AstraZeneca lower after Jefferies cuts shares to Hold from Buy

|About: AstraZeneca Group plc (AZN)|By:, SA News Editor

AstraZeneca (AZN -1.4%) is lower after Jefferies downgrades shares to Hold from Buy, citing the impact of future revenue externalizations and asset disposals on revenue and earnings growth.

Analyst Jeffrey Holford trims his peak sales expectations for durvalumab and tremelimumab by a respective $1.7B and $1.1B, primarily due to competition from chemo-immuno-oncology combinations; in total, he sees the two drugs bringing in $5.1B.

AZN is testing the drugs alone and combined in advanced lung cancer, and expects to have progression-free survival data in mid-2017 and final overall survival data in 2018.