Kvartalsrapport Q3 2025

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
 
1 
 
 
 
6 November 2025 
AstraZeneca results: 9M and Q3 2025 
Continued strong commercial performance and unprecedented pipeline delivery in the year to date 
Revenue and EPS summary 
 9M 2025         % Change Q3 2025         % Change 
 $m  Actual  CER1 $m  Actual  CER 
 - Product Sales 41,035  9  9  14,365  11  9  
 - Alliance Revenue 2,108  41  41  815  46  44  
Product Revenue2 43,143  10  11  15,180  12  11  
Collaboration Revenue 93  (14) (15) 11  (81) (82) 
Total Revenue 43,236  10  11  15,191  12  10  
Reported EPS ($) 5.10  43  42  1.64  77  70  
Core3 EPS ($) 7.04  15  15  2.38  14  12  
 
Key performance elements for 9M 2025 
(Growth numbers at constant exchange rates) 
 Total Revenue up 11% to $43,236m, driven by growth in 
all Therapy Areas, including 16% growth in Oncology and 
13% growth in R&I 
 Growth in Total Revenue across all major geographic 
regions 
 Core Operating profit increased 13% 
 Core EPS increased 15% to $7.04 
 16 positive Phase III readouts and 31 approvals in major 
regions 
 
Pascal Soriot, Chief Executive Officer, AstraZeneca, said: 
“The strong underlying momentum across our business through the 
first nine months of the year sets us up well to sustain growth through 
2026 and has us on track to deliver our 2030 ambition. 
Across our pipeline we have announced an unprecedented 16 
positive Phase III trials this year, with four since our previous results 
including high-impact readouts for baxdrostat in hypertension and 
Enhertu and Datroway in breast cancer. 
We are also delivering on our strategy to strengthen our operations in 
the United States to power our growth. This includes a historic 
agreement with the US government to lower the cost of medicines for 
American patients, and broadening our US manufacturing footprint 
having broken ground at our new $4.5bn Virginia manufacturing 
facility in October.” 
 
 
 
 
 
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 October 2025 to December 2025 were to remain at the average rates seen in September 2025, it is 
anticipated that FY 2025 Total Revenue growth and Core EPS growth would be broadly similar to the growth at CER (unchanged from 
the previous guidance).

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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 ........................................................................................................................................................................................ 7 
R&D progress .......................................................................................................................................................................................... 12 
Sustainability .......................................................................................................................................................................................... 16 
Operating and financial review............................................................................................................................................................... 17 
Financial performance ............................................................................................................................................................................ 18 
Interim financial statements................................................................................................................................................................... 23 
Notes to the Interim financial statements.............................................................................................................................................. 28 
Other shareholder information .............................................................................................................................................................. 37 
Glossary .................................................................................................................................................................................................. 39 
 
Tables 
Table 1. Milestones achieved since the prior results announcement ...................................................................................................... 3 
Table 2: Key elements of financial performance: Q3 2025 ....................................................................................................................... 4 
Table 3: Product Revenue by medicine .................................................................................................................................................... 7 
Table 4: Collaboration Revenue................................................................................................................................................................ 8 
Table 5: Total Revenue by Therapy Area .................................................................................................................................................. 8 
Table 6: Total Revenue by region ............................................................................................................................................................. 8 
Table 7: Reported Profit and Loss ........................................................................................................................................................... 18 
Table 8: Reconciliation of Reported Profit before tax to EBITDA ........................................................................................................... 18 
Table 9: Reconciliation of Reported to Core financial measures: 9M 2025............................................................................................ 18 
Table 10: Reconciliation of Reported to Core financial measures: Q3 2025 .......................................................................................... 19 
Table 11: Cash Flow summary: 9M 2025 ................................................................................................................................................ 20 
Table 12: Net debt summary .................................................................................................................................................................. 20 
Table 13: Obligor group summarised Statement of comprehensive income: 9M 2025 ......................................................................... 21 
Table 14: Obligor group summarised Statement of financial position ................................................................................................... 21 
Table 15: Currency sensitivities .............................................................................................................................................................. 22 
Table 16: Condensed consolidated statement of comprehensive income: 9M 2025 ............................................................................ 23 
Table 17: Condensed consolidated statement of comprehensive income: Q3 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: 9M 2025 ................................................................................................. 27 
Table 21: Net debt .................................................................................................................................................................................. 29 
Table 22: Contingent consideration ....................................................................................................................................................... 30 
Table 23: Patent litigation ...................................................................................................................................................................... 31 
Table 24: Commercial litigation .............................................................................................................................................................. 32 
Table 25: Government investigations and proceedings ......................................................................................................................... 32 
Table 26: Product Sales year-on-year analysis: 9M 2025 ....................................................................................................................... 34 
Table 27: Product Sales year-on-year analysis: Q3 2025 ........................................................................................................................ 35 
Table 28: Alliance Revenue: 9M 2025 .................................................................................................................................................... 36 
Table 29: Collaboration Revenue: 9M 2025 ........................................................................................................................................... 36 
Table 30: Other operating income and expense: 9M 2025 .................................................................................................................... 36

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
3 
 
Table 1. Milestones achieved since the prior results announcement 
Phase III and other registrational data readouts 
Medicine Trial Indication Event 
Enhertu DESTINY-Breast05 High-risk HER2+ early breast cancer (post-neoadjuvant) Primary endpoint met 
Datroway TROPION-Breast02 1L TNBC for patients where IO is not an option Dual primary endpoints 
met 
Imfinzi MATTERHORN Resectable gastric/GEJ cancer Secondary endpoint met (OS) 
baxdrostat Bax24 Treatment resistant hypertension Primary endpoint met 
Fasenra RESOLUTE COPD Primary endpoint not met 
Saphnelo TULIP-SC SLE (subcutaneous) Primary endpoint met 
Regulatory approvals 
Medicine Trial Indication Region 
Calquence ECHO 1L MCL JP 
Calquence ACE-LY-004 Relapsed/refractory MCL JP 
Datroway TROPION-Breast01 HR+ HER2- mBC CN 
Enhertu DESTINY-Breast06 CTx naïve HER2-low and -ultralow mBC JP 
Imfinzi NIAGARA Bladder cancer JP 
Imfinzi AEGEAN Resectable NSCLC JP 
Lynparza PROpel BRCAm mCRPC CN 
Tezspire WAYPOINT Chronic rhinosinusitis with nasal polyps US, EU 
Koselugo KOMET Adult neurofibromatosis type 1  JP, EU 
Ultomiris CHAMPION-NMOSD NMOSD CN 
Regulatory submissions or acceptances* in major regions 
Medicine Trial Indication Region 
Enhertu DESTINY-
PanTumour02 
Previously treated HER2+ solid tumours EU 
Enhertu DESTINY-Gastric04 2L HER2+ gastric/GEJ cancer EU 
Enhertu DESTINY-Breast09 1L HER2+ mBC US, JP, CN 
Enhertu DESTINY-Breast11 Neoadjuvant HER2+ Stage II or III breast cancer US, CN 
Imfinzi MATTERHORN Resectable early-stage gastric and GEJ cancers  EU, JP 
Imfinzi POTOMAC High-risk non-muscle invasive bladder cancer US, EU, JP 
Truqap CAPItello-281 PTEN-deficient metastatic hormone-sensitive prostate cancer US, EU 
Breztri KALOS/LOGOS Uncontrolled asthma  US, EU, JP, CN 
Fasenra NATRON HES  US, EU, JP, CN 
Saphnelo TULIP-SC SLE (subcutaneous) US, EU, JP 
Saphnelo TULIP-1/2, AZALEA SLE CN 
gefurulimab PREVAIL Generalised myasthenia gravis 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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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
4 
 
Table 2: Key elements of financial performance: Q3 2025 
 
For the quarter  Reported      Change Core       Change  
ended 30 September $m  Act CER $m  Act CER  
Product Revenue 15,180  12  11  15,180  12  11   See Tables 3, 27 and 28 for medicine details of Product 
Revenue, Product Sales and Alliance Revenue 
Collaboration 
Revenue 
11  (81) (82) 11  (81) (82)  See Tables 4 and 29 for details of Collaboration 
Revenue 
Total Revenue 
 
15,191  12  10  15,191  12  10   See Tables 5 and 6 for Total Revenue by Therapy Area 
and by region 
Gross Margin (%) 82  +4pp  +4pp  82  -  -   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 3,663  18  16  3,550  16  14   Core R&D: 23% of Total Revenue 
+ Accelerated recruitment year-to-date in ongoing trials 
+ Investments in transformative technologies such as 
IO bispecifics, cell therapy and radioconjugates  
+ Positive data read-outs for high-value pipeline 
opportunities that have ungated large late-stage trials 
+ Addition of R&D projects from business development  
SG&A expense  5,085 (1) (3) 3,822  6  4   Core SG&A: 25% of Total Revenue 
Other operating 
income and expense6  
89  >3x  >3x  96  >3x  >3x   
Operating Profit 3,583  70  64  4,993  16  13   
Operating Margin (%) 24  +8pp  +8pp  33  +1pp  +1pp   
Net finance expense  349  27  25  305  (7)  (9) − Reduction in Core driven by lower short-term 
borrowing during the quarter 
+ Reported expense in Q3 2024 included a favourable fair 
value adjustment 
Tax rate (%) 22  -  -  21  +2pp +2pp  Variations in the tax rate can be expected between 
periods 
EPS ($) 1.64  77  70  2.38  14  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 (pp). 
In the expense commentary above, the plus and minus symbols denote the directional impact of the item being discussed, e.g. a ‘+’ symbol beside an R&D expense 
comment indicates that the item increased R&D expenditure relative to the prior year period.

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
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Corporate and business development  
Listing harmonisation 
As announced on 29 September 2025 and 
approved by shareholders on 3 November 
2025, AstraZeneca will harmonise its share 
listing structure to deliver a global listing 
for global investors in a global company. It 
is expected that AstraZeneca shareholders 
will be able to trade their interests in 
AstraZeneca ordinary shares across the 
London Stock Exchange, Nasdaq 
Stockholm and the New York Stock 
Exchange from 2 February 2026. For 
further details, see the Circular containing 
details of the Harmonised Listing 
Structure. 
US investment plans 
In October 2025, AstraZeneca announced 
having broken ground on its $4.5bn 
manufacturing facility in Rivanna Futures, 
Albemarle County, Virginia. This is part of 
the Company’s plans to invest $50bn in US 
manufacturing and R&D by 2030, 
announced in July 2025. 
The Virginia plant is expected to create 
approximately 3,600 direct and indirect 
jobs. It will produce drug substance for 
AstraZeneca’s weight management and 
metabolic portfolio, including oral GLP-1 
(AZD5004), baxdrostat, oral PCSK9 
(laroprovstat) and combination small 
molecule products, and also antibody drug 
conjugates for the Oncology portfolio.  
Agreement with US Government 
In October 2025, AstraZeneca announced 
a historic agreement with the US 
administration to lower the cost of 
prescription medicines for American 
patients. The Company voluntarily agreed 
to a range of measures which will enable 
American patients to access medicines at 
prices that are equalised with those 
available in wealthy countries. 
As part of the agreement, AstraZeneca will 
provide Direct-to-Consumer sales to 
eligible patients with prescriptions for 
select products for chronic diseases. 
AstraZeneca has also reached an 
agreement with the US Department of 
Commerce to delay Section 232 tariffs for 
three years, enabling the Company to fully 
onshore medicines manufacturing so that 
all of its medicines sold in America are 
made in America. 
SixPeaks 
On 22 October 2025, AstraZeneca, by 
exercise of an option, completed the 
acquisition of the remaining share capital 
of SixPeaks Bio AG (SixPeaks), following an 
initial investment of $15m made in 
Q2 2024. $170m was paid on closing, 
$30m to be paid after two years and up to 
a further $100m is payable on 
achievement of regulatory milestones. 
SixPeaks is investigating potential 
therapies for weight-management with 
the aim of preserving lean muscle mass. 
Agreement with Merck on Koselugo 
In August 2025, the contractual 
arrangements between AstraZeneca and 
Merck & Co., Inc., (Merck; known as MSD 
outside of the US and Canada) were 
updated and simplified relating to the 
global development and 
commercialisation of Koselugo, an oral, 
selective MEK inhibitor. Under the 
updated arrangements AstraZeneca will 
fully recognise the costs, revenues and 
profits of Koselugo globally. Merck 
received an upfront payment of $150 
million and will receive deferred payments 
totalling up to $400m. In addition, Merck is 
eligible to receive up to $175m in potential 
approval milestones and up to $235m in 
sales milestone payments, plus single-digit 
royalties based on net sales. Prior to the 
updated arrangements, AstraZeneca fully 
recognised the revenues of Koselugo but 
shared equally pre-tax profits and losses of 
the product with Merck. 
 
