FORM 6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For the
month of November 2025
Commission
File Number: 001-11960
AstraZeneca PLC
1
Francis Crick Avenue
Cambridge
Biomedical Campus
Cambridge
CB2 0AA
United
Kingdom
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by check mark whether the registrant files or will file annual
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AstraZeneca PLC
INDEX
TO EXHIBITS
1.
9M and Q3 2025 results
6
November 2025
AstraZeneca results: 9M and Q3 2025
Continued strong commercial performance and unprecedented pipeline
delivery in the year to date
Revenue and EPS summary
|
|
9M 2025
|
% Change
|
Q3 2025
|
% Change
|
||
|
|
$m
|
Actual
|
CER1
|
$m
|
Actual
|
CER
|
|
-
Product Sales
|
41,035
|
9
|
9
|
14,365
|
11
|
9
|
|
- Alliance Revenue
|
2,108
|
41
|
41
|
815
|
46
|
44
|
|
Product Revenue2
|
43,143
|
10
|
11
|
15,180
|
12
|
11
|
|
Collaboration Revenue
|
93
|
(14)
|
(15)
|
11
|
(81)
|
(82)
|
|
Total Revenue
|
43,236
|
10
|
11
|
15,191
|
12
|
10
|
|
Reported EPS ($)
|
5.10
|
43
|
42
|
1.64
|
77
|
70
|
|
Core3 EPS
($)
|
7.04
|
15
|
15
|
2.38
|
14
|
12
|
Key performance elements for 9M 2025
(Growth numbers at constant exchange rates)
●
Total
Revenue up 11% to $43,236m, driven by growth in all Therapy Areas,
including 16% growth in Oncology and 13% growth in
R&I
●
Growth
in Total Revenue across all major geographic regions
●
Core
Operating profit increased 13%
●
Core
EPS increased 15% to $7.04
●
16
positive Phase III readouts and 31 approvals in major
regions
Pascal Soriot, Chief Executive Officer, AstraZeneca,
said:
"The strong underlying momentum across our business through the
first nine months of the year sets us up well to sustain growth
through 2026 and has us on track to deliver our 2030
ambition.
Across our pipeline we have announced an unprecedented 16 positive
Phase III trials this year, with four since our previous results
including high-impact readouts for baxdrostat in hypertension and
Enhertu and Datroway in breast cancer.
We are also delivering on our strategy to strengthen our operations
in the United States to power our growth. This includes a historic
agreement with the US government to lower the cost of medicines for
American patients, and broadening our US manufacturing footprint
having broken ground at our new $4.5bn Virginia manufacturing
facility in October."
Guidance
AstraZeneca reiterates its Total Revenue and Core EPS
guidance4 for
FY 2025 at CER, based on the average foreign exchange rates through
2024.
Total Revenue is expected
to increase by a high
single-digit percentage
Core EPS is expected to
increase by a low
double-digit percentage
The Core Tax rate is expected to be between 18-22%
If foreign exchange rates for October 2025 to December 2025 were to
remain at the average rates seen in September 2025, it is
anticipated that FY 2025 Total Revenue growth and Core EPS growth
would be broadly similar to the growth at CER (unchanged from the
previous guidance).
Results
highlights
Table 1. Milestones achieved since the
prior results announcement
Phase III and other registrational data readouts
|
Medicine
|
Trial
|
Indication
|
Event
|
|
Enhertu
|
DESTINY-Breast05
|
High-risk HER2+ early breast cancer (post-neoadjuvant)
|
Primary endpoint met
|
|
Datroway
|
TROPION-Breast02
|
1L TNBC for patients where IO is not an option
|
Dual primary endpoints met
|
|
Imfinzi
|
MATTERHORN
|
Resectable gastric/GEJ cancer
|
Secondary
endpoint met (OS)
|
|
baxdrostat
|
Bax24
|
Treatment resistant hypertension
|
Primary endpoint met
|
|
Fasenra
|
RESOLUTE
|
COPD
|
Primary endpoint not met
|
|
Saphnelo
|
TULIP-SC
|
SLE (subcutaneous)
|
Primary endpoint met
|
Regulatory approvals
|
Medicine
|
Trial
|
Indication
|
Region
|
|
Calquence
|
ECHO
|
1L MCL
|
JP
|
|
Calquence
|
ACE-LY-004
|
Relapsed/refractory MCL
|
JP
|
|
Datroway
|
TROPION-Breast01
|
HR+ HER2- mBC
|
CN
|
|
Enhertu
|
DESTINY-Breast06
|
CTx naïve HER2-low and -ultralow mBC
|
JP
|
|
Imfinzi
|
NIAGARA
|
Bladder cancer
|
JP
|
|
Imfinzi
|
AEGEAN
|
Resectable NSCLC
|
JP
|
|
Lynparza
|
PROpel
|
BRCAm mCRPC
|
CN
|
|
Tezspire
|
WAYPOINT
|
Chronic rhinosinusitis with nasal polyps
|
US, EU
|
|
Koselugo
|
KOMET
|
Adult neurofibromatosis type 1
|
JP, EU
|
|
Ultomiris
|
CHAMPION-NMOSD
|
NMOSD
|
CN
|
Regulatory submissions or acceptances* in major
regions
|
Medicine
|
Trial
|
Indication
|
Region
|
|
Enhertu
|
DESTINY-PanTumour02
|
Previously treated HER2+ solid tumours
|
EU
|
|
Enhertu
|
DESTINY-Gastric04
|
2L HER2+ gastric/GEJ cancer
|
EU
|
|
Enhertu
|
DESTINY-Breast09
|
1L HER2+ mBC
|
US, JP, CN
|
|
Enhertu
|
DESTINY-Breast11
|
Neoadjuvant HER2+ Stage II or III breast cancer
|
US, CN
|
|
Imfinzi
|
MATTERHORN
|
Resectable early-stage gastric and GEJ cancers
|
EU, JP
|
|
Imfinzi
|
POTOMAC
|
High-risk non-muscle invasive bladder cancer
|
US, EU, JP
|
|
Truqap
|
CAPItello-281
|
PTEN-deficient metastatic hormone-sensitive prostate
cancer
|
US, EU
|
|
Breztri
|
KALOS/LOGOS
|
Uncontrolled asthma
|
US, EU, JP, CN
|
|
Fasenra
|
NATRON
|
HES
|
US, EU, JP, CN
|
|
Saphnelo
|
TULIP-SC
|
SLE (subcutaneous)
|
US, EU, JP
|
|
Saphnelo
|
TULIP-1/2, AZALEA
|
SLE
|
CN
|
|
gefurulimab
|
PREVAIL
|
Generalised myasthenia gravis
|
JP
|
* US, EU and China regulatory submissions denotes filing
acceptance
Other pipeline updates
For recent trial starts and anticipated timings of key trial
readouts, please refer to the Clinical Trials Appendix, available
on www.astrazeneca.com/investor-relations.html.
