FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
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Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary
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29 April 2026
AstraZeneca results: Q1 2026
Strong revenue growth and positive readouts from high-value NMEs reinforce confidence in 2030 ambition
Revenue and EPS summary
Q1 2026 % Change
$m Actual CER1
- Product Sales 14,386 12 7
- Alliance Revenue 825 29 26
Product Revenue 15,211 13 8
Collaboration Revenue 77 4 -
Total Revenue 15,288 13 8
Reported EPS ($) 1.99 6 8
Core2 EPS ($) 2.58 4 5
Key performance elements for Q1 2026
(Growth numbers at constant exchange rates)
Total Revenue up 8% to $15,288m, driven by
double-digit growth in Oncology and Rare Disease
Core Operating profit increased 12%
Core EPS growth of 5%, reflecting the favourable tax
rate in the prior year period
Core Tax rate of 21%. Expectations for full year Core Tax
rate are unchanged at 18-22%
Positive readouts for four high-value Phase III
programmes since Q4 2025 results, including for two
NMEs: tozorakimab and efzimfotase alfa
14 approvals in major regions since Q4 2025 results
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
“We delivered strong growth in Q1 2026, with Total Revenue above
$15 billion, demonstrating our consistent commercial execution. We
are advancing through our catalyst‑rich period, with positive
readouts for four high-value Phase III programmes since our last
quarterly results, including first pivotal data for two key NMEs -
tozorakimab in COPD and efzimfotase alfa in hypophosphatasia.
We continue to invest in our commercial capabilities as we prepare
for multiple launches, look forward to further readouts anticipated
this year, and remain on track to achieve our ambition for 2030 and
beyond.”
Guidance
AstraZeneca reconfirms Total Revenue and Core EPS guidance3 for FY 2026 at CER, based on the average foreign exchange rates
through 2025.
Total Revenue is expected to increase by a mid-to-high single-digit percentage
Core EPS is expected to increase by a low double-digit percentage
The Core Tax rate is expected to be between 18-22%
If foreign exchange rates for April 2026 to December 2026 were to remain at the average rates seen in March 2026, it is anticipated
that Total Revenue in FY 2026 would benefit from a low single-digit percentage positive impact (unchanged) compared to the
performance at CER, and Core EPS growth would be broadly similar (unchanged) to the growth at CER.
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Contents
Results highlights ...................................................................................................................................................................................... 3
Revenue drivers ........................................................................................................................................................................................ 6
R&D progress .......................................................................................................................................................................................... 12
Sustainability .......................................................................................................................................................................................... 15
Operating and financial review .............................................................................................................................................................. 16
Financial performance ............................................................................................................................................................................ 17
Interim financial statements .................................................................................................................................................................. 22
Notes to the Interim financial statements ............................................................................................................................................. 26
Other shareholder information .............................................................................................................................................................. 35
Glossary .................................................................................................................................................................................................. 37
Table 1: Milestones achieved since the prior results announcement ...................................................................................................... 3
Table 2: Key elements of financial performance: Q1 2026 ...................................................................................................................... 4
Table 3: Product Revenue (PR) by medicine ............................................................................................................................................. 6
Table 4: Collaboration Revenue ............................................................................................................................................................... 7
Table 5: Total Revenue by Therapy Area .................................................................................................................................................. 7
Table 6: Total Revenue by region ............................................................................................................................................................. 7
Table 7: Product Revenue by region ......................................................................................................................................................... 7
Table 8: Reported Profit and Loss........................................................................................................................................................... 17
Table 9: Reconciliation of Reported Profit before tax to EBITDA ........................................................................................................... 17
Table 10: Reconciliation of Reported to Core financial measures: Q1 2026 .......................................................................................... 17
Table 11: Cash Flow summary: Q1 2026 ................................................................................................................................................ 19
Table 12: Net debt summary .................................................................................................................................................................. 19
Table 13: Obligor group summarised statement of comprehensive income: Q1 2026 .......................................................................... 20
Table 14: Obligor group summarised statement of financial position ................................................................................................... 20
Table 15: Currency sensitivities .............................................................................................................................................................. 21
Table 16: Condensed consolidated statement of comprehensive income: Q1 2026 ............................................................................. 22
Table 17: Condensed consolidated statement of financial position....................................................................................................... 23
Table 18: Condensed consolidated statement of changes in equity ...................................................................................................... 24
Table 19: Condensed consolidated statement of cash flows: Q1 2026 .................................................................................................. 25
Table 20: Net debt .................................................................................................................................................................................. 27
Table 21: Patent litigation ...................................................................................................................................................................... 29
Table 22: Product liability litigation ........................................................................................................................................................ 31
Table 23: Commercial litigation .............................................................................................................................................................. 31
Table 24: Government investigations and proceedings ......................................................................................................................... 32
Table 25: Product Sales year-on-year analysis: Q1 2026 ........................................................................................................................ 33
Table 26: Alliance Revenue: Q1 2026 ..................................................................................................................................................... 34
Table 27: Collaboration Revenue: Q1 2026 ............................................................................................................................................ 34
Table 28: Other operating income and expense: Q1 2026 ..................................................................................................................... 34
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Table 1: Milestones achieved since the prior results announcement
Phase III and other registrational data readouts
Medicine Trial Indication Event
Imfinzi EMERALD-3 Locoregional HCC Primary endpoint met
Imfinzi + Orpathys SAMETA MET+ advanced papillary renal cell carcinoma Primary endpoint not met
tozorakimab OBERON COPD Primary endpoint met
tozorakimab TITANIA COPD Primary endpoint met
tozorakimab MIRANDA COPD Primary endpoint met
tozorakimab PROSPERO COPD Primary endpoint not met
Breztri ATHLOS COPD Primary endpoint met
efzimfotase alfa MULBERRY HPP (paediatric, treatment-naïve) Primary endpoint met
efzimfotase alfa CHESTNUT HPP (paediatric, switch from Strensiq) Primary endpoint met
efzimfotase alfa HICKORY HPP (adults, adolescents, treatment-naïve) Primary endpoint not met
Ultomiris I CAN IgAN Primary endpoint met
Ultomiris ARTEMIS CSA-AKI Discontinued due to
inconsistent efficacy
Regulatory approvals
Medicine Trial Indication Region
Calquence AMPLIFY 1L CLL (fixed duration) US
Enhertu DESTINY-Gastric04 2L HER2+ gastric/GEJ cancer JP
Enhertu DESTINY-PanTumor02 HER2-positive solid tumours JP
Enhertu DESTINY-Breast11 Neoadjuvant HER2+ Stage II or III breast cancer CN
Imfinzi MATTERHORN Resectable gastric/GEJ cancer EU
Imfinzi HIMALAYA 1L HCC CN
Imfinzi POSEIDON 1L NSCLC CN
Breztri KALOS / LOGOS Asthma US
Saphnelo TULIP-SC SLE (subcutaneous) JP, US
Tezspire WAYPOINT Chronic rhinosinusitis with nasal polyps JP, CN
Tezspire DIRECTION Severe asthma CN
Koselugo KOMET Adult NF1-PN CN
Regulatory submissions or acceptances* in major regions
Medicine Trial Indication Region
Calquence AMPLIFY 1L CLL (fixed duration) JP
Calquence ECHO 1L MCL CN
Enhertu DESTINY-Breast05 High-risk HER2+ early breast cancer (post-neoadjuvant) US, EU, JP, CN
Enhertu DESTINY-PanTumor03 HER2-expressing solid tumours CN
Datroway TROPION-Breast02 1L TNBC for patients where immunotherapy is not an option JP
baxdrostat BaxHTN / Bax24 /
BaxAsia
Treatment resistant hypertension CN
* US, EU and China regulatory entries in this table denote filing acceptance
Other pipeline updates
For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix document in the financial
results section of the AstraZeneca investor relations website: www.astrazeneca.com/investor-relations.html
Results highlights
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Table 2: Key elements of financial performance: Q1 2026
For the quarter Reported Change Core Change
ended 31 March
$m Act CER $m Act CER
Product Revenue 15,211 13 8 15,211 13 8 See Tables 3, 7, 25 and 26 for further details of Product
Revenue, Product Sales and Alliance Revenue
Collaboration
Revenue
77 4 - 77 4 - See Tables 4 and 27 for further details of Collaboration
Revenue
Total Revenue
15,288 13 8 15,288 13 8 See Tables 5 and 6 for Total Revenue by Therapy Area
and by region
Gross Margin (%) 82 -1pp +1pp 83 -1pp +1pp Variations in Gross Margin can be expected between
periods due to various factors, including fluctuations in
foreign exchange rates, product seasonality and
Collaboration Revenue
R&D expense 3,492 11 7 3,461 12 8 Core R&D: 23% of Total Revenue
+ Accelerated recruitment in ongoing trials
+ Investments in transformative technologies such as
IO bispecifics, cell therapy and antibody drug
conjugates
+ Addition of R&D projects from business development
+ Positive data readouts for high value pipeline
opportunities that have ungated large late-stage trials
SG&A expense 4,920 10 6 3,859 12 7 Core SG&A: 25% of Total Revenue
+ Investment to support ongoing and future launches
Other operating
income and expense4
189 67 65 189 65 63 + Various partner milestones
Operating profit 4,246 16 17 5,352 11 12
Operating Margin (%) 28 +1pp +2pp 35 - +1pp
Net finance expense 320 20 16 281 30 26 + Prior year Net finance expense benefitted from
adjustments relating to settlements with tax
authorities
Tax rate (%) 21 +7pp +7pp 21 +5pp +5pp Prior year benefitted from the release of tax liabilities
following settlements with tax authorities
Variations in the tax rate can be expected between
periods
EPS ($) 1.99 6 8 2.58 4 5
For dollar values in this table, the unit of change is percent. For Gross Margin, Operating Margin and Tax rate, the unit of change is percentage points (pp).
In the table above, R&D expense, SG&A expense and Net finance expense are displayed as positive numbers. The plus and minus symbols next to comments denote the
directional impact of the item being discussed. For example, a plus symbol next to a comment about an R&D item indicates that the item increased R&D expenditure
relative to the prior year period.
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Corporate and business development
Jacobio Pharma
In March 2026, Jacobio Pharma
announced that it had received an upfront
payment of $100m from AstraZeneca. The
payment was made in accordance with the
collaboration and license agreement
announced in December 2025 for
JAB-23E73, an investigational oral
pan-KRAS inhibitor.
Pinetree
In April 2026, AstraZeneca exercised its
option to obtain an exclusive global license
from Pinetree Therapeutics, Inc. (Pinetree)
to develop and commercialize PTX-299, a
first-in-class bispecific antibody degrader
targeting EGFR. The option exercise
triggers a $25m payment to Pinetree.
Pinetree is also eligible to receive potential
future development, regulatory, and
commercial milestone payments and
tiered royalties on global net sales if the
product is successfully developed and
commercialized. The total potential value
of the agreement exceeds $500m.
CSPC
In April 2026, AstraZeneca closed the
previously announced new strategic
collaboration agreement with CSPC
Pharmaceuticals to advance the
development of multiple next-generation
therapies for obesity and type 2 diabetes.
AstraZeneca will pay an upfront payment
of $1.2bn. See Note 5 for further details.
Sustainability highlights
The Company released its third
Sustainability Impact Publication which
includes its Sustainability achievements to
date, updated 2030 Sustainability targets
and case studies from across the
enterprise on climate and nature action,
health equity and health systems
resilience.
Reporting calendar
The Company intends to publish its H1 and
Q2 2026 results on 27 July 2026.
Conference call
A conference call and webcast for
investors and analysts will begin today,
29 April 2026, at 14:30 UK time. Details
can be accessed via astrazeneca.com.
Reporting changes since FY 2025
The therapy area formerly referred to as
‘Vaccines and Immune Therapies’ is now
titled ‘Infectious Disease’.
The updated title aligns with the naming
convention of AstraZeneca’s other therapy
areas, which are named after the scientific
fields in which they operate.
Notes
1. Constant exchange rates. The
differences between Actual Change and
CER Change are due to foreign exchange
movements between periods in 2026 vs.
2025. CER financial measures are not
accounted for according to generally
accepted accounting principles (GAAP)
because they remove the effects of
currency movements from Reported
results.