Sustainability highlights 
For the third consecutive year, TIME 
Magazine recognised AstraZeneca as one 
of the World’s Best Companies with the 
Company ranking at 43 out of 1,000 global 
companies and as the top pharmaceutical 
company in terms of sustainability 
transparency. 
Reporting calendar  
The Company intends to publish its 
FY and Q4 2025 results on 10 February 
2026. 
Conference call 
A conference call and webcast for 
investors and analysts will begin today, 
6 November 2025, at 13:00 UK time. 
Details can be accessed via 
astrazeneca.com.

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
6 
 
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 policies’ 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 Tables 9 and 
10 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 
policies’ 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 
  9M 2025          % Change Q3 2025          % Change 
 
   $m  % Total  Actual  CER  $m  % Total  Actual  CER  
Tagrisso 5,352  12  10  10  1,864  12  11  10  
Imfinzi 4,317  10  25  25  1,601  11  33  31  
Calquence 2,551  6  10  10  916  6  13  11  
Lynparza 2,401  6  8  7  837  6  7  5  
Enhertu 1,976  5  37  38  714  5  40  39  
Zoladex 884  2  5  6  296  2  7  6  
Truqap 495  1  85  85  193  1  55  54  
Imjudo 253  1  22  21  84  1  16  14  
Datroway 38  -  n/m  n/m  24  -  n/m  n/m  
Other Oncology 323  1  (10) (9) 107  1  (9) (10) 
Oncology Product Revenue 18,590  43  16  16  6,636  44  19  18  
Farxiga 6,345  15  11  11  2,135  14  10  8  
Crestor 942  2  5  6  306  2  1  (1) 
Brilinta 665  2  (33) (33) 146  1  (55) (56) 
Lokelma 517  1  32  31  189  1  32  30  
Seloken 469  1  1  3  160  1  6  6  
roxadustat 229  1  (12) (12) 77  1  (18) (19) 
Wainua 143  -  >3x  >3x  59  -  >2x  >2x  
Other CVRM 418  1  (24) (24) 144  1  (18) (19) 
CVRM Product Revenue 9,728  23  4  5  3,216  21  2  -  
Symbicort 2,180  5  (1) -  742  5  5  4  
Fasenra 1,451  3  19  19  530  3  22  20  
Breztri 906  2  26  26  323  2  21  20  
Tezspire 770  2  64  63  287  2  50  47  
Pulmicort 357  1  (31) (30) 93  1  (33) (35) 
Saphnelo 483  1  48  47  180  1  45  44  
Airsupra 115  -  >2x  >2x  45  -  >2x  >2x  
Other R&I 231  1  (11) (11) 59  -  (24) (24) 
R&I Product Revenue 6,493  15  13  13  2,259  15  15  14  
Beyfortus 474  1  80  78  236  2  29  29  
Synagis 220  1  (36) (35) 58  -  (37) (40) 
FluMist 132  -  21  19  122  1  21  20  
Other V&I -   -  n/m  n/m   -   -  n/m  n/m  
V&I Product Revenue 826  2  9  9  416  3  3  2  
Ultomiris 3,453  8  22  21  1,225  8  19  17  
Soliris 1,436  3  (30) (28) 462  3  (24) (24) 
Strensiq 1,188  3  19  19  441  3  29  28  
Koselugo 498  1  36  34  224  1  88  79  
Other Rare Disease 177  -  18  18  64  -  31  26  
Rare Disease Product Revenue 6,752  16  6  6  2,416  16  12  11  
Nexium 638  1  (7) (5) 204  1  (6) (5) 
Others 116  -  (27) (26) 33  -  (39) (39) 
Other Medicines Product Revenue 754  2  (11) (9) 237  2  (12) (12) 
Product Revenue 43,143  100  10  11  15,180  100  12  11  
         
Alliance Revenue included above:         
Enhertu 1,291  3  24  24  457  3  26  24  
Tezspire 453  1  50  50  168  1  37  37  
Beyfortus 252  1  >3x  >3x  142  1  >2x  >2x  
Datroway 38  -  n/m  n/m  24  -  n/m  n/m  
Other Alliance Revenue 74  -  (2) (2) 24  -  (8) (8) 
Alliance Revenue 2,108  5  41  41  815  5  46  44  
  
Revenue drivers

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Table 4: Collaboration Revenue 
 9M 2025              % Change Q3 2025              % Change 
 
$m    Actual  CER  $m    Actual  CER  
Farxiga: sales milestones 81  56  56  5   51  43  
Others 12  (79) (80) 6   (90) (90) 
Collaboration Revenue 93  (14) (15) 11   (81) (82) 
Table 5: Total Revenue by Therapy Area 
 9M 2025              % Change Q3 2025   % Change 
 
$m   % Total Actual  CER  $m   % Total Actual  CER  
Oncology 18,591  43  16  16  6,636  44  19  18  
CVRM 9,809  23  5  5  3,221  21  2  -  
R&I 6,493  15  13  13  2,259  15  15  14  
V&I 826  2  2  2  416  3  (10) (11) 
BioPharmaceuticals 17,129  40  7  8  5,896  39  6  4  
Rare Disease 6,752  16  6  6  2,416  16  12  11  
Other Medicines 764  2  (9) (8) 242  2  (10) (10) 
Total Revenue 43,236  100  10  11  15,191  100  12  10  
Table 6: Total Revenue by region 
 9M 2025              % Change Q3 2025   % Change 
 $m   % Total Actual  CER  $m   % Total Actual  CER  
US 18,517  43  11  11  6,548  43  9  9  
Emerging Markets ex. China 6,378  15  16  21  2,196  14  25  25  
China 5,279  12  5  5  1,764  12  6  5  
Emerging Markets 11,657  27  11  13  3,960  26  16  15  
Europe 9,160  21  11  9  3,334  22  16  10  
Established ROW 3,902  9  6  5  1,349  9  7  5  
Total Revenue 43,236  100  10  11  15,191  100  12  10  
Total Revenue by Medicine 
Oncology 
Tagrisso  
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Strong demand growth across all indications and key regions, leading 
combination in 1L NSCLC (FLAURA2) 
US 2,222  11  11    Underlying demand growth more than offset Medicare Part D redesign 
Emerging Markets 1,509  11  13    Favourable tender order timings in Q3 2025 
Europe 1,030  8  5    Demand growth partially offset by pricing pressure in certain major markets  
Established RoW 591  5  5    
Total 5,352  10  10    
Imfinzi 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Strong growth from new launch indications in bladder cancer (NIAGARA) and lung 
cancer (ADRIATIC, AEGEAN) 
US 2,484  32  32    Demand growth across all indications, particularly new launches 
Emerging Markets 463  27  33    Increased demand in GI (HIMALAYA, TOPAZ-1) and new launches in lung cancer  
Europe 879  26  24    Growth from GI indications and continued momentum from lung cancer launches 
Established RoW 491  (6) (7)   Mandatory price reductions in Japan in Feb 2024 (25%), and Aug 2024 (11%), 
increased competition in BTC (TOPAZ-1) 
Total 4,317  25  25

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
9 
 
Calquence  
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth from sustained BTKi leadership in front-line CLL (ELEVATE-TN) 
US 1,702  5  5  
 
 Growth in new starts in CLL, 1L MCL (ECHO) launch and improved affordability 
offsetting Medicare Part D redesign and formulary discounts to secure 
preferential formulary placement 
Emerging Markets 164  41  48    
Europe 569  16  14    Early launch momentum in fixed duration 1L CLL (AMPLIFY) 
Established RoW 116  18  20    
Total 2,551  10  10    
Lynparza 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained global PARP inhibitor market leadership across four tumour types 
(ovarian, breast, prostate, pancreatic) 
US 1,054  10  10    Share gains across ovarian, breast and prostate indications 
Emerging Markets 487  2  4    Affected by generic launches in China in Q4 2024 
Europe 667  9  7    Launches in breast and prostate cancers (OlympiA and PROpel) 
Established RoW 193  3  3    Gains in 1L ovarian cancer, increasing share of pMMR endometrial cancer 
Total 2,401  8  7    
Enhertu 
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca, amounted to $3,575m in 9M 2025 (9M 2024: $2,729m). US 
in-market sales, recorded by Daiichi Sankyo, amounted to $1,734m in 9M 2025 (9M 2024: $1,342m). AstraZeneca's European revenue 
includes a mid-single-digit percentage royalty on Daiichi Sankyo's sales in Japan, recorded as Alliance Revenue. 
9M 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  834  30  30    Accelerated uptake in chemotherapy naïve HER2-low and -ultralow breast cancer 
(DESTINY-Breast06) 
Emerging Markets 590  67  75    Rapid adoption post-NRDL enlistment of HER2-positive and HER2-low breast 
cancer from 1 January 2025 
Europe 489  22  20    Early launch uptake in chemotherapy naïve HER2-low breast cancer 
Established RoW 63  34  38    
Total 1,976  37  38    
Other Oncology medicines 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Zoladex 884  5  6    Growth across Emerging Markets 
Truqap 495  85  85    Demand growth in second-line biomarker-altered metastatic breast cancer 
Imjudo  253  22  21    Continued growth driven by lung (POSEIDON) and HCC (HIMALAYA)  
Datroway 38  n/m n/m   Continued uptake in breast cancer; initial use in lung cancer following US launch 
Other Oncology 323  (10) (9)   Faslodex generic erosion across markets 
Other Oncology includes $23m of Total Revenue from Orpathys, partnered with HUTCHMED. 
BioPharmaceuticals - CVRM 
Farxiga 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth driven by HF and CKD indications, SGLT2 class growth supported by 
cardiorenal guidelines  
US 1,244  (3) (3)   Prior year period benefitted from launch of authorised generic 
Emerging Markets 2,623  18  21    Continued strong growth despite generic competition in some markets  
Europe 2,147  13  10    Demand growth, impact from generic entry in the UK in Q3 2025 
Established RoW 413  11  11    
Total 6,426  11  12

