(News Bulletin 247) – Bank of America reiterated its buy recommendation on AstraZeneca on Wednesday, with a target price of 12,500 pence, believing that the laboratory’s valuation, its growth and its portfolio of projects more than offset the Nexium folder.

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In a research note, the research department highlights an ‘attractive’ valuation (with a 2023 PER of 17x) in view of the superior growth in earnings per share (EPS) that the group should post over the period 2023 -2026.

BofA also points out that AstraZeneca’s agenda promises to be busy for the next 12 to 15 months, with many phase III data on the program.

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Expected, among others, are the results of the datopotamab trial in lung cancer, whose annual sales could reach $2.5 billion, as well as those of Enhertu in breast cancer, with commercial potential there. still estimated at $2.5 billion a year.

If all these projects were to result in success, BofA estimates that the annual growth of the activity could accelerate from 5% to 9% over the period 2025-2029, logically leading to a revaluation of the action.

The analyst identifies as main risk the Nexium file, which according to him should know some clarifications next March.

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