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AstraZeneca stock climbed on Thursday, as new drug sales helped the British pharmaceutical giant beat expectations in the second quarter.

Late-stage trials for its experimental coronavirus vaccine, being developed with the University of Oxford, have also begun in the U.K., Brazil, and South Africa, the company said. The stock rose 2.8% in early trading and is now 16% up year-to-date.

Revenue rose 12% to $12.6 billion in the first half of the year, which the company said was driven by the performance of new medicines in emerging markets and its oncology portfolio. Sales of new drugs, including cancer medicines Tagrisso, Lynparza and Imfinzi, surged 42% and represented 50% of total global revenue.

Read:AstraZenecas Covid-19 Data Look Positive, but Dont Live Up to the Hype

As its rivals reported falling revenue in the second quarter, in contrast AstraZeneca reported revenue climbing 8% to $6.3 billion, beating estimates. Net profit for the quarter soared to $756 million from $130 million in the year-ago period.

GlaxoSmithKline and French peer Sanofi both said on Wednesday that with fewer visits to the doctor and trips abroad, lockdown measures had hit sales of drugs and vaccines.

Earnings per share (EPS) of $1.17 in the first half of 2020 jumped 108% from the same period in 2019, while its operating profit margin rose by 2 percentage points to 29%. The company maintained its 2020 guidance for total revenue to rise by a high single-digit to low-double digit percentage, and core EPS to rise by a mid-high teens percentage.

The Anglo-Swedish drugmaker returned to sales growth in November 2018 for the first time since 2014, as investment in new drugs began to reap rewards. The loss of patents on some key drugs had hit sales in the intervening years. Chief Executive Pascal Soriot described the return to growth as a turning point, predicting a period of rapid growth ahead. The company hasnt looked back since and has now achieved eight consecutive quarters of revenue growth.

See Also:AstraZeneca Targets Year-End for Covid-19 Vaccine

The British pharmaceutical giant is also at the forefront of the race for a coronavirus vaccine, through its partnership with the University of Oxford. Phase I/II trial results, published earlier this month showed encouraging signs, and AstraZeneca said on Thursday that along with late-stage trials being under way in the U.K., Brazil, and South Africa, trials are also due to start in the U.S. The stock has risen 42% since mid-March lows, driven by the companys vaccine progress.

Looking ahead. Citigroup analyst Andrew Baum said the company could be on track to raise guidance later this year. AstraZeneca is our most preferred name in global pharma for the sixth year, he said, maintaining a buy rating on the stock.

The impressive first-half results show that even without the prospect of a world-changing coronavirus vaccine, AstraZeneca is an attractive proposition for investors. While there is still a long way to go in the push for a vaccine, the companys position in the race is another string to its bow.

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AstraZeneca Reports Strong Earnings and Vaccine Progress. The Stock Is Rising. - Barron's