AstraZeneca PLC (LSE:AZN) saw its full-year earnings per share forecasts raised by Barclays analysts, despite hints that upcoming trial updates were “dominating the narrative”.
Dubbing the FTSE 100-listed biotechnology company ‘overweight,’ Barclays forecasted AstraZeneca’s core earnings per share to hit US$7.38 this year and US$8.67 in 2024, up from US$7.13 and US$8.65 anticipated previously.
Barclays left AstraZeneca’s share price target unchanged at 13,500p meanwhile, up 16% on Wednesdays opening value of 11,630p.
AstraZeneca announced on Tuesday that it had updated the terms of a deal with partners Sobi and Sanofi for the commercialisation of its nirsevimab drug in the US, which would lead to a gain of US$700mln.
Barclays said it had raised earnings per share forecasts based on the deal, but warned investors remained “squarely focussed” on AstraZeneca’s other drug trials when it provides a first quarter update on April 27.