Pan-European Pharmaceuticals: Buckle your seatbelt! Busy 2H catalyst path

研报英文原文证据摘录

Pan-European Pharmaceuticals: Buckle your seatbelt! Busy 2H catalyst path

Exhibit 1: AZN's key catalysts in 2H26

AZN's key catalysts in 2H26

AstraZeneca

Asset Trial/Key event Timing* Summary view Key report links

Three key events in 2H26 (Eplon,

SERENA4, AVANZAR); deep dive of

Amvuttra commercial success supports large market opp for silencers. Eplon our views

potentially differentiated on broader label (use on top of SoC, self-admin vs

Wainua (eplontersen) in Apr-26 (IR: HCP infusion). A hit on 1' endpoint is largely de-risked by Amvuttra’s +ve CARDIO TTRansform baseline data

CARDIO-TTRansform

ATTR-CM 2H26E) pivotal HELIOS-B. Debates likely: 1) Benefit vs 28% on-label for Amvuttra; 2) presented; PIII due mid-26

whether stat sig benefit in the +tafamidis subgroup (we assume adequately

powered) but depends on progress down stat hierarchy Feedback from FY26 doc call

series; CVRM – AZN eplontersen &

NVS pela

Investors bullish on AZN having better molecule/bigger study. We cautious persevERA read through to

post ROP's failed persevERA, and specifically on 1) no molecular differences SERENA-4

(per KOL feedback) between the two SERDs & no material differences in PII

data; 2) bigger AZN study likely increases probability of a hit, but HR may not Three key events in 2H26 (Eplon,

Camizestrant in 1L ER+ HER2- Aug-26 (IR:

SERENA-4 be clinically meaningful. Though, SERENA-4 may differentiate on baseline SERENA4, AVANZAR); deep dive of

breast cancer 2H26E)

characteristics (potentially greater endocrine sensitivity) but limited our views

visibility. Main focus likely to be relative to de novo and visceral disease,

where recent data was worse in both in persevERA (de novo HR=0.93; Feedback from FY26 doc call

visceral HR=0.94 vs 0.80 without) series; Lung and breast cancer