Kvartalsrapport Q1 2025

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
1 
29 April 2025  
AstraZeneca results: Q1 2025 
Growth momentum and pipeline delivery set AstraZeneca on a strong trajectory towards 2030 ambition
Revenue and EPS summary 
Q1 2025         % Change 
$m  Actual  CER1 
 - Product Sales 12,875  6  9  
 - Alliance Revenue 639  40  42  
Product Revenue2 13,514  7  10  
Collaboration Revenue 74  64  64  
Total Revenue 13,588  7  10  
Reported EPS ($) 1.88  34  32  
Core3 EPS ($) 2.49  21  21  
Key performance elements for Q1 2025 
(Growth numbers at constant exchange rates) 
 Total Revenue up 10% to $13,588m, driven by double-digit
growth in Oncology and BioPharmaceuticals
 Growth in Total Revenue across all major geographic 
regions
 Core Operating profit increased 12%
 Core Tax rate of 16% in the quarter due to timing of
settlements. Expectations for the full year Core tax rate are 
unchanged at 18-22%
 Core EPS increased 21% to $2.49 
 Five positive Phase III readouts and 13 approvals in major
regions since the prior results
Pascal Soriot, Chief Executive Officer, AstraZeneca, said: 
"Our strong growth momentum has continued into 2025 and we have 
now entered an unprecedented catalyst-rich period for our company. 
Already this year we have announced five positive Phase III study 
readouts, including most recently the highly anticipated DESTINY-
Breast09 for Enhertu, as well as SERENA-6 for camizestrant and 
MATTERHORN for Imfinzi; the latter two of these will feature in the 
ASCO 2025 plenary sessions, reflecting the significance of these 
data to the oncology community. 
Our company is firmly committed to investing and growing in the 
US and we continue to benefit from our broad-based source of 
revenue and global manufacturing footprint, including eleven 
production sites in the US covering small molecules, biologics as 
well as cell therapy. Additionally, we have even greater US 
investment in manufacturing and R&D planned, leveraging our two 
large R&D sites in Gaithersburg MD and Cambridge MA. 
Overall, we are making excellent progress toward our ambition of 
eighty billion dollars in Total Revenue by 2030.” 
See Table 1 for details of clinical trial results since the prior earnings announcement, 
including DESTINY-Breast09, MATTERHORN, and  SERENA-6. 
See Note 4 for the locations of the eleven US manufacturing sites. 
Guidance 
AstraZeneca reiterates its Total Revenue and Core EPS guidance5 for FY 2025 at CER, based on the average foreign exchange rates 
through 2024.  
Total Revenue is expected to increase by a 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 April 2025 to December 2025 were to remain at the average rates seen in March 2025, it is anticipated
that compared to the performance at CER, FY 2025 Total Revenue would incur a low single-digit percentage adverse impact 
(unchanged from prior guidance), and Core EPS would incur a low single-digit percentage adverse impact (previously mid single-digit).

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
2 
 
 
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Contents 
Results highlights ...................................................................................................................................................................................... 3 
Revenue drivers ........................................................................................................................................................................................ 7 
R&D progress .......................................................................................................................................................................................... 12 
Sustainability .......................................................................................................................................................................................... 15 
Operating and financial review............................................................................................................................................................... 16 
Financial performance ............................................................................................................................................................................ 17 
Interim financial statements................................................................................................................................................................... 22 
Notes to the Interim financial statements.............................................................................................................................................. 26 
Other shareholder information .............................................................................................................................................................. 34 
Glossary .................................................................................................................................................................................................. 36 
 
Tables 
Table 1. Milestones achieved since the prior results announcement ...................................................................................................... 3 
Table 3: Product Revenue by medicine .................................................................................................................................................... 7 
Table 4: Collaboration Revenue................................................................................................................................................................ 8 
Table 5: Total Revenue by Therapy Area .................................................................................................................................................. 8 
Table 6: Total Revenue by region ............................................................................................................................................................. 8 
Table 7: Reported Profit and Loss ........................................................................................................................................................... 17 
Table 8: Reconciliation of Reported Profit before tax to EBITDA ........................................................................................................... 17 
Table 9: Reconciliation of Reported to Core financial measures: Q1 2025 ............................................................................................ 17 
Table 10: Cash Flow summary ................................................................................................................................................................ 19 
Table 11: Net debt summary .................................................................................................................................................................. 19 
Table 12: Obligor group summarised Statement of comprehensive income ......................................................................................... 20 
Table 13: Obligor group summarised Statement of financial position ................................................................................................... 20 
Table 14: Currency sensitivities .............................................................................................................................................................. 21 
Table 15: Condensed consolidated statement of comprehensive income ............................................................................................. 22 
Table 16: Condensed consolidated statement of financial position....................................................................................................... 23 
Table 17: Condensed consolidated statement of changes in equity ...................................................................................................... 24 
Table 18: Condensed consolidated statement of cash flows ................................................................................................................. 25 
Table 19: Net debt .................................................................................................................................................................................. 27 
Table 20: Contingent consideration ....................................................................................................................................................... 28 
Table 21: Patent litigation ...................................................................................................................................................................... 29 
Table 22: Commercial litigation .............................................................................................................................................................. 30 
Table 23: Government investigations and proceedings ......................................................................................................................... 31 
Table 24: Q1 2025: Product Sales year-on-year analysis ........................................................................................................................ 32 
Table 25: Alliance Revenue ..................................................................................................................................................................... 33 
Table 26: Collaboration Revenue............................................................................................................................................................ 33 
Table 27: Other operating income and expense .................................................................................................................................... 33

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
3 
 
Table 1. Milestones achieved since the prior results announcement 
Phase III and other registrational data readouts 
Medicine Trial Indication Event 
Enhertu DESTINY-Gastric04 HER2-positive gastric/GEJ cancer (2nd-line) Primary endpoint met 
Enhertu DESTINY-Breast09 HER2-positive metastatic breast cancer (1st line) Primary endpoint met for 
combination arm 
Imfinzi MATTERHORN Resectable gastric/GEJ cancer Primary endpoint met 
camizestrant SERENA-6 HR+ HER2- metastatic breast cancer (1st line switch on 
emergence of ESR1m) 
Primary endpoint met 
eneboparatide CALYPSO Chronic hypoparathyroidism  Primary endpoint met, trial 
continues to 52 weeks 
Regulatory approvals 
Medicine Trial Indication Region 
Calquence ACE-LY-004 Relapsed/refractory MCL EU 
Calquence ChangE CLL/SLL CN 
Datroway TROPION-Breast01 HR+ HER2- breast cancer (2nd-line) EU 
Enhertu DESTINY-Breast06 HER2-low and -ultralow HR+ breast cancer (2nd-line+) EU 
Imfinzi AEGEAN Resectable early-stage (IIA-IIIB) NSCLC EU, CN 
Imfinzi NIAGARA MIBC US 
Imfinzi ± Imjudo ADRIATIC SCLC (limited-stage) EU, JP 
Truqap CAPItello-291 Biomarker-altered HR+ HER2- metastatic breast cancer CN 
Wainzua NEURO-TTRansform ATTRv-PN EU 
Beyonttra 
(acoramidis) 
NCT04622046 ATTR-CM JP 
Ultomiris CHAMPION-MG gMG CN 
Regulatory submissions or acceptances* in major regions 
Medicine Trial Indication Region 
Enhertu DESTINY-Breast06 HER2-low and -ultralow HR+ breast cancer (2nd-line+) CN 
Imfinzi PACIFIC-5 Locally advanced NSCLC CN 
Imfinzi + Imjudo HIMALAYA Unresectable HCC CN 
Imfinzi HIMALAYA Unresectable HCC CN 
Imfinzi DUO-E Primary advanced or recurrent endometrial cancer with mismatch repair 
deficiency 
CN 
Fasenra MANDARA EGPA CN 
Tezspire WAYPOINT CRSwNP US, EU, JP, CN 
Koselugo KOMET NF1-PN (adults) US, CN 
* 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, available on 
www.astrazeneca.com/investor-relations.html. 
Results highlights

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
4 
 
Table 2: Key elements of financial performance in Q1 2025 
 
Item Reported      Change Core       Change  
 $m Act CER $m  Act CER  
Product Revenue 13,514   7  10  13,514   7   10    See Tables 3 and 24 for medicine details of Product 
Revenue, Alliance Revenue and Product Sales 
Collaboration 
Revenue 
74   64  64  74   64   64    See Table 4 for details of Collaboration Revenue 
Total Revenue 
 
13,588   7  10  13,588   7   10    See Tables 5 and 6 for Total Revenue by Therapy Area 
and by region 
Gross Margin (%) 84  +1pp  -  84  +1pp   -   + Fluctuations in foreign exchange rates  
− Pricing adjustments, for example to sales reimbursed 
by the Medicare Part D programme in the US 
 See ‘Reporting changes’ below for the definition of 
Gross Margin6  
 Variations in Gross Margin can be expected between 
periods, due to fluctuations in foreign exchange rates, 
product seasonality, Colllaboration Revenue, and other 
effects 
R&D expense 3,159  13  15  3,088  14  16   Core R&D: 23% of Total Revenue 
+ Positive data read-outs for high value pipeline 
opportunities that have ungated late-stage trials 
+ Investment in platforms, new technology and 
capabilities to enhance R&D capabilities 
SG&A expense  4,492  -  3  3,457  1  4   Core SG&A: 25% of Total Revenue 
Other operating 
income and expense7  
113  71  71  115  79  78  + Upfront receipt on a divestment 
Operating Margin (%) 27  +2pp   +2pp  35  +1pp  -   
Net finance expense  265  (12) (11) 215  (12) (11) + Debt issued in 2024 at higher interest rates 
− Adjustment relating to tax settlements (see below) 
Tax rate (%) 14  -8pp -8pp 16  -6pp -6pp − Updates to estimates of prior period tax liabilities 
following settlements with tax authorities 
EPS ($) 1.88  34  32  2.49  21  21   
For monetary values the unit of change is percent; for Gross Margin, Operating Margin and Tax rate the unit of change is percentage points. 
In the expense commentary above, the plus and minus bullets denote the directional impact of the item being discussed, e.g. a ‘+’ symbol beside an R&D expense 
comment indicates that the item resulted in an increase in the R&D spend relative to the prior year. 
China 
In April 2025, there are following 
developments in relation to the China 
investigations:  
First, in relation to the illegal drug 
importation allegations, AstraZeneca 
received an Appraisal Opinion from the 
Shenzhen City Customs Office regarding 
suspected unpaid importation taxes 
amounting to $1.6 million. To the best of 
AstraZeneca’s knowledge, the importation 
taxes referred to in the Appraisal Opinion 
relate to Enhertu. A fine of between one 
and five times the amount of unpaid 
importation taxes may also be levied if 
AstraZeneca is found liable. 
Second, in relation to the personal 
information infringement allegation, 
AstraZeneca received a Notice of Transfer 
to the Prosecutor from the Shenzhen 
Bao’an District Public Security Bureau (the 
‘PSB’) regarding suspected unlawful 
collection of personal information. The 
Company has been informed that there 
was no illegal gain to the Company 
resulting from personal information 
infringement. 
AstraZeneca continues to fully cooperate 
with the Chinese authorities.

