Press Release: AstraZeneca Results: H1 and Q2 2026

Dow Jones
Jul 27

Growth momentum continues. On track to deliver ambition of $80 billion in Total Revenue in 2030

CAMBRIDGE, England--(BUSINESS WIRE)--July 27, 2026-- 

AstraZeneca:

Revenue and EPS summary

 
                        H1 2026     % Change     Q2 2026   % Change 
                             $m  Actual  CER(1)       $m  Actual  CER 
----------------------  -------  ------  ------  -------  ------  --- 
- Product Sales          28,896       8       5   14,510       5    4 
----------------------  -------  ------  ------  -------  ------  --- 
- Alliance Revenue        1,699      31      29      874      34   33 
----------------------  -------  ------  ------  -------  ------  --- 
Product Revenue          30,595       9       6   15,384       6    5 
----------------------  -------  ------  ------  -------  ------  --- 
Collaboration Revenue        77     (6)     (9)        -     n/m  n/m 
----------------------  -------  ------  ------  -------  ------  --- 
Total Revenue            30,672       9       6   15,384       6    5 
----------------------  -------  ------  ------  -------  ------  --- 
Reported EPS ($)           3.60       4       3     1.61       2  (2) 
----------------------  -------  ------  ------  -------  ------  --- 
Core(2) EPS ($)            5.21      12      11     2.63      21   18 
----------------------  -------  ------  ------  -------  ------  --- 
 

Key performance elements for H1 2026

(Growth numbers at constant exchange rates)

   --  Total Revenue up 6%, with double-digit growth in Oncology and Rare 
      Disease offsetting headwinds from Farxiga US loss of exclusivity and 
      China volume-based procurement 
 
   --  Core Operating profit and Core EPS increased 11% 
 
   --  Interim dividend increased 3 cents to $1.06 per share (79.5 pence, 
      10.32 SEK) 
 
   --  30 approvals in major regions since Q4 2025 results 

Pascal Soriot, Chief Executive Officer, AstraZeneca, said:

"In the first half we saw strong performance and continued pipeline delivery, including six key positive Phase III programmes and eight first approvals in major markets, including in the US for Baxfendy, our first-in-class medicine for hypertension.

While we are disappointed by the CARDIO-TTRansform outcome, we are on track to deliver our $80bn Total Revenue ambition, which assumes successes and setbacks. We remain confident in the strength of our pipeline and have more than twenty high-value readouts due over the next 18 months.

We continue to invest at pace in our transformative technologies, and in our commercial execution to bring our innovative medicines to patients around the globe and drive growth beyond 2030."

Guidance

AstraZeneca reconfirms Total Revenue and Core EPS guidance(3) for FY 2026 at CER, based on the average foreign exchange rates through 2025.

 
Total Revenue is expected to increase by a mid-to-high single-digit percentage 
------------------------------------------------------------------------------ 
      Core EPS is expected to increase by a low double-digit percentage 
------------------------------------------------------------------------------ 
 

The Core Tax rate is expected to be between 18-22%

If foreign exchange rates for July 2026 to December 2026 were to remain at the average rates seen in June 2026, it is anticipated that Total Revenue in FY 2026 would benefit from a low single-digit percentage positive impact (unchanged) compared to the performance at CER, and Core EPS growth would be broadly similar (unchanged) to the growth at CER.

Results highlights

Table 1: Milestones achieved since the prior results announcement

Phase III and other registrational data readouts

 
Medicine   Trial              Indication               Event 
---------  -----------------  -----------------------  ----------------------- 
Imfinzi    VOLGA              MIBC not candidates for  Primary endpoint met 
                              cisplatin 
---------  -----------------  -----------------------  ----------------------- 
Imfinzi    EMERALD-2          Adjuvant HCC             Primary endpoint not 
                                                       met 
---------  -----------------  -----------------------  ----------------------- 
Imfinzi    NILE               1L bladder cancer        Primary endpoint met 
---------  -----------------  -----------------------  ----------------------- 
sone-ve    CLARITY-Gastric01  2L+ Cldn18.2+            Primary endpoint met 
                              gastric/GEJ cancer 
---------  -----------------  -----------------------  ----------------------- 
Wainua     CARDIO-TTRansform  ATTR-CM                  Primary endpoint not 
                                                       met 
---------  -----------------  -----------------------  ----------------------- 
Ultomiris  TMA-313            HSCT-TMA (adults)        Primary endpoint not 
                                                       met 
---------  -----------------  -----------------------  ----------------------- 
Ultomiris  ALXN1210-MG-319    gMG (paediatric)         Primary endpoint met 
---------  -----------------  -----------------------  ----------------------- 
 

