阿斯利康：2026年CEO电话会要点总结

研报英文原文证据摘录

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Europe Equity Research

16 September 2026

AstraZeneca

Key Takeaways from the 2026 CEO Call

Overweight

AZN.L, AZN LN

Price (15 Sep 26):12,116p

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

On Thursday, September 10, 2026, we hosted a Conference Call with AstraZeneca

CEO Pascal Soriot (PS), as part of our 2026 CEO Conference Call Series. We

summarise our key takeaways below.

AstraZeneca reiterated their confidence in its post 2030 growth outlook.

PS reiterated his confidence in AstraZeneca’s target for $80bn Revenues in

2030 and their ability to grow beyond 2030, outlining the breadth of the

pipeline optionality that he sees in the coming years, underpinning that

confidence. In particular, PS highlighted a number of pipeline readouts in 2027

each offering >$5bn peak sales, including the oral PCSK9 laroprovstat (Phase

III data in 1H 2027), Farxiga combination Phase III data in 2027 (zibo dapa in

high proteinuria with CKD in 1H 2027 and balci/dapa in heart failure with

impaired renal function), saruparib in prostate cancer in 2H 2027, and

CAMBRIA-1 for camizestrant in adjuvant breast cancer in 2H 2027. PS also

noted that while not every Phase III will be successful (Astra has

conservatively used a PoS of 60%, below industry average of 65% and Astra’s

75-80% success rate in recent years), he sees sufficient pipeline depth

underpinning his confidence in the growth outlook post 2030. Beyond these

readouts, PS also indicated that AZN have been building platform technology

strength including in weight management (oral GLP-1 and SARA [Selective

Amylin Receptor Agonist]), ADCs, radioligand therapy, CAR-T and

bispecifics, which should add to the post 2030 growth outlook.

Business development will be considered opportunistically to supplement

post 2030 growth where appropriate. PS noted that larger business

development (such as the $39bn acquisition of Alexion) is not AZN’s priority

currently, with AZN’s priority on smaller bolt-on deals, similar to the deals

from the last few years. In assessing a potential target, AZN consider strategic

fit, the potential for sales synergies (through geographic expansion), the

valuation and the execution risk.…