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
5 
 
Corporate and business development
Fibrogen 
In February 2025, FibroGen announced the 
sale of FibroGen China to AstraZeneca. 
Under the terms of the agreement, 
FibroGen will receive an enterprise value 
of $85m plus FibroGen net cash held in 
China at closing, estimated at the date of 
signing to be approximately $75m, 
totalling approximately $160m. The 
transaction is expected to close by mid-
2025, pending customary closing 
conditions, including regulatory review in 
China. 
Upon closing, AstraZeneca will obtain all 
rights to roxadustat in China, including 
manufacturing in China. 
EsoBiotec 
In March 2025, AstraZeneca entered into a 
definitive agreement to acquire EsoBiotec, 
a biotechnology company pioneering in 
vivo cell therapies that has demonstrated 
promising early clinical activity. The 
EsoBiotec Engineered NanoBody Lentiviral 
(ENaBL) platform could offer many more 
patients access to transformative cell 
therapy treatments delivered in minutes 
rather than the current process which 
takes weeks. 
AstraZeneca will acquire all outstanding 
equity of EsoBiotec for a total 
consideration of up to $1bn, on a cash and 
debt-free basis. This will include an initial 
payment of $425m on deal closing, and up 
to $575m in contingent consideration 
based on development and regulatory 
milestones. The transaction is expected to 
close in the second quarter of 2025, 
subject to customary closing conditions 
and regulatory clearances. 
Alteogen Inc 
In March 2025, AstraZeneca and 
Alteogen Inc. entered into an exclusive 
license agreement for ALT-B4, a novel 
hyaluronidase utilising Hybrozyme™ 
platform technology. Under the terms of 
the agreement, AstraZeneca has acquired 
worldwide rights to use ALT-B4 to develop 
and commercialise subcutaneous 
formulations of several oncology assets. 
Alteogen will be responsible for clinical 
and commercial supply of ALT-B4 to 
AstraZeneca. AstraZeneca has made an 
upfront payment to Alteogen and may 
make additional payments, conditional on 
achievement of specific development, 
regulatory and sales-related milestones. 
Additionally, Alteogen will receive royalties 
on the sales of the commercialised 
products. 
Beijing R&D centre 
In March 2025, AstraZeneca announced it 
will establish its sixth global strategic R&D 
centre, to be located in Beijing, China. It 
will be AstraZeneca’s second R&D centre 
in China, following the opening of the 
Shanghai R&D centre, and will advance 
early-stage research and clinical 
development, enabled by a state-of-the-
art artificial intelligence and data science 
laboratory. The new R&D centre will be 
located near leading biotech companies, 
research hospitals, and the National 
Medical Products Administration in the 
Beijing International Pharmaceutical 
Innovation Park (BioPark). 
Harbour BioMed 
In March 2025, AstraZeneca executed a 
global strategic collaboration with Harbour 
BioMed to discover and develop next-
generation multi-specific antibodies for 
immunology, oncology and beyond. The 
strategic collaboration includes an option 
to license multiple programs utilizing 
Harbour BioMed’s proprietary fully human 
antibody technology platform in multiple 
therapeutic areas, together with an equity 
investment in Harbour BioMed, which 
closed in April 2025. Upfront payments for 
the collaboration and equity investment 
total $175m.  AstraZeneca may incur 
additional fees and contingent milestones 
for each program it elects to license, along 
with tiered royalties on future net sales. 
BioKangtai 
In March 2025, BioKangtai and 
AstraZeneca entered into a strategic 
partnership to establish a joint venture 
that focus on researching, developing, and 
producing innovative vaccines. 
The joint venture will serve as 
AstraZeneca’s first and only vaccine 
production hub in China, with a registered 
capital of RMB 345m (approx. $50m) and a 
total investment of approx. $400m (RMB 
2.76bn). BioKangtai and AstraZeneca will 
each hold 50% equity in the venture. 
Syneron Bio 
In March 2025, AstraZeneca executed a 
strategic collaboration with Syneron Bio to 
develop potential first-in-class macrocyclic 
peptides for the treatment of chronic 
diseases. Under this collaboration, 
AstraZeneca will gain access to Syneron 
Bio's innovative macrocyclic peptide drug 
research and development platform to 
support research programmes exploring 
possible future treatments of chronic 
diseases, including rare, autoimmune, and 
metabolic disease. AstraZeneca will pay an 
upfront payment of $55m, with option 
exercise fees and contingent milestones of 
over $3bn if all programs are optioned, 
along with tiered royalties on future net 
sales. AstraZeneca will also make an equity 
investment in Syneron Bio. 
Tempus AI and Pathos AI 
In April 2025, AstraZeneca, Tempus AI, Inc. 
(Tempus) and Pathos AI, Inc. (Pathos) 
entered into a series of agreements 
regarding the development of a 
foundational large multimodal model in 
the field of oncology. The model will be 
used to gather biological and clinical 
insights, discover novel drug targets, and 
develop therapeutics. AstraZeneca will pay 
Tempus a fee, and a syndicate of investors, 
including AstraZeneca, will 
contemporaneously execute a stock 
purchase agreement with Pathos.

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
6 
 
Sustainability highlights 
In preparation for new reporting 
regulations, AstraZeneca combined its 
2024 sustainability and annual reporting 
into one integrated publication. Details of 
performance against targets can be found 
in the 2024 Sustainability Data Annex. 
AstraZeneca published its first Taskforce 
on Nature-related Financial Disclosures 
report, and its Sustainable use and 
sourcing of raw materials report. 
Reporting calendar  
The Company intends to publish its 
H1 and Q2 2025 results on 29 July 2025. 
Conference call 
A conference call and webcast for 
investors and analysts will begin today, 
29 April 2025, at 11:45 UK time. Details 
can be accessed via astrazeneca.com. 
Reporting changes 
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. 
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 Jan 1 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 policy’ in the Notes to 
the Interim 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 Table 9 in the 
Financial Performance section of this 
document.  
4. The eleven manufacturing sites in the US 
(or territories of the US) are:  
  - Bogart, GA 
  - Coppell, TX 
  - Frederick, MD 
  - Mt Vernon, IN 
  - Newark, DE 
  - Philadelphia, PA 
  - Puerto Rico 
  - Redwood City, CA 
  - Rockville, MD * 
  - Santa Monica, CA 
  - Tarzana, CA 
* Opens in May 2025 
5. 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. 
6.  Effective Jan 1 2025, the Group has 
updated its presentation of Gross 
Margin. For further details, see Note 1: 
‘Basis of preparation and accounting 
policy’ in the Notes to the Interim 
Financial Statements 
7. 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.

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
7 
 
Table 3: Product Revenue by medicine 
 Q1 2025          % Change    
 
$m  % Total  Actual  CER      
- Tagrisso 1,679  12  5  8      
- Imfinzi 1,261  9  13  16      
- Calquence 762  6  6  8      
- Lynparza 726  5  3  5      
- Enhertu 596  4  29  34      
- Zoladex 293  2  3  8      
- Truqap 132  1  >2x  >2x      
- Imjudo 80  1  30  33      
- Datroway 4  -  n/m  n/m      
- Other Oncology 110  1  (8) (4)     
Oncology 5,643  42  10  13      
- Farxiga 2,058  15  11  16      
- Crestor 317  2  7  10      
- Brilinta 305  2  (6) (4)     
- Seloken 161  1  (2) 3      
- Lokelma 153  1  35  38      
- roxadustat 79  1  2  4      
- Wainua 39  -  >8x  >8x      
- Other CVRM 136  1  (28) (25)     
CVRM 3,248  24  8  12      
- Symbicort 723  5  (6) (3)     
- Fasenra 418  3  17  19      
- Breztri 300  2  37  39      
- Tezspire 217  2  81  85      
- Pulmicort 158  1  (30) (26)     
- Saphnelo 136  1  49  51      
- Airsupra 28  -  >4x  >4x      
- Other R&I 104  1  6  8      
R&I 2,084  15  11  13      
- Beyfortus 112  1  >2x  >2x      
- Synagis 112  1  (34) (32)     
- FluMist -   -  (96) (96)     
- Other V&I 1  -  (93) (93)     
V&I 225  2  (3) (1)     
- Ultomiris 1,050  8  22  25      
- Soliris 444  3  (40) (38)     
- Strensiq 352  3  12  14      
- Koselugo 138  1  4  8      
- Other Rare Disease 58  -  9  15      
Rare Disease 2,042  15  (3) -      
- Nexium 233  2  (4) -      
- Others 39  -  (28) (26)     
Other Medicines 272  2  (8) (5)     
Total Medicines 13,514  100  7  10      
         
Alliance Revenue included above:         
- Enhertu 398  3  17  21      
- Tezspire 130  1  70  70      
- Beyfortus 82  1  >4x  >4x      
- Datroway 4  -  n/m  n/m      
- Other Alliance Revenue 25  -  18  18      
 639  5  40  42      
 
  
Revenue drivers

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8 
 
Table 4: Collaboration Revenue 
 Q1 2025              % Change    
 
$m    Actual  CER      
Farxiga: sales milestones 74   64  64      
Total 74   64  64      
Table 5: Total Revenue by Therapy Area 
 Q1 2025              % Change    
 
$m   % Total Actual  CER      
Oncology 5,643  42  10  13      
  - CVRM 3,322  24  9  13      
  - R&I 2,084  15  11  13      
  - V&I 225  2  (3) (1)     
Biopharmaceuticals 5,631  41  9  12      
Rare Disease 2,042  15  (3) -      
Other Medicines 272  2  (8) (5)     
Total 13,588  100  7  10      
Table 6: Total Revenue by region 
 Q1 2025              % Change    
 
$m   % Total Actual  CER      
US 5,646  42  10  10      
  - Emerging Markets ex. China 2,138  16  8  17      
  - China 1,805  13  3  5      
Emerging Markets 3,943  29  6  12      
Europe 2,759  20  5  9      
Established ROW 1,239  9  4  9      
Total 13,588  100  7  10      
Total Revenue by Medicine 
Oncology 
Oncology Total revenue grew 10% (13% at CER) in the quarter, supported by strong demand and new indication expansion. US sales for 
oral oncology medicines were affected by the implementation of new manufacturer discounts under Medicare Part D redesign which 
came into effect January 2025. This was partly offset by patient transitions from free goods programmes to paid supply due to 
improved patient affordability. This has led to an increase in the proportion of US sales in Q1 2025 coming from Medicare Part D versus 
the prior period. 
Tagrisso  
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Strong demand growth across all indications and key regions with encouraging 
uptake in Stage III unresectable (LAURA) in EGFRm NSCLC 
US 678  9  9    Underlying demand growth offset by Medicare Part D redesign 
Emerging Markets 519  7  12    Continued demand growth across key markets 
Europe 307  2  6    Demand growth impacted by government clawbacks  
Established RoW 175  (4) 1    Seasonal variablility in Japan ahead of fiscal year-end 
Total 1,679  5  8    
Imfinzi 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Strong demand driven by HCC (HIMALAYA), BTC (TOPAZ-1), increased share and 
new launch growth in lung cancer (POSEIDON, CASPIAN, AEGEAN, ADRIATIC) 
US 728  25  25    Further uptake of early NSCLC (AEGEAN) and limited-stage SCLC (ADRIATIC) 
Emerging Markets 142  10  20    Increased demand in GI, despite local competition in China 
Europe 252  8  13    Growth from GI indications and early momentum from lung cancer launches 
Established RoW 139  (18) (14)   Mandatory price reductions in Japan in Feb 2024 (25%), and Aug 2024 (11%) 
Total 1,261  13  16

