BofA Forecasts 'In-line' Q3, Unchanged FY26 Outlook for AstraZeneca Amid Oncology Momentum

01:01 AM EDT, 10/06/2026 (MT Newswires) -- BofA Global Research expects AstraZeneca (AZN.L, AZN.ST) to deliver "in-line" third-quarter results and affirm its full-year 2026 guidance amid the sustained performance of some of the biopharmaceutical company's cancer treatments. "Key factors within the Q: 1) continued robust sales growth for key franchises with Tagrisso +6% YoY, Imfinzi +c24% YoY, Enhertu +c54% YoY; 2) Farxiga impact from April 26 US generics and VBP impact from Feb, with sales at c$1.6bn, -c26% YoY, marginally below consensus; 3) Japan price cuts in April for Calquence and Farxiga; 4) margin of c33.9% (+c110bp YoY), in line with consensus; 5) slightly worse finance expense vs consensus, in line with comments for 2H above 1H; 6) not expecting FY26 guide change, but do expect FY27E margin debate to kick off again," according to a Monday note. Against this backdrop, the research firm projects a 5% year-over-year increase in AstraZeneca's third-quarter total group revenue to $15.9 billion and a 9% rise in EPS to $2.60, both consistent with market expectations. Looking ahead, analysts forecast management to target mid-single-digit to high-single-digit revenue growth for 2027 alongside low-double-digit EPS growth. Despite ongoing investor debate about potential margin drag on EPS, the research firm sees this concern offset by a "better" sales outlook, modeling 9% revenue growth for the year driven by key cancer drugs and anticipated $1.4 billion from upcoming pipeline launches. Ahead of the company's earnings report scheduled for Oct. 30, BofA maintained the stock's buy rating, with a price objective of 165 pounds sterling.