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
10 
 
Other CVRM medicines 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Crestor 942  5  6    Continued sales growth driven by Emerging Markets 
Brilinta 665  (33) (33)   Decline driven by generic entry in the US and Europe in Q2 2025 
Seloken 469  1  3    Vast majority of revenue growth driven by Emerging Markets 
Lokelma 517  32  31    Strong growth in all major regions with continued launches in new markets 
roxadustat 229  (12) (12)   Decline driven by generic competition 
Wainua 143  >3x  >3x    Majority of revenue from US, first launches in ex-US markets in Q2 2025 
Other CVRM 418  (24) (24)   
BioPharmaceuticals - R&I 
Symbicort  
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained market leader in a stable ICS/LABA class, treating COPD and asthma 
US 903  2  2    Demand for authorised generic partially offsetting brand price pressures 
Emerging Markets 624  (4) (3)   China affected by ICS/LABA class erosion in COPD in favour of FDC triple therapy 
Europe 406  (2) (4)   Continued generic erosion  
Established RoW 247  3  5    
Total 2,180  (1) -    
Fasenra 
9M 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 886  18  18    Sustained double-digit volume growth with expanded class leadership 
Emerging Markets 81  18  22    Asthma launch momentum across key markets  
Europe 351  19  17    Sustained leadership in severe eosinophilic asthma 
Established RoW 133  26  27    Strong growth supported by recent EGPA launch in Japan 
Total 1,451  19  19    
Breztri 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Fastest growing medicine within the expanding FDC triple class (ICS/LABA/LAMA), 
treating COPD 
US 462  26  26    Consistent share growth within expanding FDC triple class  
Emerging Markets 239  20  21    Market share leadership in China with strong FDC triple class penetration 
Europe 136  34  31    Sustained growth from market share gain and new launches 
Established RoW 69  31  31    Increasing market share in Japan 
Total 906  26  26    
Tezspire 
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to $1,321m in 9M 2025 (9M 2024: $843m). 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained demand growth in severe asthma with launch momentum across 
multiple markets 
US 453  50  50    Continued strong demand growth with increasing new patient share volumes in 
biologics segment 
Emerging Markets 24  >3x  >3x    Strong continued launch uptake 
Europe 207  98  93    Maintained new-to-brand leadership across multiple markets and new launches 
Established RoW 86  55  55    Strong growth driven by Japan 
Total 770  64  63    
Other R&I medicines 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Pulmicort 357  (31) (30)   Generic competition in Emerging Markets (~80% of revenue)  
Saphnelo 483  48  47    Strong US demand growth, ongoing launches in Europe and Established RoW 
Airsupra 115  >2x  >2x    Strong US launch momentum and volume uptake 
Other R&I 231  (11) (11)

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
11 
 
BioPharmaceuticals - V&I 
Beyfortus Total Revenue reflects the sum of Product Sales from AstraZeneca’s sales of manufactured Beyfortus product to Sanofi and 
Alliance Revenue from AstraZeneca’s share of gross profits and royalties on sales of Beyfortus in major markets outside the US. 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Beyfortus 474  49  47    Increased capacity and strong demand  
Synagis 220  (36) (35)   Competition from Beyfortus 
FluMist 132  21  19    
Other V&I 0  n/m n/m   
Rare Disease 
Ultomiris 
Ultomiris Total Revenue includes sales of Voydeya, which is approved as an add on treatment to Ultomiris and Soliris for the ~20-30% of 
PNH patients who experience clinically significant EVH. 
9M 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 1,961  20  20    Demand growth across indications, including within the competitive gMG and 
PNH landscapes, minimal impact from Medicare Part D redesign 
Emerging Markets 177  92  >2x    Expansion into new markets and growth in patient demand 
Europe 769  18  16    Strong demand growth following recent launches; competition in gMG and PNH 
Established RoW 546  17  16    Continued conversion and strong demand following new launches 
Total 3,453  22  21    
Soliris 
9M 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 844  (28) (28)   Competition in gMG and PNH, biosimilars launched in April 2025 
Emerging Markets 327  (11) (2)    
Europe 159  (54) (55)   Biosimilar competition in PNH and aHUS  
Established RoW 106  (35) (34)  • Driven by conversion to Ultomiris  
Total 1,436  (30) (28)   
Strensiq 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth driven by continued patient demand and geographic expansion  
US 953  17  17    Demand growth, offset by Medicare Part D redesign 
Emerging Markets 61  58  61    
Europe 89  22  19    
Established RoW 85  23  21    
Total 1,188  19  19    
Other Rare Disease medicines 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Koselugo 498 36 34   Growth driven by continued patient demand and geographic expansion. Q3 2025 
benefitted from favourable timing of tender orders in Emerging Markets 
Other Rare Disease  177 18 18   Other Rare Disease medicines include Kanuma and Beyonttra (JP only)  
Other Medicines 
9M 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Nexium 638 (7) (5)   Growth in Emerging Markets, generic erosion elsewhere 
Others 126 (20) (20)   Generic erosion

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
12 
 
This section covers R&D events and milestones that occurred between 29 July 2025 and 5 November 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 IASLC 2025 World Conference on Lung Cancer (WCLC) and the European Society of Medical Oncology 
Congress 2025 (ESMO). Across the two meetings, more than 160 abstracts were presented featuring 20 approved and potential new 
medicines including 35 oral presentations. 
Calquence 
Approval 
JP 
ECHO 
August 2025 
New disclosure 
 For mantle cell lymphoma in previously untreated diseases: in combination with 
bendamustine hydrochloride and rituximab (genetical recombination). 
Approval 
JP 
ACE-LY-004 
August 2025 
New disclosure 
 For mantle cell lymphoma in relapsed or refractory diseases.  
Datroway 
Approval 
CN 
TROPION-Breast01 
August 2025 
New disclosure 
 For the treatment of adult patients with unresectable or metastatic HR-positive, 
HER2-negative (IHC 0, IHC 1+ or IHC 2+/ISH-) breast cancer who have received prior 
endocrine therapy and at least one line of chemotherapy in the advanced setting. 
Data presentation 
ESMO 
TROPION-Breast02 
October 2025 
 Positive results from the TROPION-Breast02 Phase III trial showed Datroway 
demonstrated a 5.0-month improvement in median OS (HR 0.79; 95% CI 0.64-0.98; 
p=0.0291) and reduced the risk of disease progression or death by 43% (HR 0.57; 95% 
CI 0.47-0.69; p<0.0001) compared to chemotherapy as 1st-line treatment for patients 
with locally recurrent inoperable or metastatic TNBC for whom immunotherapy was 
not an option. 
Enhertu 
Approval 
JP 
DESTINY-Breast06 
August 2025 
 For the treatment of adult patients with HR-positive, HER2-low (IHC 1+ or IHC 2+/ISH-
) or HER2-ultralow (IHC 0 with membrane staining) unresectable or recurrent breast 
cancer.  
Priority Review 
US 
DESTINY-Breast09 
September 2025 
 In combination with pertuzumab for the 1st-line treatment of adult patients with 
unresectable or metastatic HER2-positive breast cancer. 
Data presentation 
ESMO 
DESTINY-Breast11 
October 2025 
 Positive results from the DESTINY-Breast11 Phase III trial showed Enhertu followed by 
THP resulted in a pCR rate of 67.3% compared with 56.3% for ddAC-THP, representing 
a pCR rate improvement of 11.2%, in patients with high-risk, locally advanced HER2-
positive early-stage breast cancer. 
Data presentation  
ESMO 
DESTINY-Breast05 
October 2025 
 Positive results from the DESTINY-Breast05 Phase III trial showed Enhertu significantly 
reduced the risk of invasive disease recurrence or death by 53% compared with T-
DM1 as a post-neoadjuvant treatment (HR 0.47, 95% CI 0.34-0.66, p<0.0001) in 
patients with HER2-positive early breast cancer with residual invasive disease in the 
breast and/or axillary lymph nodes after neoadjuvant treatment. At three years, 
92.4% of patients in the Enhertu arm were alive and free of invasive disease, 
compared with 83.7% of those in the T-DM1 arm. 
 
  
R&D progress

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
13 
 
Imfinzi 
Approval 
JP 
NIAGARA 
September 2025 
New disclosure 
 Neoadjuvant and adjuvant therapy in bladder cancer. 
Approval 
JP 
AEGEAN 
September 2025 
New disclosure 
 Neoadjuvant and adjuvant treatment in non-small cell lung cancer. 
Data presentation 
ESMO 
MATTERHORN 
October 2025 
 Positive results from the final OS analysis of the MATTERHORN Phase III trial showed 
perioperative treatment with Imfinzi in combination with standard-of-care FLOT 
chemotherapy reduced the risk of death by 22% compared with chemotherapy alone 
(HR 0.78; 95% CI 0.63-0.96; p=0.021) in patients with resectable, early-stage and 
locally advanced and GEJ cancers. 
Data presentation 
ESMO 
POTOMAC 
October 2025 
 Positive results from the POTOMAC Phase III trial showed adding one year of 
treatment with Imfinzi to BCG induction and maintenance therapy demonstrated a 
32% reduction in the risk of high-risk disease recurrence or death versus the 
comparator arm (HR 0.68; 95% CI 0.50-0.93; p=0.0154) in patients with BCG-naïve, 
high-risk non-muscle invasive bladder cancer. 
Lynparza 
Approval 
CN 
PROpel 
July 2025 
New disclosure 
 In combination with abiraterone and prednisone or prednisolone for the treatment of 
adult patients with g/sBRCAm mCRPC. 
 
