AstraZeneca has reported profit after tax of $2.18bn for the first quarter (Q1) of 2024, a notable rise from $1.80bn reported in the same period last year.

This growth has been attributed to robust sales in the company's cancer drug portfolio.

The company's total revenue surged by 19% to $12.68bn in Q1 2024, up from $10.88bn in the previous year’s same quarter.

The rise in revenue was driven by an 18% increase in product sales and sustained growth in alliance revenue from partnered medicines.

AstraZeneca’s oncology sector led the revenue growth with a 26% increase, followed by cardiovascular, renal and metabolism at 23%, respiratory and immunology at 17%, and rare disease at 16%.

For Q1 2024, the company’s earnings before interest, taxes, depreciation and amortisation stood at $4.37bn, marking an increase from $4.05bn in Q1 2023.

AstraZeneca CEO Pascal Soriot said: “AstraZeneca had a very strong start in 2024 with substantial total revenue growth of 19% in the first quarter.

“Our strong pipeline momentum continued and already this year we announced positive trial results for Imfinzi and Tagrisso that were unprecedented in lung cancer, the data from both of these studies will be presented during the ASCO plenary in June.

“At our Annual General Meeting we were pleased to announce a 7% increase in the annual dividend, and at our Investor Day on 21 May 2024 we will outline the evolution of our company, underscoring our confidence in sustaining industry-leading growth.”

AstraZeneca said the total dividend for full-year 2024 will increase by $0.20 per share to $3.10 per share.

This month, the US Food and Drug Administration approved AstraZeneca’s FASENRA as an add-on maintenance therapy.

This therapy is intended for children aged six to 11 years with severe asthma and an eosinophilic phenotype.