#3 - AstraZeneca (NASDAQ:AZN)
In the introduction to this article, I suggested that oncology and diabetes would be two of the key drivers of pharmaceutical stock growth. And those are the two sectors that make the case for AstraZeneca (NASDAQ: AZN).
In its most recent earnings report, AstraZeneca posted $6.4 billion in sales of its oncology products. That represented a 19% year-over-year increase. And two of the company’s drugs have patents that will remain in effect until 2030. That’s a key metric to use when evaluating a pharmaceutical stock because it keeps the field free of competitors.
On the diabetes front, the company saw its lead drug, Farxiga, deliver $1.4 billion in revenue which was 60% higher than the previous year.
It was results like these that investors were expecting throughout the pharmaceutical sector. If AstraZeneca is any indicator it may simply have been a case of patience being rewarded. And if the company begins to see the growth it expects from its recent acquisition of Alexion Pharmaceuticals the future will look very bright for AZN stock.
About AstraZeneca
AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company's marketed products include Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Farxiga, Brilinta, Lokelma, Roxadustat, Andexxa, Crestor, Seloken, Onglyza, Bydureon, Fasenra, Breztri, Symbicort, Saphnelo, Tezspire, Pulmicort, Bevespi, and Daliresp for cardiovascular, renal, metabolism, and oncology.
Read More - Current Price
- $64.13
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $89.75 (40.0% Upside)
