AstraZeneca vaccine against COVID-19 had a small contribution to profits in the third quarter and the pharmaceutical industry, which today announced $ 1.05 billion in vaccine sales for the period, expects the drug to move in the direction of “moderate profitability” .
The Anglo-Swedish pharmaceutical company, which has said it will not make a profit from the cheap and easy-to-use drug during the pandemic, this week unveiled plans to set up a separate unit for vaccines and antibody therapies to focus on its efforts to the coronavirus. Its vaccine will continue not to target profit for low-income countries as it moves towards moderate profits from new orders from richer countries.
The company’s share fell almost 6% at the beginning of today’s trading before mitigating its losses moving 2.4% lower, to about 92.26 pounds at 10:58 Greek time as total third quarter earnings were lower than analysts forecast .
Operating profit for the three months to September was $ 1.08 per share, the company said, with its Vaxzevria vaccine contributing one cent to earnings. Total sales of its products jumped 47% to $ 9.74 billion at fixed exchange rates.
AstraZeneca announced that the boost in profitability from the vaccine in the fourth quarter will offset the costs associated with its antibody cocktail for the prevention and treatment of COVID-19, while keeping its forecast for total profits for the year unchanged.
Source: AMPE
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Source From: Capital
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