AstraZeneca (AZN.L) posted quarterly sales of more than $1bn (£750m) for its COVID-19 vaccine on Friday, as it plans to move from its not-for-profit basis.
The pharmaceutical firm, which first produced the coronavirus jab with Oxford University at cost during the pandemic, will now look to start turning a profit from it to help improve margins and offset costs from its antibody treatment.
It said it would “progressively transition the vaccine to modest profitability as new orders are received” from the fourth quarter. But it did not change its earnings forecast.
Its vaccine will remain not-for-profit for low-income nations, but will move to earning modest profits from new orders from richer countries.
Demand for COVID vaccines bumped AstraZeneca’s revenues for the jab to $1.05bn in the period, compared with $894m in the previous three-month period and $275m in the first quarter this year.
Overall revenues for the quarter came in at $9.9bn, a rise of 50%, while revenues for the year to date increased by a third.
However, core earnings per share of $1.08, fell short of analyst forecasts of $1.25, sending the share price as much as 4% lower in London.
“In general, AstraZeneca continues to recognise the heightened risks and uncertainties from the effects of COVID-19,” the company said. “Variations in performance between quarters can be expected to continue.”
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