AZN - Imminent Upside Post-CMD (BUY, TP £140, 10pgs)
The AZN CMD finished a few hours ago & we expect the shares to respond strongly in the coming days despite the muted reaction to the 2030 guidance today. We upgrade our 2030 sales by 7% & are now 9% above consensus EPS in 2030 with a 10% EPS CAGR to 2030. We identify 7 drugs that will drive multi-billion consensus sales upgrades in the coming weeks. Confidence in the 2030 sales target will materially increase within 18mths & there are a number of catalysts in the coming weeks and months including next week’s P1 oral PCSK9 data at EAS. Our £140 PT implies AZN trades on 20x 2025 EPS.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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