Regulatory approvals

 
Medicine              Trial                Indication           Region 
--------------------  -------------------  -------------------  -------------- 
Calquence             AMPLIFY              1L CLL (fixed        JP 
                                           duration) 
--------------------  -------------------  -------------------  -------------- 
Datroway              TROPION-Breast02     1L TNBC for          US 
                                           patients where 
                                           immunotherapy is 
                                           not an option 
--------------------  -------------------  -------------------  -------------- 
Enhertu               DESTINY-Breast05     High-risk HER2+      US 
                                           early breast cancer 
                                           (post-neoadjuvant) 
--------------------  -------------------  -------------------  -------------- 
Enhertu               DESTINY-Breast11     Neoadjuvant HER2+    US 
                                           Stage II or III 
                                           breast cancer 
--------------------  -------------------  -------------------  -------------- 
Enhertu               DESTINY-PanTumor02   HER2-positive solid  EU 
                      / DESTINY-Lung01 /   tumours 
                      DESTINY-CRC02 
--------------------  -------------------  -------------------  -------------- 
Etcamah               SERENA-6             ESR1m HR+ HER2- 1L   EU, JP 
(camizestrant)                             locally advanced or 
                                           metastatic breast 
                                           cancer 
--------------------  -------------------  -------------------  -------------- 
Imfinzi               POTOMAC              NMIBC                US 
--------------------  -------------------  -------------------  -------------- 
Imfinzi               MATTERHORN           Resectable           JP 
                                           gastric/GEJ cancer 
--------------------  -------------------  -------------------  -------------- 
Orphathys             NCT04923932          3L+ MET+             CN 
                                           gastric/GEJ cancer 
--------------------  -------------------  -------------------  -------------- 
Truqap                CAPItello-281        PTEN-deficient       US 
                                           mHSPC 
--------------------  -------------------  -------------------  -------------- 
Baxfendy              BaxHTN               Hypertension         US 
--------------------  -------------------  -------------------  -------------- 
Fasenra               NATRON               Hypereosinophilic    US, EU, JP, CN 
                                           syndrome 
--------------------  -------------------  -------------------  -------------- 
 

Regulatory submissions or acceptances* in major regions

 
Medicine          Trial                                  Indication    Region 
----------------  -------------------------------------  ------------  ------ 
Baxfendy          BaxHTN / Bax24 / BaxAsia               Hypertension  JP 
----------------  -------------------------------------  ------------  ------ 
tozorakimab       OBERON / TITANIA / MIRANDA / PROSPERO  COPD          EU, CN 
----------------  -------------------------------------  ------------  ------ 
Ultomiris         I CAN                                  IgAN          US, JP 
----------------  -------------------------------------  ------------  ------ 
efzimfotase alfa  MULBERRY / CHESTNUT / HICKORY          HPP           JP 
----------------  -------------------------------------  ------------  ------ 
 
 
* US, EU and China regulatory entries in this table denote filing acceptance 
 

Other pipeline updates

For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix document in the financial results section of the AstraZeneca investor relations website: www.astrazeneca.com/investor-relations.html

