Astrazeneca (NYSE:AZN) Announces Quarterly Earnings Results

Astrazeneca (NYSE:AZN) posted its quarterly earnings data on Monday, July 27th. The company reported $2.63 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.13, Briefing.com reports. Astrazeneca had a net margin of 17.02% and a return on equity of 31.45%. The business had revenue of $15.38 billion for the quarter, compared to analysts’ expectations of $15.44 billion. During the same quarter in the previous year, the business posted $2.17 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year.

Here are the key takeaways from Astrazeneca’s conference call:

• First-half revenue rose 6% and core EPS increased 11%; excluding generic-pressured Farxiga and Brilinta, revenue grew 11%. AstraZeneca reiterated its full-year outlook for mid-to-high single-digit revenue growth and low-double-digit core EPS growth.
• The pipeline delivered six positive Phase III readouts and more than 20 major-market approvals, including launches of BAXFENDY and camizestrant. The company highlighted 25 planned Phase III readouts over the next 18 months and remains confident in its $80 billion 2030 revenue ambition.
• Oncology remained a major growth engine, with revenue up 15% in the first half; Enhertu, Imfinzi/Imjudo, Calquence, Truqap and Datroway all posted strong quarterly growth. Positive VOLGA bladder-cancer data and sonesitatug vedotin’s overall-survival benefit in CLDN18.2-positive gastric cancer could support additional long-term growth.
• BioPharmaceuticals revenue declined 5% as Farxiga, Brilinta and roxadustat faced loss-of-exclusivity and pricing pressure; Farxiga revenue fell 90% in the quarter after U.S. generic entry. The CARDIO-TTRansform trial for Wainua also failed to show a statistically significant benefit on its primary composite endpoint.
• AstraZeneca is accelerating investment in future growth, including Phase III programs for oral GLP-1 candidate elecoglipron and preparations for tozorakimab in COPD. Management said tozorakimab’s positive results increased its peak-sales expectation to more than $5 billion, while sonesitatug vedotin is now estimated at $3 billion–$5 billion.

Astrazeneca Stock Down 1.0%

Shares of AZN opened at $162.83 on Friday. The firm has a market capitalization of $252.53 billion, a P/E ratio of 24.34, a P/E/G ratio of 1.42 and a beta of 0.26. Astrazeneca has a 12-month low of $145.79 and a 12-month high of $212.71. The company has a current ratio of 0.89, a quick ratio of 0.67 and a debt-to-equity ratio of 0.47. The firm has a fifty day moving average price of $171.23 and a 200-day moving average price of $184.78.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Triumph Capital Management purchased a new stake in Astrazeneca in the 3rd quarter valued at about $25,000. JPL Wealth Management LLC purchased a new position in shares of Astrazeneca during the third quarter worth approximately $35,000. Johnson Financial Group Inc. increased its position in shares of Astrazeneca by 1,265.0% during the third quarter. Johnson Financial Group Inc. now owns 546 shares of the company’s stock worth $42,000 after acquiring an additional 506 shares during the period. Acumen Wealth Advisors LLC purchased a new position in shares of Astrazeneca during the fourth quarter worth approximately $47,000. Finally, Binnacle Investments Inc raised its stake in shares of Astrazeneca by 21.8% during the third quarter. Binnacle Investments Inc now owns 660 shares of the company’s stock valued at $51,000 after acquiring an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 20.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on AZN. Weiss Ratings cut shares of Astrazeneca from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. Wall Street Zen lowered shares of Astrazeneca from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Sanford C. Bernstein reissued a “buy” rating on shares of Astrazeneca in a research note on Monday, May 4th. The Goldman Sachs Group restated a “buy” rating on shares of Astrazeneca in a research report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Astrazeneca in a research note on Tuesday, June 30th. Thirteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $206.67.

Astrazeneca Company Profile

AstraZeneca plc is a global biopharmaceutical company headquartered in Cambridge, England. Formed through the 1999 merger of Sweden’s Astra AB and the UK’s Zeneca Group, the company researches, develops, manufactures and commercializes prescription medicines across a range of therapeutic areas. AstraZeneca positions itself as R&D-driven, investing in discovery science, clinical development and regulatory processes to bring new therapies to market.

The company’s commercial portfolio and late-stage pipeline emphasize oncology, cardiovascular, renal and metabolic (CVRM) diseases, and respiratory and immunology.