AstraZeneca results: 9M and Q3 2026

Restructuring is expected to be essentially complete by the end of 2029, with savings reinvested principally in the pipeline.

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10/30/2026 - 07:00 AM EDT

Continued strong commercial performance and 12 positive Phase III programme readouts in the year to date

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

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	* See Tables 3, 7, 23, 24 and 25 for further details of Product Revenue, Product Sales and Alliance Revenue
Collaboration Revenue	36	>3x	>3x	36	>3x	>3x	* See Tables 4 and 26 for further details of Collaboration Revenue
Total Revenue	16,209	7	7	16,209	7	7	* See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%)	82	-	+1pp	82	-	+1pp	+ Positive product mix effects − Pricing headwinds, including those driven by loss of exclusivity and VBP in China * 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	3,894	6	7	3,645	3	3	* Core R&D: 22% of Total Revenue (23% for 9M 2026) + Increasing number of trials, and patients in those trials + Investments in transformative technologies + Addition of R&D projects from business development + Positive data readouts for high value pipeline opportunities that have ungated large late-stage trials * Variations in the year-on-year change in R&D expenses can be expected between periods due to the phasing of trial starts and completions
SG&A expense	5,108	-	-	3,909	2	2	* Core SG&A: 24% of Total Revenue (25% for 9M 2026) + Investment to support ongoing and future launches * Variations in the year-on-year change in SG&A expenses can be expected between periods due to the phasing of product launches and other programmes
Other operating income and expense⁴	277	>3x	>3x	277	>2x	>2x	+ Various partner milestones and royalties + Disposal of Zoryve interest
Operating profit	4,387	22	26	5,855	17	20	+ See commentary above on Gross Margin, R&D, SG&A and Other operating income and expense
Operating Margin (%)	27	+3pp	+4pp	36	+3pp	+4pp
Net finance expense	410	17	22	371	22	27	+ Lower interest income on short-term deposits and higher interest expense on short-term borrowings + Higher discount unwind on lease liabilities, principally due to the new strategic R&D centre in Massachusetts, US − Reported Net finance expense benefitted from a lower discount unwind on contingent consideration liabilities
Tax rate (%)	21	-1pp	-1pp	21	-	-1pp	* Variations in the tax rate can be expected between periods
EPS ($)	2.02	23	26	2.79	17	19	+ See commentary above

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

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.

To read AstraZeneca's 9M & Q3 2026 Financial Results press release in full, read here.