Berenberg Maintains AstraZeneca at Buy as Pipeline Success Offsets Recent Setbacks; Price Target Down

MT Newswires · 2d ago
06:34 AM EDT, 09/15/2026 (MT Newswires) -- Berenberg reiterated its buy rating on AstraZeneca (AZN.L, AZN.ST) while lowering its price target to 150 pounds sterling from 160 pounds, noting that positive momentum in key drugs within the drugmaker's diverse portfolio helps offset recent trial failures. "AstraZeneca is on track to deliver 13% return on R&D Investment (RORI) for its current pipeline cohort and 13% on average for 2016-2024 cohorts," analysts wrote Tuesday after the release of their RORI analysis report. "This includes the failure of highly anticipated readouts in 2026 (Wainua CARDIO TTRansform, Etcamah SERENA-4 breast cancer). Importantly, positive offsets have occurred, highlighting the importance of a diversified portfolio (tozorakimab COPD, Orpathys lung cancer). AstraZeneca continues to offer attractive pipeline optionality." Against this backdrop, the research firm projects 1% annual revenue growth for full-year 2030 to 2035, matching the peer group range of -4% to +4%. Key phase 3 catalysts offering "significant upside risk" to this estimate include oral PCSK9 in 2027 and Cambria-2 in 2030. Berenberg also expects the catalyst pipeline to remain "full" through 2027, anchored by upcoming late-stage Datroway lung cancer readouts before the end of 2026.