Table 2: Key elements of financial
performance: Q3 2025
|
For the quarter
|
Reported
|
Change
|
Core
|
Change
|
|
||
|
ended 30 September
|
$m
|
Act
|
CER
|
$m
|
Act
|
CER
|
|
|
Product Revenue
|
15,180
|
12
|
11
|
15,180
|
12
|
11
|
∗See
Tables 3, 27 and 28 for medicine details of Product Revenue,
Product Sales and Alliance Revenue
|
|
Collaboration Revenue
|
11
|
(81)
|
(82)
|
11
|
(81)
|
(82)
|
∗See
Tables 4 and 29 for details of Collaboration
Revenue
|
|
Total Revenue
|
15,191
|
12
|
10
|
15,191
|
12
|
10
|
∗See
Tables 5 and 6 for Total Revenue by Therapy Area and by
region
|
|
Gross Margin (%)
|
82
|
+4pp
|
+4pp
|
82
|
-
|
-
|
∗Variations in Gross Margin can be expected between
periods due to various factors, including fluctuations in foreign
exchange rates, product seasonality and Collaboration
Revenue
∗See
'Reporting changes' below for the definition of Gross
Margin5
|
|
R&D expense
|
3,663
|
18
|
16
|
3,550
|
16
|
14
|
∗Core
R&D: 23% of Total Revenue
+ Accelerated
recruitment year-to-date in ongoing trials
+ Investments
in transformative technologies such as IO bispecifics, cell
therapy and radioconjugates
+ Positive
data read-outs for high-value pipeline opportunities that have
ungated large late-stage trials
+ Addition
of R&D projects from business development
|
|
SG&A expense
|
5,085
|
(1)
|
(3)
|
3,822
|
6
|
4
|
∗Core
SG&A: 25% of Total Revenue
|
|
Other operating income and expense6
|
89
|
>3x
|
>3x
|
96
|
>3x
|
>3x
|
|
|
Operating Profit
|
3,583
|
70
|
64
|
4,993
|
16
|
13
|
|
|
Operating Margin (%)
|
24
|
+8pp
|
+8pp
|
33
|
+1pp
|
+1pp
|
|
|
Net finance expense
|
349
|
27
|
25
|
305
|
(7)
|
(9)
|
− Reduction
in Core driven by lower short-term borrowing during the
quarter
+ Reported
expense in Q3 2024 included a favourable fair value
adjustment
|
|
Tax rate (%)
|
22
|
-
|
-
|
21
|
+2pp
|
+2pp
|
∗Variations in the tax rate can be expected between
periods
|
|
EPS ($)
|
1.64
|
77
|
70
|
2.38
|
14
|
12
|
|
For monetary values the unit of change is percent. For Gross
Margin, Operating Margin and Tax rate, the unit of change is
percentage points (pp).
In the expense commentary above, the plus and minus symbols denote
the directional impact of the item being discussed, e.g. a '+'
symbol beside an R&D expense comment indicates that the item
increased R&D expenditure relative to the prior year
period.
Corporate and business development
Listing harmonisation
As announced on 29 September 2025 and approved by shareholders on 3
November 2025, AstraZeneca will harmonise its share listing
structure to deliver a global listing for global investors in a
global company. It is expected that AstraZeneca shareholders will
be able to trade their interests in AstraZeneca ordinary shares
across the London Stock Exchange, Nasdaq Stockholm and the New York
Stock Exchange from 2 February 2026. For further details, see
the Circular containing
details of the Harmonised Listing Structure.
US investment plans
In October 2025, AstraZeneca announced having broken ground on its
$4.5bn manufacturing facility in Rivanna Futures, Albemarle County,
Virginia. This is part of the Company's plans to invest $50bn in US
manufacturing and R&D by 2030, announced in July
2025.
The Virginia plant is expected to create approximately 3,600 direct
and indirect jobs. It will produce drug substance for AstraZeneca's
weight management and metabolic portfolio, including oral GLP-1
(AZD5004), baxdrostat, oral PCSK9 (laroprovstat) and combination
small molecule products, and also antibody drug conjugates for the
Oncology portfolio.
Agreement with US Government
In October 2025, AstraZeneca announced a historic agreement with
the US administration to lower the cost of prescription medicines
for American patients. The Company voluntarily agreed to a range of
measures which will enable American patients to access medicines at
prices that are equalised with those available in wealthy
countries.
As part of the agreement, AstraZeneca will provide
Direct-to-Consumer sales to eligible patients with prescriptions
for select products for chronic diseases.
AstraZeneca has also reached an agreement with the US Department of
Commerce to delay Section 232 tariffs for three years, enabling the
Company to fully onshore medicines manufacturing so that all of its
medicines sold in America are made in America.
SixPeaks
On 22 October 2025, AstraZeneca, by exercise of an option,
completed the acquisition of the remaining share capital of
SixPeaks Bio AG (SixPeaks), following an initial investment of $15m
made in Q2 2024. $170m was paid on closing, $30m to be paid
after two years and up to a further $100m is payable on achievement
of regulatory milestones. SixPeaks is investigating potential
therapies for weight-management with the aim of preserving lean
muscle mass.
Agreement with Merck on Koselugo
In August 2025, the contractual arrangements between AstraZeneca
and Merck & Co., Inc., (Merck; known as MSD outside of the US
and Canada) were updated and simplified relating to the global
development and commercialisation of Koselugo, an oral, selective MEK inhibitor. Under the
updated arrangements AstraZeneca will fully recognise the costs,
revenues and profits of Koselugo globally. Merck received an upfront
payment of $150 million and will receive deferred payments
totalling up to $400m. In addition, Merck is eligible to
receive up to $175m in potential approval milestones and up to
$235m in sales milestone payments, plus single-digit royalties
based on net sales. Prior to the updated arrangements,
AstraZeneca fully recognised the revenues
of Koselugo but shared equally pre-tax profits and
losses of the product with Merck.
Sustainability highlights
For the third consecutive year, TIME Magazine recognised
AstraZeneca as one of the World's Best Companies with the Company
ranking at 43 out of 1,000 global companies and as the top
pharmaceutical company in terms of sustainability
transparency.
Reporting calendar
The Company intends to publish its FY and Q4 2025
results on 10 February 2026.
Conference call
A conference call and webcast for investors and analysts will begin
today, 6 November 2025, at 13:00 UK time. Details can be
accessed via astrazeneca.com.
Reporting changes since FY 2024
Product Revenue
Effective 1 January 2025, the Group has updated the presentation of
Total Revenue on the face of the Statement of Comprehensive Income
to include a new subtotal 'Product Revenue' representing the
summation of Product Sales and Alliance Revenue.
Product Revenue and Collaboration Revenue form Total
Revenue.
Product Sales and Alliance Revenue will continue to be presented
separately, with the new subtotal providing additional aggregation
of revenue types with similar characteristics, reflecting the
growing importance of Alliance Revenue.
Full descriptions of Product Sales, Alliance Revenue and
Collaboration Revenue are included from page 152 of the
Group's Annual Report and Form
20-F Information 2024.
Gross Margin
Effective 1 January 2025, the Group has replaced the measure of
'Product Sales Gross Margin' with the measure of 'Gross Margin'.
