AstraZeneca: 2Q26 First Take and Update: Revs and Core EBIT in line with Consensus, 6% Core EPS beat due to tax, guide reiteration underpins Consensus and $80bn target remains intact

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AstraZeneca: 2Q26 First Take and Update: Revs and Core EBIT in line with Consensus, 6% Core EPS beat due to tax, guide reiteration underpins Consensus and $80bn target remains intact

C A Z E N O V E Europe Equity Research

27 July 2026

AstraZeneca

2Q’26 First Take and Update: Revs and Core EBIT in Overweight

line with Consensus, 6% Core EPS beat due to tax, AZN.L, AZN LN

guide reiteration underpins Consensus and $80bn Price (24 Jul 26):12,670p

target remains intact Price Target (Dec-27):16,000p

Our Take: AZN reported results this morning with 2Q’26 Revenues of $15,384m, European Pharmaceuticals &

in line with Consensus; Core Operating Profit of $5,158m, in-line with Consensus; Biotechnology

and Core EPS of $2.63, coming in 6% ahead of Consensus due to a lower tax rate. Richard Vosser AC

For 2026, AZN reiterated guidance for Total Revenue growth in the “mid-to-high (44-20) 7742-6652

single-digits at CER” with a “low single-digit FX tailwind”, together with richard.vosser@jpmorgan.com

guidance for Core EPS to increase by a “low-double-digit percentage at CER” with Zain Ebrahim

a neutral FX impact. Assuming 7% CER Revenue growth, combined with a 2% FX (44-20) 3493-1163

tailwind, implies Total Revenues of $64,108m, c.1% ahead of Company zain.ebrahim@jpmorgan.com

Consensus at $63,213m. On Core EPS, assuming 12% CER Core EPS growth and James D Wantling

(44-20) 3493-0019

0% FX, implies Core EPS of $10.26, in-line with Consensus at $10.23. We james.wantling@jpmorgan.com

therefore expect limited changes to Consensus Core EPS on the back of today’s J.P. Morgan Securities plc

results. On the back of the results, we have made minor (<1%) changes to our

forecasts for 2026, but for 2027 onwards we have removed the sales for Wainua in Specialist Sales contact details: