[Guohai Pharma] AstraZeneca H1 Conference Call Highlights

English summary

AstraZeneca's total revenue in H1 2026 grew 6% yoy, up 11% excluding two products with patent expirations. Core EPS grew 11%, and the company maintains full-year guidance of mid-single-digit revenue growth and low-double-digit core EPS growth. Oncology business grew 15%; CLDN18.2 ADC CMG901 significantly improved overall survival in a Phase III gastric cancer study, with peak sales expectation of $3-5 billion; tozorakimab had positive Phase III results in COPD, with peak expectation exceeding $5 billion. Wainua's Phase III in ATTR-CM did not meet the primary endpoint, but management emphasized that the 2030 $80 billion target is based on a risk-adjusted diversified portfolio and does not rely on a single program or future M&A. There are still more than 20 high-value pipeline readouts in the next 18 months. The company will continue to attach importance to the Chinese market and local cooperation.