diff --git a/pymysql/cursors.py b/pymysql/cursors.py
index 2b5ccca9..74d49501 100644
--- a/pymysql/cursors.py
+++ b/pymysql/cursors.py
@@ -8,7 +8,7 @@
 RE_INSERT_VALUES = re.compile(
     r"\s*((?:INSERT|REPLACE)\b.+\bVALUES?\s*)"
     + r"(\(\s*(?:%s|%\(.+\)s)\s*(?:,\s*(?:%s|%\(.+\)s)\s*)*\))"
-    + r"(\s*(?:ON DUPLICATE.*)?);?\s*\Z",
+    + r"(\s*(?:AS\s*[^\s]+\s*)?(?:ON DUPLICATE.*)?);?\s*\Z",
     re.IGNORECASE | re.DOTALL,
 )