Core Viewpoint - AstraZeneca PLC is reaffirmed as a top pick by Citi, supported by strong full-year results and 2026 guidance, with a target price of £170 and unchanged earnings forecasts [1][5] Financial Performance - Management expects low double-digit earnings growth in 2026, consistent with consensus, while the revenue outlook is projected in the medium single- to high single-digit range, surpassing market forecasts [1] - Fourth-quarter operating income was 8% below consensus due to a one-off royalty buyout, but management's reaffirmation of a mid-30s margin target alleviated concerns [2] Pipeline and Milestones - AstraZeneca's pipeline is noted as the strongest in the sector, with over 20 phase III readouts anticipated in 2026 [2] - Key milestones include: - Tozorakimab for COPD in Q1 - Efzofitimod for hypophosphatasia in Q2 - Wainua in ATTR-CM and camizestrant in breast cancer in Q3 - Datopotamab in lung cancer in the second half of the year [3] Market Performance - In afternoon trading, AstraZeneca shares increased by 1.2% to 14,340p [4]