DeutscheBank Astra Zeneca CAMBRIAN explosion tbc but feeling more SERENE after reset: u/g to Hold Sep 15 2026 converti

Deutsche Bank Group Deutsche Numis Research

Rating Company Date 15 September 2026 Hold AstraZeneca Recommendation Europe United Kingdom Change Reuters Bloomberg Exchange Ticker Price at 11 Sep 2026 (GBP) 11,708.00 AZN.L AZN LN LSE AZN Price Target (GBP) 11,700.00 Pharmaceuticals 15,542.00 - Pharmaceuticals 52-week range (GBP) 10,956.00

CAMBRIAN explosion tbc, but feeling more SERENE after reset: u/g to Hold* Valuation & Risks

Emmanuel Papadakis, Ph.D., CFA Summary takes Research Analyst It is not a frequent occurrence, but almost a year after our d/g to Sell (AZN : Turning sceptical on SERENA(4): cut to Sell (16/10/25)) alongside our breast cancer deep Niall Alexander dive (Breast cancer deep dive: focus on SERD potential to extend lives for the Research Analyst many (16/10/25)), the trial at the centre of that report (SERENA4) duly reported negatively on Friday and with the stock down c3% in absolute terms over the Henrietta Boeg period and having underperformed the EU large cap peer group by c10% (FX- Research Associate adj.), we upgrade to Hold. This has clearly been partly for reasons we anticipated (e.g. the H2 event overhang, patent cliff concerns) and partly those we did not (e.g. Kate Farrelly Wainua, BMY), but whilst don’t view yesterday’s sector-bounce as either reflecting Research Associate recent fundamentals or particularly durable heading into the mid-terms, we do see risk-reward more neutrally here for AZN. We nudge our PT +2% to £117 based on a 14x FY27 P/E: a c15% premium to the group on 12x which is a compression vs. Shashindra Seresinhe recent history averaging double that but reflecting mixed recent pipeline newsflow Research Associate

(both within and beyond oncology…) and legitimately reasserted long-term post- LoE growth concerns, offset by a reasonable growth and R&D catalyst outlook Supun Ukwatta nearer-term. Research Associate

Brief further details on our view and outlook Key changes Our recent AZN coverage has been somewhat voluminous: after contemplating 11,500.00 to whether the appropriately severe reaction to entertaining discussions with BMY TP ↑ 1.7% 11,700.00 (BMY footnote: Déjà vu feedback, updated scenarios and some loose ends Rating Sell to Hold ↑ (04/08/26)) presented an opportunity to neutralise our stance, we had maintained Source: Deutsche Bank our view on the basis S4 would still be imminently negative and thus remain a modest overhang, even in context of diminished expectations. That was despite anticipation of duly positive tozorakimab data (AZN: OBERON/TITANIA reconciled, but whereof art thou MIRANDA? ERS takes (09/09/26)) and mixed recent newsflow (AZN: Landfall R2, but not necessarily the Cape of Good Hope: S6/newsflow takes (07/09/26)). Nearer-term key events will be AVANZAR (see below) and Q3 30/10:

Distributed on: 15/09/2026 04:31:13 GMT whilst it is early for a preview, our present view remains unchanged from post-Q2 that it is unlikely to serve as the forum for a guidance u/g. We will revisit our thoughts into 2027 in due course but refer to AZN: Feedback and thoughts into H2/’27 post the misttransformation (10/07/26) and AZN: Pipeline deep-dive: reappraising the potential path to 80+ (06/02/26) in the interim.

Brief thoughts on cami prospects

Deutsche Bank AG IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

For the exclusive use of Pierre-Yves LANZ at Pictet Asset Management SA T2se3r0Ot6kwoPa

15 September 2026 Pharmaceuticals AstraZeneca

Post PERSEVERA expectations widely reduced for S4 (ROG: PERSEVERA takes/ ASCO call feedback: pushing for the many (+AZN/NOVN) (03/06/26)) and we’ve noted in recent updates that we did not even expect negative revisions on the headline given analysts would likely defer review until post CAMBRIA1 due H227, not least since AZN has now enjoyed the (very) partial hedge of S6 approval (see Landfall link…