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
9 
 
Calquence  
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained BTKi leadership in front-line CLL (ELEVATE-TN) 
US 507  3  3    Market leader despite competition, accelerating 1L MCL (ECHO) launch 
momentum offset by Part D redesign 
Emerging Markets 54  37  54    
Europe 170  11  15    Strong growth in front-line CLL, despite competitive environment 
Established RoW 31  (3) 2    
Total 762  6  8    
Lynparza 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained global PARP inhibitor market leadership across four tumour types 
(ovarian, breast, prostate, pancreatic) 
US 312  8  8    Continued leadership within competitive PARPi class impacted by Part D redesign 
Emerging Markets 161  (4) -    
Europe 196  3  6    Launches in breast and prostate cancers (OlympiA and PROpel) 
Established RoW 57  (3) 2    
Total 726  3  5    
Enhertu 
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca, amounted to $1,086m in Q1 2025 (Q1 2024: $879m). US in-
market sales, recorded by Daiichi Sankyo, amounted to $540m in Q1 2025 (Q1 2024: $423m). AstraZeneca's European revenue includes 
a mid single-digit percentage royalty on Daiichi Sankyo's sales in Japan, recorded as Alliance Revenue. 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Standard of care in HER2-positive (DESTINY-Breast03) and HER2-low (DESTINY-
Breast04) metastatic breast cancer, early uptake in other cancers 
  
US 258  28  28    Encouraging launch uptake in chemotherapy naïve HER2-low and -ultralow breast 
cancer (DESTINY-Breast06) 
Emerging Markets 172  54  66    Rapid adoption post-NRDL enlistment of HER2-positive and HER2-low breast 
cancer from January 1 
Europe 146  9  13    
Established RoW 19  51  61    
Total 596  29  34    
Other Oncology medicines 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Zoladex 293  3  8    Strong growth in China 
Truqap 132  >2x   >2x     Demand growth in second-line biomarker-altered, impact from Part D redesign 
and destocking in the US following inventory build of new blister pack in Q4 2024 
Imjudo  80  30  33    Continued growth across markets  
Datroway 4  n/m n/m   Encouraging early launch signals in US  
Other Oncology 110  (8) (4)   Faslodex VBP implementation in March 2024 and generic erosion in Europe 
BioPharmaceuticals - CVRM 
Farxiga 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth driven by HF and CKD indications, SGLT2 class growth supported by 
cardiorenal guidelines  
US 383  (19) (19)   Authorised generic stocking in Q1 2024 
Emerging Markets 871  22  31    Continued strong growth despite entry of generic competitors in some markets  
Europe 683  24  28    Continued strong class growth and market share gains 
Established RoW 195  28  31    Sales milestone of $74m from partner in Japan 
Total 2,132  13  17

===== SIDA 10 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
10 
 
Other CVRM medicines 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Crestor 317  7  10    Continued sales growth driven by Emerging Markets 
Brilinta 305  (6) (4)   Decline driven by generic competition in some Emerging Markets 
Seloken 161  (2) 3    Growth driven by Emerging Markets 
Lokelma 153  35  38    Strong growth in all major regions 
roxadustat 79  2  4    Slower growth due to increased generic competition 
Wainua 39  >8x  >8x    Continued strong launch momentum partly offset by Part D redesign 
Other CVRM 136  (28) (25)   
BioPharmaceuticals - R&I 
Symbicort  
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Global market leader in a stable ICS/LABA class, treating COPD and asthma 
US 279  (7) (7)   Strong demand for authorised generic offset by channel mix 
Emerging Markets 232  (8) (4)   Growth in EM Ex-China; China growth affected by ICS/LABA class erosion in COPD 
in favour of triple therapy 
Europe 135  (5) (2)   Continued generic erosion  
Established RoW 77  3  10    
Total 723  (6) (3)   
Fasenra 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Expanded severe eosinophilic asthma market share leadership in IL-5 class, 
further fuelled by first wave market launches for EGPA indication  
US 249  19  19    Sustained double-digit volume growth with expanded class leadership 
Emerging Markets 27  20  29    Launch momentum across key markets  
Europe 103  11  16    Sustained leadership in severe eosinophilic asthma 
Established RoW 39  17  23    Strong growth supported by recent EGPA launch in Japan 
Total 418  17  19    
Breztri 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Fastest growing medicine within the expanding FDC triple class (ICS/LABA/LAMA), 
treating COPD 
 
US 148  41  41    Consistent share growth within expanding FDC triple class  
Emerging Markets 90  29  32    Market share leadership in China with strong FDC triple class penetration 
Europe 42  38  43    Sustained growth from market share gain and new launches 
Established RoW 20  39  47    Increasing market share in Japan 
Total 300  37  39    
Tezspire 
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to $371m in Q1 2025 (Q1 2024: $216m). 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained demand growth in severe asthma with launch momentum across 
multiple markets 
 
US 130  70  70    Continued strong demand growth with majority of patients new to biologics  
Emerging Markets 7  >3x  >3x    Strong continued launch uptake 
Europe 57  >2x  >2x    Maintained new-to-brand leadership across multiple markets and new launches 
Established RoW 23  62  73    Strong growth driven by Japan 
Total 217  81  85    
Other R&I medicines 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Pulmicort 158  (30) (26)   EM >80% of revenue. Continued weak China flu season and generic restock 
Saphnelo 136  49  51    Strong US demand growth, ongoing launches in Europe and Established RoW 
Airsupra 28  >4x  >4x    Strong US launch momentum and volume uptake 
Other R&I 104  6  8    Favourable phasing of third party supply in the quarter

===== SIDA 11 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
11 
 
Biopharmaceuticals - V&I 
Beyfortus Total Revenue reflects the sum of Product Sales from AstraZeneca’s sales of manufactured Beyfortus product to Sanofi and 
Alliance Revenue from AstraZeneca’s share of gross profits on sales of Beyfortus in major markets outside the US. 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Beyfortus 112  >2x  >2x    Increased capacity and strong demand 
Synagis 112  (34) (32)   Competition from Beyfortus 
FluMist -   n/m n/m   Normal seasonality 
Other V&I 1  n/m n/m   
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. 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth due to patient demand and conversion from Soliris in all indications 
(gMG , NMOSD, aHUS and PNH)  
US 604  25  25    Demand growth, offset by gMG and PNH competition and a smaller impact from 
Medicare Part D reform in neurology indications 
Emerging Markets 52  65  77    Expansion into new markets and growth in patient demand 
Europe 228  13  17    Strong demand growth following recent launches; competition in gMG 
Established RoW 166  16  22    Continued conversion and strong demand following new launches 
Total 1,050  22  25    
Soliris 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Decline driven by conversion of patients to Ultomiris in all indications (gMG, 
NMOSD, aHUS, PNH) and regions, competition, and biosimilar pressure in Europe 
US 288  (30) (30)   Competition in gMG and PNH 
Emerging Markets 65  (48) (42)   Unfavourable order timing in tender markets 
Europe 56  (60) (59)   Biosimilar competition in PNH and aHUS  
Established RoW 35  (43) (39)   
Total 444  (40) (38)   
Strensiq 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth driven by continued HPP patient demand and geographic expansion  
US 266  8  8    Demand growth partially offset by Medicare Part D redesign  
Emerging Markets 34  59  71    
Europe 26  9  13    
Established RoW 26  21  26    
Total 352  12  14    
Other Rare Disease medicines 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth driven by continued patient demand and geographic expansion  
Koselugo 138 4 8   Demand growth, unfavourable order timing in Emerging Markets 
Other Rare Disease  58 9 15   
Other Medicines 
Q1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Nexium 233 (4) -    Growth in Emerging Markets, generic erosion elsewhere 
Others 39 (28) (26)   Generic erosion

===== SIDA 12 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
12 
 
This section covers R&D events and milestones that have occurred since the prior results announcement on 6 February 2025, up to and 
including events on 28 April 2025. A comprehensive view of AstraZeneca's pipeline of medicines in human trials can be found in the 
latest Clinical Trials Appendix, available on www.astrazeneca.com/investor-relations. 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 European Lung Cancer Congress 2025 and the American Association for Cancer Research Annual Meeting 
2025. Across the two meetings, more than 100 abstracts were presented featuring 10 approved and potential new medicines including 
14 oral presentations. 
Calquence 
CHMP opinion 
Europe 
ACE-LY-004 
February 2025 
New disclosure 
 As monotherapy for relapsed or refractory mantle cell lymphoma. 
Approval 
China 
ChangE 
March 2025 
New disclosure 
 As monotherapy for the treatment of chronic lymphocytic leukaemia/small 
lymphocytic lymphoma. 
CHMP opinion 
Europe 
AMPLIFY 
April 2025 
New disclosure 
 In combination with venetoclax with or without obinutuzumab is indicated for the 
treatment of adult patients with previously untreated chronic lymphocytic leukaemia. 
Enhertu 
Phase III readout 
 
DESTINY-Gastric04 
March 2025 
New disclosure 
 Positive high-level results demonstrated that Enhertu resulted in a statistically 
significant and clinically meaningful improvement in the primary endpoint of OS 
compared to ramucirumab and paclitaxel in patients with 2nd-line HER2 positive (IHC 
3+ or IHC 2+/ISH+) unresectable and/or metastatic gastric or gastroesophageal 
junction adenocarcinoma. 
Approval 
Europe 
 
DESTINY-Breast06 
April 2025 
 As monotherapy for unresectable or metastatic HR-positive, HER2-low or HER2-
ultralow breast cancer in patients who have received at least one endocrine therapy 
in the metastatic setting and who are not considered suitable for endocrine therapy 
as the next line of treatment. 
Phase III readout DESTINY-Breast09 
April 2025 
 Positive high-level results from a planned interim analysis of the DESTINY-Breast09 
Phase III trial showed Enhertu in combination with pertuzumab demonstrated a 
highly statistically significant and clinically meaningful improvement in PFS compared 
to taxane, trastuzumab and pertuzumab as a 1st-line treatment for patients with 
HER2-positive metastatic breast cancer. The second arm, which compares Enhertu 
monotherapy versus THP, remains blinded to patients and investigators and will 
continue to the final PFS analysis. 
Imfinzi 
Phase III readout MATTERHORN 
March 2025 
 Perioperative Imfinzi in combination with standard-of-care FLOT chemotherapy 
demonstrated a statistically significant and clinically meaningful improvement in the 
primary endpoint of event-free survival EFS. A strong trend was observed in favour of 
the Imfinzi-based regimen at this interim analysis. The trial will continue to follow OS, 
which will be formally assessed at the final analysis. 
Approval 
China 
AEGEAN 
March 2025 
New disclosure 
 Imfinzi in combination with platinum-containing chemotherapy as neoadjuvant 
treatment, followed by Imfinzi continued as a single agent as adjuvant treatment 
after surgery for the treatment of resectable (tumours ≥4 cm and/or node positive) 
NSCLC and no known EGFR mutations or ALK rearrangements. 
Approval 
Europe 
ADRIATIC 
March 2025 
 As monotherapy for the treatment of adults with limited-stage SCLC whose disease 
has not progressed following platinum-based chemoradiation therapy. 
Approval 
US 
NIAGARA 
March 2025 
 Imfinzi in combination with gemcitabine and cisplatin as neoadjuvant treatment, 
followed by Imfinzi as adjuvant monotherapy after radical cystectomy for muscle-
invasive bladder cancer. 
  
