TLDR
- Q2 total revenue came in at $15.38 billion, up 5% at constant currency
- Core EPS rose 18% to $2.63, beating the analyst consensus of $2.48
- Oncology revenue grew 15% at constant currency, offsetting declines in other units
- AZN reiterated its 2030 target of $80 billion in annual revenue
- A late-stage Ultomiris study failed to meet its primary goal; Wainua also missed earlier this month
AstraZeneca stock was up around 1.6% in early trading on Monday after the company posted second-quarter results that came in ahead of expectations.
Total revenue for the quarter reached $15.38 billion, compared to $14.46 billion in the same period last year. That works out to a 5% increase at constant currency. Analysts had been looking for $15.39 billion, so it was essentially in line on the top line.
🚨 $AZN (AstraZeneca) Q2 2026 Earnings
Beat expectations…
but pipeline concerns after trial failure are the real story 👀________________________________________
📊 KEY METRICS (Q2 2026)
🔹 Core EPS: $2.63 (+18% YoY) 🟢
🔹 Consensus EPS: $2.48 → **beat**
🔹…— Emmanuel – Big Tech & AI Investor (@EmmanuelInvest) July 27, 2026
The earnings number was the bigger beat. Core EPS came in at $2.63, up 18% at constant currency, against a consensus estimate of $2.48. Net profit rose to $2.51 billion from $2.45 billion a year earlier.
Oncology was the engine behind the quarter. Revenue from cancer treatments grew 15% at constant currency, carrying the weight as cardiovascular, renal and metabolism, and infectious disease franchises all declined.
Pipeline Concerns Remain in Focus
AstraZeneca’s trial record has drawn scrutiny in recent weeks. Earlier this month, a late-stage trial for Wainua as a treatment for a heart condition missed its primary endpoint, knocking the stock.
This weekend, the company disclosed another setback. A study of its rare-disease drug Ultomiris failed to meet its primary goal in patients with a life-threatening complication from stem-cell transplants.
On a more positive note, AstraZeneca also reported a successful late-stage gastric cancer trial result at the same time.
CEO Pascal Soriot moved to reassure investors. “We remain confident in the strength of our pipeline and have more than twenty high-value readouts due over the next 18 months,” he said.
2030 Revenue Target Still on the Table
Despite the recent setbacks, AstraZeneca held firm on its guidance. The company still expects 2026 core EPS to grow by a low double-digit percentage at constant currency, with total revenue rising at a mid-to-high single-digit rate.
The $80 billion annual revenue target for 2030, set in 2024, was also reaffirmed. JPMorgan analysts said Monday they believe the company remains on track to hit that figure.
AZN has more than quadrupled in price since Soriot took the helm 14 years ago. But the stock is down roughly 8% so far in 2026, trailing rival GSK.
Two additional late-stage study readouts in the coming months are being closely watched as a test of whether the pipeline can hold up.
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