The mixed Q2 (flat reported EPS at CER, BioPharma decline) and Wainua failure temper the otherwise solid H1 growth. Monitor Farxiga generic erosion trajectory and China VBP impact on Lynparza/roxadustat. The Dizal and Sino Biopharma deals add pipeline depth but increase near-term cash outflows. Guidance reaffirmation provides a floor, but the stock may trade range-bound until pipeline catalysts (elecoglipron, sonesitatug vedotin readouts) materialize.
Price Chart
Executive Summary
AstraZeneca reported H1 2026 Total Revenue of $30.7B (+6% CER) and Core EPS of $5.21 (+11% CER), with strong double-digit growth in Oncology and Rare Disease offset by BioPharmaceuticals headwinds from Farxiga US loss of exclusivity and China VBP. Q2 2026 Reported EPS was essentially flat (+2% actual, -2% CER) as R&D and SG&A spending increased. The company reconfirmed FY 2026 guidance (mid-to-high single-digit revenue growth, low double-digit Core EPS growth) and announced two license deals (Dizal $600M upfront, Sino Biopharma $200M upfront), but the Wainua CARDIO-TTRansform Phase III failure in ATTR-CM is a notable pipeline setback.
Key Facts
- Total Revenue H1 2026: $30,672M (+9% actual, +6% CER); Q2: $15,384M (+6% actual, +5% CER)
- Reported EPS H1: $3.60 (+4% actual, +3% CER); Q2: $1.61 (+2% actual, -2% CER)
- Core EPS H1: $5.21 (+12% actual, +11% CER); Q2: $2.63 (+21% actual, +18% CER)
- Oncology Product Revenue H1: $14,123M (+18% actual, +15% CER); Rare Disease: $4,911M (+13% actual, +11% CER)
- BioPharmaceuticals Total Revenue H1: $11,151M (-1% actual, -5% CER) driven by Farxiga decline (-5% actual, -11% CER) and Brilinta decline (-64% actual, -66% CER)
- Farxiga US LOE: multiple generics launched in Q2 2026; US Farxiga revenue -17% actual in H1
- Wainua Phase III CARDIO-TTRansform in ATTR-CM did not meet primary efficacy endpoint
- Impairment charges of $345M recorded against intangible assets in Q2 2026
- License agreement with Dizal for Zegfrovy: $600M upfront, up to $900M milestones
- License agreement with Sino Biopharmaceutical for TQC3721: $200M upfront, up to $1.9B milestones
- Interim dividend increased 3 cents to $1.06 per share; FY 2026 annual dividend intended to increase to $3.30 per share
- Guidance reaffirmed: FY 2026 Total Revenue mid-to-high single-digit % increase, Core EPS low double-digit % increase at CER
Financial Impact
H1 2026 Total Revenue $30.7B (+6% CER), Core Operating Profit $10.5B (+11% CER), Core EPS $5.21 (+11% CER). BioPharma revenue decline of -5% CER (~$600M headwind) partially offset by Oncology +15% CER and Rare Disease +11% CER. Net debt increased $3.5B to $26.9B. Two license deals add ~$800M in upfront payments.
Risk Factors
- Farxiga US LOE accelerating (multiple generics launched Q2 2026)
- Wainua ATTR-CM failure removes a key pipeline opportunity
- China VBP and generic competition pressuring Lynparza, roxadustat, Brilinta
- R&D spend increasing (+13% CER Q2) may pressure margins
- Net debt rising to $26.9B with two new license deals adding $800M upfront
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-086846 |
| Document: 0001104659-26-086846-index-headers.html | 0001104659-26-086846 |
| Document: 0001104659-26-086846-index.html | 0001104659-26-086846 |
| Document: 0001104659-26-086846.txt | 0001104659-26-086846 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 6-K | $161.85 $168.37 | ▲ +4.03% | ▲ +1.90% | $156.97 (−3.02%) |
Sep 14, 2026 18d ago | 6-K | $163.78 $168.10 | ▼ −2.64% | ▼ −2.53% | $156.97 (+4.16%) |
Sep 8, 2026 24d ago | 6-K | $160.04 $161.85 | ▲ +1.13% | ▲ +2.25% | $156.97 (−1.92%) |
Sep 1, 2026 4w ago | 6-K | $162.22 $156.94 | ▼ −3.25% | ▼ −3.33% | $156.97 (−3.23%) |
Sep 1, 2026 4w ago | 6-K | $162.22 $156.94 | ▼ −3.25% | ▼ −3.33% | $156.97 (−3.23%) |
Sep 1, 2026 4w ago | 6-K | $162.47 $156.94 | ▼ −3.40% | ▼ −3.49% | $156.97 (−3.39%) |
Sep 1, 2026 4w ago | 6-K | $162.22 $156.94 | ▼ −3.25% | ▼ −3.33% | $156.97 (−3.23%) |
Sep 1, 2026 4w ago | 6-K | $162.22 $156.94 | ▼ −3.25% | ▼ −3.33% | $156.97 (−3.23%) |
Sep 1, 2026 4w ago | 6-K | $162.47 $156.94 | ▼ −3.40% | ▼ −3.49% | $156.97 (−3.39%) |
Aug 31, 2026 4w ago | Court Ruling | $162.13 $159.95 | ▲ +1.34% | ▲ +1.20% | $156.97 (+3.18%) |
US Market Status
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