Tagrisso 
Data presentation 
WCLC 
 
FLAURA2 
September 2025 
 Positive 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 median OS of nearly four years (47.5 months) compared to 
approximately three years (37.6 months) for Tagrisso monotherapy in the 1st-line 
treatment of patients with locally advanced or metastatic EGFRm NSCLC. 
BioPharmaceuticals – CVRM 
AstraZeneca presented 32 abstracts and 13 posters alongside two hot-line oral presentations at the European Society of Cardiology 
(ESC) in Madrid, Spain. 
baxdrostat 
Data presentation 
ESC 
BaxHTN 
August 2025 
 Positive results from the BaxHTN Phase III trial showed that baxdrostat met the 
primary and all secondary endpoints, delivering meaningful and sustained blood 
pressure reductions in patients with hard-to-control hypertension. At week 12, the 
absolute reduction from baseline in mean seated SBP was 15.7 mmHg (95% CI, -17.6 
to -13.7) and placebo-adjusted reduction was 9.8 mmHg (95% CI, -12.6 to -7.0; 
p<0.001) for the 2mg dose. Results were consistent across both uncontrolled and 
treatment-resistant subgroups. 
Phase III readout Bax24 
October 2025 
 Positive high-level results from the Bax24 Phase III trial showed baxdrostat 
demonstrated a statistically significant and highly clinically meaningful reduction in 
ambulatory 24-hour average systolic blood pressure compared with placebo at 12 
weeks. Efficacy was observed throughout the 24-hour period, including early 
morning, when patients with hypertension are at a higher risk of cardiovascular 
events.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
14 
 
BioPharmaceuticals – R&I 
Airsupra 
Approval 
US 
 
BATURA 
October 2025 
 
 US Prescribing Information now includes clinically meaningful evidence in reducing 
severe exacerbations from the BATURA study in patients with mild asthma.  
Fasenra 
Phase III readout 
 
RESOLUTE 
September 2025 
 
 The RESOLUTE Phase III trial despite showing numerical improvement, did not 
achieve statistical significance in the primary endpoint in patients with chronic 
obstructive pulmonary disease. 
Saphnelo 
Phase III readout 
 
TULIP-SC 
September 2025 
 
 Positive high-level results from a pre-specified interim analysis of the Phase III TULIP-
SC trial in patients with systemic lupus erythematosus showed that the subcutaneous 
administration of Saphnelo demonstrated a statistically significant and clinically 
meaningful reduction in disease activity compared to placebo. The TULIP-SC interim 
results were presented at the American College of Rheumatology annual meeting in 
October 2025. 
CHMP opinion 
EU 
TULIP-SC 
October 2025 
 Recommended for approval as a self-administered once-weekly pre-filled pen for 
adult patients with systemic lupus erythematosus on top of standard therapy. 
Tezspire 
Approval 
EU 
WAYPOINT 
October 2025 
 As an add-on therapy with intranasal corticosteroids for the treatment of adult 
patients with severe CRSwNP who have not adequately responded to standard 
therapy (systemic corticosteroids and/or surgery). 
Approval 
US 
WAYPOINT 
October 2025 
 As an add-on maintenance treatment of adult and paediatric patients aged 12 years 
and older with inadequately controlled CRSwNP.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
15 
 
Rare Disease  
Alexion, AstraZeneca Rare Disease, delivered 18 presentations, including four oral presentations, from its leading rare neurology 
portfolio at the American Association of Neuromuscular & Electrodiagnostic Medicine (AANEM) Annual Meeting and the Myasthenia 
Gravis Foundation of America (MGFA) Scientific Session in San Francisco, California.  
Koselugo 
Approval 
Japan 
 
KOMET 
August 2025  
 For the treatment of adult patients with symptomatic, inoperable plexiform 
neurofibromas in neurofibromatosis type 1. 
Approval 
EU 
KOMET 
October 2025 
 For the treatment of adult patients with symptomatic, inoperable plexiform 
neurofibromas in neurofibromatosis type 1. 
 
Approval 
Japan  
SPRINKLE 
September 2025 
 Granule formulation for paediatric patients one year of age and older with 
neurofibromatosis type 1 who have symptomatic, inoperable plexiform 
neurofibromas. 
 
Approval 
US 
SPRINKLE 
September 2025 
 Granule formulation for paediatric patients one year of age and older with 
neurofibromatosis type 1 who have symptomatic, inoperable plexiform 
neurofibromas. 
 
Ultomiris 
Approval 
China 
 
CHAMPION-NMOSD  
August 2025 
 
 For the treatment of adult patients with neuromyelitis optica spectrum disorder who 
are anti-aquaporin-4 antibody positive. 
gefurulimab 
Data presentation 
AANEM/MGFA 
PREVAIL 
October 2025 
 Positive results from the PREVAIL Phase III trial demonstrated an improvement from 
baseline in MG-ADL total score at week 26 compared to placebo (treatment 
difference: -1.6 [95% CI: -2.4, -0.8], p<0.0001). A clinically meaningful improvement 
was observed as early as week one, and was sustained through week 26. Additionally, 
a clinically meaningful improvement in key secondary endpoint, QMG total score, 
was seen as early as week four (treatment difference: -1.8 [ 95% CI: -2.5, -1.1], 
p<0.0001) and was sustained through week 26 (treatment difference: -2.1 [95% CI: -
3.1, -1.1], p<0.0001).

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
16 
 
Sustainability highlights  
For the third consecutive year, TIME 
Magazine recognised AstraZeneca as one 
of the World’s Best Companies with the 
Company ranking at 43 out of 1,000 global 
companies and as the top pharmaceutical 
company in terms of sustainability 
transparency. AstraZeneca also secured 
fifth place in Sustainability Magazine’s Top 
250 World's Most Sustainable Companies 
2025, affirming its status as a global leader 
in responsible business and 
pharmaceutical innovation.  
AstraZeneca engaged on climate action, 
health systems resilience and health equity 
at the United Nations (UN) General 
Assembly High-Level Meeting on non-
communicable diseases (NCDs) and 
Climate Week NYC in September through 
over 100 engagements. EVP Global 
Operations, IT and Chief Sustainability 
Officer Pam Cheng represented the private 
sector at the UN alongside governments, 
NGOs and academia, focusing on the need 
to tackle NCDs.   
Chair Michel Demaré also joined a group 
of 25 global health leaders, including 
former heads of state and ministers, 
calling for action on this topic through an 
Open Letter in POLITICO, with a focus on 
the human, social and financial impacts of 
chronic disease and targeted solutions. 
 
Sustainability impact 
Climate and nature 
–  The Company focused on sustainable 
respiratory care at the European 
Respiratory Society (ERS), hosting a 
sustainability symposium, key 
engagements and running a sustainable 
booth with a living lung installation.   
– The Company won a 2025 Freezer 
Challenge Award for the fourth time 
from My Green Lab and the 
International Institute for Sustainable 
Laboratories, recognised as the Top 
Organization in the biotech and 
pharmaceutical sector for energy 
savings and best-in-class cold storage 
management. 
Health equity  
–  At EXPO 2025, the Company advanced 
priorities to transform lung health in 
Japan and Asia-Pacific through best 
practice sharing on screening and 
integrated disease management. The 
Company convened national and 
international government and clinical 
experts in lung cancer and COPD to 
further collaboration for high-risk 
patients and reduce mortality in Japan. 
–  AstraZeneca's Young Health 
Programme (YHP) received the ACE 
Award for Workforce Innovation and 
Global Impact at the Healthcare 
Businesswomen's Association's (HBA) 
annual conference, recognising how the 
programme supports employee 
engagement, advances health equity 
and strengthens health systems 
through youth empowerment. YHP was 
also recognised with the Third Sector 
Award for Large Corporate Partnership 
of the Year with Plan International UK.  
– The Company expanded its Healthy 
Heart Africa (HHA) programme in the 
Côte d’Ivoire, in partnership with the 
Ministry of Health, to include chronic 
kidney disease (CKD) care in addition to 
hypertension. The programme also 
expanded in Rwanda, where it will 
develop a protocol for CKD care in 
primary health, with training to be 
cascaded to healthcare providers, in 
collaboration with PATH. 
Health systems resilience  
– The Partnership for Health System 
Sustainability and Resilience (PHSSR) 
published its summary report on Acting 
Early on NCDs which captures highlights 
from research conducted in eight 
countries on health systems’ capability 
to act early on cancers, chronic 
respiratory diseases and CVRM. 
AstraZeneca engaged on its findings 
with the World Economic Forum 
Sustainable Development Impact 
Meetings in New York.
Sustainability

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
17 
 
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 nine-month 
period to 30 September 2025 (‘the period’ 
or ‘9M 2025’) compared to the nine-
month period to 30 September 2024 (‘9M 
2024’), or the three-month period to 30 
September 2025 (‘the quarter’ or ‘Q3 
2025’) compared to the three-month 
period to 30 September 2024 (‘Q3 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 18 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
18 
 
Table 7: Reported Profit and Loss 
 9M 2025  9M 2024            % Change Q3 2025  Q3 2024            % Change 
 $m  $m  Actual  CER  $m  $m  Actual  CER  
  - Product Sales 41,035  37,576  9  9  14,365  12,947  11  9  
  - Alliance Revenue 2,108  1,498  41  41  815  559  46  44  
Product Revenue 43,143  39,074  10  11  15,180  13,506  12  11  
Collaboration Revenue 93  108  (14) (15) 11  59  (81) (82) 
Total Revenue 43,236  39,182  10  11  15,191  13,565  12  10  
Cost of sales (7,515) (7,482) -  2  (2,801) (3,081) (9) (10) 
Gross profit 35,721  31,700  13  13  12,390  10,484  18  16  
Distribution expense (426) (412) 3  4  (148) (145) 2  -  
R&D expense (10,370) (8,906) 16  16  (3,663) (3,115) 18  16  
SG&A expense (14,441) (14,567) (1) (1) (5,085) (5,143) (1) (3) 
Other operating income & expense 281  152  85  87  89  25  >3x >3x 
Operating profit 10,765  7,967  35  35  3,583  2,106  70  64  
Net finance expense (985) (919) 7  7  (349) (274) 27  25  
Joint ventures and associates (7) (23) (68) (70) 10  (4) n/m n/m 
Profit before tax 9,773  7,025  39  38  3,244  1,828  77  70  
Taxation (1,869) (1,484) 26  25  (709) (395) 79  72  
Tax rate 19%  21%    22%  22%    
Profit after tax 7,904  5,541  43  42  2,535  1,433  77  70  
Earnings per share $5.10  $3.57  43  42  $1.64  $0.92  77  70  
Table 8: Reconciliation of Reported Profit before tax to EBITDA 
 9M 2025  9M 2024            % Change Q3 2025  Q3 2024            % Change 
 $m  $m  Actual  CER  $m  $m  Actual  CER  
Reported Profit before tax  9,773  7,025  39  38  3,244  1,828  77  70  
Net finance expense  985  919  7  7  349  274  27  25  
Joint ventures and associates  7  23  (68) (70) (10) 4  n/m n/m 
Depreciation, amortisation and impairment  4,222  4,351  (3) (4) 1,549  1,817  (15) (16) 
EBITDA  14,987  12,318  22  21  5,132  3,923  31  28  
Table 9: Reconciliation of Reported to Core financial measures: 9M 2025 
For the nine months ended 30 September 
 
Reported Restructuring Intangible Asset 
Amortisation & 
Impairments 
Other Core % Change 
 $m  $m  $m  $m  $m  Actual  CER  
Gross profit 35,721  (61) 24  12  35,696  10  10  
 - Gross Margin 83%     83%  -  -  
Distribution expense (426) -  -  -  (426) 3  4  
R&D expense (10,370) 134  141  4  (10,091) 17  16  
- R&D % of Total Revenue 24%     23%  -1pp  -1pp  
SG&A expense (14,441) 113  3,038  209  (11,081) 3  3  
- SG&A % of Total Revenue 33%     26%  +2pp  +2pp  
Total operating expense (25,237) 247  3,179  213  (21,598) 9  9  
Other operating income & expense 281  (6) -  7  282  88  91  
Operating profit 10,765  180  3,203  232  14,380  13  13  
- Operating Margin 25%        33%  +1pp  +1pp  
Net finance expense (985) -  -  162  (823) (4) (4) 
Taxation (1,869) (49) (611) (98) (2,627) 11  11  
EPS $5.10  $0.08  $1.68  $0.18  $7.04  15  15  
  
Financial performance

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
19 
 
Table 10: Reconciliation of Reported to Core financial measures: Q3 2025 
For the quarter ended 30 September 
 
Reported Restructuring Intangible Asset 
Amortisation & 
Impairments 
Other Core % Change 
 $m  $m  $m  $m  $m  Actual  CER  
Gross profit 12,390  9  7  11  12,417  12  10  
 - Gross Margin 82%     82%  -  -  
Distribution expense (148) -  -  -  (148) 2  -  
R&D expense (3,663) 33  79  1  (3,550) 16  14  
- R&D % of Total Revenue 24%     23%  -1pp  -1pp  
SG&A expense (5,085) 37  1,095  131  (3,822) 6  4  
- SG&A % of Total Revenue 33%     25%  +1pp  +1pp  
Total operating expense (8,896) 70  1,174  132  (7,520) 10  9  
Other operating income & expense 89  -  -  7  96  >3x >3x 
Operating profit 3,583  79  1,181  150  4,993  16  13  
- Operating Margin 24%        33%  +1pp  +1pp  
Net finance expense (349) -  -  44  (305) (7) (9) 
Taxation (709) (19) (225) (49) (1,002) 33  30  
EPS $1.64  $0.03  $0.62  $0.09  $2.38  14  12  
 
Profit and Loss drivers 
Gross profit 
The stable Gross Margin (Reported and 
Core) in 9M 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 9M 2025 
consisted primarily of royalties and an 
upfront fee on a divestment 
Net finance expense 
Core Net finance expense decreased 4% 
(4% at CER) in 9M 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, 
and also a reduction in short-term 
borrowings. 
Core Net finance expense decreased 7% 
(9% at CER) in Q3 2025, mainly driven by 
a reduction in short-term borrowings. 
Taxation 
The effective Reported and Core tax rates 
for the nine months to 30 September 
2025 were 19% (9M 2024: 21% and 20% 
respectively).  
The cash tax paid for the nine months 
ended 30 September 2025 was $2,193m 
(9M 2024: $1,978m), representing 22% of 
Reported Profit before tax (9M 2024: 
28%).

