AstraZeneca PLC (AZN.L): Detailed efzinfotase alfa pediatric data support consensus ests but adult use may offer more upside

研报英文原文证据摘录

AstraZeneca PLC (AZN.L): Detailed efzinfotase alfa pediatric data support consensus ests but adult use may offer more upside

Flash |

29 Jun 2026 03:04:10 ET │ 11 pages

AstraZeneca PLC (AZN.L)

Detailed efzimfotase alfa pediatric data support consensus ests but

adult use may offer more upside

CITI’S TAKE Buy

Detailed late-breaking data from the MULBERRY PIII trial of efzimfotase Price (26 Jun 26 16:30) £143.18

alfa in paediatric (2 to <12 years) hypophosphatasia were presented over Target price £180.00

the weekend at the ICCBH meeting, following positive headline data

Expected share price return 25.7% released late-March. In our view, data supports efzim as self-

administered pediatric treatment Q2W and underscores our $1.2bn peak Expected dividend yield 1.7%

pediatric forecast given more convenient dosing vs AZN’s incumbent Expected total return 27.4%

product Strensiq’s (6-12x Q2W), lower injection volume and lack of Market Cap £222,074M

weight-based dosing. However, we also see upside to risk adjusted US$293,881M

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 Graham ParryAC

adults/adolescents. AZN’s headline PR revealed trial showed clinically +44-20-7508-3661

meaningful benefit in a combination of prespecified subgroups of graham.parry@citi.com

adolescents and adults with paediatric-onset hypophosphatasia despite Amy Y Mao

missing primary endpoint. Maintain Buy.

Leolie Telford-Cooke Ph.D.

Statistically significant and clinically meaningful improvement in children bone Jelena Milovic

health.