Slides
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1 Meet AZN Management: ERS 2026 Conference call and webcast for investors and analysts 8 September 2026
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2 Cautionary statements regarding forward-looking statements In order, among other things, to utilise the 'safe harbour' provisions of the US Private Securities Litigation Reform Act of 1995, AstraZeneca (hereafter 'the Group') provides the following cautionary statement: This document contains certain forward-looking statements with respect to the operations, performance and financial condition of the Group, including, among other things, statements about expected revenues, margins, earnings per share or other financial or other measures. Although the Group believes its expectations are based on reasonable assumptions, any forward-looking statements, by their very nature, involve risks and uncertainties and may be influenced by factors that could cause actual outcomes and results to be materially different from those predicted. The forward-looking statements reflect knowledge and information available at the date of preparation of this document and the Group undertakes no obligation to update these forward-looking statements. The Group identifies the forward-looking statements by using the words 'anticipates’, 'believes', 'expects', 'intends' and similar expressions in such statements. Important factors that could cause actual results to differ materially from those contained in forward-looking statements, certain of which are beyond the Group's control, include, among other things: the risk of failure or delay in delivery of pipeline or launch of new medicines; the risk of failure to meet regulatory or ethical requirements for medicine development or approval; the risk of failures or delays in the quality or execution of the Group's commercial strategies; the risk of pricing, affordability, access and competitive pressures; the risk of failure to maintain supply of compliant, quality medicines; the risk of illegal trade in the Group's medicines; the risk of reliance on third-party goods and services; the risk of failure in information technology or cybersecurity; the risk of failure of critical processes; the risk of failure to collect and manage data and artificial intelligence in line with legal and regulatory requirements and strategic objectives; the risk of failure to attract, develop, engage and retain a diverse, talented and capable workforce; the risk of failure to meet our sustainability targets, regulatory requirements or stakeholder expectations with respect to the environment; the risk of failure to meet regulatory and ethical expectations on commercial practices, including anti-bribery anti-corruption, anti-fraud and scientific exchanges; the risk of the safety and efficacy of marketed medicines being questioned; the risk of adverse outcome of litigation and/or governmental investigations; intellectual property risks related to the Group's products; the risk of failure to achieve strategic plans or meet targets or expectations; the risk of geopolitical and/or macroeconomic volatility disrupting the operation of our global business; the risk of failure in internal control, financial reporting or the occurrence of fraud; and the risk of unexpected deterioration in the Group's financial position.
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3 Meet AZN Management @ ERS – agenda Furthering the AstraZeneca ambition with R&I Ruud Dobber, EVP , BioPharmaceuticals Business Sharon Barr, EVP , BioPharmaceuticals R&D Tozorakimab in COPD – Phase III: OBERON and TITANIA Frank C. Sciurba, MD Professor of Pulmonary and Critical Care Medicine, University of Pittsburgh Unlocking the potential of tozorakimab Sharon Barr, EVP , BioPharmaceuticals R&D Delivering growth to 2030 and beyond Pascal Soriot, Chief Executive Officer Q&A session
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Furthering the AstraZeneca ambition with R&I Ruud Dobber EVP, BIOPHARMACEUTICALS BUSINESS Sharon Barr EVP, BIOPHARMACEUTICALS R&D 4
