AstraZeneca (AZN) Investor update summary

Strategic Growth and Portfolio Ambition

• Targeting $80 billion risk-adjusted total revenue by 2030, driven by a diversified portfolio and not dependent on future M&A.

• Weight management and CVRM are key growth areas, leveraging global infrastructure and commercial expertise.

• Less than 5% of eligible patients with obesity currently receive treatment, highlighting significant unmet need and market opportunity.

• Recent FDA approval and launch of BAXFENDY for hypertension, with several late-stage assets each having multi-billion dollar peak sales potential.

• Five franchises, including weight management, expected to achieve $5bn+ peak year revenue each by 2030.

Elecoglipron Phase IIb Clinical Results

• VISTA trial in overweight/obese adults showed dose-dependent, clinically meaningful weight loss up to 11.5% at 36 weeks, with up to 89% achieving ≥5% weight loss.

• SOLSTICE trial in type 2 diabetes demonstrated significant A1C reductions up to 1.9% and weight loss up to 7.7% at higher doses, with up to 90% achieving HbA1c <7% and ≤6.5%.

• Improvements observed in cardiometabolic risk factors, including blood pressure, triglycerides, LDL-C, and hs-CRP.

• Safety profile consistent with GLP-1 class; most common adverse events were mild to moderate GI effects, with no unexpected safety signals or liver safety concerns.

• No evidence of weight loss plateau at 36 weeks for elecoglipron; ongoing studies will further assess long-term efficacy.

Phase III Development and Portfolio Strategy

• Phase III program to start in H2 2026, including EMBOLD (obesity), ELUMINATE (type 2 diabetes), and ELEVATE (heart failure and CKD) trials, with both monotherapy and combination arms.

• Ambitious outcome trials to demonstrate organ protection and value in heart failure and CKD, leveraging combinations with dapagliflozin.

• Portfolio strategy includes oral, injectable, and combination therapies to address diverse patient needs and maximize market reach.

• Broader weight management portfolio includes selective amylin and dual GLP-1/glucagon agonists, as well as monthly injectable collaborations.

• CVRM pipeline includes multiple high-value assets targeting dyslipidaemia, hypertension, heart failure, kidney disease, and diabetes.