AstraZeneca profit rises 23% on cancer drug sales; company announces $1.5 billion cost-saving plan

Quarterly report: growth accelerates on cancer drugs

AstraZeneca on Friday, October 30, reported a 23% rise in after-tax profit to $3.12 billion (€2.79 billion) for the July–September period, Euronews reported. Revenue increased 7% to $16.2 billion (€14.5 billion). This marks a sharp acceleration compared with the previous quarter, when growth was just over 2% — at the time, the company also attributed the result to strong sales of oncology drugs.

Oncology is the main driver, but older drugs are losing ground

The oncology division, the company's largest business area, accounted for 48% of total revenue: sales rose 17% to $7.8 billion (€6.99 billion), driven primarily by the lung cancer drug Tagrisso and the immunotherapy Imfinzi. Core earnings per share grew 17% to $2.79. The growth came despite pressure on older medicines: sales of Farxiga, a drug for diabetes, heart and kidney disease, fell 25% to $1.6 billion after cheap generics entered the US market, and the anticoagulant Brilinta has also lost patent protection. Additional pressure comes from China's bulk procurement system, which forces manufacturers to cut prices in exchange for large orders.

Cost-saving plan and targets through 2030

At the same time, the company launched a cost-cutting programme called Reshaping for Sustainable Growth: it is expected to deliver $1.5 billion (€1.34 billion) in annual savings, will entail one-off restructuring costs of up to $2 billion, and will be largely completed by the end of 2029. AstraZeneca intends to reinvest the savings primarily in its portfolio of new drugs — the company plans to 'redeploy resources' to support more than 180 projects in development. According to the outlet, such a restructuring could lead to job cuts, although none have been announced yet. Chief Executive Pascal Soriot said: 'With numerous potential blockbuster drugs in late-stage development and the rapid scaling of breakthrough technologies, we are on track to achieve our 2030 goals.'

Guidance and the American vector

The company reaffirmed its 2026 guidance: revenue growth in the mid-to-high single digits and core earnings per share growth in the low double digits, at constant exchange rates. AstraZeneca maintains its target of reaching $80 billion (€71.7 billion) in annual revenue by 2030, up from nearly $59 billion (€52.9 billion) in 2025, with half of that amount expected to come from the US market. The American direction is strengthening: in February, the company added a direct listing of its shares in New York without leaving the UK, while also pledging to invest $15 billion (€13.4 billion) in China by 2030. This year, the company has already reported 12 positive results from late-stage clinical trials and is developing a weight-loss drug intended to compete with Novo Nordisk's Wegovy and Eli Lilly's Mounjaro. AstraZeneca shares rose more than 4.5% in early trading on Friday.