AstraZeneca revises its outlook for fiscal year 24 upward, which exceeds top line and bottom line expectations

AstraZeneca (NASDAQ: AZN) raised total revenue and core EPS guidance for 2024, and reported second-quarter profit that exceeded sales and profit expectations.

Non-GAAP EPS for the second quarter was $1.98, up from $0.98.

Revenue was $12.94 billion (up 13.3% year over year), which was higher than $0.41 billion.

Total revenue from oncology was 22%, CVRM was 22%, R&I was 22%, and rare diseases 15%.

The core tax rate is 20%.

Guidance for 2024 has been raised, and total revenue and core EPS are expected to increase at the CER by mid-teens percentages (previously percentages from the early double-digit range to early teens). Increased guidance does not anticipate an increase in collaboration revenue.

Other operating income is expected to decline significantly (including $0.2 billion41 million profit from the sale of Pulmicort Flexhaler's US rights and $0.7 billion12 million temporary profit associated with renewing Beyfortus's terms and conditions).

The core tax rate is expected to be 18-22%.