10 February 2026
If you are covering AstraZeneca's latest results please see the following commentary from Sheena Berry, healthcare analyst at Quilter Cheviot:
"AstraZeneca has delivered another solid quarter, with product revenue up 8% and full year product sales growing 10%, underpinned by continued strength in its oncology portfolio. Flagship medicines such as Imfinzi, Tagrisso and Enhertu remain key growth drivers, demonstrating the company’s ability to extract sustained value from its leading cancer franchise.
While earnings were slightly below consensus expectations, this was largely attributable to a one-off royalty buyout, which does little to detract from the underlying operational performance. Investment into the pipeline remains a priority, with R&D spend rising as recruitment across clinical trials accelerates.
Looking ahead, management is guiding for mid to high single-digit sales growth in 2026, alongside low double-digit core earnings growth. AstraZeneca continues to deliver with its pipeline with 16 positive Phase III readouts in 2025 and more than 20 Phase III readouts expected in 2026. Included with the results today was the announcement that an oral weight-loss asset will progress to Phase III trials, which is an attractive area of the market.
The long-term outlook remains compelling. The company continues to make progress towards its ambition of reaching $80bn in total revenue by 2030, supported by innovation, geographic expansion and a diversified therapeutic footprint."
