UK shares: AstraZeneca share price fall looks overdone, Computacenter is a quiet AI winner

AstraZeneca heart treatment misses

Shares of AstraZeneca slumped 10%, wiping £20bn in market cap off the FTSE 100 heavyweight, after a key heart drug missed trial expectations.

The pharma group said the phase 3 trial showed its Wainua treatment “did not provide a statistically significant benefit” in reducing cardiovascular-related deaths.

It’s clearly a disappointment for AstraZeneca, as it will reduce peak annual sales for the drug, estimated now around $4bn, down from more than $6bn. However, it seems unlikely that it will derail Astra from achieving its $80bn annual revenue target by 2030. The drug generated $220mn in revenues last year

AstraZeneca has a lot more irons in the fire, with some 16 positive late-stage trial results last year, as well as 43 approvals. In February the company posted +8% revenue growth and +9% core profits, +11% earnings per share for the full year 2025, forecasted growth in 2026 as it builds the pipeline. Oncology was particularly strong +18% revenue growth in this area as cancer drug suite is cornerstone of its drive to hit $80bn in sales by 2030, which it seems on track to achieve, albeit recently US regulators delayed approval for a key cancer drug. Growth was also seen across the CVRM, R&I, V&I and Rare Disease segments, which shows increasingly diversified portfolio. Management guided mid-to-high single digit revenue growth in 2026 and low-double-digit core EPS growth. Outlook is supported by a very strong late-stage pipeline and acquisitions, including China deals as it expands in this key market.

The market reaction indicates some credibility hit to management and a tough read across from the market to two other remaining phase 3 trial candidates - the SERENA-4 trial of breast cancer drug camizestrant and the AVANZAR lung cancer study of Datroway. The market may be discounting further disappointment on these studies, which may be a trifle pessimistic. Citi notes that the failure of the trial knocks 2.8% off its discounted cash flow valuation for AZN, or around £5.20 off its £181 fair value estimate. Its bear case - assuming all three trials fail - assumes a valuation of £168, significantly above where they trade today.

Computacenter: An underappreciated AI play?

Computacenter raised its full-year outlook after surging demand from hyperscalers lifted its US performance.

The FTSE 100 company said full-year results would be "comfortably ahead of market expectations", after strong-than-expected trading in the second quarter.

It now expects first half adjusted profit before tax to be approximately double the prior year's relatively soft £81.5 million. The order book supports the forward-looking confidence with the backlog now “well ahead” of the £7.1bn reported as of end of 2025 thanks to “strong order intake”.

The upbeat trading update came after North America generated stronger-than-expected volume growth from hyperscaler customers. “The UK also delivered excellent growth in Technology Sourcing, including further AI-related projects, and strong growth in Professional Services. Germany achieved good growth in Technology Sourcing although Professional Services remained subdued,” management added.

Computacenter has been a quiet AI winner, with shares doubling in the last year.

Analysts are warming to the stock with Jefferies raising its Computacenter price target to 5,300p from 5,000p, with a Buy rating. JPMorgan, which has an ‘overweight’ rating on the stock, also raised its PT to 5,000p from 4,500p.