Previously, the measure excluded margin related to Alliance Revenue
and Collaboration Revenue. The new measure is calculated using
Gross profit as a percentage of Total Revenue, thereby encompassing
all revenue categories, and is intended to provide a more
comprehensive measure of total performance.
Notes
1.
Constant exchange rates. The differences between Actual Change and
CER Change are due to foreign exchange movements between periods in
2025 vs. 2024. CER financial measures are not accounted for
according to generally accepted accounting principles (GAAP)
because they remove the effects of currency movements from Reported
results.
2.
Effective 1 January 2025, the Group has updated its presentation of
Total Revenue, adding a new subtotal of Product Revenue, the sum of
Product Sales and Alliance Revenue. For further details, see Note
1: 'Basis of preparation and accounting policies' in the Notes to
the Interim Financial Statements.
3.
Core financial measures are adjusted to exclude certain items. The
differences between Reported and Core measures are primarily due to
costs relating to the amortisation of intangibles, impairments,
legal settlements and restructuring charges. A full reconciliation
between Reported EPS and Core EPS is provided in Tables 9 and 10 in
the Financial Performance section of this document.
4.
The Company is unable to provide guidance on a Reported basis
because it cannot reliably forecast material elements of the
Reported results, including any fair value adjustments arising on
acquisition-related liabilities, intangible asset impairment
charges and legal settlement provisions. Please refer to the
cautionary statements section regarding forward-looking statements
at the end of this announcement.
5.
Effective 1 January 2025, the Group has updated its presentation of
Gross Margin. For further details, see Note 1: 'Basis of
preparation and accounting policies' in the Notes to the Interim
Financial Statements.
6.
Income from disposals of assets and businesses, where the Group
does not retain a significant ongoing economic interest, is
recorded in Other operating income and expense in the Group's
financial statements.
Revenue
drivers
Table 3:
Product Revenue by medicine
|
|
9M 2025
|
|
% Change
|
Q3 2025
|
|
% Change
|
||
|
|
$m
|
% Total
|
Actual
|
CER
|
$m
|
% Total
|
Actual
|
CER
|
|
Tagrisso
|
5,352
|
12
|
10
|
10
|
1,864
|
12
|
11
|
10
|
|
Imfinzi
|
4,317
|
10
|
25
|
25
|
1,601
|
11
|
33
|
31
|
|
Calquence
|
2,551
|
6
|
10
|
10
|
916
|
6
|
13
|
11
|
|
Lynparza
|
2,401
|
6
|
8
|
7
|
837
|
6
|
7
|
5
|
|
Enhertu
|
1,976
|
5
|
37
|
38
|
714
|
5
|
40
|
39
|
|
Zoladex
|
884
|
2
|
5
|
6
|
296
|
2
|
7
|
6
|
|
Truqap
|
495
|
1
|
85
|
85
|
193
|
1
|
55
|
54
|
|
Imjudo
|
253
|
1
|
22
|
21
|
84
|
1
|
16
|
14
|
|
Datroway
|
38
|
-
|
n/m
|
n/m
|
24
|
-
|
n/m
|
n/m
|
|
Other Oncology
|
323
|
1
|
(10)
|
(9)
|
107
|
1
|
(9)
|
(10)
|
|
Oncology Product Revenue
|
18,590
|
43
|
16
|
16
|
6,636
|
44
|
19
|
18
|
|
Farxiga
|
6,345
|
15
|
11
|
11
|
2,135
|
14
|
10
|
8
|
|
Crestor
|
942
|
2
|
5
|
6
|
306
|
2
|
1
|
(1)
|
|
Brilinta
|
665
|
2
|
(33)
|
(33)
|
146
|
1
|
(55)
|
(56)
|
|
Lokelma
|
517
|
1
|
32
|
31
|
189
|
1
|
32
|
30
|
|
Seloken
|
469
|
1
|
1
|
3
|
160
|
1
|
6
|
6
|
|
roxadustat
|
229
|
1
|
(12)
|
(12)
|
77
|
1
|
(18)
|
(19)
|
|
Wainua
|
143
|
-
|
>3x
|
>3x
|
59
|
-
|
>2x
|
>2x
|
|
Other CVRM
|
418
|
1
|
(24)
|
(24)
|
144
|
1
|
(18)
|
(19)
|
|
CVRM Product Revenue
|
9,728
|
23
|
4
|
5
|
3,216
|
21
|
2
|
-
|
|
Symbicort
|
2,180
|
5
|
(1)
|
-
|
742
|
5
|
5
|
4
|
|
Fasenra
|
1,451
|
3
|
19
|
19
|
530
|
3
|
22
|
20
|
|
Breztri
|
906
|
2
|
26
|
26
|
323
|
2
|
21
|
20
|
|
Tezspire
|
770
|
2
|
64
|
63
|
287
|
2
|
50
|
47
|
|
Pulmicort
|
357
|
1
|
(31)
|
(30)
|
93
|
1
|
(33)
|
(35)
|
|
Saphnelo
|
483
|
1
|
48
|
47
|
180
|
1
|
45
|
44
|
|
Airsupra
|
115
|
-
|
>2x
|
>2x
|
45
|
-
|
>2x
|
>2x
|
|
Other R&I
|
231
|
1
|
(11)
|
(11)
|
59
|
-
|
(24)
|
(24)
|
|
R&I Product Revenue
|
6,493
|
15
|
13
|
13
|
2,259
|
15
|
15
|
14
|
|
Beyfortus
|
474
|
1
|
80
|
78
|
236
|
2
|
29
|
29
|
|
Synagis
|
220
|
1
|
(36)
|
(35)
|
58
|
-
|
(37)
|
(40)
|
|
FluMist
|
132
|
-
|
21
|
19
|
122
|
1
|
21
|
20
|
|
Other V&I
|
-
|
-
|
n/m
|
n/m
|
-
|
-
|
n/m
|
n/m
|
|
V&I Product Revenue
|
826
|
2
|
9
|
9
|
416
|
3
|
3
|
2
|
|
Ultomiris
|
3,453
|
8
|
22
|
21
|
1,225
|
8
|
19
|
17
|
|
Soliris
|
1,436
|
3
|
(30)
|
(28)
|
462
|
3
|
(24)
|
(24)
|
|
Strensiq
|
1,188
|
3
|
19
|
19
|
441
|
3
|
29
|
28
|
|
Koselugo
|
498
|
1
|
36
|
34
|
224
|
1
|
88
|
79
|
|
Other Rare Disease
|
177
|
-
|
18
|
18
|
64
|
-
|
31
|
26
|
|
Rare Disease Product Revenue
|
6,752
|
16
|
6
|
6
|
2,416
|
16
|
12
|
11
|
|
Nexium
|
638
|
1
|
(7)
|
(5)
|
204
|
1
|
(6)
|
(5)
|
|
Others
|
116
|
-
|
(27)
|
(26)
|
33
|
-
|
(39)
|
(39)
|
|
Other Medicines Product Revenue
|
754
|
2
|
(11)
|
(9)
|
237
|
2
|
(12)
|
(12)
|
|
Product Revenue
|
43,143
|
100
|
10
|
11
|
15,180
|
100
|
12
