AstraZeneca results: Q1 2026

Strong revenue growth and positive readouts from high-value NMEs reinforce confidence in 2030 ambition

CAMBRIDGE, England--(BUSINESS WIRE)--AstraZeneca:

Revenue and EPS summary

	Q1 2026	% Change
	$m	Actual	CER^1
- Product Sales	14,386	12	7
- Alliance Revenue	825	29	26
Product Revenue	15,211	13	8
Collaboration Revenue	77	4	-
Total Revenue	15,288	13	8
Reported EPS ($)	1.99	6	8
Core^2 EPS($)	2.58	4	5

Key performance elements for Q1 2026

(Growth numbers at constant exchange rates)

• Total Revenue up 8% to $15,288m, driven by double‑digit growth in Oncology and Rare Disease
• Core Operating profit increased 12%
• Core EPS growth of 5%, reflecting the favourable tax rate in the prior year period
• Core Tax rate of 21%. Expectations for full year Core Tax rate are unchanged at 18-22%
• Positive readouts for four high-value Phase III programmes since Q4 2025 results, including for two NMEs: tozorakimab and efzimfotase alfa
• 14 approvals in major regions since Q4 2025 results

Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"We delivered strong growth in Q1 2026, with Total Revenue above $15 billion, demonstrating our consistent commercial execution. We are advancing through our catalyst‑rich period, with positive readouts for four high-value Phase III programmes since our last quarterly results, including first pivotal data for two key NMEs - tozorakimab in COPD and efzimfotase alfa in hypophosphatasia.

We continue to invest in our commercial capabilities as we prepare for multiple launches, look forward to further readouts anticipated this year, and remain on track to achieve our ambition for 2030 and beyond."

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 April 2026 to December 2026 were to remain at the average rates seen in March 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	EMERALD-3	Locoregional HCC	Primary endpoint met
Imfinzi + Orpathys	SAMETA	MET+ advanced papillary renal cell carcinoma	Primary endpoint not met
tozorakimab	OBERON	COPD	Primary endpoint met
tozorakimab	TITANIA	COPD	Primary endpoint met
tozorakimab	MIRANDA	COPD	Primary endpoint met
tozorakimab	PROSPERO	COPD	Primary endpoint not met
Breztri	ATHLOS	COPD	Primary endpoint met
efzimfotase alfa	MULBERRY	HPP (paediatric, treatment-naïve)	Primary endpoint met
efzimfotase alfa	CHESTNUT	HPP (paediatric, switch from Strensiq)	Primary endpoint met
efzimfotase alfa	HICKORY	HPP (adults, adolescents, treatment-naïve)	Primary endpoint not met
Ultomiris	I CAN	IgAN	Primary endpoint met
Ultomiris	ARTEMIS	CSA-AKI	Discontinued due to inconsistent efficacy

Regulatory approvals

Medicine	Trial	Indication	Region
Calquence	AMPLIFY	1L CLL (fixed duration)	US
Enhertu	DESTINY-Gastric04	2L HER2+ gastric/GEJ cancer	JP
Enhertu	DESTINY-PanTumor02	HER2-positive solid tumours	JP
Enhertu	DESTINY-Breast11	Neoadjuvant HER2+ Stage II or III breast cancer	CN
Imfinzi	MATTERHORN	Resectable gastric/GEJ cancer	EU
Imfinzi	HIMALAYA	1L HCC	CN
Imfinzi	POSEIDON	1L NSCLC	CN
Breztri	KALOS / LOGOS	Asthma	US
Saphnelo	TULIP-SC	SLE (subcutaneous)	JP, US
Tezspire	WAYPOINT	Chronic rhinosinusitis with nasal polyps	JP, CN
Tezspire	DIRECTION	Severe asthma	CN
Koselugo	KOMET	Adult NF1-PN	CN

