AVANZAR Revisited

研报英文原文证据摘录

AVANZAR Revisited

UK | Pharmaceuticals

AstraZeneca PLC EquityJuneResearch16, 2026

COMPANY UPDATEAVANZAR Revisited

AZN is the only EU large pharma company that can credibly argue for RATING BUY

premium growth into 2030 and beyond. Following what we consider PRICE 13,462.00p^

positive results for AZD5004 at ADA, the next catalyst is the AVANZAR trial. PRICE TARGET | % TO PT 18,000.00p | +34%

With a few pieces added to the TROP2 puzzle recently, we continue to see 52W HIGH-LOW 15,732p - 10,103p

AVANZAR as a +ve event. The combination of near/medium-term growth FLOAT (%) | ADV MM (USD) 95.2% | 375.75

and platform-driven long-term options justifies the premium rating. Top- MARKET CAP £208.8B | $280.0B

pick, PT 18,000p. TICKER AZN LN

^Prior trading day's closing price unless otherwise

noted.

Recent developments - AVANZAR timing slippage, OPTITROP-LUNG05, EVOKE-3-style -

collectively reinforce a low bar for success for AVANZAR but also make a case for a RATING BUY

biomarker-anchored positive outcome. That's fine, as replacing the standard of care requires TICKER AZN

a targeted approach in our view, and the biology of TROP-2 directed ADCs would suggest a

PRICE $178.75^

biomarker is needed.

PRICE TARGET | % TO PT $245.00 | +37%

Being delayed twice now remains a positive: Our analysis shows that the control arm is

likely performing in line with KEYNOTE-189, which in turn suggests the delay to AVANZAR is FY (Dec) CHANGE TO JEFe JEF vs CONS

driven by better survival rates in the dato-dxd/Imfinzi arm. As a result, we see 60% POS. There 2026 2027 2026 2027

are permutations of what that may mean for TROPION-Lung07. The blue-sky scenario would

REV* NA NA +1% NM

include a meaningful revenue opportunity for Imfinzi (not included in estimates at this point).

EPS NA NA +5% +3%