AstraZeneca upgraded to buy at Jefferies on assets beyond oncology
FilippoBacci

Jefferies has upgraded AstraZeneca (NASDAQ:AZN) to buy from hold saying that the pharma giant's pipeline beyond oncology assets is being ignored.
The firm has a price target of 13,000p (~16% upside based on Monday's close on the London Stock Exchange).
Analyst Peter Welford mentioned rescue inhaler Airsupra as having $1.8B in peak sales in the US alone. It is expected to hit the market in 2024.
He also sees ~$4B in estimated 2028 risk-adjusted sales of four late-stage cardiovascular and respiratory candidates, figures well above the consensus.
Besides Airsupra, these assets are tozorakimab in phase 3 for acute respiratory failure and chronic obstructive pulmonary disease; combinations that include diabetes med Farxiga (dapagliflozin); and eplontersen, also in phase 3, for transthyretin-mediated amyloid cardiomyopathy that could have $3.5B in peak sales.
Welford notes that Enhertu (trastuzumab) is poised to become the breast cancer standard of care and he recently upped peak global sales to $14B.
In the oncology pipeline, he is excited about volrustomig, rilvegostomig, and saruparib which are all set to move into phase 3.


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