AZN/BMY Speculation; Diasorin; Novo

Research evidence excerpt

AZN/BMY Speculation; Diasorin; Novo

Marjan Daeipour - Specialist Sales - European Healthcare AC (44 20) 7134-1329 Europe Specialist Sales J P M O R G A Nmarjan.daeipour@jpmorgan.com

J.P. Morgan Securities plc 03 August 2026

Marjan Daeipour

+44 207 134 1329

marjan.daeipour@jpmorgan.com

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**AZN/BMY: FT merger speculation overnight. Please see notes below from Richard Vosser and Chris Schott.

**Sandoz: to pay $400m over 7 years to esolve US generic antitrust pricing litigation by entering into a settlement with 43 states.

Immaterial for the shares.

**AZN(OW): R Vosser on FT merger speculation for AZN/BMY - note. FT reported overnight that AstraZeneca and BMS*

have “held discussions about a tie-up in recent months” and that the talks “could yield a deal in the near future but may be

delayed or fall apart”. Neither company has commented on the report. We see these unconfirmed reports as surprising as we

remain confident in Astra’s ability to achieve their 2030 $80bn Revenue target organically and see sufficient depth in the pipeline

to sustain growth beyond 2030. Astra also highlighted their confidence in their 2030 $80bn Revenue target and pointed out they

are making great progress on their post 2030 growth during their results conference call on July 27, 2026.

A potential transaction would add to Astra’s CVRM portfolio with Eliquis (US LoE in 2028) and milvexian (Factor XI, partnered

with JNJ) in Phase III for stroke prevention in Atrial Fibrillation (data in 1Q’27) and Secondary Stroke (data in 2H’26), as well as