AstraZeneca: When externalisation becomes part of a business model

NEUTRAL, Fair Value 4860p vs. 4880p (+2%)
News published on April Monday 27, 2015
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The pipeline is still advancing nicely but we see less reasons for excitement from the Q1 numbers and externalisation revenues as a new recurring part of the business model make us perplexed. We think the best advice for the moment is to stay NEUTRAL on the stock as we have no upside to our FV.

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