Kvartalsrapport Q2 2025

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
 
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29 July 2025 
AstraZeneca results: H1 and Q2 2025 
Strong growth momentum continues with excellent R&D pipeline delivery in the year-to-date 
Revenue and EPS summary 
 H1 2025         % Change Q2 2025         % Change 
 $m  Actual  CER1 $m  Actual  CER 
 - Product Sales 26,670  8  10  13,795  11  10  
 - Alliance Revenue 1,293  38  38  654  36  35  
Product Revenue2 27,963  9  11  14,449  12  11  
Collaboration Revenue 82  68  66  8  >2x  >2x  
Total Revenue 28,045  9  11  14,457  12  11  
Reported EPS ($) 3.46  31 32  1.58  27  31  
Core3 EPS ($) 4.66  16 17  2.17  10  12  
 
Key performance elements for H1 2025 
(Growth numbers at constant exchange rates) 
 Total Revenue up 11% to $28,045m, driven by double-digit 
growth in Oncology and BioPharmaceuticals 
 Growth in Total Revenue across all major geographic 
regions 
 Core Operating profit increased 13% 
 Core EPS increased 17% to $4.66 
 12 positive Phase III readouts and 19 approvals in major 
regions 
 Interim dividend increased 3% to $1.03 (76.7 pence, 9.81 
SEK)
 
Pascal Soriot, Chief Executive Officer, AstraZeneca, said: 
“Our strong momentum in revenue growth continued through the first 
half of the year and the delivery from our broad and diverse pipeline 
has been excellent, with 12 positive key Phase III trial readouts 
including for baxdrostat, gefurulimab, and Tagrisso in just the past few 
weeks. 
As we enter our next phase of growth, we have pledged $50 billion to 
continue to grow in the US, which includes the largest manufacturing 
investment in AstraZeneca’s history, set for Virginia. This landmark 
investment reflects not only America’s importance but also our 
confidence in our innovative medicines to transform global health and 
power AstraZeneca’s ambition to deliver $80 billion revenue by 2030.” 
 
 
 
 
Guidance 
AstraZeneca reiterates its Total Revenue and Core EPS guidance4 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 July 2025 to December 2025 were to remain at the average rates seen in June 2025, it is anticipated that 
FY 2025 Total Revenue growth and Core EPS growth would be broadly similar to the growth at CER (previously a low single-digit 
percentage adverse impact was anticipated)

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
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Contents 
Results highlights ...................................................................................................................................................................................... 3 
Revenue drivers ........................................................................................................................................................................................ 6 
R&D progress .......................................................................................................................................................................................... 11 
Sustainability .......................................................................................................................................................................................... 15 
Operating and financial review............................................................................................................................................................... 16 
Financial performance ............................................................................................................................................................................ 17 
Interim financial statements................................................................................................................................................................... 23 
Responsibility statement of the directors in respect of the half-yearly financial report ........................................................................ 28 
Independent review report to AstraZeneca PLC .................................................................................................................................... 29 
Notes to the Interim financial statements.............................................................................................................................................. 30 
Other shareholder information .............................................................................................................................................................. 40 
Glossary .................................................................................................................................................................................................. 42 
 
Tables 
Table 1. Milestones achieved since the prior results announcement ...................................................................................................... 3 
Table 2: Key elements of financial performance: Q2 2025 ....................................................................................................................... 4 
Table 3: Product Revenue by medicine .................................................................................................................................................... 6 
Table 4: Collaboration Revenue................................................................................................................................................................ 7 
Table 5: Total Revenue by Therapy Area .................................................................................................................................................. 7 
Table 6: Total Revenue by region ............................................................................................................................................................. 7 
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: H1 2025 ............................................................................................ 17 
Table 10: Reconciliation of Reported to Core financial measures: Q2 2025 .......................................................................................... 18 
Table 11: Cash Flow summary: H1 2025 ................................................................................................................................................. 19 
Table 12: Net debt summary .................................................................................................................................................................. 19 
Table 13: Obligor group summarised Statement of comprehensive income: H1 2025 .......................................................................... 20 
Table 14: Obligor group summarised Statement of financial position ................................................................................................... 20 
Table 15: Currency sensitivities .............................................................................................................................................................. 21 
Table 16: Condensed consolidated statement of comprehensive income: H1 2025 ............................................................................. 23 
Table 17: Condensed consolidated statement of comprehensive income: Q2 2025 ............................................................................. 24 
Table 18: Condensed consolidated statement of financial position....................................................................................................... 25 
Table 19: Condensed consolidated statement of changes in equity ...................................................................................................... 26 
Table 20: Condensed consolidated statement of cash flows: H1 2025 .................................................................................................. 27 
Table 21: Net debt .................................................................................................................................................................................. 31 
Table 22: Contingent consideration ....................................................................................................................................................... 32 
Table 23: Product Sales year-on-year analysis: H1 2025 ........................................................................................................................ 37 
Table 24: Product Sales year-on-year analysis: Q2 2025 (Unreviewed) ................................................................................................. 38 
Table 25: Alliance Revenue: H1 2025 ..................................................................................................................................................... 39 
Table 26: Collaboration Revenue: H1 2025 ............................................................................................................................................ 39 
Table 27: Other operating income and expense: H1 2025 ..................................................................................................................... 39

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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-Breast11 High-risk HER2+ early breast cancer (neoadjuvant) Primary endpoint met 
Imfinzi POTOMAC High-risk non-muscle invasive bladder cancer Primary endpoint met 
Tagrisso FLAURA2 1L EGFRm NSCLC Secondary endpoint met (OS) 
baxdrostat BaxHTN Uncontrolled or treatment resistant hypertension Primary endpoint met 
Breztri KALOS/LOGOS Uncontrolled asthma Primary endpoint met 
Fasenra NATRON HES Primary endpoint met 
Saphnelo AZALEA SLE (China) Primary endpoint met 
anselamimab CARES (301/2) Light chain amyloidosis Primary endpoint not met 
gefurulimab PREVAIL Generalised myasthenia gravis Primary endpoint met 
Regulatory approvals 
Medicine Trial Indication Region 
Calquence ECHO 1L MCL EU 
Calquence ACE-LY-004 Relapsed/refractory MCL EU 
Calquence AMPLIFY 1L CLL (fixed duration) EU 
Datroway TROPION-Lung05/ 
TROPION-Lung01 
2L+ EGFRm NSCLC US 
Imfinzi ADRIATIC Limited-stage SCLC CN 
Imfinzi NIAGARA MIBC EU 
Tagrisso LAURA Locally advanced/unresectable EGFRm NSCLC JP 
Orpathys + Tagrisso SACHI Locally advanced/metastatic 2L+ EGFRm MET+ NSCLC CN 
Regulatory submissions or acceptances* in major regions 
Medicine Trial Indication Region 
Calquence AMPLIFY 1L CLL (fixed duration) US 
Enhertu DESTINY-PanTumor02 2L+ unresectable / metastatic HER2+ solid tumours JP 
Enhertu DESTINY-Gastric04 2L HER2+ gastric cancer CN, JP 
Imfinzi MATTERHORN Resectable early-stage gastric and GEJ cancers US 
camizestrant SERENA-6 ESR1m HR+ HER2- aBC US, EU, JP 
* US, EU and China regulatory submissions denotes filing acceptance  
 
Other pipeline updates 
For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix, available on 
www.astrazeneca.com/investor-relations.html.
Results highlights

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Table 2: Key elements of financial performance: Q2 2025 
 
For the quarter  Reported      Change Core       Change  
ended 30 June $m  Act CER $m  Act CER  
Product Revenue 14,449  12  11  14,449  12  11   See Tables 3, 23, 24 and 25 for medicine details of 
Product Revenue, Product Sales and Alliance Revenue 
Collaboration 
Revenue 
8  >2x  >2x  8  >2x  >2x   See Tables 4 and 26 for details of Collaboration 
Revenue 
Total Revenue 
 
14,457  12  11  14,457  12  11   See Tables 5 and 6 for Total Revenue by Therapy Area 
and by region 
Gross Margin (%) 83  -  -  82  (1pp) -  − Growth of partnered medicines 
 Variations in Gross Margin can be expected between 
periods due to various factors, including fluctuations in 
foreign exchange rates, product seasonality and 
Collaboration Revenue 
 See ‘Reporting changes’ below for the definition of 
Gross Margin5 
R&D expense 3,548  18  16  3,453  20  18   Core R&D: 24% of Total Revenue 
+ Accelerated recruitment in ongoing Phase III trials 
+ Investments in transformative technologies such as cell 
therapy and radioconjugates  
+ Positive data read-outs for high-value pipeline 
opportunities that have ungated late-stage trials 
+ Addition of BD related R&D 
SG&A expense  4,864  (1) (2) 3,802  2  1   Core SG&A: 26% of Total Revenue 
Other operating 
income and expense6  
79  30  33  71  19  23   
Operating Profit 3,508  28  32  4,584  12  14   
Operating Margin (%) 24  3pp  4pp  32  -  1pp   
Net finance expense  371 8  10  303 6  9  + Debt issued in 2024 at higher interest rates 
Tax rate (%) 22  2pp  2pp  21  2pp  2pp   Variations in the tax rate can be expected between 
periods 
EPS ($) 1.58  27  31  2.17  10  12   
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 symbols 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 expense relative to the prior year period. 
Corporate and business development  
CSPC 
In June 2025, AstraZeneca entered a 
strategic research collaboration with 
Shijiazhuang City-based CSPC 
Pharmaceuticals Group Limited to discover 
and develop pre-clinical candidates for 
multiple targets with the potential to treat 
diseases across chronic indications, 
including a pre-clinical small molecule oral 
therapy for immunological diseases. 
CSPC’s research will utilise its AI-driven, 
dual-engine efficient drug discovery 
platform. 
CSPC will receive an upfront payment of 
$110m, of which $60m has been 
capitalised as an Intangible asset, and is 
also eligible to receive up to $1.62bn in 
potential development milestone 
payments and up to $3.6bn in sales 
milestone payments, plus potential single-
digit royalties based on annual net sales of 
the products. 
AstraZeneca will have rights to exercise 
options for exclusive licenses to develop 
and commercialise worldwide candidates 
identified under this agreement. 
EsoBiotec 
In May 2025, AstraZeneca completed the 
acquisition of EsoBiotec, a biotechnology 
company pioneering in vivo cell therapies 
that has demonstrated promising early 
clinical activity. The EsoBiotec Engineered 
NanoBody Lentiviral (ENaBL) platform uses 
highly targeted lentiviruses to deliver 
genetic instructions to specific immune 
cells, with potential use in oncology and 
immune-mediated diseases. 
AstraZeneca has acquired all outstanding 
equity of EsoBiotec for a total 
consideration of up to $1bn, on a cash and 
debt free basis. This includes an initial 
payment of $403m, and up to $575m in 
contingent consideration based on 
development and regulatory milestones. 
US investment plans 
In July 2025, AstraZeneca announced plans 
to invest $50bn in US manufacturing and 
R&D by 2030. 
The cornerstone of this landmark 
investment is a new multi-billion dollar US 
manufacturing facility that will produce 
drug substances for the Company’s 
innovative weight management and 
metabolic portfolio, including oral GLP-1, 
baxdrostat, oral PCSK9 and combination 
small molecule products. 
The drug substance facility, planned to be 
in the Commonwealth of Virginia, would 
be AstraZeneca’s largest single 
manufacturing investment in the world. 
The facility will leverage AI, automation, 
and data analytics to optimise production.

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Sustainability highlights 
AstraZeneca introduced an updated 
Sustainability strategy which focuses on 
the Company’s sustainability impact and 
how it does business. This strategy 
evolution recognises the connection 
between business growth and the need to 
address the major health challenges of our 
time, and aims to support the health of 
people, society and the planet. 
Reporting calendar  
The Company intends to publish its 
9M and Q3 2025 results on 6 November 
2025. 
Conference call 
A conference call and webcast for 
investors and analysts will begin today, 
29 July 2025, at 14:00 UK time. Details can 
be accessed via astrazeneca.com. 
Reporting changes since FY 2024  
Product Revenue 
Effective 1 January 2025, the Group has 
updated the presentation of Total 
Revenue on the face of the Statement of 
Comprehensive Income to include a new 
subtotal ‘Product Revenue’ representing 
the summation of Product Sales and 
Alliance Revenue.  
Product Revenue and Collaboration 
Revenue form Total Revenue. 
Product Sales and Alliance Revenue will 
continue to be presented separately, with 
the new subtotal providing additional 
aggregation of revenue types with similar 
characteristics, reflecting the growing 
importance of Alliance Revenue. 
Full descriptions of Product Sales, Alliance 
Revenue and Collaboration Revenue are 
included from page 152 of the Group's 
Annual Report and Form 20-F Information 
2024. 
Gross Margin 
Effective 1 January 2025, the Group has 
replaced the measure of ‘Product Sales 
Gross Margin’ with the measure of ‘Gross 
Margin’. Previously, the measure excluded 
margin related to Alliance Revenue and 
Collaboration Revenue. The new measure 
is calculated using Gross profit as a 
percentage of Total Revenue, thereby 
encompassing all revenue categories, and 
is intended to provide a more 
comprehensive measure of total 
performance. 
Notes 
1. Constant exchange rates. The 
differences between Actual Change and 
CER Change are due to foreign exchange 
movements between periods in 2025 vs. 
2024. CER financial measures are not 
accounted for according to generally 
accepted accounting principles (GAAP) 
because they remove the effects of 
currency movements from Reported 
results.  
2. Effective 1 January 2025, the Group has 
updated its presentation of Total 
Revenue, adding a new subtotal of 
Product Revenue, the sum of Product 
Sales and Alliance revenue. For further 
details, see Note 1: ‘Basis of preparation 
and accounting 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 Company is unable to provide 
guidance on a Reported basis because it 
cannot reliably forecast material 
elements of the Reported results, 
including any fair value adjustments 
arising on acquisition-related liabilities, 
intangible asset impairment charges and 
legal settlement provisions. Please refer 
to the cautionary statements section 
regarding forward-looking statements at 
the end of this announcement. 
5. Effective 1 January 2025, the Group has 
updated its presentation of Gross 
Margin. For further details, see Note 1: 
‘Basis of preparation and accounting 
policy’ in the Notes to the Interim 
Financial Statements 
6. Income from disposals of assets and 
businesses, where the Group does not 
retain a significant ongoing economic 
interest, is recorded in Other operating 
income and expense in the Group’s 
financial statements.