Regulatory submissions or acceptances* in major regions

Medicine	Trial	Indication	Region
Calquence	AMPLIFY	1L CLL (fixed duration)	JP
Calquence	ECHO	1L MCL	CN
Enhertu	DESTINY-Breast05	High-risk HER2+ early breast cancer (post-neoadjuvant)	US, EU, JP, CN
Enhertu	DESTINY-PanTumor03	HER2-expressing solid tumours	CN
Datroway	TROPION-Breast02	1L TNBC for patients where immunotherapy is not an option	JP
baxdrostat	BaxHTN / Bax24 / BaxAsia	Treatment resistant hypertension	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: Q1 2026

For the quarter	Reported	Change		Core	Change
ended 31 March	$m	Act	CER	$m	Act	CER
Product Revenue	15,211	13	8	15,211	13	8	* See Tables 3, 7, 25 and 26 for further details of Product Revenue, Product Sales and Alliance Revenue
Collaboration Revenue	77	4	-	77	4	-	* See Tables 4 and 27 for further details of Collaboration Revenue
Total Revenue	15,288	13	8	15,288	13	8	* See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%)	82	-1pp	+1pp	83	-1pp	+1pp	* Variations in Gross Margin can be expected between periods due to various factors, including fluctuations in foreign exchange rates, product seasonality and Collaboration Revenue
R&D expense	3,492	11	7	3,461	12	8	* Core R&D: 23% of Total Revenue + Accelerated recruitment in ongoing trials + Investments in transformative technologies such as IO bispecifics, cell therapy and antibody drug conjugates + Addition of R&D projects from business development + Positive data readouts for high value pipeline opportunities that have ungated large late-stage trials
SG&A expense	4,920	10	6	3,859	12	7	* Core SG&A: 25% of Total Revenue + Investment to support ongoing and future launches
Other operating income and expense^4	189	67	65	189	65	63	+ Various partner milestones
Operating profit	4,246	16	17	5,352	11	12
Operating Margin (%)	28	+1pp	+2pp	35	-	+1pp
Net finance expense	320	20	16	281	30	26	+ Prior year Net finance expense benefitted from adjustments relating to settlements with tax authorities
Tax rate (%)	21	+7pp	+7pp	21	+5pp	+5pp	* Prior year benefitted from the release of tax liabilities following settlements with tax authorities * Variations in the tax rate can be expected between periods
EPS ($)	1.99	6	8	2.58	4	5
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

Jacobio Pharma

In March 2026, Jacobio Pharma announced that it had received an upfront payment of $100m from AstraZeneca. The payment was made in accordance with the collaboration and license agreement announced in December 2025 for JAB‑23E73, an investigational oral pan‑KRAS inhibitor.

Pinetree

In April 2026, AstraZeneca exercised its option to obtain an exclusive global license from Pinetree Therapeutics, Inc. (Pinetree) to develop and commercialize PTX-299, a first-in-class bispecific antibody degrader targeting EGFR. The option exercise triggers a $25m payment to Pinetree. Pinetree is also eligible to receive potential future development, regulatory, and commercial milestone payments and tiered royalties on global net sales if the product is successfully developed and commercialized. The total potential value of the agreement exceeds $500m.

CSPC

In April 2026, AstraZeneca closed the previously announced new strategic collaboration agreement with CSPC Pharmaceuticals to advance the development of multiple next-generation therapies for obesity and type 2 diabetes. AstraZeneca will pay an upfront payment of $1.2bn. See Note 5 for further details.

Sustainability highlights

The Company released its third Sustainability Impact Publication which includes its Sustainability achievements to date, updated 2030 Sustainability targets and case studies from across the enterprise on climate and nature action, health equity and health systems resilience.

Reporting calendar

The Company intends to publish its H1 and Q2 2026 results on 27 July 2026.

Conference call

A conference call and webcast for investors and analysts will begin today, 29 April 2026, at 14:30 UK time. Details can be accessed via astrazeneca.com.

Reporting changes since FY 2025

The therapy area formerly referred to as ‘Vaccines and Immune Therapies’ is now titled ‘Infectious Disease’.

The updated title aligns with the naming convention of AstraZeneca’s other therapy areas, which are named after the scientific fields in which they operate

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 Table 10 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 Q1 2026 Financial Results press release in full, click here.