AstraZeneca: A decisive week for AstraZeneca

BUY, Fair Value  3400p (+11%)

News published on March Monday 18, 2013
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On Thursday in New-York AstraZeneca’s highly awaited Investors Day will take place which will be the scene for Pascal Soriot to introduce his new top management team and to present his strategy to drive the company back to growth. He will focus on several growth platforms that he has already disclosed but in our view will also put a lot of weight on MedImmune which will act as AstraZeneca’s biotech arm, as Genentech was at Roche. Much attention will be drawn to this speech with the objective to assess whether consensus is too pessimistic when it believes that there is no end to the downside in revenue and profit decline over the next few years. It is our belief that 2013 may be the bottom and that AstraZeneca may then stabilise or even show limited growth depending on R&D delivery and M&A activity.

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