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Table 3: Product Revenue by medicine 
 H1 2025          % Change Q2 2025          % Change 
 $m  % Total  Actual  CER  $m  % Total  Actual  CER  
Tagrisso 3,488  12  9  10  1,810  13  13  12  
Imfinzi 2,716  10  20  21  1,455  10  27  26  
Calquence 1,634  6  8  9  872  6  10  10  
Lynparza 1,564  6  8  9  838  6  13  11  
Enhertu 1,262  5  35  38  666  5  41  42  
Zoladex 587  2  4  6  294  2  4  5  
Truqap 302  1  >2x  >2x  170  1  84  84  
Imjudo 170  1  25  25  89  1  20  18  
Datroway 14  -  n/m  n/m  11  -  n/m  n/m  
Other Oncology 217  1  (10) (8) 107  1  (12) (13) 
Oncology Product Revenue 11,954  43  15  16  6,312  44  18  18  
Farxiga 4,209  15  11  13  2,151  15  11  10  
Crestor 636  2  8  10  320  2  9  9  
Brilinta 520  2  (22) (21) 215  1  (37) (38) 
Lokelma 328  1  31  32  175  1  29  27  
Seloken 309  1  (2) 2  148  1  (2) 1  
roxadustat 152  1  (9) (8) 73  1  (18) (18) 
Wainua 84  -  >4x  >4x  44  -  >2x  >2x  
Other CVRM 274  1  (27) (26) 138  1  (27) (28) 
CVRM Product Revenue 6,512  23  6  7  3,264  23  3  3  
Symbicort 1,438  5  (4) (2) 715  5  (1) (1) 
Fasenra 920  3  18  18  502  3  19  18  
Breztri 583  2  28  29  283  2  21  20  
Tezspire 483  2  73  73  267  2  66  65  
Pulmicort 264  1  (30) (28) 106  1  (32) (32) 
Saphnelo 304  1  49  49  167  1  49  48  
Airsupra 70  -  >3x  >3x  42  -  >2x  >2x  
Other R&I 172  1  (5) (5) 68  -  (19) (20) 
R&I Product Revenue 4,234  15  12  13  2,150  15  13  12  
Beyfortus 238  1  >2x  >2x  126  1  >3x  >3x  
Synagis 162  1  (36) (33) 49  -  (39) (37) 
FluMist 10  -  20  16  10  -  >5x  >5x  
Other V&I 1  -  (91) (91) -   -  (78) (78) 
V&I Product Revenue 411  1  17  18  185  1  56  54  
Ultomiris 2,228  8  23  24  1,177  8  25  23  
Soliris 974  3  (32) (30) 530  4  (24) (22) 
Strensiq 746  3  14  15  395  3  16  15  
Koselugo 275  1  11  13  137  1  20  18  
Other Rare Disease 113  -  12  14  55  -  16  14  
Rare Disease Product Revenue 4,336  16  2  3  2,294  16  7  7  
Nexium 434  2  (8) (5) 201  1  (11) (11) 
Others 82  -  (20) (20) 43  -  (12) (13) 
Other Medicines Product Revenue 516  2  (10) (8) 244  2  (11) (11) 
Product Revenue 27,963  100  9  11  14,449  100  12  11  
            
Alliance Revenue included above:            
Enhertu 834  3  22  24  436  3  27  27  
Tezspire 285  1  58  58  155  1  50  50  
Beyfortus 109  -  >4x  >3x  27  -  >4x  >3x  
Datroway 14  -  n/m  n/m  10  -  n/m  n/m  
Other Alliance Revenue 51  -  4  2  26  -  (11) (11) 
Alliance Revenue 1,293  5  38  38  654  5  36  35  
  
Revenue drivers

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Table 4: Collaboration Revenue 
 H1 2025              % Change Q2 2025              % Change 
 $m    Actual  CER  $m    Actual  CER  
Farxiga: sales milestones 77   57  56  3   (36) (38) 
Others 5   n/m n/m 5   n/m n/m 
Collaboration Revenue 82   68  66  8   >2x  >2x  
Table 5: Total Revenue by Therapy Area 
 H1 2025              % Change Q2 2025   % Change 
 $m   % Total Actual  CER  $m   % Total Actual  CER  
Oncology 11,955  43  15  16  6,312  44  18  18  
CVRM 6,588  23  6  8  3,266  23  3  3  
R&I 4,234  15  12  13  2,150  15  13  12  
V&I 411  1  17  18  185  1  56  54  
BioPharmaceuticals 11,232  40  8  10  5,601  39  8  7  
Rare Disease 4,336  15  2  3  2,294  16  7  7  
Other Medicines 522  2  (9) (7) 250  2  (9) (9) 
Total Revenue 28,045  100  9  11  14,457  100  12  11  
Table 6: Total Revenue by region 
 H1 2025              % Change Q2 2025   % Change 
 $m   % Total Actual  CER  $m   % Total Actual  CER  
US 11,970  43  12  12  6,323  44  13  14  
Emerging Markets ex. China 4,182  15  12  19  2,043  14  16  21  
China 3,515  13  4  5  1,710  12  5  5  
Emerging Markets 7,697  27  8  12  3,754  26  11  13  
Europe 5,825  21  9  8  3,066  21  12  8  
Established ROW 2,554  9  5  5  1,315  9  5  2  
Total Revenue 28,045  100  9  11  14,457  100  12  11  
Total Revenue by Medicine 
Oncology 
Tagrisso  
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Strong demand growth across all indications and key regions, leading 
combination in 1L NSCLC (FLAURA2) 
US 1,439  12  12    Underlying demand growth more than offset Medicare Part D redesign 
Emerging Markets 1,008  10  13    
Europe 658  5  5    Demand growth partially offset by pricing pressure in certain major markets  
Established RoW 383  3  3    Demand growth offset by seasonal variability in Japan in Q1 2025  
Total 3,488  9  10    
Imfinzi 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Strong growth from new launch indications in bladder cancer (NIAGARA) and lung 
cancer (ADRIATIC, AEGEAN) 
US 1,572  31  31    Demand growth from new launches, further growth in ES-SCLC (CASPIAN) 
Emerging Markets 294  20  28    Increased demand in GI and new launches in lung cancer  
Europe 537  17  17    Growth from GI indications and early momentum from lung cancer launches 
Established RoW 313  (11) (11)   Mandatory price reductions in Japan in Feb 2024 (25%), and Aug 2024 (11%), 
increased competition in BTC 
Total 2,716  20  21

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Calquence  
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth from sustained BTKi leadership in front-line CLL (ELEVATE-TN) 
US 1,090  4  4  
 
 Demand growth driven by increased share of new starts in CLL, 1L MCL (ECHO) 
launch and improved affordability offsetting Medicare Part D redesign and 
discounts to secure preferential formulary placement 
Emerging Markets 103  36  49    
Europe 368  15  15    
Established RoW 73  12  15    
Total 1,634  8  9    
Lynparza 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained global PARP inhibitor market leadership across four tumour types 
(ovarian, breast, prostate, pancreatic) 
US 689  14  14    Share gains across breast and prostate indications 
Emerging Markets 323  1  4    Affected by generic launches in China in Q4 2024 
Europe 425  7  6    Launches in breast and prostate cancers (OlympiA and PROpel) 
Established RoW 127  1  2    Gains in 1L ovarian cancer offset by lower testing rate in prostate cancer 
Total 1,564  8  9    
Enhertu 
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca, amounted to $2,289m in H1 2025 (H1 2024: $1,772m). US in-
market sales, recorded by Daiichi Sankyo, amounted to $1,128m in H1 2025 (H1 2024: $865m). AstraZeneca's European revenue 
includes a mid single-digit percentage royalty on Daiichi Sankyo's sales in Japan, recorded as Alliance Revenue. 
H1 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  543  31  31    Accelerating uptake in chemotherapy naïve HER2-low and -ultralow breast cancer 
(DESTINY-Breast06) 
Emerging Markets 365  63  72    Rapid adoption post-NRDL enlistment of HER2-positive and HER2-low breast 
cancer from 1 January 2025 
Europe 312  19  19    Early launch uptake in chemotherapy naïve HER2-low breast cancer 
Established RoW 42  35  41    
Total 1,262  35  38    
Other Oncology medicines 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Zoladex 588  4  6    Growth across Emerging Markets 
Truqap 302  >2x  >2x    Demand growth in second-line biomarker-altered population 
Imjudo  170  25  25    Continued growth driven by lung (POSEIDON) and HCC (HIMALAYA)  
Datroway 14  n/m n/m   Uptake from breast cancer following launch in the US  
Other Oncology 217  (10) (8)   Faslodex generic erosion across markets 
Other Oncology includes $16m of Total Revenue from Orpathys, partnered with HUTCHMED. 
BioPharmaceuticals - CVRM 
Farxiga 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth driven by HF and CKD indications, SGLT2 class growth supported by 
cardiorenal guidelines  
US 803  (8) (8)   Q1 2024 benefitted from launch of authorised generic 
Emerging Markets 1,730  17  23    Continued strong growth despite generic competition in some markets  
Europe 1,448  17  17    Continued strong class growth and market share gains 
Established RoW 304  17  17    Sales milestone of $74m from partner in Japan in Q1 2025 
Total 4,285  12  14

===== SIDA 9 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
9 
 
Other CVRM medicines 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Crestor 636  8  10    Continued sales growth driven by Emerging Markets 
Brilinta 520  (22) (21)   Decline driven by generic entry in the US and Europe in Q2 2025 
Seloken 309  (2) 2    Majority of revenue driven by Emerging Markets 
Lokelma 328  31  32    Strong growth in all major regions 
roxadustat 152  (9) (8)   Decline driven by generic competition 
Wainua 84  >4x  >4x    Majority of revenue from US, first launches in ex-US markets in Q2 2025 
Other CVRM 274  (27) (26)   
BioPharmaceuticals - R&I 
Symbicort  
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Global market leader in a stable ICS/LABA class, treating COPD and asthma 
US 598  -  -    Resilient demand for authorised generic  
Emerging Markets 400  (11) (8)   China affected by ICS/LABA class erosion in COPD in favour of triple therapy 
Europe 272  (5) (5)   Continued generic erosion  
Established RoW 168  7  10    
Total 1,438  (4) (2)   
Fasenra 
H1 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 556  16  16    Sustained double-digit volume growth with expanded class leadership 
Emerging Markets 52  26  32    Asthma launch momentum across key markets  
Europe 229  19  19    Sustained leadership in severe eosinophilic asthma 
Established RoW 83  19  20    Strong growth supported by recent EGPA launch in Japan 
Total 920  18  18    
Breztri 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Fastest growing medicine within the expanding FDC triple class (ICS/LABA/LAMA), 
treating COPD 
US 295  31  31    Consistent share growth within expanding FDC triple class  
Emerging Markets 156  19  21    Growth from market share leadership in China with strong FDC triple class 
penetration. Unfavourable inventory movement in the second quarter 
Europe 87  34  34    Sustained growth from market share gain and new launches 
Established RoW 45  34  36    Increasing market share in Japan 
Total 583  28  29    
Tezspire 
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to $826m in H1 2025 (H1 2024: $507m). 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained demand growth in severe asthma with launch momentum across 
multiple markets 
US 285  58  58    Continued strong demand growth with majority of patients new to biologics  
Emerging Markets 16  >3x  >3x    Strong continued launch uptake 
Europe 128  >2x  >2x    Maintained new-to-brand leadership across multiple markets and new launches 
Established RoW 54  61  63    Strong growth driven by Japan 
Total 483  73  73    
Other R&I medicines 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Pulmicort 264  (30) (28)   Generic competition in Emerging Markets (~80% of revenue)  
Saphnelo 304  49  49    Strong US demand growth, ongoing launches in Europe and Established RoW 
Airsupra 70  >3x  >3x    Strong US launch momentum and volume uptake 
Other R&I 172  (5) (5)

