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AstraZeneca Q3 revenue was in line with the expected forecast at $6.6 billion.
Anglo-Swedish drugmaker AstraZeneca Plc (NASDAQ: AZN) expects its coronavirus vaccine candidate AZD1222 to be ready for mass use by the end of this year. This is according to AstraZeneca CEO Pascal Soriot who indicated that the company can begin human vaccination by the end of December if the respective regulatory authorities work fast enough with the data provided.
Notably, this coincided with the company’s third-quarter results that indicated a mixed report. However, AstraZeneca shares have been on the winning side since the beginning of the year, and analysts predict more in the future.
AZN shares were trading around $55.73 during Monday’s premarket. According to metrics provided by Marketwatch, AstraZeneca stocks have added 18.43% in the past one year, and managed to jump approximately 11.35% year to date.
AstraZeneca and Coronavirus Vaccine Candidate
Although the company had prior challenges in its AZD1222 coronavirus vaccine candidate that had halted the clinical trials, the company entered in phase 3 of the clinical trials in September.
Notably, different countries including Japan, Brazil, the United States, Britain and also the European Union have signed an initial contract with AstraZeneca to deliver its vaccine candidate once approved. As a result, the ready market of the AZD1222 coronavirus vaccine is giving both investors and analysts a clear perspective of AZN future prospects.
Speaking to Swedish daily Dagens Nyheter on Saturday, Soriot said that regulatory authorities are working with its provided data but there are no guarantees of earning money from the pandemic.
According to him, nobody has a clear picture of how often people will need a coronavirus vaccine. “If the vaccine is very effective and protects people for many years, and the disease disappears, then there is no market,” he added. Soriot remains positive that the developed coronavirus vaccine candidate will be approved as it shows a high level of effectiveness in treating the virus.
As a result of the mixed Q3 results AstraZeneca released last week, its shares jumped approximately 9.1% by Friday. AstraZeneca Q3 revenue was in line with the expected forecast at $6.6 billion. However, its statutory earnings per share dropped by 13% below analysts expectations at 49 U.S dollar cents.
During the third quarter, AstraZeneca’s cancer drugs led its sales. Notably, Lynparza sales surged 42% year over year. In addition, Tagrisso and Imfinzi sales soared 30% and 29% respectively. AstraZeneca’s diabetes drug Farxiga experienced a 32% surge during the third quarter.
Wall Street analysts are very positive with the company’s ability to deliver quality returns in the next few years. This is based on the quality of drugs in its pipeline that makes it highly valued.
Notably, analysts expect AstraZeneca to generate average annual earnings growth of more than 19% over the next five years.