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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 28 to 31.Analyst Certification on page 26.Price Objective Basis/Risk on page 26.12906053 AstraZeneca 25 for 2026.Pharma top pick.Big pipe year Reiterate Rating:BUY|PO:16,500 GBp|Price:13,934 GBp Buy;Valuation,Big pipeline year to de-risk mid-term AZN is

4、 one of our“25 stocks for 2026”and is on our Europe 1 list of top ideas.Valuation(c16x 27E P/E)looks attractive.Mid-term guide implies high single digit sales CAGR&supports rerating to c19x 27E P/E.Next 12m will see game-changing reads with significant sales potential(see our September note here).Ke

5、y are AVANZAR in NSCLC(1H26),likely pre-data in PD-L1 low pts(TL07);SERENA-4 in all-comer mBC(2H26)with readthrough from ROGs competing persevERA trial 1Q26 and;Eplontersen in ATTR-CM(2H26).Despite investor“concern”of owning AZN into AVANZAR,consensus reflects limited peak sales,thus we view as+ve r

6、isk-reward.SERENA-4 may also now be higher probability,post Roche+ve data(though caveats different setting).Beyond three reads above,we flag efzimfotase alfa&tozorakimab with list of smaller pipe reads for FY26.FY26:AVANZAR,SERENA-4,eplontersen&tozorakimab Key data are;1)AVANZAR in 1H26 with points