Moody’s boosts AstraZeneca

Moody's Investors Service said it upgraded AstraZeneca plc’s senior unsecured ratings to A2 from A3. Concurrently the agency raised the backed senior unsecured ratings of AstraZeneca Finance LLC and Zeneca Wilmington Inc. to A2 from A3.

“AstraZeneca has a strong portfolio which is expected to deliver revenue growth in the low double-digit percentages in 2023 (excluding Covid-19 revenues), with solid growth continuing thereafter. This in particular is supported by recent approvals and launches within its portfolio of oncology drugs, alongside more modest but still positive growth across its other therapeutic areas,” the agency said in a press release.

On the downside, “The company faces limited patent expiries later in the decade, although respiratory drug Symbicort (6% of product sales excluding Covid-19 sales in the last 12 months ended June 2023) is already facing generic competition, and Farxiga (12% of product sales excluding Covid-19 sales), within the cardiovascular, renal & metabolism (CVRM) segment faces phased patent expiries through to 2027, starting with its Chinese patent expiring in 2023,” Moody’s noted.

The outlook remains stable.

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