AstraZeneca PLC (AZN)

AstraZeneca, the Cambridge drugmaker behind cancer medicines such as Tagrisso and Imfinzi, reported first-half 2026 Total Revenue of $30.7 billion, up 6 percent at constant exchange rates 1. Double-digit growth in cancer and rare-disease medicines outweighed US generic copies of Farxiga and China's volume-based procurement, a state tender system that cuts prices 1. The company kept its 2026 goal of Total Revenue growth by a mid-to-high single-digit percentage 1.

The year also brought setbacks: Wainua, a gene-silencing medicine shared with Ionis, failed its large heart trial in July, and Etcamah missed its main goal in the SERENA-4 breast cancer trial 1112. Approvals followed: Etcamah in the US in September, Ultomiris for IgA nephropathy, a kidney disease, in the US on 22 October, and Enhertu for early breast cancer in the EU on 27 October 13910.

The open question is the results for the first nine months, due on 30 October, the first figures since AstraZeneca completed a $2 billion investment in Summit Therapeutics 17. That money ties AstraZeneca to ivonescimab, Summit's experimental antibody that blocks two cancer targets at once, which AstraZeneca plans to test alongside its own antibody drug conjugates 6.

AstraZeneca began as Zeneca, the drug, farm-chemical and specialty-chemical businesses split off from Imperial Chemical Industries in 1993 2. In 1999 Zeneca merged with Astra of Sweden, and in 2000 it combined its farm chemicals with those of Novartis to form Syngenta 2. It added MedImmune, a US biologics and vaccines maker, in 2007, and Alexion, a US rare-disease specialist, in 2021 2.

The years to 2018 were a patent cliff, the drop that follows when the patents on big sellers run out and cheap copies arrive 4. Total Revenue slid from $23.0 billion in 2016 to $22.1 billion in 2018, and sales of Crestor, a cholesterol pill, fell 39 percent in 2018 as generics took over 4.

Pascal Soriot, chief executive since 2012, rebuilt the business around new medicines, above all for cancer 34. By 2018 product sales were growing again, up 4 percent to $21,049 million, led by Tagrisso, a lung cancer pill whose sales rose 95 percent to $1,860 million 4.

Total Revenue rose from $24.4 billion in 2019 to $26.6 billion in 2020 and $37.4 billion in 2021 5. The 2021 jump came from Alexion, acquired in July, and from Vaxzevria, the COVID-19 vaccine, of which AstraZeneca and its partners supplied about 2.5 billion doses that year 5. Excluding COVID-19 revenue, growth was 26 percent 5.

Reported profit fell that year even as revenue rose: operating profit dropped 80 percent to $1,056 million 5. The company tied much of the drop to $2,441 million of Alexion deal costs, mainly the release of an accounting step-up on the stock of medicines it acquired 5.

Since then cancer medicines have led the growth: Total Revenue reached $45.8 billion in 2023, $54.1 billion in 2024 and $58.7 billion in 2025 3. In 2025 Oncology brought in $25.6 billion, up 15 percent, and the company counted 16 medicines each selling more than $1 billion a year 3.

Growth also came from outside the US: in 2025 product sales in Emerging Markets rose 11 percent to $15,056 million, and China alone brought in $6,624 million, 12 percent of product sales 2. Japan, the largest market in the Established Rest of World region, grew 3 percent to $3,602 million 2.

In October 2025 AstraZeneca agreed with the US administration to lower prices, tying Medicaid prices to those paid in other developed countries, in return for a three-year exemption from certain tariffs 321. On 2 February 2026 it ended its American depositary receipt programme and listed its ordinary shares directly on the New York Stock Exchange 2.

What it sells, in brief

AstraZeneca discovers, makes and markets prescription medicines in three areas: Oncology, BioPharmaceuticals (heart, kidney, metabolism, lungs and immunology) and Rare Disease 1. In the first half of 2026 Oncology brought in $14.1 billion, 46 percent of Total Revenue, growing 15 percent at constant exchange rates 1. The US supplied $12.9 billion, or 42 percent, and China $3.5 billion, down 5 percent 1.

Cancer: Tagrisso, Imfinzi, Enhertu, Calquence

Tagrisso is a daily pill for lung cancers driven by EGFR gene mutations; its first-half revenue was $3.8 billion, up 6 percent at constant exchange rates 1. The company notes a more competitive market in China and a recent rival in its Established Rest of World region 1. Imfinzi, an immunotherapy infusion that helps the immune system attack tumours, grew 29 percent to $3.5 billion on new uses in stomach and bladder cancers 1.

