AstraZeneca plc (LSE:AZN) delivered a strong start to 2026, posting first-quarter total revenue of $15.3 billion, an 8% increase at constant exchange rates. Growth was led by double-digit gains in oncology and rare diseases, helping drive a 12% rise in core operating profit and a 5% increase in core earnings per share. Management reiterated its full-year outlook, expecting mid-to-high single-digit revenue growth and low double-digit core EPS expansion, supported by a projected 21% core tax rate and improving margins.
The quarter also featured significant progress in the company’s late-stage pipeline. Positive Phase III trial results were reported for tozorakimab in chronic obstructive pulmonary disease and efzimfotase alfa in hypophosphatasia. AstraZeneca also secured 14 regulatory approvals across major markets and submitted several new applications, highlighting continued momentum in bringing new therapies to market.
Strategic partnerships further strengthened its long-term growth profile. These included a $1.2 billion upfront collaboration with CSPC Pharmaceutical Group focused on obesity and type 2 diabetes, as well as licensing agreements with Jacobio Pharmaceuticals and Pinetree Therapeutics. These initiatives reflect AstraZeneca’s push into next-generation oncology treatments and metabolic therapies, supporting its ambitions through to 2030.
Overall, the company’s outlook is underpinned by strong operational performance and a positive earnings trajectory, reinforced by pipeline advancements and strategic deals. However, valuation remains relatively elevated, with a price-to-earnings ratio around 30, while free cash flow has shown some variability. Technical indicators also suggest the stock may be somewhat overextended despite maintaining a broader upward trend.
More about AstraZeneca
AstraZeneca plc is a global biopharmaceutical company focused on the development and commercialization of prescription medicines. Its core therapeutic areas include oncology, rare diseases, cardiovascular, renal and metabolic conditions, as well as respiratory and immunology. The company emphasizes innovation through both internal research and strategic collaborations, particularly in advanced areas such as antibody-drug conjugates and next-generation metabolic treatments.
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