AstraZeneca Q2 Earnings Beat Consensus Despite Zero COVID-19 Vaccine Sales, Stock Shoots Up
Portfolio Pulse from Vandana Singh
AstraZeneca's Q2 FY23 earnings beat consensus with a core EPS of $2.15, up 25% Y/Y, despite no COVID-19 vaccine sales. The strong performance of its cancer drugs offset the loss of vaccine sales. Total revenue was $11.4 billion, up 6%, beating analyst estimates. AstraZeneca's unit Alexion has agreed to buy Pfizer's preclinical gene therapy programs for up to $1 billion. The deal is expected to close in Q3.
July 28, 2023 | 12:46 pm
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POSITIVE IMPACT
AstraZeneca's Q2 earnings beat estimates, and its unit Alexion is set to acquire Pfizer's gene therapy programs. This could strengthen AstraZeneca's position in the market and potentially drive its stock price up.
AstraZeneca's strong Q2 earnings and the planned acquisition of Pfizer's gene therapy programs could positively impact its stock price. The acquisition could strengthen its capabilities in genomic medicine, potentially leading to future growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Pfizer is selling its preclinical gene therapy programs to AstraZeneca's unit Alexion for up to $1 billion. This could potentially impact Pfizer's short-term revenues.
The sale of Pfizer's gene therapy programs to Alexion could impact its short-term revenues. However, the long-term financial impact is uncertain and will depend on how Pfizer plans to use the proceeds from the sale.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50