A Study Evaluating the Efficacy of Budesonide, Glycopyrronium and Formoterol Fumarate Metered Dosed Inhaler on Cardiopulmonary Outcomes in Chronic Obstructive Pulmonary Disease

Inclusion Criteria:

1. Male or female participants must be 40 to 80 years of age inclusive, at the time ofsigning the ICF.

2. Demonstrate acceptable MDI administration technique at Visit 1 (V1) and Visit 2 (V2)

3. A diagnosis of COPD confirmed by a post-bronchodilator FEV1/FVC ratio < 70% at V1.

4. Current or former smokers with a history of at least 10 pack-years of cigarettesmoking; defined as (number of cigarettes per day/20) x number of years smoked. Previoussmokers are defined as those who have stopped smoking for at least 6 months prior to V1.

5. A baseline peripheral blood eosinophil count of ≥ 100 cells/mm3 assessed at Visit 1by the central laboratory

6. A CAT score of ≥ 10 at Visit 1.

7. Participant must fulfill at least 1 of the 4 CV disease/risk factor criteria below [(a), (b),

(c), or (d)]:

1. : Established CV Disease

2. : Combination of CV risk factors:

• Hypertension
• Diabetes Mellitus
• Chronic Kidney Disease
• Dyslipidemia
• Obesity

3. : High risk of CV disease determined using an established CV risk assessmenttool.

4. : CT coronary Artery Calcification

5. Willing and, in the opinion of the investigator, able to adjust current COPDtherapy, as required by the protocol.

6. Willing to visit at the study site or participate in virtual visits as required perthe protocol to complete all study assessments.

7. A female is eligible to enter and participate in the study if the female is of:

• Non-childbearing potential: either permanently sterilized or who arepost-menopausal.

• Childbearing potential: has a negative serum pregnancy test at V1 and must useone highly effective form of birth control.

11. Capable of giving signed informed consent, which includes compliance with therequirements and restrictions listed in the ICF and in the protocol.

Exclusion Criteria:

1. Active diagnosis of asthma within the past 5 years (previous diagnosis as a child oradolescent are eligible), asthma-COPD overlap, or any other chronic respiratorydisease other than COPD such as alpha-1 antitrypsin deficiency, active tuberculosis,lung fibrosis, sarcoidosis, interstitial lung disease, and pulmonary hypertension.

2. End-stage renal disease requiring renal replacement therapy

3. History of heart or lung transplant or actively listed for heart or lung transplant.

4. Implanted left ventricular assist device or implant anticipated in < 3 months.

5. History of lung cancer and/or treatment for lung cancer within the 5 years prior toVisit 1.

6. Unstable or life-threatening cardiac disease - participants with any of thefollowing at Visit 1 would be excluded:

7. An MI or unstable angina in the last 8 weeks

8. Unstable or life-threatening cardiac arrhythmia requiring intervention in thelast 8 weeks. NOTE: Any participant who experiences unstable or life-threatening cardiac diseaseduring the run-in period will be excluded but can be rescreened 8 weeks after theresolution of the event.

9. Pneumonia and/or moderate or severe COPD exacerbation that has not resolved at least 8 weeks prior to Visit 1

10. Any life-threatening condition, including malignancy, with a life expectancy < 5years, other than CV disease or COPD, that might prevent the participant fromcompleting the study.

11. Use of maintenance ICS treatment within the past 12 months.

12. Unable to abstain from protocol-defined prohibited medications

13. Participation in another clinical study with a study intervention administered inthe last 30 days or 5 half-lives, whichever is longer prior to Visit 1 (any otherinvestigational product that is not identified in protocol is prohibited for useduring the duration of the study).

14. Participants with a known hypersensitivity to LAMA, LABA or ICS or any component ofthe MDI.

15. Involvement in the planning and/or conduct of the study (applies to both AstraZenecastaff and/or staff at the study site).

16. Judgment by the investigator that the participant should not participate in thestudy if the participant is unlikely to comply with study procedures, restrictions,and requirements.

17. Previous randomization in the present study.

18. For females only - currently pregnant (confirmed with positive pregnancy test) orbreastfeeding