|
11
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Revenue included above:
|
|
|
|
|
|
|
|
|
|
Enhertu
|
1,291
|
3
|
24
|
24
|
457
|
3
|
26
|
24
|
|
Tezspire
|
453
|
1
|
50
|
50
|
168
|
1
|
37
|
37
|
|
Beyfortus
|
252
|
1
|
>3x
|
>3x
|
142
|
1
|
>2x
|
>2x
|
|
Datroway
|
38
|
-
|
n/m
|
n/m
|
24
|
-
|
n/m
|
n/m
|
|
Other Alliance Revenue
|
74
|
-
|
(2)
|
(2)
|
24
|
-
|
(8)
|
(8)
|
|
Alliance Revenue
|
2,108
|
5
|
41
|
41
|
815
|
5
|
46
|
44
|
Table 4: Collaboration Revenue
|
|
9M 2025
|
|
%
Change
|
Q3 2025
|
|
%
Change
|
||
|
|
$m
|
|
Actual
|
CER
|
$m
|
|
Actual
|
CER
|
|
Farxiga: sales
milestones
|
81
|
|
56
|
56
|
5
|
|
51
|
43
|
|
Others
|
12
|
|
(79)
|
(80)
|
6
|
|
(90)
|
(90)
|
|
Collaboration Revenue
|
93
|
|
(14)
|
(15)
|
11
|
|
(81)
|
(82)
|
Table 5: Total Revenue by Therapy Area
|
|
9M 2025
|
|
%
Change
|
Q3 2025
|
|
% Change
|
||
|
|
$m
|
% Total
|
Actual
|
CER
|
$m
|
% Total
|
Actual
|
CER
|
|
Oncology
|
18,591
|
43
|
16
|
16
|
6,636
|
44
|
19
|
18
|
|
CVRM
|
9,809
|
23
|
5
|
5
|
3,221
|
21
|
2
|
-
|
|
R&I
|
6,493
|
15
|
13
|
13
|
2,259
|
15
|
15
|
14
|
|
V&I
|
826
|
2
|
2
|
2
|
416
|
3
|
(10)
|
(11)
|
|
BioPharmaceuticals
|
17,129
|
40
|
7
|
8
|
5,896
|
39
|
6
|
4
|
|
Rare Disease
|
6,752
|
16
|
6
|
6
|
2,416
|
16
|
12
|
11
|
|
Other Medicines
|
764
|
2
|
(9)
|
(8)
|
242
|
2
|
(10)
|
(10)
|
|
Total Revenue
|
43,236
|
100
|
10
|
11
|
15,191
|
100
|
12
|
10
|
Table 6: Total Revenue by region
|
|
9M 2025
|
|
%
Change
|
Q3 2025
|
|
% Change
|
||
|
|
$m
|
% Total
|
Actual
|
CER
|
$m
|
% Total
|
Actual
|
CER
|
|
US
|
18,517
|
43
|
11
|
11
|
6,548
|
43
|
9
|
9
|
|
Emerging Markets ex. China
|
6,378
|
15
|
16
|
21
|
2,196
|
14
|
25
|
25
|
|
China
|
5,279
|
12
|
5
|
5
|
1,764
|
12
|
6
|
5
|
|
Emerging Markets
|
11,657
|
27
|
11
|
13
|
3,960
|
26
|
16
|
15
|
|
Europe
|
9,160
|
21
|
11
|
9
|
3,334
|
22
|
16
|
10
|
|
Established ROW
|
3,902
|
9
|
6
|
5
|
1,349
|
9
|
7
|
5
|
|
Total Revenue
|
43,236
|
100
|
10
|
11
|
15,191
|
100
|
12
|
10
|
Total Revenue by Medicine
Oncology
Tagrisso
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Strong
demand growth across all indications and key regions, leading
combination in 1L NSCLC (FLAURA2)
|
||
|
US
|
2,222
|
11
|
11
|
|
∗Underlying demand growth more than offset Medicare
Part D redesign
|
|
|
Emerging Markets
|
1,509
|
11
|
13
|
|
∗Favourable tender order timings in Q3
2025
|
|
|
Europe
|
1,030
|
8
|
5
|
|
∗Demand
growth partially offset by pricing pressure in certain major
markets
|
|
|
Established RoW
|
591
|
5
|
5
|
|
|
|
|
Total
|
5,352
|
10
|
10
|
|
|
|
|
|
|
|
|
|
|
|
Imfinzi
|
9M 2025
$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Strong
growth from new launch indications in bladder cancer (NIAGARA) and
lung cancer (ADRIATIC, AEGEAN)
|
|
||||||
|
US
|
2,484
|
32
|
32
|
|
∗Demand
growth across all indications, particularly new
launches
|
|
|||||
|
Emerging Markets
|
463
|
27
|
33
|
|
∗Increased demand in GI (HIMALAYA, TOPAZ-1) and new
launches in lung cancer
|
|
|||||
|
Europe
|
879
|
26
|
24
|
|
∗Growth
from GI indications and continued momentum from lung cancer
launches
|
|
|||||
|
Established RoW
|
491
|
(6)
|
(7)
|
|
∗Mandatory price reductions in Japan in Feb 2024
(25%), and Aug 2024 (11%), increased competition in BTC
(TOPAZ-1)
|
|
|||||
|
Total
|
4,317
|
25
|
25
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
Calquence
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Growth
from sustained BTKi leadership in front-line CLL
(ELEVATE-TN)
|
||
|
US
|
1,702
|
5
|
5
|
|
∗Growth
in new starts in CLL, 1L MCL (ECHO) launch and improved
affordability offsetting Medicare Part D redesign and formulary
discounts to secure preferential formulary
placement
|
|
|
Emerging Markets
|
164
|
41
|
48
|
|
|
|
|
Europe
|
569
|
16
|
14
|
|
∗Early
launch momentum in fixed duration 1L CLL
(AMPLIFY)
|
|
|
Established RoW
|
116
|
18
|
20
|
|
|
|
|
Total
|
2,551
|
10
|
10
|
|
|
|
|
|
|
|
|
|
|
|
Lynparza
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Sustained global PARP inhibitor market leadership
across four tumour types (ovarian, breast, prostate,
pancreatic)
|
||
|
US
|
1,054
|
10
|
10
|
|
∗Share
gains across ovarian, breast and prostate
indications
|
|
|
Emerging Markets
|
487
|
2
|
4
|
|
∗Affected by generic launches in China in Q4
2024
|
|
|
Europe
|
667
|
9
|
7
|
|
∗Launches in breast and prostate cancers (OlympiA
and PROpel)
|
|
|
Established RoW
|
193
|
3
|
3
|
|
∗Gains
in 1L ovarian cancer, increasing share of pMMR endometrial
cancer
|
|
|
Total
|
2,401
|
8
|
7
|
|
|
|
|
|
|
|
|
|
|
|
Enhertu
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca,
amounted to $3,575m in 9M 2025 (9M 2024: $2,729m). US in-market
sales, recorded by Daiichi Sankyo, amounted to $1,734m in 9M 2025
(9M 2024: $1,342m). AstraZeneca's European revenue includes a
mid-single-digit percentage royalty on Daiichi Sankyo's sales in
Japan, recorded as Alliance Revenue.