Table 2: Key elements of financial performance: Q2 2026

 
For the 
quarter          Reported     Change       Core    Change 
ended 30 June          $m    Act    CER      $m   Act   CER 
--------------   --------  -----  -----  ------  ----  ----  -------------- 
                                                             * See Tables 
                                                             3, 7, 23, 24 
                                                             and 25 for 
                                                             further 
                                                             details of 
                                                             Product 
                                                             Revenue, 
                                                             Product Sales 
Product                                                      and Alliance 
Revenue            15,384      6      5  15,384     6     5  Revenue 
--------------   --------  -----  -----  ------  ----  ----  -------------- 
                                                             * See Tables 4 
                                                             and 26 for 
                                                             further 
                                                             details of 
Collaboration                                                Collaboration 
Revenue                 -    n/m    n/m       -   n/m   n/m  Revenue 
--------------   --------  -----  -----  ------  ----  ----  -------------- 
                                                             * See Tables 5 
                                                             and 6 for 
                                                             Total Revenue 
                                                             by Therapy 
                                                             Area and by 
Total Revenue      15,384      6      5  15,384     6     5  region 
--------------   --------  -----  -----  ------  ----  ----  -------------- 
                                                             + Variations 
                                                             in Gross 
                                                             Margin can be 
                                                             expected 
                                                             between 
                                                             periods due to 
                                                             various 
                                                             factors, 
                                                             including 
                                                             fluctuations 
                                                             in foreign 
                                                             exchange 
                                                             rates, product 
                                                             seasonality 
                                                             and 
                                                             Collaboration 
                                                             Revenue - 
                                                             Pricing 
                                                             headwinds, 
                                                             including 
                                                             those driven 
                                                             by loss of 
                                                             exclusivity 
Gross Margin                                                 and VBP in 
(%)                    84   +1pp      -      84  +1pp  +1pp  China 
--------------   --------  -----  -----  ------  ----  ----  -------------- 
                                                             * Core R&D: 
                                                             24% of Total 
                                                             Revenue + 
                                                             Increasing 
                                                             number of 
                                                             trials, and 
                                                             patients in 
                                                             those trials + 
                                                             Investments in 
                                                             transformative 
                                                             technologies + 
                                                             Addition of 
                                                             R&D projects 
                                                             from business 
                                                             development + 
                                                             Positive data 
                                                             readouts for 
                                                             high value 
                                                             pipeline 
                                                             opportunities 
                                                             that have 
                                                             ungated large 
                                                             late-stage 
R&D expense         4,053     14     13   3,662     6     5  trials 
--------------   --------  -----  -----  ------  ----  ----  -------------- 
                                                             * Core SG&A: 
                                                             26% of Total 
                                                             Revenue + 
                                                             Investment to 
                                                             support 
                                                             ongoing and 
                                                             future 
SG&A expense        5,651     16     14   4,050     7     4  launches 
--------------   --------  -----  -----  ------  ----  ----  -------------- 
Other operating                                              + Various 
 income and                                                  partner 
 expense(4)           152     92     93     152   >2x   >2x  milestones 
---------------  --------  -----  -----  ------  ----  ----  -------------- 
Operating 
 profit             3,164   (10)   (13)   5,158    12    10 
---------------  --------  -----  -----  ------  ----  ----  -------------- 
Operating 
 Margin (%)            21   -4pp   -4pp      34  +2pp  +2pp 
---------------  --------  -----  -----  ------  ----  ----  -------------- 
                                                             + Lower 
                                                             interest 
                                                             income on 
                                                             short-term 
                                                             deposits - 
                                                             Reported Net 
                                                             finance 
                                                             expense 
                                                             benefitted 
                                                             from a lower 
                                                             discount 
                                                             unwind on 
                                                             contingent 
Net finance                                                  consideration 
expense               355    (4)    (8)     340    13     8  liabilities 
--------------   --------  -----  -----  ------  ----  ----  -------------- 
                                                             - Benefit from 
                                                             adjustments to 
                                                             deferred tax 
                                                             assets, as a 
                                                             result of 
                                                             certain 
                                                             internal legal 
                                                             entity 
                                                             changes. * 
                                                             Variations in 
                                                             the tax rate 
                                                             can be 
                                                             expected 
                                                             between 
Tax rate (%)           10  -11pp  -11pp      15  -6pp  -6pp  periods 
--------------   --------  -----  -----  ------  ----  ----  -------------- 
EPS ($)              1.61      2    (2)    2.63    21    18 
---------------  --------  -----  -----  ------  ----  ----  -------------- 
 
 
For dollar values in this table, the unit of change is percent. For Gross 
Margin, Operating Margin and Tax rate, the unit of change is percentage points 
(pp). 
 
