AstraZeneca (AZN.US) released its third-quarter 2026 results on October 30. On a constant exchange rate (CER) basis, total revenue for the quarter rose 7% year over year to $16.209 billion, with product sales of $15.066 billion up 5% and alliance revenue of $1.107 billion up 36%. Core earnings per share came in at $2.79, up 19% year over year, while reported earnings per share were $2.02, up 26%. According to expectations compiled by MarketBeat, the market had originally forecast core earnings per share of $2.60 and revenue of $16.0 billion for the quarter, meaning the actual figures came in about 7% and 1% higher, respectively.
By segment, the oncology business continued to serve as the main growth driver: revenue reached $7.765 billion, up 17% year over year, accounting for 48% of total revenue. Within that, Imfinzi grew 26% to $1.990 billion, Enhertu (including alliance revenue) grew 35% to $1.581 billion, and Tagrisso grew 12% to $2.087 billion. The drag from patent expirations and domestic volume-based procurement was concentrated in mature products: Farxiga fell 25% to $1.605 billion due to the launch of generic versions in the United States, Brilinta dropped 50%, and the cardiovascular, renal and metabolism business as a whole declined 18%. The rare disease business grew 10%, while respiratory and immunology rose 11%. Core gross margin was 82%, up 1 percentage point; core operating profit was $5.855 billion, up 20% (CER), with a core operating margin of 36%, up 4 percentage points.
By region, U.S. revenue was $6.899 billion, up 5%, Europe grew 12%, and China revenue was $1.920 billion, up 3% on a CER basis (up 9% in actual terms). The company reiterated its full-year 2026 CER guidance: mid-to-high single-digit growth in total revenue, low-double-digit growth in core EPS, and a core tax rate of 18%–22%, and it plans to raise the full-year dividend to $3.30 per share. For the first nine months, revenue was $46.881 billion, up 7% on a CER basis, and core EPS was $8.00, up 14%.
Under the leadership of Chief Executive Officer Pascal Soriot, AstraZeneca is seeking to broaden the applicable scope of its anticancer drugs through combination therapies. This strategy is paying off: recent data from a top European oncology conference showed that combining Imfinzi with a drug from Amgen helped extend survival by eight months in patients with small cell lung cancer. AstraZeneca also demonstrated that using Tagrisso in combination with another oncology drug delayed disease progression in another type of lung cancer. Despite continued sales growth, investors have remained cautious about AstraZeneca after multiple clinical trial setbacks this year—an unusual situation for a company accustomed to consistently delivering positive results. Earlier this year, the heart drug Wainua failed in a clinical study. Since the start of the year, AstraZeneca's share price has fallen 5.4%. Sales of some cardiovascular drugs, including the long-established anticoagulant Brilinta, declined last quarter.
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