AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) drug pipeline is splitting opinion among City brokers, with Citibank upgrading its price target to 17,800p whilst analysts at Deutsche Bank repeated a ‘sell’ rating and a 11,500p valuation.
Shares in the FTSE 100 drugmaker were down 1.1% at 12,744p on Tuesday afternoon
Citi described Astra’s second quarter as solid, and lifted its EPS forecasts by 1%-3%, and noted that 19 key Phase III clinical trial readouts are expected in 2027. The American bank highlighted in a note to clients that AstraZeneca’s pipeline depth should help it absorb setbacks such as the Wainua trial failure, adding that the subsequent share-price reaction appeared “overdone”. It sees positive risk-reward ahead of the SERENA-4 and AVANZAR oncology readouts in the second half.
Deutsche is more cautious, describing the quarterly update and pipeline news as broadly neutral, whilst maintaining its negative rating. AstraZeneca saw its shares climb on Monday after the drugmaker reported better second-quarter earnings than expected as growth in oncology and rare diseases helped offset weaker sales elsewhere. Total revenue increased 9% to $30.7 billion in the first half of 2026, or 6% at constant exchange rates.