AstraZeneca (LON: AZN) is set to report its second-quarter and first-half results before the open on Thursday, July 25. The key question on investors' minds: can AstraZeneca maintain the strong performance it delivered in the first quarter?
So far this year, AstraZeneca's share price performance has been solid, up 15.2% at around the 12,212p mark.
In its first quarter release, Chief Executive Pascal Soriot said its start to the year was “very strong with substantial revenue growth of 19%.”
“AstraZeneca had a very strong start in 2024 with substantial Total Revenue growth of 19% in the first quarter,” he stated. “Our strong pipeline momentum continued and already this year we announced positive trial results for Imfinzi and Tagrisso.”
Whether that momentum has continued into Q2 will be a key factor for investors.
According to investment research firm Zacks, the consensus estimate for AstraZeneca's revenue is $12.57 billion, while earnings per share are expected to be $0.96.
In Q1, the company reiterated its total revenue and Core EPS guidance for FY 2024, with total revenue expected to increase by a low double-digit to low teens percentage and core EPS expected to increase by a low double-digit to low teens percentage.
Ahead of the results, Jefferies raised its price target on AstraZeneca to 11,700p from 11,300p, maintaining a Hold rating on the shares.
Analysts at the firm noted that AZN's Q2 revenue forecast is 2% below consensus. However, they think the company's 2024 outlook may be upgraded to low-mid teens growth for revenue and EPS.
Alternatively, analysts at Guggenheim lowered their price target on AstraZeneca to 13,100p from 13,400p, keeping a Buy rating on the stock. The firm told investors in a note that it has updated its model ahead of the results to reflect prescription trends and recent commentary from management.
In a recent note, Barclays raised its AstraZeneca share price target to 14,000p from 13,500p, keeping an Overweight rating on the company.
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