Kvartalsrapport Q4 2025

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
 
1 
 
 
 
 
10 February 2026 
AstraZeneca results: FY and Q4 2025 
Strong commercial performance and excellent pipeline delivery in a continuing catalyst-rich period 
Revenue and EPS summary 
 FY 2025          % Change Q4 2025          % Change 
 $m  Actual  CER1 $m  Actual  CER 
 - Product Sales 55,573  9  9  14,538  9  7  
 - Alliance Revenue 3,067  39  38  959  34  33  
Product Revenue2 58,640  10  10  15,497  10  8  
Collaboration Revenue 99  (89) (89) 6  (99) (99) 
Total Revenue 58,739  9  8  15,503  4  2  
Reported EPS ($) 6.60  45  43  1.50  55  47  
Core3 EPS ($) 9.16  12  11  2.12  1  (2) 
 
Key performance elements for FY 2025 
(Growth numbers at constant exchange rates) 
 Total Revenue up 8% to $58,739m, driven by Oncology, 
CVRM, R&I and Rare Disease 
 Growth in Total Revenue across all major geographic 
regions 
 Core Operating profit increased 9% 
 Core EPS increased 11% to $9.16 
 Second interim dividend declared of $2.17 per share 
(159.5 pence, 19.49 SEK). Total dividend declared for 
FY 2025 increased by 3% to $3.20 per share 
 16 positive Phase 3 readouts and 43 approvals in major 
regions in the last twelve months 
 
Pascal Soriot, Chief Executive Officer, AstraZeneca, said: 
“In 2025 we saw strong commercial performance across our 
therapy areas and excellent pipeline delivery. We announced the 
results of 16 positive Phase 3 studies during the year and now have 
16 blockbuster medicines. 
The momentum across our company is continuing in 2026 and we 
are looking forward to the results of more than 20 Phase 3 trial 
readouts this year. We have more than 100 Phase 3 studies 
ongoing, including a substantial and growing number of trials of 
our transformative technologies which have the potential to 
revolutionise outcomes for patients and drive our growth well 
beyond 2030. 
Lastly, ordinary shares in our company began trading on the NYSE 
on the 2nd February, resulting in a harmonised listing structure 
across exchanges in London, New York and Stockholm, enabling 
more shareholders to participate in our company’s exciting future.”  
  
 
 
 
Guidance 
AstraZeneca issues Total Revenue and Core EPS guidance4 for FY 2026 at CER, based on the average foreign exchange rates through 
2025.  
Total Revenue is expected to increase by a mid-to-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 February 2026 to December 2026 were to remain at the average rates seen in January 2026, it is 
anticipated that Total Revenue in FY 2026 would benefit from a low single-digit percentage positive impact compared to the 
performance at CER, and Core EPS growth would be broadly similar to the growth at CER.

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
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Contents 
Results highlights ...................................................................................................................................................................................... 3 
Revenue drivers ........................................................................................................................................................................................ 7 
R&D progress .......................................................................................................................................................................................... 13 
Sustainability .......................................................................................................................................................................................... 16 
Operating and financial review............................................................................................................................................................... 17 
Financial performance ............................................................................................................................................................................ 18 
Condensed consolidated financial statements ....................................................................................................................................... 23 
Notes to the Condensed consolidated 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: Q4 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: Product Revenue by region ......................................................................................................................................................... 8 
Table 8: Reported Profit and Loss........................................................................................................................................................... 18 
Table 9: Reconciliation of Reported Profit before tax to EBITDA ........................................................................................................... 18 
Table 10: Reconciliation of Reported to Core financial measures: FY 2025 ........................................................................................... 18 
Table 11: Reconciliation of Reported to Core financial measures: Q4 2025 .......................................................................................... 19 
Table 12: Cash Flow summary: FY 2025 ................................................................................................................................................. 20 
Table 13: Net debt summary .................................................................................................................................................................. 20 
Table 14: Obligor group summarised Statement of comprehensive income: FY 2025 .......................................................................... 21 
Table 15: Obligor group summarised Statement of financial position ................................................................................................... 21 
Table 16: Currency sensitivities .............................................................................................................................................................. 22 
Table 17: Condensed consolidated statement of comprehensive income: FY 2025 .............................................................................. 23 
Table 18: Condensed consolidated statement of comprehensive income: Q4 2025 ............................................................................. 24 
Table 19: Condensed consolidated statement of financial position....................................................................................................... 25 
Table 20: Condensed consolidated statement of changes in equity ...................................................................................................... 26 
Table 21: Condensed consolidated statement of cash flows: FY 2025 ................................................................................................... 27 
Table 22: Net debt .................................................................................................................................................................................. 29 
Table 23: Contingent consideration ....................................................................................................................................................... 30 
Table 24: Patent litigation ...................................................................................................................................................................... 31 
Table 25: Product liability litigation ........................................................................................................................................................ 32 
Table 26: Commercial litigation .............................................................................................................................................................. 32 
Table 27: Government investigations and proceedings ......................................................................................................................... 33 
Table 28: Product Sales year-on-year analysis: FY 2025 ......................................................................................................................... 34 
Table 29: Product Sales year-on-year analysis: Q4 2025 ........................................................................................................................ 35 
Table 30: Alliance Revenue: FY 2025 ...................................................................................................................................................... 36 
Table 31: Collaboration Revenue: FY 2025 ............................................................................................................................................. 36 
Table 32: Other operating income and expense: FY 2025 ...................................................................................................................... 36

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
3 
 
Table 1: Milestones achieved since the prior results announcement 
Phase III and other registrational data readouts 
Medicine Trial Indication Event 
ceralasertib + Imfinzi LATIFY Post-IO NSCLC Primary endpoint not met 
baxdrostat BaxAsia Treatment resistant hypertension Primary endpoint met 
Regulatory approvals 
Medicine Trial Indication Region 
Enhertu DESTINY-Gastric04 2L HER2+ gastric/GEJ cancer EU, CN 
Enhertu DESTINY-Breast09 1L HER2+ mBC US 
Enhertu DESTINY-Breast06 CTx naïve HER2-low and -ultralow mBC CN 
Imfinzi PACIFIC-5 Stage III NSCLC CN 
Imfinzi MATTERHORN Resectable gastric/GEJ cancer US 
Imfinzi DUO-E dMMR endometrial cancer CN 
Wainua NEURO-
TTRANSFORM 
ATTRv-PN CN 
Fasenra MANDARA EGPA CN 
Saphnelo TULIP-SC SLE (subcutaneous) EU 
Koselugo KOMET Adult patients with NF1-PN US 
Koselugo SPRINKLE Paediatric patients with NF1-PN (granule formulation) EU 
Soliris NCT03759366 gMG (paediatric patients) CN 
Regulatory submissions or acceptances* in major regions 
Medicine Trial Indication Region 
Datroway TROPION-Breast02 Metastatic TNBC not candidates for IO US, EU, CN 
Enhertu DESTINY-Breast09 1L HER2+ mBC EU 
Ultomiris ALXN1210-PNH-323 PNH CN 
baxdrostat BaxHTN / Bax24 Treatment resistant hypertension US, EU 
gefurulimab PREVAIL Generalised myasthenia gravis US, EU, CN 
anselamimab CARES Kappa light chain amyloidosis  EU, JP 
* US, EU and China regulatory submissions denotes filing acceptance  
 
Other pipeline updates 
For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix document in the financial 
results section of the AstraZeneca investor relations website:  www.astrazeneca.com/investor-relations.html.
Results highlights

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
4 
 
Table 2: Key elements of financial performance: Q4 2025 
 
For the quarter  Reported      Change Core       Change  
ended 31 December $m  Act CER $m  Act CER  
Product Revenue 15,497  10  8  15,497  10  8   See Tables 3, 7, 29 and 30 for further details of Product 
Revenue, Product Sales and Alliance Revenue 
Collaboration 
Revenue 
6  (99) (99) 6  (99) (99)  See Tables 4 and 31 for details of Collaboration 
Revenue 
 In Q4 2024, $815m of Collaboration Revenue was 
recognised as Lynparza, Beyfortus and Koselugo each 
achieved a sales-based milestone 
Total Revenue 
 
15,503  4  2  15,503  4  2   See Tables 5 and 6 for Total Revenue by Therapy Area 
and by region 
Gross Margin (%) 80  -2pp  -2pp  80  -2pp  -2pp  − Cost of sales included a $235m expense in Q4 2025 for 
royalty buyout expenses relating to Saphnelo and 
rilvegostomig (see page 5, ‘Corporate and business 
development’ for details) 
 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 since FY 2024’ on page 6 for the 
definition of Gross Margin5 
R&D expense 3,862 (17) (19) 3,731 4  3   Core R&D: 24% of Total Revenue 
+ Accelerated recruitment in ongoing trials 
+ Investments in transformative technologies such as 
IO bispecifics, cell therapy and antibody drug 
conjugates  
+ Addition of R&D projects from business development 
+ Positive data readouts for high value pipeline 
opportunities that have ungated large late-stage trials 
− Reported R&D expense decreased due to impairment 
charges in Q4 2024 
SG&A expense  5,492 2  -  4,453 4  2   Core SG&A: 29% of Total Revenue 
Other operating 
income and expense6  
100  -  2  101  2  2   
Operating Profit 2,978  46  40  4,098  (2) (5) − Operating Profit includes the $235m royalty buyout 
expensed in Cost of sales (see above) 
+ Reported Operating Profit includes R&D impairment 
charges in Q4 2024 
Operating Margin (%) 19  +6pp  +5pp  26  -2pp  -2pp   
Net finance expense  349 (4) (2) 269 (13) (10) − Adjustment of interest on tax and maturity of debt 
during Q4 2025 
Tax rate (%) 11  +1pp  +1pp  14  -2pp  -2pp   Variations in the tax rate can be expected between 
periods 
EPS ($) 1.50  55  47  2.12  1  (2) − Year-on-year comparison reflects the sales-based 
milestones recognised in Q4 2024 
+ Reported EPS benefitted from reduction in R&D 
impairments 
For monetary values the unit of change is percent. For Gross Margin, Operating Margin and Tax rate, the unit of change is percentage points (pp). 
In the expense commentary above, the plus and minus symbols denote the directional impact of the item being discussed, e.g. a ‘+’ symbol beside an R&D expense 
comment indicates that the item increased R&D expenditure relative to the prior year period.

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
5 
 
Corporate and business development  
Jacobio Pharma 
In December 2025, Jacobio Pharma 
announced that it has entered an 
agreement with AstraZeneca for its 
proprietary Pan-KRAS inhibitor JAB-23E73.  
AstraZeneca will receive exclusive 
development and commercialisation rights 
outside of China, while AstraZeneca and 
Jacobio Pharma will jointly develop and 
commercialise JAB-23E73 in China. 
Under the terms of the agreement, 
Jacobio will receive an upfront payment of 
$100m, and is eligible for additional 
development and commercial milestone 
payments of up to $1.9bn, as well as tiered 
royalties on net sales achieved outside of 
China. AstraZeneca will be responsible for 
all clinical development, regulatory 
submissions, and commercialisation 
activities for JAB-23E73 outside of China. 
Modella AI 
In Q4 2025, Modella AI was acquired by 
AstraZeneca. The acquisition will embed 
Modella AI’s multi-modal foundation 
models and AI agents into AstraZeneca’s 
oncology R&D environment. 
BMS 
In Q4 2025, AstraZeneca paid Bristol-
Myers Squibb Company (BMS) $170m, 
expensed in Cost of sales, in exchange for 
the reduction to zero of all royalties 
payable on Saphnelo sales ex-US. Royalties 
on US sales will remain payable at a mid-
teens percentage. 
Compugen 
In Q4 2025, AstraZeneca paid 
Compugen Ltd. (Compugen) $65m, 
expensed in Cost of sales, and agreed a 
potential additional $25m upon the next 
milestone payment on BLA acceptance, for 
a portion of Compugen's existing royalty 
interest in rilvegostomig. AstraZeneca will 
pay tiered royalties of up to mid-single 
digits on future sales. 
AbelZeta 
In January 2026, AbelZeta Pharma, Inc. 
(AbelZeta) announced that AstraZeneca 
has agreed to acquire AbelZeta’s 50% 
share of the China development and 
commercialisation rights to C-CAR031, an 
autologous, Glypican 3 (GPC3)-targeting 
chimeric antigen receptor T-Cell therapy. 
Following completion of this agreement, 
AstraZeneca will have the sole right to 
develop, manufacture and commercialise 
C-CAR031 globally. AbelZeta will be 
entitled to receive up to $630m from 
AstraZeneca including an upfront 
payment, and development, regulatory 
and sales milestone payments for the 
GPC3 program in China. 
China investment plans 
In January 2026, AstraZeneca announced 
plans to invest $15bn in China through 
2030 to expand medicines manufacturing 
and R&D. These investments build on 
AstraZeneca’s substantial footprint in 
China, including global strategic R&D 
centres in Beijing and Shanghai. 
Listing harmonisation 
On 2 February 2026, AstraZeneca began 
trading its ordinary shares on the New 
York Stock Exchange (NYSE), enabling 
more US investors to participate in the 
Company’s strong growth. Trading in 
AstraZeneca ordinary shares is now 
aligned across the NYSE, the London Stock 
Exchange and Nasdaq Stockholm under a 
harmonised listing structure. 
The prior listing of American Depositary 
Shares on Nasdaq in the US ceased on 
30 January 2026.  
CSPC 
In January 2026, AstraZeneca announced a 
new strategic collaboration agreement 
with CSPC Pharmaceuticals. AstraZeneca 
will receive exclusive global rights outside 
of China to CSPC's once-monthly injectable 
weight management portfolio, including 
SYH2082, a long-acting GLP-1R/GIPR 
agonist progressing into Phase I, and three 
preclinical programmes. CSPC will receive 
an upfront payment of $1.2bn and is 
eligible to receive development and 
regulatory milestones of up to $3.5bn 
across all programmes. CSPC will also be 
eligible for further commercialisation and 
sales milestones plus tiered royalties. 
 
