UBS expects AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) to report solid second-quarter results later this month, though it sees little room for the drugmaker to raise full-year guidance.
The bank reiterated its 'buy' rating on Britain's second most valuable listed company, ahead of results due on 27 July.
UBS set a 12-month price target of 17,600p, well above the 12,734.87p at which the shares closed on 10 July.
The forecasts sit broadly in line with consensus, running about 1% below on sales and 2% below on core operating profit and earnings for the quarter.
The bank expects the sharpest investor focus to fall on AstraZeneca's target of $80 billion in annual revenue by 2030, a goal that has come under scrutiny after the recent failure of Wainua in a form of heart disease.
UBS said it still viewed the 2030 target as achievable, pointing to blockbuster trial readouts due in 2027, including an oral cholesterol treatment and a cell therapy for multiple myeloma.
The bank was more cautious on nearer-term readouts, flagging higher risk around lung and breast cancer trials expected in the second half.
It named late-stage data on the lung cancer treatment tozorakimab in chronic obstructive pulmonary disease as a key September event.
UBS forecasts full-year revenue of around $63.3 billion, up from $58.7 billion in 2025.
It expects core earnings per share of $9.48, rising to $11.38 in 2027.
The bank sees the core operating margin widening to 33.6% this year from 31.5% in 2025.
UBS said it did not expect AstraZeneca to lift its full-year guidance, with its own forecasts already sitting solidly within the current range.
It described the company as having the broadest late-stage pipeline in the sector, while acknowledging that remaining catalysts this year carried higher risk.
UBS makes a market in AstraZeneca securities and holds a long position of 0.5% or more in its shares.
