AstraZeneca Projects Strong Growth in 2024 Despite COVID-19 Sales Dip

The pharmaceutical giant reports a robust fiscal year 2023, with significant revenue growth and optimistic forecasts for the coming year.

AstraZeneca's total revenue increased by 6% in 2023, reaching $45.81 billion, despite a $3.74 billion decline from COVID-19 medicines.
The company forecasts low double-digit to low teens percentage growth in total revenue and core EPS for 2024, driven by global adoption of its medicines and a rich R&D pipeline.
Oncology and CVRM sectors led the growth trend, with oncology sales leaping 19% to $18.4 billion, now accounting for 40% of groupwide revenues.
AstraZeneca's core product sales gross margin improved by two percentage points to 82%, primarily due to the decline in sales of lower-margin COVID-19 medicines.
The company announced three new medicine approvals since the third quarter: Truqap, Wainua, and Voydeya, highlighting its strong R&D capabilities.