 
Sustainability highlights 
For the tenth year, AstraZeneca was 
recognised by CDP for climate action and 
water stewardship, receiving an A for 
Climate and A– for Water Security in 2025. 
This reflects the Company’s significant 
progress in decarbonising and reducing its 
environmental footprint.  
The Sustainable Markets Initiative (SMI) 
Health Systems Task Force, chaired by 
AstraZeneca CEO Pascal Soriot, supported 
the development and launch of PSA 2090, 
the world’s first global standard to 
measure and assess the environmental 
impact of pharmaceutical products 
through their lifecycle.  
Reporting calendar  
The Company intends to publish its 
Q1 2026 results on 29 April 2026. 
Conference call 
A conference call and webcast for 
investors and analysts will begin today, 
10 February 2026, at 11:45 UK time. 
Details can be accessed via 
astrazeneca.com.

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
6 
 
Reporting changes since FY 2024  
Product Revenue 
Effective 1 January 2025, the Group has 
updated the presentation of Total 
Revenue on the face of the Statement of 
Comprehensive Income to include a new 
subtotal ‘Product Revenue’ representing 
the summation of Product Sales and 
Alliance Revenue.  
Product Revenue and Collaboration 
Revenue form Total Revenue. 
Product Sales and Alliance Revenue will 
continue to be presented separately, with 
the new subtotal providing additional 
aggregation of revenue types with similar 
characteristics, reflecting the growing 
importance of Alliance Revenue. 
Full descriptions of Product Sales, Alliance 
Revenue and Collaboration Revenue are 
included from page 152 of the Group's 
Annual Report and Form 20-F Information 
2024. 
Gross Margin 
Effective 1 January 2025, the Group has 
replaced the measure of ‘Product Sales 
Gross Margin’ with the measure of ‘Gross 
Margin’. Previously, the measure excluded 
margin related to Alliance Revenue and 
Collaboration Revenue. The new measure 
is calculated using Gross profit as a 
percentage of Total Revenue, thereby 
encompassing all revenue categories, and 
is intended to provide a more 
comprehensive measure of total 
performance. 
Notes 
1. Constant exchange rates. The 
differences between Actual Change and 
CER Change are due to foreign exchange 
movements between periods in 2025 vs. 
2024. CER financial measures are not 
accounted for according to generally 
accepted accounting principles (GAAP) 
because they remove the effects of 
currency movements from Reported 
results.  
2. Effective 1 January 2025, the Group has 
updated its presentation of Total 
Revenue, adding a new subtotal of 
Product Revenue, the sum of Product 
Sales and Alliance Revenue. For further 
details, see Note 1: ‘Basis of preparation 
and accounting policies’ in the Notes to 
the Condensed consolidated 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 10 
and 11 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, which is defined as Gross Profit 
divided by Total Revenue. In prior years, 
the Group’s financial tables cited a 
different margin metric, Product Sales 
Gross Margin.    
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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7 
 
Table 3: Product Revenue by medicine 
  FY 2025          % Change Q4 2025          % Change 
 
   $m  % Total  Actual  CER  $m  % Total  Actual  CER  
Tagrisso 7,254  12  10  10  1,902  12  12  10  
Imfinzi 6,063  10  29  28  1,747  11  39  37  
Calquence 3,518  6  12  12  967  6  20  17  
Lynparza 3,279  6  7  6  878  6  4  1  
Enhertu 2,775  5  40  40  798  5  48  46  
Zoladex 1,150  2  5  6  266  2  5  5  
Truqap 728  1  69  68  233  2  43  41  
Imjudo 346  1  23  23  93  1  27  26  
Datroway 78  -  n/m  n/m  40  -  n/m  n/m  
Other Oncology 427  1  (8) (8) 103  1  (4) (3) 
Oncology Product Revenue 25,618  44  18  17  7,027  45  22  20  
Farxiga 8,405  14  10  9  2,060  13  7  2  
Crestor 1,218  2  5  6  276  2  6  6  
Brilinta 823  1  (38) (38) 158  1  (54) (54) 
Lokelma 698  1  29  28  181  1  21  19  
Seloken 608  1  -  2  139  1  (1) (1) 
roxadustat 276  -  (18) (18) 47  -  (37) (37) 
Wainua 212  -  >2x  >2x  69  -  66  64  
Other CVRM 534  1  (28) (28) 116  1  (39) (40) 
CVRM Product Revenue 12,774  22  3  2  3,046  20  (3) (6) 
Symbicort 2,885  5  -  -  704  5  3  2  
Fasenra 1,981  3  17  16  530  3  12  10  
Breztri 1,199  2  23  22  294  2  14  13  
Tezspire 1,131  2  65  64  361  2  69  66  
Saphnelo 686  1  45  44  203  1  38  37  
Pulmicort 518  1  (24) (24) 161  1  (2) (6) 
Airsupra 166  -  >2x  >2x  51  -  >2x  >2x  
Other R&I 300  1  (29) (29) 69  -  (58) (59) 
R&I Product Revenue 8,866  15  13  12  2,373  15  12  10  
Beyfortus 703  1  27  26  229  1  (21) (22) 
Synagis 292  -  (35) (34) 72  -  (29) (31) 
FluMist 272  -  6  3  140  1  (6) (9) 
Other V&I 1  -  n/m  n/m  1  -  n/m  n/m  
V&I Product Revenue 1,268  2  (2) (3) 442  3  (18) (19) 
Ultomiris 4,718  8  20  19  1,265  8  16  15  
Soliris 1,837  3  (29) (28) 401  3  (26) (26) 
Strensiq 1,678  3  19  18  490  3  17  15  
Koselugo 662  1  25  22  163  1  (1) (4) 
Other Rare Disease 231  -  11  10  55  -  (9) (11) 
Rare Disease Product Revenue 9,126  16  5  5  2,374  15  4  3  
Nexium 831  1  (6) (5) 193  1  (4) (4) 
Others 157  -  (25) (25) 42  -  (22) (21) 
Other Medicines Product Revenue 988  2  (10) (9) 235  2  (8) (8) 
Product Revenue 58,640  100  10  10  15,497  100  10  8  
         
Alliance Revenue included above:         
Enhertu 1,798  3  25  25  507  3  29  27  
Tezspire 673  1  54  54  220  1  65  64  
Beyfortus 422  1  79  76  170  1  6  6  
Datroway 77  -  n/m  n/m  39  -  n/m  n/m  
Other royalty income 92  -  1  1  22  -  (6) (7) 
Other Alliance Revenue 5  -  (53) (53) 1  -  (65) (65) 
Alliance Revenue 3,067  5  39  38  959  6  34  33  
  
Revenue drivers

===== SIDA 8 =====

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8 
 
Table 4: Collaboration Revenue 
 FY 2025              % Change Q4 2025              % Change 
 
$m    Actual  CER  $m    Actual  CER  
Farxiga: sales milestones 87   56  56  6   50  41  
Others 12   (99) (99) -   n/m n/m 
Collaboration Revenue 99   (89) (89) 6   (99) (99) 
Table 5: Total Revenue by Therapy Area 
 FY 2025              % Change Q4 2025   % Change 
 
$m   % Total Actual  CER  $m   % Total Actual  CER  
Oncology 25,619  44  15  14  7,028  45  11  9  
CVRM 12,861  22  3  2  3,051  20  (3) (6) 
R&I 8,866  15  13  12  2,373  15  12  10  
V&I 1,268  2  (13) (14) 442  3  (32) (33) 
BioPharmaceuticals 22,995  39  5  5  5,866  38  (1) (3) 
Rare Disease 9,126  16  4  4  2,374  15  -  (1) 
Other Medicines 999  2  (9) (8) 235  2  (7) (8) 
Total Revenue 58,739  100  9  8  15,503  100  4  2  
Table 6: Total Revenue by region 
 FY 2025              % Change Q4 2025   % Change 
 $m   % Total Actual  CER  $m   % Total Actual  CER  
US 25,450  43  10  10  6,932  45  6  6  
Emerging Markets ex. China 8,649  15  19  22  2,271  15  28  24  
China 6,654  11  4  4  1,375  9  1  1  
Emerging Markets 15,303  26  12  14  3,646  24  16  14  
Europe 12,739  22  5  1  3,579  23  (9) (15) 
Established RoW 5,247  9  5  6  1,345  9  5  7  
Total Revenue 58,739  100  9  8  15,503  100  4  2  
Table 7: Product Revenue by region 
 FY 2025              % Change Q4 2025   % Change 
 $m   % Total Actual  CER  $m   % Total Actual  CER  
US 25,449 43 10 10 6,932 45 8 8 
Emerging Markets ex. China 8,649 15 19 22 2,271 15 28 24 
China 6,654 11 4 4 1,375 9 1 1 
Emerging Markets 15,303 26 12 14 3,646 24 16 14 
Europe 12,739 22 11 7 3,579 23 10 3 
Established RoW 5,149 9 5 5 1,340 9 5 7 
Total Product Revenue 58,640 100 10 10 15,497 100 10 8

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Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
9 
 
Total Revenue by Medicine 
Oncology 
Tagrisso  
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Strong demand growth across all indications and key regions, leading 
combination in 1L NSCLC (FLAURA2) 
US 3,064  11  11    Underlying demand growth more than offset Medicare Part D redesign 
Emerging Markets 1,971  12  14    Continued demand growth, with quarterly revenue profile reflecting usual 
seasonal ordering dynamics in China 
Europe 1,423  9  6    Demand growth partially offset by pricing pressure in certain major markets  
Established RoW 796  5  5    
Total 7,254  10  10    
Imfinzi 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Strong growth from new launch indications in bladder cancer (NIAGARA) and lung 
cancer (ADRIATIC, AEGEAN) 
US 3,509  35  35    Demand growth across all indications, particularly new launches 
Emerging Markets 640  34  38    Demand growth in GI (HIMALAYA, TOPAZ-1) and launches in lung cancer and 
bladder 
Europe 1,239  31  26    Growth from bladder and GI indications and momentum from lung cancer 
launches 
Established RoW 675  (2) (2)   Mandatory price reductions in Japan in Feb 2024 (25%), and Aug 2024 (11%), 
increased competition in BTC (TOPAZ-1) 
Total 6,063  29  28    
Calquence  
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth from sustained BTKi leadership in front-line CLL 
US 2,339  7  7  
 
 Growth in new patient starts in CLL, 1L MCL (ECHO) launch and improved 
affordability offsetting Medicare Part D redesign and also discounts to secure 
preferential formulary placement 
Emerging Markets 233  52  54    1L and r/r CLL growth 
Europe 784  20  15    Early launch momentum in fixed duration 1L CLL (AMPLIFY) 
Established RoW 162  25  27    
Total 3,518  12  12    
Lynparza 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained global PARP inhibitor market leadership across four tumour types 
(ovarian, breast, prostate, pancreatic) 
US 1,434  8  8    Share gains across ovarian, breast and prostate indications 
Emerging Markets 669  2  1    Affected by generic competition in China and stock compensation in Q4 2025 
ahead of anticipated VBP implementation in Q1 2026 
Europe 914  (36) (38)   Year-on-year comparison reflects sales-related milestone recorded in Q4 2024; 
launches in breast and prostate cancers (OlympiA and PROpel) 
Established RoW 262  3  4    Gains in 1L ovarian, increasing share of pMMR endometrial cancer (DUO-E) 
Total 3,279  (11) (12)

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
10 
 
Enhertu 
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca, amounted to $4,982m in FY 2025 (FY 2024: $3,754m). US in-
market sales, recorded by Daiichi Sankyo, amounted to $2,446m in FY 2025 (FY 2024: $1,864m). Up to and including Q3 2025, 
AstraZeneca’s mid-single-digit percentage royalty on Daiichi Sankyo's sales in Japan was recorded as Alliance Revenue in Europe. From 
Q4 2025 this royalty is recorded in Established RoW. 
FY 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  1,176  32  32    Accelerated uptake in chemotherapy naïve HER2-low and -ultralow breast cancer  
Emerging Markets 829  74  79    Rapid adoption post-NRDL enlistment of HER2-positive and HER2-low breast 
cancer from 1 January 2025 
Europe 665  23  18    Demand growth in chemotherapy naïve HER2-low breast cancer; Q4 2025 
includes favourable gross-to-net adjustment  
Established RoW 105  52  55    
Total 2,775  40  40    
Other Oncology medicines 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Zoladex 1,151  5  6    Growth across Emerging Markets 
Truqap 728  69  68    Rapidly reached peak share in second-line biomarker-altered metastatic breast 
cancer; Q4 2025 also benefited from year-end ordering dynamics in the US 
Imjudo  346  23  23    Continued growth driven by lung (POSEIDON) and HCC (HIMALAYA)  
Datroway 78  n/m  n/m    Continued uptake in breast cancer and EGFRm later-line lung cancer 
 Combined global sales by AstraZeneca and Daichi Sankyo of $218m (FY 2024: $nil) 
Other Oncology 427  (8) (8)   Faslodex generic erosion across markets 
Other Oncology includes $28m of Total Revenue from Orpathys, partnered with HUTCHMED. 
BioPharmaceuticals - CVRM 
Farxiga 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth driven by HF and CKD indications, SGLT2 class growth supported by 
cardiorenal guidelines  
US 1,730  (1) (1)   Prior year benefitted from authorised generic launch 
Emerging Markets 3,324  17  18    Continued strong growth despite generic competition in some markets. Stock 
compensation in Q4 2025 ahead of anticipated VBP implementation in Q1 2026  
Europe 2,941  12  8    Demand growth offset by generic entry in the UK in Q3 2025 
Established RoW 497  4  4    Generic T2D entry in Japan in Q4 2025 
Total 8,492  10  9    
 
