AstraZeneca plc Stock Slips on Q1 Earnings Miss, Falling Crestor Sales

AZN missed EPS and revenue estimates in Q1

AstraZeneca plc (ADR) (NYSE:AZN) stock was down on Friday following the release of its earnings report for the first quarter of 2018.

AstraZeneca plc Stock Slips on Q1 Earnings Miss, Falling Crestor Sales
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AstraZeneca plc’s earnings report for the first quarter of the year includes earnings per share of 27 cents. This is down from its earnings per share of 48 cents reported in the same period of the year prior. It also wasn’t good for AZN stock by missing Wall Street’s earnings per share estimate of 35 cents for the quarter.

During the first quarter of 2018, AstraZeneca plc reported profit of $316 million. This is a drop from the pharmaceutical company’s profit of $512 million that was reported in the first quarter of 2017.

Operating profit reported by AstraZeneca plc in the first quarter of the year came in at $696 million. This is a decrease from the operating profit of $917 million reported for the same time last year.

AstraZeneca plc also reported revenue of $5.18 billion for the first quarter of 2018. This is down from its revenue of $5.41 billion that was reported in the first quarter of the previous year. It was also a blow to AZN stock by coming in below analysts’ revenue estimate of $5.24 billion for the quarter.

Crestor sales were particularly bad for AstraZeneca plc stock this quarter by coming in at $389 million. This is down 38% from Crestor sales that were reported in the same quarter of the prior year.

AstraZeneca plc also took time during its most recent earnings report to reaffirm its outlook for the full year of 2018. The company is expecting earnings per share for the year to range from $3.30 to $3.50. It is also expecting product sales for the year to see a low single-digit increase.

AZN stock was down slightly as of Friday morning.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/05/astrazeneca-plc-stock-down-on-q1-earnings/.

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