Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. AstraZeneca revenues up, momentum in place
Full year numbers from AstraZeneca LON:AZN this morning showed a 6% uptick in revenues despite a significant pullback in COVID-19 medicines. Core operating margins added 2% and the positive momentum is expected to be maintained. Total revenue for FY24 should increase by at least a low double digit level and collaboration revenue is expected to be the strong point. There’s a lot of data in this note – as always, the devil could be in the detail.
- Companies Reporting: Coca-Cola, easyJet, AstraZeneca
- Three Quick Facts: Tritax Big Box, Land Securities, Unilever
- Can GSK and AstraZeneca stay competitive in tomorrow’s pharma market?
#2. SSE guidance reaffirmed despite renewable production below target
Q3 numbers from SSE LON:SSE have been issued, reaffirming guidance of full year eps being at least 150p. the company has however fallen behind its targets in terms of renewable production, reflecting unfavourable weather conditions as well as the impact of system outages.
#3. Unilever revenue & margin improvement, but management want to see more
Full year numbers from the consumer goods giant LON:ULVR put revenue growth at 7%, whilst gross operating margins improved 200bps which feels notable in such an inflationary environment. Management note however that the company’s competitiveness remains disappointing and overall performance needs improvement.
Sales growth for FY24 is forecast as being within previously stated ranges and a EUR1.5bn share buyback is set to start in Q2. Progress is also being made against the growth action plan laid out previously.
