Astrazeneca (NYSE:AZN) Issues Quarterly Earnings Results

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

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 Performance

Astrazeneca stock opened at $160.05 on Wednesday. Astrazeneca has a fifty-two week low of $145.79 and a fifty-two week high of $212.71. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.67 and a current ratio of 0.89. The stock has a market cap of $248.23 billion, a P/E ratio of 23.92, a price-to-earnings-growth ratio of 1.27 and a beta of 0.25. The firm’s fifty day moving average price is $168.06 and its 200-day moving average price is $183.46.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of Astrazeneca by 93.2% during the 4th quarter. Brighton Jones LLC now owns 5,782 shares of the company’s stock valued at $379,000 after buying an additional 2,789 shares in the last quarter. AQR Capital Management LLC boosted its stake in Astrazeneca by 45.3% in the first quarter. AQR Capital Management LLC now owns 37,501 shares of the company’s stock worth $2,756,000 after buying an additional 11,690 shares in the last quarter. Amundi grew its position in Astrazeneca by 54.4% during the second quarter. Amundi now owns 10,274 shares of the company’s stock valued at $731,000 after acquiring an additional 3,618 shares during the last quarter. Jump Financial LLC grew its position in Astrazeneca by 898.4% during the second quarter. Jump Financial LLC now owns 33,478 shares of the company’s stock valued at $2,339,000 after acquiring an additional 30,125 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of Astrazeneca by 1.2% during the second quarter. Daiwa Securities Group Inc. now owns 46,642 shares of the company’s stock worth $3,259,000 after acquiring an additional 559 shares in the last quarter. Institutional investors own 20.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on AZN shares. JPMorgan Chase & Co. restated a “buy” rating on shares of Astrazeneca in a research note on Tuesday, June 30th. Weiss Ratings cut shares of Astrazeneca from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Astrazeneca in a report on Friday, June 26th. Barclays reiterated a “buy” rating on shares of Astrazeneca in a research note on Monday, June 1st. Finally, Royal Bank Of Canada assumed coverage on Astrazeneca in a research note on Tuesday. They issued an “outperform” rating for the company. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $206.67.

Astrazeneca Company Profile

AstraZeneca plc is a global biopharmaceutical company focused on the discovery, development and commercialization of prescription medicines. Its principal therapeutic areas include oncology, cardiovascular, renal and metabolic diseases, respiratory and immunology conditions, and rare diseases.

The company’s portfolio includes medicines such as Tagrisso, Imfinzi and Lynparza for cancer; Farxiga for cardiovascular, kidney and metabolic conditions; Fasenra for severe asthma; and Symbicort for respiratory disease.