AstraZeneca has reported a significant 81% rise in profit after tax, reaching $5.96bn for the fiscal year (FY) 2023 from $3.29bn in the previous year.

Despite a $3.73m decline in the sales of Covid-19 medicines, the company’s total revenue for the full year 2023 grew by 6% to $45.81bn, up from $44.35bn in FY 2022.

Excluding Covid-19 medicines, AstraZeneca saw a 15% increase in total revenue.

The company experienced growth across oncology, where revenues rose by 21%, cardiovascular, renal and metabolism (a rise of 18%), respiratory and immunology (a rise of 10%) and rare disease (a rise of 12%).

Reported earnings per share (EPS) stood at $3.84, an 81% increase from the $2.12 reported in the previous year.

Core EPS, a key profitability measure, rose 15% to $7.26.

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By GlobalData

The company’s earnings before interest, taxes, depreciation and amortisation also saw a notable increase of 47% to $13.58bn, compared to $9.23bn in FY 2022.

AstraZeneca declared a stable full-year dividend per share of $2.90 for FY 2023, maintaining its commitment to shareholder returns.

The company’s guidance for FY 2024 projects a low double-digit to low teens percentage increase in both total revenue and core EPS.

AstraZeneca CEO Pascal Soriot stated: “As AstraZeneca celebrates its 25th anniversary, we are pleased to report another year of strong financial performance and scientific progress, with double-digit earnings growth and investment in exciting areas of science, including antibody-drug conjugates and cell therapies, that lay the foundations for long-term success.

“We expect another year of strong growth in 2024, driven by continued adoption of our medicines across geographies. Our differentiated and growing portfolio of approved medicines, global reach and rich research and development pipeline give us confidence that we will continue to deliver industry-leading growth.”

The latest development comes after AstraZeneca announced plans to invest $300m in a facility in Rockville, Maryland, marking a significant step in launching its cell therapy platforms in the US.