AstraZeneca’s Stock Is Well Suited for Long-Term Growth

TipRanks2022-08-10

Story HighlightsThe COVID-19 pandemic has brought pharma stocks on the radar of investors – but does Astra Zeneca have what it takes to deliver long-term?Pharma giant AstraZeneca(GB:AZN)became a ...

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Sherry0000
2022-08-10
Sherry0000
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AZN has a strong pipeline of drugs ahead, which could lead to a substantial push in revenues and stock price.First-half results: Robust growthThe company recently reported its half-yearly results for 2022 with solid revenue numbers. The total revenue for the group increased by 48% to $22.2 billion. The revenues were mainly driven by the biopharmaceuticals segment, which contributed around 47% of the total revenues.Revenues grew by 31% to $10.4 billion because of solid sales of Farxiga, a type 2 diabetes drug, and other COVID-19 medicines.The top-line growth led to a solid increase in earnings per share (EPS). The core EPS was reported at $3.61, which was 44% higher than the previous year. The EPS benefited from a core tax rate of 15%. For the second half of 2022, the company expects the tax rate to be in the range of 18–22%.AZN has increased its full-year 2022 guidance for revenue, considering strong results across the various business segments. Revenue is now expected to grow by a low twenties percentage. Core EPS is expected to rise by a percentage in the mid-to-high twenties.A diverse and solid pipelineThe company is betting big on its revenue because of a solid pipeline ahead. The company’s pipeline is spread across various stages of clinical trials. It has a total of 184 projects in the pipeline and 17 new molecular entities in late-stage pipeline.Last month, investors welcomed the news that its asthma drug Tezspire and autoimmune drug Ultomiris had received EU marketing approval. Also, its breast cancer drug Enhertu got a priority review by the U.S. FDA.Enhertu is already approved by the EU for expanded use.The pipeline shows that the company will continue to be a strong player in the pharma industry for many years to come.View from the CityAccording to TipRanks’ analyst rating consensus, AZN stock has a Strong Buy rating from 13 analysts. It includes 10 Buy and three Hold recommendations.It has an average price target of 11,184.17p, which represents a 3.04% change in the price from the level of 10,766p. 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