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.”
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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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