AstraZeneca sees COVID boost waning

AstraZeneca has forecast higher sales for this year - but warned that a boost from COVID products would start to fade.

The Anglo-Swedish drugmaker also raised its annual dividend for the first time in a decade.

It comes after fourth-quarter profits beat expectations.

Total revenue jumped 63% to just over $12 billion for the three months to December 31st.

Overall, sales last year were up close to 40% to over $37 billion.

AstraZeneca said five of its medicines had crossed the 'blockbuster threshold' - meaning they generate more than $1 billion per year.

Its highest selling product was the lung cancer drug Tagrisso, making $5 billion in revenues.

AstraZeneca made a modest profit from its COVID-19 vaccine.

The treatment saw sales of just under $4 billion and was the company's second best-selling product for the year.

However, the company warned the boost from its health crisis products would fall this year.

The drugmaker expects overall 2022 revenue to increase by a high-teens percentage.

AstraZeneca's share price was up 3% in early trade.