Continued strong commercial performance and 12 positive Phase III programme readouts in the year to date
http://www.rns-pdf.londonstockexchange.com/rns/0827B_1-2026-10-29.pdf
Revenue and EPS summary
| 9M 2026 | % Change | Q3 2026 | % Change | |||
| $m | Actual | CER1 | $m | Actual | CER | |
| – Product Sales | 43,962 | 7 | 5 | 15,066 | 5 | 5 |
| – Alliance Revenue | 2,806 | 33 | 32 | 1,107 | 36 | 36 |
| Product Revenue | 46,768 | 8 | 6 | 16,173 | 7 | 7 |
| Collaboration Revenue | 113 | 22 | 23 | 36 | >3x | >3x |
| Total Revenue | 46,881 | 8 | 7 | 16,209 | 7 | 7 |
| Reported EPS ($) | 5.62 | 10 | 11 | 2.02 | 23 | 26 |
| Core2 EPS ($) | 8.00 | 14 | 14 | 2.79 | 17 | 19 |
Key performance elements for 9M 2026
(Growth numbers at constant exchange rates)
* Total Revenue up 7%, with double-digit growth in Oncology, R&I and Rare Disease offsetting headwinds from Farxiga and Brilinta loss of exclusivity and volume-based procurement in China
* Core Operating profit and Core EPS increased 14%
* 47 approvals in major regions since Q4 2025 results, including first approvals for four new medicines (Etcamah, Baxfendy, Klygefa and Amlypave)
* First Phase III data for three NMEs (tozorakimab, efzimfotase alfa and sonesitatug vedotin)
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
“In the first nine months we saw strong commercial momentum with total revenue up 7% and Core EPS up 14%, driven by our diverse therapy areas and global presence. We have had approvals for four new medicines and reported 12 positive Phase III programme readouts with a collective peak year revenue potential well in excess of ten billion dollars. Our rich series of upcoming readouts in 2027 has a potential of more than twenty billion dollars.
With multiple potential blockbuster assets in late-stage development and transformative technologies scaling rapidly, we are on track to deliver our 2030 ambition and to sustain growth through the next decade.”
Guidance
AstraZeneca reconfirms Total Revenue and Core EPS guidance3 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 October 2026 to December 2026 were to remain at the average rates seen in September 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 |
| Enhertu | DESTINY-Lung04 | 1L HER2m NSCLC | Primary endpoint met |
| Etcamah | SERENA-4 | 1L HR+ HER2- advanced breast cancer | Primary endpoint not met |
| Imfinzi + tarlatamab | DeLLphi-305 | 1L ES-SCLC (maintenance) | Primary endpoint met |
| Lynparza | MONO-OLA1 | 1L BRCAwt ovarian cancer | Dual primary endpoints met |
| Tagrisso + Orpathys | SAFFRON | 2L+ EGFRm, MET-overexpressed and/or amplified NSCLC | Primary endpoint met |
| Tagrisso + Orpathys | SANOVO | 1L EGFRm, MET-overexpressed NSCLC | Primary endpoint met |
| volrustomig | eVOLVE-Lung02 | 1L PD-L1 <50% mNSCLC | Discontinued due to futility |
| Tezspire | CROSSING | Eosinophilic esophagitis | Co-primary endpoints met |
| Ultomiris | AWAKE | Delayed Graft Function | Discontinued due to lack of efficacy |
Regulatory approvals
| Medicine | Trial | Indication | Region |
| Datroway | TROPION-Breast02 | 1L TNBC for patients where immunotherapy is not an option | EU, JP, CN |
| Enhertu | DESTINY-Breast09 | 1L HER2+ mBC | EU, JP, CN |
| Enhertu | DESTINY-Breast05 | High-risk HER2+ early breast cancer (post-neoadjuvant) | EU, CN |
| Enhertu | DESTINY-PanTumor02 | HER2+ solid tumours | CN |
| Etcamah | SERENA-6 | ESR1m HR+ HER2- 1L advanced breast cancer | US |
| Imfinzi | POTOMAC | NMIBC | JP |
| Breztri | KALOS / LOGOS | Asthma | EU, JP |
| Klygefa (gefurulimab) | PREVAIL | Generalised myasthenia gravis | JP |
| Amlypave (anselamimab) | CARES | Kappa light chain amyloidosis | JP |
| Ultomiris | I CAN | IgAN | US |
| Ultomiris | ALXN1210-PNH-323 | PNH | CN |
Regulatory submissions or acceptances* in major regions
| Medicine | Trial | Indication | Region |
| Calquence | AMPLIFY | 1L CLL (fixed duration) | CN |
| Imfinzi | VOLGA | MIBC not candidates for cisplatin | US, EU, JP |
| Truqap | CAPItello-281 | PTEN-deficient mHSPC | CN |
| tozorakimab | OBERON / TITANIA / PROSPERO | COPD | US, JP |
| Ultomiris | I CAN | IgAN | CN |
| Ultomiris | ALXN1210-TMA-314 | HSCT-TMA (paediatric) | US |
| efzimfotase alfa | MULBERRY / CHESTNUT / HICKORY | HPP | US, EU, CN |
*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: Q3 2026
| For the quarter | Reported | Change | Core | Change | ||
