BofA Upbeat on AstraZeneca's Camizestrant After US Approval Based on Serena-6 Trial Results

08:56 AM EDT, 09/07/2026 (MT Newswires) -- BofA Global Research noted that AstraZeneca (AZN.L, AZN.ST) securing approval for its breast cancer drug camizestrant in the US based on the Serena-6 phase 3 trial results came as a "positive surprise" following the previous "negative" decision of an advisory committee of the US Food and Drug Administration. AstraZeneca said Sept. 4 that the drug, branded Etcamah, in combination with a cyclin-dependent kinase 4/6 inhibitor, secured approval in the US for the treatment of adult patients with hormone receptor-positive, HER2-negative, locally advanced or metastatic breast cancer upon detection of the ESR1 mutation. "We view [the Serena-6 approval] as a c$1bn opp., which could be larger should SERENA-4 fail (data imminent and debates on potential success described below) and there be no true [first-line] products approved (also [Roche's] persevERA fail). That said, our positive view of camizestrant is mostly driven by our bullish view of CAMBRIA-1 (adjuvant switch study due 2H27E), which we see high probability and anchor asset to our Bull thesis," analysts said Monday. "Of our c$7.5bn peak camizestrant sales, we attribute c$4bn to adjuvant trials (CAMBRIA-1/2), a larger opp vs 1L, and could be bigger given size of adjuvant market. SERENA-6 approval now covers a portion of cons c$3bn peak, with upside to cons on CAMBRIA success independent of SERENA-4." The research firm also highlighted the pharmaceutical company's "attractive" valuation amid a busy pipeline for the remainder of 2026 and in 2027, with key upcoming data readouts including the Serena-4 trial for camizestrant in first-line metastatic breast cancer and Avanzar study for datopotamab deruxtecan in first-line non-small cell lung cancer. The buy rating on the London-listed stock was reiterated, with a price objective of 165 pounds sterling.