The UK drugmaker now expects revenues to rise by more than 20% as increasing use of its Covid treatments offsets decline in its vaccine, according to a statement Friday. AstraZeneca shares fell more than 2% in early trading.

“We are seeing growth across the board in every geography and every market,” Chief Financial Officer Aradhana Sarin said in an interview with Bloomberg Television.

The company now expects its Covid antibody therapy Evusheld, approved for people with compromised immune systems, will offset the decline in the sale of its vaccine Vaxzevria. Overall sales for 2022 from Astra’s Covid offerings is now expected to remain the same as a year ago, compared to previous forecast of more than 20% decline.

In the three months through June, revenue increased to US$10.8 billion, beating the US$10.6 billion average estimate in a Bloomberg Consensus survey of analysts. Earnings per share, which reached US$1.72, also exceeded expectations of US$1.58.

AstraZeneca has made a big push in the cancer field in recent years under CEO Pascal Soriot, who has transformed the drug company’s once meagre pipeline.

In 2019, the UK drugmaker entered a deal with Japan’s Daiichi Sankyo worth as much as US$6.9 billion to jointly develop Enhertu – a potential blockbuster drug that was shown earlier this year in studies to be beneficial to a broader population of patients.

AstraZeneca also noted that its acquisition of Alexion Pharmaceuticals, which has helped the company move into the rare diseases area, boosted performance, and the company is increasing its spending on research and development.