BRITISH pharmaceuticals giant AstraZeneca said today its third-quarter net profit nearly doubled on solid demand for cancer treatments, despite evaporating sales of Covid-19 medicines.

Net profit soared almost 90% to US$1.26 billion (RM5.89 billion) in the three months to the end of September compared with a year earlier, the Covid-vaccine maker said in a statement.

Total revenues gained 5% to US$33.8 billion despite a US$2.9 billion slump in revenue from Covid treatments.

The group was boosted by a 20% jump in sales of oncology drugs.

“Our company continued its strong growth trajectory in the third quarter,” said chief executive Pascal Soriot.

While overall sales grew, revenue from its Covid jab Vaxzevria slumped 98% in the first nine months of the year compared with the same part of 2022.

AstraZeneca also lifted its annual revenue guidance, sending its share price climbing 2.8% to almost £105 (RM603) in morning deals on London’s top-tier FTSE 100 index, which was flat overall. – AFP, November 9, 2023.