AstraZeneca tops profit estimates, warns US drug pricing could hit launches elsewhere

By Pushkala Aripaka and Maggie Fick

April 29 (Reuters) – AstraZeneca beat first-quarter profit expectations and kept its 2026 forecasts on Wednesday, buoyed by strong demand for cancer and rare-disease drugs, but warned that U.S. pricing policies could jeopardise future drug launches elsewhere.

CEO Pascal Soriot said the drugmaker remained on track to hit its $80 billion annual revenue target for 2030, supported by planned launches and continued investment in its key U.S. and Chinese markets.

However, he cautioned that the U.S. “most-favored nation” policy, which links U.S. medicine prices to lower prices abroad, including in Europe, could deter companies from launching new medicines there and in other wealthy markets such as Japan. The U.S. is the industry’s largest market.

On a media call, Soriot also highlighted a 300-million-pound ($405 million) investment in Britain, after AstraZeneca paused large-scale projects there last year.

At the time, AstraZeneca was among several drugmakers that halted investments, accusing Britain of undervaluing the sector and innovation.

Soriot said a U.S.-UK deal finalised this month, which increases what Britain will pay for new medicines, was a “step in the right direction” on pricing, adding that similar discussions were under way across Europe.

He reiterated industry warnings that Europe risks losing research, development and manufacturing investment if its competitiveness continues to erode, while praising what he called the “innovative” policies of U.S. and Chinese regulators.

AstraZeneca expects up to 20 new medicine launches by 2030, including potential U.S. approvals this year for baxdrostat for high blood pressure, camizestrant for a type of breast cancer and gefurulimab for a chronic autoimmune disease.

The drugmaker maintained its forecast for low-double-digit percentage growth in core earnings ​at constant currencies in 2026, and mid-to-high single-digit revenue growth, after reporting sales growth of 8% and profit growth of 11% for 2025.

For the first quarter ended March 31, revenue rose 8% to $15.29 billion, while core earnings came in at $2.58 per share, beating consensus forecasts of $14.9 billion and $2.54.

“A solid quarter, with a modest topline beat,” said Rich Goss, investment director, developed market equities, at Aberdeen, an AstraZeneca shareholder.

Oncology sales rose 16% and rare-disease sales 15%, with revenue up 10% in the U.S. and 2% in China.

AstraZeneca shares were down 1.5% at 137 pounds at 1300 GMT, suggesting investors had already priced in the results and some disappointment that the company did not raise its forecasts.

($1 = 0.7407 pounds)

(Reporting by Pushkala Aripaka, Sri Hari N S in Bengaluru and Maggie Fick in London. Editing by Bernadette Baum and Mark Potter)