COVID Vaccine Giant AstraZeneca Stock Jumps 7%. What's Behind It?

AstraZeneca shares rose nearly 7% on Friday after the drugmaker reported stronger-than-expected third-quarter results and announced a restructuring plan. Revenue increased 7% to $16.21 billion, while core earnings were $2.79 a share versus $2.59 expected; oncology revenue climbed 17%, led by Enhertu and Imfinzi. The company said Farxiga sales fell 25% amid generic competition, and a breast cancer trial for Etcamah missed its main goal while a lung cancer study was stopped. AstraZeneca plans to save $1.5 billion annually, with restructuring costs of up to $2 billion over three years, and reinvest in a pipeline of more than 180 projects. CEO Pascal Soriot said the company aims for $80 billion in annual revenue by 2030.