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UBS has downgraded AstraZeneca as part of its latest review of the European pharmaceutical sector

UBS has downgraded AstraZeneca as part of its latest review of the European pharmaceutical sector "Our key concern is the exposure of the company to US Medicare Part D reform, which slows our sales growth assumptions from 2025. "We see AstraZeneca's oral oncology portfolio as particularly exposed to the requirement for pharma to fund 20% of catastrophic cover from 2025, up from around 2%. "This forced effective price cut, coupled with likely increased PMB formulary pressures, means we are around 5% below consensus core earnings before interest and tax for 2025/26. "On the positive side, our view of probability-adjusted mid-stage pipeline means we are modestly above consensus by 2028/29." This information is only for educational purposes. These information does not contain investment advice or investment recommendation, or an offer or solicitation for a transaction in any financial instrument.

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