REG - AstraZeneca PLC - Final Results
10/02/2026 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260210:nRSJ3227Sa&default-theme=true
RNS Number : 3227S AstraZeneca PLC 10 February 2026
10 February 2026
AstraZeneca results: FY and Q4 2025
Strong commercial performance and excellent pipeline delivery in a continuing
catalyst-rich period
Revenue and EPS summary
FY 2025 % Change Q4 2025 % Change
$m Actual CER(1) $m Actual CER
- Product Sales 55,573 9 9 14,538 9 7
- Alliance Revenue 3,067 39 38 959 34 33
Product Revenue(2) 58,640 10 10 15,497 10 8
Collaboration Revenue 99 (89) (89) 6 (99) (99)
Total Revenue 58,739 9 8 15,503 4 2
Reported EPS ($) 6.60 45 43 1.50 55 47
Core(3) EPS ($) 9.16 12 11 2.12 1 (2)
Key performance elements for FY 2025
(Growth numbers at constant exchange rates)
* Total Revenue up 8% to $58,739m, driven by Oncology, CVRM, R&I and
Rare Disease
* Growth in Total Revenue across all major geographic regions
* Core Operating profit increased 9%
* Core EPS increased 11% to $9.16
* Second interim dividend declared of $2.17 per share (159.5 pence, 19.49
SEK). Total dividend declared for FY 2025 increased by 3% to $3.20 per share
* 16 positive Phase 3 readouts and 43 approvals in major regions in the
last twelve months
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"In 2025 we saw strong commercial performance across our therapy areas and
excellent pipeline delivery. We announced the results of 16 positive Phase 3
studies during the year and now have 16 blockbuster medicines.
The momentum across our company is continuing in 2026 and we are looking
forward to the results of more than 20 Phase 3 trial readouts this year. We
have more than 100 Phase 3 studies ongoing, including a substantial and
growing number of trials of our transformative technologies which have the
potential to revolutionise outcomes for patients and drive our growth well
beyond 2030.
Lastly, ordinary shares in our company began trading on the NYSE on the
2nd February, resulting in a harmonised listing structure across exchanges in
London, New York and Stockholm, enabling more shareholders to participate in
our company's exciting future."
Guidance
AstraZeneca issues Total Revenue and Core EPS guidance(4) for FY 2026 at CER,
based on the average foreign exchange rates through 2025.
Total Revenue is expected to increase by a mid-to-high single-digit percentage
Core EPS is expected to increase by a low double-digit percentage
The Core Tax rate is expected to be between 18-22%
If foreign exchange rates for February 2026 to December 2026 were to remain at
the average rates seen in January 2026, it is anticipated that Total Revenue
in FY 2026 would benefit from a low single-digit percentage positive impact
compared to the performance at CER, and Core EPS growth would be broadly
similar to the growth at CER.
http://www.rns-pdf.londonstockexchange.com/rns/3227S_1-2026-2-9.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3227S_1-2026-2-9.pdf)
Results highlights
Table 1: Milestones achieved since the prior results announcement
Phase III and other registrational data readouts
Medicine Trial Indication Event
ceralasertib + Imfinzi LATIFY Post-IO NSCLC Primary endpoint not met
baxdrostat BaxAsia Treatment resistant hypertension Primary endpoint met
Regulatory approvals
Medicine Trial Indication Region
Enhertu DESTINY-Gastric04 2L HER2+ gastric/GEJ cancer EU, CN
Enhertu DESTINY-Breast09 1L HER2+ mBC US
Enhertu DESTINY-Breast06 CTx naïve HER2-low and -ultralow mBC CN
Imfinzi PACIFIC-5 Stage III NSCLC CN
Imfinzi MATTERHORN Resectable gastric/GEJ cancer US
Imfinzi DUO-E dMMR endometrial cancer CN
Wainua NEURO-TTRANSFORM ATTRv-PN CN
Fasenra MANDARA EGPA CN
Saphnelo TULIP-SC SLE (subcutaneous) EU
Koselugo KOMET Adult patients with NF1-PN US
Koselugo SPRINKLE Paediatric patients with NF1-PN (granule formulation) EU
Soliris NCT03759366 gMG (paediatric patients) CN
Regulatory submissions or acceptances* in major regions
Medicine Trial Indication Region
Datroway TROPION-Breast02 Metastatic TNBC not candidates for IO US, EU, CN
Enhertu DESTINY-Breast09 1L HER2+ mBC EU
Ultomiris ALXN1210-PNH-323 PNH CN
baxdrostat BaxHTN / Bax24 Treatment resistant hypertension US, EU
gefurulimab PREVAIL Generalised myasthenia gravis US, EU, CN
anselamimab CARES Kappa light chain amyloidosis EU, JP
* US, EU and China regulatory submissions denotes filing acceptance
Other pipeline updates
For recent trial starts and anticipated timings of key trial readouts, please
refer to the Clinical Trials Appendix document in the financial results
section of the AstraZeneca investor relations website:
www.astrazeneca.com/investor-relations.html
(https://www.astrazeneca.com/investor-relations.html) .
Table 2: Key elements of financial performance: Q4 2025
For the quarter Reported Change Core Change
ended 31 December $m Act CER $m Act CER
Product Revenue 15,497 10 8 15,497 10 8 * See Tables 3, 7, 29 and 30 for further details of Product Revenue,
Product Sales and Alliance Revenue
Collaboration Revenue 6 (99) (99) 6 (99) (99) * See Tables 4 and 31 for details of Collaboration Revenue
* In Q4 2024, $815m of Collaboration Revenue was recognised as Lynparza,
Beyfortus and Koselugo each achieved a sales-based milestone
Total Revenue 15,503 4 2 15,503 4 2 * See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%) 80 -2pp -2pp 80 -2pp -2pp − Cost of sales included a $235m expense in Q4 2025 for royalty buyout
expenses relating to Saphnelo and rilvegostomig (see page 5, 'Corporate and
business development' for details)
* Variations in Gross Margin can be expected between periods due to
various factors, including fluctuations in foreign exchange rates, product
seasonality and Collaboration Revenue
* See 'Reporting changes since FY 2024' on page 6 for the definition of
Gross Margin(5)
R&D expense 3,862 (17) (19) 3,731 4 3 * Core R&D: 24% of Total Revenue
+ Accelerated recruitment in ongoing trials
+ Investments in transformative technologies such as IO bispecifics, cell
therapy and antibody drug conjugates
+ Addition of R&D projects from business development
+ Positive data readouts for high value pipeline opportunities that have
ungated large late-stage trials
− Reported R&D expense decreased due to impairment charges in Q4 2024
SG&A expense 5,492 2 - 4,453 4 2 * Core SG&A: 29% of Total Revenue
Other operating income and expense(6) 100 - 2 101 2 2
Operating Profit 2,978 46 40 4,098 (2) (5) − Operating Profit includes the $235m royalty buyout expensed in Cost of
sales (see above)
+ Reported Operating Profit includes R&D impairment charges in Q4 2024
Operating Margin (%) 19 +6pp +5pp 26 -2pp -2pp
Net finance expense 349 (4) (2) 269 (13) (10) − Adjustment of interest on tax and maturity of debt during Q4 2025
Tax rate (%) 11 +1pp +1pp 14 -2pp -2pp * Variations in the tax rate can be expected between periods
EPS ($) 1.50 55 47 2.12 1 (2) − Year-on-year comparison reflects the sales-based milestones recognised in
Q4 2024
+ Reported EPS benefitted from reduction in R&D impairments
For monetary values the unit of change is percent. For Gross Margin, Operating
Margin and Tax rate, the unit of change is percentage points (pp).
In the expense commentary above, the plus and minus symbols denote the
directional impact of the item being discussed, e.g. a '+' symbol beside an
R&D expense comment indicates that the item increased R&D expenditure
relative to the prior year period.
Corporate and business development
Jacobio Pharma
In December 2025, Jacobio Pharma announced that it has entered an agreement
with AstraZeneca for its proprietary Pan-KRAS inhibitor JAB-23E73.
AstraZeneca will receive exclusive development and commercialisation rights
outside of China, while AstraZeneca and Jacobio Pharma will jointly develop
and commercialise JAB-23E73 in China.
Under the terms of the agreement, Jacobio will receive an upfront payment of
$100m, and is eligible for additional development and commercial milestone
payments of up to $1.9bn, as well as tiered royalties on net sales achieved
outside of China. AstraZeneca will be responsible for all clinical
development, regulatory submissions, and commercialisation activities for
JAB-23E73 outside of China.
Modella AI
In Q4 2025, Modella AI was acquired by AstraZeneca. The acquisition will embed
Modella AI's multi-modal foundation models and AI agents into AstraZeneca's
oncology R&D environment.
BMS
In Q4 2025, AstraZeneca paid Bristol-Myers Squibb Company (BMS) $170m,
expensed in Cost of sales, in exchange for the reduction to zero of all
royalties payable on Saphnelo sales ex-US. Royalties on US sales will remain
payable at a mid-teens percentage.
Compugen
In Q4 2025, AstraZeneca paid Compugen Ltd. (Compugen) $65m, expensed in Cost
of sales, and agreed a potential additional $25m upon the next milestone
payment on BLA acceptance, for a portion of Compugen's existing royalty
interest in rilvegostomig. AstraZeneca will pay tiered royalties of up to
mid-single digits on future sales.
AbelZeta
In January 2026, AbelZeta Pharma, Inc. (AbelZeta) announced that AstraZeneca
has agreed to acquire AbelZeta's 50% share of the China development and
commercialisation rights to C-CAR031, an autologous, Glypican 3
(GPC3)-targeting chimeric antigen receptor T-Cell therapy.
Following completion of this agreement, AstraZeneca will have the sole right
to develop, manufacture and commercialise C-CAR031 globally. AbelZeta will be
entitled to receive up to $630m from AstraZeneca including an upfront payment,
and development, regulatory and sales milestone payments for the GPC3 program
in China.
China investment plans
In January 2026, AstraZeneca announced plans to invest $15bn in China through
2030 to expand medicines manufacturing and R&D. These investments build on
AstraZeneca's substantial footprint in China, including global strategic
R&D centres in Beijing and Shanghai.
Listing harmonisation
On 2 February 2026, AstraZeneca began trading its ordinary shares on the New
York Stock Exchange (NYSE), enabling more US investors to participate in the
Company's strong growth. Trading in AstraZeneca ordinary shares is now aligned
across the NYSE, the London Stock Exchange and Nasdaq Stockholm under a
harmonised listing structure.
The prior listing of American Depositary Shares on Nasdaq in the US ceased on
30 January 2026.
CSPC
In January 2026, AstraZeneca announced a new strategic collaboration agreement
with CSPC Pharmaceuticals. AstraZeneca will receive exclusive global rights
outside of China to CSPC's once-monthly injectable weight management
portfolio, including SYH2082, a long-acting GLP-1R/GIPR agonist progressing
into Phase I, and three preclinical programmes. CSPC will receive an upfront
payment of $1.2bn and is eligible to receive development and regulatory
milestones of up to $3.5bn across all programmes. CSPC will also be eligible
for further commercialisation and sales milestones plus tiered royalties.
Sustainability highlights
For the tenth year, AstraZeneca was recognised by CDP for climate action and
water stewardship, receiving an A for Climate and A- for Water Security in
2025. This reflects the Company's significant progress in decarbonising and
reducing its environmental footprint.
The Sustainable Markets Initiative (SMI) Health Systems Task Force, chaired by
AstraZeneca CEO Pascal Soriot, supported the development and launch of PSA
2090
(https://www.bsigroup.com/en-GB/insights-and-media/media-centre/press-releases/2025/december/first-global-standard-for-measuring-the-environmental-impact-of-pharmaceuticals-published/#:~:text=Developed%20through%20collaboration%20across%20the,and%20reduce%20their%20product%20footprints.)
, the world's first global standard to measure and assess the environmental
impact of pharmaceutical products through their lifecycle.
Reporting calendar
The Company intends to publish its Q1 2026 results on 29 April 2026.
Conference call
A conference call and webcast for investors and analysts will begin today,
10 February 2026, at 11:45 UK time. Details can be accessed via
astrazeneca.com (https://www.astrazeneca.com/investor-relations.html) .
Reporting changes since FY 2024
Product Revenue
Effective 1 January 2025, the Group has updated the presentation of Total
Revenue on the face of the Statement of Comprehensive Income to include a new
subtotal 'Product Revenue' representing the summation of Product Sales and
Alliance Revenue.
Product Revenue and Collaboration Revenue form Total Revenue.
Product Sales and Alliance Revenue will continue to be presented separately,
with the new subtotal providing additional aggregation of revenue types with
similar characteristics, reflecting the growing importance of Alliance
Revenue.
Full descriptions of Product Sales, Alliance Revenue and Collaboration Revenue
are included from page 152 of the Group's Annual Report and Form 20-F
Information 2024.
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2024/pdf/AstraZeneca_AR_2024.pdf)
Gross Margin
Effective 1 January 2025, the Group has replaced the measure of 'Product Sales
Gross Margin' with the measure of 'Gross Margin'. Previously, the measure
excluded margin related to Alliance Revenue and Collaboration Revenue. The new
measure is calculated using Gross profit as a percentage of Total Revenue,
thereby encompassing all revenue categories, and is intended to provide a more
comprehensive measure of total performance.
Notes
1. Constant exchange rates. The differences between Actual Change and CER
Change are due to foreign exchange movements between periods in 2025 vs. 2024.
CER financial measures are not accounted for according to generally accepted
accounting principles (GAAP) because they remove the effects of currency
movements from Reported results.
2. Effective 1 January 2025, the Group has updated its presentation of Total
Revenue, adding a new subtotal of Product Revenue, the sum of Product Sales
and Alliance Revenue. For further details, see Note 1: 'Basis of preparation
and accounting policies' in the Notes to the Condensed consolidated financial
statements.
3. Core financial measures are adjusted to exclude certain items. The
differences between Reported and Core measures are primarily due to costs
relating to the amortisation of intangibles, impairments, legal settlements
and restructuring charges. A full reconciliation between Reported EPS and Core
EPS is provided in Tables 10 and 11 in the Financial Performance section of
this document.
4. The Company is unable to provide guidance on a Reported basis because it
cannot reliably forecast material elements of the Reported results, including
any fair value adjustments arising on acquisition-related liabilities,
intangible asset impairment charges and legal settlement provisions. Please
refer to the Cautionary statements section regarding forward-looking
statements at the end of this announcement.
5. Effective 1 January 2025, the Group has updated its presentation of Gross
Margin, which is defined as Gross Profit divided by Total Revenue. In prior
years, the Group's financial tables cited a different margin metric, Product
Sales Gross Margin.
6. Income from disposals of assets and businesses, where the Group does not
retain a significant ongoing economic interest, is recorded in Other operating
income and expense in the Group's financial statements.