2. Core financial measures are adjusted to
exclude certain items. The differences
between Reported and Core measures
are primarily due to costs relating to the
amortisation of intangibles,
impairments, legal settlements and
restructuring charges. A full
reconciliation between Reported EPS
and Core EPS is provided in Table 10 in
the Financial Performance section of this
document.
3. The Company is unable to provide
guidance on a Reported basis because it
cannot reliably forecast material
elements of the Reported results,
including any fair value adjustments
arising on acquisition-related liabilities,
intangible asset impairment charges and
legal settlement provisions. Please refer
to the Cautionary statements section
regarding forward-looking statements at
the end of this announcement.
4. Income from disposals of assets and
businesses, where the Group does not
retain a significant ongoing economic
interest, is recorded in Other operating
income and expense in the Group’s
financial statements.
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Table 3: Product Revenue (PR) by medicine
Q1 2026 % Change
$m % Total Actual CER
Tagrisso 1,833 12 9 5
Imfinzi 1,694 11 34 30
Calquence 923 6 21 17
Lynparza 781 5 8 2
Enhertu 831 5 40 34
Zoladex 315 2 8 2
Truqap 198 1 50 47
Imjudo 77 1 (5) (7)
Datroway 43 - >10x >10x
Other Oncology 102 1 (8) (10)
Oncology PR 6,797 45 20 16
Farxiga 2,193 14 7 (2)
Crestor 355 2 12 8
Lokelma 199 1 30 26
Seloken 180 1 12 7
Brilinta 105 1 (65) (67)
Wainua 51 - 29 28
roxadustat 43 - (45) (48)
Other CVRM 115 1 (16) (20)
Cardiovascular, Renal & Metabolism PR 3,241 21 - (7)
Symbicort 747 5 3 (1)
Fasenra 483 3 15 11
Breztri 353 2 18 13
Tezspire 303 2 40 34
Saphnelo 171 1 25 24
Pulmicort 149 1 (6) (11)
Airsupra 37 - 31 31
Other R&I 75 - (28) (30)
Respiratory & Immunology PR 2,318 15 11 7
Beyfortus 116 1 3 3
FluMist 8 - >10x >10x
Other ID 58 - (49) (53)
Infectious Disease PR 182 1 (19) (22)
Ultomiris 1,270 8 21 18
Soliris 389 3 (12) (14)
Strensiq 517 3 47 43
Koselugo 170 1 24 15
Other Rare Disease 74 - 28 18
Rare Disease PR 2,420 16 19 15
Other Medicines PR 253 2 (7) (9)
Product Revenue 15,211 100 13 8
Alliance Revenue included above:
Enhertu 508 3 28 23
Tezspire 154 1 18 18
Beyfortus 91 1 11 11
Datroway 42 - >10x >10x
Other royalty revenue 29 - 22 22
Other Alliance Revenue 1 - 3 3
Alliance Revenue 825 5 29 26
Revenue drivers
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Table 4: Collaboration Revenue
Q1 2026 % Change
$m Actual CER
Farxiga: sales milestones 44 (41) (44)
Crestor: sales milestones 32 n/m n/m
Others 1 n/m n/m
Collaboration Revenue 77 4 -
Table 5: Total Revenue by Therapy Area
Q1 2026 % Change
$m % Total Actual CER
Oncology 6,798 44 20 16
- Cardiovascular, Renal & Metabolism 3,317 22 - (6)
- Respiratory & Immunology 2,318 15 11 7
- Infectious Disease 182 1 (19) (22)
BioPharmaceuticals 5,817 38 3 (2)
Rare Disease 2,420 16 19 15
Other Medicines 253 2 (7) (9)
Total Revenue 15,288 100 13 8
Table 6: Total Revenue by region
Q1 2026 % Change
$m % Total Actual CER
US 6,205 41 10 10
- Emerging Markets ex. China 2,475 16 16 9
- China 1,923 13 7 2
Emerging Markets 4,398 29 12 6
Europe 3,405 22 23 9
Established RoW 1,280 8 3 2
Total Revenue 15,288 100 13 8
Table 7: Product Revenue by region
Q1 2026 % Change
$m % Total Actual CER
US 6,204 41 10 10
- Emerging Markets ex. China 2,475 16 16 9
- China 1,923 13 7 2
Emerging Markets 4,398 29 12 6
Europe 3,405 22 23 9
Established RoW 1,204 8 3 2
Total Product Revenue 15,211 100 13 8
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Total Revenue by Medicine
Oncology
Tagrisso
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Strong demand growth across indications and key regions, positioned as backbone
across all stages of EGFRm NSCLC. Leading combination in 1L NSCLC (FLAURA2)
US 733 8 8 Robust underlying demand; higher Q1 inventory destocking
Emerging Markets 536 3 (1) Affected by tender outcomes and phasing
Europe 387 26 12
Established RoW 177 2 1 Seasonal variability in Japan ahead of fiscal year-end
Total 1,833 9 5
Imfinzi
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Strong demand growth across all regions from existing indications and new
launches
US 954 31 31 Demand growth led by new GI and GU launches (MATTERHORN, NIAGARA)
Emerging Markets 187 32 28 Strong growth in GI (HIMALAYA, TOPAZ), ongoing launch momentum
Europe 383 52 34 Early momentum for new lung (ADRIATIC) and GI (MATTERHORN) launches
Established RoW 170 22 22 Demand growth from new launches across GYN (DUO-E), GU (NIAGARA), and lung
Total 1,694 34 30
Calquence
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Sustained BTKi leadership in front-line CLL with launch momentum across finite
use for 1L CLL (AMPLIFY) and 1L MCL (ECHO)
US 599 18 18 Strong demand growth from ongoing leadership in front-line CLL BTKi market
Emerging Markets 70 30 22
Europe 218 28 13 Further expansion in finite use for 1L CLL and 1L MCL
Established RoW 36 16 13
Total 923 21 17
Lynparza
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Global leadership in mature first-generation PARPi market
US 308 (1) (1) Demand growth offset by channel mix
Emerging Markets 174 8 (1) Affected by generic competition in China and VBP implementation in Q1 2026
Europe 239 22 8 Continued uptake in prostate (PROpel) and breast (OlympiA) indications
Established RoW 60 4 3
Total 781 8 2
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Enhertu
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca, amounted to $1,422m in Q1 2026 (Q1 2025: $1,086m). US
in-market sales, recorded by Daiichi Sankyo, amounted to $656m in Q1 2026 (Q1 2025: $540m). Up to and including Q3 2025,
AstraZeneca’s mid-single-digit percentage royalty on Daiichi Sankyo's sales in Japan was recorded in Europe. From Q4 2025 this royalty
has been recorded in Established RoW.
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Standard-of-care in HER2-positive (DESTINY-Breast03) and HER2-low (DESTINY-
Breast04) metastatic breast cancer, early uptake in other cancers
US 317 23 23 Early adoption in 1L HER2-positive breast cancer (DESTINY-Breast09)
Emerging Markets 261 51 47 Continued adoption post-NRDL enlistment of HER2-positive and HER2-low breast
cancer from 1 January 2025
Europe 207 41 24 Further demand growth in chemotherapy naïve HER2-low breast cancer
Established RoW 46 >2x >2x
Total 831 40 34
Other Oncology medicines
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Zoladex 316 8 3 Growth across Emerging Markets
Truqap 198 50 47 Achieved peak share in second-line biomarker-altered metastatic breast cancer
Imjudo 77 (5) (7) Continued GI (HIMALAYA) growth ex-US, offset by US destocking
Datroway 43 >10x >10x Continued uptake in breast cancer and EGFRm later-line lung cancer
Combined global sales by AstraZeneca and Daiichi Sankyo: $102m (Q1 2025: $9m)
Other Oncology 102 (8) (10) Generic erosion across markets
Other Oncology includes $7m of Total Revenue from Orpathys, partnered with HUTCHMED.
BioPharmaceuticals – Cardiovascular, Renal & Metabolism
Farxiga
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Growth driven by HF and CKD indications, SGLT2 class growth supported by
cardiorenal guidelines
US 449 17 17 Continued market share gain in growing SGLT2 market
Emerging Markets 924 6 (2) Affected by generic competition and VBP implementation in China in Q1 2026
Europe 778 14 - Demand growth offset by generic entry in the UK in Q3 2025
Established RoW 87 (56) (58) Generic T2D entry in Japan in Q4 2025. Milestone receipt in the quarter
Total 2,237 5 (3)
Other CVRM medicines
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Crestor 387 22 18 Growth driven by Emerging Markets and Est. RoW. Milestone receipt in Q1 2026
Lokelma 199 30 26 Strong growth in all major regions
Seloken 180 12 7 Growth driven by Emerging Markets
Brilinta 105 (65) (67) Decline driven by generic entry in the US and Europe in Q2 2025
Wainua 51 29 28 Demand growth in ATTR-PN
roxadustat 43 (45) (48) Affected by generic competition in China and VBP implementation in Q1 2026
Other CVRM 115 (16) (20) Generic erosion
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BioPharmaceuticals - Respiratory & Immunology
Symbicort
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Sustained market leader in a broadly stable ICS/LABA class, treating COPD and
asthma
US 290 4 4 Demand for brand and authorised generic partially offset by price pressures
Emerging Markets 226 (3) (7) Volume growth offset by continued generic erosion ex. China
Europe 152 12 - Volume growth offset by continued generic erosion
Established RoW 79 4 (1)
Total 747 3 (1)
Fasenra
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Expanded severe eosinophilic asthma market share leadership in IL-5 class,
further fuelled by accelerated EGPA indication launches
US 256 3 3 Strong demand with expanded IL-5 class leadership partially offset by inventory
movement and gross-to-net adjustments
Emerging Markets 46 70 63 Asthma launch momentum across key markets including NRDL listing in China in
Q1 2026
Europe 129 25 10 Increased leadership in severe eosinophilic asthma
Established RoW 52 34 31 Strong growth supported by EGPA in Japan
Total 483 15 11
Breztri
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Fastest growing medicine within the expanding FDC triple class (ICS/LABA/LAMA),
treating COPD
US 149 1 1 Consistent share growth offset by unfavourable gross-to-net adjustments
Emerging Markets 115 28 22 Market share leadership within FDC triple class in China
Europe 64 55 37 Sustained growth from market share gains
Established RoW 25 25 22
Total 353 18 13
Tezspire
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to $493m in Q1 2026 (Q1 2025: $371m).
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Sustained demand growth in severe asthma with launch momentum across
multiple markets
US 154 18 18 Continued strong demand growth in severe asthma and launch of CRSwNP
Emerging Markets 20 >2x >2x Strong continued uptake
Europe 95 68 50 Maintained new-to-brand leadership across multiple markets and new launches
Established RoW 34 46 45
Total 303 40 34
Other R&I medicines
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Pulmicort 149 (6) (11) Generic competition in Emerging Markets (~80% of revenue)
Saphnelo 171 25 24 Strong US demand growth, ongoing launches in Europe and Established RoW
Airsupra 37 31 31 Strong US launch momentum and volume uptake
Other R&I 75 (28) (30)
BioPharmaceuticals – Infectious Disease
Beyfortus Total Revenue reflects the sum of Product Sales from AstraZeneca’s sales of manufactured product to Sanofi and Alliance
Revenue from AstraZeneca’s share of gross profits and royalties on sales in major markets outside the US.
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Beyfortus 116 3 3
FluMist 8 >10x >10x
Other ID 58 (49) (53) Other includes Synagis, which declined due to competition from Beyfortus
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Rare Disease
Ultomiris
Ultomiris Total Revenue includes sales of Voydeya, which is approved as an add-on treatment to Ultomiris and Soliris for the ~20-30%
of PNH patients who experience clinically significant EVH.