R&D progress

===== SIDA 13 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
13 
 
Approval 
Europe 
AEGEAN 
April 2025 
 Imfinzi in combination with chemotherapy for the treatment of resectable NSCLC at 
high risk of recurrence and no EGFR mutations or ALK rearrangements. In this 
regimen, patients are treated with Imfinzi in combination with neoadjuvant 
chemotherapy before surgery and as adjuvant monotherapy after surgery. 
Truqap 
Approval 
China 
 
CAPItello-291 
April 2025 
New disclosure 
 In combination with fulvestrant for the treatment of HR-positive, HER2-negative, 
locally advanced or metastatic breast cancer with one or more PIK3CA/AKT1/PTEN-
alteration following progression on at least one endocrine-based regimen in the 
metastatic setting or recurrence on or within 12 months of completing adjuvant 
therapy. 
Phase III trial update CAPItello-280 
April 2025 
New disclosure 
 AstraZeneca is discontinuing the CAPItello-280 Phase III trial evaluating the efficacy 
and safety of Truqap in combination with docetaxel and androgen-deprivation 
therapy compared to docetaxel and ADT with placebo in patients with metastatic 
castration-resistant prostate cancer. This decision is based on the recommendation of 
the Independent Data Monitoring Committee following their review of data from a 
pre-specified interim analysis, which concluded that the Truqap combination was 
unlikely to meet the dual primary endpoints of radiographic PFS and OS versus the 
comparator arm upon trial completion. The safety profile for Truqap was consistent 
with previous trials. The Company will work with investigators to ensure the 
necessary follow up with patients. Data from the trial will inform ongoing research. 
camizestrant 
Phase III readout 
 
SERENA-6 
February 2025 
 Positive high-level results from a planned interim analysis of the SERENA-6 Phase III 
trial showed that camizestrant in combination with a CDK4/6 inhibitor demonstrated 
a highly statistically significant and clinically meaningful improvement in the primary 
endpoint of PFS. The trial evaluated switching to the camizestrant combination versus 
continuing standard-of-care treatment with akin aromatase inhibitor in combination 
with a CDK4/6 inhibitor in the 1st-line treatment of patients with HR-positive, HER2-
negative advanced breast cancer whose tumours have an emergent ESR1 mutation. 
BioPharmaceuticals – CVRM 
AZD0780 
Phase II presentation 
ACC 
PURSUIT 
March 2025 
 At 12 weeks, AZD0780 30mg taken once-daily (when added to the standard-of-care 
statin therapy and administered without any fasting or food restrictions) led to a 
50.7% reduction in LDL-C. Similar efficacy was observed regardless of whether trial 
participants received moderate- or high-intensity statin doses at baseline. 
Wainzua 
Approval 
EU 
NEURO-TTRansform 
March 2025 
 For the treatment of hereditary transthyretin-mediated amyloidosis in adult patients 
with stage 1 or stage 2 polyneuropathy, commonly referred to as hATTR-PN or 
ATTRv-PN.   
BioPharmaceuticals – R&I 
Tezspire 
Phase III presentation 
AAAAI 
WAYPOINT 
March 2025 
 Treatment with Tezspire significantly reduced nasal polyp severity measured by the 
co-primary endpoints; Nasal Polyp Score by -2.065 (95% CI: -2.389, -1.742; p<0.0001) 
and nasal congestion (measured by participant-reported Nasal Congestion Score)  
by -1.028 (95% CI: -1.201, -0.855; p<0.0001) at week 52 compared to placebo. 
Tezspire significantly reduced the need for subsequent nasal polyp surgery by 98% 
(p<0.0001) and the need for systemic corticosteroid treatment by 88% (p<0.0001) 
compared to placebo.

===== SIDA 14 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
14 
 
Rare Disease  
Ultomiris   
Phase III readout 
 
ALXN1210-TMA-314 
April 2025 
New disclosure 
 High-level results from the ALXN1210-TM-314 Phase III, single-arm, open label trial 
evaluating Ultomiris in paediatric patients with severe HSCT-TMA demonstrated 
clinically meaningful improvements in the individual components of TMA response 
(platelets, LDH and urinary protein/creatinine ratio) at 26 weeks. Additionally, results 
showed a clinically meaningful improvement in the secondary endpoint of overall 
survival at six months. Further analyses anticipated in H2 2025 to assess the statistical 
significance of the single-arm trial, and separately, the high-level results from the 
randomised, double-blind, placebo-controlled, Phase III trial in adults and 
adolescents. Safety profile was consistent with that observed in other approved 
indications.  
Approval 
CN 
CHAMPION-MG 
April 2025 
New disclosure 
 For adult patients with anti-acetylcholine receptor antibody-positive gMG 
Koselugo 
Priority Review 
US 
SPRINKLE 
February 2025 
New disclosure 
 For paediatric patients aged between one and seven years with NF1 who have 
symptomatic, inoperable PN. 
Soliris 
Approval 
US 
NCT03759366 
March 2025 
New disclosure 
 For paediatric patients six years of age and older with anti-acetylcholine receptor 
antibody-positive gMG. 
Beyonttra (acoramidis) 
Approval 
JP 
NCT04622046  
March 2025 
New disclosure 
 For adults with ATTR-CM. 
eneboparatide 
Phase III readout 
 
CALYPSO 
March 2025 
 
 eneboparatide (AZP-3601), an investigational parathyroid hormone receptor 1 
agonist, met its primary composite endpoint in adults with chronic 
hypoparathyroidism at 24 weeks. eneboparatide demonstrated a statistically 
significant benefit by normalising albumin-adjuskted serum calcium levels and 
achieving independence from active vitamin D and oral calcium therapy compared to 
placebo. The trial will continue to 52 weeks to fully characterise the risk-benefit 
profile.

===== SIDA 15 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
15 
 
In preparation for new new reporting 
regulations, AstraZeneca combined its 
2024 sustainability and annual reporting 
into one integrated publication. The 2024 
Annual Report detailed progress across the 
Company’s sustainability priorities and key 
topics, including those identified in its 
double materiality assessment. Details of 
performance against targets can be found 
in the 2024 Sustainability Data Annex. 
In 2024, the Company achieved a 77.5% 
reduction in its Scope 1 and 2 greenhouse 
gas emissions (sites and fleet), a 23% 
reduction in its water use and a 13% 
reduction in waste vs. the 2015 baseline. 
63% of its fleet now comprises battery 
electric vehicles. As at year end, we had 
also reached more than 90 million people 
through our flagship access programmes 
and trained a cumulative total of over 
156,000 people since 2015. 
Access to Healthcare 
On health equity: 
– AstraZeneca engaged on health equity 
at the World Economic Forum (WEF) 
Annual Meeting, including at a 
roundtable chaired by AstraZeneca 
Chair Michel Demaré which convened 
leaders from governments, NGOs and 
the private sector to discuss embedding 
health equity in healthcare design and 
delivery. 
– AstraZeneca held an in-person Global 
Health Equity Advisory Board meeting, 
convening 14 experts from 11 countries 
across all income groups to provide 
insights and input on the Company’s 
health equity strategy. 
– The Company collaborated with 10 
markets (Brazil, Canada, China, Japan, 
Italy, Kenya, UAE, Egypt, US and 
Vietnam) to localise its health equity 
priorities on science, healthcare 
delivery and community engagement. 
– AstraZeneca marked the 10-year 
anniversary of its flagship health equity 
programme Healthy Heart Africa (HHA) 
at the 4th Global NCD Alliance Forum in 
Kigali, Rwanda. 
– The Young Health Programme (YHP), 
the Company’s partnership which 
empowers young people to call for the 
prevention of climate-related health 
challenges, was recognised in a UNICEF 
publication and was featured in The 
Times. 
On health systems resilience: 
– The Partnership for Health System 
Sustainability & Resilience (PHSSR) was 
featured during the ‘Health beyond 
Healthcare’ panel discussion at the WEF 
Annual Meeting, with Michel Demaré 
speaking on the need for policy action 
to improve prevention and early 
detection of non-communicable 
diseases (NCDs). 
– PHSSR has launched a new 
collaboration with IQVIA to conduct 
research with academic centers across 
eight countries. This initiative aims to 
identify policies needed to enhance 
healthcare systems for more effective 
prevention, early detection, and 
treatment of chronic diseases. 
Environmental protection 
– In the UK, AstraZeneca and Future 
Biogas announced the launch of UK’s 
first unsubsidised biomethane plant 
dedicated to fuelling the life sciences 
sector. Located in Lincolnshire, the 
plant will provide clean heat for 
AstraZeneca UK sites. 
– AstraZeneca published its first 
Taskforce on Nature-related Financial 
Disclosures report (TNFD) following its 
2024 commitment to become an early 
adopter of the TNFD, its Sustainable use 
and sourcing of raw materials report.  
– The Company contributed to the World 
Business Council for Sustainable 
Development (WBCSD)’s recently 
published Roadmap to Nature Positive: 
Foundations for the pharmaceutical 
sector, which aims to support the 
industry’s efforts to understand nature-
related impacts and dependencies and 
identify key actions for nature-positive 
outcomes. 
– The Sustainable Markets Initiative (SMI) 
Health Systems Task Force announced 
an expansion of the China renewable 
power purchase agreement (PPA) 
launched in 2024 to collectively procure 
renewable power. AstraZeneca, Takeda 
and GSK expanded the initiative to 
enable suppliers in China to unlock 
access to renewables and decarbonise 
the value chain. 
– Through the SMI, CEO Pascal Soriot 
signed an open letter calling on the 
clinical research community to help 
tackle the climate crisis by measuring 
carbon emissions for all Phase II and III 
clinical trials. 
– CEO Pascal Soriot engaged with 
HM King Charles III, other private sector 
CEOs and global leaders at Hampton 
Court Palace on the economic case for 
the transition to a sustainable future 
and gave a keynote address on 
transitioning to sustainable health 
systems. 
– The Company achieved top 50 ranking 
in the FT Europe’s Climate Leader listing 
of 600 companies and is the top 
pharma company ranking for the fourth 
consecutive year, with an overall score 
of 77.7/100. 
Ethics and transparency 
– For the ninth year, AstraZeneca was 
included on the CDP Corporate A List 
for Climate, a gold standard in 
corporate environmental transparency, 
and achieved an A- for Water, in 
recognition of the Company’s ongoing 
work to tackle the climate crisis and 
protect the environment. 
– The Company achieved fifth place 
overall, and second in the Health Care 
sector, in the FTSE Women Leaders 
Review 2024, as one of the top 
performers in both the FTSE 100 and 
FTSE 350 for representation of women 
across the organisation. 
 