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Standard of care in HER2-positive
(DESTINY-Breast03) and HER2-low (DESTINY-Breast04) metastatic
breast cancer, early uptake in other cancers
∗
|
||
|
US
|
834
|
30
|
30
|
|
∗Accelerated uptake in chemotherapy naïve
HER2-low and -ultralow breast cancer
(DESTINY-Breast06)
|
|
|
Emerging Markets
|
590
|
67
|
75
|
|
∗Rapid
adoption post-NRDL enlistment of HER2-positive and HER2-low breast
cancer from 1 January 2025
|
|
|
Europe
|
489
|
22
|
20
|
|
∗Early
launch uptake in chemotherapy naïve HER2-low breast
cancer
|
|
|
Established RoW
|
63
|
34
|
38
|
|
|
|
|
Total
|
1,976
|
37
|
38
|
|
|
|
|
|
|
|
|
|
|
|
Other Oncology medicines
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
||
|
Zoladex
|
884
|
5
|
6
|
|
∗Growth
across Emerging Markets
|
|
|
Truqap
|
495
|
85
|
85
|
|
∗Demand
growth in second-line biomarker-altered metastatic breast
cancer
|
|
|
Imjudo
|
253
|
22
|
21
|
|
∗Continued growth driven by lung (POSEIDON) and HCC
(HIMALAYA)
|
|
|
Datroway
|
38
|
n/m
|
n/m
|
|
∗Continued uptake in breast cancer; initial use in
lung cancer following US launch
|
|
|
Other Oncology
|
323
|
(10)
|
(9)
|
|
∗Faslodex generic erosion across
markets
|
|
|
|
|
|
|
|
|
|
Other Oncology includes $23m of Total Revenue from Orpathys,
partnered with HUTCHMED.
BioPharmaceuticals - CVRM
Farxiga
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Growth
driven by HF and CKD indications, SGLT2 class growth supported by
cardiorenal guidelines
|
||
|
US
|
1,244
|
(3)
|
(3)
|
|
∗Prior
year period benefitted from launch of authorised
generic
|
|
|
Emerging Markets
|
2,623
|
18
|
21
|
|
∗Continued strong growth despite generic
competition in some markets
|
|
|
Europe
|
2,147
|
13
|
10
|
|
∗Demand
growth, impact from generic entry in the UK in Q3
2025
|
|
|
Established RoW
|
413
|
11
|
11
|
|
|
|
|
Total
|
6,426
|
11
|
12
|
|
|
|
|
|
|
|
|
|
|
|
Other CVRM medicines
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
||
|
Crestor
|
942
|
5
|
6
|
|
∗Continued sales growth driven by Emerging
Markets
|
|
|
Brilinta
|
665
|
(33)
|
(33)
|
|
∗Decline
driven by generic entry in the US and Europe in Q2
2025
|
|
|
Seloken
|
469
|
1
|
3
|
|
∗Vast
majority of revenue growth driven by Emerging
Markets
|
|
|
Lokelma
|
517
|
32
|
31
|
|
∗Strong
growth in all major regions with continued launches in new
markets
|
|
|
roxadustat
|
229
|
(12)
|
(12)
|
|
∗Decline
driven by generic competition
|
|
|
Wainua
|
143
|
>3x
|
>3x
|
|
∗Majority of revenue from US, first launches in
ex-US markets in Q2 2025
|
|
|
Other CVRM
|
418
|
(24)
|
(24)
|
|
|
|
|
|
|
|
|
|
|
|
BioPharmaceuticals - R&I
Symbicort
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Sustained market leader in a stable ICS/LABA
class, treating COPD and asthma
|
||
|
US
|
903
|
2
|
2
|
|
∗Demand
for authorised generic partially offsetting brand price
pressures
|
|
|
Emerging Markets
|
624
|
(4)
|
(3)
|
|
∗China
affected by ICS/LABA class erosion in COPD in favour of FDC triple
therapy
|
|
|
Europe
|
406
|
(2)
|
(4)
|
|
∗Continued generic erosion
|
|
|
Established RoW
|
247
|
3
|
5
|
|
|
|
|
Total
|
2,180
|
(1)
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Fasenra
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Expanded severe eosinophilic asthma market share
leadership in IL-5 class, further fuelled by first wave market
launches for EGPA indication
|
||
|
US
|
886
|
18
|
18
|
|
∗Sustained double-digit volume growth with expanded
class leadership
|
|
|
Emerging Markets
|
81
|
18
|
22
|
|
∗Asthma
launch momentum across key markets
|
|
|
Europe
|
351
|
19
|
17
|
|
∗Sustained leadership in severe eosinophilic
asthma
|
|
|
Established RoW
|
133
|
26
|
27
|
|
∗Strong
growth supported by recent EGPA launch in Japan
|
|
|
Total
|
1,451
|
19
|
19
|
|
|
|
|
|
|
|
|
|
|
|
Breztri
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Fastest
growing medicine within the expanding FDC triple class
(ICS/LABA/LAMA), treating COPD
|
||
|
US
|
462
|
26
|
26
|
|
∗Consistent share growth within expanding FDC
triple class
|
|
|
Emerging Markets
|
239
|
20
|
21
|
|
∗Market
share leadership in China with strong FDC triple class
penetration
|
|
|
Europe
|
136
|
34
|
31
|
|
∗Sustained growth from market share gain and new
launches
|
|
|
Established RoW
|
69
|
31
|
31
|
|
∗Increasing market share in
Japan
|
|
|
Total
|
906
|
26
|
26
|
|
|
|
|
|
|
|
|
|
|
|
Tezspire
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to
$1,321m in 9M 2025 (9M 2024: $843m).
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Sustained demand growth in severe asthma with
launch momentum across multiple markets
|
||
|
US
|
453
|
50
|
50
|
|
∗Continued strong demand growth with increasing new
patient share volumes in biologics segment
|
|
|
Emerging Markets
|
24
|
>3x
|
>3x
|
|
∗Strong
continued launch uptake
|
|
|
Europe
|
207
|
98
|
93
|
|
∗Maintained new-to-brand leadership across multiple
markets and new launches
|
|
|
Established RoW
|
86
|
55
|
55
|
|
∗Strong
growth driven by Japan
|
|
|
Total
|
770
|
64
|
63
|
|
|
|
|
|
|
|
|
|
|
|
Other R&I medicines
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
|
||||||
|
Pulmicort
|
357
|
(31)
|
(30)
|
|
∗Generic
competition in Emerging Markets (~80% of
revenue)
|
|
|||||
|
Saphnelo
|
483
|
48
|
47
|
|
∗Strong
US demand growth, ongoing launches in Europe and Established
RoW
|
|
|||||
|
Airsupra
|
115
|
>2x
|
>2x
|
|
∗Strong
US launch momentum and volume uptake
|
|
|||||
|
Other R&I
|
231
|
(11)
|
(11)
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
BioPharmaceuticals - V&I
Beyfortus Total Revenue
reflects the sum of Product Sales from AstraZeneca's sales of
manufactured Beyfortus product to Sanofi and Alliance Revenue from
AstraZeneca's share of gross profits and royalties on sales
of Beyfortus in major markets outside the
US.
