Strong commercial performance and excellent pipeline delivery in a continuing catalyst-rich period

AstraZeneca:

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.

Results highlights

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.

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.

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.

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

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.
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.
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.
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.
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.
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.

To read AstraZeneca's Full Year and Q4 2025 Financial Results press release in full, click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260209280778/en/

Global Media Relations team

global-mediateam@astrazeneca.com

+44 (0)1223 344 800

AstraZeneca results: FY and Q4 2025