The Point for Europe Monday, 07 September 2026

The Point for Europe Monday, 07 September 2026

Top Call | Company | Industry | Strategy & Economics | Commodities | Fixed Income & FX | Key Rating and Target Price Changes

Top Call Must Read Multi-Asset: Data Center GAINs (Gen AI Names) - Born to Run: Still Early in the Global Economic Outlook & Strategy - Multi-Year AI Investment Cycle Renewed Uncertainties—But Equity: We have refreshed our Global Data Center Industry model to encapsulate Continued Resilience recent results, accelerating hyperscale investments into HPC/AI workloads, strong demand for token consumption, faster chip sales, and contributions from China (previously excluded from our forecasts). We forecast an IT Load CAGR of 25% from 121 GW in 2026 to 370 GW in 2031. Our growth outlook incorporates annual absorption of IT Load accelerating from 35 GW in 2026 and expanding to 60 GW in 2031. We believe the rising tide of demand for AI/HPC workloads will partly originate from expanding demand for agentic AI workloads, including broader enterprise adoption. Supply in the short-term has been restrained by energy availability in certain markets as well as certain local and state actions that could extend review timelines. In response, we believe demand and committed backlog are both expanding to support accelerating annual capacity deployments over the next few years. Michael Rollins, CFA | Heath Terry | Siraj Ahmed | Vikram Bagri | Seth Bergey, CPA, CFA

European Pharmaceuticals - Notes from the road: Key takes from Citi’s European Bus tour We provide key takes from Citi's Bus Tour (1st-4th Sep) for the big European Pharma names. We hosted management from AstraZeneca (Sharon Barr, Executive VP, Biopharma R&D; Dave Fredrickson, Executive VP, Oncology, Galderma (Luigi La Corte, CFO; Emil Ivanov, Head of Strategy, IR, and ESG), GSK (Julie Brown, CFO; Hesham Abdullah, SVP, TA Head Oncology; David Redfern, President, Corporate Development), Novartis (Mukul Mehta, CFO; Angelika Jahreis, Global Head Drug Development Immunology), Novo Nordisk (Sina Meyer, Investor Relations), Roche (Alan Hippe, CFO; Josh Lauer, Head of Molecular Customer Lab Area), and Sanofi (Belen Garijo, CEO; Thomas Triomphe, EVP Vaccines). Graham Parry | Emily L Tedbury | Amy Y Mao | Leolie Telford-Cooke Ph.D. | Jelena Milovic

Novartis AG (NOVN.S) - Pelacarsen PIII HORIZON trial fails, 2% downside to NPV. Maintain Buy. Novartis announced on Friday post-close that the HORIZON study of pelacarsen (Lp(a)-lowering) did not its meet primary endpoint of reducing risk of _ cardiovascular events vs. pbo. Pelacarsen reduced Lp(a) levels, but this did not _

See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.

translate to clinical outcomes. Detailed data expected at an upcoming conference, likely AHA in Nov-26. In our model, we include risk-adjusted peak $1.9bn ($3.7bn unadjusted with 50% PoS), removal of which would see c.2% downside to DCF. We think market expectations of a positive trial were already cautious, with question marks around the magnitude of benefit and difficulty in commercialisation even if the study had met the endpoint, which we think could limit the impact of the trial failure on the share price. Maintain Buy for expected continued positive earnings momentum and positive risk-reward into remaining 2H pipeline catalysts (del- desiran PIII expected 3Q26 (actual PCD: 23rd Jul-26), and remibrutinib HS 4Q26). Graham Parry | Leolie Telford-Cooke Ph.D. | Amy Y Mao | Jelena Milovic | Mahesh Mohankumar

AstraZeneca PLC (AZN.L) - Etcamah (camizestrant, oral SERD) SERENA-6 regimen FDA approved; Good for sentiment. SERENA-4 coming 2H26

Following the delayed PDUFA and negative Advisory Committee vote (6:3 Apr-26), FDA granted accelerated approval to Etcamah (camizestrant) + CDK4/6i for HR+/HER2- mBC upon detection of a ESR1m during AI + CDK4/6 therapy (line of therapy not specified), following EU approval (Jul-26). The label is broadly in line with expectations, covering use with all 3 major CDK4/6i (abemaciclib, palbociclib and ribociclib) and requiring ESR1m detection via an FDA-authorised test (Guardant360 CDx, approved at the same time). Somewhat unsurprisingly…