AstraZeneca Shares 'Likely Remain Depressed' Amid Mega Merger Deal, Berenberg Says; Stock Down 8%

10:23 AM EDT, 08/03/2026 (MT Newswires) -- AstraZeneca's (AZN.L, AZN.ST) London-listed shares were down 8% as of mid-afternoon Monday trading, a performance called by analysts at Berenberg in a same-day flash note over a rumored mega merger deal. "Share likely remain depressed as investors absorb mega merger appetite whilst awaiting P3 readouts," the research firm said. "Overnight an FT article suggests that AstraZeneca and Bristol-Myers have been in talks for months about combining the two companies. The portfolios of the two companies seem highly compatible to us. The concept of such a deal is surprising given the strength of AstraZeneca's pipeline and the CEO stating on the Q2 call last week that growth beyond 2030 does not require M&A." Analysts added that the European pharmaceutical company's shareholders will face material integration risks and a decline in pipeline readout confidence from such a deal even if it creates "a new number one pharma company." The stock, which Berenberg rates as buy with a price target of 160 pounds sterling, was down 8% in Sweden and New York as well.