AstraZeneca (AZN) Investor update summary

Oncology pipeline progress and portfolio updates

• Multiple new molecular entities approved, including Baxfendy and camizestrant, with global regulatory momentum and first-in-world approvals in UAE and Saudi Arabia.

• Strong pipeline momentum with one positive phase III readout per month over the past three years; key upcoming readouts include AVANZAR and SERENA-4.

• Expansion in weight management, radioconjugates, ADCs, and cell therapies, with several assets advancing to phase III and first gene therapy for rare disease in the clinic.

• IMFINZI continues rapid growth with multiple new indications and approvals, supported by robust phase III data and expansion into earlier-stage cancers and new combinations.

• Significant progress in breast, gastric, and GI cancers, with new data supporting standard of care shifts and strong commercial uptake.

EMERALD-3 trial results and clinical implications

• EMERALD-3 trial showed STRIDE plus TACE significantly improved progression-free survival (PFS) over TACE alone (13 vs. 9.8 months; HR 0.7, p=0.0007), with a strong trend toward overall survival (OS) benefit.

• Both STRIDE+lenvatinib+TACE and STRIDE+TACE arms showed PFS and OS benefits across subgroups, with no significant difference between adding lenvatinib or not, except possibly in Japanese patients.

• Safety profile was consistent with known toxicities; lenvatinib added toxicity but did not improve efficacy over STRIDE+TACE, and overall safety was manageable.

• EMERALD-3 is expected to inform clinical practice, with immediate adoption in some centers and blockbuster potential globally pending OS data maturation.

• Regulatory submissions will include the full study, with regional considerations for regimen choice and ongoing evidence generation for TARE.

Key pipeline assets and future outlook

• Paxisamb (B7H4 ADC) and tovosutumab (folate receptor alpha ADC) show high response rates in endometrial and ovarian cancers, underpinning phase III programs.

• Claudin 18.2 ADC and IO bispecifics (rilvegostomig, volrustomig) demonstrate durable responses in gastric, pancreatic, biliary, and head and neck cancers, with multiple phase III trials underway.

• PRMT5 inhibitor AZD3470 shows unprecedented complete response rates in heavily pretreated Hodgkin lymphoma, with potential in other hematologic and solid tumors.

• Anselamimab in kappa light chain amyloidosis reduced mortality and hospitalizations, supporting regulatory engagement despite not meeting the primary endpoint.

• Continued focus on segmentation and combination strategies in IO, with bispecifics and ADCs positioned for future growth.