FULLTEXT DEL 1 AV 1
Kvartalsrapport Q4 2025
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Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary
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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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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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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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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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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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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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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
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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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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)
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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 =====
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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)
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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 =====
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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
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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.
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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 =====
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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 =====
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17
Reporting currency
All narrative on growth and results in this
section is based on actual exchange rates,
and financial figures are in US$ millions
($m), unless stated otherwise.
Reporting period
The performance shown in this
announcement covers the 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 =====
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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 =====
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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 =====
Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary
27
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
28
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 =====
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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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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 =====
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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 =====
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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.
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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.
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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
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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
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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.
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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