Revenue drivers
Table 3: Product Revenue by medicine
FY 2025 % Change Q4 2025 % Change
$m % Total Actual CER $m % Total Actual CER
Tagrisso 7,254 12 10 10 1,902 12 12 10
Imfinzi 6,063 10 29 28 1,747 11 39 37
Calquence 3,518 6 12 12 967 6 20 17
Lynparza 3,279 6 7 6 878 6 4 1
Enhertu 2,775 5 40 40 798 5 48 46
Zoladex 1,150 2 5 6 266 2 5 5
Truqap 728 1 69 68 233 2 43 41
Imjudo 346 1 23 23 93 1 27 26
Datroway 78 - n/m n/m 40 - n/m n/m
Other Oncology 427 1 (8) (8) 103 1 (4) (3)
Oncology Product Revenue 25,618 44 18 17 7,027 45 22 20
Farxiga 8,405 14 10 9 2,060 13 7 2
Crestor 1,218 2 5 6 276 2 6 6
Brilinta 823 1 (38) (38) 158 1 (54) (54)
Lokelma 698 1 29 28 181 1 21 19
Seloken 608 1 - 2 139 1 (1) (1)
roxadustat 276 - (18) (18) 47 - (37) (37)
Wainua 212 - >2x >2x 69 - 66 64
Other CVRM 534 1 (28) (28) 116 1 (39) (40)
CVRM Product Revenue 12,774 22 3 2 3,046 20 (3) (6)
Symbicort 2,885 5 - - 704 5 3 2
Fasenra 1,981 3 17 16 530 3 12 10
Breztri 1,199 2 23 22 294 2 14 13
Tezspire 1,131 2 65 64 361 2 69 66
Saphnelo 686 1 45 44 203 1 38 37
Pulmicort 518 1 (24) (24) 161 1 (2) (6)
Airsupra 166 - >2x >2x 51 - >2x >2x
Other R&I 300 1 (29) (29) 69 - (58) (59)
R&I Product Revenue 8,866 15 13 12 2,373 15 12 10
Beyfortus 703 1 27 26 229 1 (21) (22)
Synagis 292 - (35) (34) 72 - (29) (31)
FluMist 272 - 6 3 140 1 (6) (9)
Other V&I 1 - n/m n/m 1 - n/m n/m
V&I Product Revenue 1,268 2 (2) (3) 442 3 (18) (19)
Ultomiris 4,718 8 20 19 1,265 8 16 15
Soliris 1,837 3 (29) (28) 401 3 (26) (26)
Strensiq 1,678 3 19 18 490 3 17 15
Koselugo 662 1 25 22 163 1 (1) (4)
Other Rare Disease 231 - 11 10 55 - (9) (11)
Rare Disease Product Revenue 9,126 16 5 5 2,374 15 4 3
Nexium 831 1 (6) (5) 193 1 (4) (4)
Others 157 - (25) (25) 42 - (22) (21)
Other Medicines Product Revenue 988 2 (10) (9) 235 2 (8) (8)
Product Revenue 58,640 100 10 10 15,497 100 10 8
Alliance Revenue included above:
Enhertu 1,798 3 25 25 507 3 29 27
Tezspire 673 1 54 54 220 1 65 64
Beyfortus 422 1 79 76 170 1 6 6
Datroway 77 - n/m n/m 39 - n/m n/m
Other royalty income 92 - 1 1 22 - (6) (7)
Other Alliance Revenue 5 - (53) (53) 1 - (65) (65)
Alliance Revenue 3,067 5 39 38 959 6 34 33
Table 4: Collaboration Revenue
FY 2025 % Change Q4 2025 % Change
$m Actual CER $m Actual CER
Farxiga: sales milestones 87 56 56 6 50 41
Others 12 (99) (99) - n/m n/m
Collaboration Revenue 99 (89) (89) 6 (99) (99)
Table 5: Total Revenue by Therapy Area
FY 2025 % Change Q4 2025 % Change
$m % Total Actual CER $m % Total Actual CER
Oncology 25,619 44 15 14 7,028 45 11 9
CVRM 12,861 22 3 2 3,051 20 (3) (6)
R&I 8,866 15 13 12 2,373 15 12 10
V&I 1,268 2 (13) (14) 442 3 (32) (33)
BioPharmaceuticals 22,995 39 5 5 5,866 38 (1) (3)
Rare Disease 9,126 16 4 4 2,374 15 - (1)
Other Medicines 999 2 (9) (8) 235 2 (7) (8)
Total Revenue 58,739 100 9 8 15,503 100 4 2
Table 6: Total Revenue by region
FY 2025 % Change Q4 2025 % Change
$m % Total Actual CER $m % Total Actual CER
US 25,450 43 10 10 6,932 45 6 6
Emerging Markets ex. China 8,649 15 19 22 2,271 15 28 24
China 6,654 11 4 4 1,375 9 1 1
Emerging Markets 15,303 26 12 14 3,646 24 16 14
Europe 12,739 22 5 1 3,579 23 (9) (15)
Established RoW 5,247 9 5 6 1,345 9 5 7
Total Revenue 58,739 100 9 8 15,503 100 4 2
Table 7: Product Revenue by region
FY 2025 % Change Q4 2025 % Change
$m % Total Actual CER $m % Total Actual CER
US 25,449 43 10 10 6,932 45 8 8
Emerging Markets ex. China 8,649 15 19 22 2,271 15 28 24
China 6,654 11 4 4 1,375 9 1 1
Emerging Markets 15,303 26 12 14 3,646 24 16 14
Europe 12,739 22 11 7 3,579 23 10 3
Established RoW 5,149 9 5 5 1,340 9 5 7
Total Product Revenue 58,640 100 10 10 15,497 100 10 8
Total Revenue by Medicine
Oncology
Tagrisso
FY 2025 Total % Change * Strong demand growth across all indications and key regions, leading
$m
combination in 1L NSCLC (FLAURA2)
Revenue Actual CER
US 3,064 11 11 * Underlying demand growth more than offset Medicare Part D redesign
Emerging Markets 1,971 12 14 * Continued demand growth, with quarterly revenue profile reflecting usual
seasonal ordering dynamics in China
Europe 1,423 9 6 * Demand growth partially offset by pricing pressure in certain major
markets
Established RoW 796 5 5
Total 7,254 10 10
Imfinzi
FY 2025 Total % Change * Strong growth from new launch indications in bladder cancer (NIAGARA)
and lung cancer (ADRIATIC, AEGEAN)
$m Revenue Actual CER
US 3,509 35 35 * Demand growth across all indications, particularly new launches
Emerging Markets 640 34 38 * Demand growth in GI (HIMALAYA, TOPAZ-1) and launches in lung cancer and
bladder
Europe 1,239 31 26 * Growth from bladder and GI indications and momentum from lung cancer
launches
Established RoW 675 (2) (2) * Mandatory price reductions in Japan in Feb 2024 (25%), and Aug 2024
(11%), increased competition in BTC (TOPAZ-1)
Total 6,063 29 28
Calquence
FY 2025 Total % Change * Growth from sustained BTKi leadership in front-line CLL
$m
Revenue Actual CER
US 2,339 7 7 * Growth in new patient starts in CLL, 1L MCL (ECHO) launch and improved
affordability offsetting Medicare Part D redesign and also discounts to secure
preferential formulary placement
Emerging Markets 233 52 54 * 1L and r/r CLL growth
Europe 784 20 15 * Early launch momentum in fixed duration 1L CLL (AMPLIFY)
Established RoW 162 25 27
Total 3,518 12 12
Lynparza
FY 2025 Total % Change * Sustained global PARP inhibitor market leadership across four tumour
$m
types (ovarian, breast, prostate, pancreatic)
Revenue Actual CER
US 1,434 8 8 * Share gains across ovarian, breast and prostate indications
Emerging Markets 669 2 1 * Affected by generic competition in China and stock compensation in Q4
2025 ahead of anticipated VBP implementation in Q1 2026
Europe 914 (36) (38) * Year-on-year comparison reflects sales-related milestone recorded in Q4
2024; launches in breast and prostate cancers (OlympiA and PROpel)
Established RoW 262 3 4 * Gains in 1L ovarian, increasing share of pMMR endometrial cancer (DUO-E)
Total 3,279 (11) (12)
Enhertu
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca,
amounted to $4,982m in FY 2025 (FY 2024: $3,754m). US in-market sales,
recorded by Daiichi Sankyo, amounted to $2,446m in FY 2025 (FY 2024: $1,864m).
Up to and including Q3 2025, AstraZeneca's mid-single-digit percentage royalty
on Daiichi Sankyo's sales in Japan was recorded as Alliance Revenue in Europe.
From Q4 2025 this royalty is recorded in Established RoW.
FY 2025 Total % Change * Standard-of-care in HER2-positive (DESTINY-Breast03) and HER2-low
$m
(DESTINY-Breast04) metastatic breast cancer, early uptake in other cancers
Revenue Actual CER
*
US 1,176 32 32 * Accelerated uptake in chemotherapy naïve HER2-low and -ultralow breast
cancer
Emerging Markets 829 74 79 * Rapid adoption post-NRDL enlistment of HER2-positive and HER2-low breast
cancer from 1 January 2025
Europe 665 23 18 * Demand growth in chemotherapy naïve HER2-low breast cancer; Q4 2025
includes favourable gross-to-net adjustment
Established RoW 105 52 55
Total 2,775 40 40
Other Oncology medicines
FY 2025 Total % Change
$m
Revenue Actual CER
Zoladex 1,151 5 6 * Growth across Emerging Markets
Truqap 728 69 68 * Rapidly reached peak share in second-line biomarker-altered metastatic
breast cancer; Q4 2025 also benefited from year-end ordering dynamics in the
US
Imjudo 346 23 23 * Continued growth driven by lung (POSEIDON) and HCC (HIMALAYA)
Datroway 78 n/m n/m * Continued uptake in breast cancer and EGFRm later-line lung cancer
* Combined global sales by AstraZeneca and Daichi Sankyo of $218m (FY
2024: $nil)
Other Oncology 427 (8) (8) * Faslodex generic erosion across markets
Other Oncology includes $28m of Total Revenue from Orpathys, partnered with
HUTCHMED.
BioPharmaceuticals - CVRM
Farxiga
FY 2025 Total % Change * Growth driven by HF and CKD indications, SGLT2 class growth supported by
$m
cardiorenal guidelines
Revenue Actual CER
US 1,730 (1) (1) * Prior year benefitted from authorised generic launch
Emerging Markets 3,324 17 18 * Continued strong growth despite generic competition in some markets.
Stock compensation in Q4 2025 ahead of anticipated VBP implementation in Q1
2026
Europe 2,941 12 8 * Demand growth offset by generic entry in the UK in Q3 2025
Established RoW 497 4 4 * Generic T2D entry in Japan in Q4 2025
Total 8,492 10 9
Other CVRM medicines
FY 2025 Total % Change
$m
Revenue Actual CER
Crestor 1,218 5 6 * Growth driven by Emerging Markets
Brilinta 823 (38) (38) * Decline driven by generic entry in the US and Europe in Q2 2025
Seloken 608 - 2 * Vast majority of revenue growth driven by Ex-China Emerging Markets
Lokelma 698 29 28 * Strong growth in all major regions with launches in new markets
roxadustat 276 (18) (18) * Generic competition and China VBP stock compensation in Q4 2025
Wainua 212 >2x >2x * Majority of revenue from US; first launches in ex-US markets in Q2 2025
Other CVRM 534 (28) (28) * Generic erosion
BioPharmaceuticals - R&I
Symbicort
FY 2025 Total % Change * Sustained market leader in a stable ICS/LABA class, treating COPD and
$m
asthma
Revenue Actual CER
US 1,193 1 1 * Demand for authorised generic partially offsetting brand price pressures
Emerging Markets 801 (1) 1 * China affected by ICS/LABA class erosion in COPD in favour of FDC triple
therapy
Europe 560 - (3) * Continued generic erosion
Established RoW 331 1 3
Total 2,885 - -
Fasenra
FY 2025 Total % Change * Expanded severe eosinophilic asthma market share leadership in IL-5
$m
class, further fuelled by first wave market launches for EGPA indication
Revenue Actual CER
US 1,195 14 14 * Sustained double-digit volume growth with expanded class leadership. Q4
2025 includes unfavourable gross-to-net adjustment
Emerging Markets 117 27 29 * Asthma launch momentum across key markets
Europe 482 19 15 * Sustained leadership in severe eosinophilic asthma
Established RoW 187 29 30 * Strong growth supported by EGPA launch in Japan
Total 1,981 17 16
Breztri
FY 2025 Total % Change * Fastest growing medicine within the expanding FDC triple class
$m
(ICS/LABA/LAMA), treating COPD
Revenue Actual CER
US 614 19 19 * Consistent share growth within expanding FDC triple class. Q4 2025
includes unfavourable gross-to-net adjustment
Emerging Markets 298 22 22 * Market share leadership within the growing FDC triple class in China
Europe 191 33 29 * Sustained growth from market share gain and new launches
Established RoW 96 30 30 * Increasing market share in Japan
Total 1,199 23 22
Tezspire
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to
$1,936m in FY 2025 (FY 2024: $1,291m).
FY 2025 Total % Change * Sustained demand growth in severe asthma with launch momentum across
$m
multiple markets
Revenue Actual CER
US 673 54 54 * Continued strong demand growth with increasing new patient share volumes
in biologics segment
Emerging Markets 40 >3x >3x * Strong continued launch uptake
Europe 297 90 83 * Maintained new-to-brand leadership across multiple markets and new
launches
Established RoW 121 51 51 * Strong growth driven by Japan
Total 1,131 65 64
Other R&I medicines
FY 2025 Total % Change
$m
Revenue Actual CER
Pulmicort 518 (24) (24) * Generic competition in Emerging Markets (~80% of revenue)
Saphnelo 686 45 44 * Strong US demand growth, ongoing launches in Europe and Established RoW
Airsupra 166 >2x >2x * Strong US launch momentum and volume uptake
Other R&I 300 (29) (29)
BioPharmaceuticals - V&I
Beyfortus Total Revenue reflects the sum of Product Sales from AstraZeneca's
sales of manufactured product to Sanofi and Alliance Revenue from
AstraZeneca's share of gross profits and royalties on sales in major markets
outside the US.
FY 2025 Total % Change
$m
Revenue Actual CER
Beyfortus 703 (3) (3) * Year-on-year comparison affected by Collaboration Revenue of $167m in
2024
Synagis 292 (35) (34) * Competition from Beyfortus
FluMist 272 6 3
Other V&I 1 (96) (96)
Rare Disease
Ultomiris
Ultomiris Total Revenue includes sales of Voydeya, which is approved as an
add-on treatment to Ultomiris and Soliris for the ~20-30% of PNH patients who
experience clinically significant EVH.
