i) AZN has a history of missed long-term forecasts.
ii) What does "broadly in line" with 2013 revenue even mean? "We forecast $24.3B of revenues in 2017, vs. $25.7B in 2013. Is that broadly in line"?
iii) We do not know how much AstraZeneca includes in its internal revenue forecasts for late-stage pipeline drugs, on which we and consensus are relatively cautious.
iv) Revenues are one thing, profitability is another, and there is no reference to Core EPS in its revised guidance.
Firm reiterates Hold rating with price-target just below yesterday's London close.