AstraZeneca: As bad as expected, not really worse
BUY, Fair Value 3600p (+6%)
AstraZeneca reported this morning Q1 figures that were as bad as it was expected with revenues down 12% and Core EPS down 21%, in line with operating income. It is fair to say that revenues are slightly below estimates driven further down by Crestor in the US and in ROW and Seroquel as XR is also down by 16%. New products are still too small to contribute significantly but emerging markets are back to a more normal growth trend of 9% (China +21%), in line with competitors. There is no change to the guidance. Some weakness is possible although AstraZeneca was obviously not a Q1 2013 call.
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