1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:17/09/2025 07:44:17 GMTDistributed on:17/09/2025 07:44:17 GMT17 September 2025Deutsche Bank GroupDeutsche Numis Research Rating Hold Europe United Kingdom Pharmaceuticals Pharmaceuticals Company AstraZeneca Date Company Update Fasenra/Saphenlo:ill met b

2、y moonlight?Oberon to centre stage(+GSK)Summary takesAZN posted a mixed pair of results this morning for a duo of low(er)profile results due amongst the slate for H2 and we briefly comment.The summary is that a miss for Fasenra in COPD is a minor negative only partly mitigated,in our view,by an over

3、due expansion of Saphnelos remit in lupus to include subcutaneous format.We remind several high(er)profile read outs remain pending(TB02,LATIFY,DB05,HICKORY/CHESTNUT)and we believe also have potential to yield mixed results for the former two at least.We note todays results have correspondingly mixe

4、d x-read for GSK.Brief detailsnFasenra:the miss for RESOLUTE is surprising given the redesign closely matched GSKs MATINEE trial for Nucala(see details inside),which reported positively and resulted in recent FDA approval in May earlier this year.The result narrows scope for AZN to participate in th

5、e biologic COPD space and will place greater emphasis on pending tozorakimab OBERON/TITANIA data due H126 and Tezspire EMBARK/JOURNEY data due 2027.However,given peers have fared poorly for the former(i.e.itepekimab,astegolimab),expectations are likely to remain low that AZN can salvage this with to

6、zo.We note the COPD approval has helped Nucala start to clearly outperform IL5 peer Fasenra(see our AZN tracker:link inside),something that is now likely to continue(i.e.small plus for GSK).In terms of context:after our 2023 preview(SAN:Puffing up those Dupi peak sales some more?Detailed COPD previe