AstraZeneca (AZN) Stock Slips Despite Q1 Revenue and EPS Beat – Here’s Why

TLDR

• Q1 revenue hit $15.29B, beating the $14.94B consensus estimate
• Core EPS came in at $2.58, above the $2.54 analyst estimate
• Oncology sales rose 16% year-on-year; rare disease unit up 15%
• Full-year guidance maintained: mid-to-high single-digit revenue growth, low double-digit core EPS growth
• Stock slipped ~1% on results, with analysts saying the strong momentum was already priced in

AstraZeneca kicked off Wednesday with a solid earnings beat, but the market shrugged. The U.K. drugmaker posted Q1 revenue of $15.29 billion, up from $13.59 billion a year ago and ahead of the $14.94 billion analyst consensus.

Core EPS came in at $2.58, beating the $2.54 estimate. Core operating profit rose 12% to $4.25 billion.

Despite the beat, AZN stock slipped around 1% in morning London trading. eToro analyst Adam Vettese said the reaction was “muted” because investors had already priced in the company’s momentum.

AstraZeneca PLC, AZN

Oncology remains the engine of the business, accounting for 44% of group revenue. Sales in the division rose 16% year-on-year at constant currency to $6.8 billion.

Imfinzi, used to treat bladder and lung cancers, jumped 30% to $1.7 billion. Tagrisso, a lung cancer therapy, rose 5% to $1.8 billion. Enhertu, which targets breast and gastric cancers, surged 34% to $831 million.

The rare disease unit also delivered, with sales up 15% on the year.

Cancer and Rare Disease Drive the Numbers

U.S. revenue grew 10% in the quarter, while China sales rose 2%. AstraZeneca has made major moves in both markets over the past year, including a $50 billion U.S. manufacturing deal and a $15 billion commitment to Chinese investments.

The company also secured an NYSE listing and won U.S. tariff relief through a drug pricing agreement.

Net profit for Q1 rose to $3.08 billion from $2.92 billion a year earlier.

Pipeline and 2030 Target Stay on Track

CEO Pascal Soriot reiterated the company’s $80 billion annual revenue target for 2030. He said AstraZeneca is preparing for multiple drug launches and remains on track to hit more than 20 new launches by that date.

Three new drugs could launch in the U.S. this year pending regulatory approval: baxdrostat for high blood pressure, camizestrant for a type of breast cancer, and gefurulimab for a chronic autoimmune disease.

Full-year 2026 guidance was unchanged. AstraZeneca expects mid-to-high single-digit revenue growth and low double-digit core EPS growth at constant currencies.

Soriot flagged last week that Europe risks becoming a “sales office” for the pharmaceutical industry as it falls behind the U.S. and China. That context sits behind AstraZeneca’s continued push to deepen its footprint in both regions.

Analysts at LSEG forecast full-year 2026 sales growth of 7.2% and profit growth of 11.2%, broadly in line with 2025 gains.

AstraZeneca’s stock is flat for the year heading into today’s print. The beat didn’t change that picture much.

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