AstraZeneca PLC (LSE:AZN) core average earnings per share for the third quarter are expected to fall 5.5%, Credit Suisse forecast ahead of results on , based on reduced sales and higher operating costs.
The FTSE 100 drugmaker, which is no longer ranked number one in Credit Suisse’s sector rankings, sees pharma sales boosted by 4% from Alexion but offset by 4% of a 'COVID headwind' and 8% from a forex headwind.
"This understates real growth," the bank said.
On the plus side, analysts pointed out that gross margin post-Covid has run ahead of full-year guidance "and expectations are that this will be sustained".