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Note: Ambition to achieve $80bn in Total Revenue by 2030 is risk-adjusted, based on long-range plan as of AstraZeneca Investor Day May 2024. Medicines and assets listed reflect key contributors to 2030 Total Revenue ambition; however, this list is not exhaustive. Medicines and assets listed in alphabetical order and sorted by therapy area. Laroprovstat previously AZD0780 and elecoglipron previously AZD5004. Collaboration partners: Daiichi Sankyo (Enhertu, Datroway), Amgen (Tezspire), Ionis (Wainua), Merck & Co., Inc. (Lynparza). Appendix: Glossary 5 Ambition – $80bn Total Revenue by 2030 & sustained 2030+ growth Working on “today, tomorrow and the day after" 2023 2030 $45.8bn IRA impact Loss of Exclusivity Existing portfolio Calquence Enhertu Imfinzi/Imjudo Tagrisso Truqap Airsupra Breztri Fasenra Lokelma Saphnelo Tezspire Wainua Ultomiris Launching key NMEs AZD0120 Etcamah Datroway rilvegostomig saruparib surovatamig volrustomig AZN ADCs balci/dapa Baxfendy baxdro/dapa elecoglipron hMPV/RSV vaccine laroprovstat tozorakimab zibo/dapa efzimfotase alfa gefurulimab eneboparatide $80bn ADCs and Radioconjugates Cell therapy and T-cell engagers Gene therapy Next-generation IO bispecifics Weight management and CV risk factors Beyond 2030 Brilinta Farxiga Lynparza Soliris Illustrative only, not to scale 2030 Total Revenue ambition not dependent upon future M&A Approved since Investor DayProduct name R&I medicinesKey:
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Appendix: Glossary 6 R&I portfolio to contribute meaningfully to 2030 Ambition and growth thereafter Six key growth drivers in R&I portfolio R&I portfolio has multiple recently launched products and deep pipeline to fuel future growth Respiratory Immunology Additional LCM indications in Phase III TILIA | tozorakimab severe lower respiratory tract disease H2 2027 EMBARK / JOURNEY | Tezspire chronic obstructive pulmonary disease >2027 JASMINE | Saphnelo idiopathic inflammatory myopathies H2 2027 LAVENDER | Saphnelo cutaneous lupus erythematosus H1 2027 IRIS | Saphnelo lupus nephritis H1 2027 DAISY | Saphnelo systemic sclerosis H1 2027 THARROS | Breztri cardiopulmonary outcomes in COPD >2027 R&I portfolio has 5 NMEs in Phase II to drive additional growth CROSSING | Tezspire eosinophilic esophagitis tozorakimab
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AstraZeneca respiratory portfolio spans the full spectrum of asthma and COPD care INHALED NOVEL ORAL/INHALED BIOLOGIC Increasing severity Primary care-led Specialty care-led Asthma ~54M patients ~3.6M patients Airsupra Breztri Symbicort sunakiment — iTSLP Fab Fasenra Tezspire tozorakimab — IL-33 inhibitor COPD ~40M patients ~4.6M patients Breztri Symbicort TQC3721 — PDE3/4 inhibitor AZD6793 — oIRAK4 inhibitor tezepelumab — TSLP inhibitor tozorakimab — IL-33 inhibitor 1 Estimated epidemiology reflects maintenance-treated patients on inhaled therapies and biologic-eligible patients within novel oral/inhaled and biologic in Top 8 countries in 2026. Appendix: Glossary Marketed Pipeline
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8 1. World Health Organization (WHO). The top 10 causes of death. 2024. Excluding COVID-19. 2. Chen S, Small M, Lindner L, Xu X. Symptomatic burden of COPD for patients receiving dual or triple therapy. Int J Chron ObstructPulmon Dis 2018;13:1365–1376. 3. Suissa S, Dell’Aniello S, Ernst P. Long-term natural history of chronic obstructive pulmonary disease: severe exacerbations and mortality. Thorax2012;67:957–963. 4. Chen S, Kuhn M, Prettner K, et al. 2023. The global economic burden of chronic obstructive pulmonary disease for 204 countries and territories in 2020-2050. Lancet Glob Health 11(8): e1183-e93. Appendix: Glossary COPD remains a disease with high unmet need which places significant burden on healthcare systems ~40 million patients with COPD on maintenance therapy 3rd leading cause of death1 Exacerbations are a leading cause of death and healthcare system costs 50% of patients on inhaled SoC still experience exacerbations2 1 in 2 Patients die within 3.5 years after first severe exacerbation3 $4T estimated cost to global health systems of COPD from 2020 to 20504 Prevention of COPD exacerbations is a critical goal in the treatment of COPD to improve patient outcomes and reduce healthcare costs Remaining high unmet need in COPD globally
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tozorakimab – Phase III OBERON and TITANIA Frank C. Sciurba, MD Professor of Pulmonary and Critical Care Medicine, University of Pittsburgh 9
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Tozorakimab to prevent COPD exacerbations: results from the replicate OBERON and TITANIA phase 3 studies Frank C Sciurba ,* Henrik Watz,* Arnaud Bourdin, Wim Janssens, Fernando J Martinez, Jinping Zheng, Maarten van den Berge, Matteo Bonini, MeiLan K Han, Dave Singh, Gerard J Criner, Christopher E Brightling, Alberto Papi, Surya P Bhatt, Martin Jenkins, Marta Mikosz, Piotr Chołbiński , Monika Ziemiecka, Magnus Löfdahl, Deepa Arya, Madhavi Yadavalli, Bryan H Brodek, Malin Fagerås, Samuel Bardsley, Neil Martin, Rajesh Patel, Ioannis Psallidas *Co -first authors who contributed equally to this work
