AstraZeneca: Q1 2015 in line with estimates and FY guidanceNEUTRAL, Fair Value 4880p (0%)
AstraZeneca today reported numbers in line with consensus estimates but of relatively poor quality. Sales were a touch below estimates and key drugs for the future disappointed. Core R&D and SG&A expenses surged by 24% and 10% respectively. All this was offset by non-recurring milestone payments and disposal gains. In the end, Core EPS is in line. We do not see room for upside.
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