Other CVRM medicines 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Crestor 1,218  5  6    Growth driven by Emerging Markets 
Brilinta 823  (38) (38)   Decline driven by generic entry in the US and Europe in Q2 2025 
Seloken 608  - 2    Vast majority of revenue growth driven by Ex-China Emerging Markets  
Lokelma 698  29  28    Strong growth in all major regions with launches in new markets 
roxadustat 276  (18) (18)   Generic competition and China VBP stock compensation in Q4 2025 
Wainua 212  >2x   >2x     Majority of revenue from US; first launches in ex-US markets in Q2 2025 
Other CVRM 534  (28) (28)   Generic erosion

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
11 
 
BioPharmaceuticals - R&I 
Symbicort  
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained market leader in a stable ICS/LABA class, treating COPD and asthma 
US 1,193  1  1    Demand for authorised generic partially offsetting brand price pressures 
Emerging Markets 801  (1) 1    China affected by ICS/LABA class erosion in COPD in favour of FDC triple therapy 
Europe 560  -  (3)   Continued generic erosion  
Established RoW 331  1  3    
Total 2,885  -  -    
Fasenra 
FY 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 1,195  14  14    Sustained double-digit volume growth with expanded class leadership. Q4 2025 
includes unfavourable gross-to-net adjustment 
Emerging Markets 117  27  29    Asthma launch momentum across key markets  
Europe 482  19  15    Sustained leadership in severe eosinophilic asthma 
Established RoW 187  29  30    Strong growth supported by EGPA launch in Japan 
Total 1,981  17  16    
Breztri 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Fastest growing medicine within the expanding FDC triple class (ICS/LABA/LAMA), 
treating COPD 
US 614  19  19    Consistent share growth within expanding FDC triple class. Q4 2025 includes 
unfavourable gross-to-net adjustment 
Emerging Markets 298  22  22    Market share leadership within the growing FDC triple class in China 
Europe 191  33  29    Sustained growth from market share gain and new launches 
Established RoW 96  30  30    Increasing market share in Japan 
Total 1,199  23  22    
Tezspire 
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to $1,936m in FY 2025 (FY 2024: $1,291m). 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Sustained demand growth in severe asthma with launch momentum across 
multiple markets 
US 673  54  54    Continued strong demand growth with increasing new patient share volumes in 
biologics segment 
Emerging Markets 40  >3x  >3x    Strong continued launch uptake 
Europe 297  90  83    Maintained new-to-brand leadership across multiple markets and new launches 
Established RoW 121  51  51    Strong growth driven by Japan 
Total 1,131  65  64    
Other R&I medicines 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Pulmicort 518  (24) (24)   Generic competition in Emerging Markets (~80% of revenue)  
Saphnelo 686  45  44    Strong US demand growth, ongoing launches in Europe and Established RoW 
Airsupra 166  >2x  >2x    Strong US launch momentum and volume uptake 
Other R&I 300  (29) (29)

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
12 
 
BioPharmaceuticals - V&I 
Beyfortus Total Revenue reflects the sum of Product Sales from AstraZeneca’s sales of manufactured product to Sanofi and Alliance 
Revenue from AstraZeneca’s share of gross profits and royalties on sales in major markets outside the US. 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Beyfortus 703  (3) (3)   Year-on-year comparison affected by Collaboration Revenue of $167m in 2024 
Synagis 292  (35) (34)   Competition from Beyfortus 
FluMist 272  6  3    
Other V&I 1  (96) (96)   
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. 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth due to patient demand, both naïve to branded medicines and conversion 
from Soliris across all indications (gMG, NMOSD, aHUS and PNH)  
US 2,667  18  18    Demand growth across indications, including within the competitive gMG and 
PNH landscapes 
Emerging Markets 261  84  90    Expansion into new markets and growth in patient demand 
Europe 1,053  19  15    Strong demand growth following recent launches; competition in gMG and PNH 
Established RoW 737  16  15    Continued conversion and strong demand following new launches 
Total 4,718  20  19    
Soliris 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Decline driven by conversion of patients to Ultomiris across all indications, 
competition, and biosimilar pressure in Europe and US 
US 1,092  (28) (28)   Conversion to Ultomiris, competition in gMG and PNH, and biosimilar pressure in 
gMG, PNH and aHUS 
Emerging Markets 405  (9) (1)   
Europe 200  (52) (53)   Conversion to Ultomiris, competition in gMG and PNH, and biosimilar pressure in 
PNH and aHUS  
Established RoW 140  (32) (31)   Conversion to Ultomiris  
Total 1,837  (29) (28)   
Strensiq 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 Growth driven by continued HPP patient demand and geographic expansion  
US 1,332  14  14    Demand growth, offset by Medicare Part D redesign 
Emerging Markets 104  94  84    Q4 2025 benefitted from favourable timing of tender orders  
Europe 123  25  21    
Established RoW 119  23  23    
Total 1,678  19  18    
Other Rare Disease medicines 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Koselugo 662  5  3    Growth driven by continued patient demand and geographic expansion. Growth 
rates in Q3 and Q4 reflect order timing in certain tender markets 
Other Rare Disease  231  11  10    Other Rare Disease medicines include Kanuma and Beyonttra (JP only)  
Other Medicines 
FY 2025 
$m 
Total  
Revenue  
% Change        
Actual        CER  
 
 
Nexium 831 (6) (5)   Growth in Emerging Markets, generic erosion elsewhere 
Others 168 (20) (20)   Generic erosion

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
13 
 
This section covers R&D events and milestones that occurred from 6 November 2025 to 9 February 2026. A comprehensive view of 
AstraZeneca's pipeline of medicines in human trials can be found in the latest Clinical Trials Appendix, available on AstraZeneca’s 
investor relations webpage. The Clinical Trials Appendix includes tables with details of the ongoing clinical trials for AstraZeneca 
medicines and new molecular entities in the pipeline. 
Oncology 
AstraZeneca presented new data across its diverse portfolio of cancer medicines at two major medical congresses since the prior 
results announcement: the American Society of Hematology Annual Meeting and Exposition 2025 (ASH) and the San Antonio Breast 
Cancer Symposium 2025 (SABCS). Across the two meetings, 120 abstracts were presented featuring 19 approved and potential new 
medicines including 29 oral presentations. 
Datroway 
Phase III trial update 
 
TROPION-Lung12 
December 2025 
New disclosure 
 Recruitment into the TROPION-Lung12 Phase III trial of adjuvant Datroway in 
combination with rilvegostomig or rilvegostomig monotherapy versus standard-of-
care, following complete tumour resection, in participants with Stage I 
adenocarcinoma NSCLC who are ctDNA-positive or have high-risk pathological 
features has been discontinued due to operational feasibility. There were no new 
safety signals. 
Priority review 
US 
TROPION-Breast02 
February 2025 
 Unresectable or metastatic TNBC for patients that are not candidates for PD-1/PD-L1 
inhibitor therapy. 
Enhertu 
Approval 
EU 
DESTINY-Gastric04 
November 2025 
New disclosure 
 Locally advanced or metastatic HER2-positive (IHC3+ or IHC2+/ISH+) gastric or 
gastroesophageal junction adenocarcinoma who have received a prior trastuzumab-
based regimen. 
Approval 
US 
DESTINY-Breast09 
December 2025 
 1st-line treatment for unresectable or metastatic HER2-positive breast cancer. 
Approval 
CN 
DESTINY-Breast06 
December 2025 
New disclosure 
 Unresectable or metastatic HR-positive, HER2 low (IHC 1+ or IHC 2+/ISH-) or HER2 
ultralow (IHC 0 with membrane staining) breast cancer that has progressed on one or 
more endocrine therapies in the metastatic setting. 
Approval 
CN 
DESTINY-Gastric04 
January 2026 
New disclosure 
 Locally advanced or metastatic HER2-positive gastric or gastroesophageal junction 
adenocarcinoma who have received one prior trastuzumab based regimen. 
Imfinzi 
Approval 
CN 
PACIFIC-5 
November 2025 
New disclosure 
 Unresectable Stage III NSCLC with no known sensitising EGFRm or ALK 
rearrangements whose disease has not progressed following platinum-based 
chemotherapy and radiation therapy. 
Approval 
US 
MATTERHORN 
November 2025 
 
 In combination with FLOT chemotherapy as neoadjuvant and adjuvant treatment, 
followed by single agent Imfinzi, for the treatment of resectable gastric or 
gastroesophageal junction adenocarcinoma. 
Approval 
CN 
DUO-E 
January 2026 
New disclosure 
 In combination with carboplatin and paclitaxel for the 1st-line treatment of adult 
patients with primary advanced or recurrent endometrial cancer that is mismatch 
repair deficient, followed by Imfinzi as a single agent for maintenance treatment. 
CHMP opinion 
EU 
MATTERHORN 
January 2026 
 Recommended in combination with standard-of-care FLOT chemotherapy for the 
treatment of resectable, early-stage and locally advanced (Stages II, III, IVA) gastric 
and gastroesophageal junction cancers. 
Lynparza 
Regulatory update 
Global 
DUO-O 
Q4 2025 
New disclosure 
 Following further data follow up and health authority interactions, the decision has 
been taken to not progress with regulatory filings in US, Europe, China or Japan. 
 
  
R&D progress

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
14 
 
ceralasertib 
Phase III trial update 
 
LATIFY 
December 2025 
 The LATIFY Phase III trial of ceralasertib in combination with Imfinzi did not meet the 
primary endpoint of OS versus standard-of-care docetaxel in patients with locally 
advanced or metastatic NSCLC whose disease progressed on or after prior 
immunotherapy and platinum-based chemotherapy. 
BioPharmaceuticals – CVRM 
baxdrostat 
Data presentation 
AHA 
Bax24 
November 2025 
 Positive results from the Bax24 Phase III trial showed baxdrostat showed clinically 
meaningful and consistent blood pressure reductions versus placebo in patients with 
treatment-resistant hypertension. At 12 weeks, the placebo-adjusted reduction in 
ambulatory 24-hour average SBP was 14.0 mmHg (95% CI -17.2, -10.8; p<0.0001). 
Efficacy was observed throughout the 24-hour period, including early morning, when 
patients with hypertension are at a higher risk of cardiovascular events. 
Priority Review 
US 
BaxHTN 
December 2025 
 For uncontrolled or treatment-resistant hypertension as an add-on to other 
antihypertensive medicines when these do not provide adequate lowering of blood 
pressure. 
Phase III readout BaxAsia 
December 2025 
New disclosure 
 High-level results from the supportive BaxAsia Phase III trial showed baxdrostat 2mg 
met the primary endpoint, demonstrating a statistically significant and clinically 
meaningful reduction in mean seated systolic blood pressure at 12 weeks compared 
with placebo in patients with uncontrolled or treatment-resistant hypertension. The 
preliminary safety profile was consistent to that seen in previous baxdrostat trials. 
Wainua 
Approval 
CN 
NEURO-TTRansform 
December 2025 
 For the treatment of adult patients with polyneuropathy associated with hereditary 
transthyretin-mediated amyloidosis (ATTRv-PN). 
elecoglipron (AZD5004) 
Phase IIb readout 
 
VISTA 
February 2026 
New disclosure 
 Positive high-level results showed that treatment with elecoglipron in participants 
with obesity or overweight and at least one comorbidity met the primary endpoints 
(change in body weight from baseline at 26 weeks and proportion of participants with 
weight loss ≥5% from baseline weight at 26 weeks), supporting initiation of a Phase III 
programme. 
Phase IIb readout 
 
 
SOLSTICE 
February 2026 
New disclosure 
 Positive high-level results showed that treatment with elecoglipron in participants 
with T2D met the primary endpoint (change in HbA1c from baseline at 26 weeks), 
supporting initiation of a Phase III programme.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
15 
 
BioPharmaceuticals – R&I 
Fasenra 
Approval 
CN 
MANDARA 
December 2025 
New disclosure 
 For adult patients with eosinophilic granulomatosis with polyangiitis (EGPA). 
Saphnelo 
Approval 
EU 
TULIP-SC 
December 2025 
 For subcutaneous self-administration as a pre-filled pen for adult patients with 
systemic lupus erythematosus on top of standard therapy. 
Data publication TULIP-SC 
January 2026 
 Positive full results showed the subcutaneous administration of Saphnelo 
demonstrated a statistically significant and clinically meaningful reduction in disease 
activity compared to placebo in patients with systemic lupus erythematosus. 56.2% 
of patients who received Saphnelo achieved a reduction in disease activity at Week 
52 versus 37.1% receiving placebo, as measured by the British Isles Lupus Assessment 
Group-based Composite Lupus Assessment (95% CI 9.0, 29.2%; p=0.0002).  
Regulatory update 
US 
TULIP-SC 
February 2026 
 The FDA issued a complete response letter regarding the Biologics License Application 
for Saphnelo for subcutaneous administration in adult patients with systemic lupus 
erythematosus. AstraZeneca subsequently provided the information requested in the 
CRL and is committed to working with the FDA to progress the application as quickly 
as possible. A decision from the FDA on the updated application for Saphnelo SC is 
expected in H1 2026 
Rare Disease  
Koselugo 
Approval 
US 
KOMET 
November 2025  
 For the treatment of adult patients with symptomatic, inoperable plexiform 
neurofibromas in neurofibromatosis type 1. 
Approval 
EU 
SPRINKLE 
January 2026 
New disclosure 
 Granule formulation for paediatric patients one year of age and older with 
neurofibromatosis type 1 who have symptomatic, inoperable plexiform 
neurofibromas. 
 
