AstraZeneca, the Anglo-Swedish pharmaceutical business giant, reported higher sales for Q4 2020 as the company remains in the spotlight for its work on the COVID-19 vaccine.
Positive Quarterly and Full-Year Results
The pharmaceutical company recorded rising business sales of $25.8 billion for 2020, while revenue for the year came in at $26.6 billion. The company said that Q4 sales jumped by 12% to over $7 billion while it generated $7.4 billion in total revenues in Q4. Overall, the business said it delivered “strong results in the year.”
“The quarter was the first for many years with Product Sales in excess of $7,000m,” the company said in the statement.
As for the forward-looking guidance, AstraZeneca forecasts revenue growth of a “low teens percentage” for its business this year. On earnings, the pharmaceutical business expects to earn $4.75 to $5.00 per share.
This guidance doesn’t include revenue or profit from sales of COVID-19 vaccines, as this segment will be included in the quarterly reporting starting from the next quarter. Earlier, AstraZeneca committed to offering its vaccine at no profit throughout the pandemic, in addition to profitless access to vaccines for countries where low and middle-income trends are persistent.
“The performance last year marked a significant step forward for AstraZeneca. Despite the significant impact from the pandemic, we delivered double-digit revenue growth to leverage improved profitability and cash generation. The consistent achievements in the pipeline, the accelerating performance of our business and the progress of the COVID-19 vaccine demonstrated what we can achieve, while the proposed acquisition of Alexion is intended to accelerate our scientific and commercial evolution even further,” Pascal Soriot, chief executive officer of the company, commented.
The company also noted progress made in new medicines. “Tagrisso,” a medication used to treat non-small-cell lung carcinomas with specific mutations, received the first regulatory approval for the treatment of early, potentially-curable lung cancer.
“Farxiga,” which is mainly used to treat type 2 diabetes, expanded its potential beyond diabetes, according to AstraZeneca, while “Tezepelumab” delivered promising results for patients who have severe asthma.
The company also added that it is still committed to paying a full-year dividend of $2.80 per share. Looking into the future, the pharmaceutical company remains committed to delivering sustainable long-term growth in revenue, profit, and cash generation.
The global pharmaceutical market in 2020 was estimated at $1.316 trillion, according to Fortune Business Insights, and is expected to exceed $2 trillion by 2025.
AstraZeneca, a major pharmaceutical business that features prominently in 2020 due to its breakthrough work to develop an effective COVID-19 vaccine, recorded sales of over $7 billion in Q4 and $25.8 billion for 2020.