Surges; Backs 2020 Outlook

AstraZeneca (AZN,AZN.L) reported that its profit attributable to owners of the parent for the second-quarter profit surged to $756 million or $0.58 per share from $130 million or $0.10 per share in the prior year.

"our company has mounted a significant response to COVID-19, with capacity to deliver over two billion doses of AZD1222, the accelerated development of our monoclonal antibodies and new trials for the use of Calquence and Farxiga to treat patients affected by the virus," Pascal Soriot, Chief Executive Officer, said in a statement.

Core earnings per share for the second-quarter was $0.96 up 32% from last year.

Profit before tax was $961 million up from $141 million in the previous year.

Total revenue for the quarter grew to $6.28 billion from $5.82 billion in the prior year. Product sales for the quarter rose 6% to $6.05 billion from the previous year.

Financial guidance for 2020 is unchanged. Total Revenue is expected to increase by a high single-digit to a low double-digit percentage and Core earnings per share is expected to increase by a mid- to high-teens percentage.

The Board has recommended an unchanged first interim dividend of $0.90 per ordinary share.

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