AstraZeneca reported an 11% increase in total revenue and a 15% rise in core EPS for the first nine months of 2025, driven by 16% growth in oncology, 8% growth in biopharmaceuticals and 6% growth in rare diseases. Newer medicines more than offset loss of exclusivity for mature brands such as Brilinta, Pulmicort and Soliris. Regionally, the U.S. grew 11% and emerging markets outside China grew 21%. Management reiterated guidance for high single-digit total revenue growth and low double-digit core EPS growth at constant exchange rates, but cautioned on Q4 headwinds from China volume-based procurement dynamics and absence of over $800 million in collaboration milestones recognized in Q4 2024.

AstraZeneca delivered 16 positive Phase 3 readouts during 2025, representing potential peak revenue of over $10 billion. Late-stage highlights include FDA approvals of Imfinzi in perioperative gastric cancer, Enhertu in first-line HER2-positive breast cancer, and priority review acceptance for baxdrostat in hypertension. Management expects to launch baxdrostat, camizestrant and garadacimab in 2026, all currently under regulatory review, positioning the company for sustained growth through next year.

The company plans full-year 2026 R&D spend at the upper end of the low-20% range of total revenue to support 104 ongoing Phase 3 studies, with patient enrollment set to accelerate in cardiovascular, renal and metabolism outcome trials. AstraZeneca highlighted two AI platforms—IDA, which could halve synthetic manufacturing scale-up time, and QCS, a computational pathology tool applied across its ADC pipeline—and announced the acquisition of Modela AI to advance its pathology foundation models.

Management reiterated its $80 billion revenue target for 2030, noting consensus estimates have risen from $67 billion to $80 billion since the goal’s introduction. On U.S. pricing policy, the phased Most Favoured Nation approach is expected to impact low-single-digit global sales in Medicaid and will be reflected in early-year guidance. Key 2026 catalysts include Phase 3 readouts for datopotamab deruxtecan in non-small cell lung cancer, additional Imfinzi data in bladder cancer and early HCC, camizestrant in HR-positive breast cancer, the Wainua ATTR cardiomyopathy program, tozorakimab in COPD and rare-disease indications for Ultomiris and asfotase alfa.