Citi Raises AstraZeneca's 2026 EPS to $10.30, Sees Five Key Trials
Citi raised AstraZeneca's 2026 core EPS forecast by 2% to $10.30 after a 2% first-quarter outperformance and maintained a buy rating. Citi highlighted positive risk-reward ahead of key late-year Phase III readouts including Wainua, camizestrant, Datroway, tozorakimab and efzimfotase alfa.
1. Citi Raises 2026 EPS Forecast
Citi increased AstraZeneca's 2026 core earnings per share estimate by 2% to $10.30, reflecting a 12% constant-currency growth rate and nudged 2027-2034 forecasts up by 1%.
2. First-Quarter Outperformance
AstraZeneca delivered first-quarter results approximately 2% above consensus on a constant currency basis while maintaining its full-year guidance for double-digit earnings growth.
3. Key Late-Year Pipeline Catalysts
Investors are focused on five upcoming Phase III readouts: Wainua in the CARDIO-TTRansform cardiovascular trial, camizestrant in SERENA-4 breast cancer study, Datroway in AVANZAR, tozorakimab in COPD research and efzimfotase alfa in hypophosphatasia.
4. Risk Around Breast Cancer Advisory Committee
Citi noted the SERENA-6 advisory committee review for Truqap poses limited downside risk of roughly 1% of net present value, and AstraZeneca still anticipates 11 additional Phase III readouts through 2026.