FY 2025 Total % Change * Growth due to patient demand, both naïve to branded medicines and
$m
conversion from Soliris across all indications (gMG, NMOSD, aHUS and PNH)
Revenue Actual CER
US 2,667 18 18 * Demand growth across indications, including within the competitive gMG
and PNH landscapes
Emerging Markets 261 84 90 * Expansion into new markets and growth in patient demand
Europe 1,053 19 15 * Strong demand growth following recent launches; competition in gMG and
PNH
Established RoW 737 16 15 * Continued conversion and strong demand following new launches
Total 4,718 20 19
Soliris
FY 2025 Total % Change * Decline driven by conversion of patients to Ultomiris across all
$m
indications, competition, and biosimilar pressure in Europe and US
Revenue Actual CER
US 1,092 (28) (28) * Conversion to Ultomiris, competition in gMG and PNH, and biosimilar
pressure in gMG, PNH and aHUS
Emerging Markets 405 (9) (1)
Europe 200 (52) (53) * Conversion to Ultomiris, competition in gMG and PNH, and biosimilar
pressure in PNH and aHUS
Established RoW 140 (32) (31) * Conversion to Ultomiris
Total 1,837 (29) (28)
Strensiq
FY 2025 Total % Change * Growth driven by continued HPP patient demand and geographic expansion
$m
Revenue Actual CER
US 1,332 14 14 * Demand growth, offset by Medicare Part D redesign
Emerging Markets 104 94 84 * Q4 2025 benefitted from favourable timing of tender orders
Europe 123 25 21
Established RoW 119 23 23
Total 1,678 19 18
Other Rare Disease medicines
FY 2025 Total % Change
$m
Revenue Actual CER
Koselugo 662 5 3 * Growth driven by continued patient demand and geographic expansion.
Growth rates in Q3 and Q4 reflect order timing in certain tender markets
Other Rare Disease 231 11 10 * Other Rare Disease medicines include Kanuma and Beyonttra (JP only)
Other Medicines
FY 2025 Total % Change
$m
Revenue Actual CER
Nexium 831 (6) (5) * Growth in Emerging Markets, generic erosion elsewhere
Others 168 (20) (20) * Generic erosion
R&D progress
This section covers R&D events and milestones that occurred from 6
November 2025 to 9 February 2026. A comprehensive view of AstraZeneca's
pipeline of medicines in human trials can be found in the latest Clinical
Trials Appendix, available on AstraZeneca's investor relations webpage
(https://www.astrazeneca.com/investor-relations.html) . The Clinical Trials
Appendix includes tables with details of the ongoing clinical trials for
AstraZeneca medicines and new molecular entities in the pipeline.
Oncology
AstraZeneca presented new data across its diverse portfolio of cancer
medicines at two major medical congresses since the prior results
announcement: the American Society of Hematology Annual Meeting and Exposition
2025 (ASH) and the San Antonio Breast Cancer Symposium 2025 (SABCS). Across
the two meetings, 120 abstracts were presented featuring 19 approved and
potential new medicines including 29 oral presentations.
Datroway
Phase III trial update TROPION-Lung12 * Recruitment into the TROPION-Lung12 Phase III trial of adjuvant Datroway
in combination with rilvegostomig or rilvegostomig monotherapy versus
December 2025 standard-of-care, following complete tumour resection, in participants with
Stage I adenocarcinoma NSCLC who are ctDNA-positive or have high-risk
New disclosure pathological features has been discontinued due to operational feasibility.
There were no new safety signals.
Priority review TROPION-Breast02 * Unresectable or metastatic TNBC for patients that are not candidates for
PD-1/PD-L1 inhibitor therapy.
US February 2025
Enhertu
Approval DESTINY-Gastric04 * Locally advanced or metastatic HER2-positive (IHC3+ or IHC2+/ISH+)
gastric or gastroesophageal junction adenocarcinoma who have received a prior
EU November 2025 trastuzumab-based regimen.
New disclosure
Approval DESTINY-Breast09 * 1st-line treatment for unresectable or metastatic HER2-positive breast
cancer.
US December 2025
Approval DESTINY-Breast06 * Unresectable or metastatic HR-positive, HER2 low (IHC 1+ or IHC 2+/ISH-)
or HER2 ultralow (IHC 0 with membrane staining) breast cancer that has
CN December 2025 progressed on one or more endocrine therapies in the metastatic setting.
New disclosure
Approval DESTINY-Gastric04 * Locally advanced or metastatic HER2-positive gastric or gastroesophageal
junction adenocarcinoma who have received one prior trastuzumab based regimen.
CN January 2026
New disclosure
Imfinzi
Approval PACIFIC-5 * Unresectable Stage III NSCLC with no known sensitising EGFRm or ALK
rearrangements whose disease has not progressed following platinum-based
CN November 2025 chemotherapy and radiation therapy.
New disclosure
Approval MATTERHORN * In combination with FLOT chemotherapy as neoadjuvant and adjuvant
treatment, followed by single agent Imfinzi, for the treatment of resectable
US November 2025 gastric or gastroesophageal junction adenocarcinoma.
Approval DUO-E * In combination with carboplatin and paclitaxel for the 1st-line
treatment of adult patients with primary advanced or recurrent endometrial
CN January 2026 cancer that is mismatch repair deficient, followed by Imfinzi as a single
agent for maintenance treatment.
New disclosure
CHMP opinion MATTERHORN * Recommended in combination with standard-of-care FLOT chemotherapy for
the treatment of resectable, early-stage and locally advanced (Stages II, III,
EU January 2026 IVA) gastric and gastroesophageal junction cancers.
Lynparza
Regulatory update DUO-O * Following further data follow up and health authority interactions, the
decision has been taken to not progress with regulatory filings in US, Europe,
Global Q4 2025 China or Japan.
New disclosure
ceralasertib
Phase III trial update LATIFY * The LATIFY Phase III trial of ceralasertib in combination with Imfinzi
did not meet the primary endpoint of OS versus standard-of-care docetaxel in
December 2025 patients with locally advanced or metastatic NSCLC whose disease progressed on
or after prior immunotherapy and platinum-based chemotherapy.
BioPharmaceuticals - CVRM
baxdrostat
Data presentation Bax24 * Positive results from the Bax24 Phase III trial showed baxdrostat showed
clinically meaningful and consistent blood pressure reductions versus placebo
AHA November 2025 in patients with treatment-resistant hypertension. At 12 weeks, the
placebo-adjusted reduction in ambulatory 24-hour average SBP was 14.0 mmHg
(95% CI -17.2, -10.8; p<0.0001). Efficacy was observed throughout the
24-hour period, including early morning, when patients with hypertension are
at a higher risk of cardiovascular events.
Priority Review BaxHTN * For uncontrolled or treatment-resistant hypertension as an add-on to
other antihypertensive medicines when these do not provide adequate lowering
US December 2025 of blood pressure.
Phase III readout BaxAsia * High-level results from the supportive BaxAsia Phase III trial showed
baxdrostat 2mg met the primary endpoint, demonstrating a statistically
December 2025 significant and clinically meaningful reduction in mean seated systolic blood
pressure at 12 weeks compared with placebo in patients with uncontrolled or
New disclosure treatment-resistant hypertension. The preliminary safety profile was
consistent to that seen in previous baxdrostat trials.
Wainua
Approval NEURO-TTRansform * For the treatment of adult patients with polyneuropathy associated with
hereditary transthyretin-mediated amyloidosis (ATTRv-PN).
CN December 2025
elecoglipron (AZD5004)
Phase IIb readout VISTA * Positive high-level results showed that treatment with elecoglipron in
participants with obesity or overweight and at least one comorbidity met the
February 2026 primary endpoints (change in body weight from baseline at 26 weeks and
proportion of participants with weight loss ≥5% from baseline weight at 26
New disclosure weeks), supporting initiation of a Phase III programme.
Phase IIb readout SOLSTICE * Positive high-level results showed that treatment with elecoglipron in
participants with T2D met the primary endpoint (change in HbA1c from baseline
February 2026 at 26 weeks), supporting initiation of a Phase III programme.
New disclosure
BioPharmaceuticals - R&I
Fasenra
Approval MANDARA * For adult patients with eosinophilic granulomatosis with polyangiitis
(EGPA).
CN December 2025
New disclosure
Saphnelo
Approval TULIP-SC * For subcutaneous self-administration as a pre-filled pen for adult
patients with systemic lupus erythematosus on top of standard therapy.
EU December 2025
Data publication TULIP-SC * Positive full results showed the subcutaneous administration of Saphnelo
demonstrated a statistically significant and clinically meaningful reduction
January 2026 in disease activity compared to placebo in patients with systemic lupus
erythematosus. 56.2% of patients who received Saphnelo achieved a reduction
in disease activity at Week 52 versus 37.1% receiving placebo, as measured by
the British Isles Lupus Assessment Group-based Composite Lupus Assessment (95%
CI 9.0, 29.2%; p=0.0002).
Regulatory update TULIP-SC * The FDA issued a complete response letter regarding the Biologics
License Application for Saphnelo for subcutaneous administration in adult
US February 2026 patients with systemic lupus erythematosus. AstraZeneca subsequently provided
the information requested in the CRL and is committed to working with the FDA
to progress the application as quickly as possible. A decision from the FDA on
the updated application for Saphnelo SC is expected in H1 2026
Rare Disease
Koselugo
Approval KOMET * For the treatment of adult patients with symptomatic, inoperable
plexiform neurofibromas in neurofibromatosis type 1.
US November 2025
Approval SPRINKLE * Granule formulation for paediatric patients one year of age and older
with neurofibromatosis type 1 who have symptomatic, inoperable plexiform
EU January 2026 neurofibromas.
New disclosure
Soliris
Approval NCT03759366 * For expanded use to include the treatment of refractory gMG in
paediatric patients aged six years and older who are anti-acetylcholine
CN January 2026 receptor antibody-positive.
New disclosure
Sustainability
Sustainability highlights
- For the tenth year, AstraZeneca was recognised by CDP for climate action
and water stewardship, receiving an A for Climate and A- for Water Security in
2025, reflecting the Company's progress in decarbonising and reducing its
environmental footprint.
- AstraZeneca was also named by TIME Magazine as one of the World's Best
Companies in Sustainable Growth 2026, ranking among the top pharmaceutical
companies for combined financial and environmental performance for the second
year in a row.
Climate and nature
- At the end of 2025, the Company's cumulative reduction in Scope 1 and 2
greenhouse gas emissions was 88% from the 2015 baseline.
- In November 2025, Alexion, AstraZeneca Rare Disease, announced an
agreement with Carbon AMS to supply biomethane to meet 100% of the heating
needs at its Ireland manufacturing sites. The agreement will add renewable
capacity to Ireland's national gas grid and produce 32 GWh of biomethane
annually for Alexion. This milestone is an important step to transitioning to
100% renewables and follows a series of innovative clean heat partnerships
announced in the US, UK and China.
- In January 2026, AstraZeneca hosted a pan-European media event at the
Company's Dunkirk manufacturing site in France, focused on the Company's first
approval of a pressurised metered dose inhaler using a next-generation
propellant with near-zero Global Warming Potential.
- AstraZeneca celebrated the inauguration of a new photovoltaic installation
at its facility in Puerto Rico that will cut the site's greenhouse gas
emissions by 173 tons of carbon dioxide equivalents annually, equivalent
to an 8% reduction versus current emissions.
- The Sustainable Markets Initiative (SMI) Health Systems Task Force,
chaired by AstraZeneca CEO Pascal Soriot, supported the development and launch
of PSA 2090
(https://www.bsigroup.com/en-GB/insights-and-media/media-centre/press-releases/2025/december/first-global-standard-for-measuring-the-environmental-impact-of-pharmaceuticals-published/#:~:text=Developed%20through%20collaboration%20across%20the,and%20reduce%20their%20product%20footprints.)
, the world's first global standard to measure and assess the environmental
impact of pharmaceutical products through their lifecycle, in collaboration
with BSI, NHS England and key partners. In addition, through the SMI, Chief
Procurement Officers published a joint open letter to suppliers, encouraging
common action to accelerate climate and nature action across the value chain
and the use of joint targets for suppliers.
- AstraZeneca joined government-hosted sessions at the 2025 United Nations
Climate Change Conference (COP30) in November, held in Belém, Brazil.
AstraZeneca senior leaders underlined how sustainable healthcare and early
action on chronic disease can improve the health of people and the planet and
shared new evidence to support healthcare decarbonisation, focused on type 2
diabetes and CKD. AstraZeneca was the only pharmaceutical company represented
at official COP30 events.
Health equity
- As at end 2025, the expanded Healthy Heart Africa (HHA) programme, which
includes CKD screening, diagnosis and management, had successfully launched in
Rwanda, Ivory Coast, Ethiopia, Egypt, and Senegal. CKD
guidelines, developed in partnership with Ministries of Health,
were launched in six countries. New findings from the HHA extension study
of INSIDE CKD, presented at economics conference ISPOR in November,
highlighted the need for early action on chronic disease.
- CEO, Alexion and AstraZeneca's Chief Strategy Officer Marc Dunoyer renewed
AstraZeneca's commitment to China's rare disease ecosystem at the second China
Rare Disease Policy and Access Forum in Beijing in October, hosted by the
China Alliance for Rare Diseases.
- AstraZeneca played a central role in driving public-private partnerships
that aim to support the implementation of the World Health Assembly Rare
Disease Resolution into meaningful advances for patients across Southeast
Asia. In November, the SEA Rare Disease Policy Forum, hosted by the Malaysian
Ministry of Health and organised by patient groups the Asia Pacific Alliance
of Rare Disease Organisations, supported by Rare Diseases International,
advocated for advancements in health equity in the region.
- In November 2025, at the 2025 One Young World Summit in Munich,
AstraZeneca's Chief Financial Officer Aradhana Sarin gave a keynote address on
why investing in and supporting young people to prevent diseases is key to
building resilient, equitable health systems. The Company's delegation
included 15 AstraZeneca Young Health Programme Impact Fellows as well as
leaders and 90 employees.
- AstraZeneca marked the UN's International Day of the Girl on 11 October
2025, including via a Girls Belong Here initiative where young women stepped
into senior roles for the day. More than 120 girls from across 12 countries
participated.
Health systems resilience
- In December, the Partnership for Health System Sustainability and
Resilience (PHSSR), a partnership co-founded by AstraZeneca, launched policy
recommendations on how to improve non-communicable diseases (NCDs) prevention
and treatment in Greece. This preceded the launch of a White Paper on Acting
Early on Non-Communicable Diseases: A Framework for Health System
Transformation in January 2026 which provides recommendations on how to tackle
the NCD crisis, drawing from new research in Canada, France, Germany, Greece,
Italy, Japan, Poland, and Spain.
- AstraZeneca also hosted a discussion at the European Parliament,
'Investing in Health for a Competitive, Secure, and Resilient Europe', to
discuss how PHSSR's recommendations from their report on sustainable
healthcare financing can strengthen investment in health across Europe.
How we do business
- AstraZeneca marked Global Ethics Day on 15 October with a week of events
to highlight the importance of ethical decision making, behaviours and
practices, and launched the Company's annual mandatory Code of Ethics training
for all employees and the 2025 Ethics Survey.
Operating and financial review
Reporting currency
All narrative on growth and results in this section is based on actual
exchange rates, and financial figures are in US$ millions ($m), unless stated
otherwise.
Reporting period
The performance shown in this announcement covers the twelve-month period to
31 December 2025 ('the period' or 'FY 2025') compared to the twelve-month
period to 31 December 2024 ('FY 2024'), or the three-month period to 31
December 2025 ('the quarter' or 'Q4 2025') compared to the three-month period
to 31 December 2024 ('Q4 2024'), unless stated otherwise.
