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Hardman & Co Research (AZN)

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Wednesday 05 June, 2019

Hardman & Co Research

AstraZeneca: Where has all the cash gone?

Hardman & Co Research
Hardman & Co Research: AstraZeneca: Where has all the cash gone?

05-Jun-2019 / 12:36 GMT/BST


Hardman & Co Research: AstraZeneca: Where has all the cash gone?

Historically, AstraZeneca (AZN) was a leading global pharmaceutical company, but it has slipped down the rankings following a period of patent expiry on major drugs, notably Nexium, Losec and Seroquel. Understandably, the financial performance, particularly operational cashflow, has suffered through this period and AZN has moved from a net cash ($339m) position in 2009 to net debt of $16.3bn at the end of 1Q'19, necessitating a cash call. Better planning, notably earlier cessation of share buybacks and re-basing its dividend, would have left it in a much stronger position. Meanwhile, its use of 'core' EPS greatly overstates true performance.

Please click here for the full report:

https://www.hardmanandco.com/astrazeneca-where-has-all-the-cash-gone/

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About Hardman & Co: For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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End of Announcement - EQS News Service

819819  05-Jun-2019 

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