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Growth due to patient demand, both naïve to branded medicines and conversion
from Soliris across all indications (gMG, NMOSD, aHUS and PNH)
US 679 12 12 Demand growth across indications, including within the competitive gMG and
PNH landscapes
Emerging Markets 103 98 93 Expansion into new markets and growth in patient demand
Europe 298 31 16 Strong demand growth following launches; competition in gMG and PNH
Established RoW 190 14 14 Continued conversion and strong demand following new launches
Total 1,270 21 18
Soliris
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Decline driven by conversion of patients to Ultomiris across all indications,
competition in gMG and PNH
US 216 (25) (25) Also affected by biosimilar pressure in gMG, PNH and aHUS
Emerging Markets 113 73 67 Benefitted from favourable order timing from tender markets
Europe 32 (42) (49) Also affected by biosimilar pressure in PNH and aHUS
Established RoW 28 (19) (21)
Total 389 (12) (14)
Strensiq
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Growth driven by continued HPP patient demand and geographic expansion
US 407 53 53
Emerging Markets 49 44 18
Europe 32 20 6
Established RoW 29 13 13
Total 517 47 43
Other Rare Disease medicines
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Koselugo 170 24 15 Growth driven by continued patient demand and geographic expansion. Strong
uptake following launch of adult indication
Other Rare Disease 74 28 18 Other Rare Disease medicines include Kanuma and Beyonttra (JP only)
Other Medicines
Q1 2026
$m
Total
Revenue
% Change
Actual CER
Other Medicines 253 (7) (9) Generic erosion
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This section covers R&D events and milestones that occurred from 10 February 2026 up to and including 28 April 2026. A
comprehensive view of AstraZeneca's pipeline of medicines in human trials can be found in the latest Clinical Trials Appendix, available
on AstraZeneca’s investor relations webpage. The Clinical Trials Appendix includes tables with details of the ongoing clinical trials for
AstraZeneca medicines and new molecular entities in the pipeline.
Oncology
AstraZeneca presented new data across its diverse portfolio of cancer medicines at one major medical congress since the prior results
announcement: the American Association for Cancer Research 2026 (AACR). At this meeting, more than 50 abstracts were presented
featuring 25 approved and potential new medicines including 8 oral presentations.
Enhertu
Priority Review
US
DESTINY-Breast05
March 2026
HER2-positive breast cancer with residual invasive disease after neoadjuvant HER2-
targeted treatment.
Approval
JP
DESTINY-Gastric04
March 2026
New disclosure
2nd-line treatment of patients with HER2 positive (IHC3+ or IHC2+/ISH+) unresectable
advanced or recurrent gastric cancer.
Approval
JP
DESTINY-
PanTumor02
March 2026
New disclosure
For the treatment of adult patients with HER2+ (ERBB2 gene amplification or IHC3+)
advanced or recurrent solid cancers refractory or intolerant to standard treatments.
Approval
CN
DESTINY-Breast11
March 2026
New disclosure
Enhertu followed by paclitaxel, trastuzumab and pertuzumab for the neoadjuvant
treatment of adult patients with HER2-positive stage II (high-risk) or stage III breast
cancer.
Calquence
Approval
US
AMPLIFY
February 2026
In combination with venetoclax as a fixed-duration regimen for the treatment of
adult patients with chronic lymphocytic leukaemia and small lymphocytic lymphoma.
Imfinzi
Approval
EU
MATTERHORN
March 2026
In combination with standard-of-care FLOT chemotherapy (fluorouracil, leucovorin,
oxaliplatin, and docetaxel) for the treatment of adult patients with resectable, early-
stage and locally advanced (Stages II, III, IVA) gastric and gastroesophageal junction
cancers.
Phase III readout EMERALD-3
April 2026
Imfinzi in combination with Imjudo, lenvatinib and transarterial chemoembolisation
demonstrated a statistically significant and clinically meaningful improvement in the
primary endpoint of PFS versus TACE alone for patients with unresectable
hepatocellular carcinoma eligible for embolisation.
Approval
CN
POSEIDON
April 2026
New disclosure
In combination with Imjudo and platinum-based chemotherapy is indicated for the
first-line treatment of adults with metastatic NSCLC with no sensitising EGFR
mutations or ALK positive mutations.
Approval
CN
HIMALAYA
April 2026
New disclosure
As monotherapy for the first line treatment of adults with advanced or unresectable
hepatocellular carcinoma.
In combination with Imjudo for the first line treatment of adults with advanced or
unresectable hepatocellular carcinoma.
Phase III readout
SAMETA
Q1 2026
New disclosure
Imfinzi in combination with Orpathys did not meet the primary endpoint of PFS
versus sunitinib.
BioPharmaceuticals – Cardiovascular, Renal & Metabolism
Wainua
Approval
US
April 2026
New disclosure
As an HCP-administered prefilled syringe for the treatment of hATTR-PN in adults.
Wainua is now approved both as a prefilled syringe (for use by healthcare providers
only) and as an autoinjector (for self-administration).
R&D progress
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BioPharmaceuticals – Respiratory & Immunology
Breztri
Approval
US
KALOS/LOGOS
April 2026
Maintenance treatment of asthma in adult and paediatric patients 12 years of age
and older.
Data publication
The Lancet
KALOS/LOGOS
February 2026
Breztri improved lung function by 76mL (95% CI 57-94 mL, unadjusted p<0.001, as
measured by morning pre-dose trough FEV1 over 24 weeks) and 90mL (95% CI 72-108
mL, unadjusted p<0.001, as measured by FEV1 AUC0-3 over 24 weeks) versus dual
therapy (the ICS/LABA treatment groups combined) in a pre-specified pooled analysis
of the primary endpoints across KALOS and LOGOS.
Phase III readout ATHLOS
April 2026
New disclosure
Breztri met the primary endpoint demonstrating improved inspiratory capacity during
exercise versus placebo. Despite showing numerical benefits and improvements in
measures of (static) hyperinflation, Breztri did not achieve statistical significance vs
dual therapy (ICS/LABA) in the second primary objective. There were no new safety
findings. These data will be shared with the scientific community in the future.
Saphnelo
Approval
JP
TULIP-SC
February 2026
New disclosure
For subcutaneous injection as an auto-injector for the therapy of systemic lupus
erythematosus insufficiently responding to currently available treatment.
Approval
US
TULIP-SC
April 2026
For self-administration as a once-weekly autoinjector, the Saphnelo Pen, for the
treatment of adult patients with systemic lupus erythematosus on top of standard
therapy.
Tezspire
Approval
JP
WAYPOINT
February 2026
New disclosure
For subcutaneous injection as a treatment for chronic rhinosinusitis with nasal polyps
in patients who are insufficiently controlled by currently available treatments.
Approval
CN
WAYPOINT
March 2026
New disclosure
Add-on therapy with intranasal corticosteroids for the treatment of adults with
severe chronic rhinosinusitis with nasal polyps for whom therapy with systemic
corticosteroids and/or surgery do not provide adequate disease control.
Approval
CN
DIRECTION
March 2026
New disclosure
Maintenance treatment of adult and paediatric patients aged 12 years and older with
severe asthma.
tozorakimab
Phase III readout
OBERON/TITANIA
March 2026
Tozorakimab, dosed Q4W, demonstrated statistically significant and highly clinically
meaningful reductions in the annualised rate of moderate-to-severe COPD
exacerbations compared with placebo, in the primary population of former smokers,
and in the overall population, which included former and current smokers, and
patients across all blood eosinophil counts and all stages of lung function severity.
Phase III readout
MIRANDA
March 2026
Tozorakimab, dosed Q2W, demonstrated statistically significant and clinically
meaningful reductions in the annualised rate of moderate-to-severe COPD
exacerbations compared with placebo, in the primary population of former smokers,
and in the overall population, which included former and current smokers, and
patients across all blood eosinophil counts and all stages of lung function severity.
Phase III readout
PROSPERO
April 2026
New disclosure
Long-term extension trial of OBERON and TITANIA showed that tozorakimab resulted
in a numerical, but not statistically significant, reduction in the annualised rate of
severe exacerbations in former smokers (primary endpoint). In the overall population
of former and current smokers, tozorakimab showed a nominally significant
reduction in the annualised rate of severe exacerbations. Tozorakimab was generally
well tolerated with a favourable safety profile consistent with previous trials. These
data will be presented at a forthcoming medical meeting and shared with global
regulatory authorities.
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Rare Disease
efzimfotase alfa
Phase III readout
MULBERRY
March 2026
Efzimfotase alfa met its primary endpoint in children (2 to <12 years of age) with HPP
who have not been previously treated with Strensiq, demonstrating a statistically
significant and clinically meaningful improvement in bone health from baseline
compared to placebo, as measured by Radiographic Global Impression of Change
Score at week 25.
Phase III readout
CHESTNUT
March 2026
Efzimfotase alfa was well-tolerated and demonstrated a favourable safety profile in
children (2 to <12 years of age) switching from Strensiq and maintained the
treatment benefit of Strensiq on bone health at week 25, as measured by secondary
endpoints Radiographic Global Impression of Change Score and Rickets Severity
Score.
Phase III readout
HICKORY
March 2026
Efzimfotase alfa showed numerical improvement but did not achieve statistical
significance in the primary endpoint of Six-Minute Walk Test in adolescents and
adults (12 years of age and older) with HPP who have not been previously treated
with Strensiq, compared to placebo at week 25. This was largely due to better-than-
expected results observed in the adult-onset HPP placebo group. In a combination of
prespecified subgroups of adolescents and adults with paediatric-onset HPP,
efzimfotase alfa showed nominally statistically significant and clinically meaningful
benefits in mobility, as measured by Six-Minute Walk Test, as well as key secondary
endpoints measuring physical function and pain reduction, compared to placebo.
Ultomiris
Phase III readout
I CAN
April 2026
Ultomiris met its primary endpoint in a prespecified interim analysis, demonstrating a
statistically significant and clinically meaningful reduction of proteinuria, based on
24-hour urine protein creatinine ratio, at week 34 in adults with immunoglobulin A
nephropathy who are at risk of disease progression. The primary endpoint of change
from baseline in estimated glomerular filtration rate will be measured at week 106.
Phase III trial update ARTEMIS
April 2026
New disclosure
Alexion, AstraZeneca Rare Disease will discontinue the ARTEMIS Phase III clinical trial
evaluating Ultomiris in cardiac surgery-associated acute kidney injury in adults with
chronic kidney disease who undergo non-emergent cardiac surgery with
cardiopulmonary bypass due to lack of efficacy following a planned interim analysis.
The broader development programme for Ultomiris will continue, including across
other existing clinical assessments, as a treatment for additional indications. The
safety profile observed in this trial was consistent with the known profile of Ultomiris,
with no new safety concerns identified.
Koselugo
Approval
CN
KOMET
March 2026
New disclosure
For the treatment of adult patients with symptomatic, inoperable plexiform
neurofibromas in neurofibromatosis type 1.
===== SIDA 15 =====
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Sustainability highlights
– The Company released its third
Sustainability Impact Publication which
includes its Sustainability achievements
to date, updated 2030 Sustainability
targets and case studies from across the
enterprise on climate and nature
action, health equity and health
systems resilience.
– CEO Pascal Soriot was recognised with
the Sustainable Markets Initiative (SMI)
Terra Carta and Astra Carta Award,
celebrating the vision and leadership he
has demonstrated in service of a
sustainable future, including through
chairing the SMI Health Systems Task
Force.
– AstraZeneca was recognised by Fortune
Magazine as one of the World’s Most
Admired Companies and the second
highest-ranked pharmaceutical
company.
– AstraZeneca Chief Sustainability Officer
Pam Cheng was named in the top five
of Sustainability Magazine’s Top 250
Sustainability Leaders.
Climate and nature
– AstraZeneca completed the transition
of the Company's pressurised metered
dose inhaler Trixeo to a next-generation
propellant with near-zero Global
Warming Potential in the UK, with the
transition underway across Europe.
– AstraZeneca has achieved My Green
Lab certification for 104 labs, including
97 at the highest level, with over 4,500
scientists participating in the
certification.
– The Company was recognised in the
latest CDP Supplier Assessment for its
climate change engagement with
suppliers.
Health equity
– By the end of 2025, the Healthy Heart
Africa (HHA) programme had screened
81 million people since launch in 2014,
for hypertension and (from 2024) for
chronic kidney disease (CKD).