Core financial measures
Core financial measures, EBITDA, Net debt, Gross Margin, Operating Margin and
CER are non-GAAP financial measures because they cannot be derived directly
from the Group's Condensed consolidated financial statements.
Management believes that these non-GAAP financial measures, when provided in
combination with Reported results, provide investors and analysts with helpful
supplementary information to better understand the financial performance and
position of the Group on a comparable basis from period to period.
These non-GAAP financial measures are not a substitute for, or superior to,
financial measures prepared in accordance with GAAP.
Core financial measures (cont.)
Core financial measures are adjusted to exclude certain significant items:
- Charges and provisions related to our global restructuring programmes,
which includes charges that relate to the impact of restructuring programmes
on our capitalised manufacturing assets and IT assets
- Amortisation and impairment of intangible assets, including impairment
reversals but excluding any charges relating to IT assets
- Other specified items, principally comprising acquisition-related costs
and credits, which include the imputed finance charges and fair value
movements relating to contingent consideration on business combinations,
imputed finance charges and remeasurement adjustments on certain Other
payables arising from intangible asset acquisitions, remeasurement adjustments
relating to certain Other payables, debt items assumed from the Alexion
acquisition and legal settlements
- The tax effects of the adjustments above are excluded from the Core Tax
charge
Details on the nature of Core financial measures are provided on page 70 of
the Annual Report and Form 20-F Information 2024
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2024/pdf/AstraZeneca_AR_2024.pdf)
.
Reference should be made to the Reconciliation of Reported to Core financial
measures table included in the Financial Performance section in this
announcement.
Definitions
Gross Margin is defined as Gross Profit as a percentage of Total Revenue.
EBITDA is defined as Reported Profit before tax after adding back Net finance
expense, results from Joint ventures and associates and charges for
Depreciation, amortisation and impairment. Reference should be made to the
Reconciliation of Reported Profit before tax to EBITDA included in the
Financial Performance section in this announcement.
Operating margin is defined as Operating profit as a percentage of Total
Revenue.
Net debt is defined as Interest-bearing loans and borrowings and Lease
liabilities, net of Cash and cash equivalents, Other investments, and Net
derivative financial instruments. Reference should be made to Note 3 'Net
debt', included in the Notes to the Condensed consolidated financial
statements in this announcement.
The Company strongly encourages investors and analysts not to rely on any
single financial measure, but to review AstraZeneca's financial statements,
including the Notes thereto, and other available Company reports, carefully
and in their entirety.
Due to rounding, the sum of a number of dollar values and percentages in this
announcement may not agree to totals.
Financial performance
Table 8: Reported Profit and Loss
FY 2025 FY 2024 % Change Q4 2025 Q4 2024 % Change
$m $m Actual CER $m $m Actual CER
- Product Sales 55,573 50,938 9 9 14,538 13,362 9 7
- Alliance Revenue 3,067 2,212 39 38 959 714 34 33
Product Revenue 58,640 53,150 10 10 15,497 14,076 10 8
Collaboration Revenue 99 923 (89) (89) 6 815 (99) (99)
Total Revenue 58,739 54,073 9 8 15,503 14,891 4 2
Cost of sales (10,633) (10,207) 4 5 (3,118) (2,725) 14 14
Gross profit 48,106 43,866 10 9 12,385 12,166 2 -
Distribution expense (579) (555) 4 4 (153) (143) 7 4
R&D expense (14,232) (13,583) 5 4 (3,862) (4,677) (17) (19)
SG&A expense (19,933) (19,977) - (1) (5,492) (5,410) 2 -
Other operating income & expense 381 252 52 53 100 100 - 2
Operating profit 13,743 10,003 37 36 2,978 2,036 46 40
Net finance expense (1,334) (1,284) 4 5 (349) (365) (4) (2)
Joint ventures and associates (7) (28) (74) (77) - (5) n/m n/m
Profit before tax 12,402 8,691 43 40 2,629 1,666 58 49
Taxation (2,169) (1,650) 31 29 (300) (166) 82 66
Tax rate 18% 19% 11% 10%
Profit after tax 10,233 7,041 45 43 2,329 1,500 55 47
Earnings per share $6.60 $4.54 45 43 $1.50 $0.97 55 47
Table 9: Reconciliation of Reported Profit before tax to EBITDA
FY 2025 FY 2024 % Change Q4 2025 Q4 2024 % Change
$m $m Actual CER $m $m Actual CER
Reported Profit before tax 12,402 8,691 43 40 2,629 1,666 58 49
Net finance expense 1,334 1,284 4 5 349 365 (4) (2)
Joint ventures and associates 7 28 (74) (77) - 5 n/m n/m
Depreciation, amortisation and impairment 5,733 6,688 (14) (15) 1,511 2,337 (35) (37)
EBITDA 19,476 16,691 17 16 4,489 4,373 3 -
Table 10: Reconciliation of Reported to Core financial measures: FY 2025
For the twelve months ended 31 December Reported Restructuring Intangible Asset Amortisation & Impairments Other Core % Change
$m $m $m $m $m Actual CER
Gross profit 48,106 (138) 32 30 48,030 8 7
- Gross Margin 82% 82% - -1pp
Distribution expense (579) - - - (579) 4 4
R&D expense (14,232) 171 236 3 (13,822) 13 12
- R&D % of Total Revenue 24% 24% -1pp -1pp
SG&A expense (19,933) 209 4,059 131 (15,534) 3 3
- SG&A % of Total Revenue 34% 26% +1pp +1pp
Total operating expense (34,744) 380 4,295 134 (29,935) 8 7
Other operating income & expense 381 (5) - 7 383 54 55
Operating profit 13,743 237 4,327 171 18,478 9 9
- Operating Margin 23% 31% - -
Net finance expense (1,334) - - 242 (1,092) (7) (6)
Taxation (2,169) (68) (825) (108) (3,170) 6 5
EPS $6.60 $0.11 $2.26 $0.19 $9.16 12 11
Table 11: Reconciliation of Reported to Core financial measures: Q4 2025
For the quarter ended 31 December Reported Restructuring Intangible Asset Amortisation & Impairments Other Core % Change
$m $m $m $m $m Actual CER
Gross profit 12,385 (77) 8 18 12,334 2 -
- Gross Margin 80% 80% -2pp -2pp
Distribution expense (153) - - - (153) 7 4
R&D expense (3,862) 37 95 (1) (3,731) 4 3
- R&D % of Total Revenue 25% 24% - -
SG&A expense (5,492) 96 1,021 (78) (4,453) 4 2
- SG&A % of Total Revenue 35% 29% - -
Total operating expense (9,507) 133 1,116 (79) (8,337) 4 2
Other operating income & expense 100 1 - - 101 2 2
Operating profit 2,978 57 1,124 (61) 4,098 (2) (5)
- Operating Margin 19% 26% -2pp -2pp
Net finance expense (349) - - 80 (269) (13) (10)
Taxation (300) (19) (214) (10) (543) (15) (19)
EPS $1.50 $0.03 $0.58 $0.01 $2.12 1 (2)
Profit and Loss drivers
Gross profit
The movement in Gross Margin in FY 2025 was a result of:
- Positive effects from geographic mix
- Negative effects from product mix. The rising contribution of Product
Sales with profit sharing arrangements (Lynparza, Enhertu, Datroway, Tezspire,
Koselugo) has a negative impact on Gross Margin because AstraZeneca records
Product Sales in certain markets and pays away a share of the gross profits to
its collaboration partners. The profit share paid to partners is recorded in
AstraZeneca's Cost of sales line
- Pricing adjustments, e.g. to sales reimbursed by the Medicare Part D
programme in the US, diluted the Gross Margin
- Royalty buyout expenses of $235m, incurred in the fourth quarter
Variations in Gross Margin performance between periods can continue to be
expected due to product seasonality, foreign exchange fluctuations, and other
effects.
R&D expense
The increase in R&D expense (Reported and Core) in the period was driven
by:
- Positive data readouts for high-value pipeline opportunities that have
ungated late-stage trials
- Investment in platforms, new technology and capabilities to enhance
R&D capabilities
- Addition of R&D projects following completion of previously announced
business development activity
The change in Reported R&D expense also reflects a $753m impairment charge
recorded against the vemircopan (ALXN2050) intangible asset in FY 2024.
SG&A expense
- The increase in SG&A expense (Reported and Core) in the period was
driven primarily by market development activities for launches and to support
continued growth in existing brands
- The change in Reported SG&A expense also reflects a $504m impairment
charge recorded against the Andexxa intangible asset in FY 2024
Other operating income and expense
- Other operating income in FY 2025 consisted primarily of royalties and an
upfront fee income on a divestment
Net finance expense
Core Net finance expense decreased 7% (6% at CER) in FY 2025, principally due
to changes in interest on tax, with movements in borrowing expenses broadly
offset by lower interest income on cash balances.
Taxation
The effective Reported and Core tax rates for the twelve months to 31 December
2025 were 18% (FY 2024: 19%).
Dividends
A second interim dividend of $2.17 per share (159.5 pence, 19.49 SEK) has been
declared, resulting in a full-year dividend per share of $3.20.
Dividend payments are normally paid as follows:
- First interim dividend - announced with half-year and second-quarter
results and paid in September
- Second interim dividend - announced with full-year and fourth-quarter
results and paid in March
- Dates for the FY 2025 second interim dividend: ex-dividend 19 February
2026 (for shares traded on the London Stock Exchange or Nasdaq Stockholm),
ex-dividend 20 February 2026 (for shares traded on the New York Stock
Exchange), record date 20 February 2026, payable on 23 March 2026
Cash Flow
Table 12: Cash Flow summary: FY 2025
For the twelve months ended 31 December 2025 2024 Change
$m
$m $m
Reported Operating profit 13,743 10,003 3,740
Depreciation, amortisation and impairment 5,733 6,688 (955)
Movement in working capital and short-term provisions (1,137) (893) (244)
Gains on disposal of intangible assets (168) (64) (104)
Fair value movements on contingent consideration arising from business (97) 311 (408)
combinations
Non-cash and other movements 662 (121) 783
Interest paid (1,316) (1,313) (3)
Taxation paid (2,845) (2,750) (95)
Net cash inflow from operating activities 14,575 11,861 2,714
Net cash inflow before financing activities 7,767 3,881 3,886
Net cash outflow from financing activities (7,544) (3,996) (3,548)
Net cash flow
The change in Net cash inflow from operating activities of $2,714m is
primarily driven by the increased Operating profit in FY2025.
The change in Net cash inflow before financing activities of $3,886m is
primarily driven by, in addition to the change in Net cash inflow from
operating activities, a reduction of $2,705m in cash outflow relating to the
Acquisitions of subsidiaries, net of cash acquired, offset by an increase of
$1,052m relating to capital expenditure on tangible assets and
software-related intangible assets. In FY2024 the cash outflow relating to the
Acquisitions of subsidiaries, net of cash acquired, included $1,997m related
to the acquisition of Fusion Pharmaceuticals Inc. and $774m related to the
acquisition of Gracell Biotechnologies Inc.The change in Net cash outflow from
financing activities of $3,548m is primarily driven by the issue of new
long-term loans of $6,492m in FY2024, with no issuance in FY2025, and offset
by the repayment of loans of $2,029m in the current period compared to $4,652m
of loans repaid in comparative period.
Capital expenditure
Capital expenditure on tangible assets and software-related intangible assets
amounted to $3,270m in FY 2025 (FY 2024: $2,218m). The increase of capital
expenditure in FY2025 was driven by investment in several major manufacturing
projects and continued investment in technology upgrades.
Net debt
Net debt decreased by $1,196m in the twelve months to 31 December 2025 to
$23,374m. Details of the committed undrawn bank facilities are disclosed
within the Going concern section of Note 1. Details of the Company's solicited
credit ratings and further details on Net debt are disclosed in Note 3.
Net debt
Table 13: Net debt summary
At 31 Dec At 31 Dec
2025
2024
$m $m
Cash and cash equivalents 5,711 5,488
Other investments 30 166
Cash and investments 5,741 5,654
Overdrafts and short-term borrowings (644) (330)
Lease liabilities (1,803) (1,452)
Current instalments of loans (2,460) (2,007)
Non-current instalments of loans (24,715) (26,506)
Interest-bearing loans and borrowings (Gross debt) (29,622) (30,295)
Net derivatives 507 71
Net debt (23,374) (24,570)
Summarised financial information for guarantee of securities of subsidiaries
AstraZeneca Finance LLC ("AstraZeneca Finance") is the issuer of 1.2% Notes
due 2026, 4.8% Notes due 2027, 4.875% Notes due 2028, 1.75% Notes due 2028,
4.85% Notes due 2029, 4.9% Notes due 2030, 4.9% Notes due 2031, 2.25% Notes
due 2031, 4.875% Notes due 2033 and 5% Notes due 2034 (the "AstraZeneca
Finance USD Notes"). Each series of AstraZeneca Finance USD Notes has been
fully and unconditionally guaranteed by AstraZeneca PLC. AstraZeneca Finance
is 100% owned by AstraZeneca PLC and each of the guarantees issued by
AstraZeneca PLC is full and unconditional and joint and several.
The AstraZeneca Finance USD Notes are senior unsecured obligations of
AstraZeneca Finance and rank equally with all of AstraZeneca Finance's
existing and future senior unsecured and unsubordinated indebtedness. The
guarantee by AstraZeneca PLC of the AstraZeneca Finance USD Notes is the
senior unsecured obligation of AstraZeneca PLC and ranks equally with all of
AstraZeneca PLC's existing and future senior unsecured and unsubordinated
indebtedness. Each guarantee by AstraZeneca PLC is effectively subordinated to
any secured
indebtedness of AstraZeneca PLC to the extent of the value of the assets
securing such indebtedness. The AstraZeneca Finance USD Notes are structurally
subordinated to indebtedness and other liabilities of the subsidiaries of
AstraZeneca PLC, none of which guarantee the AstraZeneca Finance USD Notes.
AstraZeneca PLC manages substantially all of its operations through divisions,
branches and/or investments in subsidiaries and affiliates. Accordingly, the
ability of AstraZeneca PLC to service its debt and guarantee obligations is
also dependent upon the earnings of its subsidiaries, affiliates, branches and
divisions, whether by dividends, distributions, loans or otherwise. Please
refer to the Consolidated financial statements of AstraZeneca PLC in our
Annual Report on Form 20-F as filed with the SEC and information contained
herein for further financial information regarding AstraZeneca PLC and its
consolidated subsidiaries. For further details, terms and conditions of the
AstraZeneca Finance USD Notes please refer to AstraZeneca PLC's reports on
Form 6-K furnished to the SEC on 22 February 2024, 3 March 2023 and 28 May
2021.
Pursuant to Rule 13-01 and Rule 3-10 of Regulation S-X under the Securities
Act of 1933, as amended (the "Securities Act"), we present below the summary
financial information for AstraZeneca PLC, as Guarantor, excluding its
consolidated subsidiaries, and AstraZeneca Finance, as the issuer, excluding
its consolidated subsidiaries. The following summary financial information of
AstraZeneca PLC and AstraZeneca Finance is presented on a combined basis and
transactions between the combining entities have been eliminated. Financial
information for non-guarantor entities has been excluded. Intercompany
balances and transactions between the obligor group and the non-obligor
subsidiaries are presented on separate lines.