Sustainability

===== SIDA 16 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
16 
 
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 three-month 
period to 31 March 2025 ('the quarter' or 
'Q1 2025') compared to the three-month 
period to 31 March 2024 (‘Q1 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 understand 
better 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 and 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. 
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 2 'Net debt', included in the Notes to 
the interim 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. 
  
Operating and financial review

===== SIDA 17 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
17 
 
Table 7: Reported Profit and Loss 
 Q1 2025  Q1 2024            % Change    
 $m  $m  Actual  CER      
  - Product Sales 12,875  12,177  6  9      
  - Alliance Revenue 639  457  40  42      
- Product Revenue 13,514  12,634  7  10      
- Collaboration Revenue 74  45  64  64      
Total Revenue 13,588  12,679  7  10      
Cost of sales (2,241) (2,218) 1  12      
Gross profit 11,347  10,461  8  10      
Distribution expense (135) (135) -  4      
R&D expense (3,159) (2,783) 13  15      
SG&A expense (4,492) (4,495) -  3      
Other operating income & expense 113  67  71  71      
Operating profit 3,674  3,115  18  17      
Net finance expense (265) (302) (12) (11)     
Joint ventures and associates (7) (13) (50) (48)     
Profit before tax 3,402  2,800  21  20      
Taxation (481) (620) (23) (23)     
Tax rate 14%  22%        
Profit after tax 2,921  2,180  34  33      
Earnings per share $1.88  $1.41  34  32      
Table 8: Reconciliation of Reported Profit before tax to EBITDA 
 Q1 2025  Q1 2024            % Change    
 $m  $m  Actual  CER      
Reported Profit before tax  3,402 2,800 21 20     
Net finance expense  265  302  (12) (11)     
Joint ventures and associates  7  13  (50) (48)     
Depreciation, amortisation and impairment  1,284  1,255  2  3      
EBITDA  4,958  4,370  13  13      
Table 9: Reconciliation of Reported to Core financial measures: Q1 2025 
 Reported Restructuring Intangible Asset 
Amortisation & 
Impairments 
Other Core % Change 
 $m  $m  $m  $m  $m  Actual  CER  
Gross profit 11,347  8  8  2  11,365  8  10  
 - Gross Margin 84%     84%  +1pp  -  
Distribution expense (135) 3  -  -  (132) (2) 2  
R&D expense (3,159) 60  10  1  (3,088) 14  16  
- R&D % of Total Revenue 23%     23%  -1pp  -1pp  
SG&A expense (4,492) 50  957  28  (3,457) 1  4  
- SG&A % of Total Revenue 33%     25%  +1pp  +2pp  
Total operating expense (7,786) 113  967  29  (6,677) 7  9  
Other operating income & expense 113  1  -  1  115  79  78  
Operating profit 3,674  122  975  32  4,803  11  12  
- Operating Margin 27%        35%  +1pp  -  
Net finance expense (265) -  -  50  (215) (12) (11) 
Taxation (481) (28) (187) (18) (714) (18) (18) 
EPS $1.88  $0.06  $0.51  $0.04  $2.49  21  21  
  
Financial performance

===== SIDA 18 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
18 
 
Profit and Loss drivers 
Gross profit 
The change in Gross Margin (Reported 
and Core) in Q1 2025 was impacted by: 
– Positive effects from fluctuations in 
foreign exchange rates. Currency 
impacts may have a positive or 
negative impact in future quarters 
– Positive effects from changing product 
mix. The rising contribution of Product 
Sales with profit sharing arrangements 
(Lynparza, Enhertu, 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, for example to 
sales reimbursed by the Medicare Part 
D programme in the US, diluted the 
gross margin in the first quarter. Some 
of these adjustments resulted in 
higher volumes, partially offsetting the 
overall impact on profits 
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 change in R&D expense (Reported 
and Core) in the period was impacted by: 
– Positive data read-outs 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 
SG&A expense 
– The change 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 
Other operating income and expense 
Other operating income in Q1 2025 
consisted primarily of royalties and an 
upfront fee on a divestment. 
Net finance expense 
Core Net finance expense decreased 12% 
(11% at CER) mainly driven by an 
adjustment of interest on tax, due to a 
reduction of tax liabilities relating to prior 
periods (see below). 
Taxation 
The effective Reported tax rate for the 
three months to 31 March 2025 was 14% 
(Q1 2024: 22%) and the effective Core Tax 
rate was 16% (Q1 2024: 21%). 
The Q1 2025 tax rate benefited from a 
reduction of tax liabilities arising from 
updates to estimates of prior period tax 
liabilities following settlements with tax 
authorities. 
The cash tax paid for the quarter ended 
31 March 2025 was $363m (Q1 2024: 
$430m), representing 11% of Reported 
Profit before tax (Q1 2024: 15%).

===== SIDA 19 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
19 
 
Cash Flow 
Table 10: Cash Flow summary 
 Q1 2025  
$m  
Q1 2024  
$m  
Change 
$m  
Reported Operating profit  3,674  3,115  559  
Depreciation, amortisation and impairment  1,284  1,255  29  
Movement in working capital and short-term provisions  (426) (455) 29  
Gains on disposal of intangible assets  (66) -  (66) 
Fair value movements on contingent consideration arising from business combinations 1  16  (15) 
Non-cash and other movements  31  (674) 705  
Interest paid  (422) (341) (81) 
Taxation paid  (363) (430) 67  
Net cash inflow from operating activities  3,713  2,486  1,227  
Net cash inflow before financing activities  2,460  73  2,387  
Net cash (outflow)/inflow from financing activities  (2,707) 2,028  (4,735) 
Net cash flow 
The change in Net cash inflow before 
financing activities of $2,387m is primarily 
driven by the reduction in cash outflow 
relating to the Acquisitions of 
subsidiaries, net of cash acquired of 
$726m, which in 2024 related to the 
acquisition of Gracell Biotechnologies 
Inc., and the reduction in cash outflow 
relating to Purchase of intangible assets 
which included an outflow of $639m 
relating to the acquisition of Icosavax in 
2024. 
The change in Net cash (outflow)/inflow 
from financing activities of $4,735m is 
primarily driven by the issue of new long-
term loans of $4,976m in 2024, with no 
issuance in 2025. 
Capital expenditure 
Capital expenditure on tangible assets 
and Software-related intangible assets 
amounted to $493m in Q1 2025 (Q1 
2024: $474m). The increase of capital 
expenditure in 2025 was driven by 
investment in several major 
manufacturing projects and continued 
investment in technology upgrades. 
Net debt 
Net debt increased by $1,497m in the 
three months to 31 March 2025 to 
$26,067m. 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 2. 
Net debt 
Table 11: Net debt summary 
 At 31 Mar  
2025  
$m  
At 31 Dec  
2024  
$m  
At 31 Mar  
2024  
$m  
Cash and cash equivalents 5,230  5,488  7,841  
Other investments 165  166  180  
Cash and investments 5,395  5,654  8,021  
Overdrafts and short-term borrowings (445) (330) (477) 
Commercial paper (948) -  (980) 
Lease liabilities (1,551) (1,452) (1,242) 
Current instalments of loans (2,010) (2,007) (4,593) 
Non-current instalments of loans (26,692) (26,506) (27,259) 
Interest-bearing loans and borrowings (Gross debt) (31,646) (30,295) (34,551) 
Net derivatives 184  71  81  
Net Debt (26,067) (24,570) (26,449)

===== SIDA 20 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
20 
 
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 12: Obligor group summarised Statement of comprehensive income 
 Q1 2025  
$m  
Q1 2024  
$m  
Total Revenue -  -  
Gross profit  -  -  
Operating loss -  -  
Loss for the period (302) (234) 
Transactions with subsidiaries that are not issuers or guarantors 5,807  588  
 
Table 13: Obligor group summarised Statement of financial position 
 At 31 Mar 
2025  
$m  
At 31 Mar 
2024  
$m  
Current assets 68  12  
Non-current assets -  -  
Current liabilities (3,201) (5,778) 
Non-current liabilities (26,748) (27,161) 
Amounts due from subsidiaries that are not issuers or guarantors 20,922  21,242  
Amounts due to subsidiaries that are not issuers or guarantors -  -

===== SIDA 21 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
21 
 
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 2025, the Company intends to 
increase the annual dividend per share 
declared to $3.20 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 2024, capital expenditure on tangible 
assets and Software-related intangible 
assets amounted to $2,218m. In FY 2025 
the Group expects to increase expenditure 
on tangible assets and Software-related 
intangible assets by approximately 50%, 
driven by manufacturing expansion 
projects and investments in systems and 
technology.
Foreign exchange 
The Company's transactional currency 
exposures on working capital balances, 
which typically extend for up to three 
months, are hedged where practicable 
using forward foreign exchange contracts 
against the individual companies' reporting 
currency. 
In addition, the Company's external 
dividend payments, paid principally in 
pound sterling and Swedish krona, are fully 
hedged from the time of their 
announcement to the payment date.
Foreign exchange gains and losses on 
forward contracts transacted for 
transactional hedging are taken to profit or 
to Other comprehensive income if the 
contract is in a designated cashflow hedge. 
Table 14: Currency sensitivities 
Currency Primary Relevance Exchange rate vs USD (average rate in period) Annual impact of 5% 
weakening vs USD1 ($m) 
  FY   
20242 
YTD   
20253 
Change 
 (%) 
Mar   
 20254 
Change 
 (%) 
Total 
Revenue 
Core Operating 
Profit 
EUR Total Revenue 0.92  0.95  (3) 0.93 (0) (461) (232) 
CNY Total Revenue 7.21  7.29  (1) 7.26 (1) (313) (171) 
JPY Total Revenue 151.46  152.59  (1) 149.11 2   (179) (121) 
GBP Operating expense 0.78  0.79  (2) 0.78 1   (68) 124  
SEK Operating expense 10.57  10.69  (1) 10.16 4  (9) 69  
Other        (557) (289) 
1. Assumes the average exchange rate vs USD in FY 2025 is 5% lower than the average rate in FY 2024. The impact data are estimates, based on best prevailing 
assumptions around currency profiles. 
2. Based on average daily spot rates 1 Jan 2024 to 31 Dec 2024. 
3. Based on average daily spot rates 1 Jan 2025 to 31 Mar 2025. 
4. Based on average daily spot rates 1 Mar 2025 to 31 Mar 2025.

