AstraZeneca’s second quarter of 2023 has been successful, with eight different medicines generating over US$1 billion in sales. The company has also seen positive results in eight separate Phase III oncology trials, with more data expected later this year.
Imfinzi, part of AstraZeneca’s immuno-oncology franchise, has experienced strong sales growth during this period, thanks to newly-approved uses. However, the company’s shares have been impacted by the Phase III TROPION-Lung01 (TL01) trial, where the absence of “clinically meaningful” results unsettled investors.
Following discussions with the FDA, AstraZeneca has announced its intention to make regulatory submissions based on the available data, which should address some initial concerns.
Shore Capital, a brokerage firm, believes that AstraZeneca’s results support the idea that the company offers a premium growth story. They highlight AstraZeneca’s strong portfolio of blockbuster drugs and an industry-leading pipeline, positioning the company for sustained growth in the long term.
The distraction caused by the TL01 trial has created a buying opportunity, according to Shorecap, which has set a target price of 13,000p.