Soliris 
Approval 
CN 
 
NCT03759366 
January 2026 
New disclosure 
 For expanded use to include the treatment of refractory gMG in paediatric patients 
aged six years and older who are anti-acetylcholine receptor antibody-positive.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
16 
 
Sustainability highlights  
– For the tenth year, AstraZeneca was 
recognised by CDP for climate action 
and water stewardship, receiving an A 
for Climate and A– for Water Security in 
2025, reflecting the Company’s 
progress in decarbonising and reducing 
its environmental footprint.   
– AstraZeneca was also named by TIME 
Magazine as one of the World’s Best 
Companies in Sustainable Growth 2026, 
ranking among the top pharmaceutical 
companies for combined financial and 
environmental performance for the 
second year in a row.   
Climate and nature  
– At the end of 2025, the Company’s 
cumulative reduction in Scope 1 and 2 
greenhouse gas emissions was 88% 
from the 2015 baseline.  
– In November 2025, Alexion, 
AstraZeneca Rare Disease, announced 
an agreement with Carbon AMS to 
supply biomethane to meet 100% of 
the heating needs at its Ireland 
manufacturing sites. The agreement 
will add renewable capacity to Ireland’s 
national gas grid and produce 32 GWh 
of biomethane annually for Alexion. 
This milestone is an important step to 
transitioning to 100% renewables and 
follows a series of innovative clean heat 
partnerships announced in the US, UK 
and China.  
– In January 2026, AstraZeneca hosted a 
pan-European media event at the 
Company’s Dunkirk manufacturing site 
in France, focused on the Company’s 
first approval of a pressurised metered 
dose inhaler using a next-generation 
propellant with near-zero Global 
Warming Potential.  
– AstraZeneca celebrated the 
inauguration of a new photovoltaic 
installation at its facility in Puerto Rico 
that will cut the site's greenhouse gas 
emissions by 173 tons of carbon dioxide 
equivalents annually, equivalent to an 
8% reduction versus current emissions. 
– The Sustainable Markets Initiative (SMI) 
Health Systems Task Force, chaired by 
AstraZeneca CEO Pascal Soriot, 
supported the development and launch 
of PSA 2090, the world’s first global 
standard to measure and assess the 
environmental impact of 
pharmaceutical products through their 
lifecycle, in collaboration with BSI, NHS 
England and key partners. In addition, 
through the SMI, Chief Procurement 
Officers published a joint open letter to 
suppliers, encouraging common action 
to accelerate climate and nature action 
across the value chain and the use of 
joint targets for suppliers.  
– AstraZeneca joined government-hosted 
sessions at the 2025 United Nations 
Climate Change Conference (COP30) in 
November, held in Belém, Brazil. 
AstraZeneca senior leaders underlined 
how sustainable healthcare and early 
action on chronic disease can improve 
the health of people and the planet and 
shared new evidence to support 
healthcare decarbonisation, focused on 
type 2 diabetes and CKD. AstraZeneca 
was the only pharmaceutical company 
represented at official COP30 events.  
Health equity  
– As at end 2025, the expanded Healthy 
Heart Africa (HHA) programme, which 
includes CKD screening, diagnosis and 
management, had successfully 
launched in Rwanda, Ivory Coast, 
Ethiopia, Egypt, and Senegal. CKD 
guidelines, developed in partnership 
with Ministries of Health, 
were launched in six countries. New 
findings from the HHA extension study 
of INSIDE CKD, presented at economics 
conference ISPOR in November, 
highlighted the need for early action on 
chronic disease.   
– CEO, Alexion and AstraZeneca’s Chief 
Strategy Officer Marc Dunoyer renewed 
AstraZeneca’s commitment to China’s 
rare disease ecosystem at the second 
China Rare Disease Policy and Access 
Forum in Beijing in October, hosted by 
the China Alliance for Rare Diseases.  
– AstraZeneca played a central role in 
driving public-private partnerships that 
aim to support the implementation of 
the World Health Assembly Rare 
Disease Resolution into meaningful 
advances for patients across Southeast 
Asia. In November, the SEA Rare 
Disease Policy Forum, hosted by the 
Malaysian Ministry of Health and 
organised by patient groups the Asia 
Pacific Alliance of Rare Disease 
Organisations, supported by Rare 
Diseases International, advocated for 
advancements in health equity in the 
region. 
– In November 2025, at the 2025 One 
Young World Summit in Munich, 
AstraZeneca’s Chief Financial Officer 
Aradhana Sarin gave a keynote address 
on why investing in and supporting 
young people to prevent diseases is key 
to building resilient, equitable health 
systems. The Company’s delegation 
included 15 AstraZeneca Young Health 
Programme Impact Fellows as well as 
leaders and 90 employees.  
– AstraZeneca marked the UN’s 
International Day of the Girl on 11 
October 2025, including via a Girls 
Belong Here initiative where young 
women stepped into senior roles for 
the day. More than 120 girls from 
across 12 countries participated.  
Health systems resilience   
–  In December, the Partnership for 
Health System Sustainability and 
Resilience (PHSSR), a partnership co-
founded by AstraZeneca, launched 
policy recommendations on how to 
improve non-communicable diseases 
(NCDs) prevention and treatment in 
Greece. This preceded the launch of a 
White Paper on Acting Early on Non-
Communicable Diseases: A Framework 
for Health System Transformation in 
January 2026 which provides 
recommendations on how to tackle the 
NCD crisis, drawing from new research 
in Canada, France, Germany, Greece, 
Italy, Japan, Poland, and Spain. 
– AstraZeneca also hosted a discussion at 
the European Parliament, ‘Investing in 
Health for a Competitive, Secure, and 
Resilient Europe’, to discuss how 
PHSSR’s recommendations from their 
report on sustainable healthcare 
financing can strengthen investment in 
health across Europe.  
How we do business  
– AstraZeneca marked Global Ethics Day 
on 15 October with a week of events to 
highlight the importance of ethical 
decision making, behaviours and 
practices, and launched the Company’s 
annual mandatory Code of Ethics 
training for all employees and the 2025 
Ethics Survey.
Sustainability

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
17 
 
Reporting currency 
All narrative on growth and results in this 
section is based on actual exchange rates, 
and financial figures are in US$ millions 
($m), unless stated otherwise. 
Reporting period 
The performance shown in this 
announcement covers the twelve-month 
period to 31 December 2025 (‘the period’ 
or ‘FY 2025’) compared to the twelve-
month period to 31 December 2024 (‘FY 
2024’), or the three-month period to 31 
December 2025 (‘the quarter’ or ‘Q4 
2025’) compared to the three-month 
period to 31 December 2024 (‘Q4 2024’), 
unless stated otherwise. 
Core financial measures 
Core financial measures, EBITDA, Net debt, 
Gross Margin, Operating Margin and CER 
are non-GAAP financial measures because 
they cannot be derived directly from the 
Group's Condensed consolidated financial 
statements. 
Management believes that these non-
GAAP financial measures, when provided 
in combination with Reported results, 
provide investors and analysts with helpful 
supplementary information to better 
understand 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, 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 Condensed consolidated financial 
statements in this announcement. 
The Company strongly encourages 
investors and analysts not to rely on any 
single financial measure, but to review 
AstraZeneca's financial statements, 
including the Notes thereto, and other 
available Company reports, carefully and 
in their entirety. 
Due to rounding, the sum of a number of 
dollar values and percentages in this 
announcement may not agree to totals. 
  
Operating and financial review

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
18 
 
Table 8: Reported Profit and Loss 
 FY 2025  FY 2024            % Change Q4 2025  Q4 2024            % Change 
 $m  $m  Actual  CER  $m  $m  Actual  CER  
  - Product Sales 55,573  50,938  9  9  14,538  13,362  9  7  
  - Alliance Revenue 3,067  2,212  39  38  959  714  34  33  
Product Revenue 58,640  53,150  10  10  15,497  14,076  10  8  
Collaboration Revenue 99  923  (89) (89) 6  815  (99) (99) 
Total Revenue 58,739  54,073  9  8  15,503  14,891  4  2  
Cost of sales (10,633) (10,207) 4  5  (3,118) (2,725) 14  14  
Gross profit 48,106  43,866  10  9  12,385  12,166  2  -  
Distribution expense (579) (555) 4  4  (153) (143) 7  4  
R&D expense (14,232) (13,583) 5  4  (3,862) (4,677) (17) (19) 
SG&A expense (19,933) (19,977) -  (1) (5,492) (5,410) 2  -  
Other operating income & expense 381  252  52  53  100  100  -  2  
Operating profit 13,743  10,003  37  36  2,978  2,036  46  40  
Net finance expense (1,334) (1,284) 4  5  (349) (365) (4) (2) 
Joint ventures and associates (7) (28) (74) (77) -  (5) n/m n/m 
Profit before tax 12,402  8,691  43  40  2,629  1,666  58  49  
Taxation (2,169) (1,650) 31  29  (300) (166) 82  66  
Tax rate 18%  19%    11%  10%    
Profit after tax 10,233  7,041  45  43  2,329  1,500  55  47  
Earnings per share $6.60  $4.54  45  43  $1.50  $0.97  55  47  
Table 9: Reconciliation of Reported Profit before tax to EBITDA 
 FY 2025  FY 2024            % Change Q4 2025  Q4 2024            % Change 
 $m  $m  Actual  CER  $m  $m  Actual  CER  
Reported Profit before tax  12,402  8,691  43  40  2,629  1,666  58  49  
Net finance expense  1,334  1,284  4  5  349  365  (4) (2) 
Joint ventures and associates  7  28  (74) (77) -  5  n/m n/m 
Depreciation, amortisation and impairment  5,733  6,688  (14) (15) 1,511  2,337  (35) (37) 
EBITDA  19,476  16,691  17  16  4,489  4,373  3  -  
Table 10: Reconciliation of Reported to Core financial measures: FY 2025 
For the twelve months ended 31 December 
 
Reported Restructuring Intangible Asset 
Amortisation & 
Impairments 
Other Core % Change 
 $m  $m  $m  $m  $m  Actual  CER  
Gross profit 48,106  (138) 32  30  48,030  8  7  
 - Gross Margin 82%     82%  -  -1pp  
Distribution expense (579) -  -  -  (579) 4  4  
R&D expense (14,232) 171  236  3  (13,822) 13  12  
- R&D % of Total Revenue 24%     24%  -1pp  -1pp  
SG&A expense (19,933) 209  4,059  131  (15,534) 3  3  
- SG&A % of Total Revenue 34%     26%  +1pp  +1pp  
Total operating expense (34,744) 380  4,295  134  (29,935) 8  7  
Other operating income & expense 381  (5) -  7  383  54  55  
Operating profit 13,743  237  4,327  171  18,478  9  9  
- Operating Margin 23%        31%  -  -  
Net finance expense (1,334) -  -  242  (1,092) (7) (6) 
Taxation (2,169) (68) (825) (108) (3,170) 6  5  
EPS $6.60  $0.11  $2.26  $0.19  $9.16  12  11  
  
Financial performance

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
19 
 
Table 11: Reconciliation of Reported to Core financial measures: Q4 2025 
For the quarter ended 31 December 
 
Reported Restructuring Intangible Asset 
Amortisation & 
Impairments 
Other Core % Change 
 $m  $m  $m  $m  $m  Actual  CER  
Gross profit 12,385  (77) 8  18  12,334  2  -  
 - Gross Margin 80%     80%  -2pp  -2pp  
Distribution expense (153) -  -  -  (153) 7  4  
R&D expense (3,862) 37  95  (1) (3,731) 4  3  
- R&D % of Total Revenue 25%     24%  -  -  
SG&A expense (5,492) 96  1,021  (78) (4,453) 4  2  
- SG&A % of Total Revenue 35%     29%  -  -  
Total operating expense (9,507) 133  1,116  (79) (8,337) 4  2  
Other operating income & expense 100  1  -  -  101  2  2  
Operating profit 2,978  57  1,124  (61) 4,098  (2) (5) 
- Operating Margin 19%        26%  -2pp  -2pp  
Net finance expense (349) -  -  80  (269) (13) (10) 
Taxation (300) (19) (214) (10) (543) (15) (19) 
EPS $1.50  $0.03  $0.58  $0.01  $2.12  1  (2) 
Profit and Loss drivers 
Gross profit 
The movement in Gross Margin in FY 
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, Datroway, 
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, e.g. to sales 
reimbursed by the Medicare Part D 
programme in the US, diluted the 
Gross Margin 
– Royalty buyout expenses of $235m, 
incurred in the fourth quarter 
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 increase in R&D expense (Reported 
and Core) in the period was driven by: 
– Positive data readouts 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 
The change in Reported R&D expense 
also reflects a $753m impairment charge 
recorded against the vemircopan 
(ALXN2050) intangible asset in FY 2024. 
SG&A expense 
– The increase 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 
– The change in Reported SG&A expense 
also reflects a $504m impairment 
charge recorded against the Andexxa 
intangible asset in FY 2024 
Other operating income and expense 
– Other operating income in FY 2025 
consisted primarily of royalties and an 
upfront fee income on a divestment 
Net finance expense 
Core Net finance expense decreased 7% 
(6% at CER) in FY 2025, principally due to 
changes in interest on tax, with 
movements in borrowing expenses 
broadly offset by lower interest income 
on cash balances.  
Taxation 
The effective Reported and Core tax rates 
for the twelve months to 31 December 
2025 were 18% (FY 2024: 19%).  
Dividends 
A second interim dividend of $2.17 per 
share (159.5 pence, 19.49 SEK) has been 
declared, resulting in a full-year dividend 
per share of $3.20. 
Dividend payments are normally paid as 
follows: 
– First interim dividend - announced 
with half-year and second-quarter 
results and paid in September 
– Second interim dividend - announced 
with full-year and fourth-quarter 
results and paid in March 
– Dates for the FY 2025 second interim 
dividend: ex-dividend 19 February 
2026 (for shares traded on the London 
Stock Exchange or Nasdaq Stockholm), 
ex-dividend 20 February 2026 (for 
shares traded on the New York Stock 
Exchange), record date 20 February 
2026, payable on 23 March 2026

