AZN · AstraZeneca PLC

AstraZeneca delivered robust Q1 2026 results with total revenue reaching $15,288m, up 8% at constant exchange rates (CER), propelled by 16% CER growth in Oncology to $6,798m and 15% in Rare Disease to $2,420m. Key performers included Imfinzi (+30% CER), Enhertu (+34% CER), and Ultomiris (+18% CER), offset by softer CVRM performance (-7% CER). Core operating profit rose 12% CER, driving core EPS growth of 5% CER to $2.58, supported by a 21% core tax rate. Gross margin improved 1pp to 83% on core basis despite R&D up 8% CER to 23% of revenue and SG&A up 7% CER to 25%, reflecting investments in launches and pipeline advancement.

CEO Pascal Soriot emphasized consistent execution with revenue exceeding $15bn, advancing through a catalyst-rich period. Since Q4 2025, positive Phase III readouts for four high-value programs include tozorakimab meeting primary endpoints in three COPD trials (OBERON, TITANIA, MIRANDA) and efzimfotase alfa in two pediatric HPP trials (MULBERRY, CHESTNUT), alongside 14 approvals like Calquence in 1L CLL (US) and Enhertu expansions (JP, CN). Imfinzi gained traction from new GI/GU indications.

Guidance for FY 2026 remains unchanged at mid-to-high single-digit Total Revenue growth and low double-digit Core EPS growth at CER, with core tax rate 18-22%. FX at March 2026 levels implies low single-digit positive impact on reported revenue. Business development accelerated with $1.2bn CSPC obesity collaboration, $100m Jacobio KRAS deal, and $25m Pinetree EGFR degrader option, underscoring pipeline bolstering. Upcoming H1/Q2 results on 27 July 2026.