AstraZeneca has reported that its 2023 earnings were below expectations, despite beating predicted sales.

Revenue at the Anglo-Swedish drugmaker increased by 6% to $45.8bn (£36.3bn), despite a $3.7bn (£2.94bn) drop in COVID medicines, with underlying profit up 14% to $8.2bn (£6.5bn) year-on-year.

However, the firm’s EBITDA hit $13.5bn (£10.7bn) for 2023, which was below estimations of £14.5bn.

AstraZeneca has said that it was affected by the costs that were associated with the launch of new drugs such as Airsupra, its new asthma medicine.

Chief executive officer at AstraZeneca, Pascal Soirot, said: "We are pleased to report another year of strong financial performance and scientific progress, with double-digit earnings growth, and investment in exciting areas of science, including antibody drug conjugates and cell therapies, that lay the foundations for long-term success.

The FT has reported that AstraZeneca shares are down by about 7% from the start of the year, after weaker than expected results in sales of a new cancer drug in July.

Looking ahead, Soriot added: "We expect another year of strong growth in 2024, driven by continued adoption of our medicines across geographies. Our differentiated and growing portfolio of approved medicines, global reach and rich R&D pipeline give us confidence that we will continue to deliver industry-leading growth."

Head of equity research at Hargreaves Lansdown, Derren Nathan, added: "AstraZeneca has shrugged off falling sales of COVID medicines with a strong 2023 performance. And with three new medicines approved since the third quarter, it’s not resting on its laurels. The Research & Development conveyor belt is running at full tilt with 27 Phase III trials in progress across 18 medicines. That doesn’t come cheap though.

"Meanwhile, acquisitions remain on the table with two announced in December alone, and also $300m (£238m) organic investment into a state-of-the-art cell therapy research facility this month. There may be frustration in some camps that dividends haven't been given higher priority, but Soriot is laying strong foundations for sustainable long-term growth. There have been some disappointments in clinical results but given the quality of the pipeline, and solid outlook, the mid-teen earnings multiple doesn’t look too demanding."

---