AstraZeneca Q2 update highlights revenue beat, Core EPS growth, and continued biopharma momentum.
Stock Earnings Results
July 27, 2026
Table of Contents
July 27, 2026
AstraZeneca PLC (NASDAQ: AZN) reported second-quarter 2026 results above expectations, supported by higher revenue, stronger Core EPS, continued growth in Oncology and Rare Disease, pipeline progress, and reaffirmed full-year guidance.
AstraZeneca is a global biopharmaceutical company focused on oncology, cardiovascular, renal and metabolism, respiratory and immunology, vaccines, rare disease, and other specialty medicines.
The company reported Core EPS of $2.63, above estimates of $2.50, representing a 5.2% earnings surprise. Revenue came in at $15.38 billion, above estimates of $15.31 billion, with revenue growth of 6.4%.
Second-quarter total revenue was $15.38 billion, up 6% on an actual basis and 5% at constant exchange rates.
Product revenue also totaled $15.38 billion, up 6% on an actual basis and 5% at constant exchange rates.
Reported EPS was $1.61, up 2% on an actual basis and down 2% at constant exchange rates.
Core EPS was $2.63, up 21% on an actual basis and 18% at constant exchange rates.
Core EPS was $2.63, up 21% on an actual basis and 18% at constant exchange rates.
Core operating profit increased 12% on an actual basis and 10% at constant exchange rates.
For the first half of 2026, total revenue increased 9% on an actual basis and 6% at constant exchange rates to $30.67 billion.
Core EPS increased 12% on an actual basis and 11% at constant exchange rates to $5.21.
AstraZeneca said first-half revenue growth was driven by double-digit growth in Oncology and Rare Disease.
Those gains helped offset pressure from Farxiga’s U.S. loss of exclusivity and China volume-based procurement.
The company also increased its interim dividend by 3 cents to $1.06 per share.
AstraZeneca said it achieved 30 approvals in major regions since its Q4 2025 results.
CEO Pascal Soriot said the first half included six key positive Phase III programs and eight first approvals in major markets.
That included U.S. approval for Baxfendy, AstraZeneca’s first-in-class medicine for hypertension.
The company also said it has more than 20 high-value readouts due over the next 18 months.
The update was not entirely positive.
AstraZeneca said the CARDIO-TTRansform trial for Wainua in ATTR-CM did not meet its primary endpoint.
Imfinzi also did not meet the primary endpoint in the EMERALD-2 trial for adjuvant hepatocellular carcinoma.
Ultomiris did not meet the primary endpoint in the TMA-313 trial for adult HSCT-TMA.
Management said it remains confident in the pipeline despite both successes and setbacks.
AstraZeneca reaffirmed its full-year 2026 guidance at constant exchange rates.
Total revenue is still expected to increase by a mid-to-high single-digit percentage.
Core EPS is still expected to increase by a low double-digit percentage.
The Core tax rate is expected to be between 18% and 22%.
Management said the company remains on track to deliver its ambition of $80 billion in total revenue in 2030.
AstraZeneca entered into an exclusive license agreement with Dizal Pharmaceutical for Zegfrovy, an EGFR inhibitor for lung cancer.
The agreement includes a $600 million upfront payment and up to $900 million in additional milestone payments.
AstraZeneca also entered into a license agreement with Chia Tai Tianqing Pharmaceutical Group for TQC3721, a PDE3/4 inhibitor being developed for respiratory indications.
That agreement includes a $200 million upfront payment and up to $1.9 billion in potential milestone payments.
AstraZeneca delivered a solid quarter with higher revenue, stronger Core EPS, and continued pipeline progress.
The company beat earnings expectations, topped revenue estimates, reaffirmed full-year guidance, and stayed committed to its $80 billion 2030 revenue ambition. Oncology and Rare Disease remain key growth drivers, while Farxiga exclusivity pressure and China volume-based procurement remain headwinds.
The key question is whether AstraZeneca’s pipeline approvals and upcoming readouts can keep growth strong enough to offset patent and pricing pressure.
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