The purpose of this work is to improve the current–voltage (I–V) performance of semiconductor lasers based on broadened asymmetric waveguide InGaAs/AlGaAs/GaAs separate-confinement double heterostructures. We analyse the effect of AlGaAs waveguide layer composition on the output characteristics of the lasers and demonstrate that the decrease in the series resistance of the lasers and the threshold voltage of their I–V characteristic as a result of a decrease in the percentage of AlAs in the waveguide layers shifts the drop in the differential quantum efficiency of the lasers to higher pump currents, despite the decrease in the energy depth of the quantum wells in the active region.