From Investing.com: 2024-11-12 03:50:31

Drugmaker AstraZeneca raised its annual sales and profit forecast after strong third-quarter results, with demand for cancer and rare diseases medicines driving growth. The company announced $2 billion in new spending on research and development and manufacturing plants in the United States, aiming to expand its footprint in the country to $3.5 billion by 2026. CEO Pascal Soriot emphasized the attractiveness of the U.S. business environment. AstraZeneca now expects 2024 revenue and core earnings per share to grow by a high-teens percentage. Shares rose 2% before reversing course, reflecting market unease with the company’s business in China. Last week, the company’s China president was detained by Chinese authorities. AstraZeneca reiterated its commitment to cooperating with Chinese authorities if requested. Revenue in China grew 15% in the third quarter, while U.S. revenue grew 23%. The company also submitted a new drug application for an experimental precision drug for the treatment of non-small cell lung cancer patients, with analysts and investors viewing this positively.



Read more at Investing.com: AstraZeneca lifts 2024 revenue and profit forecast after Q3 beat By Reuters