JPMorgan says AstraZeneca (LSE:AZN, NYSE:AZN) offers a compelling risk-reward opportunity ahead of late-stage readouts in 2027, which could collectively unlock more than $20 billion in non-risk-adjusted peak sales. Key studies include laroprovstat, Farxiga combinations, Datroway, puxi-sam, camizestrant and saruparib. The AVANZAR trial of Datroway has moved to Q1 2027 from Q4 2026 because progression-free survival events have not yet accumulated; JPMorgan says this could raise confidence in success, particularly in patients with the TROP2 biomarker. The stock trades at around 15 times 2027 earnings, broadly in line with European pharma, and the broker sees this as attractive given expected core earnings growth of around 10% over 2027-2030, roughly 40% ahead of the sector.
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