AstraZeneca Zegfrovvy in-licensed for $0.6bn upfront, adding an EGFR exon 20 inhibitor which complements Tagrisso franchise

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AstraZeneca Zegfrovvy in-licensed for $0.6bn upfront, adding an EGFR exon 20 inhibitor which complements Tagrisso franchise

C A Z E N O V E Europe Equity Research

14 July 2026

AstraZeneca

Zegfrovy in-licensed for $0.6bn upfront, adding an Overweight

EGFR exon 20 inhibitor which complements Tagrisso AZN.L, AZN LN

franchise Price (13 Jul 26):12,610p

Price Target (Jun-27):16,000p

This morning, AstraZeneca announced a licensing agreement for Zegfrovy European Pharmaceuticals &

(sunvozertinib), an oral, irreversible EGFR inhibitor targeting EGFR exon 20. Biotechnology

Astra will make an upfront payment of $600m and additional payments of up to Richard Vosser AC

$900m upon achievement of specific development, regulatory and sales-related (44-20) 7742-6652

milestones. Dizal will receive tiered royalties on the global sales of Zegfrovy. richard.vosser@jpmorgan.com

Zegfrovy is approved in the US and China for the treatment of adult patients with J.P. Morgan Securities plc

EGFR exon 20 insertion mutations whose disease has progressed on or after Zain Ebrahim

platinum-based chemotherapy. So far Zegfrovy has yet to be launched in the US, (44-20) 3493-1163

zain.ebrahim@jpmorgan.com

but achieved sales of $86m in China in 2025 in 2L Exon20 NSCLC. Zegfrovy is J.P. Morgan Securities plc

under review by the FDA for approval in 1L EGFR exon-20 non-small cell lung Sophia Graeff Buhl Nielsen

cancer, following the presentation of the WU-KONG28 Phase III trial at ASCO. (44-20) 7742-3918

Zegfrovy complements AZN’s existing Tagrisso franchise in NSCLC. It will sophia.graeffbuhlnielsen@jpmorgan.com

compete directly with Rybrevant (JNJ) in Exon20 NSCLC, offering an oral chemo J.P. Morgan Securities plc

free 1L treatment option, which we see could generate sales of c. $0.5bn.