Obligor group summarised statements
Table 14: Obligor group summarised Statement of comprehensive income: FY 2025
For the twelve months ended 31 December 2025 2024
$m $m
Total Revenue - -
Gross - -
profit
Operating loss (27) (34)
Loss for the period (1,756) (1,182)
Transactions with subsidiaries that are not issuers or guarantors 7,588 1,661
Table 15: Obligor group summarised Statement of financial position
At 31 Dec 2025 At 31 Dec 2024
$m $m
Current assets 34 54
Non-current assets 124 -
Current liabilities (2,975) (2,347)
Non-current liabilities (24,687) (26,603)
Amounts due from subsidiaries that are not issuers or guarantors 19,322 18,272
Amounts due to subsidiaries that are not issuers or guarantors - -
Capital allocation
The Group's capital allocation priorities include: investing in the business
and pipeline; maintaining a strong, investment-grade credit rating; potential
value-enhancing business development opportunities; and supporting the
progressive dividend policy.
In approving the declaration of dividends, the Board considers both the
liquidity of the Company and the level of reserves legally available for
distribution.
In FY 2026, the Company intends to increase the annual dividend declared to
$3.30 per share. Dividends are paid to shareholders from AstraZeneca PLC, a
Group holding company with no direct operations. The ability of AstraZeneca
PLC to make shareholder distributions is dependent on the creation of profits
for distribution and the receipt of funds from subsidiary companies.
The consolidated Group reserves set out in the Condensed consolidated
statement of financial position do not reflect the profit available for
distribution to the shareholders of AstraZeneca PLC.
In FY 2025, capital expenditure on tangible assets and Software-related
intangible assets amounted to $3,270m. In FY 2026 the Group expects to
increase expenditure on tangible assets and Software-related intangible assets
by approximately a third driven by manufacturing expansion projects and
investments in systems and technology.
Foreign exchange
The Company's transactional currency exposures on working capital balances,
which typically extend for up to three months, are hedged where practicable
using forward foreign exchange contracts against the individual companies'
reporting currency.Foreign exchange gains and losses on forward contracts
transacted for transactional hedging are taken to profit or to Other
comprehensive income if the contract is in a designated cashflow hedge.
In addition, the Company's external dividend payments, paid principally in
pound sterling and Swedish krona, are fully hedged from the time of their
announcement to the payment date.
Table 16: Currency sensitivities
Currency Primary Relevance Exchange rate vs USD (average rate in period) Annual impact of 5% strengthening vs USD(1) ($m)
FY YTD Change At 30 Jan Change Total Core Operating Profit
20252
20263
20264
Revenue
(%) (%)
EUR Total Revenue 0.88 0.85 4 0.84 6 499 234
CNY Total Revenue 7.19 6.97 3 6.95 4 329 178
JPY Total Revenue 149.64 156.99 (5) 153.77 (3) 179 120
GBP Operating expense 0.76 0.74 2 0.73 4 50 (180)
SEK Operating expense 9.81 9.12 8 8.85 11 9 (71)
Other 615 339
1. Assumes the average exchange rate vs USD in FY 2026 is 5% higher than
the average rate in FY 2025. The impact data are estimates, based on best
prevailing assumptions around currency profiles.
2. Based on average daily spot rates 1 January 2025 to 31 December 2025.
3. Based on average daily spot rates 1 January 2026 to 30 January 2026.
4. Based on average daily spot rates on 30 January 2026.
Condensed consolidated financial statements
Table 17: Condensed consolidated statement of comprehensive income: FY 2025
For the twelve months ended 31 December 2025 2024
$m $m
- Product Sales 55,573 50,938
- Alliance Revenue 3,067 2,212
Product Revenue 58,640 53,150
Collaboration Revenue 99 923
Total Revenue 58,739 54,073
Cost of sales (10,633) (10,207)
Gross profit 48,106 43,866
Distribution expense (579) (555)
Research and development expense (14,232) (13,583)
Selling, general and administrative expense (19,933) (19,977)
Other operating income and expense 381 252
Operating profit 13,743 10,003
Finance income 360 458
Finance expense (1,694) (1,742)
Share of after tax losses in associates and joint ventures (7) (28)
Profit before tax 12,402 8,691
Taxation (2,169) (1,650)
Profit for the period 10,233 7,041
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement of the defined benefit pension liability 290 80
Net gains on equity investments measured at fair value through Other 188 139
comprehensive income
Fair value movements related to own credit risk on bonds designated as fair - 12
value through profit or loss
Tax expense on items that will not be reclassified to profit or loss (94) (43)
384 188
Items that may be reclassified subsequently to profit or loss:
Foreign exchange arising on consolidation 2,387 (957)
Foreign exchange arising on designated liabilities in net investment hedges 18 (122)
Fair value movements on cash flow hedges 263 (129)
Fair value movements on cash flow hedges transferred to profit and loss (314) 177
Fair value movements on derivatives designated in net investment hedges 14 39
Gains/(costs) of hedging 1 (21)
Tax (expense)/income on items that may be reclassified subsequently to profit (50) 25
or loss
2,319 (988)
Other comprehensive income/(expense) for the period, net of tax 2,703 (800)
Total comprehensive income for the period 12,936 6,241
Profit attributable to:
Owners of the Parent 10,225 7,035
Non-controlling interests 8 6
10,233 7,041
Total comprehensive income attributable to:
Owners of the Parent 12,920 6,236
Non-controlling interests 16 5
12,936 6,241
Earnings per share
Basic earnings per $0.25 Ordinary Share $6.60 $4.54
Diluted earnings per $0.25 Ordinary Share $6.54 $4.50
Weighted average number of Ordinary Shares in issue (millions) 1,550 1,550
Diluted weighted average number of Ordinary Shares in issue (millions) 1,562 1,563
Table 18: Condensed consolidated statement of comprehensive income: Q4 2025
For the quarter ended 31 December 2025 2024
$m $m
- Product Sales 14,538 13,362
- Alliance Revenue 959 714
Product Revenue 15,497 14,076
Collaboration Revenue 6 815
Total Revenue 15,503 14,891
Cost of sales (3,118) (2,725)
Gross profit 12,385 12,166
Distribution expense (153) (143)
Research and development expense (3,862) (4,677)
Selling, general and administrative expense (5,492) (5,410)
Other operating income and expense 100 100
Operating profit 2,978 2,036
Finance income 135 64
Finance expense (484) (429)
Share of after tax losses in associates and joint ventures - (5)
Profit before tax 2,629 1,666
Taxation (300) (166)
Profit for the period 2,329 1,500
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss:
Remeasurement of the defined benefit pension liability 174 (56)
Net gains/(losses) on equity investments measured at fair value through Other 209 (125)
comprehensive income
Fair value movements related to own credit risk on bonds designated as fair - -
value through profit or loss
Tax (expense)/income on items that will not be reclassified to profit or loss (81) 7
302 (174)
Items that may be reclassified subsequently to profit or loss:
Foreign exchange arising on consolidation 120 (1,500)
Foreign exchange arising on designated liabilities in net investment hedges 4 (38)
Fair value movements on cash flow hedges 6 (87)
Fair value movements on cash flow hedges transferred to profit and loss 4 176
Fair value movements on derivatives designated in net investment hedges 21 26
Costs of hedging (7) (23)
Tax income on items that may be reclassified subsequently to profit or loss - 9
148 (1,437)
Other comprehensive income/(expense) for the period, net of tax 450 (1,611)
Total comprehensive income/(expense) for the period 2,779 (111)
Profit attributable to:
Owners of the Parent 2,326 1,500
Non-controlling interests 3 -
2,329 1,500
Total comprehensive income/(expense) attributable to:
Owners of the Parent 2,770 (110)
Non-controlling interests 9 (1)
2,779 (111)
Earnings per share
Basic earnings per $0.25 Ordinary Share $1.50 $0.97
Diluted earnings per $0.25 Ordinary Share $1.49 $0.96
Weighted average number of Ordinary Shares in issue (millions) 1,551 1,550
Diluted weighted average number of Ordinary Shares in issue (millions) 1,563 1,562
Table 19: Condensed consolidated statement of financial position
At At
31 Dec 2025
31 Dec 2024
Assets $m $m
Non-current assets
Property, plant and equipment 12,962 10,252
Right-of-use assets 1,741 1,395
Goodwill 21,242 21,025
Intangible assets 37,846 37,177
Investments in associates and joint ventures 302 268
Other investments 2,223 1,632
Derivative financial instruments 498 182
Other receivables 1,327 930
Income tax receivable 1,391 -
Deferred tax assets 5,819 5,347
85,351 78,208
Current assets
Inventories 6,557 5,288
Trade and other receivables 15,177 12,972
Other investments 30 166
Derivative financial instruments 90 54
Income tax receivable 1,158 1,859
Cash and cash equivalents 5,711 5,488
28,723 25,827
Total assets 114,074 104,035
Liabilities
Current liabilities
Interest-bearing loans and borrowings (3,104) (2,337)
Lease liabilities (382) (339)
Trade and other payables (25,280) (22,465)
Derivative financial instruments (81) (50)
Provisions (686) (1,269)
Income tax payable (1,084) (1,406)
(30,617) (27,866)
Non-current liabilities
Interest-bearing loans and borrowings (24,715) (26,506)
Lease liabilities (1,421) (1,113)
Derivative financial instruments - (115)
Deferred tax liabilities (3,500) (3,305)
Retirement benefit obligations (1,105) (1,330)
Provisions (918) (921)
Income tax payable (700) (238)
Other payables (2,379) (1,770)
(34,738) (35,298)
Total liabilities (65,355) (63,164)
Net assets 48,719 40,871
Equity
Share capital 388 388
Share premium account 35,266 35,226
Other reserves 2,041 2,012
Retained earnings 10,972 3,160
Capital and reserves attributable to equity holders of the Parent 48,667 40,786
Non-controlling interests 52 85
Total equity 48,719 40,871
Table 20: Condensed consolidated statement of changes in equity
Share capital Share premium account Other reserves Retained earnings Total attributable to owners of the Parent Non-controlling interests Total equity
$m $m $m $m $m $m $m
At 1 Jan 2024 388 35,188 2,065 1,502 39,143 23 39,166
Profit for the period - - - 7,035 7,035 6 7,041
Other comprehensive expense - - - (799) (799) (1) (800)
Transfer to Other reserves - - 15 (15) - - -
Transactions with owners
Dividends - - - (4,602) (4,602) - (4,602)
Dividends paid to non-controlling interests - - - - - (4) (4)
Issue of Ordinary Shares - 38 - - 38 - 38
Changes in non-controlling interests - - - - - 61 61
Movement in shares held by Employee Benefit Trusts - - (68) - (68) - (68)
Share-based payments charge for the period - - - 660 660 - 660
Settlement of share plan awards - - - (621) (621) - (621)
Net movement - 38 (53) 1,658 1,643 62 1,705
At 31 Dec 2024 388 35,226 2,012 3,160 40,786 85 40,871
At 1 Jan 2025 388 35,226 2,012 3,160 40,786 85 40,871
Profit for the period - - - 10,225 10,225 8 10,233
Other comprehensive (expense)/income - - (61) 2,756 2,695 8 2,703
Transfer to Other reserves - - 47 (47) - - -
Transactions with owners
Dividends - - - (4,846) (4,846) - (4,846)
Dividends paid to non-controlling interests - - - - - (6) (6)
Issue of Ordinary Shares - 40 - - 40 - 40
Changes in non-controlling interests - - - (214) (214) (43) (257)
Movement in shares held by Employee Benefit Trusts - - 43 - 43 - 43
Share-based payments charge for the period - - - 719 719 - 719
Settlement of share plan awards - - - (781) (781) - (781)
Net movement - 40 29 7,812 7,881 (33) 7,848
At 31 Dec 2025 388 35,266 2,041 10,972 48,667 52 48,719
Transfer to other reserves includes $70m in respect of the opening balance on
the Cash flow hedge reserve. The cash flow hedge reserve was previously
disclosed within Retained earnings but from 2025 is disclosed within Other
reserves.
Table 21: Condensed consolidated statement of cash flows: FY 2025
For the twelve months ended 31 December 2025 2024
$m $m
Cash flows from operating activities
Profit before tax 12,402 8,691
Finance income and expense 1,334 1,284
Share of after tax losses of associates and joint ventures 7 28
Depreciation, amortisation and impairment 5,733 6,688
Movement in working capital and short-term provisions (1,137) (893)
Gains on disposal of intangible assets (168) (64)
Fair value movements on contingent consideration arising from business (97) 311
combinations
Non-cash and other movements 662 (121)
Cash generated from operations 18,736 15,924
Interest paid (1,316) (1,313)
Tax paid (2,845) (2,750)
Net cash inflow from operating activities 14,575 11,861
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired (66) (2,771)
Payments upon vesting of employee share awards attributable to business - (3)
combinations
Payment of contingent consideration from business combinations (1,164) (1,008)
Purchase of property, plant and equipment (2,810) (1,924)
Disposal of property, plant and equipment 13 55
Purchase of intangible assets (3,095) (2,662)
Disposal of intangible assets 136 123
Purchase of non-current asset investments (229) (96)
Disposal of non-current asset investments - 78
Movement in short-term investments, fixed deposits and other investing 131 30
instruments
Payments to associates and joint ventures (10) (158)
Disposal of investments in associates and joint ventures - 13
Interest received 286 343
Net cash outflow from investing activities (6,808) (7,980)
Net cash inflow before financing activities 7,767 3,881
Cash flows from financing activities
Proceeds from issue of share capital 40 38
Own shares purchased by Employee Benefit Trusts (521) (81)
Payments to acquire non-controlling interests (183) -
Issue of loans and borrowings 15 6,492
Repayment of loans and borrowings (2,029) (4,652)
Dividends paid (4,971) (4,629)
Hedge contracts relating to dividend payments 113 16
Repayment of obligations under leases (372) (316)
Movement in short-term borrowings 364 (31)
Payment of Acerta Pharma share purchase liability - (833)
Net cash outflow from financing activities (7,544) (3,996)
Net increase/(decrease) in Cash and cash equivalents in the period 223 (115)
Cash and cash equivalents at the beginning of the period 5,429 5,637
Exchange rate effects 46 (93)
Cash and cash equivalents at the end of the period 5,698 5,429
Cash and cash equivalents consist of:
Cash and cash equivalents 5,711 5,488
Overdrafts (13) (59)
5,698 5,429
Notes to the Condensed consolidated financial statements
Note 1: Basis of preparation and accounting policies
These Condensed consolidated financial statements for the twelve months ended
31 December 2025 have been prepared in accordance with UK-adopted
international accounting standards and with the requirements of the Companies
Act 2006 as applicable to companies reporting under those standards. The
Condensed consolidated financial statements also comply fully with IFRS
Accounting Standards as issued by the International Accounting Standards Board
(IASB) and International Accounting Standards as adopted by the European
Union.
