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AstraZeneca PLC ADR AZN

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Morningstar’s Analysis

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Astra Posts Solid Q1 as Pipeline Is Poised to Continue Supporting Strong Growth

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

AstraZeneca reported solid first-quarter results ahead of our expectations, but the strong bottom-line growth was largely driven by an unexpectedly low tax rate that should reverse throughout the year, so we don’t expect any major changes to our fair value estimate. We view the stock as moderately undervalued, with the market not fully appreciating the strong pipeline that also strengthens our conviction in the firm’s wide moat.

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Company Profile

Business Description

A merger between Astra of Sweden and Zeneca Group of the United Kingdom formed AstraZeneca in 1999. The firm sells branded drugs across several major therapeutic classes, including gastrointestinal, diabetes, cardiovascular, respiratory, cancer, and immunology. The majority of sales come from international markets with the United States representing close to one third of its sales.

1 Francis Crick Avenue, Cambridge Biomedical Campus
Cambridge, CB2 0AA, United Kingdom
T +44 2037495000
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 76,100