FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
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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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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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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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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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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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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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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
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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)
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11
BioPharmaceuticals - V&I
Beyfortus Total Revenue reflects the sum of Product Sales from AstraZeneca’s sales of manufactured Beyfortus product to Sanofi and
Alliance Revenue from AstraZeneca’s share of gross profits 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 =====
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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
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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.
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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 =====
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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 =====
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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 =====
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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 =====
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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
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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 =====
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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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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 =====
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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
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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
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* 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
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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