These Condensed consolidated financial statements comprise the financial
results of AstraZeneca PLC for the years to 31 December 2025 and 2024 together
with the Statement of financial position as at 31 December 2025 and 2024. The
results for the year to 31 December 2025 have been extracted from the 31
December 2025 audited consolidated financial statements which have been
approved by the Board of Directors. These have not yet been delivered to the
Registrar of Companies but are expected to be published on 24 February 2026
within the Annual Report and Form 20-F Information 2025.
The financial information set out above does not constitute the Group's
statutory accounts for the years to 31 December 2025 or 2024 but is derived
from these accounts. The auditors have reported on those accounts: their
reports (i) were unqualified, (ii) did not include a reference to any matters
to which the auditors drew attention by way of emphasis without qualifying
their report and (iii) did not contain a statement under section 498 (2) or
(3) of the Companies Act 2006 in respect of the accounts for the year to 31
December 2025 or for 31 December 2024. Statutory accounts for the year to 31
December 2025 were approved by the Board of Directors for release on 10
February 2026.
Amendments to accounting standards issued by the IASB and adopted in the year
ended 31 December 2025 did not have a material impact on the result or
financial position of the Group and the Condensed consolidated financial
statements have been prepared applying the accounting policies that were
applied in the preparation of the Group's published consolidated financial
statements for the year ended 31 December 2024.
The comparative figures for the financial year ended 31 December 2024 are not
the Group's statutory accounts for that financial year. Those accounts have
been reported on by the Group's auditors and have been delivered to the
Registrar of Companies; their report (i) was unqualified, (ii) did not include
a reference to any matters to which the auditors drew attention by way of
emphasis without qualifying their report, and (iii) did not contain a
statement under section 498(2) or (3) of the Companies Act 2006.
Product Revenue
Effective 1 January 2025, the Group has updated the presentation of Total
Revenue on the face of the Statement of Comprehensive Income to include a new
subtotal 'Product Revenue' representing the summation of Product Sales and
Alliance Revenue.
Product Revenue and Collaboration Revenue form Total Revenue.
Product Sales and Alliance Revenue will continue to be presented separately,
with the new subtotal providing additional aggregation of revenue types with
similar characteristics, reflecting the growing importance of Alliance
Revenue.
Full descriptions of Product Sales, Alliance Revenue and Collaboration Revenue
are included from page 152 of the Group's Annual Report and Form 20-F
Information 2024
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2024/pdf/AstraZeneca_AR_2024.pdf)
.
There are no changes to the Revenue accounting policy regarding the types of
transactions recorded in each revenue category. The comparative period has
been retrospectively adjusted to reflect the additional subtotal, resulting in
total Product Revenue being reported for the twelve months ended 31 December
2024 of $53,150m.
Going concern
The Group has considerable financial resources available. As at 31 December
2025, the Group has $10.6bn in financial resources (cash and cash equivalent
balances of $5.7bn and undrawn committed bank facilities of $4.9bn that are
available until April 2030), with $3.5bn of borrowings due within one year.
These facilities contain no financial covenants, and in January 2026 their
maturity was extended to April 2031.
The Group has assessed the prospects of the Group over a period longer than
the required 12 months from the date of Board approval of these consolidated
financial statements, with no deterioration noted requiring a further
extension of this review. The Group's revenues are largely derived from sales
of medicines covered by patents, which provide a relatively high level of
resilience and predictability to cash inflows, although government price
interventions in response to budgetary constraints are expected to continue to
adversely affect revenues in some of our significant markets. The Group,
however, anticipates new revenue streams from both recently launched medicines
and those in development, and the Group has a wide diversity of customers and
suppliers across different geographic areas.
Consequently, the Directors believe that, overall, the Group is well placed to
manage its business risks successfully. Accordingly, they continue to adopt
the going concern basis in preparing the Interim financial statements.
Legal proceedings
The information contained in Note 5 updates the disclosures concerning legal
proceedings and contingent liabilities in the Group's Annual Report and Form
20-F Information 2024
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2024/pdf/AstraZeneca_AR_2024.pdf)
.
Note 2: Intangible assets
In accordance with IAS 36 'Impairment of Assets', reviews for triggers of
impairment or impairment reversals at an individual asset or cash generating
unit level were conducted, and impairment tests carried out where triggers
were identified. In 2025, the Group recorded impairment charges of $8m (2024:
$504m) in respect of launched products. Impairment charges recorded against
products in development totalled $210m (2024: $1,073m).
EsoBiotec
The acquisition of EsoBiotec completed on 19 May 2025. The transaction is
recorded as an asset acquisition based upon the concentration test permitted
under IFRS 3 'Business Combinations', with
consideration and net assets acquired of $403m, which included intangible
assets acquired of $426m. Contingent consideration of up to $575m could be
paid on achievement of regulatory milestones, those liabilities will be
recorded when the relevant regulatory milestones are achieved.
Agreement with Merck on Koselugo
Intangible asset additions of $536m in the third quarter relate to the total
of net upfront payment made, the present value of non-contingent future
payments and a sales-related payment due to Merck & Co., Inc. (Merck) in
connection with the restructuring of arrangements relating to Koselugo,
recorded as an asset acquisition.
A regulatory milestone of $50m, and sales-related payment of $35m additionally
fell due and were capitalised in the third quarter. Two more regulatory
milestones totalling $125m were achieved and capitalised in the fourth
quarter. Further contingent payments of up to $175m could be paid on
achievement of regulatory milestones or on achievement of sales-related
thresholds. Those liabilities will be recorded when milestones are triggered,
or performance conditions have been satisfied. Sales-related payments are
accrued and capitalised when considered probable with reference to the latest
Group sales forecasts for approved indications at the present value of
expected future cash flows.
Note 3: Net debt
Table 22: Net debt
At 1 Jan Cash flow Acquisitions Non-cash Exchange At 31 Dec
2025
2025
and other movements
$m $m $m $m $m $m
Non-current instalments of loans (26,506) - - 2,418 (627) (24,715)
Non-current instalments of leases (1,113) - - (259) (49) (1,421)
Total long-term debt (27,619) - - 2,159 (676) (26,136)
Current instalments of loans (2,007) 2,014 - (2,467) - (2,460)
Current instalments of leases (339) 449 (1) (472) (19) (382)
Collateral received from derivative counterparties (181) (292) - - - (473)
Other short-term borrowings excluding overdrafts (90) (72) - - 4 (158)
Overdrafts (59) 47 - - (1) (13)
Total current debt (2,676) 2,146 (1) (2,939) (16) (3,486)
Gross borrowings (30,295) 2,146 (1) (780) (692) (29,622)
Net derivative financial instruments 71 (346) - 782 - 507
Net borrowings (30,224) 1,800 (1) 2 (692) (29,115)
Cash and cash equivalents 5,488 56 120 - 47 5,711
Other investments - current 166 (131) - - (5) 30
Cash and investments 5,654 (75) 120 - 42 5,741
Net debt (24,570) 1,725 119 2 (650) (23,374)
The table above provides an analysis of Net debt and a reconciliation of Net
cash flow to the movement in Net debt. The Group monitors Net debt as part of
its capital management policy as described in Note 28 of the Annual Report and
Form 20-F Information 2024
(https://www.astrazeneca.com/investor-relations/annual-reports/annual-report-2024.html)
. Net debt is a non-GAAP financial measure.
Net debt decreased by $1,196m in the twelve months to 31 December 2025 to
$23,374m. Details of the committed undrawn bank facilities are disclosed
within the going concern section of Note 1. Non-cash movements in the period
include fair value adjustments under IFRS 9 'Financial Instruments'.
The Group has agreements with some bank counterparties whereby the parties
agree to post cash collateral on financial derivatives, for the benefit of the
other, equivalent to the market valuation of the derivative positions above a
predetermined threshold. The carrying value of such cash collateral held by
the Group at 31 December 2025 was $473m (31 December 2024: $181m) and the
carrying value of such cash collateral posted by the Group at 31 December 2025
was $22m (31 December 2024: $129m).
The equivalent GAAP measure to Net debt is 'liabilities arising from financing
activities', which excludes the amounts for cash and overdrafts, other
investments and non-financing derivatives above.
During the twelve months ended 31 December 2025, Moody's upgraded the Group's
solicited long term credit rating to A1 from A2, which occurred during Q1
2025. The short term rating remained at
P-1. There were no changes to Standard and Poor's credit ratings (long term:
A+; short term: A-1).
Note 4: Financial Instruments
As detailed in the Group's most recent annual financial statements, the
principal financial instruments consist of derivative financial instruments,
other investments, trade and other receivables, cash and cash equivalents,
trade and other payables, lease liabilities and interest-bearing loans and
borrowings.
The Group has certain equity investments that are categorised as Level 3 in
the fair value hierarchy that are held at $458m (31 December 2024: $353m) and
for which a fair value loss of $50m has been recognised in the twelve months
ended 31 December 2025 (FY 2024: $9m). In the absence of specific market data,
these unlisted investments are held at fair value based on the cost of
investment and adjusted as necessary for impairments and revaluations on new
funding rounds, which are seen to approximate the fair value. All other fair
value gains and/or losses that are presented in Net gains on equity
investments measured at fair value through other comprehensive income, in the
Condensed consolidated statement of comprehensive income for the twelve months
ended 31 December 2025 are Level 1 fair value measurements, valued based on
quoted prices in active markets.
Financial instruments measured at fair value include $2,231m of other
investments, $4,224m held in money-market funds and $507m of derivatives as at
31 December 2025. With the exception of derivatives being Level 2 fair valued,
and certain equity instruments of $458m categorised as Level 3, the
aforementioned balances are Level 1 fair valued. Financial instruments
measured at amortised cost include $22m of cash collateral pledged to
counterparties. The total fair value of Interest-bearing loans and borrowings
as at 31 December 2025, which have a carrying value of $29,622m in the
Condensed consolidated statement of financial position, was $29,221m.
Contingent consideration arising from business combinations is fair valued
using decision-tree analysis, with key inputs including the probability of
success, consideration of potential delays and the expected levels of future
revenues.
The contingent consideration balance relating to BMS's share of the global
diabetes alliance of $257m (31 December 2024: $1,309m) is due for final
payment in 2026.
Table 23: Contingent consideration
2025 2024
Diabetes alliance Other Total Total
$m $m $m $m
At 1 January 1,309 442 1,751 2,137
Additions through business combinations - - - 198
Settlements (1,054) (110) (1,164) (1,008)
Revaluations (44) (53) (97) 311
Discount unwind 46 14 60 113
At 31 December 257 293 550 1,751
Note 5: Legal proceedings and contingent liabilities
AstraZeneca is involved in various legal proceedings considered typical to its
business, including litigation and investigations, including Government
investigations, relating to product liability, commercial disputes,
infringement of intellectual property (IP) rights, the validity of certain
patents, anti-trust law and sales and marketing practices. The matters
discussed below constitute the more significant developments since publication
of the disclosures concerning legal proceedings in the Company's Annual Report
and Form 20-F Information 2024, the H1 2025 and the Q3 2025 results
announcements (the Disclosures). Information about the nature and facts of the
cases is disclosed in accordance with IAS 37 'Provisions, Contingent
Liabilities and Contingent Assets'.
As discussed in the Disclosures, the majority of claims involve highly complex
issues. Often these issues are subject to substantial uncertainties and,
therefore, the probability of a loss, if any, being sustained and/or an
estimate of the amount of any loss is difficult to ascertain.
In cases that have been settled or adjudicated, or where quantifiable fines
and penalties have been assessed and which are not subject to appeal, or where
a loss is probable and we are able to make a reasonable estimate of the loss,
AstraZeneca records the loss absorbed or makes a provision for its best
estimate of the expected loss. The position could change over time and the
estimates that the Company made, and upon which the Company have relied in
calculating these provisions are inherently imprecise. There can, therefore,
be no assurance that any losses that result from the outcome of any legal
proceedings will not exceed the amount of the provisions that have been booked
in the accounts. The major factors causing this uncertainty are described more
fully in the Disclosures and herein.
AstraZeneca has full confidence in, and will vigorously defend and enforce,
its IP.
Matters disclosed in respect of the fourth quarter of 2025 and to 10 February
2026
Table 24: Patent litigation
Legal proceedings brought against AstraZeneca
Enhertu patent proceedings, US * In October 2020, Seagen Inc. (Seagen) filed a complaint against Daiichi
Sankyo Company, Limited (Daiichi Sankyo) in the US District Court for the
Considered to be a contingent liability Eastern District of Texas (District Court) alleging that Enhertu infringes a
Seagen patent. AstraZeneca co-commercialises Enhertu with Daiichi Sankyo in
the US. After trial in April 2022, the jury found that the patent was
infringed and awarded Seagen $41.82m in past damages. In July 2022, the
District Court entered final judgment and declined to enhance damages on the
basis of wilfulness. In October 2023, the District Court entered an amended
final judgment that requires Daiichi Sankyo to pay Seagen a royalty of 8% on
US sales of Enhertu from 1 April 2022 through to 4 November 2024, in addition
to the past damages previously awarded by the District Court. AstraZeneca and
Daiichi Sankyo have appealed the District Court's decision.
* In December 2020 and January 2021, AstraZeneca and Daiichi Sankyo filed
post-grant review (PGR) petitions with the US Patent and Trademark Office
(USPTO) alleging, among other things, that the Seagen patent is invalid for
lack of written description and enablement. The USPTO initially declined to
institute the PGRs, but, in April 2022, the USPTO granted the rehearing
requests and instituted both PGR petitions. Seagen subsequently disclaimed all
patent claims at issue in one of the PGR proceedings. In July 2022, the USPTO
reversed its institution decision and declined to institute the other PGR
petition. AstraZeneca and Daiichi Sankyo requested reconsideration of the
decision not to institute review of the patent. In February 2023, the USPTO
reinstituted the PGR proceeding. In February 2024, the USPTO issued a decision
that the claims were unpatentable. Seagen has appealed this decision; the
USPTO has intervened in the appeal.
* In December 2025, the US Court of Appeals for the Federal Circuit issued
decisions in both the District Court and PGR appeals finding that Seagen's
patent is invalid and vacating the District Court's prior judgment and damages
award.
Forxiga patent proceedings, Europe * In November 2025, in France, Biogaran SAS challenged one of
AstraZeneca's patents covering Forxiga. No trial date has been set.
Considered to be a contingent liability
* In Poland and in Portugal, multiple generic companies have challenged
one of AstraZeneca's patents covering Forxiga. No trial date has been set.
* In Poland, in January 2026, AstraZeneca obtained interim injunctions
against the generic companies that have challenged the patent.
Tagrisso patent proceedings, China * In January 2025, an individual filed invalidity challenges against
several Chinese patents protecting Tagrisso.
Considered to be a contingent liability
* A hearing before the Chinese Patent Office (Patent Office) was held in
July 2025.
* In November 2025, the Patent Office issued decisions maintaining the
compound patents.
* In January 2026, the Patent Office dismissed the invalidity case against
the formulation patent.
Legal proceedings brought by AstraZeneca
Calquence patent proceedings, US * AstraZeneca received Paragraph IV notices relating to patents listed in
the FDA Orange Book with reference to Calquence tablets from Cipla USA, Inc.
