Proactive Investors - AstraZeneca PLC (LON:AZN) shares fell 1.8%, wiping £2.8 billion from the value of the business, as lingering concerns on the drug maker's cost base overshadowed better than expected results and strong forward guidance.
Shore Capital is hoping management can dispell these worries: "We sense there had been an element of uncertainty heading into results around how quickly the cost base could continue to evolve over the near-medium term and expect some further clarity might be provided around this during the call today that could help to quell any concerns that might have been lingering."
For the final quarter of the year, the company posted a core EPS of $1.45 and total revenue of $12.02 billion, ahead of expectations of a $1.50 profit per share on $12.01 billion in revenue.
Looking ahead, AZ is forecasting total revenue and core earnings per share (EPS) ranging from a low double-digit to low teens percentage for the year.
This positive outlook is based on the anticipated strong performance of its infant RSV vaccine and sustained demand for its oncology and rare blood disorder medications.
At 8.12 am, the stock was changing hands for 10,306p, down 184p.