British pharmaceutical giant AstraZeneca reported a rise in second-quarter net profits on Monday, beating analyst estimates on the back of strong sales across its oncology portfolio.
Profit after tax climbed by more than two per cent to 2.5 billion dollars (£1.9 billion) for the three months to the end of June.
Total revenue for the quarter rose by six per cent to 15.4 billion dollars, driven by sustained global demand for cancer treatments and rare disease therapies.
Following the performance, the Cambridge-headquartered firm reconfirmed its full-year financial outlook.
Chief Executive Pascal Soriot stated that the group remains on track to achieve its long-term ambition of 80 billion dollars in total annual revenue by 2030.
The positive financial results come shortly after a rare setback for the company earlier in July, when its share price dipped following disappointing late-stage trial results for heart disease drug Wainua.
Addressing investors on Monday, Chief Executive Pascal Soriot reaffirmed confidence in the group's research pipeline, noting that more than twenty high-value clinical readouts are scheduled over the next 18 months.
In addition to its established oncology business, AstraZeneca has been expanding its presence in the fast-growing weight-loss market.
Early clinical trial results published last month showed that the firm's experimental weight-loss pill led to weight reductions similar to those of existing oral GLP-1 treatments.
If validated by further clinical studies, the treatment would grant AstraZeneca access to a highly profitable market currently dominated by Novo Nordisk and Eli Lilly.
