AstraZeneca (AZN) kicked off the week with a mixed bag of news. The drugmaker reported second-quarter results that beat Wall Street's earnings expectations but missed on revenue, and also shared disappointing late-stage trial data for two experimental therapies. Still, the company's CEO is sticking to the big-picture goal: $80 billion in total revenue.

Earnings: Beats on Profit, Misses on Sales

For the second quarter of 2026, AstraZeneca posted revenue of $15.384 billion, up 6% year over year (5% at constant currency). That was just shy of the $15.459 billion analysts were expecting. Adjusted earnings came in at $2.63 per share, ahead of the $2.48 consensus estimate.

The oncology portfolio continues to be the star, accounting for 48% of product revenue. Oncology sales jumped 16% year over year (15% at constant currency) to $7.33 billion. Tagrisso sales rose 7% to $1.94 billion, Imfinzi revenue surged 27% to $1.85 billion, Calquence sales climbed 17% to $1.02 billion, and Enhertu revenue soared 33% to $888 million.

Cardiovascular, renal, and metabolism revenue, which makes up 18% of product sales, fell 18% at constant currency to $2.77 billion. Farxiga, the segment's top seller, saw revenue drop 16% to $1.804 billion. Respiratory and Immunology revenue grew 13% to $2.43 billion, with Symbicort sales down 6% and Fasenra up 14%. Rare disease revenue rose 9% to $2.49 billion, led by Ultomiris, which increased 12% to $1.31 billion.

CEO Pascal Soriot sounded confident despite the mixed results. "We are on track to deliver our $80bn Total Revenue ambition, which assumes successes and setbacks," he said. "We remain confident in the strength of our pipeline and have more than twenty high-value readouts due over the next 18 months."

For the full year 2026, AstraZeneca reiterated its guidance: total revenue growth in the mid- to high-single-digit percentage range, and core earnings per share growth in the low double-digit percentage range.

Ultomiris Misses the Mark in Phase 3 HSCT-TMA Study

AstraZeneca also shared results from the ALXN1210-TMA-313 Phase 3 trial of Ultomiris in patients aged 12 and older with thrombotic microangiopathy (TMA) after hematopoietic stem cell transplant (HSCT). TMA is a serious condition where microscopic blood clots form in tiny blood vessels.

The study showed that Ultomiris did not achieve statistical significance for the primary endpoint of event-free survival through 26 weeks compared to placebo. However, in pediatric patients, an open-label Phase 3 trial demonstrated clinically meaningful overall survival of 87.2% at 26 weeks and 73.4% at 52 weeks, as previously disclosed.

The company is moving forward with regulatory filings for Ultomiris in pediatric patients with HSCT-TMA, based on these results and data from an external control study that further supports a clinically meaningful benefit on overall survival. In adults and adolescents, Ultomiris showed a trend toward treatment benefit at 26 weeks. Discussions with health authorities are ongoing.

Sone-Ve: Overall Survival Win, But PFS Falls Short

The European drug giant also released results from the CLARITY-Gastric01 global Phase 3 trial of sonesitatug vedotin (Sone-Ve) as a later-line treatment for advanced gastric cancers. The trial included patients with locally advanced or metastatic gastric cancer, gastroesophageal junction cancer, or esophageal adenocarcinoma with Claudin 18.2 expression on at least 25% of tumor cells.

Sone-Ve demonstrated a statistically significant and highly clinically meaningful improvement in overall survival versus the investigator's choice of therapy. But for the other dual primary endpoint—progression-free survival—the results showed a trend toward improvement but did not reach statistical significance. The drug was well tolerated, with no new safety signals.

Market Reaction

AstraZeneca shares were up 0.91% in premarket trading Monday at $170.80. Investors seemed to shrug off the pipeline setbacks, focusing instead on the solid earnings beat and the reaffirmed long-term guidance.