AstraZeneca earnings up 55% driven by sales of cancer drugs

AstraZeneca said third-quarter earnings rose 55%, driven by increased sales of cancer treatments despite the disruption caused by the COVID-19 pandemic.

The Anglo-Swedish drugmaker said Thursday that operating profit increased to $1.17 billion from $757 million in the same period last year. Revenue from oncology drugs rose 13% to $2.86 billion, led by a 30% increase in sales of the lung cancer treatment Tagrisso.

AstraZeneca is cooperating with the University of Oxford to develop one of the most closely watched COVID-19 vaccines, which is in late-stage trials in the U.S., Britain and other countries. CEO Pascal Soriot on Thursday said the company had “advanced" its collaboration with Oxford and reiterated plans for late-stage trials of the use antibodies to treat COVID-19.

AstraZeneca reported a 3% increase in revenue despite “challenges" related to the COVID-19 pandemic, including reduced levels of patient screening and elective procedures and limits on the ability of sales teams to meet directly with doctors.