Benzinga | Jul 30, 2020 05:55AM EDT

AstraZeneca Reports Q2 Earnings Beat On The Back Of A Diversified Drug Portfolio

AstraZeneca plc (NYSE:AZN) second-quarter earnings beat estimates as demand for its therapies centered on diabetes and cancer remained strong, with the drugmaker also working on a potential coronavirus vaccine.

What Happened

The British drugmaker recorded sales of $6.28 billion and core EPS of $0.96.

Wall Street analysts expected an EPS of $0.44 and sales of $6.28 billion. In the same quarter last year, the drugmaker had reported earnings per share of $0.73 and sales of $5.82 billion.

AstraZeneca said it remained on track to deliver a vaccine and therapies for COVID-19.

The company "has mounted a significant response to COVID-19, with capacity to deliver over two billion doses of AZD1222, the accelerated development of our monoclonal antibodies and new trials for the use of Calquence and Farxiga to treat patients affected by the virus," CEO Pascal Soirot noted.

AstraZeneca and partner Oxford University reported positive efficacy for their coronavirus vaccine earlier this month.

Why It Matters

Sale of drugs for diabetes, heart conditions, and cancer, which includes Tagrisso -- a lung cancer drug, are putting the pharmaceutical giant on track to profit for the third year in a row in terms of sales, Reuters noted.

The British drug company announced this week it had entered into a $6 billion deal with Japan's Daiichi Sankyo Company, Limited (OTC:DSNKY) to treat multiple types of tumors.

Price Action

AstraZeneca shares traded 2.8% higher at $58.25 in the pre-market session Thursday.

Photo courtesy: AstraZeneca