AstraZeneca second indicated to 2023 with eight different medicines delivering over US$1 billion in sales in the first half, notes Shore Capital.
AZN also had eight separate Phase III oncology trials read out positively with a swathe of additional data still to come over the remainder of the year.
Imfinzi is going gangbusters as apar of a buoyant immuno-oncology franchise with newly-approved uses for Imfinzi (and Imjudo) translating into a step change in sales during the period.
Shares, though, have been weak due to the Phase III TROPION-Lung01 (TL01) trial where the absence of ‘clinically meaningful’, from the headline unsettled investors.
The broker notes that, importantly, following discussions with the FDA the company has guided it will begin to make regulatory submissions given the data on hand, something which should certainly quell some of the initial concerns.
Shorecap said overall the results reinforce its view that AZN offers a premium growth story, underpinned by a broad blockbuster base and an industry-leading pipeline, which is well-positioned to sustain growth longer term.
Distraction around the TL01 readout has presented a good opportunity to buy, adds the broker, which has a target price of 13,000p.