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
10 
 
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 and royalties on sales of Beyfortus in major markets outside the US. 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Beyfortus 238  >2x  >2x    Increased capacity and strong demand 
Synagis 162  (36) (33)   Competition from Beyfortus 
FluMist 10  20  16    
Other V&I 1  (91) (91)   
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. 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth due to patient demand, both naïve to branded medicines and conversion 
from Soliris in all indications (gMG, NMOSD, aHUS and PNH)  
US 1,272  23  23    Demand growth across indications, including within the competitive gMG and 
PNH landscapes, minimal impact from Medicare Part D redesign 
Emerging Markets 113  71  82    Expansion into new markets and growth in patient demand 
Europe 498  21  21    Strong demand growth following recent launches; competition in gMG 
Established RoW 345  17  17    Continued conversion and strong demand following new launches 
Total 2,228  23  24    
Soliris 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Decline driven by conversion of patients to Ultomiris in all indications (gMG, 
NMOSD, aHUS, PNH), competition, and biosimilar pressure in Europe 
US 568  (30) (30)   Competition in gMG and PNH 
Emerging Markets 224  (12) (1)   Benefitted from favourable order timing in tender markets 
Europe 112  (57) (57)   Biosimilar competition in PNH and aHUS  
Established RoW 70  (40) (38)  • Driven by conversion to Ultomiris  
Total 974  (32) (30)   
Strensiq 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth driven by continued patient demand and geographic expansion  
US 584  10  10   • Demand growth, offset by Medicare Part D redesign 
Emerging Markets 50  61  67    
Europe 57  19  20    
Established RoW 55  24  23    
Total 746  14  15    
Other Rare Disease medicines 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Koselugo 275 11 13   Growth driven by continued patient demand and geographic expansion 
Other Rare Disease  113 12 14   Other Rare Disease medicines include Kanuma and Beyonttra (JP only)  
Other Medicines 
H1 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Nexium 434 (8) (5)   Growth in Emerging Markets, generic erosion elsewhere 
Others 88 (15) (15)   Generic erosion

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
11 
 
This section covers R&D events and milestones that occurred between 29 April 2025 and 28 July 2025. A comprehensive view of 
AstraZeneca's pipeline of medicines in human trials can be found in the latest Clinical Trials Appendix, available on AstraZeneca’s 
investor relations webpage. The Clinical Trials Appendix includes tables with details of the ongoing clinical trials for AstraZeneca 
medicines and new molecular entities in the pipeline. 
Oncology 
AstraZeneca presented new data across its diverse portfolio of cancer medicines at two major medical congresses since the prior 
results announcement: the American Society of Clinical Oncology Annual Meeting 2025 and the European Hematology Association 
Congress 2025. Across the two meetings, more than 100 abstracts were presented featuring 23 approved and potential new medicines 
including 25 oral presentations. 
Calquence 
Approval 
EU 
ECHO 
May 2025 
 In combination with bendamustine and rituximab for the treatment of previously 
untreated mantle cell lymphoma who are not eligible for autologous stem cell 
transplant. 
Approval 
EU 
ACE-LY-004 
May 2025 
New disclosure 
 For the treatment of relapsed or refractory mantle cell lymphoma not previously 
treated with a BTK inhibitor. 
Approval 
EU 
AMPLIFY 
June 2025 
 Fixed-duration regimen of Calquence in combination with venetoclax, with or without 
obinutuzumab, for the treatment of previously untreated chronic lymphocytic 
leukaemia. 
Datroway 
Approval 
US 
TROPION-Lung05, 
Tropion-Lung01 
June 2025 
 For the treatment of locally advanced or metastatic EGFRm NSCLC who have received 
prior EGFR-directed therapy and platinum-based chemotherapy. 
Enhertu 
Phase III readout 
 
DESTINY-Breast11 
May 2025 
 Positive high-level results demonstrated that Enhertu followed by paclitaxel, 
trastuzumab and pertuzumab (THP) demonstrated a statistically significant and 
clinically meaningful improvement in pCR rate versus standard-of-care (dose-dense 
doxorubicin and cyclophosphamide followed by THP) when used in the neoadjuvant 
setting in patients with high-risk, locally advanced HER2-positive early-stage breast 
cancer. 
Data presentation  
ASCO 
DESTINY-Breast09 
June 2025 
 Positive results from the DESTINY-Breast09 Phase III trial in 1st-line HER2-positive 
metastatic breast cancer showed Enhertu plus pertuzumab reduced the risk of 
disease progression or death by 44% versus THP (HR 0.56; 95% CI 0.44-0.71; 
p<0.00001). Median PFS was 40.7 months with Enhertu plus pertuzumab compared 
to 26.9 months for THP, as assessed by blinded independent central review. 
Imfinzi 
Phase III readout POTOMAC 
May 2025 
 Positive high-level results from the POTOMAC Phase III trial showed one year of 
treatment with Imfinzi plus standard-of-care BCG induction and maintenance therapy 
demonstrated a statistically significant and clinically meaningful improvement in 
disease-free survival for patients with high-risk non-muscle-invasive bladder cancer 
compared to BCG induction and maintenance therapy alone. 
Approval 
China 
ADRIATIC 
May 2025 
New disclosure 
 For the treatment of limited-stage small cell lung cancer whose disease has not 
progressed following platinum-based chemoradiation therapy. 
  
R&D progress

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
12 
 
Data presentation 
ASCO 
MATTERHORN 
June 2025 
 Positive results from the MATTERHORN Phase III trial in resectable early-stage gastric 
and gastroesophageal junction cancers showed perioperative treatment with Imfinzi 
in combination with standard-of-care FLOT (fluorouracil, leucovorin, oxaliplatin, and 
docetaxel) chemotherapy demonstrated a 29% reduction in the risk of disease 
progression, recurrence or death versus chemotherapy alone (EFS HR 0.71; 95% CI 
0.58-0.86; p<0.001) versus chemotherapy alone. Estimated median EFS was not yet 
reached for the Imfinzi arm versus 32.8 months for the comparator arm. 
Approval 
Europe 
NIAGARA 
July 2025 
 For the treatment of resectable muscle-invasive bladder cancer in combination with 
gemcitabine and cisplatin as neoadjuvant treatment, followed by Imfinzi as 
monotherapy adjuvant treatment after radical cystectomy (surgery to remove the 
bladder). 
Priority Review 
US 
MATTERHORN 
July 2025 
 For the treatment of resectable, early-stage and locally advanced (Stages II, III, IVA) 
gastric and gastroesophageal junction cancers. 
Tagrisso 
Approval 
Japan 
 
LAURA 
May 2025 
New disclosure 
 As maintenance therapy after definitive chemoradiation therapy in locally advanced 
and unresectable EGFRm NSCLC. 
Phase III readout FLAURA2 
July 2025 
 Positive high-level results from the final OS analysis of the FLAURA2 Phase III trial 
showed Tagrisso with the addition of pemetrexed and platinum-based chemotherapy 
demonstrated a statistically significant and clinically meaningful improvement in the 
key secondary endpoint of OS compared to Tagrisso monotherapy for patients with 
1st-line locally advanced or metastatic EGFRm NSCLC. 
Orpathys 
Approval 
China 
SACHI 
June 2025 
New disclosure 
 In combination with Tagrisso for the treatment of patients with locally advanced or 
metastatic non-squamous EGFRm NSCLC with MET amplification who have 
progressed following EGFR tyrosine kinase inhibitor therapy. 
camizestrant 
Data presentation 
ASCO 
SERENA-6 
June 2025 
 Positive results from the SERENA-6 Phase III trial showed that camizestrant in 
combination with a CDK4/6 inhibitor (palbociclib, ribociclib or abemaciclib) reduced 
the risk of disease progression or death by 56% compared to standard-of-care 
treatment (HR 0.44; 95% CI 0.31-0.60; p<0.00001) as assessed by investigator 
compared to continuing standard-of-care treatment with an 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. Median PFS was 16.0 months for patients who switched to the 
camizestrant combination versus 9.2 months for the comparator arm.  
BioPharmaceuticals – CVRM 
baxdrostat 
Phase III readout BaxHTN 
July 2025 
 Positive high-level results from the BaxHTN Phase III trial in uncontrolled or treatment 
resistant hypertension showed that two doses (2mg and 1mg) demonstrated a 
statistically significant and clinically meaningful reduction in mean seated systolic 
blood pressure compared with placebo at 12 weeks. The trial also successfully met all 
secondary endpoints. Patients received baxdrostat or placebo on top of standard-of-
care.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
13 
 
BioPharmaceuticals – R&I 
Breztri  
Phase III readout  
  
KALOS/LOGOS  
May 2025  
  
 Positive high-level results from the Phase III KALOS and LOGOS trials in patients with 
uncontrolled asthma showed that Breztri met all primary endpoints, demonstrating a 
statistically significant and clinically meaningful improvement in lung function 
compared with inhaled ICS/LABA medicines. 
CHMP opinion 
EU 
NGP programme 
July 2025 
 Trixeo (Breztri), already licensed for the treatment of chronic obstructive pulmonary 
disease (COPD) in adults, has received a positive opinion from the CHMP endorsing it 
for use with an innovative, next-generation propellant with near-zero global warming 
potential. Based on the CHMP positive opinion, AstraZeneca will now begin to 
transition its Trixeo supply to the next-generation propellant in Europe 
Fasenra 
Phase III readout 
 
NATRON 
June 2025 
New disclosure 
 Positive high-level results from the NATRON Phase III trial showed treatment with 
Fasenra, dosed monthly in a single injection, demonstrated a statistically significant 
and clinically meaningful improvement in the primary endpoint of time to first 
worsening or flare versus placebo in patients with hypereosinophilic syndrome. The 
safety and tolerability profile for Fasenra in this trial was consistent with the known 
profile of the medicine. The data will be presented at a forthcoming medical meeting 
and shared with regulatory authorities. 
 
Saphnelo 
Phase III readout 
 
AZALEA 
July 2025 
New disclosure 
 Positive high-level results demonstrated that Saphnelo resulted in statistically 
significant and clinically meaningful improvement in the primary endpoint, BICLA 
Response at week 52, compared to placebo, in Asian patients with moderate to 
severe SLE despite standard-of-care. Improvements across secondary endpoints were 
also observed. The safety profile was generally consistent with the established safety 
profile. The data will be presented at a forthcoming medical meeting and shared with 
regulatory authorities. 
 
Airsupra 
Data presentation 
ATS 2025 
BATURA 
May 2025 
 
 Positive full results from the BATURA Phase IIIb trial of Airsupra demonstrated a 47% 
reduction (5.1%, 9.1%, hazard ratio 0.53; 95% CI, 0.39-0.73; p<0.001) in the risk of 
severe exacerbations in mild asthma compared with albuterol alone. In a key 
secondary endpoint, adults and adolescents ages 12 and older receiving Airsupra had 
63% lower exposure to total systemic corticosteroids (SCS) (p<0.001) over the 
treatment period compared with albuterol-alone. Similar reductions in all primary 
and secondary endpoints were seen in a prespecified subgroup of adult patients (≥18 
years) on treatment. 
BioPharmaceuticals – V&I 
IVX-A12 
Programme update 
 
NCT06481579 
April 2025 
 The Phase II trial to characterise safety and immunogenicity in adults 60 years of age 
and older has completed, and IVX-A12 was shown to be well-tolerated and 
immunogenic. AstraZeneca has identified opportunities to further enhance the 
vaccine and is now progressing the improved RSV/hMPV combination.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
14 
 
Rare Disease  
Alexion, AstraZeneca Rare Disease, presented new data at the European Hematology Association Congress 2025, since prior earnings. 
Nine abstracts were presented in rare haematology, in both PNH and HSCT-TMA. 
gefurulimab 
Phase III readout 
 
PREVAIL 
July 2025 
 Positive high-level results from a global, randomised, double-blind, placebo-
controlled Phase III trial in adults with anti-acetylcholine receptor (AChR) antibody-
positive (Ab+) generalised myasthenia gravis (gMG) showed that gefurulimab met its 
primary and all secondary endpoints. Data demonstrated a statistically significant and 
clinically meaningful improvement from baseline in Myasthenia Gravis Activities of 
Daily Living (MG-ADL) total score at week 26 compared to placebo. 
anselamimab 
Phase III readout 
 
CARES Programme 
July 2025 
 
 High-level results from the CARES (301/2) Phase III clinical programme showed that 
anselamimab did not achieve statistical significance for the primary endpoint 
compared to placebo in patients with Mayo stages IIIa and IIIb light chain 
amyloidosis. The primary endpoint was defined as a hierarchical combination of time 
to all-cause mortality (ACM) and frequency of cardiovascular hospitalisations (CVH). 
Anselamimab showed highly clinically meaningful improvement in time to ACM and 
frequency of CVH in a prespecified subgroup of patients, compared to placebo.  
Ultomiris 
Data presentation 
EHA 
ALXN1210-TMA-314 
June 2025 
 Initial results from the ALXN1210-TMA-314 Phase III, single arm trial evaluating 
Ultomiris in paediatric patients with HSCT-TMA. Ultomiris demonstrated clinically 
meaningful improvements in the individual components of TMA response (platelets, 
LDH and urinary protein/creatinine ratio) at 26 weeks, and a clinically meaningful 
improvement in the secondary endpoint of overall survival at six months. 58.5% (95% 
CI: 42.1-73.7) and 53.7% (95% CI: 37.4-69.3) of participants met the predefined 
response criteria for platelet and urine protein/creatinine ratio, respectively, and 
36.6% (95% CI: 22.1-53.1) of participants normalised LDH from baseline during the 
26-week treatment period. Overall survival was 92.6% (95% CI: 78.8-97.6) at day 100 
and 87.2% (95% CI: 71.8-94.5) at week 26.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
15 
 