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
20 
 
Cash Flow 
Table 11: Cash Flow summary: 9M 2025 
For the nine months ended 30 September 
 
2025  
$m  
2024  
$m  
Change 
$m  
Reported Operating profit  10,765  7,967  2,798  
Depreciation, amortisation and impairment  4,222  4,351  (129) 
Movement in working capital and short-term provisions  64  (543) 607  
Gains on disposal of intangible assets  (118) (34) (84) 
Fair value movements on contingent consideration arising from business combinations (29) 251  (280) 
Non-cash and other movements  591  15  576  
Interest paid  (1,069) (1,075) 6  
Taxation paid  (2,193) (1,978) (215) 
Net cash inflow from operating activities  12,233  8,954  3,279  
Net cash inflow before financing activities  6,871  2,155  4,716  
Net cash (outflow) from financing activities  (4,262) (3,325) (937) 
Net cash flow 
The change in Net cash inflow from 
operating activities of $3,279m is 
primarily driven by the increased 
operating profit in 2025. 
The change in Net cash inflow before 
financing activities of $4,716m 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 from 
financing activities of $937m is primarily 
driven by the issue of new long-term 
loans of $6,492m in 2024, with no 
issuance in 2025, and offset by the 
repayment of loans of $4,647m in 2024, 
with no repayment in 2025. 
Capital expenditure 
Capital expenditure on tangible assets 
and Software-related intangible assets 
amounted to $2,091m in 9M 2025 (9M 
2024: $1,415m). 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 decreased by $605m in the nine 
months to 30 September 2025 to 
$23,965m. 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 Sep  
2025  
$m  
At 31 Dec  
2024  
$m  
At 30 Sep  
2024  
$m  
Cash and cash equivalents 8,143  5,488  4,797  
Other investments 39  166  133  
Cash and investments 8,182  5,654  4,930  
Overdrafts and short-term borrowings (622) (330) (769) 
Commercial paper (1,091) -  (472) 
Lease liabilities (1,758) (1,452) (1,422) 
Current instalments of loans (4,461) (2,007) (12) 
Non-current instalments of loans (24,700) (26,506) (28,887) 
Interest-bearing loans and borrowings (Gross debt) (32,632) (30,295) (31,562) 
Net derivatives 485  71  284  
Net debt (23,965) (24,570) (26,348)

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
21 
 
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: 9M 2025 
For the nine months ended 30 September 
 
2025  
$m  
2024  
$m  
Total Revenue -  -  
Gross profit  -  -  
Operating loss -  -  
Loss for the period (957) (894) 
Transactions with subsidiaries that are not issuers or guarantors 6,509  1,342  
 
Table 14: Obligor group summarised Statement of financial position 
 At 30 Sep 
2025  
$m  
At 30 Sep 
2024  
$m  
Current assets 13  10  
Non-current assets 141  84  
Current liabilities (5,976) (801) 
Non-current liabilities (24,704) (28,906) 
Amounts due from subsidiaries that are not issuers or guarantors 21,519  16,705  
Amounts due to subsidiaries that are not issuers or guarantors -  -

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
22 
 
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.
Foreign exchange gains and losses on 
forward contracts transacted for 
transactional hedging are taken to profit or 
to Other comprehensive income if the 
contract is in a designated cashflow hedge. 
In addition, the Company's external 
dividend payments, paid principally in 
pound sterling and Swedish krona, are fully 
hedged from the time of their 
announcement to the payment date. 
 
Table 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  
 (%) 
September   
 20254 
Change 
 (%) 
Total 
Revenue 
Core Operating 
Profit 
EUR Total Revenue 0.92  0.89 3   0.85 8 (461) (232) 
CNY Total Revenue 7.21  7.22 - 7.12 1  (313) (171) 
JPY Total Revenue 151.46  148.10 2   147.87 2 (179) (121) 
GBP Operating expense 0.78  0.76 3   0.74 6 (68) 124  
SEK Operating expense 10.57  9.94 6   9.37 13 (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 September 2025. 
4. Based on average daily spot rates 1 September 2025 to 30 September 2025.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
23 
 
Table 16: Condensed consolidated statement of comprehensive income: 9M 2025 
For the nine months ended 30 September  2025  
$m  
2024  
$m  
- Product Sales 41,035  37,576  
- Alliance Revenue 2,108  1,498  
Product Revenue 43,143  39,074  
Collaboration Revenue 93  108  
Total Revenue 43,236  39,182  
Cost of sales (7,515) (7,482) 
Gross profit 35,721  31,700  
Distribution expense (426) (412) 
Research and development expense (10,370) (8,906) 
Selling, general and administrative expense (14,441) (14,567) 
Other operating income and expense 281  152  
Operating profit 10,765  7,967  
Finance income 225  394  
Finance expense (1,210) (1,313) 
Share of after tax losses in associates and joint ventures (7) (23) 
Profit before tax 9,773  7,025  
Taxation (1,869) (1,484) 
Profit for the period 7,904  5,541  
   
Other comprehensive income   
Items that will not be reclassified to profit or loss:   
Remeasurement of the defined benefit pension liability 116  136  
Net (losses)/gains on equity investments measured at fair value through other comprehensive income (21) 264  
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 (13) (50) 
 82  362  
Items that may be reclassified subsequently to profit or loss:   
Foreign exchange arising on consolidation 2,266  543  
Foreign exchange arising on designated liabilities in net investment hedges 15  (84) 
Fair value movements on cash flow hedges 256  (42) 
Fair value movements on cash flow hedges transferred to profit and loss (318) 1  
Fair value movements on derivatives designated in net investment hedges (7) 13  
Gains of hedging 8  2  
Tax on items that may be reclassified subsequently to profit or loss (50) 16  
 2,170  449  
Other comprehensive income, net of tax 2,252  811  
     
Total comprehensive income for the period 10,156  6,352  
   
Profit attributable to:   
Owners of the Parent 7,899  5,535  
Non-controlling interests 5  6  
 7,904  5,541  
   
Total comprehensive income attributable to:   
Owners of the Parent 10,149  6,346  
Non-controlling interests 7  6  
 10,156  6,352  
Earnings per share   
Basic earnings per $0.25 Ordinary Share $5.10  $3.57  
Diluted earnings per $0.25 Ordinary Share $5.06  $3.54  
Weighted average number of Ordinary Shares in issue (millions) 1,550  1,550  
Diluted weighted average number of Ordinary Shares in issue (millions) 1,561  1,562  
  
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: Q3 2025 
For the quarter ended 30 September 
 
2025  
$m  
2024  
$m  
- Product Sales 14,365  12,947  
- Alliance Revenue 815  559  
Product Revenue 15,180  13,506  
Collaboration Revenue 11  59  
Total Revenue 15,191  13,565  
Cost of sales (2,801) (3,081) 
Gross profit 12,390  10,484  
Distribution expense (148) (145) 
Research and development expense (3,663) (3,115) 
Selling, general and administrative expense (5,085) (5,143) 
Other operating income and expense 89  25  
Operating profit 3,583  2,106  
Finance income 85  183  
Finance expense (434) (457) 
Share of after tax losses in associates and joint ventures 10  (4) 
Profit before tax 3,244  1,828  
Taxation (709) (395) 
Profit for the period 2,535  1,433  
   
Other comprehensive income   
Items that will not be reclassified to profit or loss:   
Remeasurement of the defined benefit pension liability 146  35  
Net gains on equity investments measured at fair value through other comprehensive income 104  175  
Fair value movements related to own credit risk on bonds designated as fair value through profit or loss -  -  
Tax on items that will not be reclassified to profit or loss (10) (23) 
 240  187  
Items that may be reclassified subsequently to profit or loss:   
Foreign exchange arising on consolidation (198) 1,097  
Foreign exchange arising on designated liabilities in net investment hedges 5  12  
Fair value movements on cash flow hedges (17) 96  
Fair value movements on cash flow hedges transferred to profit and loss (3) (101) 
Fair value movements on derivatives designated in net investment hedges 13  (32) 
Costs of hedging (2) (12) 
Tax on items that may be reclassified subsequently to profit or loss 2  (22) 
 (200) 1,038  
Other comprehensive income, net of tax 40  1,225  
     
Total comprehensive income for the period 2,575  2,658  
   
Profit attributable to:   
Owners of the Parent 2,533  1,429  
Non-controlling interests 2  4  
 2,535  1,433  
   
Total comprehensive income attributable to:   
Owners of the Parent 2,575  2,654  
Non-controlling interests -  4  
 2,575  2,658  
Earnings per share   
Basic earnings per $0.25 Ordinary Share $1.64  $0.92  
Diluted earnings per $0.25 Ordinary Share $1.62  $0.91  
Weighted average number of Ordinary Shares in issue (millions) 1,551  1,550  
Diluted weighted average number of Ordinary Shares in issue (millions) 1,561  1,562

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
25 
 
Table 18: Condensed consolidated statement of financial position 
 At 
30 Sep 2025 
At 
31 Dec 2024 
At 
30 Sep 2024 
Assets  $m  $m  $m  
Non-current assets    
Property, plant and equipment 12,083  10,252  10,135  
Right-of-use assets 1,700  1,395  1,378  
Goodwill 21,219  21,025  21,139  
Intangible assets 38,191  37,177  39,394  
Investments in associates and joint ventures 296  268  290  
Other investments 1,990  1,632  1,855  
Derivative financial instruments 502  182  319  
Other receivables 1,159  930  915  
Income tax receivable 1,247  -  -  
Deferred tax assets 6,129  5,347  5,342  
 84,516  78,208  80,767  
Current assets    
Inventories 6,593  5,288  5,662  
Trade and other receivables 14,338  12,972  11,879  
Other investments 39  166  133  
Derivative financial instruments 12  54  16  
Income tax receivable 815  1,859  1,668  
Cash and cash equivalents 8,143  5,488  4,797  
 29,940  25,827  24,155  
Total assets 114,456  104,035  104,922  
    
