AstraZeneca Profit Jumps 23% Driven by Oncology Sales

AstraZeneca reported a 23% increase in net profit during the third quarter. The result reached $3.12 billion for the period between July and September.

The positive performance was primarily driven by sales of cancer treatments. The oncology division currently accounts for 48% of the British company's total revenue.

The firm revealed a new program to reduce operating costs. The goal is to generate $1.5 billion in annual savings.

Funds generated from these expense cuts will be reinvested into the development of new drugs. The pharmaceutical company aims to maintain the growth pace observed in recent months.

The profit growth of major pharmaceutical companies reflects the resilience of defensive sectors during times of global economic uncertainty. This scenario may influence investor risk perception and the search for value assets over more volatile options.