AstraZeneca PLC (LSE:AZN) shares tumbled 7.4%, wiping almost £12 billion from the value of the business after sales of one of its key cancer products disappointed, and the dividend underwhelmed.
Ahead of the meeting with analysts following the company's fourth quarter and full-year results, analysts were also looking for reassurance about the drug maker's cost base.
On the face of it, the Q4 results and 2024 guidance seemed to pass muster. For the final three months of the year, AZ posted a core EPS of US$1.45 and revenues of US$12.02 billion, which met market expectations.
Looking ahead, AZ is forecasting total revenue and core EPS ranging from a low double-digit to low teens percentage for the year.
Digging beneath the surface, sales of the company's cancer treatment Enhertu failed to pass muster, according to Deutsche Bank, which also flagged up the flat dividend as a significant negative.
At 3.48 pm, the stock was changing hands for 9,719p, down 771p.
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