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
20 
 
Cash Flow 
Table 12: Cash Flow summary: FY 2025 
For the twelve months ended 31 December 
 
2025  
$m  
2024  
$m  
Change 
$m  
Reported Operating profit  13,743  10,003  3,740  
Depreciation, amortisation and impairment  5,733  6,688  (955) 
Movement in working capital and short-term provisions  (1,137) (893) (244) 
Gains on disposal of intangible assets  (168) (64) (104) 
Fair value movements on contingent consideration arising from business combinations (97) 311  (408) 
Non-cash and other movements  662  (121) 783  
Interest paid  (1,316) (1,313) (3) 
Taxation paid  (2,845) (2,750) (95) 
Net cash inflow from operating activities  14,575  11,861  2,714  
Net cash inflow before financing activities  7,767  3,881  3,886  
Net cash outflow from financing activities  (7,544) (3,996) (3,548) 
Net cash flow 
The change in Net cash inflow from 
operating activities of $2,714m is 
primarily driven by the increased 
Operating profit in FY2025. 
The change in Net cash inflow before 
financing activities of $3,886m is primarily 
driven by, in addition to the change in Net 
cash inflow from operating activities, a 
reduction of $2,705m in cash outflow 
relating to the Acquisitions of 
subsidiaries, net of cash acquired, offset 
by an increase of $1,052m relating to 
capital expenditure on tangible assets and 
software-related intangible assets. In 
FY2024 the cash outflow relating to the 
Acquisitions of subsidiaries, net of cash 
acquired, included $1,997m related to the 
acquisition of Fusion Pharmaceuticals Inc. 
and $774m related to the acquisition of 
Gracell Biotechnologies Inc.
The change in Net cash outflow from 
financing activities of $3,548m is primarily 
driven by the issue of new long-term 
loans of $6,492m in FY2024, with no 
issuance in FY2025, and offset by the 
repayment of loans of $2,029m in the 
current period compared to $4,652m of 
loans repaid in comparative period. 
Capital expenditure 
Capital expenditure on tangible assets 
and software-related intangible assets 
amounted to $3,270m in FY 2025 (FY 
2024: $2,218m). The increase of capital 
expenditure in FY2025 was driven by 
investment in several major 
manufacturing projects and continued 
investment in technology upgrades. 
Net debt 
Net debt decreased by $1,196m in the 
twelve months to 31 December 2025 to 
$23,374m. 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 13: Net debt summary 
  At 31 Dec  
2025  
$m  
At 31 Dec  
2024  
$m  
Cash and cash equivalents  5,711  5,488  
Other investments  30  166  
Cash and investments  5,741  5,654  
Overdrafts and short-term borrowings  (644) (330) 
Lease liabilities  (1,803) (1,452) 
Current instalments of loans  (2,460) (2,007) 
Non-current instalments of loans  (24,715) (26,506) 
Interest-bearing loans and borrowings (Gross debt)  (29,622) (30,295) 
Net derivatives  507  71  
Net debt  (23,374) (24,570)

===== 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 14: Obligor group summarised Statement of comprehensive income: FY 2025 
For the twelve months ended 31 December 
 
2025  
$m  
2024  
$m  
Total Revenue -  -  
Gross profit  -  -  
Operating loss (27) (34) 
Loss for the period (1,756) (1,182) 
Transactions with subsidiaries that are not issuers or guarantors 7,588  1,661  
 
Table 15: Obligor group summarised Statement of financial position 
 At 31 Dec 
2025  
$m  
At 31 Dec 
2024  
$m  
Current assets 34  54  
Non-current assets 124  -  
Current liabilities (2,975) (2,347) 
Non-current liabilities (24,687) (26,603) 
Amounts due from subsidiaries that are not issuers or guarantors 19,322  18,272  
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 2026, the Company intends to 
increase the annual dividend declared to 
$3.30 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 2025, capital expenditure on tangible 
assets and Software-related intangible 
assets amounted to $3,270m. In FY 2026 
the Group expects to increase expenditure 
on tangible assets and Software-related 
intangible assets by approximately a third 
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 16: Currency sensitivities 
Currency Primary Relevance Exchange rate vs USD (average rate in period) Annual impact of 5% 
strengthening vs USD1 ($m) 
  FY   
20252 
YTD   
20263 
Change  
 (%) 
At 30 Jan  
 20264 
Change  
 (%) 
Total  
Revenue  
Core Operating 
Profit  
EUR Total Revenue 0.88  0.85  4   0.84   6  499  234   
CNY Total Revenue 7.19  6.97    3  6.95   4   329  178   
JPY Total Revenue 149.64  156.99  (5)  153.77   (3) 179  120   
GBP Operating expense 0.76  0.74  2   0.73  4  50  (180)  
SEK Operating expense 9.81  9.12  8   8.85  11  9  (71) 
Other        615  339  
1. Assumes the average exchange rate vs USD in FY 2026 is 5% higher than the average rate in FY 2025. The impact data are estimates, based on best prevailing 
assumptions around currency profiles. 
2. Based on average daily spot rates 1 January 2025 to 31 December 2025. 
3. Based on average daily spot rates 1 January 2026 to 30 January 2026. 
4. Based on average daily spot rates on 30 January 2026.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
23 
 
Table 17: Condensed consolidated statement of comprehensive income: FY 2025 
For the twelve months ended 31 December  2025  
$m  
2024  
$m  
- Product Sales 55,573  50,938  
- Alliance Revenue 3,067  2,212  
Product Revenue 58,640  53,150  
Collaboration Revenue 99  923  
Total Revenue 58,739  54,073  
Cost of sales (10,633) (10,207) 
Gross profit 48,106  43,866  
Distribution expense (579) (555) 
Research and development expense (14,232) (13,583) 
Selling, general and administrative expense (19,933) (19,977) 
Other operating income and expense 381  252  
Operating profit 13,743  10,003  
Finance income 360  458  
Finance expense (1,694) (1,742) 
Share of after tax losses in associates and joint ventures (7) (28) 
Profit before tax 12,402  8,691  
Taxation (2,169) (1,650) 
Profit for the period 10,233  7,041  
   
Other comprehensive income   
Items that will not be reclassified to profit or loss:   
Remeasurement of the defined benefit pension liability 290  80  
Net gains on equity investments measured at fair value through Other comprehensive income 188  139  
Fair value movements related to own credit risk on bonds designated as fair value through profit or loss -  12  
Tax expense on items that will not be reclassified to profit or loss (94) (43) 
 384  188  
Items that may be reclassified subsequently to profit or loss:   
Foreign exchange arising on consolidation 2,387  (957) 
Foreign exchange arising on designated liabilities in net investment hedges 18  (122) 
Fair value movements on cash flow hedges 263  (129) 
Fair value movements on cash flow hedges transferred to profit and loss (314) 177  
Fair value movements on derivatives designated in net investment hedges 14  39  
Gains/(costs) of hedging 1  (21) 
Tax (expense)/income on items that may be reclassified subsequently to profit or loss (50) 25  
 2,319  (988) 
Other comprehensive income/(expense) for the period, net of tax 2,703  (800) 
     
Total comprehensive income for the period 12,936  6,241  
   
Profit attributable to:   
Owners of the Parent 10,225  7,035  
Non-controlling interests 8  6  
 10,233  7,041  
   
Total comprehensive income attributable to:   
Owners of the Parent 12,920  6,236  
Non-controlling interests 16  5  
 12,936  6,241  
Earnings per share   
Basic earnings per $0.25 Ordinary Share $6.60  $4.54  
Diluted earnings per $0.25 Ordinary Share $6.54  $4.50  
Weighted average number of Ordinary Shares in issue (millions) 1,550  1,550  
Diluted weighted average number of Ordinary Shares in issue (millions) 1,562  1,563  
  
Condensed consolidated financial statements

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
24 
 
Table 18: Condensed consolidated statement of comprehensive income: Q4 2025 
For the quarter ended 31 December 
 
2025  
$m  
2024  
$m  
- Product Sales 14,538  13,362  
- Alliance Revenue 959  714  
Product Revenue 15,497  14,076  
Collaboration Revenue 6  815  
Total Revenue 15,503  14,891  
Cost of sales (3,118) (2,725) 
Gross profit 12,385  12,166  
Distribution expense (153) (143) 
Research and development expense (3,862) (4,677) 
Selling, general and administrative expense (5,492) (5,410) 
Other operating income and expense 100  100  
Operating profit 2,978  2,036  
Finance income 135  64  
Finance expense (484) (429) 
Share of after tax losses in associates and joint ventures -  (5) 
Profit before tax 2,629  1,666  
Taxation (300) (166) 
Profit for the period 2,329  1,500  
   
Other comprehensive income/(expense)     
Items that will not be reclassified to profit or loss:   
Remeasurement of the defined benefit pension liability 174  (56) 
Net gains/(losses) on equity investments measured at fair value through Other comprehensive income 209  (125) 
Fair value movements related to own credit risk on bonds designated as fair value through profit or loss -  -  
Tax (expense)/income on items that will not be reclassified to profit or loss (81) 7  
 302  (174) 
Items that may be reclassified subsequently to profit or loss:   
Foreign exchange arising on consolidation 120  (1,500) 
Foreign exchange arising on designated liabilities in net investment hedges 4  (38) 
Fair value movements on cash flow hedges 6  (87) 
Fair value movements on cash flow hedges transferred to profit and loss 4  176  
Fair value movements on derivatives designated in net investment hedges 21  26  
Costs of hedging (7) (23) 
Tax income on items that may be reclassified subsequently to profit or loss -  9  
 148  (1,437) 
Other comprehensive income/(expense) for the period, net of tax 450  (1,611) 
     
Total comprehensive income/(expense) for the period 2,779  (111) 
   
Profit attributable to:   
Owners of the Parent 2,326  1,500  
Non-controlling interests 3  -  
 2,329  1,500  
   
Total comprehensive income/(expense) attributable to:   
Owners of the Parent 2,770  (110) 
Non-controlling interests 9  (1) 
 2,779  (111) 
Earnings per share   
Basic earnings per $0.25 Ordinary Share $1.50  $0.97  
Diluted earnings per $0.25 Ordinary Share $1.49  $0.96  
Weighted average number of Ordinary Shares in issue (millions) 1,551  1,550  
Diluted weighted average number of Ordinary Shares in issue (millions) 1,563  1,562

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
25 
 
Table 19: Condensed consolidated statement of financial position 
 
 
At 
31 Dec 2025 
At 
31 Dec 2024 
Assets   $m  $m  
Non-current assets    
Property, plant and equipment  12,962  10,252  
Right-of-use assets  1,741  1,395  
Goodwill  21,242  21,025  
Intangible assets  37,846  37,177  
Investments in associates and joint ventures  302  268  
Other investments  2,223  1,632  
Derivative financial instruments  498  182  
Other receivables  1,327  930  
Income tax receivable  1,391  -  
Deferred tax assets  5,819  5,347  
  85,351  78,208  
Current assets    
Inventories  6,557  5,288  
Trade and other receivables  15,177  12,972  
Other investments  30  166  
Derivative financial instruments  90  54  
Income tax receivable  1,158  1,859  
Cash and cash equivalents  5,711  5,488  
  28,723  25,827  
Total assets  114,074  104,035  
    
Liabilities    
Current liabilities    
Interest-bearing loans and borrowings  (3,104) (2,337) 
Lease liabilities  (382) (339) 
Trade and other payables  (25,280) (22,465) 
Derivative financial instruments  (81) (50) 
Provisions  (686) (1,269) 
Income tax payable  (1,084) (1,406) 
  (30,617) (27,866) 
Non-current liabilities    
Interest-bearing loans and borrowings  (24,715) (26,506) 
Lease liabilities  (1,421) (1,113) 
Derivative financial instruments  -  (115) 
Deferred tax liabilities  (3,500) (3,305) 
Retirement benefit obligations  (1,105) (1,330) 
Provisions  (918) (921) 
Income tax payable  (700) (238) 
Other payables  (2,379) (1,770) 
  (34,738) (35,298) 
Total liabilities  (65,355) (63,164) 
    
Net assets  48,719  40,871  
    
Equity    
Share capital  388  388  
Share premium account  35,266  35,226  
Other reserves  2,041  2,012  
Retained earnings  10,972  3,160  
Capital and reserves attributable to equity holders of the Parent  48,667  40,786  
Non-controlling interests  52  85  
Total equity  48,719  40,871

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
26 
 
Table 20: 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 -  -  -  7,035  7,035  6  7,041  
Other comprehensive expense   -  -  -  (799) (799) (1) (800) 
Transfer to Other reserves -  -  15  (15) -  -  -  
Transactions with owners        
Dividends -  -  -  (4,602) (4,602) -  (4,602) 
Dividends paid to non-controlling interests -  -  -  -  -  (4) (4) 
Issue of Ordinary Shares -  38  -  -  38  -  38  
Changes in non-controlling interests -  -  -  -  -  61  61  
Movement in shares held by Employee 
Benefit Trusts -  -  (68) -  (68) -  (68) 
Share-based payments charge for the period -  -  -  660  660  -  660  
Settlement of share plan awards -  -  -  (621) (621) -  (621) 
Net movement -  38  (53) 1,658  1,643  62  1,705  
At 31 Dec 2024 388  35,226  2,012  3,160  40,786  85  40,871  
        
At 1 Jan 2025 388  35,226  2,012  3,160  40,786  85  40,871  
Profit for the period -  -  -  10,225  10,225  8  10,233  
Other comprehensive (expense)/income   -  -  (61) 2,756  2,695  8  2,703  
Transfer to Other reserves -  -  47  (47) -  -  -  
Transactions with owners        
Dividends -  -  -  (4,846) (4,846) -  (4,846) 
Dividends paid to non-controlling interests -  -  -  -  -  (6) (6) 
Issue of Ordinary Shares -  40  -  -  40  -  40  
Changes in non-controlling interests -  -  -  (214) (214) (43) (257) 
Movement in shares held by Employee 
Benefit Trusts -  -  43  -  43  -  43  
Share-based payments charge for the period -  -  -  719  719  -  719  
Settlement of share plan awards -  -  -  (781) (781) -  (781) 
Net movement -  40  29  7,812  7,881  (33) 7,848  
At 31 Dec 2025 388  35,266  2,041  10,972  48,667  52  48,719  
Transfer to other reserves includes $70m in respect of the opening balance on the Cash flow hedge reserve. The cash flow hedge 
reserve was previously disclosed within Retained earnings but from 2025 is disclosed within Other reserves.

