EFTA Document EFTA01385515

> Healthcare Deutsche Bank 0 AstraZeneca - Richard Parkes, BUY, close 5171p, 5700p tgt, 10% upside • 2018 is a likely turning point for margin and EPS momentum. We believe EPS should grow at a c12% EPS CAGR to 2022 as it emerges from its patent cliff and margins grow. • Best-in-class pipeline. Exceptional data on new oncology portfolio puts AZ in a strong position despite MYSTIC failure. - Expectations for the overall survival readout of MYSTIC in 1H18 are low, so this is close to a fre