Liabilities    
Current liabilities    
Interest-bearing loans and borrowings (6,174) (2,337) (1,253) 
Lease liabilities (379) (339) (317) 
Trade and other payables (25,028) (22,465) (21,684) 
Derivative financial instruments (29) (50) (17) 
Provisions (1,176) (1,269) (1,187) 
Income tax payable (1,268) (1,406) (1,468) 
 (34,054) (27,866) (25,926) 
Non-current liabilities    
Interest-bearing loans and borrowings (24,700) (26,506) (28,887) 
Lease liabilities (1,379) (1,113) (1,105) 
Derivative financial instruments -  (115) (34) 
Deferred tax liabilities (3,604) (3,305) (3,568) 
Retirement benefit obligations (1,271) (1,330) (1,361) 
Provisions (929) (921) (1,063) 
Income tax payable (535) (238) (174) 
Other payables (2,013) (1,770) (1,999) 
 (34,431) (35,298) (38,191) 
Total liabilities (68,485) (63,164) (64,117) 
    
Net assets 45,971  40,871  40,805  
    
Equity    
Share capital 388  388  388  
Share premium account 35,243  35,226  35,203  
Other reserves 2,044  2,012  1,990  
Retained earnings 8,213  3,160  3,138  
Capital and reserves attributable to equity holders of the Parent 45,888  40,786  40,719  
Non-controlling interests 83  85  86  
Total equity 45,971  40,871  40,805

===== 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 -  -  -  5,535  5,535  6  5,541  
Other comprehensive income   -  -  -  811  811  -  811  
Transfer to other reserves -  -  1  (1) -  -  -  
Transactions with owners        
Dividends -  -  -  (4,602) (4,602) -  (4,602) 
Dividends paid to non-controlling interests -  -  -  -  -  (4) (4) 
Issue of Ordinary Shares -  15  -  -  15  -  15  
Changes in non-controlling interests -  -  -  -  -  61  61  
Movement in shares held by Employee 
Benefit Trusts -  -  (76) -  (76) -  (76) 
Share-based payments charge for the period -  -  -  487  487  -  487  
Settlement of share plan awards -  -  -  (594) (594) -  (594) 
Net movement -  15  (75) 1,636  1,576  63  1,639  
At 30 September 2024 388  35,203  1,990  3,138  40,719  86  40,805  
        
At 1 Jan 2025 388  35,226  2,012  3,160  40,786  85  40,871  
Profit for the period -  -  -  7,899  7,899  5  7,904  
Other comprehensive (expense)/income   -  -  (61) 2,311  2,250  2  2,252  
Transfer to other reserves -  -  48  (48) -  -  -  
Transactions with owners        
Dividends -  -  -  (4,846) (4,846) -  (4,846) 
Dividends paid to non-controlling interests -  -  -  -  -  (2) (2) 
Issue of Ordinary Shares -  17  -  -  17  -  17  
Changes in non-controlling interests -  -  -  8  8  (7) 1  
Movement in shares held by Employee 
Benefit Trusts -  -  45  -  45  -  45  
Share-based payments charge for the period -  -  -  529  529  -  529  
Settlement of share plan awards -  -  -  (800) (800) -  (800) 
Net movement -  17  32  5,053  5,102  (2) 5,100  
At 30 September 2025 388  35,243  2,044  8,213  45,888  83  45,971  
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 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
27 
 
Table 20: Condensed consolidated statement of cash flows: 9M 2025 
For the nine months ended 30 September 
 
2025  
$m  
2024  
$m  
Cash flows from operating activities   
Profit before tax 9,773  7,025  
Finance income and expense 985  919  
Share of after tax losses of associates and joint ventures 7  23  
Depreciation, amortisation and impairment 4,222  4,351  
Movement in working capital and short-term provisions 64  (543) 
Gains on disposal of intangible assets (118) (34) 
Fair value movements on contingent consideration arising from business combinations (29) 251  
Non-cash and other movements 591  15  
Cash generated from operations 15,495  12,007  
Interest paid (1,069) (1,075) 
Tax paid (2,193) (1,978) 
Net cash inflow from operating activities 12,233  8,954  
   
Cash flows from investing activities   
Acquisition of subsidiaries, net of cash acquired (60) (2,771) 
Payment of contingent consideration from business combinations (897) (737) 
Purchase of property, plant and equipment (1,774) (1,216) 
Disposal of property, plant and equipment 10  53  
Purchase of intangible assets (2,844) (2,415) 
Disposal of intangible assets 96  107  
Purchase of non-current asset investments (218) (96) 
Disposal of non-current asset investments -  73  
Movement in short-term investments, fixed deposits and other investing instruments 122  67  
Payments to associates and joint ventures (10) (158) 
Disposal of investments in associates and joint ventures -  13  
Interest received 213  281  
Net cash outflow from investing activities (5,362) (6,799) 
Net cash inflow before financing activities 6,871  2,155  
   
Cash flows from financing activities   
Proceeds from issue of share capital 17  15  
Own shares purchased by Employee Benefit Trust (508) (81) 
Payments to acquire non-controlling interests (14) -  
Issue of loans and borrowings  9  6,492  
Repayment of loans and borrowings (20) (4,647) 
Dividends paid (4,968) (4,626) 
Hedge contracts relating to dividend payments 113  16  
Repayment of obligations under leases (273) (233) 
Movement in short-term borrowings 1,382  572  
Payment of Acerta Pharma share purchase liability -  (833) 
Net cash outflow from financing activities (4,262) (3,325) 
   
Net increase/(decrease) in Cash and cash equivalents in the period 2,609  (1,170) 
Cash and cash equivalents at the beginning of the period 5,429  5,637  
Exchange rate effects 42  (32) 
Cash and cash equivalents at the end of the period 8,080  4,435  
   
Cash and cash equivalents consist of:   
Cash and cash equivalents 8,143  4,797  
Overdrafts (63) (362) 
 8,080  4,435

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
28 
 
Note 1: Basis of preparation and accounting policies
These unaudited Interim financial 
statements for the nine months ended 30 
September 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 nine months ended 30 
September 2025 were approved by the 
Board of Directors for publication on 
6 November 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 
have been 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 
nine months ended 30 September 2024 of 
$39,074m. 
Going concern 
The Group has considerable financial 
resources available. As at 30 September 
2025, the Group has $13.0bn in financial 
resources (cash and cash equivalent 
balances of $8.1bn and undrawn 
committed bank facilities of $4.9bn that 
are available until April 2030), with $6.6bn 
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 29 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
29 
 
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. 
Intangible asset additions of $536m in the 
quarter relate to the total of net upfront 
payment made, the present value of non-
contingent future payments and a sales-
related payment due to Merck in 
connection with the restructuring of 
arrangements relating to Koselugo, 
recorded as an asset acquisition. A 
regulatory milestone of $50m, and sales-
related payment of $35m additionally fell 
due and were capitalised in the quarter. 
Further contingent payments of up to 
$300m could be paid on achievement of 
regulatory milestones or on achievement 
of sales-related thresholds. Those liabilities 
will be recorded when milestones are 
triggered, or performance conditions have 
been satisfied. Sales-related payments are 
accrued and capitalised when considered 
probable with reference to the latest 
Group sales forecasts for approved 
indications at the present value of 
expected future cash flows. 
Note 3: Net debt 
Table 21: Net debt 
 
 At 1 Jan  
2025  
Cash flow  Acquisitions Non-cash  
 and other  
Exchange  
 movements  
At 30 Sep  
2025  
 $m  $m  $m $m  $m  $m  
Non-current instalments of loans (26,506) -  -  2,433  (627) (24,700) 
Non-current instalments of leases (1,113) -  -  (217) (49) (1,379) 
Total long-term debt (27,619) -  -  2,216  (676) (26,079) 
Current instalments of loans (2,007) 11  -  (2,465) -  (4,461) 
Current instalments of leases (339) 326  (1) (346) (19) (379) 
Commercial paper -  (1,091) -  -  -  (1,091) 
Collateral received from derivative counterparties (181) (232) -  -  -  (413) 
Other short-term borrowings excluding overdrafts (90) (59) -  -  3  (146) 
Overdrafts (59) (3) -  -  (1) (63) 
Total current debt (2,676) (1,048) (1) (2,811) (17) (6,553) 
Gross borrowings (30,295) (1,048) (1) (595) (693) (32,632) 
Net derivative financial instruments 71  (385) -  799  -  485  
Net borrowings (30,224) (1,433) (1) 204  (693) (32,147) 
Cash and cash equivalents 5,488  2,492  120  -  43  8,143  
Other investments - current 166  (122) -  -  (5) 39  
Cash and investments 5,654  2,370  120  -  38  8,182  
Net debt (24,570) 937  119  204  (655) (23,965) 
 
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 decreased by $605m in the nine 
months to 30 September 2025 to 
$23,965m. 
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 September 2025 was $413m 
(31 December 2024: $181m) and the 
carrying value of such cash collateral 
posted by the Group at 30 September 
2025 was $25m (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 nine months ended 30 
September 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 30 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
30 
 
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 $539m 
(31 December 2024: $353m) and for which 
a fair value loss of $47m has been 
recognised in the nine months ended 30 
September 2025 (9M 2024: $nil). 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 nine months ended 30 
September 2025 are Level 1 fair value 
measurements, valued based on quoted 
prices in active markets. 
Financial instruments measured at fair 
value include $2,004m of other 
investments, $6,732m held in money-
market funds and $485m of derivatives as 
at 30 September 2025. With the exception 
of derivatives being Level 2 fair valued, and 
certain equity instruments of $539m 
categorised as Level 3, the 
aforementioned balances are Level 1 fair 
valued. Financial instruments measured at 
amortised cost include $25m of cash 
collateral pledged to counterparties. The 
total fair value of Interest-bearing loans 
and borrowings as at 30 September 2025, 
which have a carrying value of $32,632m 
in the Condensed consolidated statement 
of financial position, was $32,275m. 
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 $523m (31 December 
2024: $1,309m) would increase/decrease 
by $52m 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 (787) (110) (897) (737) 
Revaluations (30) 1  (29) 252  
Discount unwind 31  15  46  85  
At 30 September 523 348 871 1,935 
 
Note 5: Legal proceedings and contingent liabilities
AstraZeneca is involved in various legal 
proceedings considered typical to its 
business, including litigation and 
investigations, including Government 
investigations, relating to product liability, 
commercial disputes, infringement of 
intellectual property (IP) rights, the validity 
of certain patents, anti-trust law and sales 
and marketing practices. 
The matters discussed below constitute 
the more significant developments since 
publication of the disclosures concerning 
legal proceedings in the Company's Annual 
Report and Form 20-F Information 2024 
and the Interim Financial Statements for 
the six months ended 30 June 2025 (the 
Disclosures). Information about the nature 
and facts of the cases is disclosed in 
accordance with IAS 37 ‘Provisions, 
Contingent Liabilities and Contingent 
Assets’. 
As discussed in the Disclosures, the 
majority of claims involve highly complex 
issues. Often these issues are subject to 
substantial uncertainties and, therefore, 
the probability of a loss, if any, being 
sustained and/or an estimate of the 
amount of any loss is difficult to ascertain. 
In cases that have been settled or 
adjudicated, or where quantifiable fines 
and penalties have been assessed and 
which are not subject to appeal, or where 
a loss is probable and we are able to make 
a reasonable estimate of the loss, 
AstraZeneca records the loss absorbed or 
makes a provision for its best estimate of 
the expected loss. The position could 
change over time and the estimates that 
the Company made, and upon which the 
Company have relied in calculating these 
provisions are inherently imprecise. There 
can, therefore, be no assurance that any 
losses that result from the outcome of any 
legal proceedings will not exceed the 
amount of the provisions that have been 
booked in the accounts. The major factors 
causing this uncertainty are described 
more fully in the Disclosures and herein. 
AstraZeneca has full confidence in, and will 
vigorously defend and enforce, its IP.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
31 
 
