AstraZeneca earnings beat forecasts despite slight revenue miss

AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) reported better second-quarter earnings than expected as growth in oncology and rare diseases helped offset weaker sales elsewhere. Total revenue increased 9% to $30.7 billion in the first half of 2026, or 6% at constant exchange rates. Core earnings per share rose 12% to $5.21, while reported earnings increased 4% to $3.60. Core earnings per share increased 21% to $2.63 in the second quarter, ahead of the average City analyst forecast of $2.48. Revenue rose 6% to $15.4 billion, narrowly below the $15.4 billion forecast. First-half growth was led by double-digit gains in oncology and rare disease, offsetting the loss of US exclusivity for diabetes treatment Farxiga and pressure from China’s volume-based procurement programme. AstraZeneca increased its interim dividend by three cents to $1.06 per share (79.5p). For the full year, revenue is still expected to grow by a mid-to-high single-digit percentage, with core earnings per share rising by a low double-digit percentage. Chief executive Pascal Soriot said the company was disappointed by the failure of the key CARDIO-TTRansform trial earlier this month, which has seen more than 11% of the group's valuation shaved off, but across the group is "on track to deliver our $80 billion total revenue ambition, which assumes successes and setbacks. He noted that the first half saw positive results from six other key Phase III trial programmes, with first approvals secured in eight major markets. "We remain confident in the strength of our pipeline and have more than 20 high-value readouts due over the next 18 months," Soriot said.