Astra Posts Solid 3Q, but Gains in Externalized Revenue Don’t Look Sustainable
Astra reported third-quarter results ahead of both our and consensus expectations, but we don’t expect any major changes to our fair value estimate based on the minor outperformance. While total sales increased 10%, externalized revenue (largely the partnership with Merck for oncology drug Lynparza) drove the growth, and actual product sales fell 2% as generic competition weighed on results. Even though Astra provides a detailed overview of externalized revenue (over 20% of sales in the quarter)...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.
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