AstraZeneca PLC

Strong H1 momentum + unchanged full-year guidance - Total revenue +6% in 1H26; +11% excluding Farxiga & Brilinta (generic/Loss-of-Exclusivity headwinds). - Core EPS +11% in 1H, in line with full-year guidance. - Outlook reiterated: full-year total revenue mid- to high single-digit growth and core EPS low double-digit growth at CER (constant exchange rates).

Pipeline delivery remains a key driver (6 Phase III readouts; many catalysts ahead) - 6 positive Phase III program results in 1H26, including first pivotal data for 3 new molecular entities (NMEs) and 3 new molecular entity approvals. - 30 major market approvals in the first half; NME approvals increased to 11 since the 2030 target (goal: 20 NMEs by 2030). - Catalyst path: 25 key Phase III readouts planned over the next 18 months; 6 NME pivotal data readouts expected in 2027 (major opportunity to sustain growth beyond patent losses).

What’s “good”: Oncology strength + new ADC/respiratory momentum - Oncology revenues +15% to $14.1B in H1, with strong regional growth (notably U.S. +18%, Europe +16%). - Notable oncology momentum: - Enhertu +31% in Q2 to $888M; continued leadership in HER2-positive/low breast and encouraging adoption in curative settings (DESTINY programs). - Imfinzi + Imjudo +25% in Q2 (aggregate); rapid adoption in gastric cancer with MATTERHORN and progress in bladder. - Datroway shows accelerating adoption signals; launch/readiness for TROPION-Breast02-related opportunity. - Surprising/major positive science: CLARITY-Gastric01 (sone-ve ADC) showed overall survival benefit in Claudin 18.2+ advanced gastric cancer (2nd-line plus), with OS benefit also potentially expanding to patients with lower C18.2 expression (as low as ~25% staining).