The AstraZeneca H1 2026 results, released on 27 July 2026, show the Cambridge, England-based pharmaceutical group delivering Total Revenue of $30,672 million for the first half of the year, an increase of 9% at actual exchange rates and 6% at constant exchange rates (CER) compared with the same period in 2025. This growth was driven primarily by double-digit gains in Oncology and Rare Disease, which offset headwinds from the Farxiga loss of exclusivity in the United States and volume-based procurement pressure in China. Core Earnings Per Share (EPS) for the half rose 12% at actual rates and 11% at CER to $5.21, while Reported EPS increased 4% to $3.60.
For the second quarter alone, Total Revenue reached $15,384 million, up 6% at actual rates and 5% at CER, with Core EPS climbing 21% to $2.63. Product Revenue for Q2 2026 grew 6% to $15,384 million, supported by an Alliance Revenue increase of 34% to $874 million. The company’s Core Operating Margin for the quarter expanded by 2 percentage points to 34%, even as Reported Operating profit declined 10% due to R&D and SG&A investment tied to new launches and an expanding late-stage pipeline.
Alongside the AstraZeneca H1 2026 results, the board approved an interim dividend increase of 3 cents to $1.06 per share (79.5 pence, 10.32 SEK), and the company reconfirmed full-year 2026 guidance, projecting Total Revenue growth in the mid-to-high single digits and Core EPS growth in the low double digits at CER. Management noted that if foreign exchange rates for the remainder of 2026 mirror the average rates seen in June 2026, Total Revenue would see a low single-digit positive currency impact versus CER performance.
Commenting on the half-year performance, Chief Executive Officer Pascal Soriot pointed to six positive Phase III readouts and eight first approvals in major markets during H1 2026, including the U.S. approval of Baxfendy, AstraZeneca’s first-in-class hypertension medicine. While acknowledging disappointment over the CARDIO-TTRansform trial outcome, Soriot said the company remains confident in its pipeline, citing “more than twenty high-value readouts due over the next 18 months.”
AstraZeneca H1 2026 Results: Key Financial Performance Metrics
The table below summarizes the headline financial metrics disclosed in the AstraZeneca H1 2026 results announcement, structured for quick reference and search-engine parsing.
- Total Revenue (H1 2026): $30,672 million, up 9% actual / 6% CER.
- Total Revenue (Q2 2026): $15,384 million, up 6% actual / 5% CER.
- Core EPS (H1 2026): $5.21, up 12% actual / 11% CER.
- Reported EPS (H1 2026): $3.60, up 4% actual / 3% CER.
- Interim dividend: $1.06 per share, up 3 cents.
- Regulatory approvals since Q4 2025 results: 30 in major regions.
- FY2026 guidance: Total Revenue mid-to-high single-digit growth; Core EPS low double-digit growth at CER.
Revenue and EPS Summary
| Metric | H1 2026 ($m) | % Change Actual | % Change CER | Q2 2026 ($m) | % Change Actual | % Change CER |
|---|---|---|---|---|---|---|
| Product Sales | 28,896 | 8 | 5 | 14,510 | 5 | 4 |
| Alliance Revenue | 1,699 | 31 | 29 | 874 | 34 | 33 |
| Product Revenue | 30,595 | 9 | 6 | 15,384 | 6 | 5 |
| Collaboration Revenue | 77 | (6) | (9) | – | n/m | n/m |
| Total Revenue | 30,672 | 9 | 6 | 15,384 | 6 | 5 |
| Reported EPS ($) | 3.60 | 4 | 3 | 1.61 | 2 | (2) |
| Core EPS ($) | 5.21 | 12 | 11 | 2.63 | 21 | 18 |
Key Elements of Q2 2026 Financial Performance
| Metric | Reported ($m) | Reported Change (Act/CER) | Core ($m) | Core Change (Act/CER) |
|---|---|---|---|---|
| Product Revenue | 15,384 | 6% / 5% | 15,384 | 6% / 5% |
| Total Revenue | 15,384 | 6% / 5% | 15,384 | 6% / 5% |
| Gross Margin (%) | 84 | +1pp / – | 84 | +1pp / +1pp |
| R&D expense | 4,053 | 14% / 13% | 3,662 | 6% / 5% |
| SG&A expense | 5,651 | 16% / 14% | 4,050 | 7% / 4% |
| Operating profit | 3,164 | (10)% / (13)% | 5,158 | 12% / 10% |
| Operating Margin (%) | 21 | -4pp / -4pp | 34 | +2pp / +2pp |
| Tax rate (%) | 10 | -11pp / -11pp | 15 | -6pp / -6pp |
| EPS ($) | 1.61 | 2% / (2)% | 2.63 | 21% / 18% |
The AstraZeneca H1 2026 results also detailed 30 approvals across major regulatory regions since the company’s Q4 2025 results were published, spanning oncology, rare disease, respiratory and cardiovascular medicines. This regulatory momentum underpins management’s confidence in reiterating the $80 billion Total Revenue ambition for 2030, a target first articulated in prior investor communications and reaffirmed throughout this release.
