AstraZeneca: Weak Crestor sends Q3 below estimates + new CFO + Pulmicort good to have in 2014
BUY, Fair Value 3620p (+9%)
Three different pieces of news to report for AstraZeneca today: another set of poor quarterly numbers, even slightly below estimates as Crestor is facing tough times in most regions with generic entries in Australia and Canada and increasing pressure in the US; Marc Dunoyer surprisingly appointed as new CFO while he was expected to be in charge of strategy and business development; a positive Appeal Court decision for Pulmicort that should secure circa USD260m in profits from Teva at least in 2014. No change to our investment thesis : R&D pipeline is now focus number 1.
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