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COPD is associated with a high disease burden and high unmet need BEC, blood eosinophil count; COPD, chronic obstructive pulmonary disease. 1. Donaldson GC et al. Thorax 2002;57:847–52. 2. Daniels K et al. Int J Chron Obstruct Pulmon Dis 2024;19:225–41. 3. Nordon C et al. Int J Chron Obstruct Pulmon Dis 2025;20:1851–64. 4. Bhatt SP et al. N Engl J Med 2023;389:205–14. 5. Bhatt SP et al. N Engl J Med 2024;390:2274–83. 6. Sciurba FC et al. N Engl J Med 2025;392:1710–20. 7. Regeneron Pharmaceuticals. Dupixent, Prescribing information. FDA, 2026. https://www.regeneron.com/downloads/dupixent_fpi.pdf (Accessed 22 July 2026). 8. GlaxoSmithKline. Prescribing information, Nucala. FDA, 2025. https://www.accessdata.fda.gov/drugsatfda_docs/label/2025/125526s007lbl.pdf (Accessed 22 July 2026) COPD exacerbations accelerate lung function decline, reduce quality of life, and increase risks of hospitalization and death1,2 Over 50% of patients remain at a high risk of exacerbations while on standard-of-care inhaled maintenance therapy3 Approved biologics are limited to adults with inadequately controlled COPD and an eosinophilic phenotype4−8
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IL-33 is an upstream cytokine with two distinct bioactive forms that contribute to the pathophysiology of COPD9,10 aDamage induced by smoke, pollutants, and viral or bacterial exposure. EGFR, epidermal growth factor receptor; IL-1RAcP, interleukin-1 receptor accessory protein; IL-33, interleukin-33; ox, oxidized; RAGE, receptor for advanced glycation end products; red, reduced; ST2, serum stimulation-2. 9. England E et al. Sci Rep 2023;13:9825. 10. Strickson S et al. Eur Respir J 2023;62:2202210 Mucus hypersecretion and epithelial remodelling10 IL-33red IL-33ox Epithelial damage EGFR RAGE IL-1RAcP ST2 IL-33red IL-33ox Damagea Type 1/3 inflammation Type 2 inflammation Neutrophils Macrophages T-cells Eosinophils Airway inflammation9
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Tozorakimab is a monoclonal antibody that inhibits the activity of both IL-33red and IL-33ox,9 aDamage induced by smoke, pollutants, and viral or bacterial exposure. EGFR, epidermal growth factor receptor; IL-1RAcP, interleukin-1 receptor accessory protein; IL-33, interleukin-33; ox, oxidized; RAGE, receptor for advanced glycation end products; red, reduced; ST2, serum stimulation-2. 9. England E et al. Sci Rep 2023;13:9825. 10. Strickson S et al. Eur Respir J 2023;62:2202210 Mucus hypersecretion and epithelial remodelling10 Airway inflammation9 IL-33red IL-33ox Epithelial damage Tozorakimab EGFR RAGE IL-1RAcP ST2 IL-33red IL-33ox Damagea Evaluate the efficacy and safety of tozorakimab compared with placebo when added to standard of care in patients with COPD with a history of exacerbations Aim: Type 1/3 inflammation Type 2 inflammation Neutrophils Macrophages T-cells Eosinophils
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OBERON and TITANIA were replicate, phase 3, randomized, double-blind, placebo-controlled studies aBefore the protocol amendment X = 1; following the protocol amendment X = 0. bModerate exacerbations: worsening COPD symptoms resulting in treatment with systemic glucocorticoids for at ≥ 3 days and/or antibiotics, or an ER/ED visit of < 24 hours with intensive treatment; severe exacerbations: worsening COPD symptoms resulting in hospitalization for ≥ 24 hours or death. cChange from baseline over 52 weeks. dChange from baseline at week 52. eCOPD exacerbations resulting in hospitalization and/or an ER/ED visit (of any duration), or death. CAT, COPD Assessment Test; ED, emergency department; ER, emergency room; E-RS:COPD, Evaluating Respiratory Symptoms in COPD; FEV1, forced expiratory volume in one second; MACE, major adverse cardiovascular event; Q4W, every 4 weeks; Q8W, every 8 weeks; SC, subcutaneously; SGRQ, St. George's Respiratory Questionnaire; SoC, standard of care; yr, years. 11. Watz H et al. BMJ Open Respir Res 2026;13:e004145 Primary endpoint Annualized rate of moderate/severe exacerbationsb in former smokers Key secondary and safety endpoints in hierarchical order • Annualized rate of moderate/severe exacerbationsb in the overall population (current and former smokers) • SGRQ total scorec • Pre-bronchodilator FEV1 c • Post-bronchodilator FEV1 d • E-RS:COPD total scorec • Annualized rate of hospitalization and or ER/ED visitse • Adverse events and MACE Patient population Study design11 • CAT total score ≥ 10 (phlegm and cough item scores of ≥ 2) Placebo SC Q4W + SoC Treatment (52 weeks)Screening (2 weeks) Enrolment and screening Randomization 1:1:Xa Tozorakimab 300 mg SC Q4W + SoC Tozorakimab 300 mg SC Q8W + SoC 8-week safety follow-up or optional long-term extension study (PROSPERO) Q8W halted • Adults (aged ≥ 40 yr) with COPD for ≥ 1 yr • Current or former smokers • ≥ 2 moderate or ≥ 1 severe COPD exacerbations (past 12 months) • On stable SoC inhaled therapy (triple or dual) • Any blood eosinophil count (BEC) • Post-bronchodilator FEV1 > 20% of predicted normal
