AstraZeneca results: Q1 2026
CAMBRIDGE, England--( BUSINESS WIRE)--AstraZeneca:
Revenue and EPS summary
Q1 2026
% Change
$m
Actual
CER 1
- Product Sales
14,386
12
7
- Alliance Revenue
825
29
26
Product Revenue
15,211
13
8
Collaboration Revenue
77
4
-
Total Revenue
15,288
13
8
Reported EPS ($)
1.99
6
8
Core 2 EPS ($)
2.58
4
5
Key performance elements for Q1 2026
(Growth numbers at constant exchange rates)
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"We delivered strong growth in Q1 2026, with Total Revenue above $15 billion, demonstrating our consistent commercial execution. We are advancing through our catalyst‑rich period, with positive readouts for four high-value Phase III programmes since our last quarterly results, including first pivotal data for two key NMEs - tozorakimab in COPD and efzimfotase alfa in hypophosphatasia.
We continue to invest in our commercial capabilities as we prepare for multiple launches, look forward to further readouts anticipated this year, and remain on track to achieve our ambition for 2030 and beyond."
Guidance
AstraZeneca reconfirms Total Revenue and Core EPS guidance 3 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 April 2026 to December 2026 were to remain at the average rates seen in March 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
Imfinzi
EMERALD-3
Locoregional HCC
Primary endpoint met
Imfinzi + Orpathys
SAMETA
MET+ advanced papillary renal cell carcinoma
Primary endpoint not met
tozorakimab
OBERON
COPD
Primary endpoint met
tozorakimab
TITANIA
COPD
Primary endpoint met
tozorakimab
MIRANDA
COPD
Primary endpoint met
tozorakimab
PROSPERO
COPD
Primary endpoint not met
Breztri
ATHLOS
COPD
Primary endpoint met
efzimfotase alfa
MULBERRY
HPP (paediatric, treatment-naïve)
Primary endpoint met
efzimfotase alfa
CHESTNUT
HPP (paediatric, switch from Strensiq)
Primary endpoint met
efzimfotase alfa
HICKORY
HPP (adults, adolescents, treatment-naïve)
Primary endpoint not met
Ultomiris
I CAN
IgAN
Primary endpoint met
Ultomiris
ARTEMIS
CSA-AKI
Discontinued due to inconsistent efficacy
Regulatory approvals
Medicine
Trial
Indication
Region
Calquence
AMPLIFY
1L CLL (fixed duration)
US
Enhertu
DESTINY-Gastric04
2L HER2+ gastric/GEJ cancer
JP
Enhertu
DESTINY-PanTumor02
HER2-positive solid tumours
JP
Enhertu
DESTINY-Breast11
Neoadjuvant HER2+ Stage II or III breast cancer
CN
Imfinzi
MATTERHORN
Resectable gastric/GEJ cancer
EU
Imfinzi
HIMALAYA
1L HCC
CN
Imfinzi
POSEIDON
1L NSCLC
CN
Breztri
KALOS / LOGOS
Asthma
US
Saphnelo
TULIP-SC
SLE (subcutaneous)
JP, US
Tezspire
WAYPOINT
Chronic rhinosinusitis with nasal polyps
JP, CN
Tezspire
DIRECTION
Severe asthma
CN
Koselugo
KOMET
Adult NF1-PN
CN
Regulatory submissions or acceptances* in major regions
Medicine
Trial
Indication
Region
Calquence
AMPLIFY
1L CLL (fixed duration)
JP
Calquence
ECHO
1L MCL
CN
Enhertu
DESTINY-Breast05
High-risk HER2+ early breast cancer (post-neoadjuvant)
US, EU, JP, CN
Enhertu
DESTINY-PanTumor03
HER2-expressing solid tumours
CN
Datroway
TROPION-Breast02
1L TNBC for patients where immunotherapy is not an option
JP
baxdrostat
BaxHTN / Bax24 / BaxAsia
Treatment resistant hypertension
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: Q1 2026
For the quarter
Reported
Change
Core
Change
ended 31 March
$m
Act
CER
$m
Act
CER
Product Revenue
15,211
13
8
15,211
13
8
* See Tables 3, 7, 25 and 26 for further details of Product Revenue, Product Sales and Alliance Revenue
Collaboration Revenue
77
4
-
77
4
-
* See Tables 4 and 27 for further details of Collaboration Revenue
Total Revenue
15,288
13
8
15,288
13
8
* See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%)
82
-1pp
+1pp
83
-1pp
+1pp
* Variations in Gross Margin can be expected between periods due to various factors, including fluctuations in foreign exchange rates, product seasonality and Collaboration Revenue
R&D expense
3,492
11
7
3,461
12
8
* Core R&D: 23% of Total Revenue
+ Accelerated recruitment in ongoing trials
+ Investments in transformative technologies such as IO bispecifics, cell therapy and antibody drug conjugates
+ Addition of R&D projects from business development
+ Positive data readouts for high value pipeline opportunities that have ungated large late-stage trials
SG&A expense
4,920
10
6
3,859
12
7
* Core SG&A: 25% of Total Revenue
+ Investment to support ongoing and future launches
Other operating income and expense 4
189
67
65
189
65
63
+ Various partner milestones
Operating profit
4,246
16
17
5,352
11
12
Operating Margin (%)
28
+1pp
+2pp
35
-
+1pp
Net finance expense
320
20
16
281
30
26
+ Prior year Net finance expense benefitted from adjustments relating to settlements with tax authorities
Tax rate (%)
21
+7pp
+7pp
21
+5pp
+5pp
* Prior year benefitted from the release of tax liabilities following settlements with tax authorities
* Variations in the tax rate can be expected between periods
EPS ($)
1.99
6
8
2.58
4
5
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
Jacobio Pharma
In March 2026, Jacobio Pharma announced that it had received an upfront payment of $100m from AstraZeneca. The payment was made in accordance with the collaboration and license agreement announced in December 2025 for JAB‑23E73, an investigational oral pan‑KRAS inhibitor.
Pinetree
In April 2026, AstraZeneca exercised its option to obtain an exclusive global license from Pinetree Therapeutics, Inc. (Pinetree) to develop and commercialize PTX-299, a first-in-class bispecific antibody degrader targeting EGFR. The option exercise triggers a $25m payment to Pinetree. Pinetree is also eligible to receive potential future development, regulatory, and commercial milestone payments and tiered royalties on global net sales if the product is successfully developed and commercialized. The total potential value of the agreement exceeds $500m.
CSPC
In April 2026, AstraZeneca closed the previously announced new strategic collaboration agreement with CSPC Pharmaceuticals to advance the development of multiple next-generation therapies for obesity and type 2 diabetes. AstraZeneca will pay an upfront payment of $1.2bn. See Note 5 for further details.
Sustainability highlights
The Company released its third Sustainability Impact Publication which includes its Sustainability achievements to date, updated 2030 Sustainability targets and case studies from across the enterprise on climate and nature action, health equity and health systems resilience.
Reporting calendar
The Company intends to publish its H1 and Q2 2026 results on 27 July 2026.
Conference call
A conference call and webcast for investors and analysts will begin today, 29 April 2026, at 14:30 UK time. Details can be accessed via astrazeneca.com.
Reporting changes since FY 2025
The therapy area formerly referred to as ‘Vaccines and Immune Therapies’ is now titled ‘Infectious Disease’.
The updated title aligns with the naming convention of AstraZeneca’s other therapy areas, which are named after the scientific fields in which they operate
Notes
To read AstraZeneca's Q1 2026 Financial Results press release in full, click here.