AstraZeneca Posts Weak 1Q due to Fewer Asset Divestments, but New Drug Launches Performing Well
Astra reported first-quarter results that fell below both our and consensus expectations, but we don’t expect any change to our fair value estimate as fewer asset divestments drove the majority of the underperformance versus our expectations. As Astra works through the last few quarters of heavy generic competition from its patent cliff, not enough new drugs have launched to offset the patent loss pressures, causing Astra to divest non-priority assets to stabilize cash flows. While this asset di...
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