Considered to be a contingent asset and Cipla Limited (collectively, Cipla) in April 2024 and from MSN
Pharmaceuticals Inc. and MSN Laboratories Pvt. Ltd. (collectively, MSN) in
November 2024.
* In response to these Paragraph IV notices, AstraZeneca filed patent
infringement lawsuits against Cipla in May 2024 and against MSN in January
2025 in the US District Court for the District of Delaware (District Court).
In the complaints, AstraZeneca alleges that a generic version of Calquence
tablets, if approved and marketed, would infringe patents that are owned or
licensed by AstraZeneca. Trial has been scheduled for April 2027.
* In December 2025, AstraZeneca entered into a settlement agreement with
MSN and the District Court dismissed the corresponding litigation. The
litigation with Cipla is ongoing.
Forxiga patent proceedings, Australia * In December 2025, in the Federal Court of Australia, AstraZeneca
initiated patent infringement litigation against Pharmacor Pty Limited in
Considered to be a contingent asset reference to one of the patents that protects Forxiga.
* No trial date has been set.
Table 25: Product liability litigation
Legal proceedings brought against AstraZeneca
Farxiga and Xigduo XR, US * AstraZeneca has been named as a defendant in lawsuits involving
plaintiffs claiming physical injury, including Fournier's Gangrene and
Considered to be a contingent liability necrotising fasciitis, from treatment with Farxiga and/or Xigduo XR.
* The parties have reached a settlement in principle for a non-material
amount to resolve the single case scheduled for trial in March 2026.
* All remaining claims are filed in Delaware State Court and the earliest
trial is now scheduled for September 2026.
Table 26: Commercial litigation
Legal proceedings brought against AstraZeneca
Anti-Terrorism Act Civil Lawsuit, US * In the US, in October 2017, AstraZeneca and certain other pharmaceutical
and/or medical device companies were named as defendants in a complaint filed
Considered to be a contingent liability in the US District Court for the District of Columbia (District Court) by US
nationals (or their estates, survivors, or heirs) who were killed or wounded
in Iraq between 2005 and 2013. The plaintiffs allege that the defendants
violated the US Anti-Terrorism Act and various state laws by selling
pharmaceuticals and medical supplies to the Iraqi Ministry of Health. In July
2020, the District Court granted AstraZeneca's and the other defendants'
motion to dismiss the lawsuit, which the DC Circuit Court of Appeals (the
Appellate Court) reversed in January 2022.
* In June 2024, the United States Supreme Court issued an order vacating
the 2022 decision and remanding to the Appellate Court for reconsideration
under new case law. In January 2026, after reconsideration, the Second Circuit
issued a decision again allowing the claims to proceed and returning the
matter to the District Court, where AstraZeneca has a separate motion to
dismiss pending.
Definiens, Germany * In July 2020, AstraZeneca received a notice of arbitration filed with
the German Institution of Arbitration from the sellers of Definiens AG
Considered to be a contingent liability (Sellers) regarding the 2014 share purchase agreement (SPA) between
AstraZeneca and the Sellers. The Sellers claim that they are owed
approximately $140m in earn-outs under the SPA. In December 2023, after an
arbitration hearing, the arbitration panel made a final award of $46m in
favour of the Sellers.
* In March 2024, AstraZeneca filed an application with the Bavarian
Supreme Court (Court) to set aside the arbitration award.
* In April 2025, the Court ruled in favour of AstraZeneca, annulled the
arbitration award, and referred the dispute back to the same arbitration panel
for a second determination.
* In May 2025, the Sellers appealed the Court's decision to the German
Federal Court of Justice (Court of Justice). AstraZeneca also appealed the
decision to refer the dispute back to the same arbitration panel.
* In January 2026, the Court of Justice upheld the Court's decision to
annul the arbitration award and referred the dispute back to the same
arbitration panel.
Novartis Advertising Litigation, US * In October 2025, Novartis Pharmaceuticals Corp. filed a lawsuit in the
US District Court for the District of Delaware alleging false and misleading
Considered to be a contingent liability representation claims under the Lanham Act and state law unfair competition
and deceptive practices claims.
* The complaint alleges that statements in AstraZeneca's marketing for
treatment for paroxysmal nocturnal hemoglobinuria are false and misleading.
Soliris Antitrust Class Action, US * In April 2025, AstraZeneca was named in a lawsuit filed in the US
District Court for the District of Massachusetts (District Court) alleging
Considered to be a contingent liability antitrust claims on behalf of a potential class of end payors for Soliris from
March 2022.
* The plaintiff alleges that AstraZeneca violated federal and state
antitrust and business practices laws by obtaining improper patents for
Soliris, delaying biosimilar entry and improperly extending Soliris' market
exclusivity.
* In December 2025, the District Court partially granted AstraZeneca's
motion to dismiss.
Table 27: Government investigations and proceedings
Legal proceedings brought against AstraZeneca
China Personal Information Infringement and Illegal Trade Matters, China * In relation to the personal information infringement allegation, in
April 2025, AstraZeneca Investment (China) Co., Ltd. received a Notice of
Considered to be a contingent liability Transfer to the Prosecutor from the Shenzhen Bao'an District Public Security
Bureau regarding suspected unlawful collection of personal information.
* In relation to the illegal trade allegation, in October 2025,
AstraZeneca Investment (China) Co., Ltd. received a final appraisal opinion
from the Shenzhen City Customs Office, informing AstraZeneca Investment
(China) Co., Ltd. that the total amount of unpaid import taxes is RMB 24m
(approximately USD $3.5m). The import taxes mentioned in the Appraisal
Opinion relate to Imfinzi, Imjudo, and Enhertu. In October 2025, AstraZeneca
Investment (China) Co., Ltd. prepaid the full amount as voluntary compensation
to the State. A fine of between one and five times the amount of these
paid importation taxes may also be levied if AstraZeneca Investment (China)
Co., Ltd. is found liable for illegal trade.
* In November 2025, the Shenzhen Prosecutor concluded its evaluation.
AstraZeneca Investment (China) Co., Ltd., the former EVP and one former senior
employee were indicted on charges of unlawful collection of personal
information and illegal trade, although no illegal gain to AstraZeneca
Investment (China) Co., Ltd. was alleged resulting from unlawful collection
of personal information.
* The former EVP and former senior employee were additionally indicted on
charges of medical insurance fraud. AstraZeneca Investment (China) Co., Ltd.
has not been indicted on charges of medical insurance fraud.
* The matters have been consolidated into one proceeding before the
Shenzhen City Intermediate Court. No trial date has been scheduled.
Legal proceedings brought by AstraZeneca
340B State Litigation, US * AstraZeneca has filed lawsuits against Arkansas, Colorado,
Hawaii, Kansas, Louisiana, Maine, Maryland, Minnesota, Mississippi,
Considered to be a contingent asset Missouri, Nebraska, New Mexico, North Dakota, Oklahoma, Oregon, Rhode
Island, South Dakota, Tennessee, Utah, Vermont, and West Virginia challenging
the constitutionality of each state's 340B statute.
* AstraZeneca has ongoing enforcement actions in Arkansas and Louisiana
for alleged non-compliance with each state's 340B statute. In April
2025, an order was issued
in the Arkansas proceeding requiring AstraZeneca to pause its contract
pharmacy policy, which AstraZeneca has appealed.
* In Arkansas, the Court denied a motion to dismiss.
* In Colorado, the Court denied AstraZeneca's motion for a preliminary
injunction, which AstraZeneca has appealed.
* In Kansas, after obtaining a stipulation from the state that
AstraZeneca's policy does not violate the Kansas 340B statute, AstraZeneca
agreed to dismiss its complaint.
* In Louisiana, the Court denied AstraZeneca's motion for summary
judgement, which AstraZeneca has appealed.
* In Maryland and Mississippi, the Court denied AstraZeneca's motion
for a preliminary injunction.
* In Minnesota, the Court found that the government officials lacked
enforcement authority and dismissed AstraZeneca's complaint for lack of
standing.
* In Missouri, the Court granted in part and denied in part the state's
motion to dismiss.
* In Oklahoma, the Court granted AstraZeneca's motion for a preliminary
injunction, which Oklahoma has appealed.
* AstraZeneca's lawsuits are stayed in Rhode Island, Utah, and West
Virginia.
Calquence Inflation Reduction Act Litigation, US * In December 2025, AstraZeneca filed a lawsuit in the US District Court
for the District of Maryland challenging the US Department of Health and Human
Considered to be a contingent asset Services' interpretation of "qualifying single source drug" under the
Inflation Reduction Act and its application in selecting Calquence for drug
price negotiation.
Other
Additional government inquiries
As is true for most, if not all, major prescription pharmaceutical companies,
AstraZeneca is currently involved in multiple inquiries into drug marketing
and pricing practices. In addition to the investigations described above,
various law enforcement offices have, from time to time, requested information
from the Group. There have been no material developments in those matters.
Note 6: Analysis of Revenue and Other operating income and expense
Table 28: Product Sales year-on-year analysis: FY 2025
CER information in respect of FY 2025 included in the Consolidated Financial
Information has not been audited by PricewaterhouseCoopers LLP.
For the twelve months World US Emerging Markets Europe Established RoW
ended 31 December Change Change Change Change Change
$m Act % CER % $m Act % $m Act % CER % $m Act % CER % $m Act % CER %
Tagrisso 7,254 10 10 3,064 11 1,971 12 14 1,423 9 6 796 5 5
Imfinzi 6,063 29 28 3,509 35 640 34 38 1,239 31 26 675 (2) (2)
Calquence 3,518 12 12 2,339 7 233 52 54 784 20 15 162 25 27
Lynparza 3,279 7 6 1,434 8 669 2 1 914 10 6 262 3 4
Enhertu 977 79 81 - - 668 91 95 207 64 58 102 47 51
Zoladex 1,106 5 6 19 17 842 6 8 157 6 3 88 (11) (10)
Truqap 728 69 68 586 44 23 n/m n/m 85 n/m n/m 34 n/m n/m
Imjudo 346 23 23 227 26 22 40 43 52 43 38 45 (9) (9)
Datroway 2 n/m n/m - n/m 2 n/m n/m - n/m n/m - n/m n/m
Other Oncology 425 (8) (8) 9 (52) 280 (6) (4) 19 (17) (19) 117 (6) (7)
Oncology 23,698 17 16 11,187 18 5,350 19 21 4,880 20 15 2,281 5 5
Farxiga 8,400 10 9 1,730 (1) 3,324 17 18 2,941 12 8 405 (3) (3)
Crestor 1,216 5 6 45 (3) 1,041 11 12 1 (97) (97) 129 (5) (5)
Brilinta 823 (38) (38) 393 (48) 273 (7) (7) 147 (45) (46) 10 (51) (48)
Lokelma 698 29 28 301 18 129 50 52 129 39 34 139 29 28
Seloken 607 - 2 - - 586 (1) 1 18 43 43 3 1 14
roxadustat 274 (17) (17) - - 274 (17) (17) - - - - - -
Wainua 212 n/m n/m 204 n/m 4 n/m n/m 4 n/m n/m - - -
Other CVRM 534 (28) (28) 49 (74) 262 4 5 158 (30) (32) 65 (17) (17)
CVRM 12,764 3 2 2,722 (11) 5,893 10 12 3,398 4 - 751 (2) (2)
Symbicort 2,885 - - 1,193 1 801 (1) 1 560 - (3) 331 1 3
Fasenra 1,981 17 16 1,195 14 117 27 29 482 19 15 187 29 30
Breztri 1,199 23 22 614 19 298 22 22 191 33 29 96 30 30
Tezspire 458 85 80 - - 40 n/m n/m 297 90 83 121 51 51
Saphnelo 686 45 44 596 40 16 n/m n/m 49 89 81 25 52 52
Pulmicort 518 (24) (24) 5 (21) 414 (27) (27) 63 (12) (15) 36 (1) 1
Airsupra 166 n/m n/m 162 n/m 4 n/m n/m - - - - - -
Other R&I 274 (31) (32) 75 (55) 133 (21) (21) 59 2 - 7 (5) (2)
R&I 8,167 10 10 3,840 12 1,823 (4) (3) 1,701 20 16 803 17 18
Beyfortus 281 (12) (12) 184 (21) - - - 94 12 12 3 58 53
Synagis 292 (35) (34) (3) (57) 214 2 4 50 (56) (57) 31 (76) (76)
FluMist 272 6 3 28 1 5 n/m n/m 210 3 (1) 29 19 19
Other V&I 1 (96) (96) - n/m 1 (45) (48) - n/m n/m - n/m n/m
V&I 846 (20) (20) 209 (26) 220 3 5 354 (13) (15) 63 (60) (60)
Ultomiris 4,718 20 19 2,667 18 261 84 90 1,053 19 15 737 16 15
Soliris 1,837 (29) (28) 1,092 (28) 405 (9) (1) 200 (52) (53) 140 (32) (31)
Strensiq 1,678 19 18 1,332 14 104 94 84 123 25 21 119 23 23
Koselugo 662 25 22 219 3 228 29 25 161 57 51 54 38 38
Other Rare Disease 231 11 10 113 14 40 16 18 67 1 (2) 11 23 23
Rare Disease 9,126 5 5 5,423 3 1,038 22 26 1,604 2 (1) 1,061 7 7
Nexium 816 (6) (5) 67 (30) 611 3 5 50 (18) (20) 88 (26) (26)
Other 156 (24) (24) (4) n/m 121 (16) (15) 34 (21) (21) 5 18 17
Other Medicines 972 (9) (8) 63 (43) 732 - 1 84 (19) (20) 93 (25) (24)
Total Medicines 55,573 9 9 23,444 8 15,056 11 13 12,021 11 7 5,052 3 3
The table provides an analysis of year-on-year Product Sales, with Actual and
CER growth rates reflecting year-on-year growth.
Table 29: Product Sales year-on-year analysis: Q4 2025
The Q4 2025 information in respect of the three months ended 31 December 2025
included in the Consolidated Financial Information has not been audited by
PricewaterhouseCoopers LLP.
