AstraZeneca Forecasts Strong Growth in Revenue and Earnings in 2024

AstraZeneca, the pharmaceuticals major, released its fourth-quarter results and projected double-digit percentage growth in revenue and core earnings per share for 2024. While the company's revenue for the quarter aligned with expectations, its core earnings per share fell slightly below estimates.

For the three months ended December 31, the Anglo-Swedish group reported a core EPS of $1.45, compared to $1.38 for the same period the previous year. However, this figure missed the company-compiled consensus of $1.50. Total revenue for the quarter reached $12.02 billion, slightly outperforming expectations of $12.01 billion. Product sales also experienced growth, rising from $10.80 billion to $11.32 billion.

Chief Executive Pascal Soriot expressed optimism for the future, stating, "We expect another year of strong growth in 2024, driven by continued adoption of our medicines across geographies."

Looking ahead to the upcoming year, AstraZeneca anticipates a low double-digit to low teens percentage increase in both total revenue and core EPS at constant exchange rates. Additionally, collaborative revenue is expected to substantially rise in 2024 due to success-based milestones and anticipated transactions. However, the company foresees a significant decline in other operating income.