Bernberg analyst Alistair Campbell lowered his 2017 EPs estimate for AstraZeneca to nearly 50% below consensus levels, citing faster erosion of legacy drugs. However, the analyst expects the company to make deals that will raise its EPS above this level, and he says that the company will report a great deal of news in 2017. Moreover, he says that data on the company's Lynparza drug for breast cancer was positive, giving it a "good start," while the company's pipeline and new drugs should enable it to resume growing within the next two years. Campbell says that the company's "turnaround is approaching," and he keeps a Buy rating on the shares.

Consensus $4.56. Backs FY24 revenue view up low double-digit to low teens percentage, consensus $50.95B. Sees FY24 core tax rate 18%-22%.