British pharmaceutical giant AstraZeneca has reported a 23 per cent increase in third-quarter net profit, supported by strong sales of cancer medicines, while announcing a new cost-saving programme targeting $1.5 billion in annual savings.
The company disclosed on Friday, October 30, that profit after tax rose to $3.12 billion for the July–September period, compared with $2.53 billion recorded in the same period last year. Revenue increased by seven per cent to $16.21 billion.
AstraZeneca’s oncology division remained its biggest growth driver, generating $7.8 billion in sales, an increase of 17 per cent. Strong demand for cancer treatments, including Tagrisso and Imfinzi, helped offset declining sales of older medicines facing generic competition.
Chief Executive Officer Pascal Soriot said the company remained focused on expanding its drug development pipeline, which includes more than 180 projects. AstraZeneca also reported 12 positive Phase III clinical programme results so far this year and said it remained on track to achieve its long-term growth ambitions.
Under the new three-year savings programme, AstraZeneca aims to generate $1.5 billion in annual savings, which will largely be reinvested in research and development, including cancer treatments, cell therapies and radiopharmaceuticals. The programme could involve restructuring and departmental reductions, with the company estimating one-off restructuring costs of up to $2 billion. Management said it expects overall employment to increase despite potential reductions in some areas.
The company maintained its 2026 financial outlook, forecasting mid-to-high single-digit revenue growth and low double-digit growth in core earnings per share. The results and savings announcement strengthened investor sentiment, with AstraZeneca shares rising in European trading on Friday.
The latest figures underline the importance of cancer medicines and investment in new treatments to AstraZeneca’s growth strategy as the pharmaceutical industry faces increasing competition, research costs and pressure to develop new medicines.