– In March 2026, CKD data modelling for
Egypt and Morocco from the HHA
INSIDE/IMPACT project was presented
at the World Congress of Nephrology,
projecting the clinical and
environmental burden of CKD from
2025 to 2030. The data indicated
significant gaps in early diagnosis in
both countries: without national
screening and guideline-driven
interventions, it is estimated that fewer
than 7% of patients with CKD will be
diagnosed by 2030, with associated
increases in greenhouse gas emissions
from more resource-intensive
treatments associated with late CKD
diagnosis.
– By the end of 2025, the Company’s
excess inventory donation programme
had donated medicines to 1,700
underserved patients in six countries.
Health systems resilience
– At the World Economic Forum Annual
Meeting in January, AstraZeneca Chair
Michel Demaré convened leaders from
government, academia and industry to
discuss the topic of investment in
health as a strategic asset. The
Company also contributed to a
Partnership for Health System
Sustainability and Resilience (PHSSR)
panel discussion on strengthening
resilience amid rising pressure from
NCDs.
– In parallel, a new PHSSR–World
Economic Forum white paper was
published on how health systems can
act early on NCDs. Canada launched the
first PHSSR Policy Roadmaps Acting
Early on NCDs country report, with
recommendations to shift towards
prevention, optimised diagnosis and
coordinated care. Additional country
reports are expected in 2026.
How we do business
– AstraZeneca was again recognised in
the FTSE Women Leaders Review 2025
as a top performer for representation
of women across the Company.
Sustainability
===== SIDA 16 =====
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Reporting currency
All narrative on growth and results in this
section is based on actual exchange rates,
and financial figures are in US$ millions
($m), unless stated otherwise.
Reporting period
The performance shown in this
announcement covers the three-month
period to 31 March 2026 ('the quarter' or
'Q1 2026') compared to the three-month
period to 31 March 2025 (‘Q1 2025’),
unless stated otherwise.
Core financial measures
Core financial measures, EBITDA, Net debt,
Gross Margin, Operating Margin, Tax rate
and CER are non-GAAP financial measures
because they cannot be derived directly
from the Group's Condensed consolidated
financial statements.
Management believes that these non-
GAAP financial measures, when provided
in combination with Reported results,
provide investors and analysts with helpful
supplementary information to better
understand the financial performance and
position of the Group on a comparable
basis from period to period.
These non-GAAP financial measures are
not a substitute for, or superior to,
financial measures prepared in accordance
with GAAP.
Core financial measures (cont.)
Core financial measures are adjusted to
exclude certain significant items:
– Charges and provisions related to our
global restructuring programmes, which
includes charges that relate to the
impact of restructuring programmes on
our capitalised manufacturing assets
and IT assets
– Amortisation and impairment of
intangible assets, including impairment
reversals but excluding any charges
relating to IT assets
– Other specified items, principally
comprising acquisition-related costs
and credits, which include the imputed
finance charges and fair value
movements relating to contingent
consideration on business
combinations, imputed finance charges
and remeasurement adjustments on
certain Other payables arising from
intangible asset acquisitions,
remeasurement adjustments relating to
certain Other payables, debt items
assumed from the Alexion acquisition
and legal settlements
– The tax effects of the adjustments
above are excluded from the Core Tax
charge
Details on the nature of Core financial
measures are provided on page 53 of the
Annual Report and Form 20-F Information
2025.
Reference should be made to the
Reconciliation of Reported to Core
financial measures table included in the
Financial Performance section in this
announcement.
Definitions
Gross Margin is defined as Gross Profit as a
percentage of Total Revenue.
EBITDA is defined as Reported Profit
before tax after adding back Net finance
expense, results from Joint ventures and
associates and charges for Depreciation,
amortisation and impairment. Reference
should be made to the Reconciliation of
Reported Profit before tax to EBITDA
included in the Financial Performance
section in this announcement.
Operating Margin is defined as Operating
profit as a percentage of Total Revenue.
Net debt is defined as Interest-bearing
loans and borrowings and Lease liabilities,
net of Cash and cash equivalents, Other
investments, and Net derivative financial
instruments. Reference should be made to
Note 2 'Net debt', included in the Notes to
the interim financial statements in this
announcement.
The Company strongly encourages
investors and analysts not to rely on any
single financial measure, but to review
AstraZeneca's financial statements,
including the Notes thereto, and other
available Company reports, carefully and
in their entirety.
Due to rounding, the sum of a number of
dollar values and percentages in this
announcement may not agree to totals.
Operating and financial review
===== SIDA 17 =====
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Table 8: Reported Profit and Loss
Q1 2026 Q1 2025 % Change
$m $m Actual CER
- Product Sales 14,386 12,875 12 7
- Alliance Revenue 825 639 29 26
Product Revenue 15,211 13,514 13 8
Collaboration Revenue 77 74 4 -
Total Revenue 15,288 13,588 13 8
Cost of sales (2,678) (2,241) 20 4
Gross profit 12,610 11,347 11 9
Distribution expense (141) (135) 4 (4)
R&D expense (3,492) (3,159) 11 7
SG&A expense (4,920) (4,492) 10 6
Other operating income & expense 189 113 67 65
Operating profit 4,246 3,674 16 17
Net finance expense (320) (265) 20 16
Joint ventures and associates (12) (7) 86 67
Profit before tax 3,914 3,402 15 17
Taxation (833) (481) 74 71
Tax rate 21% 14%
Profit after tax 3,081 2,921 5 8
Earnings per share $1.99 $1.88 6 8
Table 9: Reconciliation of Reported Profit before tax to EBITDA
Q1 2026 Q1 2025 % Change
$m $m Actual CER
Reported Profit before tax 3,914 3,402 15 17
Net finance expense 320 265 20 16
Joint ventures and associates 12 7 86 67
Depreciation, amortisation and impairment 1,366 1,284 6 3
EBITDA 5,612 4,958 13 13
Table 10: Reconciliation of Reported to Core financial measures: Q1 2026
For the three months ended 31 March Reported Restructuring Intangible Asset
Amortisation &
Impairments
Other Core % Change
$m $m $m $m $m Actual CER
Gross profit 12,610 5 8 1 12,624 11 9
- Gross Margin 82% 83% -1pp +1pp
Distribution expense (141) - - - (141) 6 (2)
R&D expense (3,492) 21 9 1 (3,461) 12 8
- R&D % of Total Revenue 23% 23% - -
SG&A expense (4,920) 34 973 54 (3,859) 12 7
- SG&A % of Total Revenue 32% 25% - -
Total operating expense (8,553) 55 982 55 (7,461) 12 7
Other operating income & expense 189 - - - 189 65 63
Operating profit 4,246 60 990 56 5,352 11 12
- Operating Margin 28% 35% - +1pp
Net finance expense (320) - - 39 (281) 30 26
Taxation (833) (13) (190) (22) (1,058) 48 50
EPS $1.99 $0.03 $0.52 $0.04 $2.58 4 5
Financial performance
===== SIDA 18 =====
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18
Profit and Loss drivers
Gross profit
The movement in Gross Margin in Q1
2026 was a result of:
– Positive effects from geographic mix
– The contribution of Product Sales with
profit sharing arrangements (Lynparza,
Enhertu, Datroway, Tezspire, plus
Koselugo in the prior year period)
reduces Gross Margin because
AstraZeneca records Product Sales in
certain markets and pays away a share
of the gross profits to its collaboration
partners. The profit share paid to
partners is recorded in AstraZeneca’s
Cost of sales line
– Pricing adjustments to medicines that
have reached the end of their
exclusivity periods, and
implementation of the US government
agreement announced in 2025
– Currency effects, principally arising
from forex volatility in Q1 2025
Variations in Gross Margin performance
between periods can continue to be
expected due to product seasonality,
foreign exchange fluctuations, and other
effects.
R&D expense
The increase in R&D expense (Reported
and Core) in the period was driven by:
– Positive data readouts for high-value
pipeline opportunities that have
ungated late-stage trials
– Investment in platforms, new
technology and capabilities to enhance
R&D capabilities
– Addition of R&D projects following
completion of previously announced
business development activity
SG&A expense
– The increase in SG&A expense
(Reported and Core) in the period was
driven primarily by ongoing and future
launches and to support continued
growth in existing brands
Other operating income and expense
– Other operating income increased due
to multiple partner milestones being
met in the quarter
Net finance expense
Core Net finance expense increased 30%
(26% at CER) in Q1 2026, principally due
to the prior year benefitting from
adjustments relating to settlements with
tax authorities.
Taxation
The effective Reported and Core Tax rates
for the three months to 31 March 2026
were 21% (Q1 2025: 14% and 16%
respectively). The Reported and Core
rates were higher in Q1 2026 as Q1 2025
benefited from the release of tax
liabilities following settlements with tax
authorities
The cash tax paid for the three months to
31 March 2026 was $526m (Q1 2025:
$363m), representing 13% of Reported
Profit before tax (Q1 2025: 11%).
===== SIDA 19 =====
Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary
19
Cash Flow
Table 11: Cash Flow summary: Q1 2026
For the three months ended 31 March Q1 2026
$m
Q1 2025
$m
Change
$m
Reported Operating profit 4,246 3,674 572
Depreciation, amortisation and impairment 1,366 1,284 82
Movement in working capital and short-term provisions (1,000) (426) (574)
Gains on disposal of intangible assets (34) (66) 32
Fair value movements on contingent consideration arising from business combinations 1 1 -
Non-cash and other movements (253) 31 (284)
Interest paid (441) (422) (19)
Taxation paid (526) (363) (163)
Net cash inflow from operating activities 3,359 3,713 (354)
Net cash outflow from investing activities (1,792) (1,253) (539)
Net cash inflow/(outflow) from financing activities 267 (2,707) 2,974
Net increase/(decrease) in cash and cash equivalents in the period 1,834 (247) 2,081
Net cash flow
The decrease in Net cash inflow from
operating activities of $354m is primarily
driven by Movement in working capital
and short-term provisions and foreign
exchange fluctuations, offset by increased
Operating profit.
The increase in Net cash outflow from
investing activities of $539m is primarily
driven by increased Purchase of
intangible assets.
The change in Net cash inflow/(outflow)
from financing activities of $2,974m is
primarily driven by the issue of new long-
term loans of $1,990m in Q1 2026, with
no issuance in Q1 2025, and also the issue
of commercial paper of $2,412m in the
current period compared to $948m of
commercial paper issued in comparative
period.
Capital expenditure
Capital expenditure on Property, plant
and equipment and software-related
intangible assets amounted to $645m in
Q1 2026 (Q1 2025: $493m). The increase
of capital expenditure in Q1 2026 was
driven by investment in several major
manufacturing projects and continued
investment in technology upgrades.
Net debt
Net debt increased by $2,570m in the
three months to 31 March 2026 to
$25,944m. Details of the committed
undrawn bank facilities are disclosed
within the Going concern section of Note
1. Details of the Company's solicited
credit ratings and further details on Net
debt are disclosed in Note 2.
Net debt
Table 12: Net debt summary
At 31 Mar
2026
$m
At 31 Dec
2025
$m
At 31 Mar
2025
$m
Cash and cash equivalents 7,560 5,711 5,230
Other investments 115 30 165
Cash and investments 7,675 5,741 5,395
Overdrafts and short-term borrowings (597) (644) (445)
Commercial paper (2,412) - (948)
Lease liabilities (1,888) (1,803) (1,551)
Current instalments of loans (4,567) (2,460) (2,010)
Non-current instalments of loans (24,454) (24,715) (26,692)
Interest-bearing loans and borrowings (Gross debt) (33,918) (29,622) (31,646)
Net derivatives 299 507 184
Net debt (25,944) (23,374) (26,067)
===== SIDA 20 =====
Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary
20
Summarised financial information for guarantee of securities of subsidiaries
AstraZeneca Finance LLC ("AstraZeneca
Finance") is the issuer of 1.2% Notes due
2026, 4.8% Notes due 2027, 4.875% Notes
due 2028, 1.75% Notes due 2028, 4.85%
Notes due 2029, 4.9% Notes due 2030,
4.9% Notes due 2031, 2.25% Notes due
2031, 4% Notes due 2031, 4.875% Notes
due 2033, 4.3% Notes due 2033, 5% Notes
due 2034 and 4.6% Notes due 2036 (the
"AstraZeneca Finance USD Notes"). Each
series of AstraZeneca Finance USD Notes
has been fully and unconditionally
guaranteed by AstraZeneca PLC.
