British vaccine producer AstraZeneca, known for its corona vaccine, among other things, saw profits fall last year. The company previously announced that it was acquiring the American biotech company Alexion, which involved tens of billions. In addition, AstraZeneca also struggled with other costs. However, the company’s turnover also increased.
The profit after tax was 112 million dollars (98 million euros). That was $3.2 billion a year earlier. The company’s revenue rose 41 percent to $37.4 billion. Corona vaccine Vaxzevria generated almost 4 billion dollars in revenue.
AstraZeneca developed its corona vaccine together with the University of Oxford. The company initially offered the vaccine at cost during the pandemic. By the end of the year, the British announced that they would sell the vaccine at a profit. The company has now supplied 2.5 billion doses of the corona vaccine. Due to the fading pandemic, the company is counting on lower revenues from Vaxzevria for this year.
AstraZeneca previously announced that it would pay $39 billion for the acquisition of Alexion. In addition, the company had to contend with a large depreciation and restructuring costs.
Profit fall for corona vaccine maker AstraZeneca due to major acquisition
Source link Profit fall for corona vaccine maker AstraZeneca due to major acquisition