AZN - AstraZeneca FY23 Earnings Review: It's OK To Buy Dip On Q4 Bottom Line Miss
2024-02-08 12:56:29 ET
Summary
- AstraZeneca reported $45.8bn in revenues for 2023, a 6% gain from the previous year on a CER basis. EPS of $7.26 was up 15% year-over-year.
- The company's oncology division accounted for 37% of total revenues, with several blockbuster drugs driving growth.
- AstraZeneca's stock is down 7% in trading today despite strong performance, presenting a potential buying opportunity.
- The company lost $4bn in COVID-related revenues last year but still posted good year-over-year gains. Its powerhouse oncology division assets face few patent expiries.
- With several new drug launches imminent, and double-digit growth forecast in 2024, despite some concerns, I'd expect AZN stock to bounce back quickly from today's sell-off, due to a slight miss on profitability.
Investment Overview
The Anglo Swedish Pharma giant AstraZeneca ( AZN ) announced its fourth quarter and full-year 2023 earnings earlier today - I last covered the company for Seeking Alpha back in October last year, giving its stock a "buy" recommendation based on discounted cash flow analysis that suggested the company was undervalued. Shares have traded flat since the publication of that note....
AstraZeneca FY23 Earnings Review: It's OK To Buy Dip On Q4 Bottom Line Miss