AstraZeneca

AstraZeneca is a holding company. Through its subsidiaries, Co. operates as a biopharmaceutical company engaged in discovering, developing, manufacturing and commercializing its pipeline of small molecule and biologic prescription medicines, including targeted business development through collaboration, in-licensing and acquisitions. Co. is focused on three main therapy areas: Oncology, Cardiovascular and Metabolic Diseases, and Respiratory. Co. is also selectively active in autoimmunity, infection and neuroscience. In addition, Co. works across small molecules, oligonucleotides and other drug platforms, as well as biologic medicines.
  • TickerAZN
  • ISINGB0009895292
  • ExchangeLondon Stock Exchange
  • SectorPharmaceuticals & Biotechnology
  • CountryUnited Kingdom
Dominic Rose ...
  • Naresh Chouhan

COVID-19 - EU Pharma Co Risk Analysis

As we exit Q2, we now have several datapoints that show EU Pharma has been significantly impacted by COVID-19. We show that doctor visits and NBRx were down by around 40% YoY. However, there is considerable variation by therapy area and by clinical setting. Using a risk matrix and analysing >60 of the biggest drugs in EU Pharma, we analyse which companies are most at risk for 2Q20 & therefore will find hitting 2020 guidance to be all the more challenging. We show SAN & AZN are least impacted whilst GSK & Novartis fare worst. Surprisingly, ROG is impacted more than we expected...

Team Pharma

ODDO : Immune to COVID, not to sector rotation

The Stoxx 600 Healthcare delivered a performance of +4% vs -12% for the Stoxx 600 year to date. This outperformance is attributable to the sector’s defensive role: i/ reassuring Q1 2020 results publications (confirmation of full-year guidance) and ii/ new market opportunities (COVID-19). However, it could be challenged by 1/ a rotation of portfolios to play the resumption of activity linked to the lifting of lockdown measures and 2/ the run-up to the US presidential elections (...

Team Pharma

ODDO : Immun au COVID, pas à la rotation sectorielle

Depuis le début de l’année, le Stoxx 600 HealthCare affiche une performance de +4% vs -12% pour le Stoxx 600 Europe. Cette surperformance s’explique par le rôle défensif du secteur : i/ publications du T1 rassurantes (guidances annuelles confirmées) et ii/ nouvelles opportunités de marché (COVID-19). Cependant elle pourrait être challengée par : 1/ une rotation des portefeuilles pour jouer la reprise d’activité liée au déconfinement ainsi que 2/ l’approche des élections américai...

Stephane Houri

Accor : Digitisation post-COVID: what consequences for our sectors and stocks?

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. - >Accelerated digitisation, no turning back - The COVID-19 crisis will without a doubt accelerate use of digital in society in general. The effectiveness of teleworking has...

AstraZeneca PLC - March 2020 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Dave Nicoski ...
  • Ross LaDuke

Global Equity Strategy

Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Investors' primary sources of angst continue to revolve around concerns of (1) the global shift toward tighter monetary policy and the potential for perceived policy missteps, (2) trade and tariffs, and (3) the potential negative effects both (1) and (2) may have on global growth. Comments from Fed Chair Powell that interest rates are “just below” the neutral rate and the 90-day tariff ceasefire agreement between the U.S. and China have not been able to calm the markets. In Europe, ...

Jérôme VINERIER

Analyse court terme - ASTRAZENECA : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Le MACD est positif, il confirme cette tendance. Le mouvement peut se poursuivre. Les objectifs suivants sont à 6 145,00 p et 6 502,00 p. La tendance serait invalidée sous le support à 5 100,00 p.

Jérôme VINERIER

Short term view - ASTRAZENECA : The background trend is clearly bullish.

The background trend is clearly bullish. The MACD is positive, it confirms that trend. The movement can go on. The following targets are at 6,145.00 p and 6,502.00 p. The trend would be invalidated below the support at 5,100.00 p.

