Astra sales still on the up

SALES climbed again at Astrazeneca after it was boosted by a new wave of cancer treatments and focus on fast-growing markets such as China.

The British pharmaceuticals firm reported its third straight quarter of revenue growth for the three months to March 31, with sales rising 6pc to £4.3bn. Profits climbed 58pc to £851m. This was largely driven by booming sales of Astra’s cancer drugs, including top-seller Tagrisso, and a 21pc rise in sales in China.

Under boss Pascal Soriot, 59, who took over in 2013, the company has focused on developing medicines to replace drugs whose patents have expired. When AZ faced a hostile takeover bid from US rival Pfizer in 2014, Soriot urged investors to keep the faith. Nicholas Hyett, an analyst at Hargreaves Lansdown, said: ‘Soriot will be feeling a degree of vindication in these numbers.’