Broker snap: AstraZeneca a 'hold' after Q3 results, says Panmure

31st Oct 2013 11:43

AstraZeneca's shares fell on Thursday after it reported third quarter results that fell short of consensus, but broker Panmure Gordon recommended the shares be held.Revenues were down 4% to $6.2bn due to the impact from products with loss of patent protection on key drugs. It compared to the $6.38bn consensus. Core pre-tax profit was $1.91bn versus consensus of $1.94bn and core earnings per share was $1.21 compared to consensus of $1.39.In a semi victory, however, the company announced today that the US Court of Appeals for the Federal Circuit has reversed and remanded for further proceedings a trial court decision over a patent protecting its asthma medicine Pulmicort Respules against generic brands as invalid.The company also announced the appointment of Marc Dunoyer as Chief Financial Officer (CFO) to replace Simon Lowth who leaves AstraZeneca today."Any disappointment from today's miss should be moderated by news on a significant patent litigation victory," said Panmure. "New CFO appointed from within, we expect him to be more strategic than technocratic but this is probably what the company needs at this stage."The broker reiterated its 'hold' recommendation.Shares fell 1.62% to 3,276p at 11:52.RD