AstraZeneca (LSE:AZN) reported total revenue of $30.67 billion for the first half, up 9% at actual exchange rates and 6% at constant exchange rates (CER), against the same period last year.
Core earnings per share rose 12% to $5.21, with core operating profit also up 11%, as double-digit growth in oncology and rare disease offset the loss of US exclusivity for Farxiga and the impact of China's volume-based procurement scheme.
Oncology revenue climbed 15% at CER, led by Imfinzi's 29% growth and Enhertu's 32% rise, while rare disease revenue grew 11%, driven by Ultomiris and Strensiq.
Cardiovascular, renal and metabolism revenue fell 12% at CER as Farxiga sales dropped 11%, hit by new US generics and Chinese procurement pricing.
Net debt rose to $26.9 billion at 30 June, up from $23.4 billion at the end of 2025, partly reflecting a $1.1 billion upfront payment to CSPC Pharmaceuticals.
The board raised the interim dividend by 3 cents to $1.06 per share.
Chief executive Pascal Soriot said the company delivered "six key positive Phase III programmes and eight first approvals in major markets" during the half, while acknowledging disappointment over the CARDIO-TTRansform trial, which missed its primary endpoint for Wainua in a heart disease indication.
AstraZeneca reconfirmed full-year guidance for total revenue growth in the mid-to-high single digits and core EPS growth in the low double digits at CER, alongside a core tax rate of 18-22%.
The company plans to report third-quarter results on 30 October.
News Intelligence what this means for the company
AstraZeneca delivered 6% revenue growth at constant exchange rates in H1 2026, with core EPS up 12%, as oncology (Imfinzi +29%, Enhertu +32%) and rare disease gains more than offset Farxiga's 11% decline following US patent loss. The company reconfirmed mid-to-high single-digit revenue growth and low double-digit EPS growth for the full year, signalling confidence despite headwinds in cardiovascular revenue and a $3.5bn increase in net debt to $26.9bn.
The earnings beat and oncology momentum reinforce AstraZeneca's pivot away from legacy cardiovascular franchises toward higher-growth oncology and rare disease. However, rising net debt—now $26.9bn, up $3.5bn in six months—and the CARDIO-TTRansform setback for Wainua signal execution risk in late-stage development and capital discipline that warrant monitoring against the 2026 guidance reconfirmation.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
