ASTRAZENECA PLC Earnings Summary — Q1 2026

• Total revenue increased 12.5% YoY to $15.3 billion, driven by robust performance in Oncology (+16%) and Rare Disease units.
• The Oncology segment remains a critical growth engine, contributing $6.8 billion to total revenue in Q1.
• Operating leverage improved significantly, with operating income climbing to $4.2 billion from $3.0 billion in the prior quarter.
• R&D intensity remains high at 23% of total revenue, supporting 10% more active clinical trials and 30% higher enrollment YoY.
• AstraZeneca secured 14 major regional approvals since the previous quarter, including positive data for new molecular entities tozorakimab and efzimfotase alfa.
• Strong performance in the US and emerging markets ex-China helped offset headwinds from loss of exclusivity related to legacy CVRM products.
• Strategic manufacturing investments are accelerating, with nearly $600 million in CapEx for facilities in Singapore and China.
• Revenue growth in China moderated to 2% due to VBP (Volume-Based Procurement) impacts, though 2026 NRDL outcomes provide a positive outlook.

Management reiterated full-year 2026 guidance, expecting total revenue to increase by a mid- to high single-digit percentage and core EPS to grow by a low double-digit percentage at constant exchange rates. Core R&D costs are expected to stay in the upper end of the low 20s as a percentage of revenue.

Improving

Momentum is accelerating following a transitional period; the pipeline is yielding high-value readouts and the '2030 Ambition' is underpinned by strong volume demand for newer blockbusters like Enhertu and Tezspire.

The outlook focuses on high-value launches (baxdrostat, camizestrant, tozorakimab) to drive growth through 2030. The company anticipates a positive FX impact on revenue and expects core finance expenses to rise due to higher lease expenses and normalization of interest income.