Matters disclosed in respect of the third quarter of 2025 and to 6 November 2025 
Table 23: Patent litigation 
Legal proceedings brought against AstraZeneca 
Factor Bioscience patent 
proceedings, US 
 
Considered to be a contingent liability 
 In September 2025, Factor Bioscience Inc. (Factor) filed a complaint against AstraZeneca, and 
others in the U.S. District Court for the District of Delaware, alleging infringement of several 
Factor patents related to technology for producing gene-edited cells using synthetic messenger 
ribonucleic acid (mRNA) molecules encoding transcription activator-like effector nuclease (TALEN) 
gene-editing proteins.  
 The complaint alleges that certain drug research, design and development activities by 
AstraZeneca and others infringe Factor’s patents.  
Forxiga patent proceedings, UK 
 
Matter concluded 
 In the UK, one of AstraZeneca’s patents relating to Forxiga was 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. AstraZeneca's 
application for permission to appeal to the UK Supreme Court was denied. 
 In March 2025 and onward, AstraZeneca obtained injunctions against generic manufacturers' at-
risk sales of dapagliflozin products in the UK. All injunctions have since been lifted. 
 This matter has concluded. 
Legal proceedings brought by AstraZeneca 
Lynparza patent proceedings, 
Canada 
Considered to be a contingent asset 
 In July 2025, AstraZeneca was served with a Notice of Allegation from Cipla Ltd. challenging a 
patent relating to Lynparza. 
 AstraZeneca commenced an action in response in August 2025. Trial is scheduled to begin in April 
2027. 
 In August 2025, AstraZeneca was served with a Notice of Allegation from Natco Pharma (Canada) 
Inc. challenging a patent relating to Lynparza. 
 AstraZeneca commenced an action in response in October 2025. No trial date has been set. 
Soliris patent proceedings, UK 
 
Considered to be a contingent asset 
 In May 2024, AstraZeneca initiated patent infringement proceedings against Amgen Ltd. 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. 
 In August 2025, AstraZeneca appealed. 
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 (Axelpharm) for improper use of 
AstraZeneca’s 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 a challenge by AstraZeneca. The PTO’s decision was upheld in June 2025, following an 
appeal by Axelpharm. In August 2025, Axelpharm filed a further appeal before the Presidium of 
the Intellectual Property Court and that appeal will be heard in November 2025. 
 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 LLC (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 appealed 
against the ruling in June 2025 and a hearing has been scheduled before the Ninth Arbitration 
Appellate Court in December 2025.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
32 
 
Table 24: Commercial litigation 
Legal proceedings brought against AstraZeneca 
340B Antitrust litigation, US 
 
Considered to be a contingent liability 
 In September 2021, AstraZeneca was served with a class-action antitrust complaint filed in the US 
District Court for the Western District of New York (District Court) by Mosaic Health alleging a 
conspiracy to restrict access to 340B discounts in the diabetes market through contract 
pharmacies.  
 In September 2022, the District Court granted AstraZeneca’s motion to dismiss the complaint. In 
February 2024, the District Court denied Plaintiffs’ request to file an amended complaint and 
entered an order closing the matter. In March 2024, Plaintiffs filed an appeal.  
 In August 2025, the US Court of Appeals for the Second Circuit reversed the District Court's 
decision.  
 AstraZeneca and the other defendants have filed a motion for reconsideration. 
Seroquel XR Antitrust Litigation, 
US 
 
Matter concluded 
 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. In September of 2025, the Court approved the class-related portion of the settlement.  
 The matter is now concluded. 
Table 25: Government investigations and proceedings 
Legal proceedings brought against AstraZeneca 
 
Shenzhen Bay Customs Office, 
China 
 
Considered to be a contingent liability  
 
 
 In relation to the alleged unpaid importation taxes, in October 2025, AstraZeneca received a final 
appraisal notice, which supersedes the previously-disclosed appraisal notices, from the Shenzhen 
Bay Customs Office stating that the total amount of unpaid tax, inclusive of the previously-
disclosed amounts, is RMB 24 million (approximately $3.5m).  
 To the best of AstraZeneca’s knowledge, the importation taxes referred to in the appraisal notice 
relate to Enhertu, Imfinzi and Imjudo. 
 AstraZeneca has since prepaid the full amount as voluntary compensation to the State.   
 A fine of between one and five times the amount of these paid importation taxes may also be 
levied if AstraZeneca is found liable. 
Legal proceedings brought by AstraZeneca 
340B State litigation, US 
 
Considered to be a contingent asset 
 AstraZeneca has filed lawsuits against Arkansas, Colorado, Hawaii, Kansas, Louisiana, Maine, 
Maryland, Minnesota, Mississippi, Missouri, Nebraska, North Dakota, Oklahoma, South Dakota, 
Tennessee, Utah, and West Virginia challenging the constitutionality of each state’s 340B statute. 
 In Arkansas, AstraZeneca moved for summary judgment in August 2025, and the Court denied the 
intervenor's motion to dismiss in September 2025 finding AstraZeneca's claims were distinct from 
the claims in the prior PhRMA litigation. Trial is scheduled for February 2026. 
 In Colorado, AstraZeneca filed a complaint in August 2025 and a motion for a preliminary 
injunction in October 2025. 
 In Hawaii, AstraZeneca filed a complaint in August 2025 and a motion for a preliminary injunction 
in September 2025. 
 In Louisiana, the Louisiana Department of Justice sent AstraZeneca a Civil Investigative Demand in 
September 2025 for alleged non-compliance with Louisiana’s 340B Statute. 
 In Maine, AstraZeneca filed a complaint in September 2025.  
 In North Dakota, AstraZeneca filed a complaint in August 2025.  
 In Oklahoma, AstraZeneca filed a complaint and a motion for a preliminary injunction in October 
2025. Later in October, the court granted AstraZeneca's motion for a preliminary injunction. 
 In South Dakota, AstraZeneca filed a complaint in August 2025.  
 In Tennessee, AstraZeneca filed a complaint in August 2025.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
33 
 
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. 
 In September 2025, AstraZeneca sought review by the US Supreme Court. 
Other 
Additional government inquiries 
As is true for most, if not all, major prescription pharmaceutical companies, AstraZeneca is currently involved in multiple inquiries into 
drug marketing and pricing practices. In addition to the investigations described above, various law enforcement offices have, from 
time to time, requested information from the Group. There have been no material developments in those matters. 
Note 6: Subsequent events 
On 22 October 2025, AstraZeneca, by exercise of an option, completed the acquisition of the remaining share capital of SixPeaks Bio AG 
(SixPeaks), following an initial investment of $15m made in Q2 2024. $170m was paid on closing, $30m to be paid after two years and 
up to a further $100m is payable on achievement of regulatory milestones, which will be accrued for at its present value. These 
payments will be recognised in equity as SixPeaks has been consolidated as a subsidiary due to AstraZeneca's control since the initial 
equity investment in Q2 2024.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
34 
 
Note 7: Analysis of Revenue and Other operating income and expense 
Table 26: Product Sales year-on-year analysis: 9M 2025 
For the nine months  World US Emerging Markets Europe Established RoW 
ended 30 September  Change  Change  Change  Change  Change 
 
$m   Act %  CER %  $m   Act %  $m   Act %  CER %  $m   Act %  CER %  $m   Act %  CER %  
Tagrisso 5,352  10  10  2,222  11  1,509  11  13  1,030  8  5  591  5  5  
Imfinzi 4,317  25  25  2,484  32  463  27  33  879  26  24  491  (6) (7) 
Calquence 2,551  10  10  1,702  5  164  41  48  569  16  14  116  18  20  
Lynparza 2,401  8  7  1,054  10  487  2  4  667  9  7  193  3  3  
Enhertu 685  73  76  -  -  476  84  90  146  59  56  63  34  38  
Zoladex 852  4  6  13  17  661  6  9  112  1  (1) 66  (10) (9) 
Truqap 495  85 85 413  59  16  n/m n/m 45  n/m n/m 21  n/m n/m 
Imjudo 253  22  21  165  23  17  56  60  36  37  35  35  (5) (6) 
Other Oncology 322  (10) (9) 6  (60) 215  (7) (5) 15  (13) (15) 86  (7) (9) 
Oncology 17,228  15  15  8,059  17  4,008  16  19  3,499  17  14  1,662  3  2  
Farxiga 6,341  11  11  1,244  (3) 2,623  18  21  2,147  13  10  327  3  3  
Crestor 941  5  6  36  9  808  11  12  1  (98) (98) 96  (5) (6) 
Brilinta 665  (33) (33) 326  (40) 203  (13) (12) 129  (36) (37) 7  (46) (44) 
Lokelma 517  32  31  226  25  99  47  49  91  37  34  101  30  28  
Seloken 468  1  3  -  n/m 451  -  3  14  44  41  3  (5) (2) 
Roxadustat 227  (12) (11) -  -  227  (12) (11) -  -  -  -  -  -  
Wainua 143  n/m n/m 137  n/m 4  -  -  2  -  -  -  -  -  
Other CVRM 418  (24) (24) 44  (69) 208  12  13  119  (31) (31) 47  (9) (10) 
CVRM 9,720  4  5  2,013  (9) 4,623  12  14  2,503  5  3  581  3  2  
Symbicort 2,180  (1) -  903  2  624  (4) (3) 406  (2) (4) 247  3  5  
Fasenra 1,451  19  19  886  18  81  18  22  351  19  17  133  26  27  
Breztri 906  26  26  462  26  239  20  21  136  34  31  69  31  31  
Tezspire 317  89  87  -  -  24  n/m n/m 207  98  93  86  55  55  
Pulmicort 357  (31) (30) 4  (74) 280  (34) (33) 46  (10) (11) 27  3  5  
Saphnelo 483  48  47  421  43  10  98  99  34  97  92  18  61  58  
Airsupra 115  n/m n/m 113  n/m 2  n/m n/m -  -  -  -  -  -  
Other R&I 211  (13) (13) 67  -  95  (26) (25) 44  3  1  5  (5) (3) 
R&I 6,020  11  11  2,856  18  1,355  (9) (7) 1,224  19  17  585  18  19  
Beyfortus 222  18  19  137  (8) -  -  -  83  n/m n/m 2  n/m n/m 
Synagis 220  (36) (35) (2) 9  160  (5) (1) 37  (54) (54) 25  (75) (75) 
FluMist 132  21  19  20  (23) 1  n/m n/m 82  34  30  29  34  35  
Other V&I -  n/m n/m -  -  -  n/m n/m -  n/m n/m -  n/m n/m 
V&I 574  (16) (15) 155  (23) 161  (4) -  202  7  5  56  (54) (54) 
Ultomiris 3,453  22  21  1,961  20  177  92  n/m 769  18  16  546  17  16  
Soliris 1,436  (30) (28) 844  (28) 327  (11) (2) 159  (54) (55) 106  (35) (34) 
Strensiq 1,188  19  19  953  17  61  58  61  89  22  19  85  23  21  
Koselugo 498  36  34  157  -  188  75  70  115  56  53  38  36  35  
Other Rare Disease 177  18  18  83  15  37  54  57  50  6  4  7  13  12  
Rare Disease 6,752  6  6  3,998  4  790  26  32  1,182  (1) (3) 782  7  6  
Nexium 626  (7) (5) 53  (30) 476  4  6  31  (22) (24) 66  (31) (31) 
Other 115  (26) (25) (4) n/m 88  (17) (16) 27  (23) (22) 4  37  28  
Other Medicines 741  (10) (9) 49  (43) 564  -  2  58  (23) (23) 70  (29) (29) 
Total Medicines 41,035  9  9  17,130  10  11,501  10  13  8,668  10  8  3,736  3  3  
The table provides an analysis of year-on-year Product Sales, with Actual and CER growth rates reflecting year-on-year growth.