===== SIDA 22 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
22 
 
Table 15: Condensed consolidated statement of comprehensive income 
 Q1 2025  
$m  
Q1 2024  
$m  
- Product Sales 12,875  12,177  
- Alliance Revenue 639  457  
Product Revenue 13,514  12,634  
Collaboration Revenue 74  45  
Total Revenue 13,588  12,679  
Cost of sales (2,241) (2,218) 
Gross profit 11,347  10,461  
Distribution expense (135) (135) 
Research and development expense (3,159) (2,783) 
Selling, general and administrative expense (4,492) (4,495) 
Other operating income and expense 113  67  
Operating profit 3,674  3,115  
Finance income 84  111  
Finance expense (349) (413) 
Share of after tax losses in associates and joint ventures (7) (13) 
Profit before tax 3,402  2,800  
Taxation (481) (620) 
Profit for the period 2,921  2,180  
   
Other comprehensive income   
Items that will not be reclassified to profit or loss:   
Remeasurement of the defined benefit pension liability 51  144  
Net (losses)/gains on equity investments measured at fair value through other comprehensive income (58) 35  
Tax on items that will not be reclassified to profit or loss (17) (39) 
 (24) 140  
Items that may be reclassified subsequently to profit or loss:   
Foreign exchange arising on consolidation 1,152  (515) 
Foreign exchange arising on designated liabilities in net investment hedges 53  (98) 
Fair value movements on cash flow hedges 72  (86) 
Fair value movements on cash flow hedges transferred to profit and loss (102) 70  
Fair value movements on derivatives designated in net investment hedges (10) 22  
Costs of hedging (8) 15  
Tax on items that may be reclassified subsequently to profit or loss (30) 35  
 1,127  (557) 
Other comprehensive income/(expense), net of tax 1,103  (417) 
   
Total comprehensive income for the period 4,024  1,763  
   
Profit attributable to:   
Owners of the Parent 2,916  2,179  
Non-controlling interests 5  1  
 2,921  2,180  
   
Total comprehensive income attributable to:   
Owners of the Parent 4,017  1,762  
Non-controlling interests 7  1  
 4,024  1,763  
   
Earnings per share   
Basic earnings per $0.25 Ordinary Share $1.88  $1.41  
Diluted earnings per $0.25 Ordinary Share $1.87  $1.40  
Weighted average number of Ordinary Shares in issue (millions) 1,550  1,549  
Diluted weighted average number of Ordinary Shares in issue (millions) 1,561  1,560  
  
Interim financial statements

===== SIDA 23 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
23 
 
Table 16: Condensed consolidated statement of financial position 
 At 31 Mar  
2025  
$m  
At 31 Dec  
2024  
$m  
At 31 Mar  
2024  
$m  
Assets     
Non-current assets    
Property, plant and equipment 10,819  10,252  9,411  
Right-of-use assets 1,484  1,395  1,205  
Goodwill 21,130  21,025  19,978  
Intangible assets 37,550  37,177  38,834  
Investments in associates and joint ventures 270  268  130  
Other investments 1,630  1,632  1,565  
Derivative financial instruments 210  182  213  
Other receivables 926  930  745  
Deferred tax assets 6,095  5,347  4,618  
 80,114  78,208  76,699  
Current assets    
Inventories 5,884  5,288  5,337  
Trade and other receivables 13,250  12,972  11,072  
Other investments 165  166  180  
Derivative financial instruments 45  54  11  
Income tax receivable 1,565  1,859  1,153  
Cash and cash equivalents 5,230  5,488  7,841  
 26,139  25,827  25,594  
    
Total assets 106,253  104,035  102,293  
    
Liabilities    
Current liabilities    
Interest-bearing loans and borrowings (3,403) (2,337) (6,050) 
Lease liabilities (355) (339) (281) 
Trade and other payables (22,544) (22,465) (19,699) 
Derivative financial instruments (22) (50) (92) 
Provisions (1,149) (1,269) (1,148) 
Income tax payable (1,656) (1,406) (1,631) 
 (29,129) (27,866) (28,901) 
Non-current liabilities    
Interest-bearing loans and borrowings (26,692) (26,506) (27,259) 
Lease liabilities (1,196) (1,113) (961) 
Derivative financial instruments (49) (115) (51) 
Deferred tax liabilities (3,553) (3,305) (2,621) 
Retirement benefit obligations (1,279) (1,330) (1,280) 
Provisions (922) (921) (1,123) 
Income tax payable (264) (238) -  
Other payables (2,038) (1,770) (2,596) 
 (35,993) (35,298) (35,891) 
    
Total liabilities (65,122) (63,164) (64,792) 
    
Net assets 41,131  40,871  37,501  
    
Equity    
Share capital 388  388  388  
Share premium account 35,233  35,226  35,194  
Other reserves 2,054  2,012  2,075  
Retained earnings 3,364  3,160  (212) 
Capital and reserves attributable to equity holders of the Parent 41,039  40,786  37,445  
Non-controlling interests 92  85  56  
Total equity 41,131  40,871  37,501

===== SIDA 24 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
24 
 
Table 17: 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 -  -  -  2,179  2,179  1  2,180  
Other comprehensive expense   -  -  -  (417) (417) -  (417) 
Transfer to other reserves -  -  10  (10) -  -  -  
Transactions with owners        
Dividends -  -  -  (3,052) (3,052) -  (3,052) 
Issue of Ordinary Shares -  6  -  -  6  -  6  
Changes in non-controlling interests -  -  -  -  -  32  32  
Share-based payments charge for the period -  -  -  159  159  -  159  
Settlement of share plan awards -  -  -  (573) (573) -  (573) 
Net movement -  6  10  (1,714) (1,698) 33  (1,665) 
At 31 Mar 2024 388  35,194  2,075  (212) 37,445  56  37,501  
        
At 1 Jan 2025 388  35,226  2,012  3,160  40,786  85  40,871  
Profit for the period -  -  -  2,916  2,916  5  2,921  
Other comprehensive income   -  -  (42) 1,143  1,101  2  1,103  
Transfer to other reserves -  -  58  (58) -  -  -  
Transactions with owners        
Dividends -  -  -  (3,249) (3,249) -  (3,249) 
Issue of Ordinary Shares -  7  -  -  7  -  7  
Movement in shares held by Employee 
Benefit Trusts 
-  -  26  -  26  -  26  
Share-based payments charge for the period -  -  -  174  174  -  174  
Settlement of share plan awards -  -  -  (722) (722) -  (722) 
Net movement -  7  42  204  253  7  260  
At 31 Mar 2025 388  35,233  2,054  3,364  41,039  92  41,131  
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.

===== SIDA 25 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
25 
 
Table 18: Condensed consolidated statement of cash flows 
 Q1 2025  
$m  
Q1 2024  
$m  
Cash flows from operating activities   
Profit before tax 3,402  2,800  
Finance income and expense 265  302  
Share of after tax losses of associates and joint ventures 7  13  
Depreciation, amortisation and impairment 1,284  1,255  
Movement in working capital and short-term provisions (426) (455) 
Gains on disposal of intangible assets (66) -  
Fair value movements on contingent consideration arising from business combinations 1  16  
Non-cash and other movements 31  (674) 
Cash generated from operations 4,498  3,257  
Interest paid (422) (341) 
Tax paid (363) (430) 
Net cash inflow from operating activities 3,713  2,486  
   
Cash flows from investing activities   
Acquisition of subsidiaries, net of cash acquired -  (726) 
Payment of contingent consideration from business combinations (362) (222) 
Purchase of property, plant and equipment (429) (417) 
Disposal of property, plant and equipment 1  53  
Purchase of intangible assets (540) (1,188) 
Disposal of intangible assets 9  75  
Purchase of non-current asset investments -  (41) 
Disposal of non-current asset investments -  9  
Movement in short-term investments, fixed deposits and other investing instruments 1  (57) 
Disposal of investments in associates and joint ventures -  8  
Interest received 67  93  
Net cash outflow from investing activities (1,253) (2,413) 
Net cash inflow before financing activities 2,460  73  
   
Cash flows from financing activities   
Proceeds from issue of share capital 8  6  
Own shares purchased by Employee Benefit Trust (486) -  
Issue of loans and borrowings  -  4,976  
Repayment of loans and borrowings (4) (7) 
Dividends paid (3,347) (3,033) 
Hedge contracts relating to dividend payments 104  (8) 
Repayment of obligations under leases (81) (74) 
Movement in short-term borrowings 1,099  1,001  
Payment of Acerta Pharma share purchase liability -  (833) 
Net cash (outflow)/inflow from financing activities (2,707) 2,028  
   
Net (decrease)/increase in Cash and cash equivalents in the period (247) 2,101  
Cash and cash equivalents at the beginning of the period 5,429  5,637  
Exchange rate effects 25  (46) 
Cash and cash equivalents at the end of the period 5,207  7,692  
   
Cash and cash equivalents consist of:   
Cash and cash equivalents 5,230  7,841  
Overdrafts (23) (149) 
 5,207  7,692

===== SIDA 26 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
26 
 
Note 1: Basis of preparation and accounting policies
These unaudited Interim financial 
statements for the three months ended 31 
March 2025 have been prepared in 
accordance with International Accounting 
Standard 34, ‘Interim Financial Reporting’ 
(IAS 34), as issued by the International 
Accounting Standards Board (IASB), IAS 34 
as adopted by the European Union, UK-
adopted IAS 34 and the Disclosure 
Guidance and Transparency Rules 
sourcebook of the United Kingdom’s 
Financial Conduct Authority and with the 
requirements of the Companies Act 2006 
as applicable to companies reporting 
under those standards.  
The unaudited Interim financial 
statements for the three months ended 
31 March 2025 were approved by the 
Board of Directors for publication on 
29 April 2025. 
This results announcement does not 
constitute statutory accounts of the Group 
within the meaning of sections 434(3) and 
435(3) of the Companies Act 2006. The 
annual financial statements of the Group 
for the year ended 31 December 2024 
were prepared in accordance with UK-
adopted international accounting 
standards and with the requirements of 
the Companies Act 2006. The annual 
financial statements also comply fully with 
IFRS Accounting Standards as issued by the 
IASB and International Accounting 
Standards as adopted by the European 
Union. Except for the estimation of the 
interim income tax charge, the Interim 
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 
will be delivered to the Registrar of 
Companies; their report was (i) 
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. 
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 
quarter ending 31 March 2024 of 
$12,634m. 
Going concern 
The Group has considerable financial 
resources available. As at 31 March 2025, 
the Group has $10.1bn in financial 
resources (cash and cash equivalent 
balances of $5.2bn and undrawn 
committed bank facilities of $4.9bn that 
are available until April 2030), with $3.8bn 
of borrowings due within one year. These 
facilities contain no financial covenants.  
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 4 
updates the disclosures concerning legal 
proceedings and contingent liabilities in 
the Group's Annual Report and Form 20-F 
Information 2024.  
 
