Are these FTSE 100 pharmaceutical stocks worth a look?

UK pharmaceuticals are delivering positive results despite potential headwinds. The sector could be worth a look.

Pharmaceutical companies account for some of the top stocks in the FTSE 100, the UK’s flagship index. Astrazeneca (LON:AZN), for example, is the largest stock in the index by market capitalisation at time of writing, ahead of banking giant HSBC and oil major Shell.

There are lots of headwinds driving the space at present. Weight loss drugs offer a potentially huge market for companies like Astrazeneca.

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But there are also headwinds. In particular, Trump’s tariff regime could pose a major challenge for these globally diversified companies. Trump has recently threatened a 200% tariff on US imports of pharmaceuticals.

How are the FTSE 100’s biggest pharmaceutical stocks holding up against these pressures? And is now the right time to buy FTSE 100 pharmaceutical stocks?

Astrazeneca

Astrazeneca’s stock has gained 9.6% so far this year, as of 30 July.

On 29 July, Astrazeneca posted a first half revenue increase of 11% to $28 billion, versus the $27.7 billion analysts had expected.

Core earnings per share (EPS) rose 17% to $4.66.

“Meanwhile, the pipeline progress adds confidence that the 2030 revenue target of $80bn is one to meet or beat,” said Derren Nathan, head of equity research at Hargreaves Lansdown.

“Astra’s keeping up a frenetic pace of innovation and commercialisation with 12 positive late stage read outs from clinical trials and 19 approvals in major territories.”

However, Nathan noted disappointment that Astrazeneca did not upgrade its forecast for the year given the strong financials.

He also noted that tariffs are weighing on Astrazeneca’s share price. “These concerns look to have been overplayed with the threat of enormous import levies subsiding for now, and Astra’s $50 billion pledge for US investment likely to leave it in the Trump administration’s good books,” he said.

Astrazeneca’s share price gained 3.4% on 29 July, following the results.

GSK

Shares in GSK (LON:GSK) are up 7.8% so far this year, and the stock gained a boost on 30 July when it posted a strong set of second quarter results.

EPS rose 15% to 46.5p, beating analyst expectations of 41.9p, with revenue increasing 6% to £8 billion. Analysts had forecast revenue slightly below this, at £7.8 billion.

Sales of speciality medicines rose 15%. Within this, the key HIV franchise and oncology (cancer) division grew by 12% and 42% respectively.

“The prognosis for GSK is looking positive,” said Nathan. “It hasn’t let itself get too distracted by tariff uncertainty, with both second-quarter sales and earnings coming in ahead of market forecasts.”

Nathan also noted that current guidance includes the tariffs that have so far been imposed.

GSK stock had gained 3.9% as of 3.45pm following the results.

Haleon

Haleon’s (LON:HLN) stock has fallen 4.8% in the year to date, trailing its larger FTSE 100 companions Astrazeneca and GSK.

Q2 revenue came in at £2.63 billion, below the £2.68 billion analysts had forecast and representing 3.0% in organic revenue growth. That translated into 9.2p per share in adjusted earnings for the first half of 2025.

Haleon’s stock opened 3.1% lower on 31 July following the results.

FTSE 100 pharmaceutical stocks compared

Here’s how these three pharmaceutical stocks are currently priced compared to their past and expected earnings. All data is as of market close on 30 July (before Haleon’s results).

Source: Yahoo Finance