What drove AZN's earnings growth in 2024?

AstraZeneca's earnings growth in 2024 was primarily driven by strong demand for its medicines, particularly in the areas of oncology and rare diseases. The company's performance was bolstered by several key factors:

1. **Demand for Oncology and Rare Diseases Medicines**: AstraZeneca's oncology division saw a significant increase in revenue, with sales growing by 19% to $5.33 billion. This was due to strong demand for the company's cancer drugs and rare disease therapies, which contributed $5.3 billion to the overall revenue.
2. **Revenue Growth**: The company's total revenue for 2024 reached $54.07 billion, marking a notable increase from the previous year. This growth was supported by a 9.1% year-over-year rise in quarterly revenue.
3. **Earnings Per Share (EPS) Growth**: AstraZeneca reported an EPS of $1.24 for Q2 2024, indicating a 17% year-over-year growth. For the full year, the company's EPS growth was supported by a high-teens percentage increase in total revenue and core earnings per share.
4. **Operational Profit Growth**: The company's operating profit for Q4 2024 was reported at $2 billion, marking a 79% increase year-over-year. This significant growth in operational profit reflects the efficiency of the company's business operations.
5. **Investment in Research and Development**: AstraZeneca's investment in research and development, particularly in the United States, contributed to its growth. The company announced $2 billion in new spending on research and development and manufacturing plants, bringing the total investment to expand its footprint in the country to $3.5 billion by the end of 2026.

In summary, AstraZeneca's earnings growth in 2024 was driven by strong demand for its medicines, particularly in oncology and rare diseases, revenue growth, earnings per share growth, operational profit growth, and strategic investments in research and development.