AstraZeneca PLC (AZN.L): Wainua Pill fail disappointing. 3% NPV downside. AZN still best pipe/best growth in sector.

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AstraZeneca PLC (AZN.L): Wainua Pill fail disappointing. 3% NPV downside. AZN still best pipe/best growth in sector.

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09 Jul 2026 04:20:37 ET │ 11 pages

AstraZeneca PLC (AZN.L)

Wainua PIII fail disappointing. 3% NPV downside. AZN still best

pipe/best growth in sector.

CITI'S TAKE Buy

Price (08 Jul 26 16:30) £142.40 AZN's PIII CARDIO-TTRansform of Wainua in ATTR-Cardiomyopathy did

Target price £180.00 not meet its primary-endpoint. Although a benefit (HR=0.71) was seen in

the monotherapy-subgroup this was only nominally significant and no Expected share price return 26.4%

treatment effect was seen in combination with stabiliser therapy. We see Expected dividend yield 1.8%

it as unlikely that results are filable given primary endpoint miss and Expected total return 28.2%

Alnylam's Amvuttra is already approved. Results are a negative surprise, Market Cap £220,866M

however, NPV downside from removing $3.6bn peak (cons $3.3bn) US$292,283M

Wainua from our model would be only 3% off a base case DCF of GBP180

(i.e. still >20% above current share price) and this is just one of many PIII

products in the AZN pipeline. We see expectations into remaining 2H data

(camizestrant SERENA-4 and Datroway AVANZAR) as already very Graham ParryAC

cautious and little focus on upside from detailed data for tozorakimab +44-20-7508-3661

(IL33) COPD (likely at ERS Sept) and efzimfotase alfa in adults (HICKORY, graham.parry@citi.com

likely ASBMR Oct). Maintain Buy. Amy Y Mao

Leolie Telford-Cooke Ph.D.

Nominally significant in monotherapy subgroup, no treatment effect in combo

with tafamidis. AZN and its partner Ionis (covered by Eric Joseph) announced that Jelena Milovic

CARDIO-TTRansform of their TTR gene silencer Wainua did not meet its primary Mahesh Mohankumar