Sustainability highlights  
AstraZeneca introduced an updated 
Sustainability strategy which focuses on 
the Company’s sustainability impact and 
how it does business. This strategy 
evolution recognises the connection 
between business growth and the need to 
address the major health challenges of our 
time, and aims to support the health of 
people, society and the planet. 
The Company will continue to drive 
sustainable impact through action on 
climate and nature, health equity and 
health systems resilience, leveraging the 
latest science and innovation. It will also 
focus on creating long-term value, 
resilience and trust by operating 
responsibly and ethically, maintaining 
robust governance, investing in its people 
and following its Values  
– In May 2025, the Company published 
its second Sustainability Impact 
publication which introduces the 
updated strategy and shares examples 
of impact from across the business. It 
also presented 2024 Sustainability 
Highlights to investors and analysts 
– AstraZeneca was named in the top 20 
of TIME’s Most Sustainable Companies, 
its highest ranking to date in the list of 
500 businesses. AstraZeneca and 
Alexion were also included in 
Newsweek’s World’s Greenest 
Companies 2025  
– AstraZeneca achieved the top ranking in 
IDEA Pharma’s index for 2025, 
coming first for “Invention” and joint 
third for “Innovation”. This annual 
ranking assesses companies' ability to 
develop and commercialise products. 
– AstraZeneca has been A-rated for 
Supplier Engagement by CDP for 2024 
and is on the Leaderboard for the third 
consecutive year, recognising its 
extensive supply chain engagement and 
focus on disclosing carbon emissions 
data and actions to CDP 
– The Company also ranked fourth in the 
2025 Gartner Top 25 Supply Chains, the 
highest ranking for a pharmaceutical 
company this year 
– AstraZeneca SVP, Chief Digital Officer 
and CIO Cindy Hoots was ranked in the 
top 20 of this year's Top 100 Women in 
Technology recognising her leadership 
in driving a digital-first strategy 
Sustainability impact 
Climate and nature 
– Reducing the carbon impact of 
pressurised metered dose inhalers is a 
key product-related element of 
AstraZeneca’s Ambition Zero Carbon 
strategy. With an innovative next-
generation propellant with 99.9% lower 
Global Warming Potential than current 
propellants, Breztri/Trixeo Aerosphere 
has received positive CHMP opinion 
and AstraZeneca will now begin to 
transition its Trixeo supply to the next-
generation propellant in Europe  
– At London Climate Action Week, 
AstraZeneca joined His Majesty King 
Charles III, ministers from the UK and 
Brazil, and global leaders for an event 
on ‘Nature Action: Mobilising 
Frameworks and Finance’ and was also 
represented at several panel and 
roundtable discussions. The Company 
celebrated the use of 100% renewable 
energy for both heat and power at its 
Macclesfield site 
– The company participated in 
engagements with French, Italian and 
UK stakeholders, including a Circular 
Bioeconomy Alliance event in Rome in 
the presence of His Majesty King 
Charles III, as well as an event hosted by 
the French government on health 
systems decarbonisation. AstraZeneca 
showcased its pioneering work in 
quantifying the environmental impact 
of patient care, including its new Care 
pathways Environmental Sustainability 
Assessment tool (CARESA) 
– EVP International, Iskra Reic met with 
China’s Vice President Han Zheng to 
discuss the green transition as part of 
the Sustainable Markets Initiative (SMI) 
China Forum in Beijing. She 
underscored AstraZeneca’s 
commitment to Healthy China 2030 and 
Common Health, as well as the 
Company’s collaborative efforts to 
decarbonise the health sector in 
Chinese media interviews 
Health equity  
– AstraZeneca’s Qure.ai partnership 
reached a significant milestone, 
achieving five million chest X-rays 
assessed by AI for lung cancer in more 
than 20 countries. This partnership has 
resulted in nearly 50,000 referrals for 
follow-up testing to date and 
demonstrates the transformative 
potential of technology and advanced 
data analytics for early lung cancer 
detection 
– At the World Health Assembly (WHA) in 
Geneva, Switzerland, AstraZeneca 
organised the first cancer planners’ 
summit with the Union for International 
Cancer Control, attended by more than 
100 delegates from over 50 countries, 
and also hosted events on lung health, 
kidney disease and rare diseases. The 
Company engaged with leaders from 
countries including the US, Brazil, the 
UAE, Egypt, Malaysia and Spain as well 
as NGOs on topics spanning health 
equity, resilience and climate action  
– Through the Company’s flagship health 
equity initiative, Healthy Heart Africa, 
the Company engaged at Africa Health 
ExCon 2025, where a national strategy 
for managing chronic kidney disease in 
Egypt was launched with government 
representatives 
Health systems resilience  
– The Partnership for Health System 
Sustainability and Resilience (PHSSR) 
which the Company co-founded in 
2020, added to its growing body of 
evidence, launching its EU Expert 
Advisory Group's report on sustainable 
healthcare financing in Europe 
– AstraZeneca convened the PHSSR 
Summit 2025 at EXPO in Osaka, Japan 
with AstraZeneca Chair Michel Demaré, 
Japanese government and health 
systems stakeholders. The Summit 
focused on action on non-
communicable diseases (NCDs) and 
healthcare digitisation. Additional high-
level engagements at EXPO 2025 this 
quarter included an event on 
transforming the delivery of healthcare 
with a focus on COPD, attended by EVP 
BioPharmaceuticals Business, Ruud 
Dobber, and engagements on rare 
disease led by Marc Dunoyer, CEO 
Alexion 
– At Abu Dhabi Global Health Week, a 
Company delegation led by Chair 
Michel Demaré and EVP International, 
Iskra Reic, focused on sustainable 
health system investment and health 
equity 
Sustainability

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
16 
 
Reporting currency 
All narrative on growth and results in this 
section is based on actual exchange rates, 
and financial figures are in US$ millions 
($m), unless stated otherwise. 
Reporting period 
The performance shown in this 
announcement covers the six-month 
period to 30 June 2025 ('H1 2025') 
compared to the six-month period to 30 
June 2024 (‘H1 2024’), and the three-
month period to 30 June 2025 ('the 
quarter' or 'Q2 2025') compared to the 
three-month period to 30 June 2024 (‘Q2 
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 interim 
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 3 'Net debt', included in the Notes to 
the interim financial statements in this 
announcement. 
The Company strongly encourages 
investors and analysts not to rely on any 
single financial measure, but to review 
AstraZeneca's financial statements, 
including the Notes thereto, and other 
available Company reports, carefully and 
in their entirety. 
Due to rounding, the sum of a number of 
dollar values and percentages in this 
announcement may not agree to totals. 
  
Operating and financial review

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
17 
 
Table 7: Reported Profit and Loss 
 H1 2025  H1 2024            % Change Q2 2025  Q2 2024            % Change 
 $m  $m  Actual  CER  $m  $m  Actual  CER  
  - Product Sales 26,670  24,629  8  10  13,795  12,452  11  10  
  - Alliance Revenue 1,293  939  38  38  654  482  36  35  
Product Revenue 27,963  25,568  9  11  14,449  12,934  12  11  
Collaboration Revenue 82  49  68  66  8  4  >2x >2x 
Total Revenue 28,045  25,617  9  11  14,457  12,938  12  11  
Cost of sales (4,714) (4,401) 7  10  (2,473) (2,183) 13  9  
Gross profit 23,331  21,216  10  11  11,984  10,755  11  12  
Distribution expense (278) (267) 4  6  (143) (132) 8  8  
R&D expense (6,707) (5,791) 16  16  (3,548) (3,008) 18  16  
SG&A expense (9,356) (9,424) (1) -  (4,864) (4,929) (1) (2) 
Other operating income & expense 192  127  52  53  79  60  30  33  
Operating profit 7,182  5,861  23  24  3,508  2,746  28  32  
Net finance expense (636) (645) (1) -  (371) (343) 8  10  
Joint ventures and associates (17) (19) (7) (9) (10) (6) >2x 91  
Profit before tax 6,529  5,197  26  27  3,127  2,397  30  34  
Taxation (1,160) (1,089) 7  7  (679) (469) 45  49  
Tax rate 18%  21%    22%  20%    
Profit after tax 5,369  4,108  31  32  2,448  1,928  27  31  
Earnings per share $3.46  $2.65  31  32  $1.58  $1.24  27  31  
Table 8: Reconciliation of Reported Profit before tax to EBITDA 
 H1 2025  H1 2024            % Change Q2 2025  Q2 2024            % Change 
 $m  $m  Actual  CER  $m  $m  Actual  CER  
Reported Profit before tax  6,529  5,197  26  27  3,127  2,397  30  34  
Net finance expense  636  645  (1) -  371  343  8  10  
Joint ventures and associates  17  19  (7) (9) 10  6  >2x 91  
Depreciation, amortisation and impairment  2,673  2,534  5  5  1,389  1,279  9  7  
EBITDA  9,855  8,395  17  18  4,897  4,025  22  24  
Table 9: Reconciliation of Reported to Core financial measures: H1 2025 
For the half year ended 30 June Reported Restructuring Intangible Asset 
Amortisation & 
Impairments 
Other Core % Change 
 $m  $m  $m  $m  $m  Actual  CER  
Gross profit 23,331  (70) 17  1  23,279  9  10  
 - Gross Margin 83%     83%  -  -  
Distribution expense (278) -  -  -  (278) 4  6  
R&D expense (6,707) 101  62  3  (6,541) 17  17  
- R&D % of Total Revenue 24%     23%  -2pp  -1pp  
SG&A expense (9,356) 76  1,943  78  (7,259) 2  3  
- SG&A % of Total Revenue 33%     26%  +2pp  +2pp  
Total operating expense (16,341) 177  2,005  81  (14,078) 8  9  
Other operating income & expense 192  (6) -  -  186  50  51  
Operating profit 7,182  101  2,022  82  9,387  12  13  
- Operating Margin 26%        33%  +1pp  +1pp  
Net finance expense (636) -  -  118  (518) (3) (1) 
Taxation (1,160) (30) (386) (49) (1,625) 1  2  
EPS $3.46  $0.05  $1.06  $0.09  $4.66  16  17  
  
Financial performance

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
18 
 
Table 10: Reconciliation of Reported to Core financial measures: Q2 2025 
For the quarter ended 30 June Reported Restructuring Intangible Asset 
Amortisation & 
Impairments 
Other Core % Change 
 $m  $m  $m  $m  $m  Actual  CER  
Gross profit 11,984  (78) 9  (1) 11,914  11  11  
 - Gross Margin 83%     82%  -1pp  -  
Distribution expense (143) (3) -  -  (146) 10  10  
R&D expense (3,548) 41  52  2  (3,453) 20  18  
- R&D % of Total Revenue 25%     24%  -2pp  -1pp  
SG&A expense (4,864) 26  986  50  (3,802) 2  1  
- SG&A % of Total Revenue 34%     26%  +3pp  +3pp  
Total operating expense (8,555) 64  1,038  52  (7,401) 10  9  
Other operating income & expense 79  (7) -  (1) 71  19  23  
Operating profit 3,508  (21) 1,047  50  4,584  12  14  
- Operating Margin 24%        32%  -  1pp 
Net finance expense (371) -  -  68  (303) 6  9  
Taxation (679) (2) (199) (31) (911) 23  26  
EPS $1.58  $(0.01) $0.55  $0.05  $2.17  10  12  
 
Profit and Loss drivers 
Gross profit 
The stable Gross Margin (Reported and 
Core) in H1 2025 was a result of: 
– Positive effects from geographic mix 
– Negative effects from product mix. The 
rising contribution of Product Sales 
with profit sharing arrangements 
(Lynparza, Enhertu, 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. 
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 H1 2025 
consisted primarily of royalties and an 
upfront fee on a divestment 
Net finance expense 
Core Net finance expense decreased 3% 
(1% at CER) in H1 2025, mainly driven by 
an adjustment of interest on tax, due to a 
reduction of tax liabilities relating to prior 
periods, recognised in the first quarter. 
Core Net finance expense increased 6% 
(9% at CER) in Q2 2025, mainly driven by 
a reduction in short-term deposits. 
Taxation 
The effective Reported and Core tax rates 
for the six months to 30 June 2025 were 
18% (H1 2024: 21% and 20% 
respectively).  
These tax rates benefited from a 
reduction of tax liabilities arising from 
updates to estimates of prior period tax 
liabilities following settlements with tax 
authorities in Q1 2025. 
The cash tax paid for the six months 
ended 30 June 2025 was $1,549m (H1 
2024: $1,337m), representing 24% of 
Reported Profit before tax (H1 2024: 
26%). 
Dividend 
The interim dividend declared with H1 
2025 results increased by 3% to $1.03.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
19 
 
