AstraZeneca vaccine turns profitable in Q3, drugmaker banking on new orders

This post was originally published on this site

https://i-invdn-com.investing.com/trkd-images/LYNXMPEHAB0ED_L.jpg

The Anglo-Swedish company, which has said will not make a profit from the shot during the pandemic, this week unveiled plans to set up a separate division for vaccines and antibody treatments to focus on its coronavirus efforts.

AstraZeneca said the limited profit from the vaccine in the fourth quarter would make up for costs related to its antibody cocktail for preventing and treating COVID-19, as it stuck with its overall forecasts for the year.

Total revenue jumped 47% to $9.74 billion for the three months to September on a constant-currency basis, while core earnings came in at $1.08 per share, the company said.

Analysts on average were expecting profit of $1.28 per share on sales of $9.4 billion, according to Refinitiv IBES data.