FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
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Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary
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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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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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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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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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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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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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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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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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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
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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.
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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.
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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.
===== SIDA 36 =====
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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