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AstraZeneca falls into the red in Q3, despite vaccine figures


Pharmaceutical giant AstraZeneca has fallen into the red in Q3 due to taxes, despite revenue increases boosted by the vaccine against Covid-19.


AstraZeneca lost money in the third quarter due to taxes, despite the Covid vaccine boosting revenues.

For the period, the company lost 1.65 billion dollars, compared with a profit of 651 million a year earlier. The company’s revenue, on the other hand, increased by 50% to 9.9 billion dollars. This is primarily thanks to the merger with Alexion, whose revenues are recognized from the end of July.

To date, Covid-19 vaccine sales have generated revenues of $2.2 billion, including $736 million from Europe. It corresponds to 580 million doses sold worldwide.

Over the year, sales costs tripled, research costs doubled and the Swedish-British group paid $350 million in taxes compared with a credit last year.

In a statement, group chief Pascal Soriot noted “strong sales growth and outstanding supply of drugs in development, including eight in late-stage development, including a promising antibody combination to treat Covid-19.”

Antibody cocktail

Last month, the company reported positive Phase 3 clinical results for its antibody cocktail against Covid-19, AZD7442.

“The addition of Alexion affirms our commitment to bring innovative therapies to patients around the world,”. “We expect to close the year on a high note, retaining our guidance,” said Soriot.

As of mid-July, the Swedish-British pharmaceutical group had announced it had received the green light to acquire U.S. rare disease biotech Alexion for $39 billion.

On the market’s side.

Shares of AstraZeneca (NASDAQ:AZN×) were down 6.9% as of 1:52 p.m. EST on Friday after the major drugmaker reported its third-quarter results.

It posted a loss of $1.10 per share due to significantly higher expenses related to the Alexion acquisition. The average analyst estimate was for earnings of $1.28 per share.

For MetaNews.


Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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