AstraZeneca ASCO Update on Serena-6 and Serena-4

Goldman Sachs analyzes updated SERENA-6 and perseverA data from ASCO, maintaining a Buy rating on AstraZeneca despite incremental clinical results and mixed readacross for camizestrant.

Key Takeaways

• 1.SERENA-6 clinical data for camizestrant showed significant ctDNA reduction but failed to address key FDA concerns regarding trial design and OS benefit power.
• 2.Results from Roche's perseverA trial (giredestrant) provided a neutral to slightly negative readacross for AstraZeneca's SERENA-4 trial due to a disappointing PFS HR of 0.89.
• 3.Goldman maintains a Buy rating with a 16,525p price target, despite only 20% Probability of Success (PoS) modeled for SERENA-6 and 60% for SERENA-4.

Table of Contents

• Updated SERENA-6 data
• Readacross from giredestrant's perseverA on SERENA-4
• Valuation and risks
• GS Forecast
• Disclosure Appendix

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