7% CER growth, 19-23% EBIT beat and now net cash positive. Company being reshaped, pipeline strengthening. Attractive 12% FCF yield, company becoming stronger.
Q1e: -2% revenue growth on FX hit, Strategic brands keeps growing. Vyepti and Rexulti cases gaining more momentum in Q1. The pipeline-rebuilding story has gained traction recently.
Expect solid report with 24% growth in Strategics brands De-levering fast, 16% FCF yield. If no M&A, then what? BUY on valuation, R&D turnaround, emerging cash story
Pushes and pulls in Biden’s Inflation Reduction Act 2022 Max impact ’26–early ’30s, possible mitigations thereafter Negative but manageable for AZN, biotech largely spared