AstraZeneca Finance is 100% owned by
AstraZeneca PLC and each of the
guarantees issued by AstraZeneca PLC is
full and unconditional and joint and
several.
The AstraZeneca Finance USD Notes are
senior unsecured obligations of
AstraZeneca Finance and rank equally with
all of AstraZeneca Finance's existing and
future senior unsecured and
unsubordinated indebtedness. The
guarantee by AstraZeneca PLC of the
AstraZeneca Finance USD Notes is the
senior unsecured obligation of
AstraZeneca PLC and ranks equally with all
of AstraZeneca PLC's existing and future
senior unsecured and unsubordinated
indebtedness. Each guarantee by
AstraZeneca PLC is effectively
subordinated to any secured
indebtedness of AstraZeneca PLC to the
extent of the value of the assets securing
such indebtedness. The AstraZeneca
Finance USD Notes are structurally
subordinated to indebtedness and other
liabilities of the subsidiaries of AstraZeneca
PLC, none of which guarantee the
AstraZeneca Finance USD Notes.
AstraZeneca PLC manages substantially all
of its operations through divisions,
branches and/or investments in
subsidiaries and affiliates. Accordingly, the
ability of AstraZeneca PLC to service its
debt and guarantee obligations is also
dependent upon the earnings of its
subsidiaries, affiliates, branches and
divisions, whether by dividends,
distributions, loans or otherwise. Please
refer to the Consolidated financial
statements of AstraZeneca PLC in our
Annual Report on Form 20-F as filed with
the SEC and information contained herein
for further financial information regarding
AstraZeneca PLC and its consolidated
subsidiaries. For further details, terms and
conditions of the AstraZeneca Finance USD
Notes please refer to AstraZeneca PLC's
reports on Form 6-K furnished to the SEC
on 26 February 2026, 22 February 2024, 3
March 2023 and 28 May 2021.
Pursuant to Rule 13-01 and Rule 3-10 of
Regulation S-X under the Securities Act of
1933, as amended (the "Securities Act"),
we present below the summary financial
information for AstraZeneca PLC, as
Guarantor, excluding its consolidated
subsidiaries, and AstraZeneca Finance, as
the issuer, excluding its consolidated
subsidiaries. The following summary
financial information of AstraZeneca PLC
and AstraZeneca Finance is presented on a
combined basis and transactions between
the combining entities have been
eliminated. Financial information for non-
guarantor entities has been excluded.
Intercompany balances and transactions
between the obligor group and the non-
obligor subsidiaries are presented on
separate lines.
Obligor group summarised statements
Table 13: Obligor group summarised statement of comprehensive income: Q1 2026
For the three months ended 31 March Q1 2026
$m
Q1 2025
$m
Total Revenue - -
Gross profit - -
Operating loss (1) -
Loss for the period (259) (302)
Transactions with subsidiaries that are not issuers or guarantors 303 5,807
Table 14: Obligor group summarised statement of financial position
At 31 Mar
2026
$m
At 31 Mar
2025
$m
Current assets 49 68
Non-current assets 68 -
Current liabilities (7,302) (3,201)
Non-current liabilities (24,440) (26,748)
Amounts due from subsidiaries that are not issuers or guarantors 20,443 20,922
Amounts due to subsidiaries that are not issuers or guarantors - -
===== SIDA 21 =====
Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary
21
Capital allocation
The Group’s capital allocation priorities
include: investing in the business and
pipeline; maintaining a strong, investment-
grade credit rating; pursuing potential
value-enhancing business development
opportunities; and supporting the
progressive dividend policy.
In approving the declaration of dividends,
the Board considers both the liquidity of
the Company and the level of reserves
legally available for distribution.
In FY 2026, the Company intends to
increase the annual dividend declared to
$3.30 per share.
Dividends are paid to shareholders from
AstraZeneca PLC, a Group holding
company with no direct operations. The
ability of AstraZeneca PLC to make
shareholder distributions is dependent on
the creation of profits for distribution and
the receipt of funds from subsidiary
companies.
The consolidated Group reserves set out in
the Condensed consolidated statement of
financial position do not reflect the profit
available for distribution to the
shareholders of AstraZeneca PLC.
In FY 2025, capital expenditure on
Property, plant and equipment and
Software-related intangible assets
amounted to $3,270m. In FY 2026 the
Group expects to increase expenditure on
Property, plant and equipment and
Software-related intangible assets by
approximately a third driven by
manufacturing expansion projects and
investments in systems and technology.
Foreign exchange
The Company's transactional currency
exposures on working capital balances,
which typically extend for up to three
months, are hedged where practicable
using forward foreign exchange contracts
against the individual companies' reporting
currency.
Foreign exchange gains and losses on
forward contracts transacted for
transactional hedging are taken to profit or
to Other comprehensive income if the
contract is in a designated cashflow hedge.
In addition, the Company's external
dividend payments paid in pound sterling
and Swedish krona, are fully hedged from
the time of their announcement to the
payment date.
Table 15: Currency sensitivities
Currency Primary Relevance Exchange rate vs USD (average rate in period) Annual impact of 5%
strengthening vs USD1 ($m)
FY
20252
YTD
20263
Change
(%)
Mar
20264
Change
(%)
Total
Revenue
Core Operating
Profit
EUR Total Revenue 0.88 0.85 4 0.87 2 499 234
CNY Total Revenue 7.19 6.92 4 6.90 4 329 178
JPY Total Revenue 149.64 156.85 (5) 158.64 (6) 179 120
GBP Operating expense 0.76 0.74 2 0.75 1 50 (180)
SEK Operating expense 9.81 9.13 7 9.31 5 9 (71)
Other 615 339
1. Assumes the average exchange rate vs USD in FY 2026 is 5% higher than the average rate in FY 2025. The impact data are estimates, based on best prevailing
assumptions around currency profiles.
2. Based on average daily spot rates 1 January 2025 to 31 December 2025.
3. Based on average daily spot rates 1 January 2026 to 31 March 2026.
4. Based on average daily spot rates 1 March 2026 to 31 March 2026.
===== SIDA 22 =====
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Table 16: Condensed consolidated statement of comprehensive income: Q1 2026
For the three months ended 31 March 2026
$m
2025
$m
- Product Sales 14,386 12,875
- Alliance Revenue 825 639
Product Revenue 15,211 13,514
Collaboration Revenue 77 74
Total Revenue 15,288 13,588
Cost of sales (2,678) (2,241)
Gross profit 12,610 11,347
Distribution expense (141) (135)
Research and development expense (3,492) (3,159)
Selling, general and administrative expense (4,920) (4,492)
Other operating income and expense 189 113
Operating profit 4,246 3,674
Finance income 73 84
Finance expense (393) (349)
Share of after tax losses in associates and joint ventures (12) (7)
Profit before tax 3,914 3,402
Taxation (833) (481)
Profit for the period 3,081 2,921
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement of the defined benefit pension liability 75 51
Net gains/(losses) on equity investments measured at fair value through Other comprehensive income 185 (58)
Tax expense on items that will not be reclassified to profit or loss (56) (17)
204 (24)
Items that may be reclassified subsequently to profit or loss:
Foreign exchange arising on consolidation (551) 1,152
Foreign exchange arising on designated liabilities in net investment hedges 7 53
Fair value movements on cash flow hedges (79) 72
Fair value movements on cash flow hedges transferred to profit and loss 55 (102)
Fair value movements on derivatives designated in net investment hedges 4 (10)
Costs of hedging (16) (8)
Tax income/(expense) on items that may be reclassified subsequently to profit or loss 7 (30)
(573) 1,127
Other comprehensive (expense)/income for the period, net of tax (369) 1,103
Total comprehensive income for the period 2,712 4,024
Profit attributable to:
Owners of the Parent 3,080 2,916
Non-controlling interests 1 5
3,081 2,921
Total comprehensive income/(expense) attributable to:
Owners of the Parent 2,713 4,017
Non-controlling interests (1) 7
2,712 4,024
Earnings per share
Basic earnings per $0.25 Ordinary Share $1.99 $1.88
Diluted earnings per $0.25 Ordinary Share $1.97 $1.87
Weighted average number of Ordinary Shares in issue (millions) 1,549 1,550
Diluted weighted average number of Ordinary Shares in issue (millions) 1,561 1,561
Interim financial statements
===== SIDA 23 =====
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Table 17: Condensed consolidated statement of financial position
At 31 Mar
2026
At 31 Dec
2025
At 31 Mar
2025
Assets $m $m $m
Non-current assets
Property, plant and equipment 13,121 12,962 10,819
Right-of-use assets 1,820 1,741 1,484
Goodwill 21,194 21,242 21,130
Intangible assets 36,908 37,846 37,550
Investments in associates and joint ventures 306 302 270
Other investments 2,359 2,223 1,630
Derivative financial instruments 382 498 210
Other receivables 1,186 1,327 926
Income tax receivable 1,533 1,391 -
Deferred tax assets 5,593 5,819 6,095
84,402 85,351 80,114
Current assets
Inventories 6,570 6,557 5,884
Trade and other receivables 14,106 15,177 13,250
Other investments 115 30 165
Derivative financial instruments 28 90 45
Intangible assets 175 - -
Income tax receivable 1,059 1,158 1,565
Cash and cash equivalents 7,560 5,711 5,230
29,613 28,723 26,139
Total assets 114,015 114,074 106,253
Liabilities
Current liabilities
Interest-bearing loans and borrowings (7,576) (3,104) (3,403)
Lease liabilities (383) (382) (355)
Trade and other payables (22,505) (25,280) (22,544)
Derivative financial instruments (103) (81) (22)
Provisions (704) (686) (1,149)
Income tax payable (1,299) (1,084) (1,656)
(32,570) (30,617) (29,129)
Non-current liabilities
Interest-bearing loans and borrowings (24,454) (24,715) (26,692)
Lease liabilities (1,505) (1,421) (1,196)
Derivative financial instruments (8) - (49)
Deferred tax liabilities (3,471) (3,500) (3,553)
Retirement benefit obligations (953) (1,105) (1,279)
Provisions (904) (918) (922)
Income tax payable (611) (700) (264)
Other payables (2,155) (2,379) (2,038)
(34,061) (34,738) (35,993)
Total liabilities (66,631) (65,355) (65,122)
Net assets 47,384 48,719 41,131
Equity
Share capital 388 388 388
Share premium account 35,275 35,266 35,233
Other reserves 1,998 2,041 2,054
Retained earnings 9,672 10,972 3,364
Capital and reserves attributable to equity holders of the Parent 47,333 48,667 41,039
Non-controlling interests 51 52 92
Total equity 47,384 48,719 41,131
===== SIDA 24 =====
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Table 18: Condensed consolidated statement of changes in equity
Share
capital
Share
premium
account
Other
reserves
Retained
earnings
Total
attributable
to owners of
the Parent
Non-
controlling
interests
Total equity
$m $m $m $m $m $m $m
At 1 Jan 2025 388 35,226 2,012 3,160 40,786 85 40,871
Profit for the period - - - 2,916 2,916 5 2,921
Other comprehensive (expense)/income - - (42) 1,143 1,101 2 1,103
Transfer to Other reserves - - 58 (58) - - -
Transactions with owners
Dividends - - - (3,249) (3,249) - (3,249)
Issue of Ordinary Shares - 7 - - 7 - 7
Movement in shares held by Employee
Benefit Trusts - - 26 - 26 - 26
Share-based payments charge for the period - - - 174 174 - 174
Settlement of share plan awards - - - (722) (722) - (722)
Net movement - 7 42 204 253 7 260
At 31 Mar 2025 388 35,233 2,054 3,364 41,039 92 41,131
At 1 Jan 2026 388 35,266 2,041 10,972 48,667 52 48,719
Profit for the period - - - 3,080 3,080 1 3,081
Other comprehensive expense - - (41) (326) (367) (2) (369)
Transfer to Other reserves - - 5 (5) - - -
Transactions with owners
Dividends - - - (3,359) (3,359) - (3,359)
Issue of Ordinary Shares - 9 - - 9 - 9
Movement in shares held by Employee
Benefit Trusts - - (7) - (7) - (7)
Share-based payments charge for the period - - - 201 201 - 201
Settlement of share plan awards - - - (891) (891) - (891)
Net movement - 9 (43) (1,300) (1,334) (1) (1,335)
At 31 Mar 2026 388 35,275 1,998 9,672 47,333 51 47,384
===== SIDA 25 =====
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Table 19: Condensed consolidated statement of cash flows: Q1 2026
For the three months ended 31 March 2026
$m
2025
$m
Cash flows from operating activities
Profit before tax 3,914 3,402
Finance income and expense 320 265
Share of after tax losses of associates and joint ventures 12 7
Depreciation, amortisation and impairment 1,366 1,284
Movement in working capital and short-term provisions (1,000) (426)
Gains on disposal of intangible assets (34) (66)
Fair value movements on contingent consideration arising from business combinations 1 1
Non-cash and other movements (253) 31
Cash generated from operations 4,326 4,498
Interest paid (441) (422)
Tax paid (526) (363)
Net cash inflow from operating activities 3,359 3,713
Cash flows from investing activities
Payment of contingent consideration from business combinations (257) (362)
Purchase of property, plant and equipment (547) (429)
Disposal of property, plant and equipment 8 1
Purchase of intangible assets (991) (540)
Disposal of intangible assets 45 9
Purchase of non-current asset investments (8) -
Movement in short-term investments, fixed deposits and other investing instruments (85) 1
Payments to associates and joint ventures (24) -
Interest received 67 67
Net cash outflow from investing activities (1,792) (1,253)
Net cash inflow before financing activities 1,567 2,460
Cash flows from financing activities
Proceeds from issue of share capital 10 8
Own shares purchased by Employee Benefit Trusts (612) (486)
Issue of loans and borrowings 1,990 -
Repayment of loans and borrowings (2) (4)
Dividends paid (3,287) (3,347)
Hedge contracts relating to dividend payments (72) 104
Repayment of obligations under leases (94) (81)
Movement in short-term borrowings 2,334 1,099
Net cash inflow/(outflow) from financing activities 267 (2,707)
Net increase/(decrease) in Cash and cash equivalents in the period 1,834 (247)
Cash and cash equivalents at the beginning of the period 5,698 5,429
Exchange rate effects (18) 25
Cash and cash equivalents at the end of the period 7,514 5,207
Cash and cash equivalents consist of:
Cash and cash equivalents 7,560 5,230
Overdrafts (46) (23)
7,514 5,207
===== SIDA 26 =====
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Note 1: Basis of preparation and accounting policies
These unaudited Interim financial
statements for the three months ended 31
March 2026 have been prepared in
accordance with International Accounting
Standard 34, ‘Interim Financial Reporting’
(IAS 34), as issued by the International
Accounting Standards Board (IASB), IAS 34
as adopted by the European Union, UK-
adopted IAS 34 and the Disclosure
Guidance and Transparency Rules
sourcebook of the United Kingdom’s
Financial Conduct Authority and with the
requirements of the Companies Act 2006
as applicable to companies reporting
under those standards.
