AstraZeneca (NASDAQ: AZN) reported Q2 EPS of $1.98, $0.99 better than the analyst estimate of $0.99. Revenue for the quarter came in at $12.94 billion versus the consensus estimate of $12.65 billion.

GUIDANCE

Due to strong underlying growth in Product Sales and Alliance Revenue, the Company raises its Total Revenue and Core EPS guidance for FY 2024 at CER, based on the average foreign exchange rates through 2023.

Total Revenue is expected to increase by a mid teens percentage (previously a low double-digit to low teens percentage) Core EPS is expected to increase by a mid teens percentage (previously a low double-digit to low teens percentage)

‒ An increase in Collaboration Revenue is not assumed in the upgraded guidance (previously assumed a substantial increase)

‒ Other operating income is expected to decrease substantially (FY 2023 included a $241m gain on the disposal of Pulmicort Flexhaler US rights, and a $712m one-time gain relating to updates to contractual arrangements for Beyfortus)

‒ The Core Tax rate is expected to be between 18-22% The Company is unable to provide guidance on a Reported basis because it cannot reliably forecast material elements of the Reported results, including any fair value adjustments arising on acquisition-related liabilities, intangible asset impairment charges and legal settlement provisions. Please refer to the cautionary statements section regarding forward-looking statements at the end of this announcement.

For earnings history and earnings-related data on AstraZeneca (AZN) click here.