YTD and Q3 2022 results
Record number of regulatory approvals and guidance uplift underpinned by strong business performance
Revenue and EPS summary
YTD 2022 Q3 2022 % Change % Change
$m Actual CER1 $m Actual CER
- Product Sales 32,200 29 35 10,590 9 16
- Collaboration Revenue 944 >2x >2x 392 >3x >3x
Total Revenue 33,144 30 37 10,982 11 19
Reported2 EPS3 $1.54 >4x >4x $1.06 n/m n/m
Core4 EPS $5.28 47 52 $1.67 55 70
YTD 2022 Financial performance (growth numbers and commentary at CER5
? Total Revenue increased 37% to $33,144m, with growth coming from all disease areas, and from the addition
of Alexion, which was incorporated into the Group’s results from 21 July 2021
? Oncology Total Revenue increased 24%, inclusive of milestone payments from MSD6
Oncology Product Sales increased 20%. Total Revenue from R&I7
increased 4%, CVRM8
and Rare Disease increased 10%9
? Core Gross Margin of 81%, up six percentage points at CER, reflecting the lower revenue from initial
Vaxzevria contracts and the increased share of specialty care medicines
? Core Total Operating Expense increased 26%, reflecting the addition of Alexion, continued investment in
new launches and the pipeline, to deliver sustainable long-term growth
? Core Operating Margin of 32%, up six percentage points at CER, benefitting from favourable phasing and
? Core EPS increased 52% to $5.28
? FY 2022 Core EPS at constant exchange rates now expected to increase by a high twenties to low thirties
percentage, vs previous guidance of a mid-to-high twenties increase. At actual exchange rates, FY 2022
Core EPS growth is anticipated to be impacted by a currency headwind10 of a mid-to-high single-digit
percentage, versus previous guidance of a mid single-digit headwind
Key milestones achieved since the prior results
? Key data: Positive Phase III read-outs for danicopan in PNH-EVH11 (ALPHA) and for capivasertib in 2nd-line
HR-positive, metastatic breast cancer (CAPItello-291)
? Key regulatory approvals: 19 approvals in major markets since H1 2022 results, including US approvals for
Enhertu in HER212
-low breast cancer (DESTINY-Breast04) and advanced NSCLC13 (DESTINY-Lung02),
Imjudo and Imfinzi in advanced liver cancer (HIMALAYA), Imfinzi in advanced biliary tract cancer (TOPAZ-1);
EU approval for Beyfortus for the prevention of RSV14 lower respiratory tract disease (MELODY/MEDLEY);
EU and Japan approvals for Ultomiris in gMG15 (CHAMPION-MG), Tezspire in severe asthma (NAVIGATOR)
and Lynparza in early breast cancer (OlympiA)
? Other regulatory milestones: US Priority Review for Lynparza for 1st-line metastatic castration-resistant
prostate cancer (PROpel)
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
“AstraZeneca continues to see the benefit of our sustained investment in R&D, with 19 major regulatory approvals since our last earnings call.
After a strong performance in the year to date, we have increased our Core EPS guidance for the full year 2022.
Additionally, recent encouraging data for several of our pipeline programmes have given us the confidence to
proceed with additional late-stage clinical trials as we maintain our focus on delivery of our growth ambitions.
I would also like to highlight the announcement at COP27 to accelerate the delivery of our net zero strategy.
Our company intends to lead by example on this increasingly important objective for the world.”
The Company updates its FY 2022 guidance at CER, due to the strong performance in the year to date. The
guided range for FY 2022 Core EPS has been increased to a high twenties to low thirties percentage; the final
outcome within that range will depend on the timing of Evusheld deliveries and collaboration milestones linked
to regulatory events.
At actual exchange rates, it is anticipated that FY 2022 Total Revenue growth will also be impacted by a currency
headwind of a mid single-digit percentage, and that FY 2022 Core EPS growth will be impacted by a currency
headwind of a mid-to-high single-digit percentage (see ‘Currency impact’, below).
Total Revenue is expected to increase by a low twenties percentage (unchanged)
Core EPS is expected to increase by a high twenties to low thirties percentage
(previously mid-to-high twenties percentage)
Other elements of the Income Statement are expected to be broadly in line with the indications issued in the
Company’s H1 2022 results announcement (29 July 2022).
AstraZeneca continues to recognise geopolitical and supply chain uncertainties on overall business
performance. Variations in performance between quarters can be expected to continue.
The Company is unable to provide guidance on a Reported basis because AstraZeneca cannot reliably forecast
material elements of the Reported result, including any fair value adjustments arising on acquisition-related
liabilities, intangible asset impairment charges and legal settlement provisions. Please refer to the cautionary
statements section regarding forward-looking statements at the end of this announcement.
The growth numbers in the guidance above are provided at CER, based on the average exchange rates through
If foreign-exchange rates for November to December 2022 were to remain at the spot rates seen on 31 October
2022, it is anticipated that FY 2022 Total Revenue would incur a mid single-digit adverse impact versus the
performance at CER, and FY 2022 Core EPS would incur a mid-to-high single-digit adverse impact (previously a mid single-digit adverse impact).
The Company’s foreign-exchange rate sensitivity analysis is provided in Table 17.
see & read more on