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Baseline characteristics were balanced between treatment groups and trials, and representative of the COPD population studied Data are reported for the overall populations (current and former smokers). aPatients were receiving stable COPD inhaled maintenance triple therapy (inhaled corticosteroid/long-acting beta-agonist/long-acting muscarinic antagonist) at screening or dual therapy when triple therapy was not considered appropriate. bBefore enrolment. cSeverity of airflow obstruction was classified according to GOLD criteria as mild (FEV1 ≥ 80% predicted), moderate (50% ≤ FEV1 < 80% predicted), severe (30% ≤ FEV1 < 50% predicted), or very severe (FEV1 < 30% predicted), using Global Lung Function Initiative spirometry reference equations. dCAT total score ranges from 0 to 40, with higher scores indicating a greater impact of COPD on health status. FVC, forced vital capacity; GOLD, Global Initiative for Chronic Obstructive Lung Disease; SD, standard deviation OBERON TITANIA Tozorakimab Q4W (n = 446) Placebo (n = 431) Tozorakimab Q4W (n = 438) Placebo (n = 435) Age, years, mean (SD) 67.3 (7.8) 67.1 (7.8) 68.0 (7.3) 67.8 (7.2) Male, n (%) 296 (66.4) 273 (63.3) 301 (68.7) 293 (67.4) Smoking status, n (%) Former Current 342 (76.7) 104 (23.3) 337 (78.2) 94 (21.8) 350 (79.9) 88 (20.1) 344 (79.1) 91 (20.9) Triple therapy,a n (%) 406 (91.0) 393 (91.2) 396 (90.4) 390 (89.7) No. of moderate/severe exacerbations in the past 12 months,b mean (SD) 2.5 (1.2) 2.4 (1.2) 2.3 (1.0) 2.3 (1.2) BEC at screening,b n (%) < 150 cells/µL 150 to 300 cells/µL ≥ 300 cells/µL 165 (37.0) 160 (35.9) 121 (27.1) 166 (38.5) 152 (35.3) 113 (26.2) 178 (40.6) 162 (37.0) 98 (22.4) 184 (42.3) 151 (34.7) 100 (23.0) Severity of airflow obstruction (GOLD criteria),c n (%) Mild (1) Moderate (2) Severe (3) Very severe (4) 12 (2.7) 154 (34.5) 198 (44.4) 82 (18.4) 21 (4.9) 134 (31.1) 185 (42.9) 89 (20.6) 17 (3.9) 137 (31.3) 193 (44.1) 91 (20.8) 21 (4.8) 152 (34.9) 182 (41.8) 80 (18.4) Post-bronchodilator FEV1/FVC, % – mean (SD) 43.4 (11.8) 44.0 (13.1) 43.2 (12.6) 44.1 (12.3) CAT total score,d mean (SD) 21.7 (5.8) 21.5 (5.6) 21.7 (5.5) 22.0 (5.7)
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Tozorakimab Q4W significantly reduced the annualized rate of moderate/severe exacerbations versus placebo aPatients included in analysis: n = 336 (former smokers); n = 429 (overall population). CI, confidence interval OBERON Treatment group Adjusted annualized rate (95% CI) Rate ratio (95% CI) p value Primary endpoint: Former smokers Tozorakimab Q4W (n = 342) 1.34 (1.14, 1.58) 0.71 (0.57, 0.88) 0.002 Placebo (n = 337)a 1.90 (1.63, 2.21) First key secondary endpoint: Overall population Tozorakimab Q4W (n = 446) 1.41 (1.22, 1.62) 0.70 (0.58, 0.85) <0.001 Placebo (n = 431)a 2.00 (1.74, 2.30) TITANIA Treatment group Adjusted annualized rate (95% CI) Rate ratio (95% CI) p value Primary endpoint: Former smokers Tozorakimab Q4W (n = 350) 1.37 (1.19, 1.57) 0.66 (0.55, 0.80) <0.001 Placebo (n = 344) 2.07 (1.81, 2.37) First key secondary endpoint: Overall population Tozorakimab Q4W (n = 438) 1.44 (1.27, 1.63) 0.71 (0.59, 0.84) <0.001 Placebo (n = 435) 2.03 (1.80, 2.30) 0.1 1 Favours tozorakimab Q4W Rate ratio (95% CI) 29% reduction 30% reduction 34% reduction 29% reduction
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Cumulative counts of moderate/severe exacerbations were lower with tozorakimab Q4W than placebo from baseline through week 52 aPatients included in the analysis: n = 336 (former smokers); n = 429 (overall population) TITANIA: overall population OBERON: overall population . TITANIA: former smokers OBERON: former smokers .
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Other key secondary endpoints in the overall population as described in NEJM Change in SGRQ Total Score Change in prebronchodilator FEV1 Change in postbronchodilator FEV1 Change in E-RS:COPD Total Score Annualised rate of exacerbations resulting in hospitalisation, ED visit, or both LS Mean Diff (95% CI) OBERON −1.23 (−3.04 to 0.57) TITANIA −0.16 (−1.79 to 1.47)-2 0 2 -20 0 20 40 60 80 -1.5 -1.0 -0.5 0.0 Rate Ratio (95% CI) OBERON 0.64 (0.46 to 0.89) TITANIA 0.67 (0.51 to 0.88)1.00.1 OBERON 25 (4 to 46) TITANIA 20 (−1 to 40) LS Mean Diff (95% CI) OBERON 20 (−11 to 51) TITANIA 21 (−11 to 54) LS Mean Diff (95% CI) OBERON −0.79 (−1.34 to −0.23) TITANIA −0.89 (−1.36 to −0.42) LS Mean Diff (95% CI) -20 0 20 40 60 80 -2.0 -40 -40 -4 Favours tozorakimab Favours tozorakimab Favours tozorakimab Favours tozorakimab Favours tozorakimab Sciurba, F. C., Watz H. et. al. Tozorakimab to Prevent COPD Exacerbations. N Engl J Med 8 September 2026.
