AstraZeneca profits soar as global Covid vaccination drive gains momentum

LONDON: AstraZeneca said Thursday that its profits had doubled in 2020, as the World Health Organization approved the pharma giant's jab for over-65s and global immunisation efforts gained momentum.

Mass Covid-19 vaccination programmes are being ramped up in many countries -- according to an AFP tally, more than 155.7 million people in at least 91 countries had been vaccinated by 1000 GMT on Thursday.

But so far, the rollouts are being hampered by limited supplies and AstraZeneca's jab has been in the spotlight after a number of European countries refused to authorise it for the over-65s -- the demographic most vulnerable to Covid-19. 

It was also at the centre of a diplomatic spat between the EU and Britain earlier this year over supply problems. 

Nevertheless, the WHO backed AstraZeneca's coronavirus shot on Wednesday -- including for over-65s and in places were new virus variants are circulating.

The AstraZeneca shot forms the bulk of doses being rolled out around the world -- especially in poorer countries -- under the Covax programme.

"It is likely that the vaccine will be found to be efficacious in older persons. The trial data indicate that the vaccine is safe for this age group," said WHO expert Alejandro Cravioti.

He said the WHO was awaiting more specific data on the vaccine's efficacy in over-65s, but that it "would not be appropriate" to wait with "thousands of people dying". 

WHO chief scientist Soumya Swaminathan said the benefits of using the AstraZeneca shot would "far outweigh" any risks even in nations with new variants.

On Thursday, AstraZeneca said its 2020 earnings had doubled, even without taking into account sales of its vaccine which was only approved for use at the end of last year.

"Despite the significant impact from the pandemic, we delivered double-digit revenue growth," CEO Pascal Soriot said as the group announced net profits of $3.2 billion in 2020. 

"The progress of the Covid-19 vaccine demonstrated what we can achieve."