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
||
|
Beyfortus
|
474
|
49
|
47
|
|
∗Increased capacity and strong
demand
|
|
|
Synagis
|
220
|
(36)
|
(35)
|
|
∗Competition from Beyfortus
|
|
|
FluMist
|
132
|
21
|
19
|
|
|
|
|
Other V&I
|
0
|
n/m
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
Rare Disease
Ultomiris
Ultomiris Total Revenue
includes sales of Voydeya, which is approved as an add on treatment
to Ultomiris and Soliris for the ~20-30% of PNH patients who
experience clinically significant EVH.
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Growth
due to patient demand, both naïve to branded medicines and
conversion from Soliris in all indications (gMG, NMOSD, aHUS and
PNH)
|
|
||||||
|
US
|
1,961
|
20
|
20
|
|
∗Demand
growth across indications, including within the competitive gMG and
PNH landscapes, minimal impact from Medicare Part D
redesign
|
|
|||||
|
Emerging Markets
|
177
|
92
|
>2x
|
|
∗Expansion into new markets and growth in patient
demand
|
|
|||||
|
Europe
|
769
|
18
|
16
|
|
∗Strong
demand growth following recent launches; competition in gMG and
PNH
|
|
|||||
|
Established RoW
|
546
|
17
|
16
|
|
∗Continued conversion and strong demand following
new launches
|
|
|||||
|
Total
|
3,453
|
22
|
21
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
Soliris
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Decline
driven by conversion of patients to Ultomiris in all indications (gMG, NMOSD, aHUS,
PNH), competition, and biosimilar pressure in
Europe
|
||
|
US
|
844
|
(28)
|
(28)
|
|
∗Competition in gMG and PNH, biosimilars launched
in April 2025
|
|
|
Emerging Markets
|
327
|
(11)
|
(2)
|
|
∗
|
|
|
Europe
|
159
|
(54)
|
(55)
|
|
∗Biosimilar competition in PNH and
aHUS
|
|
|
Established RoW
|
106
|
(35)
|
(34)
|
|
● Driven by conversion
to Ultomiris
|
|
|
Total
|
1,436
|
(30)
|
(28)
|
|
|
|
|
|
|
|
|
|
|
|
Strensiq
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
∗Growth
driven by continued patient demand and geographic
expansion
|
||
|
US
|
953
|
17
|
17
|
|
∗Demand
growth, offset by Medicare Part D redesign
|
|
|
Emerging Markets
|
61
|
58
|
61
|
|
|
|
|
Europe
|
89
|
22
|
19
|
|
|
|
|
Established RoW
|
85
|
23
|
21
|
|
|
|
|
Total
|
1,188
|
19
|
19
|
|
|
|
|
|
|
|
|
|
|
|
Other Rare Disease medicines
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
||
|
Koselugo
|
498
|
36
|
34
|
|
∗Growth
driven by continued patient demand and geographic expansion. Q3
2025 benefitted from favourable timing of tender orders in Emerging
Markets
|
|
|
Other Rare Disease
|
177
|
18
|
18
|
|
∗Other
Rare Disease medicines include Kanuma and Beyonttra (JP only)
|
|
|
|
|
|
|
|
|
|
Other Medicines
|
9M 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
|
||||||
|
Nexium
|
638
|
(7)
|
(5)
|
|
∗Growth
in Emerging Markets, generic erosion elsewhere
|
|
|||||
|
Others
|
126
|
(20)
|
(20)
|
|
∗Generic
erosion
|
|
|||||
|
|
|
|
|
|
|
|
|||||
|
R&D
progress
|
This section covers R&D events and milestones that occurred
between 29 July 2025 and 5 November 2025. A comprehensive view of
AstraZeneca's pipeline of medicines in human trials can be found in
the latest Clinical Trials Appendix, available on
AstraZeneca's investor relations
webpage. The Clinical Trials
Appendix includes tables with details of the ongoing clinical
trials for AstraZeneca medicines and new molecular entities in the
pipeline.
Oncology
AstraZeneca presented new data across its diverse portfolio of
cancer medicines at two major medical congresses since the prior
results announcement: the IASLC 2025 World Conference on Lung
Cancer (WCLC) and the European Society of Medical Oncology Congress
2025 (ESMO). Across the two meetings, more than 160 abstracts were
presented featuring 20 approved and potential new medicines
including 35 oral presentations.
Calquence
|
Approval
JP
|
ECHO
August 2025
New disclosure
|
∗For
mantle cell lymphoma in previously untreated diseases: in
combination with bendamustine hydrochloride and rituximab
(genetical recombination).
|
|
Approval
JP
|
ACE-LY-004
August 2025
New disclosure
|
∗For
mantle cell lymphoma in relapsed or refractory
diseases.
|
Datroway
|
Approval
CN
|
TROPION-Breast01
August 2025
New disclosure
|
∗For the
treatment of adult patients with unresectable or metastatic
HR-positive, HER2-negative (IHC 0, IHC 1+ or IHC 2+/ISH-) breast
cancer who have received prior endocrine therapy and at least one
line of chemotherapy in the advanced setting.
|
|
Data presentation
ESMO
|
TROPION-Breast02
October 2025
|
∗Positive results from the TROPION-Breast02 Phase
III trial showed Datroway demonstrated a 5.0-month improvement in
median OS (HR 0.79; 95% CI 0.64-0.98; p=0.0291) and reduced the
risk of disease progression or death by 43% (HR 0.57; 95% CI
0.47-0.69; p<0.0001) compared to chemotherapy as 1st-line
treatment for patients with locally recurrent inoperable or
metastatic TNBC for whom immunotherapy was not an
option.
|
Enhertu
|
Approval
JP
|
DESTINY-Breast06
August 2025
|
∗For the
treatment of adult patients with HR-positive, HER2-low (IHC 1+ or
IHC 2+/ISH-) or HER2-ultralow (IHC 0 with membrane staining)
unresectable or recurrent breast cancer.
|
|
Priority Review
US
|
DESTINY-Breast09
September 2025
|
∗In
combination with pertuzumab for the 1st-line treatment of adult
patients with unresectable or metastatic HER2-positive breast
cancer.
|
|
Data presentation
ESMO
|
DESTINY-Breast11
October 2025
|
∗Positive results from the DESTINY-Breast11 Phase
III trial showed Enhertu followed by THP resulted in a pCR rate of
67.3% compared with 56.3% for ddAC-THP, representing a pCR rate
improvement of 11.2%, in patients with high-risk, locally advanced
HER2-positive early-stage breast cancer.
|
|
Data presentationESMO
|
DESTINY-Breast05
October 2025
|
∗Positive results from the DESTINY-Breast05 Phase
III trial showed Enhertu significantly reduced the risk of invasive
disease recurrence or death by 53% compared with T-DM1 as a
post-neoadjuvant treatment (HR 0.47, 95% CI 0.34-0.66, p<0.0001)
in patients with HER2-positive early breast cancer with residual
invasive disease in the breast and/or axillary lymph nodes after
neoadjuvant treatment. At three years, 92.4% of patients in
the Enhertu arm were alive and free of invasive disease,
compared with 83.7% of those in the T-DM1 arm.