In the table above, R&D expense, SG&A expense and Net finance expense are 
displayed as positive numbers. The plus and minus symbols next to comments 
denote the directional impact of the item being discussed. For example, a plus 
symbol next to a comment about an R&D item indicates that the item increased 
R&D expenditure relative to the prior year period. 
 

Corporate and business development

Dizal Pharmaceutical Co

In July 2026, AstraZeneca entered into an exclusive license agreement with Dizal Pharmaceutical Co (Dizal), Ltd for Zegfrovy (sunvozertinib), a novel oral irreversible EGFR inhibitor for patients with lung cancer.

AstraZeneca will acquire worldwide rights to develop and commercialise Zegfrovy, which is approved in the US and China for the treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 20 insertion mutations, whose disease has progressed on or after platinum-based chemotherapy.

AstraZeneca will make an upfront payment to Dizal of $600m and additional payments of up to $900m upon achievement of specific development, regulatory and sales-related milestones. Additionally, Dizal will receive tiered royalties on the global sales of Zegfrovy. The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory clearances.

Sino Biopharmaceutical

In July 2026, AstraZeneca and Chia Tai Tianqing Pharmaceutical Group Co., Ltd. (CTTQ), a subsidiary of Sino Biopharmaceutical Limited, entered into an exclusive licence agreement for the development, manufacturing and commercialisation of CTTQ's PDE3/4 inhibitor, TQC3721, which is being developed for respiratory indications.

Sino Biopharmaceutical Limited is eligible to receive an upfront payment of $200m, with additional development, regulatory and sales milestones up to $1.9bn, as well as tiered royalties ranging up to double-digit percentages based on the annual net sales of TQC3721 products.

The agreement is subject to customary closing conditions, including regulatory clearances.

Sustainability highlights

In July 2026, AstraZeneca hosted a call for investors to discuss the latest developments in its Sustainability strategy. A replay of the call is available on astrazeneca.com.

Reporting calendar

The Company intends to publish its 9M and Q3 2026 results on 30 October 2026.

Conference call

A conference call and webcast for investors and analysts will begin today, 27 July 2026, at 11:45 UK time. Details can be accessed via astrazeneca.com.

Notes

   1.  Constant exchange rates. The differences between Actual Change and CER 
      Change are due to foreign exchange movements between periods in 2026 vs. 
      2025. CER financial measures are not accounted for according to generally 
      accepted accounting principles (GAAP) because they remove the effects of 
      currency movements from Reported results. 
 
   2.  Core financial measures are adjusted to exclude certain items. The 
      differences between Reported and Core measures are primarily due to costs 
      relating to the amortisation of intangibles, impairments, legal 
      settlements and restructuring charges. A full reconciliation between 
      Reported EPS and Core EPS is provided in Tables 10 and 11 in the 
      Financial Performance section of this document. 
 
   3.  The Company is unable to provide guidance on a Reported basis because 
      it cannot reliably forecast material elements of the Reported results, 
      including any fair value adjustments arising on acquisition-related 
      liabilities, intangible asset impairment charges and legal settlement 
      provisions. Please refer to the Cautionary statements section regarding 
      forward-looking statements at the end of this announcement. 
 
   4.  Income from disposals of assets and businesses, where the Group does 
      not retain a significant ongoing economic interest, is recorded in Other 
      operating income and expense in the Group's financial statements. 

To read AstraZeneca's H1 & Q2 2026 Financial Results press release in full, read here .

View source version on businesswire.com: https://www.businesswire.com/news/home/20260726929817/en/

 
    CONTACT:    Global Media Relations team 

global-mediateam@astrazeneca.com

+44 (0)1223 344 800

 
 

(END) Dow Jones Newswires

July 27, 2026 07:00 ET

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10