Cash Flow 
Table 11: Cash Flow summary: H1 2025 
For the half year ended 30 June 2025  
$m  
2024  
$m  
Change 
$m  
Reported Operating profit  7,182  5,861  1,321  
Depreciation, amortisation and impairment  2,673  2,534  139  
Movement in working capital and short-term provisions  (771) (584) (187) 
Gains on disposal of intangible assets  (87) (21) (66) 
Fair value movements on contingent consideration arising from business combinations (30) 251  (281) 
Non-cash and other movements  304  (550) 854  
Interest paid  (623) (583) (40) 
Taxation paid  (1,549) (1,337) (212) 
Net cash inflow from operating activities  7,099  5,571  1,528  
Net cash inflow before financing activities  3,738  286  3,452  
Net cash (outflow)/inflow from financing activities  (2,189) 806  (2,995) 
Net cash flow 
The change in Net cash inflow from 
operating activities of $1,528m is 
primarily driven by the increased 
operating profit in 2025. 
The change in Net cash inflow before 
financing activities of $3,452m is primarily 
driven by the reduction in cash outflow 
relating to the Acquisitions of 
subsidiaries, net of cash acquired of 
$2,771m, which in 2024 related to the 
acquisition of Gracell Biotechnologies Inc. 
and the acquisition of Fusion 
Pharmaceuticals Inc. 
The change in Net cash (outflow)/inflow 
from financing activities of $2,995m is 
primarily driven by the issue of new long-
term loans of $4,976m in 2024, with no 
issuance in 2025, and offset by the 
repayment of loans of $2,643m in 2024, 
with no repayment in 2025. 
Capital expenditure 
Capital expenditure on tangible assets 
and Software-related intangible assets 
amounted to $1,303m in H1 2025 (H1 
2024: $903m). 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 $657m in the six 
months to 30 June 2025 to $25,227m. 
Details of the committed undrawn bank 
facilities are disclosed within the going 
concern section of Note 1. Details of the 
Company's solicited credit ratings and 
further details on Net debt are disclosed 
in Note 3. 
Net debt 
Table 12: Net debt summary 
 At 30 Jun  
2025  
$m  
At 31 Dec  
2024  
$m  
At 30 Jun  
2024  
$m  
Cash and cash equivalents 7,058  5,488  6,916  
Other investments 50  166  160  
Cash and investments 7,108  5,654  7,076  
Overdrafts and short-term borrowings (561) (330) (596) 
Commercial paper (1,470) -  (2,453) 
Lease liabilities (1,633) (1,452) (1,241) 
Current instalments of loans (4,461) (2,007) (2,018) 
Non-current instalments of loans (24,714) (26,506) (27,225) 
Interest-bearing loans and borrowings (Gross debt) (32,839) (30,295) (33,533) 
Net derivatives 504  71  133  
Net Debt (25,227) (24,570) (26,324)

===== 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 13: Obligor group summarised Statement of comprehensive income: H1 2025 
For the half year ended 30 June 2025  
$m  
2024  
$m  
Total Revenue -  -  
Gross profit  -  -  
Operating loss -  -  
Loss for the period (666) (545) 
Transactions with subsidiaries that are not issuers or guarantors 6,160  964  
 
Table 14: Obligor group summarised Statement of financial position 
 At 30 Jun 
2025  
$m  
At 30 Jun 
2024  
$m  
Current assets 43  13  
Non-current assets 147  -  
Current liabilities (6,506) (4,795) 
Non-current liabilities (24,720) (27,133) 
Amounts due from subsidiaries that are not issuers or guarantors 23,554  20,730  
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 15: 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  
 (%) 
June   
 20254 
Change 
 (%) 
Total 
Revenue 
Core Operating 
Profit 
EUR Total Revenue 0.92  0.91 1   0.87 6 (461) (232) 
CNY Total Revenue 7.21  7.26 (1) 7.18 0 (313) (171) 
JPY Total Revenue 151.46  148.46 2   144.50 5 (179) (121) 
GBP Operating expense 0.78  0.77 2   0.74 6 (68) 124  
SEK Operating expense 10.57  10.17 4   9.56 11 (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 January 2024 to 31 December 2024. 
3. Based on average daily spot rates 1 January 2025 to 30 June 2025. 
4. Based on average daily spot rates 1 June 2025 to 30 June 2025.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
22 
 
Related-party transactions 
There have been no significant related-party transactions in the period. 
Principal risks and uncertainties 
The Principal Risks and uncertainties facing the Group are set out on pages 65 to 66 of the Annual Report and Form 20-F Information 
2024 and summarised below. They are not expected to change in respect of the second six months of the financial year and remain 
appropriate for the Group. In summary, the principal risks and uncertainties listed in the Annual Report and 20-F Information 2024 are: 
1. Product pipeline risks: failure or delay in the delivery of our pipeline or launch of new medicines; failure to meet 
regulatory or ethical requirements for medicine development or approval  
2. Commercialisation risks: pricing, affordability, access and competitive pressures; failures or delays in the quality or 
execution of the Group’s commercial strategies  
3. Supply chain and business -execution risks: failure to maintain supply of compliant, quality medicines; failure in 
information technology or cybersecurity; failure to collect and manage data or AI in line with legal and regulatory 
requirements and strategic objectives   
4. Legal, regulatory and compliance risks: safety and efficacy of marketed medicines is questioned; adverse outcome of 
litigation and / or governmental investigations; IP risks related to our products  
5. Economic and financial risks: geopolitical and/or macroeconomic volatility disrupts the operation of our global business; 
failure to achieve strategic plans or meet targets or expectations

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
23 
 
Table 16: Condensed consolidated statement of comprehensive income: H1 2025 
For the half year ended 30 June  2025  
$m  
2024  
$m  
- Product Sales 26,670  24,629  
- Alliance Revenue 1,293  939  
Product Revenue 27,963  25,568  
Collaboration Revenue 82  49  
Total Revenue 28,045  25,617  
Cost of sales (4,714) (4,401) 
Gross profit 23,331  21,216  
Distribution expense (278) (267) 
Research and development expense (6,707) (5,791) 
Selling, general and administrative expense (9,356) (9,424) 
Other operating income and expense 192  127  
Operating profit 7,182  5,861  
Finance income 149  211  
Finance expense (785) (856) 
Share of after tax losses in associates and joint ventures (17) (19) 
Profit before tax 6,529  5,197  
Taxation (1,160) (1,089) 
Profit for the period 5,369  4,108  
   
Other comprehensive income   
Items that will not be reclassified to profit or loss:   
Remeasurement of the defined benefit pension liability (30) 101  
Net (losses)/gains on equity investments measured at fair value through other comprehensive income (125) 89  
Fair value movements related to own credit risk on bonds designated as fair value through profit or loss -  12  
Tax on items that will not be reclassified to profit or loss (3) (27) 
 (158) 175  
Items that may be reclassified subsequently to profit or loss:   
Foreign exchange arising on consolidation 2,464  (554) 
Foreign exchange arising on designated liabilities in net investment hedges 10  (96) 
Fair value movements on cash flow hedges 273  (138) 
Fair value movements on cash flow hedges transferred to profit and loss (315) 102  
Fair value movements on derivatives designated in net investment hedges (20) 45  
Gains of hedging 10  14  
Tax on items that may be reclassified subsequently to profit or loss (52) 38  
 2,370  (589) 
Other comprehensive income/(expense), net of tax 2,212  (414) 
   
Total comprehensive income for the period 7,581  3,694  
   
Profit attributable to:   
Owners of the Parent 5,366  4,106  
Non-controlling interests 3  2  
 5,369  4,108  
   
Total comprehensive income attributable to:   
Owners of the Parent 7,574  3,692  
Non-controlling interests 7  2  
 7,581  3,694  
Earnings per share   
Basic earnings per $0.25 Ordinary Share $3.46  $2.65  
Diluted earnings per $0.25 Ordinary Share $3.44  $2.63  
Weighted average number of Ordinary Shares in issue (millions) 1,550  1,549  
Diluted weighted average number of Ordinary Shares in issue (millions) 1,560  1,560  
  
Interim financial statements

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
24 
 
Table 17: Condensed consolidated statement of comprehensive income: Q2 2025 
For the quarter ended 30 June Unreviewed 
2025  
$m  
Unreviewed 
2024  
$m  
- Product Sales 13,795  12,452  
- Alliance Revenue 654  482  
Product Revenue 14,449  12,934  
Collaboration Revenue 8  4  
Total Revenue 14,457  12,938  
Cost of sales (2,473) (2,183) 
Gross profit 11,984  10,755  
Distribution expense (143) (132) 
Research and development expense (3,548) (3,008) 
Selling, general and administrative expense (4,864) (4,929) 
Other operating income and expense 79  60  
Operating profit 3,508  2,746  
Finance income 68  100  
Finance expense (439) (443) 
Share of after tax losses in associates and joint ventures (10) (6) 
Profit before tax 3,127  2,397  
Taxation (679) (469) 
Profit for the period 2,448  1,928  
   
Other comprehensive income   
Items that will not be reclassified to profit or loss:   
Remeasurement of the defined benefit pension liability (81) (43) 
Net (losses)/gains on equity investments measured at fair value through other comprehensive income (67) 54  
Fair value movements related to own credit risk on bonds designated as fair value through profit or loss -  12  
Tax on items that will not be reclassified to profit or loss 14  12  
 (134) 35  
Items that may be reclassified subsequently to profit or loss:   
Foreign exchange arising on consolidation 1,312  (39) 
Foreign exchange arising on designated liabilities in net investment hedges (43) 2  
Fair value movements on cash flow hedges 201  (52) 
Fair value movements on cash flow hedges transferred to profit and loss (213) 32  
Fair value movements on derivatives designated in net investment hedges (10) 23  
Gains/(costs) of hedging 18  (1) 
Tax on items that may be reclassified subsequently to profit or loss (22) 3  
 1,243  (32) 
Other comprehensive income, net of tax 1,109  3  
   
Total comprehensive income for the period 3,557  1,931  
   
Profit attributable to:   
Owners of the Parent 2,450  1,927  
Non-controlling interests (2) 1  
 2,448  1,928  
   
Total comprehensive income attributable to:   
Owners of the Parent 3,556  1,930  
Non-controlling interests 1  1  
 3,557  1,931  
Earnings per share   
Basic earnings per $0.25 Ordinary Share $1.58  $1.24  
Diluted earnings per $0.25 Ordinary Share $1.57  $1.24  
Weighted average number of Ordinary Shares in issue (millions) 1,550  1,550  
Diluted weighted average number of Ordinary Shares in issue (millions) 1,559  1,560  
The Q2 2025 and Q2 2024 information in respect of the three months ended 30 June 2025 and 30 June 2024 respectively included in the interim Financial Statements 
have not been reviewed by PricewaterhouseCoopers LLP.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
25 
 
Table 18: Condensed consolidated statement of financial position 
 Reviewed  
At 30 Jun 2025 
Audited 
At 31 Dec 2024 
Reviewed 
At 30 Jun 2024 
Assets  $m  $m  $m  
Non-current assets    
Property, plant and equipment 11,637  10,252  9,630  
Right-of-use assets 1,592  1,395  1,203  
Goodwill 21,222  21,025  21,060  
Intangible assets 37,925  37,177  39,426  
Investments in associates and joint ventures 276  268  264  
Other investments 1,863  1,632  1,607  
Derivative financial instruments 509  182  217  
Other receivables 1,066  930  806  
Income tax receivable 1,137  -  -  
Deferred tax assets 6,256  5,347  4,734  
 83,483  78,208  78,947  
Current assets    
Inventories 6,467  5,288  5,667  
Trade and other receivables 14,168  12,972  11,047  
Other investments 50  166  160  
Derivative financial instruments 95  54  28  
Income tax receivable 1,001  1,859  1,575  
Intangible assets 100  -  -  
Cash and cash equivalents 7,058  5,488  6,916  
 28,939  25,827  25,393  
Total assets 112,422  104,035  104,340  
    
Liabilities    
Current liabilities    
Interest-bearing loans and borrowings (6,492) (2,337) (5,067) 
Lease liabilities (361) (339) (292) 
Trade and other payables (23,986) (22,465) (20,463) 
Derivative financial instruments (100) (50) (51) 
Provisions (1,168) (1,269) (1,168) 
Income tax payable (1,429) (1,406) (1,525) 
 (33,536) (27,866) (28,566) 
Non-current liabilities    
Interest-bearing loans and borrowings (24,714) (26,506) (27,225) 
Lease liabilities (1,272) (1,113) (949) 
Derivative financial instruments -  (115) (61) 
Deferred tax liabilities (3,615) (3,305) (3,333) 
Retirement benefit obligations (1,418) (1,330) (1,326) 
Provisions (972) (921) (1,074) 
Income tax payable (485) (238) -  
Other payables (1,600) (1,770) (2,208) 
 (34,076) (35,298) (36,176) 
Total liabilities (67,612) (63,164) (64,742) 
    
