AstraZeneca beats Q2 profit and revenue estimates

Credit: REUTERS/Rachel Wisniewski

Adds details, chairman replacement

July 29 (Reuters) - AstraZeneca AZN.L on Friday topped analyst expectations for second-quarter profit and revenue, helped by higher demand for its cancer medicines.

Core earnings came in at $1.72 cents per share for the three months ended June 30, on revenue of about $10.8 billion.

Analysts on average were expecting profit of $1.56 cents per share on revenue of around $10.5 billion, Refinitiv data showed.

The London-listed company also raised its full-year revenue guidance, saying it expects it to rise by a percentage in the low twenties rather than the high teens forecast previously.

On Friday, the company also revealed the replacement for non-executive Chairman Leif Johansson - Michel Demaré will take over once Johansson retires next year. Demaré currently serves as the chair of AstraZeneca's remuneration committee.

Johansson became chairman in 2012, around the same time Frenchman Pascal Soriot took charge as chief executive.

(Reporting by Natalie Grover in London; editing by David Goodman and Jason Neely)

((; Twitter: @NatalieGrover;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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