The unaudited Interim financial
statements for the three months ended
31 March 2026 were approved by the
Board of Directors for publication on
29 April 2026.
This results announcement does not
constitute statutory accounts of the Group
within the meaning of sections 434(3) and
435(3) of the Companies Act 2006. The
annual financial statements of the Group
for the year ended 31 December 2025
were prepared in accordance with UK-
adopted international accounting
standards and with the requirements of
the Companies Act 2006. The annual
financial statements also comply fully with
IFRS Accounting Standards as issued by the
IASB and International Accounting
Standards as adopted by the European
Union. Except for the estimation of the
interim income tax charge, the Interim
financial statements have been prepared
applying the accounting policies that were
applied in the preparation of the Group’s
published consolidated financial
statements for the year ended 31
December 2025.
The comparative figures for the financial
year ended 31 December 2025 are not the
Group’s statutory accounts for that
financial year. Those accounts have been
reported on by the Group’s auditors and
have been delivered to the Registrar of
Companies; their report (i) was
unqualified, (ii) did not include a reference
to any matters to which the auditors drew
attention by way of emphasis without
qualifying their report, and (iii) did not
contain a statement under section 498(2)
or (3) of the Companies Act 2006.
Going concern
The Group has considerable financial
resources available. As at 31 March 2026,
the Group has $12.5bn in financial
resources (cash and cash equivalent
balances of $7.6bn and undrawn
committed bank facilities of $4.9bn that
are available until April 2031), with $8.0bn
of borrowings due within one year. These
facilities contain no financial covenants.
The Group has assessed the prospects of
the Group over a period longer than the
required 12 months from the date of
Board approval of these consolidated
financial statements, with no deterioration
noted requiring a further extension of this
review. The Group's revenues are largely
derived from sales of medicines covered
by patents, which provide a relatively high
level of resilience and predictability to cash
inflows, although government price
interventions in response to budgetary
constraints are expected to continue to
adversely affect revenues in some of our
significant markets. The Group, however,
anticipates new revenue streams from
both recently launched medicines and
those in development, and the Group has
a wide diversity of customers and suppliers
across different geographic areas.
Consequently, the Directors believe that,
overall, the Group is well placed to
manage its business risks successfully.
Accordingly, they continue to adopt the
going concern basis in preparing the
Interim financial statements.
Legal proceedings
The information contained in Note 4
updates the disclosures concerning legal
proceedings and contingent liabilities in
the Group's Annual Report and Form 20-F
Information 2025.
Notes to the Interim financial statements
===== SIDA 27 =====
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Note 2: Net debt
Table 20: Net debt
At 1 Jan
2026
Cash flow Acquisitions Non-cash
and other
Exchange
movements
At 31 Mar
2026
$m $m $m $m $m $m
Non-current instalments of loans (24,715) (1,990) - 2,136 115 (24,454)
Non-current instalments of leases (1,421) - - (99) 15 (1,505)
Total long-term debt (26,136) (1,990) - 2,037 130 (25,959)
Current instalments of loans (2,460) 2 - (2,122) 13 (4,567)
Current instalments of leases (382) 115 - (120) 4 (383)
Commercial paper - (2,412) - - - (2,412)
Collateral received from derivative
counterparties (473) 90 - - - (383)
Other short-term borrowings excluding
overdrafts (158) (12) - - 2 (168)
Overdrafts (13) (34) - - 1 (46)
Total current debt (3,486) (2,251) - (2,242) 20 (7,959)
Gross borrowings (29,622) (4,241) - (205) 150 (33,918)
Net derivative financial instruments 507 152 - (360) - 299
Net borrowings (29,115) (4,089) - (565) 150 (33,619)
Cash and cash equivalents 5,711 1,868 - - (19) 7,560
Other investments - current 30 85 - - - 115
Cash and investments 5,741 1,953 - - (19) 7,675
Net debt (23,374) (2,136) - (565) 131 (25,944)
The table above provides an analysis of
Net debt and a reconciliation of Net cash
flow to the movement in Net debt. The
Group monitors Net debt as part of its
capital management policy as described in
Note 28 of the Annual Report and Form
20-F Information 2025. Net debt is a non-
GAAP financial measure.
Net debt increased by $2,570m in the
three months to 31 March 2026 to
$25,944m. Details of the committed
undrawn bank facilities are disclosed
within the going concern section of Note 1.
Non-cash movements in the period include
fair value adjustments under IFRS 9
'Financial Instruments'.
The Group has agreements with some
bank counterparties whereby the parties
agree to post cash collateral on financial
derivatives, for the benefit of the other,
equivalent to the market valuation of the
derivative positions above a
predetermined threshold. The carrying
value of such cash collateral held by the
Group at 31 March 2026 was $383m (31
December 2025: $473m) and the carrying
value of such cash collateral posted by the
Group at 31 March 2026 was $109m
(31 December 2025: $22m).
The equivalent GAAP measure to Net debt
is 'liabilities arising from financing
activities', which excludes the amounts for
cash and overdrafts, other investments
and non-financing derivatives above.
During the quarter ended 31 March 2026,
there have been no changes to the
Group’s solicited credit ratings. Moody’s
credit ratings were long term: A1; short
term: P-1. Standard and Poor’s credit
ratings were long term: A+; short term:
A-1.
===== SIDA 28 =====
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Note 3: Financial Instruments
As detailed in the Group's most recent
annual financial statements, the principal
financial instruments consist of derivative
financial instruments, other investments,
trade and other receivables, cash and cash
equivalents, trade and other payables,
lease liabilities and interest-bearing loans
and borrowings.
The Group has certain equity investments
that are categorised as Level 3 in the fair
value hierarchy that are held at $453m
(31 December 2025: $458m) and for which
a fair value gain of $3m has been
recognised in the three months ended 31
March 2026 (Q1 2025: $nil). In the absence
of specific market data, these unlisted
investments are held at fair value based on
the cost of investment and adjusted as
necessary for impairments and
revaluations on new funding rounds,
which are seen to approximate the fair
value. All other fair value gains and/or
losses that are presented in Net gains on
equity investments measured at fair value
through other comprehensive income, in
the Condensed consolidated statement of
comprehensive income for the three
months ended 31 March 2026, are Level 1
fair value measurements, valued based on
quoted prices in active markets.
Financial instruments measured at fair
value include $2,364m of other
investments, $5,851m held in money-
market funds and $299m of derivatives as
at 31 March 2026. With the exception of
derivatives being Level 2 fair valued, and
certain equity instruments of $453m
categorised as Level 3, the
aforementioned balances are Level 1 fair
valued. Financial instruments measured at
amortised cost include $109m of cash
collateral pledged to counterparties. The
total fair value of Interest-bearing loans
and borrowings as at 31 March 2026,
which have a carrying value of $33,918m
in the Condensed consolidated statement
of financial position, was $33,301m.
Contingent consideration arising from
business combinations is fair valued using
decision-tree analysis, with key inputs
including the probability of success,
consideration of potential delays and the
expected levels of future revenues.
The final contingent consideration
payment of $257m relating to BMS's share
of the global diabetes alliance was made in
Q1 2026.
Note 4: Legal proceedings and contingent liabilities
AstraZeneca is involved in various legal
proceedings considered typical to its
business, including litigation and
investigations, including Government
investigations, relating to product liability,
commercial disputes, infringement of
intellectual property (IP) rights, the validity
of certain patents, anti-trust law and sales
and marketing practices. The matters
discussed below constitute the more
significant developments since publication
of the disclosures concerning legal
proceedings in the Company's Annual
Report and Form 20-F Information 2025.
(the Disclosures). Information about the
nature and facts of the cases is disclosed in
accordance with IAS 37 ‘Provisions,
Contingent Liabilities and Contingent
Assets’.
As discussed in the Disclosures, the
majority of claims involve highly complex
issues. Often these issues are subject to
substantial uncertainties and, therefore,
the probability of a loss, if any, being
sustained and/or an estimate of the
amount of any loss is difficult to ascertain.
In cases that have been settled or
adjudicated, or where quantifiable fines
and penalties have been assessed and
which are not subject to appeal, or where
a loss is probable and we are able to make
a reasonable estimate of the loss,
AstraZeneca records the loss absorbed or
makes a provision for its best estimate of
the expected loss. The position could
change over time and the estimates that
the Company made, and upon which the
Company have relied in calculating these
provisions are inherently imprecise. There
can, therefore, be no assurance that any
losses that result from the outcome of any
legal proceedings will not exceed the
amount of the provisions that have been
booked in the accounts. The major factors
causing this uncertainty are described
more fully in the Disclosures and herein.
AstraZeneca has full confidence in, and will
vigorously defend and enforce, its IP.
===== SIDA 29 =====
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Matters disclosed in respect of the first quarter of 2026 and up to and including 28 April 2026
Table 21: Patent litigation
Legal proceedings brought against AstraZeneca
Enhertu patent proceedings, US
Matter concluded
In October 2020, Seagen Inc. (Seagen) filed a complaint against Daiichi Sankyo Company, Limited
(Daiichi Sankyo) in the US District Court for the Eastern District of Texas (District Court) alleging
that Enhertu infringes a Seagen patent. AstraZeneca co-commercialises Enhertu with Daiichi
Sankyo in the US. After trial in April 2022, the jury found that the patent was infringed and
awarded Seagen $41.82m in past damages. In July 2022, the District Court entered final judgment
and declined to enhance damages on the basis of wilfulness. In October 2023, the District Court
entered an amended final judgment that requires Daiichi Sankyo to pay Seagen a royalty of 8% on
US sales of Enhertu from 1 April 2022 through to 4 November 2024, in addition to the past
damages previously awarded by the District Court. AstraZeneca and Daiichi Sankyo appealed the
District Court’s decision.