Net assets 44,810  40,871  39,598  
    
Equity    
Share capital 388  388  388  
Share premium account 35,238  35,226  35,199  
Other reserves 2,070  2,012  2,078  
Retained earnings 7,023  3,160  1,847  
Capital and reserves attributable to equity holders of the Parent 44,719  40,786  39,512  
Non-controlling interests 91  85  86  
Total equity 44,810  40,871  39,598  
The Condensed consolidated statements of financial position as at 30 June 2025 and 30 June 2024 have been reviewed by PricewaterhouseCoopers LLP. The Condensed 
consolidated statement of financial position as at 31 December 2024 has been audited by PricewaterhouseCoopers LLP.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
26 
 
Table 19: 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 -  -  -  4,106  4,106  2  4,108  
Other comprehensive expense   -  -  -  (414) (414) -  (414) 
Transfer to other reserves -  -  13  (13) -  -  -  
Transactions with owners        
Dividends -  -  -  (3,052) (3,052) -  (3,052) 
Issue of Ordinary Shares -  11  -  -  11  -  11  
Changes in non-controlling interests -  -  -  -  -  61  61  
Share-based payments charge for the period -  -  -  307  307  -  307  
Settlement of share plan awards -  -  -  (589) (589) -  (589) 
Net movement -  11  13  345  369  63  432  
At 30 Jun 2024 388  35,199  2,078  1,847  39,512  86  39,598  
        
At 1 Jan 2025 388  35,226  2,012  3,160  40,786  85  40,871  
Profit for the period -  -  -  5,366  5,366  3  5,369  
Other comprehensive income   -  -  (34) 2,242  2,208  4  2,212  
Transfer to other reserves -  -  47  (47) -  -  -  
Transactions with owners        
Dividends -  -  -  (3,249) (3,249) -  (3,249) 
Issue of Ordinary Shares -  12  -  -  12  -  12  
Changes in non-controlling interests -  -  -  -  -  (1) (1) 
Movement in shares held by Employee 
Benefit Trusts -  -  45  -  45  -  45  
Share-based payments charge for the period -  -  -  357  357  -  357  
Settlement of share plan awards -  -  -  (806) (806) -  (806) 
Net movement -  12  58  3,863  3,933  6  3,939  
At 30 June 2025 388  35,238  2,070  7,023  44,719  91  44,810  
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 27 =====

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27 
 
Table 20: Condensed consolidated statement of cash flows: H1 2025 
For the half year ended 30 June 2025  
$m  
2024  
$m  
Cash flows from operating activities   
Profit before tax 6,529  5,197  
Finance income and expense 636  645  
Share of after tax losses of associates and joint ventures 17  19  
Depreciation, amortisation and impairment 2,673  2,534  
Movement in working capital and short-term provisions (771) (584) 
Gains on disposal of intangible assets (87) (21) 
Fair value movements on contingent consideration arising from business combinations (30) 251  
Non-cash and other movements 304  (550) 
Cash generated from operations 9,271  7,491  
Interest paid (623) (583) 
Tax paid (1,549) (1,337) 
Net cash inflow from operating activities 7,099  5,571  
   
Cash flows from investing activities   
Acquisition of subsidiaries, net of cash acquired -  (2,771) 
Payment of contingent consideration from business combinations (629) (474) 
Purchase of property, plant and equipment (1,088) (799) 
Disposal of property, plant and equipment 10  53  
Purchase of intangible assets (1,804) (1,474) 
Disposal of intangible assets 95  75  
Purchase of non-current asset investments (188) (67) 
Disposal of non-current asset investments -  51  
Movement in short-term investments, fixed deposits and other investing instruments 115  42  
Payments to associates and joint ventures -  (140) 
Disposal of investments in associates and joint ventures -  13  
Interest received 128  206  
Net cash outflow from investing activities (3,361) (5,285) 
Net cash inflow before financing activities 3,738  286  
   
Cash flows from financing activities   
Proceeds from issue of share capital 12  11  
Own shares purchased by Employee Benefit Trust (489) -  
Payments to acquire non-controlling interests (2) -  
Issue of loans and borrowings  9  4,976  
Repayment of loans and borrowings (16) (2,643) 
Dividends paid (3,357) (3,050) 
Hedge contracts relating to dividend payments 104  (8) 
Repayment of obligations under leases (184) (150) 
Movement in short-term borrowings 1,734  2,503  
Payment of Acerta Pharma share purchase liability -  (833) 
Net cash (outflow)/inflow from financing activities (2,189) 806  
   
Net increase in Cash and cash equivalents in the period 1,549  1,092  
Cash and cash equivalents at the beginning of the period 5,429  5,637  
Exchange rate effects 54  (52) 
Cash and cash equivalents at the end of the period 7,032  6,677  
   
Cash and cash equivalents consist of:   
Cash and cash equivalents 7,058  6,916  
Overdrafts (26) (239) 
 7,032  6,677

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
28 
 
We confirm that to the best of our knowledge: 
– the condensed consolidated Interim Financial Statements have been prepared in accordance with IAS 34 ‘Interim Financial 
Reporting’ as issued by the International Accounting Standards Board (IASB), IAS 34 as adopted by the European Union and UK-
adopted IAS 34; 
– the half-yearly management report gives a true and fair view of the assets, liabilities, financial position and profit or loss of the 
company; 
– the half-yearly management report includes a fair review of the information required by: 
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the 
first six months of the financial year and their impact on the condensed consolidated Interim Financial Statements; and a 
description of the principal risks and uncertainties for the remaining six months of the year; and 
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six 
months of the current financial year and that have materially affected the financial position or performance of the 
enterprise during that period; and any changes in the related party transactions described in the last annual report that 
could do so. 
The Board 
The Board of Directors that served during all or part of the six month period to 30 June 2025 and their respective responsibilities can be 
found on the Leadership team section of astrazeneca.com.  
Approved by the Board and signed on its behalf by 
Pascal Soriot 
Chief Executive Officer 
29 July 2025 
  
Responsibility statement of the directors in respect of the half -yearly financial report

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
29 
 
Report on the Interim financial statements
Our conclusion 
We have reviewed AstraZeneca PLC’s 
Interim financial statements (the “Interim 
financial statements”) in the H1 and Q2 
2025 results of AstraZeneca PLC for the six 
month period ended 30 June 2025 (the 
“period”). 
Based on our review, nothing has come to 
our attention that causes us to believe that 
the Interim financial statements are not 
prepared, in all material respects, 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. 
The Interim financial statements comprise: 
– the Condensed consolidated statement 
of financial position as at 30 June 2025; 
– the Condensed consolidated statement 
of comprehensive income: H1 2025 for 
the period then ended; 
– the Condensed consolidated statement 
of changes in equity for the period then 
ended; 
– the Condensed consolidated statement 
of cash flows: H1 2025 for the period 
then ended; and 
–   the explanatory notes to the Interim 
     financial statements.
The Interim financial statements included 
in the H1 and Q2 2025 results of 
AstraZeneca PLC 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. 
Basis for conclusion 
We conducted our review in accordance 
with International Standard on Review 
Engagements (UK) 2410, ‘Review of 
Interim Financial Information Performed 
by the Independent Auditor of the Entity’ 
issued by the Financial Reporting Council 
for use in the United Kingdom (“ISRE (UK) 
2410”). A review of interim financial 
information consists of making enquiries, 
primarily of persons responsible for 
financial and accounting matters, and 
applying analytical and other review 
procedures. 
A review is substantially less in scope than 
an audit conducted in accordance with 
International Standards on Auditing (UK) 
and, consequently, does not enable us to 
obtain assurance that we would become 
aware of all significant matters that might 
be identified in an audit. Accordingly, we 
do not express an audit opinion.
We have read the other information 
contained in the H1 and Q2 2025 results 
and considered whether it contains any 
apparent misstatements or material 
inconsistencies with the information in the 
Interim financial statements. 
Conclusions relating to going concern 
Based on our review procedures, which 
are less extensive than those performed in 
an audit as described in the Basis for 
conclusion section of this report, nothing 
has come to our attention to suggest that 
the directors have inappropriately adopted 
the going concern basis of accounting or 
that the directors have identified material 
uncertainties relating to going concern 
that are not appropriately disclosed. This 
conclusion is based on the review 
procedures performed in accordance with 
ISRE (UK) 2410. However, future events or 
conditions may cause the group to cease 
to continue as a going concern. 
 
Responsibilities for the Interim financial statements and the review 
Our responsibilities and those of 
the directors 
The H1 and Q2 2025 results, including 
the Interim financial statements, is the 
responsibility of, and has been 
approved by the directors. The 
directors are responsible for preparing 
the H1 and Q2 2025 results in 
accordance with the Disclosure 
Guidance and Transparency Rules 
sourcebook of the United Kingdom’s 
Financial Conduct Authority. In 
preparing the H1 and Q2 2025 results, 
including the Interim financial 
statements, the directors are 
responsible for assessing the group’s 
ability to continue as a going concern, 
disclosing, as applicable, matters 
related to going concern and using the 
going concern basis of accounting 
unless the directors either intend to 
liquidate the group or to cease 
operations, or have no realistic 
alternative but to do so. 
Our responsibility is to express a 
conclusion on the Interim financial 
statements in the H1 and Q2 2025 
results based on our review. Our 
conclusion, including our Conclusions 
relating to going concern, is based on 
procedures that are less extensive 
than audit procedures, as described in 
the Basis for conclusion paragraph of 
this report. This report, including the 
conclusion, has been prepared for and 
only for the company for the purpose 
of complying with the Disclosure 
Guidance and Transparency Rules 
sourcebook of the United Kingdom’s 
Financial Conduct Authority and for no 
other purpose. We do not, in giving 
this conclusion, accept or assume 
responsibility for any other purpose or 
to any other person to whom this 
report is shown or into whose hands it 
may come save where expressly 
agreed by our prior consent in writing. 
PricewaterhouseCoopers LLP 
Chartered Accountants 
London 
29 July 2025 
  
Independent review report to AstraZeneca PLC

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

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30 
 
Note 1: Basis of preparation and accounting policies
These unaudited Interim financial 
statements for the six months ended 30 
June 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 six months ended 
30 June 2025 were approved by the Board 
of Directors for publication on 29 July 
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 
half year ended 30 June 2024 of 
$25,568m. 
Going concern 
The Group has considerable financial 
resources available. As at 30 June 2025, 
the Group has $11.9bn in financial 
resources (cash and cash equivalent 
balances of $7.1bn and undrawn 
committed bank facilities of $4.9bn that 
are available until April 2030), with $6.9bn 
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 5 
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 31 =====

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31 
 
Note 2: Intangible assets 
The acquisition of EsoBiotec completed on 19 May 2025. The transaction is recorded as an asset acquisition based upon the 
concentration test permitted under IFRS 3 ‘Business Combinations’, with consideration and net assets acquired of $403m, which 
included intangible assets acquired of $426m, current payables of $29m, $4m of cash and cash equivalents and current receivables of 
$2m. Contingent consideration of up to $575m could be paid on achievement of regulatory milestones, those liabilities will be recorded 
when the relevant regulatory milestone is achieved. 
Note 3: Net debt 
Table 21: Net debt 
 
 At 1 Jan  
2025  
Cash flow  Non-cash  
 and other  
Exchange  
 movements  
At 30 Jun  
2025  
 $m  $m  $m  $m  $m  
Non-current instalments of loans (26,506) -  2,431  (639) (24,714) 
Non-current instalments of leases (1,113) -  (106) (53) (1,272) 
Total long-term debt (27,619) -  2,325  (692) (25,986) 
Current instalments of loans (2,007) 7  (2,461) -  (4,461) 
Current instalments of leases (339) 217  (218) (21) (361) 
Commercial paper -  (1,470) -  -  (1,470) 
Collateral received from derivative counterparties (181) (254) -  -  (435) 
Other short-term borrowings excluding overdrafts (90) (10) -  -  (100) 
Overdrafts (59) 34  -  (1) (26) 
Total current debt (2,676) (1,476) (2,679) (22) (6,853) 
Gross borrowings (30,295) (1,476) (354) (714) (32,839) 
Net derivative financial instruments 71  (100) 533  -  504  
Net borrowings (30,224) (1,576) 179  (714) (32,335) 
Cash and cash equivalents 5,488  1,515  -  55  7,058  
Other investments - current 166  (115) -  (1) 50  
Cash and investments 5,654  1,400  -  54  7,108  
Net debt (24,570) (176) 179  (660) (25,227) 
 
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 $657m in the six 
months to 30 June 2025 to $25,227m. 
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 30 June 2025 was $435m (31 
December 2024: $181m) and the carrying 
value of such cash collateral posted by the 
Group at 30 June 2025 was $32m (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 six months ended 30 June 
2025, Moody’s upgraded the Group’s 
solicited long term credit rating to A1 from 
A2, which occurred during Q1 2025. The 
short term rating remained at P-1. There 
were no changes to Standard and Poor’s 
credit ratings (long term: A+; short term: 
A-1).

