AZN-LON: Disappointing CARDIO-TTRansform Weighs Heavily on the Stock While the Hit to Our NPV Is Limited; Continued Double-Digit Earnings Growth, Low AVANZAR/SERENA-4 Expectations, and Underappreciated Assets Keep Us BUY-Rated

Research evidence excerpt

AZN-LON: Disappointing CARDIO-TTRansform Weighs Heavily on the Stock While the Hit to Our NPV Is Limited; Continued Double-Digit Earnings Growth, Low AVANZAR/SERENA-4 Expectations, and Underappreciated Assets Keep Us BUY-Rated

July 9, 2026

Seamus Fernandez seamus.fernandez@guggenheimpartners.com AZN-LON: Disappointing CARDIO-TTRansform

617 859 4637 Weighs Heavily on the Stock While the Hit to Our

Zach Dunn, Ph.D.

zach.dunn@guggenheimpartners.com NPV Is Limited; Continued Double-Digit Earnings

617 859 4603 Growth, Low AVANZAR/SERENA-4 Expectations, Alana Lelo, Ph.D.

alana.lelo@guggenheimpartners.com and Underappreciated Assets Keep Us BUY-Rated 212 518 9955

Colleen Garvey, Ph.D.

colleen.garvey@guggenheimpartners.com Key Message: Today's move down likely reflects negative sentiment across

617 859 4664 upcoming Phase 3 readouts, while the high royalty burden for Wainua (22% to

IONS) limits the hit to our NPV. Our PT is now £162/share (from £165/share prior).

Evan Wang We touched base briefly with IR on CARDIO-TTRansform and previously on 2Q earnings, evan.wang@guggenheimpartners.com

see details below. We believe AVANZAR and SENERA-4 investor expectations are 212 651 9756

very low, and we think elecoglipron and tozorakimab are still underappreciated. AZN's

sharp decline on CARDIO-TTRansform and multiple compression to below the group

average despite LDD earnings growth highlights a potential opportunity for value/GARP

and SERENA-4 (camizestrant in 1L HR+ HER2- adv. breast cancer), although stepping AZN.LN BUY investors heading into AVANZAR (Datroway + Imfinzi 1L NSQ/NSQ TROP2+ NSCLC)

AstraZeneca PLC in ahead of these readouts likely requires a higher degree of risk tolerance or a longer-

Sector: Global Biopharmaceuticals term view.