AstraZeneca, the British company who made the COVID-19 vaccine in collaboration with Oxford University, on Thursday said their net profit in 2020 doubled to $3.2 billion because of strong sales growth of cancer drugs. Profit after taxes were equivalent to €2.64 billion, which surged 139% compared with 2019, the company reported.
Lynparza and Tagrisso, which are cancer medicines that the company produces, its revenue jumped up to 23%. Chief executive Pascal Soriot said that, "despite the significant impact from the pandemic, we delivered double-digit revenue growth in 2020."
Soriot further added that,"the consistent achievements in the pipeline, the accelerating performance of our business and the progress of the COVID-19 vaccine demonstrated what we can achieve."
The update comes one day after AstraZeneca announced that it aims to increase the production of its Covid vaccine in the second quarter to support EU needs in a deal with IDT Biologika in Germany.
The announcement follows a dispute over the supply of the AstraZeneca-Oxford University Jab to the European Union, which created a tension between the EU and the pharmaceutical business.
In the run-up to the approval of the EU vaccine, AstraZeneca sparked fury in Brussels by reporting that it would miss its goal of providing 400 million doses to the block due to a shortage of European plants.
Although millions of Britons have been vaccinated with AstraZeneca vaccine by the UK Government since late last year, the company began shipping its Jab to the EU only on Friday after the bloc's drug regulator took a relatively longer time to recommend its use.