AstraZeneca

AstraZeneca is a global drug company based in Cambridge, UK. It discovers, develops, and sells prescription medicines in more than 125 countries. Its largest area is cancer medicines, such as Tagrisso, Imfinzi, Enhertu, and Datroway, which gave $12.9 billion of its $30.7 billion of revenue in the first half of 2026. It also sells medicines for rare diseases, and for heart, kidney, lung, and immune diseases, such as Farxiga, Breztri, and Ultomiris.

The US gave $12.9 billion of revenue in the first half of 2026, and emerging markets, including China, gave $8.3 billion. AstraZeneca makes money from sales of medicines protected by patents, and it must replace sales when patents end and generic drugs arrive. It spends a large part of its revenue on research and development, and it buys or licenses drugs from other companies to fill its pipeline. It has a goal of $80 billion of total revenue in 2030.

The market prices AstraZeneca at a discount because it doubts that the pipeline can deliver the $80 billion revenue goal for 2030. Part of the value of the stock depends on drugs that are still in trials. Three large trials failed in 2026. On July 9, the Wainua heart trial (CARDIO-TTRansform) did not meet its main goal, and the shares fell about 9% in early trading.

In August, AstraZeneca stopped a Phase III lung cancer trial of volrustomig, and in September, the SERENA-4 breast cancer trial of Etcamah did not meet its main goal. After the Wainua result, HSBC said that the 2030 goal depends on a group of higher-risk trials. At the same time, Farxiga lost US patent protection and China price cuts (volume-based procurement) reduce sales of older drugs. For the gap to close, three things must be true.

Revenue must keep growing by a mid-to-high single-digit percentage and Core EPS by a low double-digit percentage in 2026, as guided on July 27. Most of the more than twenty important trial results that AstraZeneca expects over the next 18 months must be positive, mainly in cancer. New drugs such as Enhertu in early breast cancer, Datroway, and Baxfendy must grow fast enough to replace the lost Farxiga sales. The Q3 2026 report on October 30, 2026 kept the 2026 guidance, with Core EPS up 14% in the first nine months.

The next check is the 2027 guidance with the FY 2026 report on February 9, 2027. If the trials and launches go well, the gap can close over the next four to six quarters. If more large trials fail, the market can keep a lower value on the pipeline for longer.

1. Oct 30, 2026Passed

   Q3 2026 results: growth without Farxiga and pipeline newsRevenue growth at constant exchange rates in the mid-to-high single digits with the 2026 guidance kept passes; a cut to guidance or slower growth of the new cancer drugs fails.Outcome: Total Revenue rose 7% and Core EPS rose 14% at constant exchange rates in the first nine months, Oncology grew 16%, and AstraZeneca kept its 2026 guidance.
2. Feb 9, 2027Pending

   FY 2026 results and 2027 guidance2027 guidance for revenue and Core EPS growth that keeps the $80 billion goal for 2030 in reach passes; lower guidance or a weaker 2030 goal fails.
3. Q2 2027 · est.Pending

   Next group of Phase III resultsPositive results in most of the important trials that AstraZeneca expects over the next 18 months pass; another large Phase III failure fails.

Every passed and failed checkpoint across all picks

• October 30, 2026AstraZeneca reported 9M and Q3 2026 results. Q3 Total Revenue was $16.2 billion, up 7% at constant exchange rates, and Q3 Core EPS was $2.79, up 19%. For the first nine months, Total Revenue was $46.9 billion, up 7%, and Core EPS was $8.00, up 14%. Oncology revenue rose 16% and Farxiga revenue fell 15% in the nine months. AstraZeneca kept its 2026 guidance and reported 12 positive Phase III readouts in 2026 to date. It will publish its FY 2026 results on February 9, 2027.
• October 30, 2026AstraZeneca started the Reshaping for Sustainable Growth programme. It expects one-time restructuring costs of up to $2.0 billion and $1.5 billion of yearly pre-tax savings at the run rate, which it will put back into the pipeline. It expects to complete the programme by the end of 2029.
• October 27, 2026Enhertu, which AstraZeneca shares with Daiichi Sankyo, was approved in the EU after surgery for patients with HER2-positive early breast cancer who still have invasive disease after treatment before surgery. In the DESTINY-Breast05 Phase III trial, Enhertu lowered the risk of invasive disease recurrence or death by 53% against T-DM1. It is the first EU approval of Enhertu in early breast cancer.

Next earnings

February 9, 2027, as the company confirmed.

• 6-KInterim report for the period ended Jun 30, 2026Filed July 27, 2026 · azn-20260630x6k
• 20-FAnnual report for the period ended Dec 31, 2025Filed February 24, 2026 · azn-20251231x20f
• 6-KInterim report for the period ended Jun 30, 2025Filed July 29, 2025 · azn-20250630x6k
• 20-FAnnual report for the period ended Dec 31, 2024Filed February 18, 2025 · azn-20241231x20f

Every filing on SEC EDGAR (CIK 901832)

• The 2030 revenue goal depends on many trials that are still running. Wainua, volrustomig, and Etcamah had Phase III failures in 2026, and in October 2026 the HICKORY trial of efzimfotase alfa did not meet its main goal. More failures can lower the value that the market gives to the pipeline.
• Older drugs lose sales. Farxiga lost US patent protection, and China volume-based procurement cuts the prices of several older drugs. New drugs must grow fast enough to replace these sales.
• The US gave about 42% of revenue in the first half of 2026. US drug price rules, Medicare price talks, and tariffs on imported medicines can reduce prices and profits.
• China is a large market for AstraZeneca. Political tension, price cuts, and government investigations in China can reduce sales there.
• Net debt rose by $2.5 billion in the first nine months of 2026 to $25.8 billion. The $2 billion Summit investment in October 2026 and restructuring costs of up to $2.0 billion add to the cash outflow. More large deals can slow the fall of debt.

AstraZeneca funds itself with bonds, commercial paper, and cash from its medicines. At September 30, 2026, gross debt was $34.2 billion including $2.8 billion of lease liabilities, and debt here excludes the leases. Read more

The dividend data after February 19, 2026 is missing.

Latest ex-dividend date

February 19, 2026, $2.153 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 2.3% a year. From 2015 to 2025, the dividend grew by about 1.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.