Consolidating its position as the "largest heavyweight stock" in the UK market, pharmaceutical giant Astrazeneca's stock price hits a new high
On November 11th, pharmaceutical giant Astrazeneca's stock price in the UK rose to £134.6, reaching a historic high. As the largest weighted stock in the FTSE 100 Index, its strong performance drove the index up by 1.1%, also hitting a new high. The increase in stock price was mainly supported by impressive results with double-digit growth in both revenue and earnings per share for the first three quarters. Additionally, the easing of policy concerns regarding the US drug pricing agreement further boosted market confidence
On November 11th, during intraday trading, pharmaceutical giant AstraZeneca's stock price rose by 2.5% to £134.6, reaching a historic high. Its market capitalization approached £210 billion ($282 billion), further solidifying its position as the largest heavyweight stock in the UK market.
As the largest heavyweight stock in the FTSE 100 Index, AstraZeneca's strong performance significantly boosted the overall market. Driven by enhanced expectations for interest rate cuts from the central bank due to improved UK employment data, the FTSE 100 Index also rose by 1.1% during intraday trading, simultaneously reaching a historic high.
This round of increases was primarily supported by AstraZeneca's better-than-expected performance released last week. The financial report showed that driven by sustained demand for innovative drugs, the company's total revenue for the first three quarters increased by 11% year-on-year, with core earnings per share growing by 15%, and all business segments and major regional markets achieving steady growth.
In addition, the drug pricing agreement reached in October also provided an additional boost to the stock price. This agreement alleviated market concerns about uncertainties in U.S. pharmaceutical policies. As AstraZeneca's largest source of revenue, the U.S. market contributes over 40% of the company's total sales, and its policy environment has a significant impact on the stock price
