After AstraZeneca PLC (LSE:AZN) reported improved profit margins and increased its earnings guidance in its quarterly report, Shore Capital Group (LSE:SGR) Ltd reiterated its recommendation that the pharma and biotech company was a buy.
AstraZeneca saw total revenue ahead of expectations in its quarterly results, with core earnings per share expected to grow by the high 20s to low 30%s.
Shorecap estimates this increase to be 28%.
It also outlined expectations that AstraZeneca will see sustained growth long-term, with the company’s results and pipeline prospects consolidating it as an industry leader.
These pipeline prospects may well see AstraZeneca make further upgrades in the new year, according to Shorecap.