AstraZeneca (NASDAQ:AZN) shares rose 5.1% in London trading Thursday after the drugmaker smashed analyst expectations for Q1 earnings and revenue.
The company posted earnings per share (EPS) of $2.06, beating the consensus estimates of $1.10. Revenue stood at $12.68 billion, also above the estimated $11.79 billion.
The company's oncology division, a key area of focus, saw a robust 26% increase in sales, reaching $5.12 billion for the quarter.
AZN’s US-listed shares also rose more than 5% in premarket trading.
For its financial guidance for the full year 2024, AstraZeneca has reaffirmed its forecasts, expecting that total revenue will rise by a low double-digit to low teens percentage.
Core EPS is also projected to increase within the same range.
Jefferies analysts said they expect a positive investor reaction to the print, “with focus shifting now to 21 May Investor Event for LT [long term] aims.”
“We argue AZN is primarily a top-line growth and pipeline story. However, clear aims from management may be needed for stock upside and 2024 has fewer major pipeline catalysts, with much-needed dato DXd approval unlikely until nearer YE, at best,” which is why the firm reiterated a Hold rating on the stock.