AstraZeneca achieved mixed results in the last quarter with total revenues surpassing Wall Street expectations but it missed out on meeting the earnings expectations of analysts. The company had a total revenue of $44.4 billion in 2022, a 25% increase at CER, while core EPS was $6.66, a 33% increase from 2021 levels. Their core gross margin on product sales also grew by 6 percentage points to 80% in 2022, primarily due to decreased Vaxzevria sales compared to the preceding year and a favorable product sales margin from a bigger proportion of oncology and a full year of Alexion medications. However, the core gross margin was negatively impacted in the fourth quarter. Revenues for Tagrisso increased by 12%. The recent growth in the United States was boosted by the ADAURA drug’s ongoing success and the longer FLAURA therapy course. Despite the negative effects of pricing clawbacks in some markets, Europe achieved a strong 17% rise. Lynparza also continued to hold the top spot among PARP inhibitors globally. Looking ahead to 2023, AstraZeneca remains confident that the strength of its underlying portfolio will allow it to outgrow revenue decreases from its COVID-19 medicines. We give AstraZeneca PLC a ‘Hold’ rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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