AstraZeneca PLC (LSE:AZN) has edged closer to its aim of generating $80 billion in revenue by 2030 on positive results from a trial of Imfinzi, according to analysts.
Shore Capital repeated a ‘buy’ rating following Friday’s update that a combination of the drug and chemotherapy yielded promising results.
Known as the MATTERHORN trial, research showed the combination significantly reduced early-stage stomach and oesophageal cancer patients’ chances of the diseases returning.
Shore Cap noted consensus had largely priced in Imfinzi’s use for lung cancer, leaving other opportunities potentially allowing for further gains.
“Importantly, these data incrementally support conviction around the deliverability of its long-term $80bn revenue ambition In 2030,” analysts said.