LONDON (AP) — Anglo-Swedish drugmaker AstraZeneca says first quarter earnings jumped 74%, buoyed by emerging markets and the success of new cancer treatments.
AstraZeneca said Friday that net income rose to $593 million from $340 million in the same period last year. Product sales increased 5.5% to $16.39 billion, driven by new drugs such as the bladder cancer treatment Imfinzi and lung cancer therapy Tagrisso.
Emerging market sales increased 14%, boosted by strong growth in China.
Nicholas Hyett, equity analyst at Hargreaves Lansdown in London, says the results vindicate CEO Pascal Soriot's strategy and show that "revenue growth is no longer a matter of faith" for investors.
Soriot promised investors that AstraZeneca's pipeline of new drugs would pay off when he fended off a takeover bid from Pfizer in 2014.
Before you consider Pfizer, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Pfizer wasn't on the list.
While Pfizer currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Do you expect the global demand for energy to shrink?! If not, it's time to take a look at how energy stocks can play a part in your portfolio.
Get This Free Report