Enhertu, an antibody drug conjugate that carries a chemotherapy payload to cancer cells marked by HER2, is shared with Daiichi Sankyo; their combined sales were $2,961 million in the half 1. The EU approval for early breast cancer rests on a trial in which it cut the risk of the disease returning, or death, by 53 percent against the older drug T-DM1 10.

Calquence, a pill for chronic lymphocytic leukaemia, a blood cancer, grew 16 percent to $1.9 billion 1. Lynparza, a pill for ovarian, breast and prostate cancers, slipped 1 percent to $1.6 billion, hit in China by generic competition and state tenders 1.

Heart, kidney and metabolism

Farxiga, a pill for diabetes, heart failure and kidney disease, earned $4.0 billion in the half, down 11 percent at constant exchange rates, after several US generics launched in the second quarter 1. In Medicare its negotiated price for a 30-day supply is $178.50 in 2026, against a 2023 list price of $556 22. Baxfendy, a new blood pressure pill approved in the US in May, brought in $3 million in its first weeks 1.

Lokelma, for high blood potassium, grew 26 percent, while Brilinta, a blood thinner, fell 66 percent after generics entered the US and Europe in 2025 1.

Lungs and immunology

Symbicort, an asthma inhaler, dipped 4 percent to $1.4 billion as a new US generic arrived 1. Fasenra and Tezspire, injected antibodies for severe asthma, grew 12 percent and 40 percent; Tezspire is shared with Amgen 1. Breztri, a three-drug inhaler for chronic obstructive pulmonary disease, grew 17 percent and won US approval for asthma in April 1.

Rare disease, the Alexion business

Ultomiris, an infusion given every eight weeks that blocks part of the immune system called complement, grew 14 percent to $2.6 billion as patients moved over from Soliris 19. Soliris fell 22 percent to $778 million, also under pressure from biosimilars, close copies of a biologic medicine 1. Strensiq, for the bone disease hypophosphatasia, grew 40 percent to $1.1 billion 1.

Plants, people and money

At the end of 2025 AstraZeneca employed 96,100 people, including 16,100 in research and 16,900 at 31 operations sites in 15 countries 3. Its strategic research centres are in Cambridge, Gothenburg, Gaithersburg, Boston, Beijing and Shanghai 3. In 2025 it spent $14.2 billion on research and development 3.

It is building a $4.5 billion plant in Charlottesville, Virginia, to make drug ingredients for weight-management and cancer medicines, part of $50 billion it plans to invest in US manufacturing and research 3.

People in charge

Pascal Soriot, a veterinarian who ran Genentech before joining, has led the company since 2012; Aradhana Sarin, who came from Alexion, is finance chief, and Michel Demaré chairs the board 35. Wan Ling Martello, a former Nestlé finance chief, joined the board on 1 September 2026 15.

Rivals and problems

Generic makers are the nearest rivals for older medicines: Natco, Cipla and Zydus are challenging Lynparza patents in US court, after Sandoz settled in April 1. AstraZeneca settled its patent fights over copies of Soliris with the biosimilar makers Amgen and Samsung Bioepis 3.

In China, a local unit, a former executive vice-president and a former senior employee were indicted in November 2025 over unlawful collection of personal information and illegal trade 3. In May 2026 AstraZeneca paid $220 million to settle a Lynparza licence dispute with the University of Sheffield, and the US Supreme Court declined its challenge to Medicare price negotiation 1.

The umbrella, in words

AstraZeneca PLC sits on top; its annual report lists the subsidiaries large enough to count as significant, all wholly owned, among them Alexion Pharmaceuticals in the US, AstraZeneca AB in Sweden and AstraZeneca UK Limited 16. Its main tablet and capsule plants are in the UK, Sweden, China, Puerto Rico and the US, and its biologics plants in the US, Ireland, Sweden, the UK and the Netherlands 3.

It owns 44 percent of Cellectis through AstraZeneca Holdings BV, counting preferred shares that convert 17. Through MedImmune Limited it owns 8.3 percent of Innate Pharma 18. It also invested $2 billion in newly issued Summit Therapeutics equity, completed in October 2026 7.

