Broad-Based Strengths Poised To Deliver Above-Average Growth

Research evidence excerpt

Broad-Based Strengths Poised To Deliver Above-Average Growth

TD Cowen Pharmaceuticals/Major

Global Research

AstraZeneca PLC

TD SECURITIES (USA) LLC

July 14, 2026

Price: $164.50 | 12,364.00p (07/14/2026) Broad-Based Strengths Poised To Deliver

Price Target: $240.00 | 17,775.00p Above-Average Growth

BUY (1)

Steve Scala, R.Ph., CFA THE TD COWEN INSIGHT

617 946 3923

AZN has promising new products and pipeline and participates in many large, high-growth

stephen.scala@tdsecurities.com

markets. Numerous events are upcoming for investors to assess progress. EPS growth appears

Michael Nedelcovych, Ph.D. to be above industry average, with possible upside. In sum, AZN's outlook is one of the

617 946 3744 strongest in pharma, yet the valuation is only modestly richer than the pharma sector average

michael.nedelcovych@tdsecurities.com

on a total return/PE basis.

Chris LoBianco

617 946 3734 Above-Average Growth On Tap

chris.lobianco@tdsecurities.com

AZN's 2024 Investor Day provided: 1) a new revenue target of $80B in 2030, which is in line

Paul Kuhn, Ph.D. with our $81.0B estimate; 2) reiteration of mid 30%s operating margin target in 2025-26

646 562 1328

(vs. our 32.6% estimate in 2026) and the expectation that margins will not go below that

paul.kuhn@tdsecurities.com

through 2030; and 3) a detailed discussion of the growth drivers between now and 2030, of

Key Data which there are many. AZN hopes to launch 20 NMEs by 2030. These elements support our

Symbol NYSE: AZN | LSE: AZN.L expectation for 10% EPS growth during 2025-32.

Beta: 0.30 | 0.90

Diversified On-Market Portfolio Living Up To Big Potential

52-Week Range: $209.48-$139.18 | 15,542.00p-10,232.00p

Market Cap: $257.1B | p19,176.9B Tagrisso, Calquence, Imfinzi/Imjudo, Fasenra, Enhertu, Tezspire, and Ultomiris showcase AZN's