Profit after tax climbed more than 5% from the same period last year to US$3.1 billion, AstraZeneca said in a results statement.

Chief executive Pascal Soriot welcomed “strong growth” at the start of the year, saying it reflected “consistent commercial execution”.

Revenue increased 8% to almost US$15.3 billion in the quarter, supported by double-digit sales growth for its cancer and rare disease medicines.

Soriot added that AstraZeneca “remains on track” to achieve its target of US$80 billion in annual revenue by 2030.

The group had US$58.7 billion in revenue last year.

Britain’s largest drugmaker has recently focused on expanding its footprint into two of its largest markets, the US and China.

Earlier this year, AstraZeneca said it would invest US$15 billion in China through 2030 to expand manufacturing and researching.

It has also struck a deal with Chinese group CSPC Pharmaceutical to help develop and market weight-loss injections, which have exploded in popularity in recent years.

Faced with US President Donald Trump’s threats of pharmaceutical tariffs, AstraZeneca last year revealed plans to invest US$50 billion on boosting its US manufacturing and research operations by the end of the decade.

AstraZeneca has also agreed to significantly lower drug prices in the US, where medicine costs are among the highest globally. The US accounted for 41% of the company’s total revenue in the first quarter.

Highlighting the increasing importance of the US market, AstraZeneca began listing its shares directly on the New York Stock Exchange in February to attract more investors.

It will remain headquartered in the UK and keep its primary share listing in London.