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

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32 
 
Note 4: Financial Instruments
As detailed in the Group's most recent 
annual financial statements, the principal 
financial instruments consist of derivative 
financial instruments, other investments, 
trade and other receivables, cash and cash 
equivalents, trade and other payables, 
lease liabilities and interest-bearing loans 
and borrowings. 
The Group has certain equity investments 
that are categorised as Level 3 in the fair 
value hierarchy that are held at $523m (31 
December 2024: $353m) and for which a 
fair value loss of $35m has been 
recognised in the six months ended 30 
June 2025 (H1 2024: fair value gain 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/(losses) on equity 
investments measured at fair value 
through other comprehensive income, in 
the Condensed consolidated statement of 
comprehensive income for the six months 
ended 30 June 2025 are Level 1 fair value 
measurements, valued based on quoted 
prices in active markets. 
Financial instruments measured at fair 
value include $1,880m of other 
investments, $5,597m held in money-
market funds and $504m of derivatives as 
at 30 June 2025. With the exception of 
derivatives being Level 2 fair valued, and 
certain equity instruments of $523m 
categorised as Level 3, the 
aforementioned balances are Level 1 fair 
valued. Financial instruments measured at 
amortised cost include $32m of cash 
collateral pledged to counterparties. The 
total fair value of Interest-bearing loans 
and borrowings as at 30 June 2025, which 
have a carrying value of $32,839m in the 
Condensed consolidated statement of 
financial position, was $32,203m. 
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 $782m (31 December 
2024: $1,309m) would increase/decrease 
by $78m with an increase/decrease in 
sales of 10%, as compared with the current 
estimates. 
 
 
 
Table 22: 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 -  -  -  198  
Settlements (518) (111) (629) (474) 
Revaluations (30) -  (30) 251  
Discount unwind 21  11  32  57  
At 30 June 782 342 1,124 2,169 
 
Note 5: Legal proceedings and contingent liabilities
AstraZeneca is involved in various legal 
proceedings considered typical to its 
business, including litigation and 
investigations, including Government 
investigations, relating to product liability, 
commercial disputes, infringement of 
intellectual property (IP) rights, the validity 
of certain patents, anti-trust law and sales 
and marketing practices. The matters 
discussed below constitute the more 
significant developments since publication 
of the disclosures concerning legal 
proceedings in 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 ‘Provisions, 
Contingent Liabilities and Contingent 
Assets’. 
As discussed in the Disclosures, the 
majority of claims involve highly complex 
issues. Often these issues are subject to 
substantial uncertainties and, therefore, 
the probability of a loss, if any, being 
sustained and/or an estimate of the 
amount of any loss is difficult to ascertain. 
In cases that have been settled or 
adjudicated, or where quantifiable fines 
and penalties have been assessed and 
which are not subject to appeal, or where 
a loss is probable and we are able to make 
a reasonable estimate of the loss, 
AstraZeneca records the loss absorbed or 
makes a provision for its best estimate of 
the expected loss. The position could 
change over time and the estimates that 
the Group made, and upon which the 
Group have relied in calculating these 
provisions are inherently imprecise. There 
can, therefore, be no assurance that any 
losses that result from the outcome of any 
legal proceedings will not exceed the 
amount of the provisions that have been 
booked in the accounts. The major factors 
causing this uncertainty are described 
more fully in the Disclosures and herein. 
AstraZeneca has full confidence in, and will 
vigorously defend and enforce, its IP.

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

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33 
 
Matters disclosed in respect of the second quarter of 2025 and to 29 July 2025 
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. 
 Trial regarding patent validity occurred in March 2025. In April 2025, the UK Patents Court held 
the patent invalid. AstraZeneca appealed the decision. In July 2025, the UK Court of Appeal 
dismissed AstraZeneca's appeal and upheld the lower court's invalidity decision. In July 2025, 
AstraZeneca applied for permission to appeal to the UK Supreme Court. 
 In March 2025 and onward, AstraZeneca applied for injunctions against generics manufacturers' 
at-risk sales of dapagliflozin products in the UK. AstraZeneca has obtained injunctions against 
generics manufacturers with UK marketing authorizations for dapagliflozin products through 
July 2025.  In July 2025, AstraZeneca applied to the UK Supreme Court for injunctive relief. 
Lynparza Patent Proceedings, 
Canada 
Considered to be a contingent liability 
 In July 2025, AstraZeneca was served with a Notice of Allegation from Cipla Ltd. challenging a 
patent relating to Lynparza. 
 AstraZeneca is considering its next steps. 
Tagrisso Patent Proceedings, 
China 
Considered to be a contingent liability 
 In January 2025, an individual filed invalidity challenges against several Chinese patents 
protecting Tagrisso. 
 A hearing before the Chinese Patent Office was held in July 2025. AstraZeneca is awaiting a 
decision. 
Legal proceedings brought by AstraZeneca 
Lokelma Patent Proceedings, US 
Matter concluded 
 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. AstraZeneca 
alleged that a generic version of Lokelma would infringe patents that are owned or licensed by 
AstraZeneca. 
 AstraZeneca has entered into separate settlement agreements with the five generic 
manufacturers which resulted in dismissal of the corresponding litigations. 
 This matter is now concluded. 
Soliris Patent Proceedings, Europe 
Considered to be a contingent asset 
 In March 2024, AstraZeneca filed motions for provisional measures against Amgen 
Pharmaceuticals Inc (Amgen) and Samsung Bioepis Co. Ltd. (Samsung) and their respective 
affiliates at the Hamburg Local Division of the Unified Patent Court (UPC) on the basis that 
Amgen's and Samsung's biosimilar eculizumab products infringe an AstraZeneca patent. In June 
2024, the UPC denied AstraZeneca's motions. AstraZeneca appealed and in December 2024 the 
UPC appellate division denied AstraZeneca's appeal requesting provisional measures. In June 
2025, the UPC appellate division denied AstraZeneca's request for rehearing of the appeal. 
 In parallel, Samsung and Amgen have filed oppositions to the patent at the European Patent 
Office. An oral hearing is scheduled for April 2026. 
 In November 2024, Amgen filed a revocation action for the patent at the UPC Central Division in 
Milan. A hearing is scheduled for January 2026. 
Soliris Patent Proceedings, Canada 
Considered to be a contingent asset 
 In May 2023, AstraZeneca initiated patent litigation in Canada alleging that Amgen 
Pharmaceutical 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. In May 2025, the Canadian court found 
AstraZeneca's patent would be infringed and enjoined Amgen from making, constructing, using, 
or selling the Amgen biosimilar eculizumab product in Canada until March 2027. Amgen has 
appealed this decision. 
 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 with 
Amgen is scheduled for November 2025. 
 In June 2025, AstraZeneca and Samsung settled the Canadian eculizumab patent matters.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
34 
 
Soliris Patent Proceedings, UK 
Considered to be a contingent asset 
 May 2024, AstraZeneca initiated patent infringement proceedings against Amgen Ltd. (Amgen) 
and Samsung Bioepis UK Limited (Samsung) in the UK High Court of Justice alleging that their 
respective biosimilar eculizumab products infringe an AstraZeneca patent; on the same day, 
Samsung initiated a revocation action for the same patent. 
 Trial was held in March 2025. In May 2025, the UK court issued a decision finding AstraZeneca's 
patent invalid and not infringed. AstraZeneca is evaluating its options. 
Tagrisso Patent Proceedings, 
Russia 
Considered to be a contingent asset 
 In August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow region (Court) 
against the Russian Ministry of Health (MOH) and Axelpharm LLC for improper use of 
AstraZeneca information in the authorisation of a generic version of Tagrisso. The suit against 
the MOH was dismissed in July 2024, after two appeals. The case against Axelpharm was 
dismissed in September 2024, and AstraZeneca has appealed. 
  In November 2023, Axelpharm sought a compulsory licence under a patent related to Tagrisso; 
the action remains pending. The Axelpharm patent on which the compulsory licensing action 
was based was held invalid by the Russian Patent and Trademark Office (PTO) in August 2024 
following challenge by AstraZeneca. The PTO's decision was upheld in June 2025, following an 
appeal by Axelpharm 
 In July 2024, AstraZeneca filed a patent infringement claim against Axelpharm in relation to a 
generic version of Tagrisso. The action was stayed by the court pending resolution of the 
compulsory licensing action. 
 In August 2024, after AstraZeneca filed a complaint, the Federal Anti-Monopoly Service of Russia 
(FAS) initiated a case against Axelpharm and OncoTarget. In November 2024, the FAS found 
Axelpharm to have committed unfair competition, but not OncoTarget. Axelpharm's appeal 
against the FAS's finding was upheld in June 2025. AstraZeneca has appealed against this ruling. 
Commercial litigation 
Legal proceedings brought against AstraZeneca 
Definiens, Germany 
Considered to be a contingent liability 
 In July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of 
Arbitration from the sellers of Definiens AG (Sellers) regarding the 2014 share purchase 
agreement (SPA) between AstraZeneca and the Sellers. The Sellers claim that they are owed 
approximately $140m in earn-outs under the SPA. In December 2023, after an arbitration 
hearing, the arbitration panel made a final award of $46m in favour of the Sellers. 
 In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court (Court) to set 
aside the arbitration award. 
 In April 2025, the Court ruled in favour of AstraZeneca, annulled the arbitration award, and 
referred the dispute back to the same arbitration panel for a second determination. 
 In May 2025, the Sellers appealed the Court's decision to the German Federal Court of Justice. 
AstraZeneca also appealed the decision to refer the dispute back to the same arbitration panel.  
Seroquel XR Antitrust Litigation, 
US 
A provision has been taken 
 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 approved. 
 In May 2025, AstraZeneca resolved the matter with all remaining plaintiffs for a total payment 
of $97M. The Court must approve the class-related portion of the settlement before the matter 
is concluded.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
35 
 
Syntimmune Milestone Litigation, 
US 
Considered to be a contingent liability 
 In connection with AstraZeneca's acquisition of Syntimmune, Inc. (Syntimmune) in December 
2020, AstraZeneca was served with a lawsuit filed by the stockholders' representative for 
Syntimmune in Delaware state court that alleged, among other things, breaches of the 2018 
merger agreement (Merger Agreement). 
 The stockholders' representative alleges that AstraZeneca failed to meet its obligations under 
the Merger Agreement to use commercially reasonable efforts to achieve the milestones. 
AstraZeneca also filed a claim for breach of the representations in the Merger Agreement.  
 A trial was held in July 2023. 
 In September 2024, the court issued a partial decision, concluding that the first milestone in the 
amount of $130m was achieved, and that AstraZeneca had breached its contractual obligation 
to use commercially reasonable efforts to achieve the milestones. The court requested 
additional briefing regarding damages and further proceedings regarding AstraZeneca's claim 
for breach. 
 In June 2025, the court issued a further decision awarding an additional $181m in damages on 
its September 2024 breach determination. Additional proceedings regarding AstraZeneca's 
claim for breach are ongoing. 
Government investigations and proceedings 
Legal proceedings brought against AstraZeneca 
Texas Qui Tam, US 
Considered to be a contingent liability 
 In December 2022, AstraZeneca was served with an unsealed civil lawsuit brought by qui tam 
relators on behalf of the State of Texas in Texas state court, which alleges that AstraZeneca 
engaged in unlawful marketing practices.  
 In July 2025, the State of Texas sought to intervene in the matter. 
 Trial is scheduled for December 2025. 
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, Nebraska, Utah, 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 separate Arkansas administrative proceeding, the 
commissioner issued a cease-and-desist order in April 2025 requiring AstraZeneca to pause its 
340B policy in Arkansas. AstraZeneca has appealed this decision. 
 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. Trial is scheduled 
for March 2026. 
 In Nebraska, AstraZeneca filed its complaint, and the case remains in the preliminary stages. 
 In Utah, the state moved to dismiss AstraZeneca's complaint. The court stayed AstraZeneca's 
case pending resolution of a related preliminary injunction motion. 
 In West Virginia, the matter is stayed pending an appeal of a related West Virginia litigation. 
Inflation Reduction Act Litigation, 
US 
Considered to be a contingent asset 
 In August 2023, AstraZeneca filed a lawsuit in the US District Court for the District of Delaware 
(District Court) against the US Department of Health and Human Services (HHS) challenging 
aspects of the drug price negotiation provisions of the Inflation Reduction Act and the 
implementing guidance and regulations. In March 2024, the District Court granted HHS’ motions 
and dismissed AstraZeneca’s lawsuit. 
 In May 2025, the US Court of Appeals for the Third Circuit affirmed the District Court's dismissal 
of AstraZeneca's challenge. AstraZeneca intends to appeal.

===== SIDA 36 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
36 
 
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. 
Matters disclosed in respect of the first quarter of 2025 and to 29 April 2025, for which no updates disclosed 
in respect of the second quarter of 2025 and to 29 July 2025 
Commercial litigation 
Legal proceedings brought against AstraZeneca 
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. 
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.

===== SIDA 37 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
37 
 
Note 6: Analysis of Revenue and Other operating income and expense 
Table 23: Product Sales year-on-year analysis: H1 2025 
The CER information in respect of H1 2025 included in the Interim financial statements has not been reviewed by 
PricewaterhouseCoopers LLP. 
 
