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/ To contact us: Hardman & Co 35 New Broad Street London EC2M 1NH www.hardmanandco.com Follow us on Twitter @HardmanandCo Contacts: Dr Martin Hall Dr Dorothea Hill Dr Gregoire Pave [phone] [e-mail] [e-mail] [e-mail]   Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement. 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. Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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