AstraZeneca has reported a 4% increase in revenue in the first half of 2023, despite a $2.2bn decline in the sales of COVID-19 medicines.

The Anglo-Swedish pharmaceutical firm created a total of $22.3bn in the first half of the year, with total revenue and product sales increasing 16% and 15% respectively when excluding COVID-19 medicines.

The company also produced a gross product sales gross margin of 83%, up three percentage points, reflecting the decline in sales of COVID-19 medicines, the cost of production in prior periods and an ongoing mix shift to more speciality medicines.

AstraZeneca posted an adjusted profit of $2.15 per share, up 25% and exceeding the $1.98 per share expected in company-compiled consensus estimates.

Shares were up 3.1% in early trading following the announcement, putting them among the top gainers on London’s blue-chip FTSE stock index.

The announcement also stated that the AstraZeneca Rare Disease (Alexion) and Pfizer had entered into an agreement for Alexion to purchase and license the assets of Pfizer’s early-stage rare disease gene therapy portfolio for a total consideration of up to $1bn, plus tiered royalties on sales.

Chief executive officer of AstraZeneca, Pascal Soriot, said: “Each of our non-COVID-19 therapy areas saw double-digit revenue growth, with eight medicines delivering more than $1bn of revenue in the first half, demonstrating the strength of our business. Several medicines grew rapidly including Ultomiris, Imfinzi/Imjudo and Farxiga, with revenues up 64%, 57% and 40% respectively.

“Our pipeline momentum continues with eight positive pivotal trials for our Oncology medicines so far this year, and we are encouraged by the positive data from TROPION-Lung01, the first pivotal trial of datopotamab deruxtecan. We look forward to sharing the data with the medical community at an upcoming medical congress and are proceeding to file the data with the US Food and Drug Administration.

“And finally, as part of our flagship sustainability programme, Ambition Zero Carbon, we announced a $400m investment in AZ Forest, raising our commitment to plant 200 million trees by 2030.”

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