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AstraZeneca says profit almost doubles despite COVID sales slump

LONDON (AFP) – British pharmaceuticals giant AstraZeneca said Thursday that third-quarter net profit nearly doubled on solid demand for cancer treatments, despite evaporating sales of COVID medicines.

Net profit soared almost 90 per cent to USD1.26 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 five per cent to USD33.8 billion despite a USD2.9-billion slump in revenue from COVID treatments.

The group was boosted by a 20-per-cent 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 per cent 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 per cent to almost GBP105 in morning deals on London’s top-tier FTSE 100 index, which was flat overall.