AstraZeneca PLC (LSE:AZN)’s solid rally following Thursday’s first-quarter earnings print has made the pharmaceuticals giant Britain’s most valuable company, overtaking oil major Shell.
AstraZeneca posted a robust set of financial results that sent its share price over 6% higher, meaning its valuation has increased by a quarter since mid-February.
As it stands, Astra’s market capitalisation is now around £184.61 billion, edging out Shell’s £184.57 billion.
The pharma giant has enjoyed a spate of upgrades in 2024, with Deutsche Bank analysts highlighting its innovation and growth strategy, and its approach to expansion via bolt-on acquisitions.
AZ announced the acquisition of clinical-stage oncology group Fusion Pharmaceuticals in a $2.4 billion (£1.9 billion) deal in March, following the acquisition of France’s Amolyt Pharma for £780 million earlier that month.
Its new range of lung cancer treatments is expected to add a significant chunk of yearly revenues to the group.
At the time of writing, AZ shares were swapping for 12,048p.