AstraZeneca beats first-quarter profit estimates, retains 2020 forecastAstraZeneca beats first-quarter profit estimates, retains 2020 forecast
FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the NYSE in New York

(Reuters) – AstraZeneca on Wednesday beat analysts’ estimates for first-quarter profit and reiterated its outlook for 2020, as demand for the company’s newer medicines remained steady.

Product sales for the three months ended March 31 rose 17% to $6.31 billion, on a constant-currency basis, marking the seventh consecutive quarter of growth.

The company’s core earnings rose 21% to $1.05 per share, while total revenue, which also includes payments from tie-ups, rose 17% to $6.35 billion from year earlier.

Analysts on average had expected core earnings of 94 cents per share and product sales of $5.89 billion, according to a company provided consensus of 22 analysts.

AstraZeneca is testing two of its approved treatments as a therapy to help treat the disease caused by the novel coronavirus.

(Reporting by Pushkala Aripaka, Ankur Banerjee in Bengaluru and Ludwig Burger in Frankfurt; Editing by Sriraj Kalluvila)