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AstraZeneca Q1 Profit Climbs - Quick Facts

AstraZeneca Plc (AZN.L,AZN) reported that its first-quarter profit attributable to owners of the parent climbed to $1.56 billion or $1.18 per share from $780 million or $0.59 per share in the same quarter last year. The latest-quarter result benefitted from a lower tax rate as a result of a non-taxable gain from the divestment of AstraZeneca's share of Viela Bio.

Profit before tax was $1.61 billion, up from $935 million in the prior year.

Core earnings per share grew by 55% or 53% at CER to $1.63.

Total revenue, comprising product sales and collaboration revenue, increased 15% to $7.32 billion from last year. Total revenue rose 11% at constant exchange rates. Total revenue included $275 million of pandemic COVID-19 vaccine sales.

Excluding the contribution from the pandemic COVID-19 vaccine, revenue increased by 11% or 7% at CER to $7.05 billion from the prior year.

Product sales grew by 15% or 11% at CER to $7.26 billion from the prior year, driven primarily by the performances of new medicines across Oncology and BioPharmaceuticals, including Tagrisso and Farxiga.

Looking ahead for fiscal 2021, the company still expects total revenue to increase by a low-teens percentage at constant exchange rates, accompanied by faster growth in Core earnings per share to $4.75 to $5.00.

The company expect the impact of COVID to reduce and anticipate a performance acceleration in the second half of 2021.

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