In December 2020 and January 2021, AstraZeneca and Daiichi Sankyo filed post-grant review
(PGR) petitions with the US Patent and Trademark Office (USPTO) alleging, among other things,
that the Seagen patent is invalid for lack of written description and enablement. The USPTO
initially declined to institute the PGRs, but, in April 2022, the USPTO granted the rehearing
requests and instituted both PGR petitions. Seagen subsequently disclaimed all patent claims at
issue in one of the PGR proceedings. In July 2022, the USPTO reversed its institution decision and
declined to institute the other PGR petition. AstraZeneca and Daiichi Sankyo requested
reconsideration of the decision not to institute review of the patent. In February 2023, the USPTO
reinstituted the PGR proceeding. In February 2024, the USPTO issued a decision that the claims
were unpatentable. Seagen appealed this decision; the USPTO intervened in the appeal.
In December 2025, the US Court of Appeals for the Federal Circuit issued decisions in both the
District Court and PGR appeals finding that Seagen's patent is invalid and vacating the District
Court’s prior infringement judgment and damages award. The deadline for filing an appeal has
expired.
This matter has concluded.
Forxiga patent proceedings,
Europe
Considered to be a contingent liability
In November 2025, in France, Biogaran SAS challenged one of AstraZeneca's patents covering
Forxiga. No trial date has been set.
In Poland and in Portugal, multiple generic companies have challenged one of AstraZeneca's
patents covering Forxiga. No trial date has been set.
In February 2026, the Polish Patent Office invalidated the Forxiga composition patent.
AstraZeneca is appealing that decision.
===== SIDA 30 =====
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Legal proceedings brought by AstraZeneca
Forxiga patent proceedings,
Australia
In December 2025, in the Federal Court of Australia, AstraZeneca initiated patent infringement
litigation against Pharmacor Pty Limited (Pharmacor) in reference to one of the patents that
protects Forxiga.
In March 2026, AstraZeneca obtained a preliminary injunction against the launch of Pharmacor's
dapagliflozin product.
No trial date has been set.
Lynparza patent proceedings, US
AstraZeneca received a Paragraph IV notice relating to Lynparza patents from Natco Pharma
Limited (Natco) in December 2022, Sandoz Inc. (Sandoz) in December 2023, Cipla USA, Inc. and
Cipla Limited (collectively, Cipla) in May 2024, and Zydus Pharmaceuticals (USA) Inc. (Zydus) in
November 2024.
In response to these Paragraph IV notices, AstraZeneca, MSD International Business GmbH, and
the University of Sheffield initiated ANDA litigations against Natco, Sandoz, Cipla, and Zydus in the
US District Court for the District of New Jersey. In the complaints, AstraZeneca alleged that the
defendants’ generic versions of Lynparza, if approved and marketed, would infringe
AstraZeneca’s patents.
In April 2026, AstraZeneca entered into a settlement agreement with Sandoz resolving all US
patent litigation with Sandoz relating to Lynparza.
No trial date has been scheduled for trial with the remaining defendants.
Tagrisso patent proceedings,
Russia
In August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow region (Court)
against the Russian Ministry of Health (MOH) and Axelpharm LLC (Axelpharm) for improper use of
AstraZeneca information in the authorisation of a generic version of Tagrisso. The suit against the
MOH was dismissed in July 2024, after two appeals. The case against Axelpharm was dismissed in
September 2024, and a subsequent appeal by AstraZeneca was also dismissed.
In November 2023, Axelpharm sought a compulsory licence under a patent related to Tagrisso;
the action remains pending. The Axelpharm patent on which the compulsory licensing action was
based was held invalid by the Russian Patent and Trademark Office (PTO) in August 2024,
following a challenge by AstraZeneca. The PTO’s decision was upheld in June 2025, following an
appeal by Axelpharm. At a further appeal hearing in November 2025, the Intellectual Property
Court Presidium reversed earlier decisions and held Axelpharm’s patent valid. The Supreme Court
rejected appeals by AstraZeneca and the PTO against this decision in February 2026.
In July 2024, AstraZeneca filed a patent infringement claim against Axelpharm in relation to a
generic version of Tagrisso. The action was stayed by the Court pending resolution of the
compulsory licensing action.
In August 2024, after AstraZeneca filed a complaint, the Federal Anti-Monopoly Service of Russia
(FAS) initiated a case against Axelpharm and OncoTarget LLC (OncoTarget). In November 2024,
the FAS found Axelpharm (but not OncoTarget) to have committed unfair competition. In June
2025, the finding against Axelpharm was reversed on appeal. In December 2025, on appeal by
AstraZeneca, the appellate decision was affirmed. AstraZeneca filed a further appeal, and in April
2026, the Intellectual Property Court restored the FAS’s finding of unfair competition and
prohibited Axelpharm from selling the generic drug.
Tagrisso patent proceedings, UK
In March 2026, AstraZeneca initiated a patent infringement action in the UK High Court against
Hansoh Pharmaceutical Group Company Limited, Jiangsu Hansoh Pharmaceutical Group Co., Ltd.,
and relevant vendors relating to its prospective commercialisation of aumolertinib.
No trial date has been set.
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Table 22: Product liability litigation
Legal proceedings brought against AstraZeneca
Farxiga and Xigduo XR, US
Considered to be a contingent liability
AstraZeneca has been named as a defendant in lawsuits involving plaintiffs claiming physical
injury, including Fournier’s Gangrene and necrotising fasciitis, from treatment
with Farxiga and/or Xigduo XR.
AstraZeneca has settled in principle for an immaterial amount the matter that had been
scheduled for trial in March 2026.
The first trial is scheduled for September 2026.
Table 23: Commercial litigation
Legal proceedings brought against AstraZeneca
340B Antitrust Litigation, US
Considered to be a contingent liability
In September 2021, AstraZeneca was served with a class-action antitrust complaint filed in the US
District Court for the Western District of New York (District Court) by Mosaic Health, Inc. alleging
a conspiracy to restrict access to 340B discounts in the diabetes market through contract
pharmacies. In September 2022, the District Court granted AstraZeneca’s motion to dismiss the
complaint. In February 2024, the District Court denied plaintiffs’ request to file an amended
complaint and entered an order closing the matter. In March 2024, plaintiffs filed an appeal.
In August 2025, the US Court of Appeals for the Second Circuit decided in the plaintiffs' favour,
ordering the District Court to accept the amended complaint.
In March 2026, AstraZeneca sought further review by the US Supreme Court.
Amyndas Trade Secrets Litigation,
US
Considered to be a contingent liability
AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and
Amyndas Pharmaceuticals, LLC (collectively Amyndas), in the US District Court for the District of
Massachusetts alleging trade secret misappropriation and breach of contract claims against
AstraZeneca and Zealand Pharma U.S. Inc. related to Amyndas’ C3 inhibitor candidate.
In March 2026, the court granted AstraZeneca’s motion for partial summary judgment.
Barone Privacy Litigation, US
Considered to be a contingent liability
In March 2026, a putative class action complaint against AstraZeneca and others was filed in the
US District Court for the Northern District of Illinois. The complaint alleges that AstraZeneca and
others unlawfully used patient genetic information.
No trial date has been set.
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Table 24: Government investigations and proceedings
Legal proceedings brought against AstraZeneca
340B Qui Tam, US
Considered to be a contingent liability
In July 2023, AstraZeneca was served with an unsealed civil lawsuit brought by a qui tam relator
on behalf of the United States, several states, and the District of Columbia in the US District Court
for the Central District of California (District Court). The complaint alleges that AstraZeneca
violated the US False Claims Act and state law analogues. In March 2024, the District Court
granted AstraZeneca’s motion to dismiss the First Amended Complaint without leave to amend.
In March 2026, the Ninth Circuit reversed the District Court's dismissal and remanded.
Texas Qui Tam, US
Considered to be a contingent liability
In December 2022, AstraZeneca was served with an unsealed civil lawsuit brought by qui tam
relators on behalf of the State of Texas in Texas State Court in Harrison County, which alleges that
AstraZeneca engaged in unlawful marketing practices.
In November 2025, the case was transferred to the Texas State Court in Travis County.
In July 2025, the State of Texas moved to intervene in the matter and intervened in November
2025.
Trial is scheduled for August 2026.
Legal proceedings brought by AstraZeneca
340B State Litigation, US
Considered to be a contingent asset
AstraZeneca has filed lawsuits against Arkansas, Colorado, Hawaii, Kansas,
Louisiana, Maine, Maryland, Minnesota, Mississippi, Missouri, Nebraska, North Dakota,
Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Utah, Vermont, and West Virginia
challenging the constitutionality of each state’s 340B statute.
AstraZeneca has ongoing enforcement actions in Arkansas and Louisiana for alleged non-
compliance with each state's 340B statute.
The US Court of Appeals for the Fifth Circuit affirmed summary judgment in favor of Louisiana in
February 2026. AstraZeneca has petitioned for rehearing.
In Hawaii, the court denied AstraZeneca's motion for a preliminary injunction in February 2026,
which AstraZeneca has appealed.
Other
Additional government inquiries
As is true for most, if not all, major prescription pharmaceutical companies, AstraZeneca is currently involved in multiple inquiries into
drug marketing and pricing practices. In addition to the investigations described above, various law enforcement offices have, from
time to time, requested information from the Group. There have been no material developments in those matters.
Note 5: Subsequent events
In April 2026, AstraZeneca closed the previously announced new strategic collaboration agreement with CSPC Pharmaceuticals (CSPC)
to advance the development of multiple next-generation therapies for obesity and type 2 diabetes across eight programmes. Under
this agreement, the companies will initially progress four programmes, which utilise CSPC's advanced AI-driven peptide drug discovery
platform and their proprietary LiquidGel once-monthly dosing platform technology. AstraZeneca will pay an upfront payment of
$1.2bn, the majority of which will be capitalised within Intangible assets in Q2 2026. CSPC is also eligible to receive development and
regulatory milestones of up to $3.5bn across all programmes. CSPC will also be eligible for further commercialisation and sales
milestones plus tiered royalties.