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

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Table 21: Condensed consolidated statement of cash flows: FY 2025 
For the twelve months ended 31 December 
 
2025  
$m  
2024  
$m  
Cash flows from operating activities   
Profit before tax 12,402  8,691  
Finance income and expense 1,334  1,284  
Share of after tax losses of associates and joint ventures 7  28  
Depreciation, amortisation and impairment 5,733  6,688  
Movement in working capital and short-term provisions (1,137) (893) 
Gains on disposal of intangible assets (168) (64) 
Fair value movements on contingent consideration arising from business combinations (97) 311  
Non-cash and other movements 662  (121) 
Cash generated from operations 18,736  15,924  
Interest paid (1,316) (1,313) 
Tax paid (2,845) (2,750) 
Net cash inflow from operating activities 14,575  11,861  
   
Cash flows from investing activities   
Acquisition of subsidiaries, net of cash acquired (66) (2,771) 
Payments upon vesting of employee share awards attributable to business combinations -  (3) 
Payment of contingent consideration from business combinations (1,164) (1,008) 
Purchase of property, plant and equipment (2,810) (1,924) 
Disposal of property, plant and equipment 13  55  
Purchase of intangible assets (3,095) (2,662) 
Disposal of intangible assets 136  123  
Purchase of non-current asset investments (229) (96) 
Disposal of non-current asset investments -  78  
Movement in short-term investments, fixed deposits and other investing instruments 131  30  
Payments to associates and joint ventures (10) (158) 
Disposal of investments in associates and joint ventures -  13  
Interest received 286  343  
Net cash outflow from investing activities (6,808) (7,980) 
Net cash inflow before financing activities 7,767  3,881  
   
Cash flows from financing activities   
Proceeds from issue of share capital 40  38  
Own shares purchased by Employee Benefit Trusts (521) (81) 
Payments to acquire non-controlling interests (183) -  
Issue of loans and borrowings  15  6,492  
Repayment of loans and borrowings (2,029) (4,652) 
Dividends paid (4,971) (4,629) 
Hedge contracts relating to dividend payments 113  16  
Repayment of obligations under leases (372) (316) 
Movement in short-term borrowings 364  (31) 
Payment of Acerta Pharma share purchase liability -  (833) 
Net cash outflow from financing activities (7,544) (3,996) 
   
Net increase/(decrease) in Cash and cash equivalents in the period 223  (115) 
Cash and cash equivalents at the beginning of the period 5,429  5,637  
Exchange rate effects 46  (93) 
Cash and cash equivalents at the end of the period 5,698  5,429  
   
Cash and cash equivalents consist of:   
Cash and cash equivalents 5,711  5,488  
Overdrafts (13) (59) 
 5,698  5,429

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
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Note 1: Basis of preparation and accounting policies
These Condensed consolidated financial 
statements for the twelve months ended 
31 December 2025 have been prepared in 
accordance with UK-adopted international 
accounting standards and with the 
requirements of the Companies Act 2006 
as applicable to companies reporting 
under those standards. The Condensed 
consolidated financial statements also 
comply fully with IFRS Accounting 
Standards as issued by the International 
Accounting Standards Board (IASB) and 
International Accounting Standards as 
adopted by the European Union. 
These Condensed consolidated financial 
statements comprise the financial results 
of AstraZeneca PLC for the years to 31 
December 2025 and 2024 together with 
the Statement of financial position as at 31 
December 2025 and 2024. The results for 
the year to 31 December 2025 have been 
extracted from the 31 December 2025 
audited consolidated financial statements 
which have been approved by the Board of 
Directors. These have not yet been 
delivered to the Registrar of Companies 
but are expected to be published on 24 
February 2026 within the Annual Report 
and Form 20-F Information 2025. 
The financial information set out above 
does not constitute the Group’s statutory 
accounts for the years to 31 December 
2025 or 2024 but is derived from these 
accounts. The auditors have reported on 
those accounts: their reports (i) were 
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 in 
respect of the accounts for the year to 31 
December 2025 or for 31 December 2024. 
Statutory accounts for the year to 31 
December 2025 were approved by the 
Board of Directors for release on 10 
February 2026. 
Amendments to accounting standards 
issued by the IASB and adopted in the year 
ended 31 December 2025 did not have a 
material impact on the result or financial 
position of the Group and the Condensed 
consolidated 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 (i) was 
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 
twelve months ended 31 December 2024 
of $53,150m. 
Going concern 
The Group has considerable financial 
resources available. As at 31 December 
2025, the Group has $10.6bn in financial 
resources (cash and cash equivalent 
balances of $5.7bn and undrawn 
committed bank facilities of $4.9bn that 
are available until April 2030), with $3.5bn 
of borrowings due within one year.  These 
facilities contain no financial covenants, 
and in January 2026 their maturity was 
extended to April 2031. 
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 Condensed consolidated financial statements

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
29 
 
Note 2: Intangible assets 
In accordance with IAS 36 ‘Impairment of 
Assets’, reviews for triggers of impairment 
or impairment reversals at an individual 
asset or cash generating unit level were 
conducted, and impairment tests carried 
out where triggers were identified. In 
2025, the Group recorded impairment 
charges of $8m (2024: $504m) in respect 
of launched products. Impairment charges 
recorded against products in development 
totalled $210m (2024: $1,073m).  
EsoBiotec 
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. Contingent 
consideration of up to $575m could be 
paid on achievement of regulatory 
milestones, those liabilities will be 
recorded when the relevant regulatory 
milestones are achieved. 
Agreement with Merck on Koselugo 
Intangible asset additions of $536m in the 
third 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 & Co., 
Inc. (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 third 
quarter. Two more regulatory milestones 
totalling $125m were achieved and 
capitalised in the fourth quarter. Further 
contingent payments of up to $175m 
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 22: Net debt 
 
 At 1 Jan  
2025  
Cash flow  Acquisitions Non-cash  
 and other  
Exchange  
 movements  
At 31 Dec  
2025  
 $m  $m  $m $m  $m  $m  
Non-current instalments of loans (26,506) -  -  2,418  (627) (24,715) 
Non-current instalments of leases (1,113) -  -  (259) (49) (1,421) 
Total long-term debt (27,619) -  -  2,159  (676) (26,136) 
Current instalments of loans (2,007) 2,014  -  (2,467) -  (2,460) 
Current instalments of leases (339) 449  (1) (472) (19) (382) 
Collateral received from derivative 
counterparties 
(181) (292) -  -  -  (473) 
Other short-term borrowings excluding 
overdrafts 
(90) (72) -  -  4  (158) 
Overdrafts (59) 47  -  -  (1) (13) 
Total current debt (2,676) 2,146  (1) (2,939) (16) (3,486) 
Gross borrowings (30,295) 2,146  (1) (780) (692) (29,622) 
Net derivative financial instruments 71  (346) -  782  -  507  
Net borrowings (30,224) 1,800  (1) 2  (692) (29,115) 
Cash and cash equivalents 5,488  56  120  -  47  5,711  
Other investments - current 166  (131) -  -  (5) 30  
Cash and investments 5,654  (75) 120  -  42  5,741  
Net debt (24,570) 1,725  119  2  (650) (23,374) 
 
 
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 $1,196m in the 
twelve months to 31 December 2025 to 
$23,374m. Details of the committed 
undrawn bank facilities are disclosed 
within the going concern section of Note 1. 
Non-cash movements in the period include 
fair value adjustments under IFRS 9 
'Financial Instruments'. 
The Group has agreements with some 
bank counterparties whereby the 
parties agree to post cash collateral on 
financial derivatives, for the benefit of 
the other, equivalent to the market 
valuation of the derivative positions 
above a predetermined threshold.  The 
carrying value of such cash collateral 
held by the Group at 31 December 2025  
was $473m (31 December 2024 : 
$181m ) and the carrying value of such 
cash collateral posted by the Group at 
31 December 2025  was $22m (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 above. 
During the twelve months ended 31 
December 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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30 
 
Note 4: Financial Instruments
As detailed in the Group's most recent 
annual financial statements, the principal 
financial instruments consist of derivative 
financial instruments, other investments, 
trade and other receivables, cash and cash 
equivalents, trade and other payables, 
lease liabilities and interest-bearing loans 
and borrowings. 
The Group has certain equity investments 
that are categorised as Level 3 in the fair 
value hierarchy that are held at $458m 
(31 December 2024: $353m) and for which 
a fair value loss of $50m has been 
recognised in the twelve months ended 31 
December 2025 (FY 2024: $9m). In the 
absence of specific market data, these 
unlisted investments are held at fair value 
based on the cost of investment and 
adjusted as necessary for impairments and 
revaluations on new funding rounds, 
which are seen to approximate the fair 
value. All other fair value gains and/or 
losses that are presented in Net gains on 
equity investments measured at fair value 
through other comprehensive income, in 
the Condensed consolidated statement of 
comprehensive income for the twelve 
months ended 31 December 2025 are 
Level 1 fair value measurements, valued 
based on quoted prices in active markets. 
Financial instruments measured at fair 
value include $2,231m of other 
investments, $4,224m held in money-
market funds and $507m of derivatives as 
at 31 December 2025. With the exception 
of derivatives being Level 2 fair valued, and 
certain equity instruments of $458m 
categorised as Level 3, the 
aforementioned balances are Level 1 fair 
valued. Financial instruments measured at 
amortised cost include $22m of cash 
collateral pledged to counterparties. The 
total fair value of Interest-bearing loans 
and borrowings as at 31 December 2025, 
which have a carrying value of $29,622m 
in the Condensed consolidated statement 
of financial position, was $29,221m. 
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 $257m (31 December 
2024: $1,309m) is due for final payment in 
2026.
 
Table 23: 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 (1,054) (110) (1,164) (1,008) 
Revaluations (44) (53) (97) 311  
Discount unwind 46  14  60  113  
At 31 December 257  293  550  1,751  
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, 
the H1 2025 and the Q3 2025 results 
announcements (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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31 
 
Matters disclosed in respect of the fourth quarter of 2025 and to 10 February 2026 
Table 24: Patent litigation 
Legal proceedings brought against AstraZeneca 
 
Enhertu patent proceedings, US 
Considered to be a contingent liability 
 
 In October 2020, Seagen Inc. (Seagen) filed a complaint against Daiichi Sankyo Company, Limited 
(Daiichi Sankyo) in the US District Court for the Eastern District of Texas (District Court) alleging 
that Enhertu infringes a Seagen patent. AstraZeneca co-commercialises Enhertu with Daiichi 
Sankyo in the US. After trial in April 2022, the jury found that the patent was infringed and 
awarded Seagen $41.82m in past damages. In July 2022, the District Court entered final judgment 
and declined to enhance damages on the basis of wilfulness. In October 2023, the District Court 
entered an amended final judgment that requires Daiichi Sankyo to pay Seagen a royalty of 8% on 
US sales of Enhertu from 1 April 2022 through to 4 November 2024, in addition to the past 
damages previously awarded by the District Court. AstraZeneca and Daiichi Sankyo have appealed 
the District Court’s decision. 
 In December 2020 and January 2021, AstraZeneca and Daiichi Sankyo filed post-grant review 
(PGR) petitions with the US Patent and Trademark Office (USPTO) alleging, among other things, 
that the Seagen patent is invalid for lack of written description and enablement. The USPTO 
initially declined to institute the PGRs, but, in April 2022, the USPTO granted the rehearing 
requests and instituted both PGR petitions. Seagen subsequently disclaimed all patent claims at 
issue in one of the PGR proceedings. In July 2022, the USPTO reversed its institution decision and 
declined to institute the other PGR petition. AstraZeneca and Daiichi Sankyo requested 
reconsideration of the decision not to institute review of the patent. In February 2023, the USPTO 
reinstituted the PGR proceeding. In February 2024, the USPTO issued a decision that the claims 
were unpatentable. Seagen has appealed this decision; the USPTO has intervened in the appeal. 
 In December 2025, the US Court of Appeals for the Federal Circuit issued decisions in both the 
District Court and PGR appeals finding that Seagen's patent is invalid and vacating the District 
Court’s prior judgment and damages award. 
Forxiga patent proceedings, 
Europe 
Considered to be a contingent liability 
 
