AZN - Enhertu Offsets 2025-27 Patent Losses (BUY, TP £100 [£90], 28 pgs)
Whilst AZN has outperformed EU Pharma in recent weeks, in our conversations with investors, the post-2025 profile is still a major concern and holding the shares back, in our view. We show that with a $3.6bn Enhertu upgrade in 2027 & upgrades to Imfinzi & Lynparza in mPC, AZN sales are now flat 2025-27. Our Alexion Primer helps to show that Alexion sales are flat 2025-27 despite the Soliris patent loss due to growth from the pipeline, Andexxa & Strensiq. We show that AZN needs $5bn of incremental sales in 2027 to drive mid-single digit growth 2025-27 and high-single digit EBIT growth. This could be achieved by utilising the ~$40bn war chest we think AZN could have by 2025 and/or from the P2 pipeline. PT up to £100.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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