Why AstraZeneca Stock Shot Higher Today
A convincing earnings beat on a very bullish day for the stock market was the powerful tailwind behind AstraZeneca's (NASDAQ: AZN) nearly 7% price gain Thursday. The company unveiled its third-quarter results, and investors clearly liked what they saw.
For the period, AstraZeneca's total revenue was $10.98 billion. That was a very strong 19% higher than in the same quarter last year, thanks in no small part to sales growth in all of the company's disease areas in the first nine months of this year.
AstraZeneca is also reaping the fruits of its $39 billion acquisition of Alexion, a peer pharmaceutical company, in a deal that closed last July. Seventy-two days' worth of Alexion revenue was counted in the third quarter of 2021, compared to 92 days in the same period this year.
Source Fool.com