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

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35 
 
Table 27: Product Sales year-on-year analysis: Q3 2025 
For the quarter  World US Emerging Markets Europe Established RoW 
ended 30 September  Change  Change  Change  Change  Change 
 $m   Act %  CER %  $m   Act %  $m   Act %  CER %  $m   Act %  CER %  $m   Act %  CER %  
Tagrisso 1,864  11  10  784  10  501  12  12  372  13  7  207  11  8  
Imfinzi 1,601  33  31  912  34  169  41  44  342  45  37  178  6  3  
Calquence 916  13  11  612  7  61  49  45  200  19  12  43  29  30  
Lynparza 837  7  5  365  5  164  6  4  242  13  7  66  7  5  
Enhertu 257  73  75  -  -  184  89  94  52  50  44  21  30  32  
Zoladex 285  7  6  4  21  219  6  7  40  20  13  22  (8) (9) 
Truqap 193  55  54  159  33  7  n/m n/m 18  n/m n/m 9  n/m n/m 
Imjudo 84  16  14  55  18  6  52  45  13  29  21  10  (13) (16) 
Other Oncology 106  (9) (10) 2  (52) 69  (7) (7) 5  (6) (11) 30  (9) (12) 
Oncology 6,143  18  17  2,893  16  1,380  21  21  1,284  24  17  586  9  7  
Farxiga 2,134  10  8  441  7  893  19  18  698  4  (2) 102  (4) (5) 
Crestor 305  1  (1) 12  5  262  4  3  -  n/m n/m 31  2  (1) 
Brilinta 146  (55) (56) 55  (71) 66  -  (1) 23  (66) (68) 2  (59) (62) 
Lokelma 189  32  30  82  25  36  42  41  35  39  31  36  37  32  
Seloken 160  6  6  -  n/m 153  5  5  6  62  47  1  3  5  
Roxadustat 77  (17) (18) -  -  77  (17) (18) -  -  -  -  -  -  
Wainua 59  n/m n/m 55  n/m 3  -  -  1  -  -  -  -  -  
Other CVRM 144  (18) (19) 17  (56) 69  8  8  43  (15) (18) 15  (32) (34) 
CVRM 3,214  2  -  662  (10) 1,559  12  11  806  (2) (8) 187  (2) (4) 
Symbicort 742  5  4  305  5  224  10  10  135  4  (2) 78  (5) (4) 
Fasenra 530  22  20  330  21  28  5  7  122  20  13  50  41  39  
Breztri 323  21  20  167  17  83  22  20  49  33  25  24  24  23  
Tezspire 119  75  66  -  -  8  n/m n/m 79  82  70  32  47  43  
Pulmicort 93  (33) (35) -  n/m 72  (34) (36) 12  (15) (19) 9  (6) (6) 
Saphnelo 180  45  44  156  42  4  8  5  13  83  72  7  94  83  
Airsupra 45  n/m n/m 43  n/m 2  n/m n/m -  -  -  -  -  -  
Other R&I 53  (26) (26) 12  (12) 24  (43) (42) 15  15  9  2  (8) (8) 
R&I 2,085  14  12  1,013  19  445  (3) (3) 425  23  16  202  16  15  
Beyfortus 94  (30) (29) 35  (63) -  -  -  59  53  53  -  -  -  
Synagis 58  (37) (40) (1) n/m 39  6  4  11  (14) (24) 9  (80) (80) 
FluMist 122  21  20  20  (12) 1  n/m n/m 82  46  42  19  (12) (11) 
Other V&I -  n/m n/m -  n/m -  -  -  -  n/m n/m -  -  -  
V&I 274  (23) (24) 54  (63) 40  7  7  152  41  37  28  (57) (57) 
Ultomiris 1,225  19  17  690  16  64  n/m n/m 271  14  8  200  18  15  
Soliris 462  (24) (24) 276  (24) 102  (8) (5) 47  (46) (49) 37  (24) (24) 
Strensiq 441  29  28  369  29  11  45  38  32  26  18  29  21  17  
Koselugo 224  88  79  51  (7) 113  n/m n/m 44  53  44  16  55  52  
Other Rare Disease 64  31  26  29  14  17  n/m n/m 16  (5) (10) 2  20  16  
Rare Disease 2,416  12  11  1,415  7  307  76  73  410  4  (2) 284  12  9  
Nexium 200  (5) (5) 16  (45) 143  2  3  14  1  (3) 27  (4) (6) 
Other 33  (39) (38) (7) n/m 29  (26) (26) 9  7  13  2  n/m n/m 
Other Medicines 233  (12) (12) 9  (73) 172  (4) (3) 23  4  3  29  -  (4) 
Total Medicines 14,365  11  9  6,046  8  3,903  15  15  3,100  14  7  1,316  5  3  
The table provides an analysis of year-on-year Product Sales, with Actual and CER growth rates reflecting year-on-year growth.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
36 
 
Table 28: Alliance Revenue: 9M 2025  
For the nine months ended 30 September 2025  
$m  
2024  
$m  
Enhertu 1,291  1,045  
Tezspire 453  303  
Beyfortus 252  75  
Datroway 38  -  
Other Alliance Revenue 74  75  
Total 2,108  1,498  
Table 29: Collaboration Revenue: 9M 2025 
For the nine months ended 30 September 2025  
$m  
2024  
$m  
Farxiga: sales milestones 81  52  
Beyfortus: sales milestones -  56  
Other Collaboration Revenue 12  -  
Total 93  108  
Table 30: Other operating income and expense: 9M 2025 
For the nine months ended 30 September 2025  
$m  
2024  
$m  
Total 281  152

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
37 
 
 
Financial calendar 
Announcement of FY and Q4 2025 results: 10 February 2026 
Dividend payment dates  
Dividends are normally paid as follows: 
First interim:  Announced with the half year results and paid in September 
Second interim: Announced with the full year results and paid in March 
Contact details 
For Investor Relations contacts, click here. For Media contacts, click here. 
Addresses for correspondence  
Registered office Registrar and  
transfer office* 
Swedish Central Securities 
Depository 
US depositary  
1 Francis Crick Avenue 
Cambridge Biomedical Campus 
Cambridge 
CB2 0AA 
Equiniti Limited 
Aspect House 
Spencer Road 
Lancing 
West Sussex 
BN99 6DA 
Euroclear Sweden AB 
PO Box 191 
SE-101 23 Stockholm 
J.P. Morgan Chase Bank N.A. 
EQ Shareowner Services 
P.O. Box 64504 
St. Paul 
MN 55164-0504 
 
UK UK Sweden US 
+44 (0) 20 3749 5000 0800 389 1580 (UK only) +46 (0) 8 402 9000 +1 (888) 697 8018 (US only) 
 +44 (0) 121 415 7033  +1 (651) 453 2128 
* A change of registrar will take effect on Monday, 17th November 2025. Computershare Investor Services PLC will be appointed as the 
new registrar, replacing Equiniti Limited. Shareholders can contact Computershare by phone on 0370 707 1682 (from inside the UK) 
or +44 (0) 370 707 1682 (from outside the UK) between 8:30 a.m. to 5:30 p.m. (GMT), Monday to Friday (excluding public holidays in 
England and Wales) alternatively, via email web.queries@computershare.co.uk . 
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 38 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
38 
 
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 39 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
 
39 
 
1L, 2L, etc first line, second line, etc 
aHUS Atypical haemolytic uraemic syndrome 
BCG Bacillus Calmette-Guérin therapy 
BRCA / m Breast cancer gene / mutation 
BTC Biliary tract cancer 
BTKi Bruton tyrosine kinase inhibitor 
CER Constant exchange rates 
CHMP Committee for Medicinal Products for Human 
Use (EU) 
CI Confidence interval 
CKD Chronic kidney disease 
CLL Chronic lymphocytic leukaemia 
CN China 
COPD Chronic obstructive pulmonary disease 
CRSwNP Chronic rhinosinusitis with nasal polyps 
CTx Chemotherapy 
CVRM Cardiovascular, Renal and Metabolism 
EBITDA Earnings before interest, tax, depreciation and 
amortisation 
EGFR / m Epidermal growth factor receptor gene / 
mutation 
EGPA Eosinophilic granulomatosis with polyangiitis 
EPS Earnings per share 
ESC European Society of Cardiology 
ESMO European Society for Medical Oncology 
EVH Extravascular haemolysis 
FDC Fixed dose combination 
FLOT Fluorouracil, oxaliplatin and docetaxel  
GEJ Gastro oesophageal junction 
GI Gastrointestinal 
GLP-1 glucagon-like peptide-1 receptor  
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 
HR / + / - Hormone receptor / positive / negative 
IASLC International Association for the Study of Lung 
Cancer 
ICS Inhaled corticosteroid 
IHC Immunohistochemistry 
IL-5 Interleukin-5 
IO Immuno-oncology 
ISH In situ hybridization 
JP Japan 
LABA Long-acting beta-agonist 
LAMA Long-acting muscarinic-agonist 
mBC Metastatic breast cancer 
MCL Mantle cell lymphoma 
mCRPC Metastatic castration-resistant prostate cancer 
MEK An enzyme that drives NF1-PN disease 
MG-ADL Myasthenia Gravis Activities of Daily Living 
n/m Growth rate not meaningful 
NF1-PN Neurofibromatosis type 1 plexiform 
neurofibromas 
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 
PCSK9 Proprotein convertase subtilisin/kexin type 9 
pMMR proficient mismatch repair 
PNH Paroxysmal nocturnal haemoglobinuria 
PTEN Phosphatase and tensin homologue gene 
QMG Quantitative Myasthenia Gravis 
ROW Rest of world 
SBP systolic blood pressure 
sBRCAm Somatic breast cancer gene mutation 
SGLT2 Sodium-glucose cotransporter 2 
SLE Systemic lupus erythematosus 
T-DM1 Ado-trastuzumab emtansine 
THP A treatment regimen: docetaxel, trastuzumab 
and pertuzumab 
TNBC Triple negative breast cancer 
WCLC World Conference on Lung Cancer 
 
Glossary