For the quarter World US Emerging Markets Europe Established RoW
ended 31 December Change Change Change Change Change
$m Act % CER % $m Act % $m Act % CER % $m Act % CER % $m Act % CER %
Tagrisso 1,902 12 10 841 10 462 18 17 393 14 6 206 2 4
Imfinzi 1,747 39 37 1,025 42 178 57 53 359 42 32 185 10 12
Calquence 967 20 17 637 11 69 86 73 215 29 20 46 48 50
Lynparza 878 4 1 380 - 182 1 (5) 247 12 4 69 4 6
Enhertu 292 97 95 - - 192 n/m n/m 62 78 64 38 76 78
Zoladex 254 5 4 6 17 181 4 4 45 21 15 22 (14) (12)
Truqap 233 43 41 174 18 7 n/m n/m 40 n/m n/m 12 n/m n/m
Imjudo 93 27 26 62 36 5 1 3 16 56 45 10 (19) (18)
Datroway 1 n/m n/m - - 1 n/m n/m - - - - - -
Other Oncology 103 (3) (3) 3 (14) 65 - - 4 (26) (31) 31 (4) (2)
Oncology 6,470 21 19 3,128 18 1,342 27 25 1,381 28 19 619 10 12
Farxiga 2,059 7 2 486 3 701 12 8 794 9 1 78 (24) (22)
Crestor 275 6 6 9 (33) 233 12 12 - n/m n/m 33 (4) (3)
Brilinta 158 (54) (54) 67 (68) 71 15 13 18 (73) (75) 2 (62) (56)
Lokelma 181 21 19 75 - 30 62 61 38 45 34 38 24 26
Seloken 139 (1) (1) - - 134 (2) (2) 4 37 48 1 48 n/m
roxadustat 47 (37) (37) - - 47 (37) (37) - - - - - -
Wainua 69 66 64 67 60 - n/m n/m 2 n/m n/m - - -
Other CVRM 116 (39) (40) 5 (89) 54 (18) (18) 39 (30) (34) 18 (31) (30)
CVRM 3,044 (3) (6) 709 (17) 1,270 6 4 895 1 (6) 170 (15) (13)
Symbicort 704 3 2 289 (3) 177 16 15 154 7 1 84 (4) (2)
Fasenra 530 12 10 309 3 36 56 51 131 19 11 54 38 41
Breztri 294 14 13 153 2 59 31 30 55 32 23 27 28 29
Tezspire 141 76 68 - - 16 n/m n/m 90 75 63 35 40 43
Saphnelo 203 38 37 175 33 6 n/m n/m 15 74 61 7 34 41
Pulmicort 161 (2) (6) 1 n/m 134 (5) (9) 17 (18) (25) 9 (12) (10)
Airsupra 51 n/m n/m 49 98 2 n/m n/m - - - - - -
Other R&I 63 (60) (60) 8 (92) 38 (4) (6) 15 - (3) 2 (4) (2)
R&I 2,147 8 6 984 (1) 468 15 12 477 22 14 218 15 17
Beyfortus 59 (55) (56) 48 (44) - - - 11 (75) (75) - n/m n/m
Synagis 72 (29) (31) (2) (72) 54 28 23 14 (61) (63) 6 (82) (81)
FluMist 140 (6) (9) 8 n/m 4 n/m n/m 128 (11) (14) - n/m n/m
Other V&I 1 n/m n/m - n/m 1 (51) (67) - n/m n/m - - -
V&I 272 (28) (30) 54 (32) 59 32 26 153 (30) (33) 6 (82) (82)
Ultomiris 1,265 16 15 705 12 84 71 70 284 21 13 192 11 13
Soliris 401 (26) (26) 247 (30) 79 1 5 41 (42) (46) 34 (20) (19)
Strensiq 490 17 15 379 8 43 n/m n/m 34 34 25 34 25 28
Koselugo 163 (1) (4) 62 10 39 (43) (44) 46 58 46 16 44 46
Other Rare Disease 55 (9) (11) 31 10 3 (68) (66) 17 (12) (18) 4 52 55
Rare Disease 2,374 4 3 1,424 - 248 12 10 422 11 4 280 9 11
Nexium 190 (3) (4) 14 (27) 135 1 1 18 (7) (13) 23 (7) (6)
Other 41 (21) (20) - n/m 33 (13) (12) 7 (16) (16) 1 (22) (6)
Other Medicines 231 (7) (7) 14 (41) 168 (2) (1) 25 (10) (14) 24 (8) (6)
Total Medicines 14,538 9 7 6,313 5 3,555 15 13 3,353 12 5 1,317 4 6
The table provides an analysis of year-on-year Product Sales, with Actual and
CER growth rates reflecting year-on-year growth.
Table 30: Alliance Revenue: FY 2025
For the twelve months ended 31 December 2025 2024
$m $m
Enhertu 1,798 1,437
Tezspire 673 436
Beyfortus 422 237
Datroway 77 -
Other royalty income 92 91
Other Alliance Revenue 5 11
Total 3,067 2,212
Table 31: Collaboration Revenue: FY 2025
For the twelve months ended 31 December 2025 2024
$m $m
Farxiga: sales milestones 87 56
Lynparza: sales milestones - 600
Beyfortus: sales milestones - 167
Koselugo: sales milestone - 100
Other Collaboration Revenue 12 -
Total 99 923
Table 32: Other operating income and expense: FY 2025
For the twelve months ended 31 December 2025 2024
$m $m
Total 381 252
Other shareholder information
Financial calendar
Announcement of Q1 2026 results: 29 April 2026
Dividend payment dates
Dividends are normally paid as follows:
First interim: Announced with the half year results and paid in
September
Second interim: Announced with the full year results and paid in March
Dividend dates
Dividend Announced Ex-dividend date 1 (#_ftn1) : Ex-dividend date(1): Record date Payment date
LSE, NASDAQ Stockholm NYSE
FY 2025 Second interim 10 Feb 2026 19 Feb 2026 20 Feb 2026 20 Feb 2026 23 Mar 2026
FY 2026 First interim 2 (#_ftn2) 27 Jul 2026 6 Aug 2026 7 Aug 2026 7 Aug 2026 8 Sep 2026
The completion of cross-border movements of shares by intermediaries between
the London Stock Exchange, Nasdaq Stockholm and the New York Stock Exchange is
subject to the receiving broker identifying and confirming such movements.
Where a cross-border movement of shares is initiated but not completed by the
relevant dividend record dates (being 20 February 2026 and, provisionally,
7 August 2026), the dividend in respect of those shares will be received in
the originating market on the relevant dividend payment date.
Accordingly, shareholders are advised not to initiate any cross-border
movements of shares:
(a) during the period from 18 February 2026 to 20 February 2026 (inclusive)
in respect of the FY 2025 Second interim dividend; and
(b) during the period from 5 August 2026 to 7 August 2026 (inclusive) in
respect of the FY 2026 First interim dividend(2).
Contact details
For Investor Relations contacts, click here
(https://www.astrazeneca.com/investor-relations.html#Contacts) . For Media
contacts, click here (https://www.astrazeneca.com/media-centre/contacts.html)
.
Addresses for correspondence
Registered office UK Registrar and Transfer Office Swedish Central Securities Depository US Registrar and Transfer Agent
1 Francis Crick Avenue Computershare Investor Services PLC Euroclear Sweden AB Computershare Investor Services
Cambridge Biomedical Campus The Pavilions PO Box 191 PO Box 43078
Cambridge Bridgwater Road SE-101 23 Stockholm Providence
CB2 0AA Bristol RI, 02940-3078
BS99 6ZZ
UK UK Sweden US
+44 (0) 20 3749 5000 0800 707 1682 (UK only) +46 (0) 8 402 9000 +1 (888) 697 8018 (US only)
+44 (0) 370 707 1682 +1 (781) 575 2844
Trademarks
Trademarks of the AstraZeneca group of companies appear throughout this
document in italics. Medical publications also appear throughout the document
in italics. AstraZeneca, the AstraZeneca logotype and the AstraZeneca symbol
are all trademarks of the AstraZeneca group of companies. Trademarks of
companies other than AstraZeneca that appear in this document include:
Beyfortus, a trademark of Sanofi Pasteur Inc.; Enhertu and Datroway,
trademarks of Daiichi Sankyo; Seloken, owned by AstraZeneca or Taiyo Pharma
Co., Ltd (depending on geography); Synagis, owned by AstraZeneca or Sobi aka
Swedish Orphan Biovitrum AB (publ). (depending on geography); and Tezspire, a
trademark of Amgen, Inc.
Information on or accessible through AstraZeneca's websites, including
astrazeneca.com (https://www.astrazeneca.com/) , does not form part of and is
not incorporated into this announcement.
AstraZeneca
AstraZeneca (LSE/STO/NYSE: AZN) is a global, science-led biopharmaceutical
company that focuses on the discovery, development, and commercialisation of
prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals,
including Cardiovascular, Renal & Metabolism, and Respiratory &
Immunology. Based in Cambridge, UK, AstraZeneca's innovative medicines are
sold in more than 125 countries and used by millions of patients worldwide.
Please visit astrazeneca.com (https://www.astrazeneca.com/) and follow the
Company on Social Media @AstraZeneca
(https://www.linkedin.com/company/astrazeneca) .
Cautionary statements regarding forward-looking statements
In order, among other things, to utilise the 'safe harbour' provisions of the
US Private Securities Litigation Reform Act of 1995, AstraZeneca (hereafter
'the Group') provides the following cautionary statement:
This document contains certain forward-looking statements with respect to the
operations, performance and financial condition of the Group, including, among
other things, statements about expected revenues, margins, earnings per share
or other financial or other measures. Although the Group believes its
expectations are based on reasonable assumptions, any forward-looking
statements, by their very nature, involve risks and uncertainties and may be
influenced by factors that could cause actual outcomes and results to be
materially different from those predicted. The forward-looking statements
reflect knowledge and information available at the date of preparation of this
document and the Group undertakes no obligation to update these
forward-looking statements. The Group identifies the forward-looking
statements by using the words 'anticipates', 'believes', 'expects', 'intends'
and similar expressions in such statements. Important factors that could cause
actual results to differ materially from those contained in forward-looking
statements, certain of which are beyond the Group's control, include, among
other things:
- the risk of failure or delay in delivery of pipeline or launch of new
medicines;
- the risk of failure to meet regulatory or ethical requirements for
medicine development or approval;
- the risk of failures or delays in the quality or execution of the Group's
commercial strategies;
- the risk of pricing, affordability, access and competitive pressures;
- the risk of failure to maintain supply of compliant, quality medicines;
- the risk of illegal trade in the Group's medicines;
- the risk of reliance on third-party goods and services;
- the risk of failure in information technology or cybersecurity;
- the risk of failure of critical processes;
- the risk of failure to collect and manage data and artificial intelligence
in line with legal and regulatory requirements and strategic objectives;
- the risk of failure to attract, develop, engage and retain a diverse,
talented and capable workforce;
- the risk of failure to meet our sustainability targets, regulatory
requirements and stakeholder expectations with respect to the environment;
- the risk of failure to meet regulatory and ethical expectations on
commercial practices, including anti-bribery anti-corruption, anti-fraud and
scientific exchanges;
- the risk of the safety and efficacy of marketed medicines being
questioned;
- the risk of adverse outcome of litigation and/or governmental
investigations;
- intellectual property risks related to the Group's products;
- the risk of failure to achieve strategic plans or meet targets or
expectations;
- the risk of geopolitical and/or macroeconomic volatility disrupting the
operation of our global business;
- the risk of failure in internal control, financial reporting or the
occurrence of fraud; and
- the risk of unexpected deterioration in the Group's financial position.
Glossary
1L, 2L, etc First line, second
line, etc
AHA American
Heart Association
aHUS Atypical
haemolytic uraemic syndrome
AI
Aromatase inhibitors
ALK
Anaplastic lymphoma kinase gene
ASH American
Society for Hematology
ATTRv / -CM / -PN Hereditary transthyretin-mediated amyloid
/ cardiomyopathy / polyneuropathy
BLA
Biologics License Application
BSI
British Standards Institution
BTC Biliary
tract cancer
BTKi Bruton
tyrosine kinase inhibitor
CER Constant
exchange rates
CHMP Committee for
Medicinal Products for Human Use (EU)
CI
Confidence interval
CKD Chronic
kidney disease
CLL
Chronic lymphocytic leukaemia
CN China
COPD Chronic
obstructive pulmonary disease
CRL Compete
Response Letter
ctDNA Circulating
tumour DNA
CTx
Chemotherapy
CVRM Cardiovascular,
Renal and Metabolism
dMMR DNA mismatch
repair
eBC Early
breast cancer
EBITDA Earnings before
interest, tax, depreciation and amortisation
EGFR / m Epidermal growth factor
receptor gene / mutation
EGPA Eosinophilic
granulomatosis with polyangiitis
EPS Earnings
per share
EU
Europe (in financial tables) or European Union
EVH
Extravascular haemolysis
EVP
Executive Vice President
FDA US Food
and Drug Administration
FDC Fixed
dose combination
FLOT
Fluorouracil, oxaliplatin and docetaxel
FY Full
year / Financial year
GAAP Generally
Accepted Accounting Principles
GEJ Gastro
oesophageal junction
GI
Gastrointestinal
GIPR
Glucose-dependent insulinotropic polypeptide receptor agonist
GLP1 / -R Glucagon-like
peptide-1 / receptor agonist
gMG Generalised
myasthenia gravis
HCC
Hepatocellular carcinoma
HER2 / +/- /low /m Human epidermal growth factor receptor 2 gene
/ positive / negative / low expression / gene mutant
HF/ pEF / rEF Heart failure / with preserved
ejection fraction / with reduced ejection fraction
HPP
Hypophosphatasia
HR / + / - Hormone receptor /
positive / negative
IAS / B International
Accounting Standards / Board
ICS
Inhaled corticosteroid
IFRS
International Financial Reporting Standards
IHC
Immunohistochemistry
IL-5, IL-33, etc Interleukin-5,
Interleukin-33, etc
IO
Immuno-oncology
IP
Intellectual Property
ISH In
situ hybridization
JP
Japan
LABA Long-acting
beta-agonist
LAMA Long-acting
muscarinic-agonist
LSE London
Stock Exchange
mBC Metastatic
breast cancer
MCL Mantle
cell lymphoma
n/m Growth
rate not meaningful
NF1
Neurofibromatosis type 1
NHS National
Health Service (UK)
NMOSD Neuromyelitis optica
spectrum disorder
NRDL National
reimbursement drug list
NSCLC Non-small cell
lung cancer
NYSE New York
Stock Exchange
OS
Overall survival
PARP Poly ADP
ribose polymerase
PD
Progressive disease
pMMR proficient
mismatch repair
PNH Paroxysmal
nocturnal haemoglobinuria
PSA
Prostate-specific antigen
R&I
Respiratory & Immunology
SABCS San Antonio
Breast Cancer Symposium
SBP systolic
blood pressure
SC
Subcutaneous
SEA Severe
eosinophilic asthma
SEC
Securities Exchange Commission (US)
SG&A Sales,
general and administration
SGLT2 Sodium-glucose
cotransporter 2
SLE
Systemic lupus erythematosus
SMI
Sustainable Markets Initiative
SPA Share
Purchase Agreement
TNBC Triple
negative breast cancer
VBP
Volume-based procurement
YTD Year to
date
V&I
Vaccines & Immune Therapies
1 (#_ftnref1) The ex-dividend dates for the principal markets differ due to
the different settlement cycles currently applicable in the UK for shares
trading on the London Stock Exchange, Nasdaq Stockholm and the New York Stock
Exchange. Shareholders should consider the applicable ex-dividend date for the
securities they hold in each market.
2 (#_ftnref2) Provisional dates, subject to Board approval.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR UPURPPUPQPUB
Copyright 2019 Regulatory News Service, all rights reservedRecent news on AstraZeneca
See all newsREG - AstraZeneca PLC - AstraZeneca prices a $2bn bond offering
AnnouncementREG - AstraZeneca PLC - Filing of Form 20-F with SEC
AnnouncementREG - AstraZeneca PLC - Annual Financial Report
AnnouncementREG - AstraZeneca PLC - Directorate change
AnnouncementREG - AstraZeneca PLC - Fixed-duration Calquence combo approved in US
Announcement