British pharma giant AstraZeneca PLC (LSE:AZN) has overtaken US counterpart Pfizer plc in terms of market capitalisation in the days leading up to the former’s quarterly earnings call on Thursday.
FTSE 100 constituent AstraZeneca has a market value of £189bn, having added 5.7% in 2023, while Pfizer on the New York Stock Exchange has dipped over 20% year to date, bringing its market value to around £182bn.
Pzifer attempted a hostile takeover of its British rival in 2014, but its £55 per share offer proved unsuitable for voting shareholders.
AstraZeneca has been boosted by strong clinical results in its cancer and rare diseases research programmes.
AstraZeneca’s market value was a “glowing endorsement of M Soriot’s strategy,” said Russ Mould at AJ Bell, referring to AstraZeneca's chief executive Pascal Soriot. “The company beat estimates consistently in 2022 and raised the forecast bar for 2023 back in February so expectations are high.”
Thursday’s trading statement is expected to top-line sales of US$10.7bn, core operating profit of US$3.5bn and core diluted earnings per share of US$1.68.