AstraZeneca Q1 Results Beat on Oncology Strength
AstraZeneca Q1 results showed oncology and rare-disease revenue lifted profit and core EPS and should influence near-term investor positioning on guidance
KEY TAKEAWAYS
- Total revenue reached $15.3 billion and core EPS were $2.58.
- Oncology sales grew 16% CER and accounted for 44% of group revenue.
- Company reaffirmed full-year 2026 guidance for mid-to-high single-digit revenue and low-double-digit core EPS growth at CER.
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AstraZeneca PLC (AZN) reported Q1 results on April 29, 2026, that exceeded expectations as strong oncology and rare-disease sales lifted profit and core earnings. Management maintained its full-year 2026 outlook.
Quarter Results and Guidance
The company said in a press release that total revenue for Q1 2026 reached $15.3 billion, up 8% at constant exchange rates (CER) and above consensus estimates near $14.7 billion. Product sales rose 7% CER to $14.4 billion, while alliance revenue increased 26% CER to $825 million. Reported earnings per share were $1.99, and core EPS grew 5% CER to $2.58. Core operating profit rose 12% CER to $5.35 billion.
AstraZeneca reaffirmed its full-year 2026 guidance for mid-to-high single-digit revenue growth and low double-digit core EPS growth at CER. The company also reiterated its longer-term target of $80 billion in annual revenue by 2030. The group’s core tax rate was 21% for the quarter, with an expected full-year range of 18% to 22%.
Oncology and Pipeline Drivers
Oncology sales increased 16% CER, accounting for 44% of group revenue. Key products included Enhertu, which generated $831 million (up 34% CER), and Imfinzi, which produced $1.7 billion (up 30% CER). Rare-disease sales rose 15% CER, with Ultomiris contributing $1.3 billion and total unit sales reaching $2.4 billion.
Since the Q4 2025 results, AstraZeneca reported positive Phase III readouts for four programs, including first pivotal data for two new molecular entities: tozorakimab in chronic obstructive pulmonary disease (COPD) and efzimfotase alfa in hypophosphatasia. The company also recorded 14 product approvals in major regions. Datroway, approved in 2025, generated $43 million in the quarter through the Daiichi Sankyo alliance.
These near-term commercial gains, combined with late-stage readouts and recent approvals, support management’s decision to maintain the full-year outlook and underpin the company’s longer-term revenue ambition. Chief Executive Pascal Soriot said, "We are advancing through our catalyst-rich period."
