AstraZeneca PLC (LSE:AZN) said it expects sales and earnings to continue growing in 2026 after delivering fourth-quarter results broadly in line with market expectations. The drugmaker forecast that total revenue will increase at a mid- to high-single-digit rate at constant exchange rates next year, while core profit is expected to grow by a low double-digit percentage. The outlook was well received by investors, with the shares rising more than 1%.
For 2025, AstraZeneca reported revenue growth of 8% and an 11% increase in core profit, consistent with its prior guidance for high single-digit sales growth and low double-digit earnings expansion. In the fourth quarter ended 31 December, core earnings were $2.12 per share, while revenue rose 2% year on year to $15.50bn. Both figures were in line with company-compiled consensus forecasts. Core operating profit for the quarter totalled $4.10bn, below analyst expectations of $4.45bn.
Chief executive Pascal Soriot highlighted strong underlying momentum across the business, pointing to robust commercial execution and progress in the pipeline. During 2025, the company announced results from 16 positive Phase 3 trials and now has 16 blockbuster medicines in its portfolio. Oncology remained a key growth driver, with cancer drug sales rising 20% in the quarter to $7.03bn, while revenue from cardiovascular therapies fell 6% to $3.05bn, partly due to increased generic competition.
Analyst reaction was mixed but broadly constructive. Morgan Stanley described the results as “good enough,” noting that the midpoint of the new guidance implies around a 2% uplift to Street revenue expectations. However, the firm added that the implied 2026 operating margin could attract scrutiny, as assumed earnings growth of around 11% suggests a modest 1% downgrade to consensus EPS forecasts. Jefferies analyst Michael Leuchten said the 2026 outlook is likely to push consensus revenue estimates higher, while core earnings expectations are expected to remain broadly unchanged, despite a small headwind from higher net financing costs.
More about AstraZeneca PLC
AstraZeneca PLC is a global, science-led biopharmaceutical company focused on the discovery, development and commercialisation of prescription medicines. Its core therapy areas include oncology, cardiovascular, renal and metabolic diseases, respiratory and immunology, and rare diseases. Headquartered in the UK, the group operates worldwide and is one of the largest pharmaceutical companies listed on the London Stock Exchange.
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