|
Imfinzi
|
Approval
JP
|
NIAGARA
September 2025
New disclosure
|
∗Neoadjuvant and adjuvant therapy in bladder
cancer.
|
|
Approval
JP
|
AEGEAN
September 2025
New disclosure
|
∗Neoadjuvant and adjuvant treatment in non-small
cell lung cancer.
|
|
Data presentation
ESMO
|
MATTERHORN
October 2025
|
∗Positive results from the final OS analysis of the
MATTERHORN Phase III trial showed perioperative treatment
with Imfinzi in combination with standard-of-care FLOT
chemotherapy reduced the risk of death by 22% compared with
chemotherapy alone (HR 0.78; 95% CI 0.63-0.96; p=0.021) in patients
with resectable, early-stage and locally advanced and GEJ
cancers.
|
|
Data presentation
ESMO
|
POTOMAC
October 2025
|
∗Positive results from the POTOMAC Phase III trial
showed adding one year of treatment with Imfinzi to BCG induction and maintenance therapy
demonstrated a 32% reduction in the risk of high-risk disease
recurrence or death versus the comparator arm (HR 0.68; 95% CI
0.50-0.93; p=0.0154) in patients with BCG-naïve, high-risk
non-muscle invasive bladder cancer.
|
Lynparza
|
Approval
CN
|
PROpel
July 2025
New disclosure
|
∗In
combination with abiraterone and prednisone or prednisolone for the
treatment of adult patients with g/sBRCAm
mCRPC.
|
Tagrisso
|
Data presentation
WCLC
|
FLAURA2
September 2025
|
∗Positive results from the final OS analysis of the
FLAURA2 Phase III trial showed Tagrisso with the addition of
pemetrexed and platinum-based chemotherapy demonstrated a median OS
of nearly four years (47.5 months) compared to approximately three
years (37.6 months) for Tagrisso monotherapy in the 1st-line treatment of
patients with locally advanced or
metastatic EGFRm NSCLC.
|
BioPharmaceuticals - CVRM
AstraZeneca presented 32 abstracts and 13 posters alongside two
hot-line oral presentations at the European Society of Cardiology
(ESC) in Madrid, Spain.
baxdrostat
|
Data presentation
ESC
|
BaxHTN
August 2025
|
∗Positive results from the BaxHTN Phase III trial
showed that baxdrostat met the primary and all secondary endpoints,
delivering meaningful and sustained blood pressure reductions in
patients with hard-to-control hypertension. At week 12, the
absolute reduction from baseline in mean seated SBP was 15.7 mmHg
(95% CI, -17.6 to -13.7) and placebo-adjusted reduction was 9.8
mmHg (95% CI, -12.6 to -7.0; p<0.001) for the 2mg dose. Results
were consistent across both uncontrolled and treatment-resistant
subgroups.
|
|
Phase III readout
|
Bax24
October 2025
|
∗Positive high-level results from the Bax24 Phase
III trial showed baxdrostat demonstrated a statistically
significant and highly clinically meaningful reduction in
ambulatory 24-hour average systolic blood pressure compared with
placebo at 12 weeks. Efficacy was observed throughout the 24-hour
period, including early morning, when patients with hypertension
are at a higher risk of cardiovascular events.
|
BioPharmaceuticals - R&I
Airsupra
|
Approval
US
|
BATURA
October 2025
|
∗US
Prescribing Information now includes clinically meaningful evidence
in reducing severe exacerbations from the BATURA study in patients
with mild asthma.
|
Fasenra
|
Phase III readout
|
RESOLUTE
September 2025
|
∗ The RESOLUTE Phase III trial despite showing
numerical improvement, did not achieve statistical significance in
the primary endpoint in patients with chronic obstructive pulmonary
disease.
|
Saphnelo
|
Phase III readout
|
TULIP-SC
September 2025
|
∗Positive high-level results from a pre-specified
interim analysis of the Phase III TULIP-SC trial in patients with
systemic lupus erythematosus showed that the subcutaneous
administration of Saphnelo demonstrated a statistically significant and
clinically meaningful reduction in disease activity compared to
placebo. The TULIP-SC interim results were presented at the
American College of Rheumatology annual meeting in October
2025.
|
|
CHMP opinion
EU
|
TULIP-SC
October 2025
|
∗Recommended for approval as a self-administered
once-weekly pre-filled pen for adult patients with systemic lupus
erythematosus on top of standard therapy.
|
Tezspire
|
Approval
EU
|
WAYPOINT
October 2025
|
∗As an
add-on therapy with intranasal corticosteroids for the treatment of
adult patients with severe CRSwNP who have not adequately responded
to standard therapy (systemic corticosteroids and/or
surgery).
|
|
Approval
US
|
WAYPOINT
October 2025
|
∗As an
add-on maintenance treatment of adult and paediatric patients aged
12 years and older with inadequately controlled
CRSwNP.
|
Rare Disease
Alexion, AstraZeneca Rare Disease, delivered 18 presentations,
including four oral presentations, from its leading rare neurology
portfolio at the American Association of Neuromuscular &
Electrodiagnostic Medicine (AANEM) Annual Meeting and the
Myasthenia Gravis Foundation of America (MGFA) Scientific Session
in San Francisco, California.
Koselugo
|
Approval
Japan
|
KOMET
August 2025
|
∗For the
treatment of adult patients with symptomatic, inoperable plexiform
neurofibromas in neurofibromatosis type 1.
|
|
Approval
EU
|
KOMET
October 2025
|
∗For the
treatment of adult patients with symptomatic, inoperable plexiform
neurofibromas in neurofibromatosis type 1.
|
|
Approval
Japan
|
SPRINKLE
September 2025
|
∗Granule
formulation for paediatric patients one year of age and older with
neurofibromatosis type 1 who have symptomatic, inoperable plexiform
neurofibromas.
|
|
Approval
US
|
SPRINKLE
September 2025
|
∗Granule
formulation for paediatric patients one year of age and older with
neurofibromatosis type 1 who have symptomatic, inoperable plexiform
neurofibromas.
|
Ultomiris
|
Approval
China
|
CHAMPION-NMOSD
August 2025
|
∗For the
treatment of adult patients with neuromyelitis optica spectrum
disorder who are anti-aquaporin-4 antibody
positive.
|
gefurulimab
|
Data presentation
AANEM/MGFA
|
PREVAIL
October 2025
|
∗Positive results from the PREVAIL Phase III
trial demonstrated an improvement from baseline in MG-ADL total
score at week 26 compared to placebo (treatment difference: -1.6
[95% CI: -2.4, -0.8], p<0.0001). A clinically meaningful
improvement was observed as early as week one, and was sustained
through week 26. Additionally, a clinically meaningful improvement
in key secondary endpoint, QMG total score, was seen as early as
week four (treatment difference: -1.8 [ 95% CI: -2.5, -1.1],
p<0.0001) and was sustained through week 26 (treatment
difference: -2.1 [95% CI: -3.1, -1.1],
p<0.0001).
|
Sustainability
Sustainability highlights
For the third consecutive year, TIME Magazine recognised
AstraZeneca as one of the World's Best Companies with the Company
ranking at 43 out of 1,000 global companies and as the top
pharmaceutical company in terms of sustainability transparency.
