Pan-Euro Pharma Primer: ‘protein strangling‘ (ATTR): why should AZN (O) lead in this $20bn peak cardio market?

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Pan-Euro Pharma Primer: ‘protein strangling‘ (ATTR): why should AZN (O) lead in this $20bn peak cardio market?

6 July 2026

European Biopharmaceuticals

Pan-Euro Pharma Primer: 'protein strangling' (ATTR): why should

AZN (O) lead in this $20bn peak cardio market?

Despite the strong launch of Amvuttra (Alnylam; ALNY; O; Will Pickering; consensus peak Justin Smith

+44 20 7762 5899 $9bn), ‘protein strangling’ of the heart (ATTR-CM) has a 5-year survival worse than many

justin.smith@bernsteinsg.com severe cancers as US diagnosis is just 25%. Consensus (Bloomberg throughout) projects

ALNY & AZN to capture ATTR-CM peak shares of 55% and 12% respectively. But post

Shan Mian expert calls, we see four reasons why AZN should lead in this $20bn peak market, which

+44 20 7676 8981

shan.mian@bernsteinsg.com would drive upside surprise for this stock 1/ AZN is the only company with all 3 validated

drug mechanisms of action 2/ AZN’s launches will materially expand the market as ATTR-

Maximilian Brewster CM is a very heterogeneous disease 3/ physician awareness of AZN’s Alexion (rare disease)

+44 20 7550 2193 brand is already high 4/ the landmark phase 3 CardioTTRansform trial (out in 2H26) should

maximilian.brewster@bernsteinsg.com

be the most competitive dataset and thus make Wainua AZN’s 2nd largest non-oncology

Specialist Sales drug. Our new 2036e AZN ATTR of $10bn implies 10% upside to the consensus group sales.

Christian Moore Why is ATTR relevant? Amyloidosis is the dangerous build-up of harmful proteins in vital

+1 917 344 8555 internal organs which can be life-threatening. The most share price relevant amyloidosis christian.moore@bernsteinsg.com

sub-type is ATTR for which the greatest unmet medical need lies in the heart (ATTR-