AstraZeneca Joins Anti-Obesity Race Dominated By Eli Lilly And Novo Nordisk, Reports Mixed Q3 Earnings
Portfolio Pulse from Vandana Singh
AstraZeneca reported Q3 FY23 core EPS of $1.73, up 4% Y/Y, beating consensus estimates. Total revenue was $11.49 billion, missing analyst estimates. The company raised its annual earnings forecast and announced an exclusive license agreement with Eccogene for potential obesity treatment, ECC5004. Eccogene will receive an initial upfront payment of $185 million and up to an additional $1.825 billion in future milestone payments. AstraZeneca also reported positive results from the EMERALD-1 Phase 3 trial of Imfinzi. AZN shares are up 2.27% in premarket trading.
November 09, 2023 | 2:10 pm
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POSITIVE IMPACT
AstraZeneca reported better than expected Q3 earnings and raised its annual earnings forecast. It also announced a significant partnership with Eccogene for obesity treatment and positive results from a Phase 3 trial. This news has led to a premarket increase in the company's stock price.
AstraZeneca's better than expected earnings and raised forecast signal strong financial performance, which is likely to boost investor confidence and drive the stock price up. The partnership with Eccogene opens up a new potential revenue stream for the company, further enhancing its growth prospects. The positive results from the Phase 3 trial also add to the company's product pipeline, potentially leading to future revenue growth.
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IMPORTANCE 90
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