AstraZeneca Plc (NYSE:AZN) on Friday posted better-than-expected third-quarter 2026 results. The European drug giant reported core earnings of $2.79 per share, beating the consensus of $2.59.
Oncology Portfolio Drives Double-Digit Revenue Growth
Revenues jumped 7% year over year to $16.21 billion, beating the consensus of $16.03 billion, with double-digit growth in Oncology, R&I and Rare Disease offsetting headwinds from Farxiga and Brilinta loss of exclusivity and volume-based procurement in China.
AstraZeneca's oncology portfolio accounted for 48% of product revenue, rising 17% to $7.765 billion.
Tagrisso sales increased 12% to $2.087 billion. Imfinzi revenue rose 24% to $1.99 billion, Calquence sales climbed 16 to $1.065 billion, and Enhertu revenue jumped 36% to $969 million.
Performance Across Cardiovascular, Respiratory and Rare Disease Divisions
Cardiovascular, renal and metabolism product revenue totaled $2.639 billion, down 18%. Farxiga product revenue, the segment's top-selling drug, fell 25% to $1.605 billion.
Respiratory and Immunology revenue increased 11% to $2.518 billion. Symbicort sales fell 10% to $666 million, while Fasenra revenue grew 13% to $602 million.
Rare disease revenue climbed 9% to $2.633 billion, led by Ultomiris, which increased 17% to $1.432 billion.
Reshaping for Sustainable Growth Program
Pascal Soriot, CEO of AstraZeneca, said, "Our rich series of upcoming readouts in 2027 has the potential of more than $20 billion dollars. With multiple potential blockbuster assets in late-stage development and transformative technologies scaling rapidly, we are on track to deliver our 2030 ambition and to sustain growth through the next decade."
AstraZeneca initiated the Reshaping for Sustainable Growth (RSG) program to create additional capacity to invest, and it is expected to cost up to $2 billion in one-time restructuring costs and deliver $1.5 billion in annualized pre-tax run-rate benefits.
Over the next three years, the program will redeploy resources and strengthen capabilities across AstraZeneca's existing business and therapy areas.
For 2026, AstraZeneca reiterated its guidance, expecting total revenue to grow by a mid- to high-single-digit percentage and core earnings per share to increase by a low double-digit percentage.
AZN Price Action: AstraZeneca shares were up 5.28% at $183.60 at publication on Friday, according to Benzinga Pro data.