  
Notes to the Interim financial statements

===== SIDA 27 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
27 
 
Note 2: Net debt 
Table 19: Net debt 
 
 At 1 Jan  
2025  
Cash flow  Non-cash  
 and other  
Exchange  
 movements  
At 31 Mar  
2025  
 $m  $m  $m  $m  $m  
Non-current instalments of loans (26,506) -  19  (205) (26,692) 
Non-current instalments of leases (1,113) -  (64) (19) (1,196) 
Total long-term debt (27,619) -  (45) (224) (27,888) 
Current instalments of loans (2,007) 4  (7) -  (2,010) 
Current instalments of leases (339) 97  (104) (9) (355) 
Commercial paper -  (948) -  -  (948) 
Collateral received from derivative counterparties (181) (171) -  -  (352) 
Other short-term borrowings excluding overdrafts (90) 20  -  -  (70) 
Overdrafts (59) 36  -  -  (23) 
Total current debt (2,676) (962) (111) (9) (3,758) 
Gross borrowings (30,295) (962) (156) (233) (31,646) 
Net derivative financial instruments 71  (104) 217  -  184  
Net borrowings (30,224) (1,066) 61  (233) (31,462) 
Cash and cash equivalents 5,488  (283) -  25  5,230  
Other investments - current 166  (1) -  -  165  
Cash and investments 5,654  (284) -  25  5,395  
Net debt (24,570) (1,350) 61  (208) (26,067) 
 
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. Net debt is a non-
GAAP financial measure. 
Net debt increased by $1,497m in the 
three months to 31 March 2025 to 
$26,067m. 
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 March 2025 was $352m (31 
December 2024: $181m) and the carrying 
value of such cash collateral posted by the 
Group at 31 March 2025 was $102m (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 shown. 
During the quarter ended 31 March 2025, 
Moody’s upgraded the Group’s solicited 
long term credit rating to A1 from A2. 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).

===== SIDA 28 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
28 
 
Note 3: 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 $361m (31 
December 2024: $353m) and for which a 
fair value gain/loss of $nil has been 
recognised in the three months ended 31 
March 2025 (Q1 2024: fair value loss of 
$1m). 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 three 
months ended 31 March 2025, are Level 1 
fair value measurements, valued based on 
quoted prices in active markets. 
Financial instruments measured at fair 
value include $1,693m of other 
investments, $3,969m held in money-
market funds and $184m of derivatives as 
at 31 March 2025. With the exception of 
derivatives being Level 2 fair valued, and 
certain equity instruments of $361m 
categorised as Level 3, the 
aforementioned balances are Level 1 fair 
valued. Financial instruments measured at 
amortised cost include $102m of cash 
collateral pledged to counterparties. The 
total fair value of Interest-bearing loans 
and borrowings as at 31 March 2025, 
which have a carrying value of $31,646m 
in the Condensed consolidated statement 
of financial position, was $30,853m. 
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 $1,058m 
(31 December 2024: $1,309m) would 
increase/decrease by $106m with an 
increase/decrease in sales of 10%, as 
compared with the current estimates. 
 
 
 
Table 20: Contingent consideration 
 2025 2024  
 Diabetes alliance  
$m  
Other  
$m  
Total  
$m  
Total  
$m  
At 1 January 1,309 442 1,751 2,137 
Additions through business combinations -  -  -  54  
Settlements (261) (101) (362) (222) 
Revaluations -  1  1  16  
Discount unwind 10  9  19  28  
At 31 March 1,058 351 1,409 2,013 
 
Note 4: 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 AstraZeneca's Annual 
Report and Form 20-F Information 2024 
(the Disclosures). Information about the 
nature and facts of the cases is disclosed in 
accordance with IAS 37. 
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 Group made, and upon which the 
Group 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.

===== SIDA 29 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
29 
 
Matters disclosed in respect of the first quarter of 2025 and to 29 April 2025 
Table 21: Patent litigation 
Legal proceedings brought against AstraZeneca 
Forxiga Patent Proceedings, UK 
Considered to be a contingent liability 
 In the UK, one of AstraZeneca’s patents relating to Forxiga is being challenged by Generics (UK) 
Limited, Teva Pharmaceutical Industries Limited, and Glenmark Pharmaceuticals Europe Limited. 
 In March 2025, AstraZeneca applied for an interim injunction against Glenmark's proposed at-
risk sale of its dapaglifozin product in the UK. AstraZeneca's request for injunction was denied at 
first instance. AstraZeneca prevailed in its appeal, and the interim injunction was granted. 
 In April 2025, after trial in March 2025, the first instance court held AstraZeneca’s patent invalid 
for lack of plausibility. AstraZeneca intends to seek permission to appeal to the UK Court of 
Appeal. 
Legal proceedings brought by AstraZeneca 
Lokelma Patent Proceedings, US 
Considered to be a contingent asset 
 In August 2022, in response to Paragraph IV notices, AstraZeneca initiated ANDA litigation 
against five generic filers in the US District Court for the District of Delaware (District Court). 
AstraZeneca alleged that a generic version of Lokelma would infringe patents that are owned or 
licensed by AstraZeneca. 
 As previously disclosed, AstraZeneca has entered into separate settlement agreements with 
four generic manufacturers which resulted in dismissal of the corresponding litigations. 
 AstraZeneca has reached a settlement in principle with the last generic manufacturer. 
Soliris Patent Proceedings, Canada 
Considered to be a contingent asset 
 In May 2023, AstraZeneca initiated patent litigation in Canada alleging that Amgen 
Pharmaceuticals, Inc.’s (Amgen) biosimilar eculizumab product will infringe AstraZeneca's 
patents.  
 In September 2023, AstraZeneca initiated patent litigations in Canada alleging that Samsung 
Bioepis Co. Ltd.’s (Samsung) biosimilar eculizumab product will infringe AstraZeneca's 
patents. The filing of the litigation triggered an automatic 24-month stay of the approval of each 
defendant’s biosimilar eculizumab product. 
 Trial against Amgen occurred in January 2025. No decision has been issued. 
 Trial against Samsung is scheduled to begin in June 2025. 
 In July and August 2023, in Canada, both Amgen and Samsung brought actions challenging the 
validity of AstraZeneca's patent relating to the use of eculizumab in treating aHUS. Trial is 
scheduled for November 2025. 
Soliris Patent Proceedings, UK 
Considered to be a contingent asset 
 In May 2024, Alexion initiated patent infringement proceedings against Amgen Ltd and Samsung 
Bioepis UK Ltd (Samsung UK) in the UK High Court of Justice alleging that their respective 
biosimilar eculizumab products infringe an Alexion patent; on the same day, Samsung UK 
initiated a revocation action for the same patent. 
 Trial was held in March 2025. The parties are awaiting a decision.

===== SIDA 30 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
30 
 
Table 22: Commercial litigation 
Legal proceedings brought against AstraZeneca 
Definiens, Germany 
Considered to be a contingent liability 
 In Germany, in July 2020, AstraZeneca received a notice of arbitration filed with the German 
Institution of Arbitration from the sellers of Definiens AG (the 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 $46.43m in favour of the Sellers. 
 In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court to set aside 
the arbitration award. 
 In April 2025, the Bavarian Supreme Court ruled in favour of AstraZeneca and annulled the 
arbitration award. 
 The Bavarian Supreme Court referred the dispute back to the same arbitration panel for a 
second determination. 
Seroquel XR Antitrust Litigation, 
US 
Considered to be a contingent liability 
 In 2019, AstraZeneca was named in several related complaints now proceeding in US District 
Court in Delaware (District Court), including several putative class action lawsuits that were 
purportedly brought on behalf of classes of direct purchasers or end payors of Seroquel XR, that 
allege AstraZeneca and generic drug manufacturers violated US antitrust laws when settling 
patent litigation related to Seroquel XR. 
 In July 2022, the District Court dismissed claims relating to one of the generic manufacturers 
while allowing claims relating to the second generic manufacturer to proceed. 
 In September 2024, AstraZeneca reached a settlement agreement with one of the plaintiff 
classes which the court has approved. 
 The Court denied summary judgment and set trial with the remaining plaintiffs to begin in May 
2025. 
Soliris Antitrust Class Action, US 
Considered to be a contingent liability 
 In April 2025, AstraZeneca was named in a lawsuit filed in the US District Court for the District of 
Massachusetts alleging 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. 
Viela Bio, Inc. Shareholder 
Litigation, US 
Matter concluded 
 In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware state court 
against AstraZeneca and certain officers (collectively, Defendants), on behalf of a putative class 
of Viela Bio, Inc. (Viela) shareholders. The complaint alleged that the Defendants breached their 
fiduciary duty to Viela shareholders in the course of Viela’s 2021 merger with Horizon 
Therapeutics, plc. 
 In July 2024, the Court granted with prejudice AstraZeneca’s motion to dismiss. 
 In August 2024, plaintiffs appealed the dismissal.  
 In March 2025, the Delaware Supreme Court affirmed the dismissal.  
 This matter is now concluded.

===== SIDA 31 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
31 
 
Table 23: Government investigations and proceedings 
Legal proceedings brought against AstraZeneca 
Beyfortus Civil Investigative 
Demand, US 
Considered to be a contingent liability 
 In March 2025, AstraZeneca received a subpoena from the US Attorney’s Office seeking certain 
records relating to Beyfortus. The subpoena requests that the Company produce various 
documents from January 2020 to present, including communications related to specific batches 
of Beyfortus, customer complaints, and FDA inspection reports. 
Shenzhen City Customs Office 
Considered to be a contingent liability 
 
 
 In relation to the illegal drug importation allegations, in April 2025, AstraZeneca received a 
second Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid 
importation taxes amounting to $1.6m. 
 To the best of AstraZeneca's knowledge, the importation taxes referred to in the Appraisal 
Opinion relate to Enhertu.  
 A fine of between one and five times the amount of unpaid importation taxes may also be levied 
if AstraZeneca is found liable. 
China Personal Information 
Infringement 
Considered to be a contingent liability 
 In relation to the personal information infringement allegation, in April 2025, AstraZeneca 
received a Notice of Transfer to the Prosecutor from the Shenzhen Bao'an District Public 
Security Bureau (the PSB) regarding suspected unlawful collection of personal information. 
 The Company has been informed that there was no illegal gain to the Company resulting from 
personal information infringement. 
Legal proceedings brought by AstraZeneca 
340B State Litigation, US 
Considered to be a contingent asset 
 AstraZeneca has filed lawsuits against Arkansas, Kansas, Louisiana, Maryland, Minnesota, 
Mississippi, Missouri, and West Virginia challenging the constitutionality of each state’s 340B 
statute. 
 In the Arkansas matter, trial is scheduled for September 2025 and the state has moved to 
dismiss AstraZeneca's complaint. In the Arkansas administrative proceeding, the commissioner 
issued a cease-and-desist order in April 2025 requiring AstraZeneca to pause its 340B policy in 
Arkansas. 
 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 granted the state’s motion for summary judgment. AstraZeneca has filed 
an appeal. 
 In Maryland, the state has moved to dismiss AstraZeneca's complaint and the court has denied 
AstraZeneca's preliminary injunction motion. 
 In Minnesota, the court found that the defendant government officials do not have authority to 
enforce the law and accordingly 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 Mississippi, the court denied AstraZeneca’s preliminary injunction motion. 
 In West Virginia, the matter is stayed pending an appeal of a related West Virginia litigation. 
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.