For the half year  World US Emerging Markets Europe Established RoW 
ended 30 June  Change  Change  Change  Change  Change 
 
$m   Act %  CER %  $m   Act %  $m   Act %  CER %  $m   Act %  CER %  $m   Act %  CER %  
Tagrisso 3,488  9  10  1,439  12  1,008  10  13  658  5  5  383  3  3  
Imfinzi 2,716  20  21  1,572  31  294  20  28  537  17  17  313  (11) (11) 
Calquence 1,634  8  9  1,090  4  103  36  49  368  15  15  73  12  15  
Lynparza 1,564  8  9  689  14  323  1  4  425  7  6  127  1  2  
Enhertu 428  72  76  -  -  292  82  88  94  65  63  42  35  41  
Zoladex 567  3  6  9  16  442  7  10  72  (7) (8) 44  (10) (9) 
Truqap 302  n/m n/m 253  80  8  n/m n/m 28  n/m n/m 13  n/m n/m 
Imjudo 170  25  25  111  26  12  58  68  23  43  43  24  (1) (2) 
Other Oncology 216  (10) (8) 4  (63) 146  (7) (5) 10  (16) (16) 56  (6) (7) 
Oncology 11,085 14  15  5,167  18  2,628  14  19  2,215  13  12  1,075  (1) -  
Farxiga 4,206  11  13  803  (7) 1,730  17  23  1,448  17  17  225  7  7  
Crestor 635  8  10  24  11  547  15  17  -  n/m n/m 64  (9) (8) 
Brilinta 520  (22) (21) 271  (23) 137  (18) (16) 107  (21) (21) 5  (39) (34) 
Seloken 308  (2) 2  -  n/m 298  (3) 1  8  34  38  2  (9) (5) 
Lokelma 328  31  32  144  25  63  50  54  56  36  36  65  27  26  
roxadustat 150  (8) (7) -  -  150  (8) (7) -  -  -  -  -  -  
Wainua 84  n/m n/m 82  n/m 1  -  -  1  -  -  -  -  -  
Other CVRM 274  (27) (26) 27  (74) 138  14  16  76  (37) (37) 33  7  7  
CVRM 6,505  6  7  1,351  (9) 3,064  11  15  1,696  9  9  394  6  6  
Symbicort 1,438  (4) (2) 598  -  400  (11) (8) 272  (5) (5) 168  7  10  
Fasenra 920  18  18  556  16  52  26  32  229  19  19  83  19  20  
Breztri 583  28  29  295  31  156  19  21  87  34  34  45  34  36  
Tezspire 198  99  n/m -  -  16  n/m n/m 128  n/m n/m 54  61  63  
Pulmicort 264  (30) (28) 4  (57) 208  (34) (32) 34  (8) (7) 18  8  11  
Saphnelo 304  49  49  265  44  7  n/m n/m 21  n/m n/m 11  45  45  
Airsupra 70  n/m n/m 69  n/m 1  n/m n/m -  -  -  -  -  -  
Other R&I 158  (8) (8) 55  4  70  (18) (17) 29  (2) (3) 4  (4) -  
R&I 3,935  9  10  1,842  18  910  (12) (9) 800  18  17  383  19  21  
Beyfortus 128  n/m n/m 102  91  -  -  -  24  n/m n/m 2  n/m n/m 
Synagis 162  (36) (33) (1) (22) 121  (8) (3) 25  (62) (60) 17  (70) (71) 
FluMist 10  20  16  -  n/m -  n/m n/m -  n/m n/m 10  n/m n/m 
Other V&I 1  (91) (91) -  -  -  n/m n/m 1  (91) (91) -  n/m n/m 
V&I 301  (7) (5) 101  82  121  (7) (3) 50  (39) 37  29  (49) (50) 
Ultomiris 2,228  23  24  1,272  23  113  71  82  498  21  21  345  17  17  
Soliris 974  (32) (30) 568  (30) 224  (12) (1) 112  (57) (57) 70  (40) (38) 
Strensiq 746  14  15  584  10  50  61  67  57  19  20  55  24  23  
Koselugo 275  11  13  106  5  76  (9) (5) 71  58  58  22  25  25  
Other Rare Disease 113  12  14  54  16  20  4  16  34  12  12  5  9  10  
Rare Disease 4,336  2  3  2,584  3  483  6  16  772  (3) (3) 497  4  4  
Nexium 426  (7) (5) 37  (21) 333  5  8  17  (35) (35) 39  (43) (41) 
Other 82  (19) (18) 3  (46) 59  (12) (11) 18  (32) (33) 2  8  7  
Other Medicines 508  (9) (7) 40  (23) 392  2  4  35  (34) (34) 41  (41) (40) 
Total Medicines 26,670 8  10  11,085 10  7,598  8  12  5,568  8  8  2,419  2  2  
The table provides an analysis of year-on-year Product Sales, with Actual and CER growth rates reflecting year-on-year growth.

===== SIDA 38 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
38 
 
Table 24: Product Sales year-on-year analysis: Q2 2025 (Unreviewed) 
The Q2 2025 information in respect of the three months ended 30 June 2025 included in the Interim financial statements has not been 
reviewed by PricewaterhouseCoopers LLP. 
 
For the half year  World US Emerging Markets Europe Established RoW 
ended 30 June  Change  Change  Change  Change  Change 
 $m   Act %  CER %  $m   Act %  $m   Act %  CER %  $m   Act %  CER %  $m   Act %  CER %  
Tagrisso 1,810  13  12  761  16  489  13  15  351  8  4  209  9  5  
Imfinzi 1,455  27  26  844  36  152  31  35  285  26  21  174  (5) (8) 
Calquence 872  10  10  583  5  49  36  43  198  19  14  42  27  28  
Lynparza 838  13  11  378  18  162  6  7  229  11  7  69  5  2  
Enhertu 230  81  82  -  -  156  n/m n/m 51  63  56  23  24  28  
Zoladex 284  4  5  4  (8) 219  9  11  38  (9) (13) 23  (9) (11) 
Truqap 170  84  84  142  57  6  n/m n/m 14  n/m n/m 8  n/m n/m 
Imjudo 89  20  18  57  17  7  93  84  12  39  35  13  -  (4) 
Other Oncology 106  (12) (13) 1  (76) 70  (11) (10) 5  (27) (30) 30  -  (5) 
Oncology 5,854  18  17  2,770  20  1,310  19  22  1,183  17  12  591  5  2  
Farxiga 2,150  11  10  420  6  859  13  15  765  13  8  106  3  (1) 
Crestor 319  9  9  12  3  275  17  18  -  n/m n/m 32  (10) (13) 
Brilinta 215  (37) (38) 99  (48) 63  (20) (20) 51  (26) (29) 2  (46) (39) 
Seloken 148  (2) 1  -  n/m 143  (2) -  4  4  11  1  (5) (3) 
Lokelma 175  29  27  75  18  33  52  54  30  33  29  37  30  24  
roxadustat 72  (18) (18) -  -  72  (18) (18) -  -  -  -  -  -  
Wainua 44  n/m n/m 43  n/m -  -  -  1  -  -  -  -  -  
Other CVRM 138  (27) (28) 16  (73) 67  24  24  38  (35) (37) 17  (8) (12) 
CVRM 3,261  3  3  665  (10) 1,512  9  11  889  5  1  195  2  (2) 
Symbicort 715  (1) (1) 319  7  168  (15) (14) 137  (5) (8) 91  11  11  
Fasenra 502  19  18  307  14  26  33  36  125  27  22  44  20  18  
Breztri 283  21  20  147  22  65  7  8  46  32  27  25  30  28  
Tezspire 112  97  91  -  -  9  n/m n/m 72  n/m n/m 31  60  55  
Pulmicort 106  (32) (32) 1  (58) 81  (35) (36) 15  (14) (18) 9  2  2  
Saphnelo 167  49  48  145  44  4  n/m n/m 12  n/m n/m 6  41  31  
Airsupra 42  n/m n/m 42  n/m -  n/m n/m -  -  -  -  -  -  
Other R&I 61  (23) (24) 16  (35) 28  (25) (25) 15  2  (3) 2  (8) (7) 
R&I 1,988  11  10  977  18  381  (14) (13) 422  21  16  208  20  19  
Beyfortus 98  n/m n/m 73  n/m -  -  -  24  n/m n/m 1  34  27  
Synagis 49  (39) (37) -  n/m 38  (7) (1) -  n/m n/m 11  (68) (69) 
FluMist 10  n/m n/m -  n/m -  -  -  -  n/m n/m 10  -  -  
Other V&I -  n/m n/m -  -  -  -  -  -  n/m n/m -  n/m n/m 
V&I 157  40  42  73  n/m 38  (6) (1) 24  n/m n/m 22  (39) (40) 
Ultomiris 1,177  25  23  667  21  61  76  86  270  29  24  179  18  12  
Soliris 530  (24) (22) 280  (30) 159  23  38  56  (52) (54) 35  (37) (38) 
Strensiq 395  16  15  319  12  16  65  58  31  30  26  29  27  21  
Koselugo 137  20  18  52  (5) 36  51  50  37  42  37  12  28  22  
Other Rare Disease 55  16  14  28  13  6  7  4  18  20  16  3  37  32  
Rare Disease 2,294  7  7  1,346  3  278  37  48  412  5  1  258  7  2  
Nexium 198  (10) (9) 18  (30) 157  7  9  6  (49) (55) 17  (52) (51) 
Other 43  (10) (11) 3  12  29  (12) (11) 10  (12) (18) 1  4  (3) 
Other Medicines 241  (10) (9) 21  (26) 186  4  5  16  (32) (38) 18  (50) (50) 
Total Medicines 13,795 11  10  5,852  12  3,705  11  13  2,946  12  8  1,292  4  1  
The table provides an analysis of year-on-year Product Sales, with Actual and CER growth rates reflecting year-on-year growth.

===== SIDA 39 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
39 
 
Table 25: Alliance Revenue: H1 2025  
For the half year ended 30 June 2025  
$m  
2024  
$m  
Enhertu 834  683  
Tezspire 285  180  
Beyfortus 109  26  
Datroway 14  -  
Other Alliance Revenue 51  50  
Total 1,293  939  
Table 26: Collaboration Revenue: H1 2025 
For the half year ended 30 June 2025  
$m  
2024  
$m  
Farxiga: sales milestones 77  49  
Other Collaboration Revenue 5  -  
Total 82  49  
Table 27: Other operating income and expense: H1 2025 
For the half year ended 30 June 2025  
$m  
2024  
$m  
Total 192  127

===== SIDA 40 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
40 
 
 
Financial calendar 
Announcement of 9M and Q3 2025 results:  6 November 2025 
Announcement of FY and Q4 2025 results:  10 February 2026 
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The ex-dividend dates shown below are for ordinary shares listed on the London Stock Exchange (LSE). 
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 
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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 41 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
41 
 
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; and  
– the risk of unexpected deterioration in the Group's financial position.

===== SIDA 42 =====

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42 
 
1L, 2L, etc first line, second line, etc 
ABC advanced breast cancer 
aHUS atypical haemolytic uraemic syndrome 
AL amyloid light chain 
ASCO American Society of Clinical Oncology 
ATS American Thoracic Society 
BICLA British Isles Lupus Assessment Group-based 
Composite Lupus Assessment 
BRCA / m breast cancer gene / mutation 
BTC biliary tract cancer 
BTK / i bruton tyrosine kinase / inhibitor 
CDK4 cyclin-dependent kinase 4 
CI confidence interval 
CHMP Committee for Medicinal Products for 
Human Use (EU) 
CKD chronic kidney disease 
CLL chronic lymphocytic leukaemia 
CN China 
COPD chronic obstructive pulmonary disease 
CSPC castration-sensitive prostate cancer 
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 
EHA European Hematology Association 
EPS earnings per share 
ESR1 / m oestrogen receptor 1 gene / mutation 
EVH extravascular haemolysis 
FDA US Food and Drug Administration 
FDC fixed dose combination 
FLOT fluorouracil, oxaliplatin and docetaxel  
GAAP Generally Accepted Accounting Principles 
GEJ gastro oesophageal junction 
GI gastrointestinal 
gMG generalised myasthenia gravis 
HCC hepatocellular carcinoma 
HER2 / +/- /low /m human epidermal growth factor receptor 2 gene 
/ positive / negative / low expression / gene 
mutant 
HES hyper-eosinophilic syndrome 
HF/ pEF / rEF  heart failure / with preserved ejection fraction / 
with reduced ejection fraction 
hMPV human metapneumovirus 
HR / + / - hormone receptor / positive / negative 
HSCT-TMA hematopoietic stem cell transplantation-
associated thrombotic microangiopathy 
ICS inhaled corticosteroid 
IL-5 interleukin-5 
LABA long-acting beta-agonist 
LAMA long-acting muscarinic-agonist 
LDH lactic dehydrogenase 
MCL mantle cell lymphoma 
mCRPC metastatic castration-resistant prostate cancer 
MET mesenchymal-epithelial transition 
MIBC muscle-invasive bladder cancer 
n/m growth rate not meaningful 
NGP next-generation propellant 
NMOSD neuromyelitis optica spectrum disorder 
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 
PNH paroxysmal nocturnal haemoglobinuria 
R&D research and development 
RSV respiratory syncytial virus 
SCLC small cell lung cancer 
SG&A sales, general and administration 
SGLT2 sodium-glucose cotransporter 2 
SLE systemic lupus erythematosus 
THP a treatment regimen: docetaxel, trastuzumab 
and pertuzumab 
TMA thrombotic microangiopathy
 
Glossary