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Prespecified pooled analysis: a reduction in the rate of moderate/severe exacerbations was consistently seen across subgroups of the overall population aNumber of patients included in the analysis. bPooled overall population (current and former smokers) from OBERON and TITANIA. cSubgroup analyses were not calculated for OMB race categories ‘Black or African American’ and ‘American Indian or Alaska Native’ owing to the low n numbers for these groups (n = 6–10). OMB, Office of Management and Budget Favours placebo Overall Age <65 65 to 75 ≥75 Sex Female Male Smoking status Former Current OMB race category White Asian Other OMB ethnicity category Hispanic or Latino Not Hispanic or Latino Region Europe North America Asia Rest of world Baseline body mass index ≤25 kg/m >25 to 30 kg/m >30 kg/m 0.25 0.5 1 1.25 884 Tozorakimab, na 864 Placebo, na 0.70 (0.62, 0.80) Rate ratio (95% CI) 283 429 172 287 597 618 205 46 154 725 402 98 208 176 296 413 155 298 566 609 193 42 166 692 400 91 196 177 410 266 208 407 257 200 0.74 (0.61, 0.89) 0.67 (0.52, 0.85) 0.68 (0.52, 0.89) 0.72 (0.57, 0.91) 0.68 (0.56, 0.82) 0.71 (0.53, 0.96) 0.73 (0.59, 0.91) 0.69 (0.59, 0.81) 0.72 (0.62, 0.84) 0.80 (0.61, 1.05) 0.45 (0.26, 0.77) 0.57 (0.41, 0.78) 0.73 (0.63, 0.84) 0.72 (0.59, 0.87) 0.70 (0.47, 1.03) 0.81 (0.62, 1.06) 0.57 (0.43, 0.77) Favours tozorakimab Q4W 2 2 2 c 692 192 680 184 0.68 (0.59, 0.79) 0.79 (0.60, 1.04) b Rate ratio (95% CI)
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Prespecified pooled analysis: a reduction in the rate of moderate/severe exacerbations was consistently seen across subgroups of the overall population aNumber of patients included in the analysis. bPooled overall population (current and former smokers) from OBERON and TITANIA. cBefore enrolment. dAll subgroups were predefined except BEC < 150/≥ 150 cells/µL at screening, which combined the predefined BEC 150 to < 300 and ≥ 300 cells/µL subgroups. The modelled estimate among patients with a BEC of <150 cells/µL differs slightly between these analyses due to rounding of values close to 23.5%. RR, rate ratio Favours placebo 0.25 0.5 1 1.25 Overall No. of moderate/severe exacerbations in the past 12 months 1 2 ≥ 3 Severity of airflow obstruction FEV1 ≤ 50% predicted FEV1 > 50% predicted CAT total score < 20 20 to 30 > 30 Prior maintenance inhaled therapy Dual therapy Triple therapy Screening blood eosinophil count < 150 cells/μL 150 to < 300 cells/μL ≥ 300 cells/μL Screening blood eosinophil count < 150 cells/μL ≥ 150 cells/μL 884 111 518 255 564 320 327 495 62 82 802 343 322 219 Tozorakimab, na 864 115 524 225 536 328 314 484 66 83 781 349 303 212 Placebo, na 0.70 (0.62, 0.80) 0.62 (0.43, 0.89) 0.76 (0.64, 0.90) 0.65 (0.53, 0.81) 0.73 (0.62, 0.86) 0.66 (0.53, 0.83) 0.68 (0.55, 0.84) 0.76 (0.64, 0.90) 0.40 (0.24, 0.67) 0.69 (0.45, 1.07) 0.70 (0.61, 0.81) 0.77 (0.62, 0.94) 0.75 (0.60, 0.92) 0.57 (0.44, 0.74) Rate ratio (95% CI)Favours tozorakimab Q4W 343 541 349 515 0.76 (0.62, 0.94) 0.66 (0.56, 0.78) d c b Rate ratio (95% CI)
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Prespecified pooled analysis: a reduction in the rate of moderate/severe exacerbations was consistently seen across subgroups of the overall population aNumber of patients included in the analysis. bPooled overall population (current and former smokers) from OBERON and TITANIA. cBefore enrolment. dAll subgroups were predefined except BEC < 150/≥ 150 cells/µL at screening, which combined the predefined BEC 150 to < 300 and ≥ 300 cells/µL subgroups. The modelled estimate among patients with a BEC of <150 cells/µL differs slightly between these analyses due to rounding of values close to 23.5%. RR, rate ratio Favours placebo 0.25 0.5 1 1.25 Overall No. of moderate/severe exacerbations in the past 12 months 1 2 ≥ 3 Severity of airflow obstruction FEV1 ≤ 50% predicted FEV1 > 50% predicted CAT total score < 20 20 to 30 > 30 Prior maintenance inhaled therapy Dual therapy Triple therapy Screening blood eosinophil count < 150 cells/μL 150 to < 300 cells/μL ≥ 300 cells/μL Screening blood eosinophil count < 150 cells/μL ≥ 150 cells/μL 884 111 518 255 564 320 327 495 62 82 802 343 322 219 Tozorakimab, na 864 115 524 225 536 328 314 484 66 83 781 349 303 212 Placebo, na 0.70 (0.62, 0.80) 0.62 (0.43, 0.89) 0.76 (0.64, 0.90) 0.65 (0.53, 0.81) 0.73 (0.62, 0.86) 0.66 (0.53, 0.83) 0.68 (0.55, 0.84) 0.76 (0.64, 0.90) 0.40 (0.24, 0.67) 0.69 (0.45, 1.07) 0.70 (0.61, 0.81) 0.77 (0.62, 0.94) 0.75 (0.60, 0.92) 0.57 (0.44, 0.74) Rate ratio (95% CI)Favours tozorakimab Q4W 343 541 349 515 0.76 (0.62, 0.94) 0.66 (0.56, 0.78) d c b Rate ratio (95% CI) BEC < 150 cells/µL BEC ≥ 150 cells/µLd BEC ≥ 300 cells/µL 23% reduction 34% reduction 43% reduction RR (95% CI): 0.77 (0.62, 0.94) RR (95% CI): 0.66 (0.56, 0.78) RR (95% CI): 0.57 (0.44, 0.74)