 
 In November 2025, in France, Biogaran SAS challenged one of AstraZeneca's patents 
covering Forxiga. No trial date has been set. 
 In Poland and in Portugal, multiple generic companies have challenged one of AstraZeneca's 
patents covering Forxiga. No trial date has been set. 
 In Poland, in January 2026, AstraZeneca obtained interim injunctions against the generic 
companies that have challenged the patent. 
Tagrisso patent proceedings, 
China 
Considered to be a contingent liability 
 
 In January 2025, an individual filed invalidity challenges against several Chinese patents 
protecting Tagrisso. 
 A hearing before the Chinese Patent Office (Patent Office) was held in July 2025.  
 In November 2025, the Patent Office issued decisions maintaining the compound patents.  
 In January 2026, the Patent Office dismissed the invalidity case against the formulation patent. 
Legal proceedings brought by AstraZeneca 
Calquence patent proceedings, 
US 
Considered to be a contingent asset 
 
 
 AstraZeneca received Paragraph IV notices relating to patents listed in the FDA Orange Book with 
reference to Calquence tablets from Cipla USA, Inc. and Cipla Limited (collectively, Cipla) in April 
2024 and from MSN Pharmaceuticals Inc. and MSN Laboratories Pvt. Ltd. (collectively, MSN) in 
November 2024. 
 In response to these Paragraph IV notices, AstraZeneca filed patent infringement lawsuits against 
Cipla in May 2024 and against MSN in January 2025 in the US District Court for the District of 
Delaware (District Court). In the complaints, AstraZeneca alleges that a generic version of 
Calquence tablets, if approved and marketed, would infringe patents that are owned or licensed 
by AstraZeneca. Trial has been scheduled for April 2027.  
 In December 2025, AstraZeneca entered into a settlement agreement with MSN and the District 
Court dismissed the corresponding litigation. The litigation with Cipla is ongoing.  
Forxiga patent proceedings, 
Australia 
Considered to be a contingent asset 
 In December 2025, in the Federal Court of Australia, AstraZeneca initiated patent infringement 
litigation against Pharmacor Pty Limited in reference to one of the patents that protects Forxiga. 
 No trial date has been set.

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

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32 
 
Table 25: Product liability litigation 
Legal proceedings brought against AstraZeneca 
Farxiga and Xigduo XR, US 
Considered to be a contingent liability 
 AstraZeneca has been named as a defendant in lawsuits involving plaintiffs claiming physical 
injury, including Fournier’s Gangrene and necrotising fasciitis, from treatment with Farxiga 
and/or Xigduo XR. 
 The parties have reached a settlement in principle for a non-material amount to resolve the single 
case scheduled for trial in March 2026. 
 All remaining claims are filed in Delaware State Court and the earliest trial is now scheduled for 
September 2026. 
Table 26: Commercial litigation 
Legal proceedings brought against AstraZeneca 
Anti-Terrorism Act Civil Lawsuit, 
US 
Considered to be a contingent liability 
 In the US, in October 2017, AstraZeneca and certain other pharmaceutical and/or medical device 
companies were named as defendants in a complaint filed in the US District Court for the District 
of Columbia (District Court) by US nationals (or their estates, survivors, or heirs) who were killed 
or wounded in Iraq between 2005 and 2013. The plaintiffs allege that the defendants violated the 
US Anti-Terrorism Act and various state laws by selling pharmaceuticals and medical supplies to 
the Iraqi Ministry of Health. In July 2020, the District Court granted AstraZeneca’s and the other 
defendants’ motion to dismiss the lawsuit, which the DC Circuit Court of Appeals (the Appellate 
Court) reversed in January 2022.  
 In June 2024, the United States Supreme Court issued an order vacating the 2022 decision and 
remanding to the Appellate Court for reconsideration under new case law. In January 2026, after 
reconsideration, the Second Circuit issued a decision again allowing the claims to proceed and 
returning the matter to the District Court, where AstraZeneca has a separate motion to dismiss 
pending. 
Definiens, Germany 
Considered to be a contingent liability 
 In July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of 
Arbitration from the sellers of Definiens AG (Sellers) regarding the 2014 share purchase 
agreement (SPA) between AstraZeneca and the Sellers. The Sellers claim that they are owed 
approximately $140m in earn-outs under the SPA. In December 2023, after an arbitration 
hearing, the arbitration panel made a final award of $46m in favour of the Sellers.  
 In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court (Court) to set 
aside the arbitration award. 
 In April 2025, the Court ruled in favour of AstraZeneca, annulled the arbitration award, and 
referred the dispute back to the same arbitration panel for a second determination.  
 In May 2025, the Sellers appealed the Court's decision to the German Federal Court of Justice 
(Court of Justice). AstraZeneca also appealed the decision to refer the dispute back to the same 
arbitration panel. 
 In January 2026, the Court of Justice upheld the Court’s decision to annul the arbitration award 
and referred the dispute back to the same arbitration panel. 
Novartis Advertising Litigation, 
US 
Considered to be a contingent liability 
 In October 2025, Novartis Pharmaceuticals Corp. filed a lawsuit in the US District Court for the 
District of Delaware alleging false and misleading representation claims under the Lanham Act 
and state law unfair competition and deceptive practices claims.  
 The complaint alleges that statements in AstraZeneca's marketing for treatment for paroxysmal 
nocturnal hemoglobinuria are false and misleading. 
Soliris Antitrust Class Action, US  
Considered to be a contingent liability 
 In April 2025, AstraZeneca was named in a lawsuit filed in the US District Court for the District of 
Massachusetts (District Court) alleging antitrust claims on behalf of a potential class of end payors 
for Soliris from March 2022. 
 The plaintiff alleges that AstraZeneca violated federal and state antitrust and business practices 
laws by obtaining improper patents for Soliris, delaying biosimilar entry and improperly extending 
Soliris’ market exclusivity. 
 In December 2025, the District Court partially granted AstraZeneca's motion to dismiss.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
33 
 
Table 27: Government investigations and proceedings 
Legal proceedings brought against AstraZeneca 
China Personal Information 
Infringement and Illegal Trade 
Matters, China 
Considered to be a contingent liability 
 In relation to the personal information infringement allegation, in April 2025, AstraZeneca 
Investment (China) Co., Ltd. received a Notice of Transfer to the Prosecutor from the Shenzhen 
Bao’an District Public Security Bureau regarding suspected unlawful collection of personal 
information. 
 In relation to the illegal trade allegation, in October 2025, AstraZeneca Investment (China) Co., 
Ltd. received a final appraisal opinion from the Shenzhen City Customs Office, informing 
AstraZeneca Investment (China) Co., Ltd. that the total amount of unpaid import taxes is 
RMB 24m (approximately USD $3.5m). The import taxes mentioned in the Appraisal Opinion 
relate to Imfinzi, Imjudo, and Enhertu. In October 2025, AstraZeneca Investment (China) Co., Ltd. 
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 Investment 
(China) Co., Ltd. is found liable for illegal trade. 
 In November 2025, the Shenzhen Prosecutor concluded its evaluation. AstraZeneca Investment 
(China) Co., Ltd., the former EVP and one former senior employee were indicted on charges of 
unlawful collection of personal information and illegal trade, although no illegal gain to 
AstraZeneca Investment (China) Co., Ltd. was alleged resulting from unlawful collection of 
personal information. 
 The former EVP and former senior employee were additionally indicted on charges of medical 
insurance fraud. AstraZeneca Investment (China) Co., Ltd. has not been indicted on charges of 
medical insurance fraud. 
 The matters have been consolidated into one proceeding before the Shenzhen City Intermediate 
Court. No trial date has been scheduled. 
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, New Mexico, North Dakota, 
Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Utah, Vermont, and West Virginia 
challenging the constitutionality of each state’s 340B statute.  
 AstraZeneca has ongoing enforcement actions in Arkansas and Louisiana for alleged non-
compliance with each state's 340B statute. In April 2025, an order was issued 
in the Arkansas proceeding requiring AstraZeneca to pause its contract pharmacy policy, which 
AstraZeneca has appealed.  
 In Arkansas, the Court denied a motion to dismiss.  
 In Colorado, the Court denied AstraZeneca's motion for a preliminary injunction, which 
AstraZeneca has appealed.  
 In Kansas, after obtaining a stipulation from the state that AstraZeneca’s policy does not violate 
the Kansas 340B statute, AstraZeneca agreed to dismiss its complaint.  
 In Louisiana, the Court denied AstraZeneca’s motion for summary judgement, which AstraZeneca 
has appealed.  
 In Maryland and Mississippi, the Court denied AstraZeneca’s motion for a preliminary injunction.  
 In Minnesota, the Court found that the government officials lacked enforcement authority and 
dismissed AstraZeneca's complaint for lack of standing.  
 In Missouri, the Court granted in part and denied in part the state’s motion to dismiss.  
 In Oklahoma, the Court granted AstraZeneca's motion for a preliminary injunction, which 
Oklahoma has appealed.   
 AstraZeneca’s lawsuits are stayed in Rhode Island, Utah, and West Virginia. 
Calquence Inflation Reduction Act 
Litigation, US  
Considered to be a contingent asset 
 In December 2025, AstraZeneca filed a lawsuit in the US District Court for the District of Maryland 
challenging the US Department of Health and Human Services’ interpretation of “qualifying single 
source drug” under the Inflation Reduction Act and its application in selecting Calquence for drug 
price negotiation.  
Other 
Additional government inquiries 
As is true for most, if not all, major prescription pharmaceutical companies, AstraZeneca is currently involved in multiple inquiries into 
drug marketing and pricing practices. In addition to the investigations described above, various law enforcement offices have, from 
time to time, requested information from the Group. There have been no material developments in those matters.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
34 
 
Note 6: Analysis of Revenue and Other operating income and expense 
Table 28: Product Sales year-on-year analysis: FY 2025 
CER information in respect of FY 2025 included in the Consolidated Financial Information has not been audited by PricewaterhouseCoopers LLP. 
 
For the twelve months  World US Emerging Markets Europe Established RoW 
ended 31 December 
  Change  Change  Change  Change  Change 
 
$m  Act %  CER %  $m  Act %  $m  Act %  CER %  $m  Act %  CER %  $m  Act %  CER %  
Tagrisso 7,254  10  10  3,064  11  1,971  12  14  1,423  9  6  796  5  5  
Imfinzi 6,063  29  28  3,509  35  640  34  38  1,239  31  26  675  (2) (2) 
Calquence 3,518  12  12  2,339  7  233  52  54  784  20  15  162  25  27  
Lynparza 3,279  7  6  1,434  8  669  2  1  914  10  6  262  3  4  
Enhertu 977  79  81  -  -  668  91  95  207  64  58  102  47  51  
Zoladex 1,106  5  6  19  17  842  6  8  157  6  3  88  (11) (10) 
Truqap 728  69  68  586  44  23  n/m n/m 85  n/m n/m 34  n/m n/m 
Imjudo 346  23  23  227  26  22  40  43  52  43  38  45  (9) (9) 
Datroway 2  n/m n/m -  n/m 2  n/m n/m -  n/m n/m -  n/m n/m 
Other Oncology 425  (8) (8) 9  (52) 280  (6) (4) 19  (17) (19) 117  (6) (7) 
Oncology 23,698  17  16  11,187  18  5,350  19  21  4,880  20  15  2,281  5  5  
Farxiga 8,400  10  9  1,730  (1) 3,324  17  18  2,941  12  8  405  (3) (3) 
Crestor 1,216  5  6  45  (3) 1,041  11  12  1  (97) (97) 129  (5) (5) 
Brilinta 823  (38) (38) 393  (48) 273  (7) (7) 147  (45) (46) 10  (51) (48) 
Lokelma 698  29  28  301  18  129  50  52  129  39  34  139  29  28  
Seloken 607  -  2  -  -  586  (1) 1  18  43  43  3  1  14  
roxadustat 274  (17) (17) -  -  274  (17) (17) -  -  -  -  -  -  
Wainua 212  n/m n/m 204  n/m 4  n/m n/m 4  n/m n/m -  -  -  
Other CVRM 534  (28) (28) 49  (74) 262  4  5  158  (30) (32) 65  (17) (17) 
CVRM 12,764  3  2  2,722  (11) 5,893  10  12  3,398  4  -  751  (2) (2) 
Symbicort 2,885  -  -  1,193  1  801  (1) 1  560  -  (3) 331  1  3  
Fasenra 1,981  17  16  1,195  14  117  27  29  482  19  15  187  29  30  
Breztri 1,199  23  22  614  19  298  22  22  191  33  29  96  30  30  
Tezspire 458  85  80  -  -  40  n/m n/m 297  90  83  121  51  51  
Saphnelo 686  45  44  596  40  16  n/m n/m 49  89  81  25  52  52  
Pulmicort 518  (24) (24) 5  (21) 414  (27) (27) 63  (12) (15) 36  (1) 1  
Airsupra 166  n/m n/m 162  n/m 4  n/m n/m -  -  -  -  -  -  
Other R&I 274  (31) (32) 75  (55) 133  (21) (21) 59  2  -  7  (5) (2) 
R&I 8,167  10  10  3,840  12  1,823  (4) (3) 1,701  20  16  803  17  18  
Beyfortus 281  (12) (12) 184  (21) -  -  -  94  12  12  3  58  53  
Synagis 292  (35) (34) (3) (57) 214  2  4  50  (56) (57) 31  (76) (76) 
FluMist 272  6  3  28  1  5  n/m n/m 210  3  (1) 29  19  19  
Other V&I 1  (96) (96) -  n/m 1  (45) (48) -  n/m n/m -  n/m n/m 
V&I 846  (20) (20) 209  (26) 220  3  5  354  (13) (15) 63  (60) (60) 
Ultomiris 4,718  20  19  2,667  18  261  84  90  1,053  19  15  737  16  15  
Soliris 1,837  (29) (28) 1,092  (28) 405  (9) (1) 200  (52) (53) 140  (32) (31) 
Strensiq 1,678  19  18  1,332  14  104  94  84  123  25  21  119  23  23  
Koselugo 662  25  22  219  3  228  29  25  161  57  51  54  38  38  
Other Rare Disease 231  11  10  113  14  40  16  18  67  1  (2) 11  23  23  
Rare Disease 9,126  5  5  5,423  3  1,038  22  26  1,604  2  (1) 1,061  7  7  
Nexium 816  (6) (5) 67  (30) 611  3  5  50  (18) (20) 88  (26) (26) 
Other 156  (24) (24) (4) n/m 121  (16) (15) 34  (21) (21) 5  18  17  
Other Medicines 972  (9) (8) 63  (43) 732  -  1  84  (19) (20) 93  (25) (24) 
Total Medicines 55,573  9  9  23,444  8  15,056  11  13  12,021  11  7  5,052  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 =====