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Note 6: Analysis of Revenue and Other operating income and expense
Table 25: Product Sales year-on-year analysis: Q1 2026
For the three months World US Emerging Markets Europe Established RoW
ended 31 March Change Change Change Change Change
$m Act % CER % $m Act % $m Act % CER % $m Act % CER % $m Act % CER %
Tagrisso 1,833 9 5 733 8 536 3 (1) 387 26 12 177 2 1
Imfinzi 1,694 34 30 954 31 187 32 28 383 52 34 170 22 22
Calquence 923 21 17 599 18 70 30 22 218 28 13 36 16 13
Lynparza 781 8 2 308 (1) 174 8 (1) 239 22 8 60 4 3
Enhertu 324 63 56 - - 216 59 54 64 48 29 44 n/m n/m
Zoladex 304 7 2 5 (2) 241 8 3 39 17 4 19 (10) (13)
Truqap 198 50 47 138 24 18 n/m n/m 31 n/m 99 11 n/m n/m
Imjudo 77 (5) (7) 49 (9) 6 28 24 13 20 6 9 (22) (22)
Datroway 1 n/m n/m - - 1 n/m n/m - - - - - -
Other Oncology 101 (8) (11) 2 (32) 72 (4) (8) 4 (23) (32) 23 (13) (12)
Oncology 6,236 19 15 2,788 16 1,521 15 10 1,378 34 18 549 13 12
Farxiga 2,193 7 (1) 449 17 924 6 (2) 778 14 - 42 (65) (67)
Crestor 354 12 8 8 (28) 314 15 11 - - - 32 - 1
Brilinta 105 (65) (67) 14 (92) 76 3 (2) 13 (77) (79) 2 (37) (43)
Lokelma 199 30 26 79 14 45 47 41 41 59 43 34 23 24
Seloken 180 12 7 - - 174 12 7 5 10 10 1 (12) (20)
roxadustat 43 (45) (47) - - 43 (45) (47) - - - - - -
Wainua 51 29 28 45 15 2 n/m n/m 3 n/m n/m 1 - -
Other CVRM 115 (16) (20) (2) n/m 75 5 1 28 (27) (33) 14 (7) (7)
CVRM 3,240 - (6) 593 (14) 1,653 7 - 868 8 (5) 126 (37) (38)
Symbicort 747 3 (1) 290 4 226 (3) (7) 152 12 - 79 4 (1)
Fasenra 483 15 11 256 3 46 70 63 129 25 10 52 34 31
Breztri 353 18 13 149 1 115 28 22 64 55 37 25 25 22
Tezspire 149 73 58 - - 20 n/m n/m 95 68 50 34 46 45
Saphnelo 171 25 24 142 18 5 67 61 17 88 66 7 53 52
Pulmicort 149 (6) (11) 2 (17) 122 (4) (9) 17 (11) (21) 8 (15) (18)
Airsupra 37 31 31 33 18 4 n/m n/m - - - - - -
Other R&I 61 (37) (40) 8 (81) 27 (36) (37) 24 81 68 2 (8) (12)
R&I 2,150 10 6 880 2 565 7 2 498 32 17 207 19 15
Beyfortus 24 (19) (18) 23 (18) - - - 1 n/m n/m - - -
FluMist 8 n/m n/m - - - - - - - - 8 n/m n/m
Other ID 58 (49) (53) - n/m 40 (52) (56) 15 (42) (49) 3 (41) (41)
ID* 90 (37) (41) 23 (15) 40 (52) (55) 16 (40) (47) 11 67 55
Ultomiris 1,270 21 18 679 12 103 98 93 298 31 16 190 14 14
Soliris 389 (12) (14) 216 (25) 113 73 67 32 (42) (49) 28 (19) (21)
Strensiq 517 47 43 407 53 49 44 18 32 20 6 29 13 13
Koselugo 170 24 15 42 (21) 61 54 39 49 45 28 18 69 69
Other Rare Disease 74 28 18 28 7 21 47 21 20 32 16 5 n/m n/m
Rare Disease 2,420 19 15 1,372 11 347 69 57 431 20 6 270 13 13
Other Medicines 250 (7) (9) 23 22 192 (7) (9) 15 (23) (30) 20 (15) (17)
Total Medicines 14,386 12 7 5,679 9 4,318 11 5 3,206 22 8 1,183 5 4
The table provides an analysis of year-on-year Product Sales, with Actual and CER growth rates reflecting year-on-year growth.
* ID: Infectious Disease
===== SIDA 34 =====
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Table 26: Alliance Revenue: Q1 2026
For the three months ended 31 March 2026
$m
2025
$m
Enhertu 508 398
Tezspire 154 130
Beyfortus 91 82
Datroway 42 4
Other royalty revenue 29 24
Other Alliance Revenue 1 1
Total 825 639
Table 27: Collaboration Revenue: Q1 2026
For the three months ended 31 March 2026
$m
2025
$m
Farxiga: sales milestones 44 74
Crestor: sales milestones 32 -
Other Collaboration Revenue 1 -
Total 77 74
Table 28: Other operating income and expense: Q1 2026
For the three months ended 31 March 2026
$m
2025
$m
Total 189 113
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Financial calendar
– Announcement of H1 and Q2 2026 results: 27 July 2026
Dividend payment dates
Dividends are normally paid as follows:
– First interim: Announced with the half-year results and paid in September
– Second interim: Announced with the full-year results and paid in March
Dividend dates
Dividend Announced
Ex-dividend date1:
LSE, Nasdaq Stockholm
Ex-dividend date1:
NYSE
Record date Payment date
FY 2026 First interim2 27 Jul 2026 6 Aug 2026 7 Aug 2026 7 Aug 2026 8 Sep 2026
The completion of cross-border movements of shares by intermediaries between the London Stock Exchange, Nasdaq Stockholm and
the New York Stock Exchange is subject to the receiving broker identifying and confirming such movements. Where a cross-border
movement of shares is initiated but not completed by the relevant dividend record dates (provisionally, 7 August 2026), the dividend in
respect of those shares will be received in the originating market on the relevant dividend payment date.
Accordingly, shareholders are advised not to initiate any cross-border movements of shares during the period from 5 August 2026 to
7 August 2026 (inclusive) in respect of the FY 2026 First interim dividend2.
1. The ex-dividend dates for the principal markets differ due to the different settlement cycles currently applicable for shares trading on the London Stock Exchange,
Nasdaq Stockholm and the New York Stock Exchange. Shareholders should consider the applicable ex-dividend date for the securities they hold in each market.
2. Provisional dates, subject to Board approval.
Contact details
For Investor Relations contacts, click here. For Media contacts, click here.
Addresses for correspondence
Registered office UK Registrar and Transfer Office Swedish Central Securities
Depository
US Registrar and Transfer Agent
1 Francis Crick Avenue
Cambridge Biomedical Campus
Cambridge
CB2 0AA
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS99 6ZZ
Euroclear Sweden AB
PO Box 191
SE-101 23 Stockholm
Computershare Investor Services
PO Box 43078
Providence
RI, 02940-3078
UK UK Sweden US
+44 (0) 20 3749 5000 0800 707 1682 (UK only) +46 (0) 8 402 9000 +1 (888) 697 8018 (US only)
+44 (0) 370 707 1682 +1 (781) 575 2844
Trademarks
Trademarks of the AstraZeneca group of companies appear throughout this document in italics. Medical publications also appear
throughout the document in italics. AstraZeneca, the AstraZeneca logotype and the AstraZeneca symbol are all trademarks of the
AstraZeneca group of companies. Trademarks of companies other than AstraZeneca that appear in this document include: Beyfortus, a
trademark of Sanofi Pasteur Inc.; Enhertu and Datroway, trademarks of Daiichi Sankyo; Seloken, owned by AstraZeneca or Taiyo
Pharma Co., Ltd (depending on geography); Synagis, owned by AstraZeneca or Sobi aka Swedish Orphan Biovitrum AB (publ).
(depending on geography); and Tezspire, a trademark of Amgen, Inc.
Information on or accessible through AstraZeneca's websites, including astrazeneca.com, does not form part of and is not incorporated
into this announcement.
Other shareholder information
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AstraZeneca
AstraZeneca (LSE/STO/NYSE: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, and
commercialisation of prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals, including Cardiovascular, Renal &
Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca’s innovative medicines are sold in more than 125
countries and used by millions of patients worldwide. Please visit astrazeneca.com and follow the Company on Social Media
@AstraZeneca.
Cautionary statements regarding forward-looking statements
In order, among other things, to utilise the 'safe harbour' provisions of the US Private Securities Litigation Reform Act of 1995,
AstraZeneca (hereafter 'the Group') provides the following cautionary statement:
This document contains certain forward-looking statements with respect to the operations, performance and financial condition of the
Group, including, among other things, statements about expected revenues, margins, earnings per share or other financial or other
measures. Although the Group believes its expectations are based on reasonable assumptions, any forward-looking statements, by their
very nature, involve risks and uncertainties and may be influenced by factors that could cause actual outcomes and results to be
materially different from those predicted. The forward-looking statements reflect knowledge and information available at the date of
preparation of this document and the Group undertakes no obligation to update these forward-looking statements. The Group identifies
the forward-looking statements by using the words 'anticipates', 'believes', 'expects', 'intends' and similar expressions in such
statements. Important factors that could cause actual results to differ materially from those contained in forward-looking statements,
certain of which are beyond the Group's control, include, among other things:
– the risk of failure or delay in delivery of pipeline or launch of new medicines
– the risk of failure to meet regulatory or ethical requirements for medicine development or approval
– the risk of failures or delays in the quality or execution of the Group’s commercial strategies
– the risk of pricing, affordability, access and competitive pressures
– the risk of failure to maintain supply of compliant, quality medicines
– the risk of illegal trade in our Group’s medicines
– the risk of reliance on third-party goods and services
– the risk of failure in IT or cybersecurity
– the risk of failure of critical processes
– the risk of failure to collect and manage data and AI in line with legal and regulatory requirements and strategic objectives
– the risk of failure to attract, develop, engage and retain a diverse, talented and capable workforce
– the risk of failure to meet our sustainability targets, regulatory requirements or stakeholder expectations with respect to the
environment
– the risk of failure to meet regulatory and ethical expectations on commercial practices, including anti-bribery/ anti-corruption, anti-
fraud and scientific exchanges
– the risk of the safety and efficacy of marketed medicines being questioned
– the risk of adverse outcome of litigation and/or governmental investigations
– intellectual property-related risks to the Group’s products
– the risk of failure to achieve strategic plans or meet targets or expectations
– the risk of geopolitical and/or macroeconomic volatility disrupting the operation of our global business
– the risk of failure in internal control, financial reporting or the occurrence of fraud
– the risk of unexpected deterioration in the Group’s financial position.
===== SIDA 37 =====
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1L, 2L, etc First line, second line, etc
AACR American Association for Cancer Research
aHUS Atypical haemolytic uraemic syndrome
ALK Anaplastic lymphoma kinase gene
ATTR / -CM / -PN Transthyretin-mediated amyloid /
cardiomyopathy / polyneuropathy
AUC Area under the curve
BTKi Bruton tyrosine kinase inhibitor
CER Constant exchange rates
CI Confidence interval
CKD Chronic kidney disease
CLL Chronic lymphocytic leukaemia
CN China
COPD Chronic obstructive pulmonary disease
CRSwNP Chronic rhinosinusitis with nasal polyps
CSPC Castration-sensitive prostate cancer
CSA-AKI Cardiac surgery-associated acute kidney injury
CVRM Cardiovascular, Renal and Metabolism
EBITDA Earnings before interest, tax, depreciation and
amortisation
EGFR / m Epidermal growth factor receptor gene /
mutation
EGPA Eosinophilic granulomatosis with polyangiitis
EPS Earnings per share
ERBB2 v-erb-b2 avian erythroblastic leukemia viral
oncogene homologue 2
EU Europe (in financial tables) or European Union
EVH Extravascular haemolysis
FDC Fixed dose combination
FEV Forced expectorant volume
FLOT Fluorouracil, oxaliplatin and docetaxel
FY Full year / Financial year
GAAP Generally Accepted Accounting Principles
GEJ Gastro oesophageal junction
GI Gastrointestinal
gMG Generalised myasthenia gravis
GU Genito-urinary
GYN Gynecological
HCC Hepatocellular carcinoma
HER2 / +/- /low /m Human epidermal growth factor receptor 2 gene
/ positive / negative / low expression / mutant
HF/ pEF / rEF Heart failure / with preserved ejection fraction /
with reduced ejection fraction
HPP Hypophosphatasia
IAS / B International Accounting Standards / Board
ICS Inhaled corticosteroid
ID Infectious Disease
IFRS International Financial Reporting Standards
IgAN Immunoglobulin A neuropathy
IHC Immunohistochemistry
IL-5, IL-33, etc Interleukin-5, interleukin-33, etc
IO Immuno-oncology
ISH In situ hybridization
JP Japan
KRAS / m Kirsten rat sarcoma gene / mutation
LABA Long-acting beta-agonist
LAMA Long-acting muscarinic-agonist
MCL Mantle cell lymphoma
MET Mesenchymal-epithelial transition
n/m Growth rate not meaningful
NF1 Neurofibromatosis type 1
NMOSD Neuromyelitis optica spectrum disorder
NRDL National reimbursement drug list
NSCLC Non-small cell lung cancer
PARP Poly ADP ribose polymerase
PFS Progression free survival
PNH Paroxysmal nocturnal haemoglobinuria
PR Partial responce
R&I Respiratory & Immunology
SC Subcutaneous
SEC Securities Exchange Commission (US)
SG&A Sales, general and administration
SGLT2 Sodium-glucose cotransporter 2
SLE Systemic lupus erythematosus
TACE Transarterial chemoembolisation
TNBC Triple negative breast cancer
VBP Volume-based procurement
Glossary