Full Press Release Details
Growth momentum continues. On track to deliver ambition of $80 billion in Total Revenue in 2030
CAMBRIDGE, England--(BUSINESS WIRE)--AstraZeneca:
Revenue and EPS summary
| H1 2026 | % Change | Q2 2026 | % Change
| $m | Actual | CER1 | $m | Actual | CER
- Product Sales | 28,896 | 8 | 5 | 14,510 | 5 | 4
- Alliance Revenue | 1,699 | 31 | 29 | 874 | 34 | 33
Product Revenue | 30,595 | 9 | 6 | 15,384 | 6 | 5
Collaboration Revenue | 77 | (6) | (9) | - | n/m | n/m
Total Revenue | 30,672 | 9 | 6 | 15,384 | 6 | 5
Reported EPS ($) | 3.60 | 4 | 3 | 1.61 | 2 | (2)
Core2EPS($) | 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 fromFarxigaUS 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 guidance3for FY 2026 at CER, based on the average foreign exchange rates through 2025.
Total Revenueis expected to increase by amid-to-high single-digitpercentage
Core EPSis expected to increase by alow double-digitpercentage
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 cisplatin | Primary endpoint met
Imfinzi | EMERALD-2 | Adjuvant HCC | Primary endpoint not met
Imfinzi | NILE | 1L bladder cancer | Primary endpoint met
sone-ve | CLARITY-Gastric01 | 2L+ Cldn18.2+ gastric/GEJ cancer | Primary endpoint met
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 duration) | JP
Datroway | TROPION-Breast02 | 1L TNBC for patients where immunotherapy is not an option | US
Enhertu | DESTINY-Breast05 | High-risk HER2+ early breast cancer (post-neoadjuvant) | US
Enhertu | DESTINY-Breast11 | Neoadjuvant HER2+ Stage II or III breast cancer | US
Enhertu | DESTINY-PanTumor02 / DESTINY-Lung01 / DESTINY-CRC02 | HER2-positive solid tumours | EU
Etcamah(camizestrant) | SERENA-6 | ESR1m HR+ HER2- 1L locally advanced or metastaticbreast cancer | EU, JP
Imfinzi | POTOMAC | NMIBC | US
Imfinzi | MATTERHORN | Resectable gastric/GEJ cancer | JP
Orphathys | NCT04923932 | 3L+ MET+ gastric/GEJ cancer | CN
Truqap | CAPItello-281 | PTEN-deficient mHSPC | US
Baxfendy | BaxHTN | Hypertension | US
Fasenra | NATRON | Hypereosinophilic syndrome | US, EU, JP, CN
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 thequarter | | Reported | | Change | | Core | | Change | | |
ended 30 June | | $m | | Act | | CER | | $m | | Act | | CER | | |
Product Revenue | | 15,384 | | 6 | | 5 | | 15,384 | | 6 | | 5 | | | * See Tables 3, 7, 23, 24 and 25 for further details of Product Revenue, Product Sales and Alliance Revenue
Collaboration Revenue | | - | | n/m | | n/m | | - | | n/m | | n/m | | | * See Tables 4 and 26 for further details of Collaboration Revenue
Total Revenue | | 15,384 | | 6 | | 5 | | 15,384 | | 6 | | 5 | | | * See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%) | | 84 | | +1pp | | - | | 84 | | +1pp | | +1pp | | | + 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 and VBP in China
R&D expense | | 4,053 | | 14 | | 13 | | 3,662 | | 6 | | 5 | | | * 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 trials
SG&A expense | | 5,651 | | 16 | | 14 | | 4,050 | | 7 | | 4 | | | * Core SG&A: 26% of Total Revenue+ Investment to support ongoing and future launches
Other operating income and expense4 | | 152 | | 92 | | 93 | | 152 | | >2x | | >2x | | | + Various partner milestones
Operating profit | | 3,164 | | (10) | | (13) | | 5,158 | | 12 | | 10 | | |
Operating Margin (%) | | 21 | | -4pp | | -4pp | | 34 | | +2pp | | +2pp | | |
Net finance expense | | 355 | | (4) | | (8) | | 340 | | 13 | | 8 | | | + Lower interest income on short-term deposits− Reported Net finance expense benefitted from a lower discount unwind on contingent consideration liabilities
Tax rate (%) | | 10 | | -11pp | | -11pp | | 15 | | -6pp | | -6pp | | | − 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 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 CoIn July 2026, AstraZeneca entered into an exclusive license agreement with Dizal Pharmaceutical Co (Dizal), Ltd forZegfrovy(sunvozertinib), a novel oral irreversible EGFR inhibitor for patients with lung cancer.
AstraZeneca will acquire worldwide rights to develop and commercialiseZegfrovy, 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 ofZegfrovy. The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory clearances.
Sino BiopharmaceuticalIn 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 onastrazeneca.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 viaastrazeneca.com.
Notes
• 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.
• 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.
• 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.
• 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, readhere.
Global Media Relations teamglobal-mediateam@astrazeneca.com+44 (0)1223 344 800