AstraZeneca’s second-quarter revenue was in line with forecasts at $15.4bn, up 5% when ignoring exchange rate impacts. Oncology, Respiratory and Rare Disease more than offset weakness elsewhere in the therapeutic mix.
Core operating profit rose 10% to $5.2bn, with margins up two percentage points to 34%, as revenue growth and improved product profitability more than offset rising Research & Development and other costs.
Free cash flow in the first half declined 18% to $4.9bn, as a higher share of profit was absorbed by day-to-day operating cash movements and higher tax payments. Net debt increased from $25.3bn to $26.9bn.
AstraZeneca reiterated full-year guidance for mid-to-high single-digit revenue growth and low double-digit growth in core earnings per share.
The shares were up 1.2% in early trading.
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AstraZeneca key facts
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