US Pharmaceuticals and Biotechnology: AstraZeneca Q2Q6 EPS call readthrough: Raising the bar on convenience and differentiation

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US Pharmaceuticals and Biotechnology: AstraZeneca Q2Q6 EPS call readthrough: Raising the bar on convenience and differentiation

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27 Jul 2026 09:24:09 ET │ 12 pages

US Pharmaceuticals and Biotechnology

AstraZeneca 2Q26 EPS call readthrough: Raising the bar on convenience

and differentiation

CITI'S TAKE

AstraZeneca (covered by Graham Parry) reported 2Q26 revenue of $15.4B

(-$39M vs. BBG cons) and adjusted diluted EPS of $2.63/sh (+$0.15/sh)

while maintaining the full-year guidance (+MSD to HSD% on top; +LDD% Geoff Meacham, Ph.D.AC

on bottom). Strong oncology, rare disease, and respiratory growth +1-404-443-4701

continues to offset LOE erosion elsewhere, underscoring the durability of geoffrey.meacham@citi.com

well-executed innovation-driven franchises. The key readthroughs for our Jarwei Fang

coverage center on differentiation through convenience, combinability, +1-212-816-5127

and novel mechanisms. Elecoglipron’s (oral GLP-1) lack of food / fluid jarwei.fang@citi.com

restrictions and combination potential, together with Lilly’s Foundayo,

add to fast-approaching headwinds for Novo’s Wegovy pill, in our view. Nishant Gandhi, Ph.D.

Laroprovstat (oral PCSK9) applies the same strategy to LDL-C lowering +1-212-816-2513

nishant.gandhi@citi.com through combinations with rosuvastatin and elecoglipron, differentiating

it from Merck’s Lipfendra ahead of phase 3 data in 1H27. Meanwhile, Mary Kate Davis

tozorakimab’s >$5B peak-sales outlook highlights opportunity for IL-33 +1-212-816-9602

to open a large, underpenetrated COPD segment, with full phase 3 data at mary.kate.davis@citi.com

ERS (9/5-9/9, Barcelona).

Innovation-led franchises are outrunning LOE pressure — Oncology (+15% CER),

rare disease (+8%), and respiratory and immunology (+11%) growth in 2Q26 helped