===== SIDA 32 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
32 
 
Note 5: Analysis of Revenue and Other operating income and expense 
Table 24: Q1 2025: Product Sales year-on-year analysis 
 World US Emerging Markets Europe Established RoW 
 
 Change  Change  Change  Change  Change 
 
$m   Act %  CER %  $m   Act %  $m   Act %  CER %  $m   Act %  CER %  $m   Act %  CER %  
- Tagrisso 1,679  5  8  678  9  519  7  12  307  2  6  175  (4) 1  
- Imfinzi 1,261  13  16  728  25  142  10  20  252  8  13  139  (18) (14) 
- Calquence 762  6  8  507  3  54  37  54  170  11  15  31  (3) 2  
- Lynparza 726  3  5  312  8  161  (4) -  196  3  6  57  (3) 2  
- Enhertu 198  63  71  -   n/m  136  64  72  43  67  72  19  51  61  
- Zoladex 283  3  7  5  53  223  5  10  34  (5) (2) 21  (12) (7) 
- Truqap 132  n/m  n/m  111  n/m  2  n/m  n/m  14  n/m  n/m  5  n/m  n/m  
- Imjudo 80  30  33  53  37  5  24  52  11  46  53  11  (3) 1  
- Other Oncology 110  (8) (4) 3  (48) 76  (4) -  5  (4) -  26  (12) (8) 
Oncology 5,231  10  13  2,397  15  1,318  10  16  1,032  8  12  484  (7) (2) 
- Farxiga 2,057  11  16  383  (19) 871  22  31  683  24  28  120  11  15  
- Crestor 316  7  10  12  20  272  13  17  -   n/m  n/m  32  (7) (3) 
- Brilinta 305  (6) (4) 173  6  74  (16) (13) 55  (17) (14) 3  (34) (30) 
- Seloken 161  (2) 3  -   n/m  155  (4) 2  5  70  70  1  (12) (7) 
- Lokelma 153  35  38  69  33  30  47  54  26  40  44  28  22  28  
- roxadustat 78  3  4  -   -  78  3  4  -   -  -  -   -  -  
- Wainua 39  n/m  n/m  39  n/m  -   -  -  -   -  -  -   -  -  
Other CVRM 136  (28) (25) 11  (76) 72  6  9  38  (39) (37) 15  31  37  
CVRM 3,245  8  12  687  (8) 1,552  14  20  807  13  17  199  9  13  
- Symbicort 723  (6) (3) 279  (7) 232  (8) (4) 135  (5) (2) 77  3  10  
- Fasenra 418  17  19  249  19  27  20  29  103  11  16  39  17  23  
- Breztri 300  37  39  148  41  90  29  32  42  38  43  20  39  47  
- Tezspire 87  n/m  n/m  -   -  7  n/m   n/m  57  n/m  n/m  23  62  73  
- Pulmicort 158  (30) (26) 2  (56) 127  (34) (30) 19  (2) 2  10  14  21  
- Saphnelo 136  49  51  120  45  3  n/m   n/m  9  n/m  n/m  4  51  67  
- Airsupra 28  n/m  n/m  28  n/m  -   -  -  -   -  -  -   -  -  
- Other R&I 97  4  6  39  37  43  (12) (10) 13  (7) (3) 2  1  8  
R&I 1,947  8  11  865  17  529  (10) (6) 378  14  19  175  17  24  
- Beyfortus 30  15  16  28  9  -   -  -  -   n/m  n/m  2  n/m  n/m  
- Synagis 112  (34) (32) (1) 3  83  (8) (3) 25  (59) (58) 5  (74) (74) 
- FluMist -   n/m  n/m  -   n/m  -   -  -  -   n/m  n/m  -   -  -  
- Other V&I 1  (93) (93) -   -  -   -  -  1  (93) (93) -   -  -  
V&I 143  (32) (30) 27  2  83  (8) (3) 26  (65) (64) 7  (67) (67) 
- Ultomiris 1,050  22  25  604  25  52  65  77  228  13  17  166  16  22  
- Soliris 444  (40) (38) 288  (30) 65  (48) (42) 56  (60) (59) 35  (43) (39) 
- Strensiq 352  12  14  266  8  34  59  71  26  9  13  26  21  26  
- Koselugo 138  4  8  53  16  40  (32) (27) 34  82  90  11  23  29  
- Other Rare Disease 58  9  15  26  19  14  3  21  16  4  8  2  (15) (10) 
Rare Disease 2,042  (3) -  1,237  3  205  (18) (10) 360  (10) (7) 240  1  6  
- Nexium 228  (5) (1) 19  (10) 176  3  7  11  (22) (15) 22  (34) (30) 
- Other 39  (26) (24) -   n/m  30  (12) (11) 8  (46) (43) 1  12  20  
Other Medicines 267  (9) (5) 19  (20) 206  -  4  19  (35) (30) 23  (32) (29) 
Total Medicines 12,875
  
6  9  5,232  8  3,893  5  11  2,622  5  9  1,128  (1) 3  
The table provides an analysis of year-on-year Product Sales, with Actual and CER growth rates reflecting year-on-year growth.

===== SIDA 33 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
33 
 
Table 25: Alliance Revenue  
 Q1 2025  
$m  
Q1 2024  
$m  
Enhertu 398 339 
Tezspire 130 77 
Beyfortus 82 20 
Datroway 4 - 
Other Alliance Revenue 25 21 
Total 639 457 
Table 26: Collaboration Revenue  
 Q1 2025  
$m  
Q1 2024  
$m  
Farxiga: sales milestones 74 45 
Total 74 45 
Table 27: Other operating income and expense 
 Q1 2025  
$m  
Q1 2024  
$m  
Total 113 67

===== SIDA 34 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
34 
 
 
Financial calendar 
Announcement of H1 and Q2 2025 results: 29 July 2025 
Announcement of 9M and Q3 2025 results:  6 November 2025 
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 
The ex-dividend dates shown below are for ordinary shares listed on the London Stock Exchange (LSE). 
Proposed dividend dates  
Announced 
 
Ex-dividend date 
(LSE) 
Record date Payment date 
FY 2025 First interim* 29 Jul 2025 7 Aug 2025 8 Aug 2025 8 Sep 2025 
*Provisional dates, subject to Board approval. 
For the ex-dividend dates of ordinary shares listed on the Stockholm Stock Exchange, and for American Depositary Receipts listed on 
NASDAQ, please check with the relevant exchange.  
Contact details 
For Investor Relations contacts, click here. For Media contacts, click here. 
Addresses for correspondence  
Registered office Registrar and  
transfer office 
Swedish Central Securities 
Depository 
US depositary  
1 Francis Crick Avenue 
Cambridge Biomedical Campus 
Cambridge 
CB2 0AA 
Equiniti Limited 
Aspect House 
Spencer Road 
Lancing 
West Sussex 
BN99 6DA 
Euroclear Sweden AB 
PO Box 191 
SE-101 23 Stockholm 
J.P. Morgan Chase Bank N.A. 
EQ Shareowner Services 
P.O. Box 64504 
St. Paul 
MN 55164-0504 
 
UK UK Sweden US 
+44 (0) 20 3749 5000 0800 389 1580 +46 (0) 8 402 9000 +1 (888) 697 8018 (US only) 
 +44 (0) 121 415 7033  +1 (651) 453 2128 
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, does not form part of and is not incorporated 
into this announcement.  
Other shareholder information

===== SIDA 35 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
35 
 
AstraZeneca 
AstraZeneca (LSE/STO/Nasdaq: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, 
and commercialisation of prescription medicines in Oncology, Rare Disease, and BioPharmaceuticals, including Cardiovascular, Renal & 
Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries and its innovative 
medicines are used by millions of patients worldwide. Please visit astrazeneca.com and follow the Company on Social Media 
@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 impact 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 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;  
– the risk of unexpected deterioration in the Group's financial position;  
– the risk of foreign exchange rate movements impacting our financial condition or results of operations; and  
– the impact that global and/or geopolitical events may have or continue to have on these risks, on the Group's ability to continue to 
mitigate these risks, and on the Group's operations, financial results or financial condition.

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      Back  
36 
 
1L, 2L, etc First line, second line, etc 
AAAAI American Academy of Allergy, Asthma, and 
Immunology 
ACC American College of Cardiology 
aHUS Atypical haemolytic uraemic syndrome 
AKT Serine/threonine protein kinase 
ALK Anaplastic lymphoma kinase gene 
ASCO American Society of Clinical Oncology 
ATTR / -CM / -PN Transthyretin-mediated amyloid / 
cardiomyopathy / polyneuropathy 
ATTRv / -CM / -PN Hereditary transthyretin-mediated amyloid / 
cardiomyopathy / polyneuropathy 
BTC Biliary tract cancer 
BTKi Bruton tyrosine kinase inhibitor 
CDK4 Cyclin-dependent kinase 4 
CER Constant exchange rates 
CHMP Committee for Medicinal Products for Human 
Use (EU) 
CI Confidence interval 
CLL Chronic lymphocytic leukaemia 
CN China 
CRSwNP Chronic rhinosinusitis with nasal polyps  
CVRM Cardiovascular, Renal and Metabolism 
EBITDA Earnings before interest, tax, depreciation and 
amortisation 
EFS Event free survival 
EGFR / m Epidermal growth factor receptor gene / 
mutation 
EGPA Eosinophilic granulomatosis with polyangiitis 
EM Emerging Markets 
EPS Earnings per share 
ESR1 / m Oestrogen Receptor 1 gene / mutation 
EVH Extravascular haemolysis 
FDC Fixed dose combination 
FLOT A treatment regimen: fluorouracil, oxaliplatin and 
docetaxel  
GAAP Generally Accepted Accounting Principles 
GEJ Gastro oesophageal junction 
GI Gastrointestinal 
gMG Generalised myasthenia gravis 
GU Genito-urinary 
HCC Hepatocellular carcinoma 
HER2 / +/- /low /m Human epidermal growth factor receptor 2 / 
positive / negative / low expression / gene 
mutation 
HR / + / - Hormone receptor / positive / negative 
HSCT-TMA Hematopoietic stem cell transplantation-
associated thrombotic microangiopathy 
ICS Inhaled corticosteroid 
IHC Immunohistochemistry 
IL-5 Interleukin-5 
ISH In situ hybridisation 
JP Japan 
LABA Long-acting beta-agonist 
LDH Lactic dehydrogenase 
LDL-C Low-density lipoprotein cholesterol 
MCL Mantle cell lymphoma 
MIBC Muscle-invasive bladder cancer 
n/m Growth rate not meaningful 
NF1-PN Neurofibromatosis type 1 with plexiform 
neurofibromas 
NRDL National reimbursement drug list 
NSCLC Non-small cell lung cancer 
OS Overall survival 
PARP Poly ADP ribose polymerase 
pCR Pathologic complete response 
PFS Progression free survival 
PIK3CA Phosphatidylinositol-4,5-bisphosphate 3-kinase, 
catalytic subunit alpha gene 
PNH Paroxysmal nocturnal haemoglobinuria 
PTEN Phosphatase and tensin homologue gene 
R&D Research and development 
ROW Rest of world 
SCLC Small cell lung cancer 
SG&A Sales, general and administration 
SGLT2 Sodium-glucose cotransporter 2 
SLL Small lymphocytic lymphoma 
THP A treatment regimen: docetaxel, trastuzumab 
and pertuzumab 
VBP Value based procurement 
 
Glossary