Cambridge, England — AstraZeneca reported continued revenue and earnings growth in the first half of 2026, supported by strong demand for its oncology and rare disease medicines, and reaffirmed its full-year outlook.
Total revenue rose 9% on a reported basis and 6% at constant exchange rates to $30.67 billion in the first six months of the year. Product sales increased 8% to $28.9 billion, while alliance revenue climbed 31% to $1.7 billion.
Core earnings per share increased 12% to $5.21, or 11% at constant exchange rates. Reported earnings per share rose 4% to $3.60.
For the second quarter, total revenue increased 6% to $15.38 billion. Core earnings per share rose 21% to $2.63, while reported earnings per share increased 2% to $1.61.
AstraZeneca said double-digit growth in oncology and rare disease medicines helped offset pressure from the loss of U.S. exclusivity for Farxiga and China’s volume-based drug procurement program.
The company increased its interim dividend by 3 cents to $1.06 per share and said it had secured 30 major-market approvals since reporting its fourth-quarter 2025 results.
“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,” said Pascal Soriot, Chief Executive Officer of AstraZeneca.
“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.”
AstraZeneca reaffirmed its 2026 guidance, forecasting total revenue growth in the mid-to-high single-digit percentage range at constant exchange rates. Core earnings per share are expected to increase by a low double-digit percentage, while the core tax rate is projected to remain between 18% and 22%.
The company said current exchange rates could provide a low single-digit positive impact on reported full-year revenue, while reported core earnings growth would likely remain broadly in line with constant-currency growth.
AstraZeneca recorded several major clinical and regulatory milestones during the quarter. Phase III trials of Imfinzi in certain bladder cancer patients, sonesitatug vedotin in previously treated CLDN18.2-positive gastric cancer and Ultomiris in pediatric generalized myasthenia gravis met their primary endpoints.
Other late-stage studies, including Imfinzi in adjuvant liver cancer, Wainua in transthyretin amyloid cardiomyopathy and Ultomiris in transplant-associated thrombotic microangiopathy, did not meet their primary endpoints.
The company also secured major approvals for medicines including Datroway and Enhertu in breast cancer, Imfinzi in bladder and gastric cancers, Truqap in prostate cancer, Baxfendy in hypertension and Fasenra in hypereosinophilic syndrome.
Second-quarter core operating profit increased 12% to $5.16 billion, with the core operating margin rising 2 percentage points to 34%. Reported operating profit fell 10% to $3.16 billion as research, development and commercialization expenses increased.
Core research and development spending rose 6% to $3.66 billion, reflecting a growing number of clinical trials, investments in new technologies and the addition of projects acquired through business-development transactions. Core selling, general and administrative expenses increased 7% to $4.05 billion as AstraZeneca invested in current and upcoming product launches.
In July, AstraZeneca agreed to acquire global rights to Dizal Pharmaceutical’s lung cancer drug Zegfrovy for an upfront payment of $600 million and as much as $900 million in additional milestone payments.
The company also entered an exclusive licensing agreement with Chia Tai Tianqing Pharmaceutical Group for TQC3721, an experimental respiratory medicine. The agreement includes a $200 million upfront payment and potential milestone payments of up to $1.9 billion, along with royalties.