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Tozorakimab Q4W was well tolerated with AEs generally similar across treatment groups Data are from the safety population and show AEs with an onset date on or after the date of the first dose of tozorakimab Q4W or placebo, up to and including the date of the last dose + 84 days, or up to the date of study withdrawal, or enrolment in the long-term extension study (PROSPERO). aPositively adjudicated AEs assessed by independent adjudication committee for each trial. bCoded according to the Preferred Terms of the Medical Dictionary for Regulatory Activities, version 28.1, and ordered by decreasing frequency in the combined tozorakimab Q4W groups in both trials. AE, adverse event Patients, n (%) OBERON TITANIA Tozorakimab (n = 446) Placebo (n = 430) Tozorakimab (n = 438) Placebo (n = 435) Any AE 314 (70.4) 332 (77.2) 351 (80.1) 347 (79.8) Any serious AE 104 (23.3) 116 (27.0) 136 (31.1) 141 (32.4) Any AE leading to treatment discontinuation 14 (3.1) 12 (2.8) 16 (3.7) 23 (5.3) Any AE leading to death 6 (1.3) 5 (1.2) 11 (2.5) 4 (0.9) Major adverse cardiovascular eventa 2 (0.4) 0 (0.0) 11 (2.5) 5 (1.1) AEs occurring in ≥ 5% of patients receiving tozorakimab or placebo in either trialb COPD 56 (12.6) 76 (17.7) 89 (20.3) 108 (24.8) Nasopharyngitis 45 (10.1) 46 (10.7) 37 (8.4) 35 (8.0) Upper respiratory tract infection 27 (6.1) 22 (5.1) 38 (8.7) 38 (8.7) Injection-site reaction 23 (5.2) 6 (1.4) 29 (6.6) 7 (1.6) Fall 21 (4.7) 24 (5.6) 28 (6.4) 24 (5.5) COVID-19 23 (5.2) 16 (3.7) 25 (5.7) 39 (9.0) Pneumonia 17 (3.8) 17 (4.0) 24 (5.5) 36 (8.3) Headache 23 (5.2) 19 (4.4) 18 (4.1) 22 (5.1) Respiratory failure 9 (2.0) 19 (4.4) 24 (5.5) 25 (5.7) Urinary tract infection 21 (4.7) 24 (5.6) 12 (2.7) 17 (3.9) Lower respiratory tract infection 11 (2.5) 11 (2.6) 21 (4.8) 22 (5.1) Acute respiratory failure 7 (1.6) 11 (2.6) 9 (2.1) 23 (5.3)
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Conclusions 1. Donaldson GC et al. Thorax 2002; 57:847–52 2. Daniels K et al. Int J Chron Obstruct Pulmon Dis 2024;19:225–41 3. Nordon C et al. Int J Chron Obstruct Pulmon Dis 2025;20:1851–64 4. Bhatt SP et al. N Engl J Med 2023; 389:205–14 5. Bhatt SP et al. N Engl J Med 2024; 390:2274–83 6. Sciurba FC et al. N Engl J Med 2025; 392:1710–20 7. Regeneron Pharmaceuticals. Dupixent, Prescribing information. FDA, 2026. https://www.regeneron.com/downlo ads/dupixent_fpi.pdf (Accessed 22 July 2026) 8. GlaxoSmithKline. Prescribing information, Nucala. FDA, 2025. https://www.accessdata.fda.gov/dru gsatfda_docs/label/2025/ 125526s007lbl.pdf (Accessed 22 July 2026). 9. England E et al. Sci Rep 2023;13:9825. 10. Strickson S et al. Eur Respir J 2023;62: 2202210 11. Watz H et al. BMJ Open Respir Res 2026;13:e004145 References Tozorakimab significantly reduced the annualized rate of moderate/severe exacerbations by up to 34% versus placebo Tozorakimab is a first-in-class biologic with replicated efficacy in a broad population of patients with COPD and a history of exacerbations Tozorakimab was generally well tolerated, with a safety profile similar to placebo, apart from injection-site reactions In a prespecified pooled analysis, tozorakimab reduced the rate of moderate/ severe exacerbations across subgroups defined by screening BEC, baseline airflow obstruction and smoking status (current/former)
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Unlocking the potential of tozorakimab Sharon Barr EVP, BIOPHARMACEUTICALS R&D 24
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1. Based on MATINEE and METREX Phase III studies. N Engl J Med. 2025;392:1710-1720; N Engl J Med. 2017;377(17):1613-1629. 2. Based on NOTUS and BOREAS Phase III trials; N Engl J Med. 2023;389(3):205-214; N Engl J Med. 2024; 390(24):2274-2283. 3. Exacerbation reductions based on pooled data for tozorakimab from OBERON and TITANIA trials. Percentage of patients with each EOS level based on analysis of Vogelmeier et al. Respiratory Research (2019) 20:178 and an analysis of Optum Clinformatics Datamart, 2021. 4. Annualised reduction in moderate to severe exacerbations based on the primary endpoint. 5. Annualised rate of moderate to severe exacerbations based on a key secondary endpoint. Sciurba, F et. al ALERT 2 Session RCT6571 presented at the 2026 European Respiratory Society Congress. Appendix: Glossary 25 Tozorakimab – best-in-biologic efficacy in high-EOS and first biologic to benefit low-EOS patients Up to 34% reduction in exacerbations in former smokers4 Up to 30% reduction in exacerbations in all comers5 Highly clinically meaningful efficacy in broad population Exacerbation reduction independent of EOS levels3 Priority Review granted in the United States with Q1 2027 PDUFA date <150 EOS 35% of patients 23% ≥150 EOS 65% of patients 34% ≥300 EOS 30% of patients 43% Studied in broadest COPD population for a biologic GOLD Classification Eosinophil levels (BEC) <150 150-300 ≥300 mepolizumab1 dupilumab2 tozorakimab GOLD 1 GOLD 2 GOLD 3 GOLD 4
