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....
Read the full article on Seeking Alpha
For further details see:
AstraZeneca FY23 Earnings Review: It's OK To Buy Dip On Q4 Bottom Line Miss