AstraZeneca (LSE: AZN) has kept its full-year 2026 guidance as double-digit oncology growth outweighed generic competition to Farxiga and Brilinta. The drugmaker reported third-quarter revenue of $16,209m, up 7% at constant exchange rates (CER, which strips out currency swings), against $15,191m a year earlier.
For the full year, it expects revenue to rise by a mid-to-high single-digit percentage and Core EPS, earnings per share before certain items, by a low double-digit percentage, both at CER. It also intends to increase the annual dividend to $3.30 per share.
Over nine months, revenue reached $46,881m, and Core EPS rose 14% to $8.00. Chief executive Pascal Soriot 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.
Pascal Soriot, chief executive, AstraZeneca
Oncology, now 48% of quarterly revenue, grew 17% to $7,765m, led by Imfinzi up 26% and Enhertu up 35%. Cardiovascular, renal and metabolism fell 18% to $2,639m, as Farxiga dropped 25% to $1,605m.
US Farxiga sales fell 36% over nine months to $795m after multiple generics launched in the second quarter, and Brilinta fell 62% to $261m on generic entry in the US and Europe. China grew 3% in the quarter but is down 3% over nine months.
Profitability improved. Third-quarter Core operating profit rose 17% at actual rates to $5,855m, lifting the Core margin three points to 36%. Operating cash flow over nine months fell to $10,890m from $12,233m, and net debt rose $2,459m to $25,833m.
The pipeline was mixed. Enhertu cut the risk of progression or death by 37% against pembrolizumab plus chemotherapy in DESTINY-Lung04, and Imfinzi plus tarlatamab cut the risk of death by 58% in DeLLphi-305.
Misses included SERENA-4, where Etcamah plus palbociclib missed its primary endpoint, and the discontinuation of volrustomig’s eVOLVE-Lung02 trial for futility and Ultomiris’s AWAKE trial for lack of efficacy.
AstraZeneca completed a $2bn equity investment in Summit Therapeutics on 5 October. It also faces a final $392m judgment, plus interest, in the Syntimmune litigation and intends to appeal.
Full-year results are due on 9 February 2027, and management hosts an investor call at 2.30 pm today.