Key Takeaways:
Jefferies named AstraZeneca a Franchise Pick with an 18,000p price target, citing an approaching late-stage heart drug trial as the next catalyst for the shares.
The CARDIO-TTRansform study of eplontersen, marketed as Wainua, in transthyretin amyloidosis is well placed to succeed given a large patient population and the ability to test the drug alone and alongside existing stabilizer therapies such as tafamidis, Jefferies analysts said.
Data from the phase III trial is due in the second half of 2026. A positive result could de-risk around $5 billion in future sales while adding a low single-digit percentage to the broker's net present value estimate for AstraZeneca. The price target of 18,000p implies upside of about 30% from the current price and places the stock at a premium of roughly 40% to the European pharmaceuticals sector on 2027 earnings, a valuation Jefferies said is justified.
Jefferies sees the transthyretin amyloidosis market reaching about $18 billion by 2030, driven by earlier diagnosis and a shift toward disease-modifying therapies in a condition that remains widely underdiagnosed. A favorable outcome would validate eplontersen as a competitive silencing treatment and open the door to combination use, where the broker sees the larger long-term prize.
Jefferies also pointed to AstraZeneca's broader pipeline, including the amyloid-clearing antibody cliramitug, as evidence of a multi-mechanism franchise rather than a single-product bet. On the longer-term question of growth beyond 2030, the analysts estimate AstraZeneca must de-risk roughly $12.5 billion of incremental revenue by 2034 to sustain forecast top-line growth of about 3% a year, a target they consider achievable.
The 18,000p target implies the stock trades at a premium of about 40% to the European pharma sector based on 2027 earnings estimates. Jefferies said that valuation is justified by the pipeline opportunity and the potential for eplontersen to address a large underserved patient population in transthyretin amyloidosis, a progressive condition in which misfolded proteins build up in the heart.
The Franchise Pick designation means Jefferies views AstraZeneca as a top-conviction name within its coverage universe. Investors will watch for the CARDIO-TTRansform data readout in the second half of 2026 as the next major event that could drive the shares toward the 18,000p target.
This article is for informational purposes only and does not constitute investment advice.
