British pharmaceutical giant AstraZeneca on Wednesday said net profit rose in the first three months of the year thanks to strong growth in sales of its cancer drugs.
Profit after tax climbed more than five percent from the same period last year to $3.1 billion, AstraZeneca said in a results statement.
Chief executive Pascal Soriot welcomed “strong growth” at the start of the year, saying it reflected “consistent commercial execution.”
Revenue increased eight percent to almost $15.3 billion in the quarter, supported by double-digit sales growth for its cancer and rare disease medicines.
Soriot added that AstraZeneca “remains on track” to achieve its target of $80 billion in annual revenue by 2030.
The group had $58.7 billion in revenue last year.
Britain’s largest drugmaker has recently focused on expanding its footprint into two of its largest markets, the United States and China.
Earlier this year, AstraZeneca said it would invest $15 billion in China through 2030 to expand manufacturing and researching.
It has also struck a deal with Chinese group CSPC Pharmaceutical to help develop and market weight-loss injections, which have exploded in popularity in recent years.
Faced with US President Donald Trump’s threats of pharmaceutical tariffs, AstraZeneca last year revealed plans to invest $50 billion on boosting its US manufacturing and research operations by the end of the decade.
AstraZeneca has also agreed to significantly lower drug prices in the US, where medicine costs are among the highest globally. The US accounted for 41 percent of the company’s total revenue in the first quarter.
Highlighting the increasing importance of the US market, AstraZeneca began listing its shares directly on the New York Stock Exchange in February to attract more investors.
It will remain headquartered in the UK and keep its primary share listing in London.
