Research · Sep 3, 2026
[AZN] AstraZeneca Thesis 2026: Oncology Pipeline Drives Growth With Twenty Readouts
AstraZeneca FY25 (Dec 31, 2025) at $58.74B revenue (+8.6%; product +10%). Oncology $25.6B (+14% ex-Lynparza milestone): Tagrisso $1.9B Q3 (+10%), Calquence $916M Q3 (+11%), Lynparza $837M Q3 (+5%, MRK alliance), Truqap $193M Q3 (+54%), Imfinzi+Imjudo +31%/+14%, Enhertu +39% (Daiichi alliance). BioPharma $23.0B (+5%); R&I +10% Q4. CVRM Q4 -6% (Farxiga + Brilinta -56% generics). Rare Disease $9.1B (+4%). Net income $10.26B (+46%); Diluted EPS $13.08; Core OpMargin 33.3%; Core EPS +11%. OCF $14.58B (+23%); FCF $11.77B (+62%). Capital return $5.80B (div $5.08B + buyback $720M, FY24 $0). 100+ Phase 3 trials; 20 FY26 readouts. US gov't pricing clarity + 3-yr tariff exemption + US mfg expansion. Datroway US/EU commercial launch FY25-26.