AstraZeneca profit up on strong sales of cancer drugs

British pharmaceutical giant AstraZeneca said yesterday net profit jumped 21% in the first three months of the year thanks to strong growth in sales of cancer drugs.

Profit after tax climbed more than one fifth compared with the first quarter last year to US$2.18 billion, AstraZeneca said in a results statement.

“AstraZeneca had a very strong start in 2024,” chief executive Pascal Soriot said in the statement, which noted a 26% increase in revenue from oncology treatments.

Total group sales increased 19% to US$12.7 billion in the first quarter.

“Our strong pipeline momentum continued and already this year we announced positive trial results for Imfinzi and Tagrisso that were unprecedented in lung cancer,” added Soriot.

The first quarter saw the company agree to buy US biopharma firm Fusion for up to US$2.4 billion, in its latest expansion into cancer treatments.

Fusion is developing next-generation radiotherapy to treat cancer via precise targeting that minimises damage to healthy cells.

AstraZeneca’s latest push into oncology comes after its net profit almost doubled to US$6 billion last year as a strong cancer division helped offset a wipeout for sales of its Covid treatments.

Also in the first quarter, the group struck a deal to purchase French biotech specialist Amolyt Pharma for about US$1 billion, bolstering its rare diseases division Alexion.