1、 See page 4 for Analyst Certification,Important Disclosures,Non-US Research Analyst disclosures and BNP Paribas Group Corporate Social Responsibility(CSR)policies.BNP Paribas has adopted strict CSR policies that govern financing and investment in certain sectors.For time of dissemination,please refe

2、r to the Cube.EQUITIES PHARMACEUTICALS ASTRAZENECA OUTPERFORM PRICE*10,362p TARGET PRICE 11,500p(UPSIDE 11%)ASTRAZENECA ADR OUTPERFORM PRICE*USD70.8 TARGET PRICE USD79(UPSIDE 12%)FLASH NOTEFLASH NOTE Brinsupri FDA approved;Underappreciated royalty worth flagging 12 AUGUST 2025 Securities Research Re

3、port Production time:17:08*(London time)Research Analyst&Publishing Entities Peter Verdult,CFA BNP Paribas London Branch (+44)203 430 8683 What happened?Brinsupri(brensocatib)just received FDA approval as the first treatment for non-cystic fibrosis bronchiectasis(500k patients in US).While fully ant

4、icipated by the market,we continue to flag the 15%royalty payaway to AZN remains underappreciated.KOL feedback has been highly enthusiastic,highlighting the 20%reduction in exacerbations,26%reduction in annualised rate of severe“pulmonary exacerbations”,clean safety and oral dosing.The label receive

5、d is broad,does not require documentation of exacerbations,and highlights the FEV benefit at the 25mg dose.We note consensus peak sales$5bn implying the Brinsupri royalty stream is worth 1.25/share.This underappreciated royalty stream helps provide a cushion should AVANZAR Datroway 1L NSCLC data fai

6、l in 1H26.BNPP AVANZAR forecasts in-line with consensus;NPV impact 2/share if it fails.BNPP Exane view:Bronchiectasis,major lung airway disease with high unmet need.Bronchiectasis describes irreversible damage and dilation of the bronchi,which compromises the lungs natural ability to clear mucus,lea