The Lemon Fool

Financial Performance For Full Year 2023 (Growth Numbers At CER)
‒ Total Revenue $45,811m, up 6% despite a decline of $3,736m from COVID-19 medicines[4]
‒ Excluding COVID-19 medicines, Total Revenue increased 15% and Product Sales increased 14%
‒ Double-digit Total Revenue growth from Oncology 21%, CVRM 18%, R&I 10%, and Rare Disease 12%
‒ Core Product Sales Gross Margin[5] of 82%, up two percentage points, reflecting the decline in sales of lower margin COVID‑19 medicines
‒ Core Operating Margin of 32% increased by two percentage points including the previously announced gain from an update to the contractual relationships for Beyfortus, totalling $712m and recorded as Core Other operating income. In the quarter, higher SG&A expense drove lower operating margins, partly due to phasing of expenses and increased investment in launches for Airsupra, Wainua and Truqap
‒ The Core Tax Rate for the year was 17%. In the fourth quarter, the tax rate was negatively impacted by reviews by tax authorities, administrative appeal processes and other adjustments, offset by a routine intragroup reorganisation of IP, leading to a tax rate of 10% in the quarter
‒ Core EPS increased 15% to $7.26
‒ Second interim dividend declared of $1.97 per share, making a total dividend declared for FY 2023 of $2.90 per share
‒ Total Revenue and Core EPS in FY 2024 are each expected to increase by a low double-digit to low teens percentage at CER