AstraZeneca Kept at Buy as Berenberg Notes Upcoming COPD Data Readout

06:30 AM EDT, 09/03/2026 (MT Newswires) -- Berenberg affirmed its investment case for AstraZeneca (AZN.L, AZN.ST), noting the growth prospects of the pharmaceutical giant's chronic obstructive pulmonary disease candidate, tozorakimab, ahead of a key late-stage trial data readout. "COPD patients require high efficacy drugs. AstraZeneca should deliver this with its [anti-interleukin-33], tozorakimab. Detailed, positive P3 data will be presented on September 8 followed by a virtual investor event at 4pm UK. We look for upside potential to our tozorakimab [net present value] of 590p/share if the data are highly compelling," according to a Thursday note. The research firm forecasts a $4 billion sales opportunity for AstraZeneca's legacy therapy franchise. Within this context, analysts expect tozorakimab to benefit a wider range of COPD patients, treating both type 2 eosinophilic and non-eosinophilic conditions. Looking ahead, the research firm continues to see a "full" catalyst pipeline for the company through 2027, including US Food and Drug Administration regulatory decisions for camizestrant in breast cancer and Ultomiris in kidney disease immunoglobulin A nephropathy. "AstraZeneca share price has declined 15% [year to date], underperforming peers by 25% as investors digest increased risk on camizestrant SERENA-4 readout, the negative Wainua outcome and the recent FT report that merger talks with [Bristol-Myers Squibb] took place earlier this year. This move is overdone, in our view. We reiterate our Buy recommendation and price target of GBP160, which implies a 2027 P/E of 18x versus EU sector average of 13x," Berenberg wrote.