AstraZeneca 3Q Results Preview

AstraZeneca will report 3Q26 results on Friday, 30 October. Our expectations versus VA consensus are set out in Figure 1. We are broadly in-line on execution in 3Q, with UBSe 1% above consensus on sales, in line on core EBIT, and 2% below on core EPS. Key focus topics for 3Q results include: product performance, where UBS estimates are broadly in line with consensus but 3% ahead for Tagrisso, 4% ahead for Calquence and modestly below VA expectations for Lynparza, Enhertu and Truqap, with none of these differences seen as structural; confidence in the ability to meet mid-term targets, as 3Q is a key opportunity for management to reassure investors on the $80bn 2030 sales target and pipeline depth; timing of key P3 catalysts, notably the AVANZAR study of Datroway in 1L NSCLC in 2H26, where our scenario analysis suggests that even if it failed, AZN would still meet its mid-term revenue target;