The largest holders on file are BlackRock, with 7.6 percent of the ordinary shares, and Vanguard Capital Management, with 5.02 percent 1920. The only other class is 50,000 redeemable preference shares, with limited voting rights and no dividend 2.

The company says it is on track for its ambition of $80 billion in Total Revenue in 2030, an ambition Soriot says already allows for successes and setbacks 1. For 2026 it guides to Total Revenue growth by a mid-to-high single-digit percentage at constant exchange rates 1.

The company projects that the US will make up about half of its Total Revenue by 2030, up from 43 percent in 2025 3. Ivonescimab, the Summit antibody it is backing, is under review by the US Food and Drug Administration for lung cancer with EGFR mutations, the company noted 8.

Results for the first nine months are due on 30 October 2026 1. Soriot said in July that more than twenty high-value trial readouts are due over the next 18 months 1.

Zegfrovy, a lung cancer pill licensed from Dizal for $600 million upfront and up to $900 million in milestones, is due for a US launch in the fourth quarter of 2026, the company says 114. An application to use it as a first treatment has been accepted for review by the US Food and Drug Administration 14.

In July it also licensed TQC3721, a respiratory medicine from Sino Biopharmaceutical's CTTQ unit, for $200 million upfront and up to $1.9 billion in milestones 1.

Its pipeline table from February lists data from the PACIFIC-9 lung cancer trial in the second half of 2026 and from CAMBRIA-1, an early breast cancer trial, in 2027 2. The Ultomiris kidney approval is provisional: keeping it may depend on the ongoing Phase III trial, which measures kidney function at week 106 9.

On factories, the company plans a $2 billion expansion in Maryland that doubles capacity at its Frederick biologics plant, and is building a $1.5 billion antibody drug conjugate plant in Singapore 3.

Court dates on file include a Lynparza patent trial in Canada in June 2027 and a UK case over Hansoh's rival lung cancer pill aumolertinib, also set for June 2027 1.

Past

AstraZeneca PLC's revenue grew from $23 billion in fiscal 2016 to $59 billion in fiscal 2025, up 11% a year over the ten filed years, rising in 7 of 9 years with a deepest fall of 4% from fiscal 2016 to fiscal 2018 Net income was positive in all 10 of those years The company's filings since 2017 show no warning events: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice Over the three fiscal years to 2025, the diluted share count held steady, and dividends and buybacks returned about 40% of operating cash flow Net worth has moved about 12.7% a year up since fiscal 2016 12

Present

In its latest annual figures on file, for the fiscal year ended 2025-12-31, AstraZeneca reported revenue of $59 billion and a profit of $10 billion Its revenue of $59 billion in fiscal 2025 ranks in the top 2% by size among 315 names in its industry family, with a net margin of 17.4% ranking in the top 13% The company earned about 21 cents of profit for every dollar of shareholders' money and its products earned about 42 cents per dollar of everything it owns It owed about 57 cents per dollar of assets, and its share count shrank 0.1% over the year 31

Its officers and directors filed 1 sale and 1 purchase of their own stock on the open market in the year to 2026-10-08 Leadership is an SI estimate labeled so , as a foreign issuer reports on Form 6-K rather than Form 8-K, so officer and director changes cannot be read there 13

Future

The annual report, Form 20-F, for the fiscal year ending 2026-12-31 is due by 2027-04-30 The company's room to grow leaves net cash of negative 21% of its assets, in the bottom 7% of its family; cash from operations less capital spending is 20% of revenue in the top 12%; gross margin is 81.9% in the top 30%; research spending is 24.2% of revenue in the bottom 29% Revenue grew 9.8% a year over the last three filed years against 11% over all 10, slowing in the bottom 50% of its family, though the newest year grew 8.6% in the top 49%; research spending grew 13.4% a year in the top 34%; capital spending grew 37.1% a year in the top 18% 41

Revenue of $59 billion in fiscal 2025 came in 1.6% below the $60 billion the prior three years' pace pointed to, and net income of $10 billion against a prior three-year average of $5.4 billion brought a net margin of 17.4% against 11.2% before 1

How the company operates

AstraZeneca is a product business in the Pharmaceutical Preparations sector 3

New moves

On 2026-09-29, AstraZeneca put $2 billion into Summit Therapeutics, buying convertible preferred shares equal to about 12 percent of Summit's common stock with no vote, weeks before Summit's FDA decision date for a lung-cancer drug due by 14 November 5