Jefferies has reiterated its 'buy' rating on AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) and named the drugmaker a Franchise Pick, framing an approaching late-stage trial readout as the next major catalyst for the shares.
The broker holds a price target of 18,000p, implying upside of around 30% to the current price.
At the centre of the call is CARDIO-TTRansform, a phase III study of eplontersen, marketed as Wainua, in transthyretin amyloidosis, a progressive condition in which misfolded proteins build up in the heart.
Data is due in the second half of 2026, and Jefferies argues a positive result could de-risk around $5 billion in future sales while adding a low single-digit percentage to its net present value estimate.
The analysts see the trial as well placed to succeed, citing a large patient population and the ability to test the drug both alone and alongside existing stabiliser therapies such as tafamidis.
A favourable outcome would validate eplontersen as a competitive silencing treatment and open the door to combination use, where Jefferies sees the larger long-term prize.
The broker frames the opportunity within a transthyretin amyloidosis market it expects to reach around $18 billion by 2030, driven by earlier diagnosis and a shift towards disease-modifying therapies in a condition that remains widely underdiagnosed.
Jefferies also points to AstraZeneca's broader pipeline, including the amyloid-clearing antibody cliramitug, as evidence of a multi-mechanism franchise rather than a single-product bet.
On the longer-term question of growth beyond 2030, the analysts estimate AstraZeneca must de-risk roughly $12.5 billion of incremental revenue by 2034 to sustain forecast top-line growth of about 3% a year, a target they consider achievable.
The price target places the stock at a premium of around 40% to the European pharmaceuticals sector on 2027 earnings, a valuation Jefferies says is justified.
