DeutscheBank European Daily Focus Sep 15 2026 converti

Europe Strategy Date 15 September 2026 European Daily Periodical Focus

Tuesday, 15th Sep 2026 Jonathan Jayarajan TOP STORIES Associate Director Equity Research - EMEA Products ASTRAZENECA (AZN.L) - CAMBRIAN explosion tbc, but feeling more SERENE after reset: u/g to Hold* Emmanuel Papadakis: Sell to Hold, Tgt 11500p to 11700p. Last Close 11708p. 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 dive (Breast cancer deep dive: focus on SERD potential to extend lives for the 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 period and having underperformed the EU large cap peer group by c10% (FX 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. Wainua, BMY), but whilst don’t view yesterday’s sector-bounce as either reflecting recent fundamentals or particularly durable heading into the mid-terms, we do see risk-reward more neutrally here for AZN.

LUNDBECK (HLUNb.CO) - Will need to search the OCEAN for some pearls. Bexi Figure 1: Table of Contents preview, cut to SELL Niall Alexander: Hold to Sell, Tgt DKK40 to DKK36. Last Close DKK44.66. With Top Stories Page 01 Initiation Page 03 LUN's upcoming P3 DEEp OCEAN readout due in Q4, assessing acquired Target Price Changes Page 03 Longboard asset bexicaserin in LGS/DS/DEE epilepsy, we take the opportunity to Company Updates Page 04 Sector Updates Page 05 revisit the epilepsy space alongside emerging late stage pipeline assets. We've Strategy / Economics Page 06 highlighted in previous publications our cautious view on the stock given Global Focus Page 09

headwinds for Rexulti (asset currently makes up ~25% of total revenue) including Source : Deutsche Bank

competitor Auvelity, it's listing in 2028 IRA price cut (Rexulti US sales ~35% Medicare) and patent cliff in 2029. Despite raising DB estimates for late-stage pipeline assets (of which we are broadly similar to consensus), that doesn't remedy Figure 2: Initiation the Rexulti value drop from 2028 and still forecast a 2026-2030 -LSD CAGR sales Company Medacta [Hold] Rating Hold TP 121.00 Ticker MOVE.S

decline. We downgrade our recommendation from HOLD to SELL, with a PT of Source : Deutsche Bank

Distributed on: 15/09/2026 06:52:20 GMT DKK36 (18% downside to current price and 10% cut from prior DKK40 PT) based on a FY'27 PE of 6x: this is a ~66% discount to EU pharma SMID peer average and captures the risks LUN faces with a near-term patent cliff, elevated M&A risk and Figure 3: Recommendation Changes a forecast revenue decline. Company AstraZeneca [Hold] Previous Sell New Hold Ticker AZN.L Lundbeck [Sell] Hold Sell HLUNb.CO

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

Figure 4: Target Price Changes DHL GROUP (DHLn.DE) - Express delivery update - keep Buy Company Name Previous New Chg (%) Jaime Rowbotham: Tgt EUR60 to EUR62. Last Close EUR55.84. Buy. On 8th July AstraZeneca [Hold] DHL Group [Buy] DHL revealed a knockout 2Q with the bulk of the beat coming in Express (~60% yoy Cerillion [Buy] GlobalData PLC [Buy] EBIT growth), thanks to: (i) increased global supply chain pressures & tight air Lundbeck [Sell] Wizz Air [Hold]

freight capacity driven by the ME conflict; and (ii) a boost to rev growth from a mix Source : Deutsche Bank shift towards higher-weight industrial shipments & structural cost improvements. Anticipating a greater impact than previously envisaged from these factors in 2H, we raise our group EBIT forecast for 2026 to ~€7.2bn from ~€7bn…