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.
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