AstraZeneca earnings up 55% driven by sales of cancer drugs

LONDON (AP) - AstraZeneca said third-quarter earnings rose 55%, driven by increased sales of cancer treatments despite disruption caused by the COVID-19 pandemic.

The Anglo-Swedish drugmaker said Thursday that operating profit increased to $1.17 billion from $757 million in the same period last year. Revenue from oncology drugs rose 13% to $2.86 billion, led by a 30% increase in sales of the lung cancer treatment Tagrisso.

AstraZeneca is cooperating with the University of Oxford to develop one of the most closely watched COVID-19 vaccines, which is in late stage trials in the U.S., Britain and other countries. CEO Pascal Soriot on Thursday said the company had 'œadvanced" its collaboration with Oxford and reiterated plans for late-stage trials of the use antibodies to treat COVID-19.

AstraZeneca reported a 3% increase in revenue despite 'œchallenges" related to the COVID-19 pandemic, including reduced levels of patient screening and elective procedures and limits on the ability of sales teams to meet directly with doctors.