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
35 
 
Table 29: Product Sales year-on-year analysis: Q4 2025 
The Q4 2025 information in respect of the three months ended 31 December 2025 included in the Consolidated Financial Information has not been audited by 
PricewaterhouseCoopers LLP. 
For the quarter  World US Emerging Markets Europe Established RoW 
ended 31 December  Change  Change  Change  Change  Change 
 $m  Act %  CER %  $m  Act %  $m  Act %  CER %  $m  Act %  CER %  $m  Act %  CER %  
Tagrisso 1,902  12  10  841  10  462  18  17  393  14  6  206  2  4  
Imfinzi 1,747  39  37  1,025  42  178  57  53  359  42  32  185  10  12  
Calquence 967  20  17  637  11  69  86  73  215  29  20  46  48  50  
Lynparza 878  4  1  380  -  182  1  (5) 247  12  4  69  4  6  
Enhertu 292  97  95  -  -  192  n/m n/m 62  78  64  38  76  78  
Zoladex 254  5  4  6  17  181  4  4  45  21  15  22  (14) (12) 
Truqap 233  43  41  174  18  7  n/m n/m 40  n/m n/m 12  n/m n/m 
Imjudo 93  27  26  62  36  5  1  3  16  56  45  10  (19) (18) 
Datroway 1  n/m n/m -  -  1  n/m n/m -  -  -  -  -  -  
Other Oncology 103  (3) (3) 3  (14) 65  -  -  4  (26) (31) 31  (4) (2) 
Oncology 6,470  21  19  3,128  18  1,342  27  25  1,381  28  19  619  10  12  
Farxiga 2,059  7  2  486  3  701  12  8  794  9  1  78  (24) (22) 
Crestor 275  6  6  9  (33) 233  12  12  -  n/m n/m 33  (4) (3) 
Brilinta 158  (54) (54) 67  (68) 71  15  13  18  (73) (75) 2  (62) (56) 
Lokelma 181  21  19  75  -  30  62  61  38  45  34  38  24  26  
Seloken 139  (1) (1) -  -  134  (2) (2) 4  37  48  1  48  n/m 
roxadustat 47  (37) (37) -  -  47  (37) (37) -  -  -  -  -  -  
Wainua 69  66  64  67  60  -  n/m n/m 2  n/m n/m -  -  -  
Other CVRM 116  (39) (40) 5  (89) 54  (18) (18) 39  (30) (34) 18  (31) (30) 
CVRM 3,044  (3) (6) 709  (17) 1,270  6  4  895  1  (6) 170  (15) (13) 
Symbicort 704  3  2  289  (3) 177  16  15  154  7  1  84  (4) (2) 
Fasenra 530  12  10  309  3  36  56  51  131  19  11  54  38  41  
Breztri 294  14  13  153  2  59  31  30  55  32  23  27  28  29  
Tezspire 141  76  68  -  -  16  n/m n/m 90  75  63  35  40  43  
Saphnelo 203  38  37  175  33  6  n/m n/m 15  74  61  7  34  41  
Pulmicort 161  (2) (6) 1  n/m 134  (5) (9) 17  (18) (25) 9  (12) (10) 
Airsupra 51  n/m n/m 49  98  2  n/m n/m -  -  -  -  -  -  
Other R&I 63  (60) (60) 8  (92) 38  (4) (6) 15  -  (3) 2  (4) (2) 
R&I 2,147  8  6  984  (1) 468  15  12  477  22  14  218  15  17  
Beyfortus 59  (55) (56) 48  (44) -  -  -  11  (75) (75) -  n/m n/m 
Synagis 72  (29) (31) (2) (72) 54  28  23  14  (61) (63) 6  (82) (81) 
FluMist 140  (6) (9) 8  n/m 4  n/m n/m 128  (11) (14) -  n/m n/m 
Other V&I 1  n/m n/m -  n/m 1  (51) (67) -  n/m n/m -  -  -  
V&I 272  (28) (30) 54  (32) 59  32  26  153  (30) (33) 6  (82) (82) 
Ultomiris 1,265  16  15  705  12  84  71  70  284  21  13  192  11  13  
Soliris 401  (26) (26) 247  (30) 79  1  5  41  (42) (46) 34  (20) (19) 
Strensiq 490  17  15  379  8  43  n/m n/m 34  34  25  34  25  28  
Koselugo 163  (1) (4) 62  10  39  (43) (44) 46  58  46  16  44  46  
Other Rare Disease 55  (9) (11) 31  10  3  (68) (66) 17  (12) (18) 4  52  55  
Rare Disease 2,374  4  3  1,424  -  248  12  10  422  11  4  280  9  11  
Nexium 190  (3) (4) 14  (27) 135  1  1  18  (7) (13) 23  (7) (6) 
Other 41  (21) (20) -  n/m 33  (13) (12) 7  (16) (16) 1  (22) (6) 
Other Medicines 231  (7) (7) 14  (41) 168  (2) (1) 25  (10) (14) 24  (8) (6) 
Total Medicines 14,538  9  7  6,313  5  3,555  15  13  3,353  12  5  1,317  4  6  
The table provides an analysis of year-on-year Product Sales, with Actual and CER growth rates reflecting year-on-year growth.

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
36 
 
Table 30: Alliance Revenue: FY 2025  
For the twelve months ended 31 December 
 
2025  
$m  
2024  
$m  
Enhertu 1,798  1,437  
Tezspire 673  436  
Beyfortus 422  237  
Datroway 77  -  
Other royalty income 92  91  
Other Alliance Revenue 5  11  
Total 3,067  2,212  
Table 31: Collaboration Revenue: FY 2025 
For the twelve months ended 31 December 
 
2025  
$m  
2024  
$m  
Farxiga: sales milestones 87  56  
Lynparza: sales milestones -  600  
Beyfortus: sales milestones -  167  
Koselugo: sales milestone -  100  
Other Collaboration Revenue 12  -  
Total 99  923  
Table 32: Other operating income and expense: FY 2025 
For the twelve months ended 31 December 
 
2025  
$m  
2024  
$m  
Total 381  252

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
37 
 
 
Financial calendar 
Announcement of Q1 2026 results: 29 April 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 
Dividend dates 
Dividend Announced 
 
Ex-dividend date1: 
LSE, NASDAQ Stockholm 
Ex-dividend date1: 
NYSE 
Record date Payment date 
FY 2025 Second interim 10 Feb 2026 19 Feb 2026 20 Feb 2026 20 Feb 2026 23 Mar 2026 
FY 2026 First interim2  27 Jul 2026 6 Aug 2026 7 Aug 2026 7 Aug 2026 8 Sep 2026 
The completion of cross-border movements of shares by intermediaries between the London Stock Exchange, Nasdaq Stockholm and 
the New York Stock Exchange is subject to the receiving broker identifying and confirming such movements. Where a cross-border 
movement of shares is initiated but not completed by the relevant dividend record dates (being 20 February 2026 and, provisionally, 
7 August 2026), the dividend in respect of those shares will be received in the originating market on the relevant dividend payment 
date. 
Accordingly, shareholders are advised not to initiate any cross-border movements of shares: 
(a) during the period from 18 February 2026 to 20 February 2026 (inclusive) in respect of the FY 2025 Second interim dividend; and  
(b) during the period from 5 August 2026 to 7 August 2026 (inclusive) in respect of the FY 2026 First interim dividend2. 
 
Contact details 
For Investor Relations contacts, click here. For Media contacts, click here. 
Addresses for correspondence  
Registered office UK Registrar and Transfer Office Swedish Central Securities 
Depository 
US Registrar and Transfer Agent  
1 Francis Crick Avenue 
Cambridge Biomedical Campus 
Cambridge 
CB2 0AA 
Computershare Investor Services PLC 
The Pavilions 
Bridgwater Road 
Bristol 
BS99 6ZZ 
Euroclear Sweden AB 
PO Box 191 
SE-101 23 Stockholm 
Computershare Investor Services 
PO Box 43078 
Providence 
RI, 02940-3078 
 
UK UK Sweden US 
+44 (0) 20 3749 5000 0800 707 1682 (UK only) +46 (0) 8 402 9000 +1 (888) 697 8018 (US only) 
 +44 (0) 370 707 1682  +1 (781) 575 2844 
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.  
 
1  The ex-dividend dates for the principal markets differ due to the different settlement cycles currently applicable in the UK for shares trading on 
the London Stock Exchange, Nasdaq Stockholm and the New York Stock Exchange. Shareholders should consider the applicable ex-dividend 
date for the securities they hold in each market. 
2  Provisional dates, subject to Board approval. 
Other shareholder information

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

Summary  Revenue Drivers  R&D Progress  Sustainability  Financial Performance  Financial Statements  Glossary  
38 
 
AstraZeneca 
AstraZeneca (LSE/STO/NYSE: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, and 
commercialisation of prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals, including Cardiovascular, Renal & 
Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca’s innovative medicines are sold in more than 125 
countries and 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 risk 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 failure to meet regulatory and ethical expectations on commercial practices, including anti-bribery anti-corruption, anti-
fraud and scientific exchanges; 
– 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 
AHA American Heart Association 
aHUS Atypical haemolytic uraemic syndrome 
AI Aromatase inhibitors 
ALK Anaplastic lymphoma kinase gene 
ASH American Society for Hematology 
ATTRv  / -CM / -PN Hereditary transthyretin-mediated amyloid / 
cardiomyopathy / polyneuropathy 
BLA Biologics License Application 
BSI British Standards Institution 
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 
CRL Compete Response Letter 
ctDNA Circulating tumour DNA 
CTx Chemotherapy 
CVRM Cardiovascular, Renal and Metabolism 
dMMR DNA mismatch repair 
eBC Early breast cancer 
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 
EU Europe (in financial tables) or European Union 
EVH Extravascular haemolysis 
EVP Executive Vice President 
FDA US Food and Drug Administration 
FDC Fixed dose combination 
FLOT Fluorouracil, oxaliplatin and docetaxel  
FY Full year / Financial year 
GAAP Generally Accepted Accounting Principles 
GEJ Gastro oesophageal junction 
GI Gastrointestinal 
GIPR Glucose-dependent insulinotropic polypeptide 
receptor agonist 
GLP1 / -R Glucagon-like peptide-1 / receptor agonist 
gMG Generalised myasthenia gravis 
HCC Hepatocellular carcinoma 
HER2 / +/- /low /m Human epidermal growth factor receptor 2 gene 
/ positive / negative / low expression / gene 
mutant 
HF/ pEF / rEF  Heart failure / with preserved ejection fraction / 
with reduced ejection fraction 
HPP Hypophosphatasia 
HR / + / - Hormone receptor / positive / negative 
IAS / B International Accounting Standards / Board 
ICS Inhaled corticosteroid 
IFRS International Financial Reporting Standards 
IHC Immunohistochemistry 
IL-5, IL-33, etc Interleukin-5, Interleukin-33, etc  
IO Immuno-oncology 
IP Intellectual Property 
ISH In situ hybridization 
JP Japan 
LABA Long-acting beta-agonist 
LAMA Long-acting muscarinic-agonist 
LSE London Stock Exchange 
mBC Metastatic breast cancer 
MCL Mantle cell lymphoma 
n/m Growth rate not meaningful 
NF1 Neurofibromatosis type 1 
NHS National Health Service (UK) 
NMOSD Neuromyelitis optica spectrum disorder 
NRDL National reimbursement drug list 
NSCLC Non-small cell lung cancer 
NYSE New York Stock Exchange 
OS Overall survival 
PARP Poly ADP ribose polymerase 
PD Progressive disease 
pMMR proficient mismatch repair 
PNH Paroxysmal nocturnal haemoglobinuria 
PSA Prostate-specific antigen 
R&I Respiratory & Immunology 
SABCS San Antonio Breast Cancer Symposium 
SBP systolic blood pressure 
SC Subcutaneous 
SEA Severe eosinophilic asthma 
SEC Securities Exchange Commission (US) 
SG&A Sales, general and administration 
SGLT2 Sodium-glucose cotransporter 2 
SLE Systemic lupus erythematosus 
SMI Sustainable Markets Initiative 
SPA Share Purchase Agreement 
TNBC Triple negative breast cancer 
VBP Volume-based procurement 
YTD Year to date 
V&I Vaccines & Immune Therapies 
 
Glossary