AZN - Underappreciated & Undervalued (BUY, TP £150, 20pgs)
With the baxdrostat P3 to be published on 30th August, we show that AZN’s pipeline upside is underappreciated, in part due to the significant complexity & sheer volume of readouts. We also show that Imfinzi peak sales are likely too low; we are $2bn higher than consensus in 2029. We expect consensus forecasts to materially increase after the full baxdrostat data on the 30th August, we are ~$2bn higher than consensus and see upside risk to our forecasts. AZN’s catalyst path is one of the best in EU Pharma & the 6% CAGR sales growth to 2030 is undervalued, in our view. In the coming weeks we will publish a deep-dive on AZN’s innovation engine following a series of meetings with senior AZN leaders. BUY.For access to the full note, please contact Naresh Chouhan ( )
AstraZeneca is a holding company. Through its subsidiaries, Co. operates as a biopharmaceutical company engaged in discovering, developing, manufacturing and commercializing its pipeline of small molecule and biologic prescription medicines, including targeted business development through collaboration, in-licensing and acquisitions. Co. is focused on three main therapy areas: Oncology, Cardiovascular and Metabolic Diseases, and Respiratory. Co. is also selectively active in autoimmunity, infection and neuroscience. In addition, Co. works across small molecules, oligonucleotides and other drug platforms, as well as biologic medicines.
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