Beyond the headline numbers, the AstraZeneca H1 2026 results documented a catalyst-rich period for the company’s late-stage pipeline. Six Phase III and other registrational trials read out since the prior quarterly results, with mixed outcomes: Imfinzi met its primary endpoint in the VOLGA trial for muscle-invasive bladder cancer (MIBC) patients not eligible for cisplatin, and in the NILE trial for first-line bladder cancer, while missing the primary endpoint in the EMERALD-2 adjuvant hepatocellular carcinoma (HCC) study. Wainua’s CARDIO-TTRansform trial in ATTR cardiomyopathy did not meet its primary endpoint, as did Ultomiris’s TMA-313 study in adult HSCT-associated thrombotic microangiopathy, though Ultomiris did meet its endpoint in the paediatric generalized myasthenia gravis (gMG) trial ALXN1210-MG-319.
Pipeline Momentum Behind the AstraZeneca H1 2026 Results
New regulatory approvals accompanying the AstraZeneca H1 2026 results included Calquence for first-line chronic lymphocytic leukaemia (fixed duration) in Japan; Datroway for first-line triple-negative breast cancer in the US; Enhertu across multiple HER2-positive tumour indications in both the US and EU; Etcamah (camizestrant) for ESR1-mutated HR-positive, HER2-negative advanced breast cancer in the EU and Japan; Imfinzi in non-muscle-invasive bladder cancer (US) and resectable gastric/GEJ cancer (Japan); Truqap for PTEN-deficient metastatic hormone-sensitive prostate cancer in the US; Baxfendy for hypertension in the US; and Fasenra for hypereosinophilic syndrome across the US, EU, Japan and China.
Selected Milestones Disclosed in the AstraZeneca H1 2026 Results
| Medicine | Trial/Indication | Event Type | Region/Detail |
|---|---|---|---|
| Imfinzi | VOLGA – MIBC (cisplatin-ineligible) | Primary endpoint met | Phase III readout |
| Imfinzi | NILE – 1L bladder cancer | Primary endpoint met | Phase III readout |
| Imfinzi | EMERALD-2 – Adjuvant HCC | Primary endpoint not met | Phase III readout |
| Wainua | CARDIO-TTRansform – ATTR-CM | Primary endpoint not met | Phase III readout |
| Ultomiris | ALXN1210-MG-319 – Paediatric gMG | Primary endpoint met | Phase III readout |
| Baxfendy | BaxHTN – Hypertension | Approved | US |
| Enhertu | DESTINY-Breast05/11, PanTumor02, Lung01, CRC02 | Approved | US, EU |
| Fasenra | NATRON – Hypereosinophilic syndrome | Approved | US, EU, JP, CN |
| tozorakimab | OBERON/TITANIA/MIRANDA/PROSPERO – COPD | Filing accepted | EU, CN |
| Ultomiris | I CAN – IgA nephropathy | Filing accepted | US, JP |