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1. In US, EU5, JP and CN. Based on IQVIA data with internal analysis. Appendix: Glossary. 26 Tozorakimab: a potential $5bn+ asset anchored by Phase III OBERON and TITANIA trials Large, differentiated COPD opportunity 6 million biologic-eligible COPD patients expected by 20301 35% of patients 150 ≤ EOS <300 30% of patients EOS ≥300 tozorakimab is the only biologic to show efficacy across all EOS thresholds 2 approved biologics 35% of patients EOS <150 No approved biologics 1 approved biologic Ongoing trial Potential future trial IL-33 is implicated in numerous respiratory diseases Ongoing tozorakimab trials Actively exploring potential indications Asthma sLRTD Bronchiectasis Chronic Rhinosinusitis CTD-ILD Ambition to build leading respiratory franchise Lifecycle expansion provides upside beyond COPD
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Delivering growth to 2030 and beyond Pascal Soriot CHIEF EXECUTIVE OFFICER 27
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Represents non-risk adjusted peak year revenue, as provided during Investor Day, May 2024 except for tozorakimab and sonesitatug vedotin which were updated at H1 and Q2 2026 results and volrustomig which was updated in September 2026. 1. Peak Year Revenue, non-risk adjusted (Product Sales and Alliance Revenue) across all indications 2. At Investor Day, total wholly-owned ADC portfolio was presented as a >$5bn NRA PYR opportunity. Includes puxitatug samrotecan and torvutatug samrotecan, wholly-owned ADCs planned to launch by 2030. Collaboration partners: Daiichi Sankyo (Datroway). Appendix: Glossary. 28 Tozorakimab is one of several high-value NMEs in a diverse portfolio to drive growth into next decade Oncology BioPharma Rare Positive Phase III readout Deep late-stage pipeline of multi-blockbuster opportunities >$5bn $3-5bn efzimfotase alfa balcinrenone | zibotentan + dapagliflozin cliramitug tozorakimab saruparib volrustomig laroprovstat franchise rilvegostomig elecoglipron | AZD6234 | AZD9550 1 Wholly-Owned ADCs2 AZD0120 surovatamig sonesitatug vedotin2
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TROPION-Lung07 | Datroway DAISY | Saphnelo IRIS | Saphnelo LAVENDER | Saphnelo TROPION-Breast03 | Datroway + Imfinzi TROPION-Breast05 | Datroway + Imfinzi PACIFIC-4 | Imfinzi CAPItello-292 | Truqap Bluestar-Endometrial01 | puxi-sam eVOLVE-Cervical | volrustomig BaxPA | Baxfendy JASMINE| Saphnelo TILIA | tozorakimab Represents non-risk adjusted peak year revenue, as provided during Investor Day, May 2024. Collaboration partners: Daiichi Sankyo (Datroway). Appendix: Glossary. 29 Pipeline momentum continues through 2027 to fuel growth Oncology BioPharma Rare Key readouts for NMEs will drive growth beyond 2030 >10 other high-value readouts also in 2027 H1 2027 H2 2027 Etcamah saruparib CAMBRIA-1 | adj. switch HR+/HER2− eBC | H2 2027 $5bn+ $5bn+ EvoPAR-Prostate01 | 1L mCSPC | H2 2027 – Efficacy of oSERD in eBC already established – Switch design enriches for endocrine-sensitivity – 2-5 yr switch focuses on large prevalent pool – Benefit of PARPi in mHSPC and in combination with NHA already established – PARP1-selective may offer improved tolerability and combinability BalanceD-HF | ZENITH High Proteinuria HF + renal impairment | CKD + high proteinuria | H1 2027 laroprovstat $5bn+ $5bn+ AZURE-LDL/AZURE-HeFH Dyslipidaemia | H1 2027 – Novel oral small-molecule PCSK9i – Once-daily, no food effect, no known DDI, combinable – CVOT >2027 reinforces value proposition – Balci-dapa: Foundational HF/CKD therapy (SGLT2i/MRA) with reduced hyperkalaemia risk – Zibo-dapa: ERA + SGLT2i combination addressing rapid CKD progression while mitigating fluid retention risk balcinrenone + dapagliflozin zibotentan + dapagliflozin
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30 Q&A Session Key External Expert AstraZeneca Leadership Sharon Barr EVP, BIOPHARMACEUTICALS R&D Ruud Dobber EVP, BIOPHARMACEUTICALS BUSINESS Frank C. Sciurba, MD PROFESSOR OF PULMONARY AND CRITICAL CARE MEDICINE, UNIVERSITY OF PITTSBURGH Anne-Laure Dreno SVP, GLOBAL R&I BUSINESS Caterina Brindicci SVP, GLOBAL HEAD RESPIRATORY R&D Pascal Soriot CHIEF EXECUTIVE OFFICER
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Appendix 31
