Not too sure. The trading update confused the hell out of me.
Not surprised on revenue front given the numbers that were thrown out, it's the no change in guidance on EBIT. The industry players have always said the wholesale market survives on cross subsidizing and that ~80% of PBS medicines are unprofitable to distribute. If AZ went direct with their profitable drugs (NPSA statement heavily implies this) then the EBIT impact should be a heavily magnified impact of the revenue impact. Given the industry players have already mostly wound back trading terms and reigned in working capital I wonder what levers they can pull this time as an offset.
Not too sure. The trading update confused the hell out of me....
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