AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) is set to deliver a solid finish to 2025 when it reports fourth-quarter results next month, according to JP Morgan, which expects earnings to come in modestly ahead of market expectations and guidance for 2026 to underpin confidence in the growth outlook.
The US bank forecasts fourth-quarter revenues of $15.5 billion, representing 2% growth at constant exchange rates and about 1% ahead of consensus forecasts.
Gross margins are expected to remain robust at just over 80%, reflecting the strength of the group’s high-value oncology and specialty medicine portfolio.
JPM does, however, expect higher spending in the quarter. Research and development costs are forecast at $3.6 billion, equivalent to 23% of revenues, while selling, general and administrative expenses are also expected to come in slightly above consensus.
Even so, the bank sees core operating profit rising 4% at constant exchange rates to $4.46 billion.
That translates into forecast core earnings per share of $2.14 for the quarter, around 1% ahead of market expectations.
Looking further ahead, JPM expects AstraZeneca to reiterate guidance for mid-single-digit revenue growth and low double-digit core earnings growth in 2026.
On the bank’s assumptions, including a modest currency tailwind, this would deliver revenues of about $61.7 billion and core earnings per share of $10.33 next year, slightly ahead of current consensus.