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32 All numbers are approximate. Illustrative settings and populations, not to scale. COPD map reflects Phase II or Phase III /pivotal trials. Approved product categorisation based on GOLD 2026 treatment guidelines 1. Breztri currently recommended to be used in patients on ICS/LABA therapy with no exacerbations in prior 12m who are still symptomatic. Collaboration partners: Amgen (Tezspire / tezepelumab). Appendix: Glossary. launched indication AstraZeneca in COPD APPE NDIX | R&I disease maps Key: Dual inhaler Triple inhaler TSLP (biologic) IL-33 (biologic) Exacerbation History (prior 12 mos) Maintenance (Inhaled) Novel oral / inhaled / biologics EOS < 150 (35%) EOS 150–300 (35%) EOS > 300 (30%) 0 exacerbations 1 moderate exacerbation ≥2 moderate or ≥1 severe exacerbation AZD6793; PRESTO Phase II tezepelumab; EMBARK / JOURNEY Phase III Est. epi (G8, 2026) ~40m treated ~4.6m Bevespi Bevespi Breztri tozorakimab; OBERON / TITANIA / MIRANDA Phase III IRAK4i (oral) Breztri Breztri1 Breztri; THARROS Phase III TQC3721 PDE3/4 (inhaled) Add on therapy
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33 All numbers are approximate. Illustrative settings and populations, not to scale, based on 2026 GINA recommendation. Patient population and treatment recommendation is defined as per GINA recommendation. However, in some jurisdiction, biologics can be approved to be used at the moderate to severe step (ie: US, and China). Asthma map reflects Phase III/pivotal trials and selected phase II programmes. Collaboration partners: Amgen (Tezspire, sunakiment). Appendix: Glossary. launched indication AstraZeneca in Asthma APPE NDIX | R&I disease maps Key: Symptom control Maintenance (Inhaled) Novel oral / inhaled / biologics EOS < 150 (25%) EOS 150–300 (30%) EOS > 300 (45%) Mild (Step 1 + 2) Moderate (Step 3) Severe (Step 5) Est. epi (G8, 2026) ~54m treated ~3.6m ICS-LABA (maintenance) ICS monotherapy Anti-inflammatory reliever Triple (ICS-LABA-LAMA) Anti-IL-5 (biologic) TSLP (biologic) Rescue / Reliever (Inhaled) ~25m Airsupra Symbicort Symbicort Breztri/Trixeo IL-33 (biologic) TSLP (inhaled biologic) Symbicort Moderate to severe (Step 4) Airsupra Symbicort Tezspire tozorakimab; UMBRIEL Phase II sunakiment; LEVANTE Phase II Symbicort Airsupra Symbicort Pulmicort Airsupra Symbicort Fasenra
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34 Glossary 1L first-line ADC antibody-drug conjugate AE adverse event AZN AstraZeneca BEC blood eosinophil count BMJ British Medical Journal CAT COPD Assessment Test CI confidence interval CKD chronic kidney disease CN China COPD chronic obstructive pulmonary disease COVID-19 coronavirus disease 2019 CTD-ILD connective tissue disease-associated interstitial lung disease CV cardiovascular CVOT cardiovascular outcomes trial DDI drug-drug interaction E-RS:COPD Evaluating Respiratory Symptoms in Chronic Obstructive Pulmonary Disease eBC early breast cancer ED emergency department EGFR epidermal growth factor receptor EOS eosinophils ER emergency room ERA endothelin receptor antagonist ERS European Respiratory Society EU5 France, Germany, Italy, Spain and the UK EVP executive vice president Fab antigen-binding fragment FDA US Food and Drug Administration FEV1 forced expiratory volume in one second FVC forced vital capacity G8 EU5, China, Japan and the US GINA Global Initiative for Asthma GOLD Global Initiative for Chronic Obstructive Lung Disease H1/H2 first/second half of the year HeFH heterozygous familial hypercholesterolaemia HF heart failure hMPV/RSV human metapneumovirus/respiratory syncytial virus HR+/HER2− hormone receptor-positive/human epidermal growth factor receptor 2-negative ICS inhaled corticosteroid IL-1RAcP interleukin-1 receptor accessory protein IL-33 interleukin-33 IL-5 interleukin-5 IO immuno-oncology IRA Inflation Reduction Act IRAK4i interleukin-1 receptor-associated kinase 4 inhibitor iTSLP inhaled TSLP JP Japan LABA long-acting beta-agonist LAMA long-acting muscarinic antagonist LCM life-cycle management LDL low-density lipoprotein LS least squares M&A mergers and acquisitions MACE major adverse cardiovascular events mCSPC/mHSPC metastatic castration-sensitive/metastatic hormone-sensitive prostate cancer MD Doctor of Medicine MRA mineralocorticoid receptor antagonist NEJM New England Journal of Medicine NHA novel hormonal agent NRA non-risk-adjusted oIRAK4 oral interleukin-1 receptor-associated kinase 4 inhibitor OMB Office of Management and Budget oSERD oral selective estrogen receptor degrader PARP1/PARPi poly(ADP-ribose) polymerase 1/poly(ADP-ribose) polymerase inhibitor PCSK9i proprotein convertase subtilisin/kexin type 9 inhibitor PDE3/4 phosphodiesterase 3 and 4 PDUFA Prescription Drug User Fee Act PYR peak year revenue Q&A questions and answers Q1/Q2 first/second quarter Q4W/Q8W every four/eight weeks R&D research and development R&I Respiratory & Immunology RAGE receptor for advanced glycation end products RR rate ratio SC subcutaneously SD standard deviation SGLT2i sodium-glucose cotransporter 2 inhibitor SGRQ St. George's Respiratory Questionnaire sLRTD severe lower respiratory tract disease SoC standard of care ST2 suppression of tumorigenicity 2 SVP senior vice president TSLP thymic stromal lymphopoietin US United States WHO World Health Organization
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