AstraZeneca (NASDAQ: AZN) reported a 6% increase in total revenue to $14.1 billion in the first half of 2026, driven by strong demand for innovative medicines. Excluding the impact of generics on Farxiga and Brilinta, total revenue grew 11%. Core earnings per share (EPS) rose 11% during the period.

The pharmaceutical giant reiterated its full-year guidance, expecting total revenue to increase by mid- to high-single-digit percentages and core EPS to grow by low double-digit percentages. Management expressed confidence in achieving its 2030 revenue target of $80 billion, citing the strength and diversity of its pipeline.

Segment Performance

Oncology remained the primary growth engine, with revenues increasing 15% to $14.1 billion in the first half. This was underpinned by double-digit growth in all major regions, particularly the US (18%) and Europe (16%). Key medicines Tagrisso and Calquence delivered strong performances, with Calquence generating more than $1 billion in revenue for the first time in a single quarter.

BioPharmaceuticals faced a 5% decline in total revenue, primarily due to the loss of exclusivity for Farxiga, Brilinta, and roxadustat. However, the respiratory and immunology segments showed promise with 11% growth. Rare Disease portfolio revenues grew by 11%, driven by Ultomiris and Strensiq.

Pipeline and R&D Updates

The company announced positive results from six key Phase 3 programs and secured 30 major market approvals. Notable approvals included Etkama in breast cancer and Bexfendi in hypertension. AstraZeneca also highlighted advancements in antibody-drug conjugates (ADCs) and next-generation IO bispecifics as transformative technologies supporting growth beyond 2030.

Core R&D expense increased by 6% in the first half, representing 23% of total revenue. The company initiated a comprehensive Phase 3 program for its oral GLP-1 molecule elekoglipron in obesity and type 2 diabetes.

What the Numbers Show

While top-line growth was robust at 6%, the underlying performance excluding generic impacts was significantly stronger at 11%. This divergence highlights the substantial headwind created by the loss of exclusivity for Farxiga and Brilinta, which declined 90% in the quarter due to generic entry in the US. Despite this drag, the company maintained an 83% core gross margin, demonstrating pricing power and cost discipline in its remaining portfolio.

Balance Sheet and Cash Flow

Net debt increased by around $3.5 billion in the first half, primarily reflecting the payment of the second FY2025 interim dividend and deal-related payments totaling $3.3 billion. These payments included milestones and a $1.2 billion upfront payment for the CSPC collaboration. Capital expenditure stood at $1.5 billion, with expectations for it to increase by around a third in 2026 to support new manufacturing facilities.

Susan G. Komen and AstraZeneca announced a partnership to build a Navigation Infrastructure Collaboration. The initiative aims to make patient navigation part of the national health care infrastructure to help patients overcome barriers and access timely treatment.

The collaboration seeks to develop evidence, infrastructure, and scalable solutions that span diverse health systems. By strengthening patient navigation nationwide, the partners intend to assist patients in navigating complex cancer care journeys.

Addressing Care Barriers

Patient navigation is a proven intervention in cancer care, but access often depends on where a person receives care. Navigators help patients understand diagnoses, coordinate appointments, manage insurance challenges, find financial assistance, and advocate for themselves.

An estimated 30% of cancer patients receive care outside of accredited programs where navigation is not required. This increases the likelihood of delays in diagnoses, treatment initiation, and follow-up care.

Operational Scope

In the last fiscal year, Komen’s Patient Care Center offered 19,628 navigation services to 12,791 people experiencing barriers in their care. The new initiative seeks to change the current support model so that patient navigation is available across all care systems and zip codes.

Victoria Smart, senior vice president of mission at Susan G. Komen, stated that the next breakthrough in cancer care may come from breaking down barriers between patients and cures rather than solely from laboratory innovations.

Strategic Objectives

The program will identify national gaps in access to care across settings and populations. It also aims to establish the evidence required to support system-level change. Key goals include:

• Increasing diagnostic follow-up and adherence to treatment
• Generating actionable policy recommendations
• Supporting a health care system with the capacity to deliver navigation as the standard of care

Alison Dziarmaga, Vice President and Head of Breast Cancer Franchise at AstraZeneca, emphasized that scientific innovation has the greatest impact when patients can access the care they need. The collaboration provides an opportunity to expand access to navigation support for those who need it most.