AstraZeneca (AZN) Q2 2026 earnings summary

Executive summary

• Total revenue grew 6% at constant exchange rates in H1 2026, reaching $30.7bn, with core EPS up 11% year-over-year to $5.21, driven by innovative medicines and robust pipeline delivery.

• Oncology and rare disease segments delivered double-digit growth, offsetting losses from Farxiga and Brilinta due to generic competition and China volume-based procurement.

• Six positive phase III readouts, three new molecular entities, and 30 major market approvals, including first approvals for camizestrant, Baxfendy, and baxdrostat.

• Confidence in reaching $80 billion revenue by 2030, supported by a diversified, risk-adjusted pipeline and continued investment in innovation.

• Interim dividend increased to $1.06 per share, with annual dividend for FY 2026 expected to rise to $3.30 per share.

Financial highlights

• H1 2026 total revenue: $30.7bn (+6% CER); Q2 2026: $15.4bn (+5% CER).

• Core EPS H1 2026: $5.21, up 11% CER; Q2 2026: $2.63, up 18% CER.

• Core operating profit up 11% to $10.5bn; reported operating profit up 2% to $7.4bn.

• Gross margin (core) for H1 2026: 83%, up 1 percentage point year-over-year.

• Net debt increased by $3.5bn in H1 to $26.9bn as of 30 June 2026.

Outlook and guidance

• FY 2026 guidance reiterated: total revenue expected to increase by mid- to high single digits at CER, core EPS by low double digits.

• Core tax rate expected between 18-22%; FX impact anticipated to be low single-digit positive on revenue and neutral on core EPS.

• CapEx anticipated to increase by around a third in 2026, supporting long-term growth ambitions.

• Multiple late-stage pipeline catalysts expected, with 25 key phase III readouts planned over the next 18 months.