The Point for Europe

Research evidence excerpt

The Point for Europe

outstanding impediments to completion. At the same time, we see no further

upside from the carrier's own turnaround plan after the recent rally, while current

trading continues to sound challenging for summer. We move our rating from

Buy/High Risk to Neutral/High Risk, with our new 580p price target (up from

500p) in line with yesterday's close.

Conor Dwyer

Company

AstraZeneca PLC (AZN.L) - Detailed efzimfotase alfa pediatric data support

consensus ests but adult use may offer more upside

Detailed late-breaking data from the MULBERRY PIII trial of efzimfotase alfa in

paediatric (2 to <12 years) hypophosphatasia were presented over the weekend at

the ICCBH meeting, following positive headline data released late-March. In our

view, data supports efzim as self-administered pediatric treatment Q2W and

underscores our $1.2bn peak pediatric forecast given more convenient dosing vs

AZN's incumbent product Strensiq's (6-12x Q2W), lower injection volume and lack

of weight-based dosing. However, we also see upside to risk adjusted consensus

peak sales $1.8bn and c3% to our DCF from potential adult/adolescent use based

on the HICKORY trial, which accounts for $3bn of our $4.4bn unadjusted peak

sales, should full data/publication (likely ASBMR in October in our view) support

filing in paediatric onset adults/adolescents. AZN's headline PR revealed trial

showed clinically meaningful benefit in a combination of prespecified subgroups

of adolescents and adults with paediatric-onset hypophosphatasia despite

missing primary endpoint....

Graham Parry | Amy Y Mao | Leolie Telford-Cooke Ph.D. | Jelena Milovic | Mahesh Mohankumar

Siemens (SIEGn.DE) - Key messages into quarter end

We caught up with Siemens ahead of quiet period, and following recent conference