Jérôme VINERIER

Analyse court terme - ASTRAZENECA : Les cours progressent encore.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 6 145,00 p. La rupture du support à 5 100,00 p invaliderait cette tendance.

Jérôme VINERIER

Short term view - ASTRAZENECA : Prices are still making progress

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at 6,145.00 p. Breaking below the support at 5,100.00 p would invalidate the trend.

Eric Le Berrigaud

ASTRAZENECA - BUY - Top Picks | 8780p(+1%) ADAURA: outstanding results, paving the way for new SoC in adjuvant NSCLC

Top-line data even greater then thought Modelling consequences

Dominic Rose ...
  • Naresh Chouhan

COVID-19 - EU Pharma Co Risk Analysis

As we exit Q2, we now have several datapoints that show EU Pharma has been significantly impacted by COVID-19. We show that doctor visits and NBRx were down by around 40% YoY. However, there is considerable variation by therapy area and by clinical setting. Using a risk matrix and analysing >60 of the biggest drugs in EU Pharma, we analyse which companies are most at risk for 2Q20 & therefore will find hitting 2020 guidance to be all the more challenging. We show SAN & AZN are least impacted whilst GSK & Novartis fare worst. Surprisingly, ROG is impacted more than we expected...

Team Pharma

ODDO : Immune to COVID, not to sector rotation

The Stoxx 600 Healthcare delivered a performance of +4% vs -12% for the Stoxx 600 year to date. This outperformance is attributable to the sector’s defensive role: i/ reassuring Q1 2020 results publications (confirmation of full-year guidance) and ii/ new market opportunities (COVID-19). However, it could be challenged by 1/ a rotation of portfolios to play the resumption of activity linked to the lifting of lockdown measures and 2/ the run-up to the US presidential elections (...

Team Pharma

ODDO : Immun au COVID, pas à la rotation sectorielle

Depuis le début de l’année, le Stoxx 600 HealthCare affiche une performance de +4% vs -12% pour le Stoxx 600 Europe. Cette surperformance s’explique par le rôle défensif du secteur : i/ publications du T1 rassurantes (guidances annuelles confirmées) et ii/ nouvelles opportunités de marché (COVID-19). Cependant elle pourrait être challengée par : 1/ une rotation des portefeuilles pour jouer la reprise d’activité liée au déconfinement ainsi que 2/ l’approche des élections américai...

Stephane Houri

Accor : Digitisation post-COVID: what consequences for our sectors and stocks?

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. - >Accelerated digitisation, no turning back - The COVID-19 crisis will without a doubt accelerate use of digital in society in general. The effectiveness of teleworking has...

Martial Descoutures ...
  • Sebastien Malafosse

AstraZeneca : AstraZeneca approaches Gilead about potential link-up

>This would be the biggest deal in the sector’s history - According to Bloomberg (Sunday, 7 June), AstraZeneca apparently approached Gilead last month with a view to a merger in what would be the biggest pharma deal in history. AstraZeneca has a market capitalisation of $ 141bn and Gilead $ 96bn. Revenues for the new entity would exceed $ 53bn (2021e) and would be generated entirely by prescription drugs, making AstraZeneca one of the two biggest prescription pharma g...

AstraZeneca PLC - March 2020 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

AstraZeneca PLC: Update to credit analysis - metrics remain weak but deleveraging trajectory is strong

Our credit view of AstraZeneca, reflecting expectations that strong operating leverage over the next 2-3 years will materially improve currently weak credit metrics.

AstraZeneca PLC - December 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

AstraZeneca PLC: 2019 results in line with expectations and 2020 pivotal for improvement in credit metrics

Our credit view of AstraZeneca’s solid 2019 results and our expectation of material deleveraging in 2020

AstraZeneca PLC - September 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Benoit Valleaux ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Louis Boujard, CFA
  • Martial Descoutures
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/08/2020

Since 2009, the outperformance of growth has been due to investors' determination to protect themselves against sluggish growth and falling interest rates. If we adopt a sequential point of view, these two parameters evolve in favour of value: 1/ by base effect, apparent growth is expected to be strong on the face of it; 2/ the rapid growth of debt and ultimately the inflationary effects of the relocation of value chains may push long rates up. We propose a list of 18 stocks with a Bu...

