What now - I guess I‘ll just wait it out

研报英文原文证据摘录

What now - I guess I‘ll just wait it out

UK | Pharmaceuticals

AstraZeneca PLC EquityJulyResearch9, 2026

TARGET | ESTIMATE CHANGEWhat now - I guess I'll just wait it out

At the point of writing, AZN's share price is down c9% on what we see as a RATING BUY

c2% NPV impact from the CARDIO-TTRansforms failure. Granted this puts PRICE 14,240.00p^

a dent in comms credibility, but it does not impact the path to AZ's $80bn PRICE TARGET | % TO PT 17,500.00p (18,000.00p)

2030 sales target and only removes c.30bps from the 5-year EPS CAGR. | +23%

52W HIGH-LOW 15,732p - 10,178p

AZ remains the premium growth company into the end of the decade and

FLOAT (%) | ADV MM (USD) 96.6% | 414.39

beyond. Buying the dip.

MARKET CAP £220.9B | $295.3B

The stock reaction to the CARDIO-TTRansforms trial failure seems an over-reaction given TICKER AZN LN

^Prior trading day's closing price unless otherwise

the NPV, CAGR and 2030 sales estimates are only mildly impacted. This was meant to be noted.

a slam dunk making the outright failure surprising. Pulling Wainua in ATTR-CM from our

model though has limited impacts (same for cons) - a reflection of the breadth of AZ's RATING BUY

therapeutic positioning and the robustness of the growth trajectory. AZ remains a premium TICKER AZN

growth company with HSD top-line CAGR and LDD EPS CAGR leaving the stock on PEG of c1x

PRICE $189.28^

(v sector c2x). The catalyst path still includes volatility events, but we argue the move today

has priced all of them out. PRICE TARGET | % TO PT $234.00 ($245.00) | +24%

Updates to model: We remove sales forecasts for Wainua in ATTR-CM, which is the main driver FY (Dec) CHANGE TO JEFe JEF vs CONS

of our PT reduction by c.3%, whilst also modestly increasing the SG&A expenditures for this

2026 2027 2026 2027

year.