Not perfect, but saves lives, AstraZeneca says of COVID-19 vaccine

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AstraZeneca’s COVID-19 vaccine is not perfect, but will have a big impact on the pandemic, its chief executive predicted on Thursday, as the drugmaker pledged to double supplies to more than 200 million doses per month by April.

Data at the weekend also showed it was less effective against a fast-spreading South African variant of the virus, and the company has been embroiled in a row with the European Union over supply delays.

“Is it perfect? No it’s not perfect, but it’s great. Who else is making 100 million doses in February?” CEO Pascal Soriot said on a conference call about the vaccine.

AstraZeneca AZN AZN shares edged up 2%, after the U.K.-Swedish pharmaceutical reported smaller earnings but stronger revenue than expected, declared a steady dividend, and guided for low-teens percentage growth in revenue this year.

“Some of these numbers have come in below analyst expectations, however with the share price down over 15% over the last three months, one has to question whether these minor misses will matter that much,” said Michael Hewson, chief market analyst at CMC Markets U.K.

AstraZeneca expects profit growth to pick up this year after the COVID-19 vaccine developer beat forecasts for quarterly drug sales, with demand for its cancer and other therapies cushioning the disruption caused by the pandemic.

Last year was a crucial one for the Anglo- Swedish company. It teamed up with the University of Oxford to develop a COVID-19 vaccine, and struck its largest ever deal by buying U.S. drugmaker Alexion.