| ended 30 September | $m | Act | CER | $m | Act | CER |
| Product Revenue | 16,173 | 7 | 7 | 16,173 | 7 | 7 |
| Collaboration Revenue | 36 | >3x | >3x | 36 | >3x | >3x |
| Total Revenue | 16,209 | 7 | 7 | 16,209 | 7 | 7 |
| Gross Margin (%) | 82 | – | +1pp | 82 | – | +1pp |
| R&D expense | 3,894 | 6 | 7 | 3,645 | 3 | 3 |
| SG&A expense | 5,108 | – | – | 3,909 | 2 | 2 |
| Other operating income and expense4 | 277 | >3x | >3x | 277 | >2x | >2x |
| Operating profit | 4,387 | 22 | 26 | 5,855 | 17 | 20 |
| Operating Margin (%) | 27 | +3pp | +4pp | 36 | +3pp | +4pp |
| Net finance expense | 410 | 17 | 22 | 371 | 22 | 27 |
| Tax rate (%) | 21 | -1pp | -1pp | 21 | – | -1pp |
| EPS ($) | 2.02 | 23 | 26 | 2.79 | 17 | 19 |
Corporate and business development
Summit Therapeutics
In October AstraZeneca completed a $2bn equity investment in Summit Therapeutics Inc. (Summit). The investment gives AstraZeneca rights equivalent to approximately 12.0% of Summit Therapeutics’ outstanding common stock, or approximately 10.6% on a fully diluted basis.
AstraZeneca and Summit entered into a clinical collaboration agreement to evaluate sonesitatug vedotin in combination with Summit’s PD-1/VEGF bispecific antibody ivonescimab. The two companies also entered into a clinical collaboration with Daiichi Sankyo to evaluate Datroway in combination with ivonescimab.
AstraZeneca and Summit intend to enter into an additional agreement initiating a global development programme combining other AstraZeneca cancer medicines, including additional ADCs, with ivonescimab.
Kendall Square R&D Centre
In October, AstraZeneca formally opened its new global strategic R&D centre, in Kendall Square, Cambridge, Massachusetts. The state-of-the-art facility builds on the Company’s existing presence in Boston and Cambridge, Massachusetts and will be home to nearly 2,000 world-class researchers and scientists.
Reshaping for Sustainable Growth
AstraZeneca is in a catalyst rich period with more than 180 pipeline projects driving its next wave of growth and scientific innovation. To capitalise on this opportunity, the Company has initiated the Reshaping for Sustainable Growth (RSG) programme to create additional capacity to invest behind its industry-leading pipeline and transformative technologies. Over the next three years, the programme will redeploy resources and strengthen capabilities across AstraZeneca’s existing business and therapy areas. The RSG programme is expected to cost up to $2.0bn in one-time restructuring costs and deliver $1.5bn in annualised pre-tax run-rate benefits. The savings generated will continue to be reinvested back into the Company, principally in the pipeline. The Company anticipates activities to be essentially complete by the end of 2029.
insitro
In October, AstraZeneca entered into a strategic drug discovery collaboration and licensing agreement with insitro. Using advanced AI systems, the collaboration will identify novel drug targets and advance the design of new therapeutics for MASH and cardiomyopathies.
Under the terms of the agreement, insitro will receive an upfront payment of $40m, and is also eligible for up to approximately $1.46bn in potential development and commercial milestones, plus potential single digit royalties based on global commercial sales. AstraZeneca will have exclusive worldwide rights to advance selected programmes identified under the collaboration.
Dizal Pharmaceutical Co
In August, AstraZeneca completed the license agreement with Dizal Pharmaceutical Co., Ltd for Zegfrovy, which is approved in the US and China for the 2nd-line treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 20 insertion mutations. See Interim Financial Statements, Note 5, for further details.
Sustainability highlights
AstraZeneca ranked fifth on TIME Magazine’s 2026 World’s Best Companies list – its highest position to date and the top ranking among pharmaceutical companies – based on sustainability transparency, revenue growth, and employee satisfaction.
Reporting calendar
The Company intends to publish its FY and Q4 2026 results on 9 February 2027.
Conference call
A conference call and webcast for investors and analysts will begin today, 30 October 2026, at 14:30 UK time. Details can be accessed via astrazeneca.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.