Benoit Valleaux ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Louis Boujard, CFA
  • Martial Descoutures
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/06/2020

Depuis 2009, la surperformance de la croissance s’explique par la volonté des investisseurs de se prémunir contre l’atonie de la croissance et la baisse des taux. Si l’on adopte un point de vue séquentiel, ces deux paramètres évoluent en faveur de la value : 1/ par effet de base la croissance apparente est appelée à être forte facialement ; 2/ la croissance rapide de l’endettement et à terme les effets inflationnistes de la relocalisation des chaines de valeur peuvent pousser les taux...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2020

With the support of our economists, we have drawn up growth profiles for four types of recovery: v, V, U and L/W. We note that: 1/ the market has eliminated the weakest scenarios (U and L) to focus on the most dynamic ones (v, V). Only the v profile results in 2021e earnings that are higher than in 2019 (Stoxx 600 at 406 points in December 2020). Without going as far as a v scenario, the market is easily playing a V-recovery. This is consistent with a drop of 3% in global growth in 2...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2020

Nous nous sommes appuyés sur nos économistes pour dessiner les profils de croissance pour 4 types de reprise: v, V, U, L/W. Nous constatons que 1/ le marché a éliminé les scénarios faibles (U et L) pour se concentrer sur les plus dynamiques (v, V). Seul le profil en v se traduit par des résultats 2021e supérieurs à ceux de 2019 (Stoxx 600 à 406 pt en décembre 2020). Ainsi, sans acter un scénario en v le marché fait plus que jouer une reprise en V. Ce pari est compatible avec celui d’u...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Emmanuel Matot
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/14/2020

We held a conference call last Wednesday with Stéphane Bancel, Moderna’s CEO. We were able to discuss the next stages involved in the development of its COVID-19 vaccine which, it is worth noting, is the first to be tested in humans. Considering the progress being made and the prospect of its vaccine reaching the market within just a few months, we have now decided to factor this asset into our valuation model. We have thus adjusted our valuation from $ 32 to $ 37 and reiterate our Bu...

ASTRAZENECA PLC. is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of ASTRAZENECA PLC. (GB), active in the Pharmaceuticals industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date May 1, 2020, the closing price was GBp 8,202.00 and its potential was estimated at GBp 8,612....

Ford Equity US Rating and Forecast Report

Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

AstraZeneca – AGM 29 April 2020

Items 2, 10-12: Dividend, capital increases without preemptive rights and share buyback   AstraZenecans distribution policy is unsustainable and item of serious concern. For many years in a row, the dividend has been covered neither by EPS nor by free cash flows. The debt has increased significantly. In 2019, AstraZeneca diluted shareholders by the non-preemptive placement of 3.5% of the capital at a 1.5% discount. The Companyns dividend amounts $3,592m compare to raised share proceeds of $3,525m. This cost at least $75m to the company and its shareholders. The discount totalled $53m and the...

Expert Corporate Governance Service (ECGS)

AstraZeneca - AGM 26 April 2019

Item 2: Declare a Dividend  The proposed dividend is the same as that of the previous fiscal year. It has remained unchanged at $2.80 per share since 2015.  The Board maintains a progressive dividend policy and has the intention to maintain or grow the dividend each year with the aim of striking a balance between the interest of the business, financial creditors and shareholders. However, in the current year the dividend is not covered by earnings or free cash flow.  In fact, free cash flow has not been able to cover the dividend for five years in a row.  We recommend shareholders oppose.  I...

Astrazeneca PLC – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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