AstraZeneca, the UK drug company working on one of the world‘s leading COVID-19 vaccine candidates, surpassed third-quarter sales estimates on Thursday, reiterating that it expects data from late-stage studies of the vaccine later this year.
The company has taken on the development of the potential COVID-19 vaccine from Oxford University, raised billions in funding and signed multiple contracts to deliver over three billion doses to countries around the world.
October data showed that the AZD1222 or ChAdOx1 nCoV-19 vaccine elicited an immune response in both old and young adults. AstraZeneca is expected to release highly anticipated data on late-stage clinical trials in the coming weeks.
It is expected that the UK could start rolling out a successful vaccine in late December or early 2021.
As AstraZeneca moves on with the vaccine, demand for its diverse drug portfolio remained strong despite disruptions to health systems due to the pandemic.
Product revenue, which excludes collaborative payments, increased 7% currency-neutral to $ 6.52 billion in the three months ended September 30, ahead of a company-generated consensus of $ 6.50 billion.
However, the company posted core earnings of 94 cents per share, which was below analysts’ expectations of 98 cents.
AstraZeneca continues to anticipate that total revenue will increase in the high single-digit to low double-digit percentage range and core earnings per share will increase in their mid to early teens.
(This story was not edited by GossipMantri staff and is automatically generated from a syndicated feed.)