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AstraZeneca (LON: AZN) reported stronger-than-expected second-quarter earnings on Monday, reaffirming its 2026 guidance as robust demand for its Oncology and Rare Disease portfolio continued to offset the impact of Farxiga's U.S. patent expiry.
The British pharmaceutical company posted core earnings of $2.63 per share for the quarter ended June 30, an 18% increase from a year earlier and above analysts' consensus estimate of $2.48 per share. Revenue rose 5% at constant exchange rates to $15.38 billion, narrowly missing analyst expectations of $15.39 billion.
Investor sentiment remained positive, with AstraZeneca shares rising about 1% in London trading following the results. The company reported operating profit of $3.16 billion, pre-tax profit of $2.8 billion, and a core operating margin of 34%.
AstraZeneca maintained its full-year 2026 outlook, forecasting low double-digit growth in core earnings per shareand mid-to-high single-digit revenue growth. The company also said favorable foreign exchange rates could provide a low single-digit boost to annual revenue if current currency trends continue.
Chief Executive Pascal Soriot acknowledged the disappointing outcome of the CARDIO-TTRansform study but emphasized confidence in the company's long-term growth strategy.
"We remain on track to achieve our ambition of $80 billion in annual revenue by 2030, which factors in both clinical successes and setbacks," Soriot said. He added that AstraZeneca's development pipeline remains strong, with more than 20 major clinical readouts expected over the next 18 months.
Following the earnings release, Bank of America reiterated its Buy rating on AstraZeneca, arguing that upcoming pipeline milestones could support a higher valuation. The brokerage noted the stock trades at roughly 16 times projected 2027 earnings, while its medium-term outlook could justify a valuation closer to 18 times earnings.
The company also provided an update on Ultomiris, reporting that its Phase III trial in adult and adolescent patients with HSCT-TMA did not meet its primary endpoint. However, the pediatric study produced encouraging results, with 87.2% survival at 26 weeks and 73.4% survival at 52 weeks. AstraZeneca said it is moving forward with regulatory submissions for pediatric HSCT-TMA, noting that Ultomiris maintained a safety profile consistent with previous studies and continues to demonstrate a favorable treatment trend in adult and adolescent patients.
