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AstraZeneca (NASDAQ:AZN) Stock Rises on Upbeat Q3 Results, Guidance Lift
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AstraZeneca (NASDAQ:AZN) Stock Rises on Upbeat Q3 Results, Guidance Lift

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AstraZeneca stock trended higher in Thursday’s early trade after the company reported better-than-expected Q3 results driven by strength in its oncology portfolio. Also, the company raised its full-year earnings outlook.

Shares of the pharma giant AstraZeneca (NASDAQ:AZN) advanced in Thursday’s early trading hours on better-than-expected third-quarter results, fueled by cancer drugs sales. Further, the company lifted its full-year guidance on strong year-to-date business performance and 19 approvals bagged since the Q2 earnings call in July.

AZN stock gained more than 4% on NASDAQ in the pre-market trading session. Also, the stock is up 4.7% so far this year.

Adjusted earnings of $1.67 per share surpassed the analysts’ consensus estimate of $1.52 and increased 55% from the same quarter last year. Further, revenue climbed nearly 11% to $11 billion and beat the Street’s expectations of $10.8 billion.

The top-line growth can be attributed to a 24% rise in oncology portfolio revenue. However, the upside was partially offset by an 83% drop in sales of the company’s COVID-19 vaccine Vaxzevria.

Regarding updated guidance, AstraZeneca expects its adjusted EPS (at constant exchange rates) to increase by a high twenties to low thirties percentage, compared to the mid-to-high twenties percentage previously guided.

The company also announced that it will not submit a Biologics Licence Application for its COVID-19 vaccine in the U.S. as the primary vaccination requirements of the country are already being met.

Is AstraZeneca Stock a Buy or Sell?

The average AstraZeneca price target of $75 implies upside potential of 22.85%. AZN stock has a Moderate Buy consensus rating based on one Buy.

For the U.K.-listed AstraZeneca (LSE:AZN) stock, analysts are cautiously optimistic, with a Moderate Buy consensus rating based on nine Buys and four Holds.

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