AstraZeneca also secured fifth place in Sustainability Magazine's
Top 250 World's Most Sustainable Companies 2025, affirming its
status as a global leader in responsible business and
pharmaceutical innovation.
AstraZeneca engaged on climate action, health systems resilience
and health equity at the United Nations (UN) General Assembly
High-Level Meeting on non-communicable diseases (NCDs) and Climate
Week NYC in September through over 100 engagements. EVP Global
Operations, IT and Chief Sustainability Officer Pam Cheng
represented the private sector at the UN alongside governments,
NGOs and academia, focusing on the need to tackle
NCDs.
Chair Michel Demaré also joined a group of 25 global health
leaders, including former heads of state and ministers, calling for
action on this topic through an Open Letter in POLITICO, with a
focus on the human, social and financial impacts of chronic disease
and targeted solutions.
Sustainability impact
Climate and nature
- The
Company focused on sustainable respiratory care at the European
Respiratory Society (ERS), hosting a sustainability symposium, key
engagements and running a sustainable booth with a living lung
installation.
- The
Company won a 2025 Freezer Challenge Award for the fourth time from
My Green Lab and the International Institute for Sustainable
Laboratories, recognised as the Top Organization in the biotech and
pharmaceutical sector for energy savings and best-in-class cold
storage management.
Health equity
- At
EXPO 2025, the Company advanced priorities to transform lung health
in Japan and Asia-Pacific through best practice sharing on
screening and integrated disease management. The Company convened
national and international government and clinical experts in lung
cancer and COPD to further collaboration for high-risk patients and
reduce mortality in Japan.
- AstraZeneca's
Young Health Programme (YHP) received the ACE Award for
Workforce Innovation and Global Impact at the Healthcare
Businesswomen's Association's (HBA) annual conference, recognising
how the programme supports employee engagement, advances health
equity and strengthens health systems through youth empowerment.
YHP was also recognised with the Third Sector Award for Large
Corporate Partnership of the Year with Plan International
UK.
- The
Company expanded its Healthy Heart Africa (HHA) programme in the
Côte d'Ivoire, in partnership with the Ministry of Health, to
include chronic kidney disease (CKD) care in addition to
hypertension. The programme also expanded in Rwanda, where it will
develop a protocol for CKD care in primary health, with training to
be cascaded to healthcare providers, in collaboration with
PATH.
Health systems resilience
- The
Partnership for Health System Sustainability and Resilience (PHSSR)
published its summary report on Acting Early on NCDs which captures
highlights from research conducted in eight countries on health
systems' capability to act early on cancers, chronic respiratory
diseases and CVRM. AstraZeneca engaged on its findings with the
World Economic Forum Sustainable Development Impact Meetings in New
York.
Operating
and financial review
Reporting currency
All narrative on growth and results in this section is based on
actual exchange rates, and financial figures are in US$ millions
($m), unless stated otherwise.
Reporting period
The performance shown in this announcement covers the nine-month
period to 30 September 2025 ('the period' or '9M 2025') compared to
the nine-month period to 30 September 2024 ('9M 2024'), or the
three-month period to 30 September 2025 ('the quarter' or 'Q3
2025') compared to the three-month period to 30 September 2024 ('Q3
2024'), unless stated otherwise.
Core financial measures
Core financial measures, EBITDA, Net debt, Gross Margin, Operating
Margin and CER are non-GAAP financial measures because they cannot
be derived directly from the Group's Condensed consolidated interim
financial statements.
Management believes that these non-GAAP financial measures, when
provided in combination with Reported results, provide investors
and analysts with helpful supplementary information to understand
better the financial performance and position of the Group on a
comparable basis from period to period.
These non-GAAP financial measures are not a substitute for, or
superior to, financial measures prepared in accordance with
GAAP.
Core financial measures (cont.)
Core financial measures are adjusted to exclude certain significant
items:
- Charges
and provisions related to our global restructuring programmes,
which includes charges that relate to the impact of restructuring
programmes on our capitalised manufacturing assets and IT
assets
- Amortisation
and impairment of intangible assets, including impairment reversals
but excluding any charges relating to IT assets
- Other
specified items, principally comprising acquisition-related costs
and credits, which include the imputed finance charges and fair
value movements relating to contingent consideration on business
combinations, imputed finance charges and remeasurement adjustments
on certain Other payables arising from intangible asset
acquisitions, remeasurement adjustments relating to certain Other
payables and debt items assumed from the Alexion acquisition and
legal settlements
- The
tax effects of the adjustments above are excluded from the Core Tax
charge
Details on the nature of Core financial measures are provided on
page 70 of the Annual Report and Form
20-F Information 2024.
Reference should be made to the Reconciliation of Reported to Core
financial measures table included in the Financial Performance
section in this announcement.
Definitions
Gross Margin is defined as Gross Profit as a percentage of Total
Revenue.
EBITDA is defined as Reported Profit before tax after adding back
Net finance expense, results from Joint ventures and associates and
charges for Depreciation, amortisation and impairment. Reference
should be made to the Reconciliation of Reported Profit before tax
to EBITDA included in the Financial Performance section in this
announcement.
Operating margin is defined as Operating profit as a percentage of
Total Revenue.
Net debt is defined as Interest-bearing loans and borrowings and
Lease liabilities, net of Cash and cash equivalents, Other
investments, and Net derivative financial instruments. Reference
should be made to Note 3 'Net debt', included in the Notes to the
interim financial statements in this announcement.
The Company strongly encourages investors and analysts not to rely
on any single financial measure, but to review AstraZeneca's
financial statements, including the Notes thereto, and other
available Company reports, carefully and in their
entirety.
Due to rounding, the sum of a number of dollar values and
percentages in this announcement may not agree to
totals.
Financial
performance
Table 7: Reported Profit and Loss
|
|
9M 2025
|
9M 2024
|
%
Change
|
Q3 2025
|
Q3 2024
|
%
Change
|
||
|
|
$m
|
$m
|
Actual
|
CER
|
$m
|
$m
|
Actual
|
CER
|
|
- Product Sales
|
41,035
|
37,576
|
9
|
9
|
14,365
|
12,947
|
11
|
9
|
|
- Alliance Revenue
|
2,108
|
1,498
|
41
|
41
|
815
|
559
|
46
|
44
|
|
Product Revenue
|
43,143
|
39,074
|
10
|
11
|
15,180
|
13,506
|
12
|
11
|
|
Collaboration Revenue
|
93
|
108
|
(14)
|
(15)
|
11
|
59
|
(81)
|
(82)
|
|
Total Revenue
|
43,236
|
39,182
|
10
|
11
|
15,191
|
13,565
|
12
|
10
|
|
Cost of sales
|
(7,515)
|
(7,482)
|
-
|
2
|
(2,801)
|
(3,081)
|
(9)
|
(10)
|
|
Gross profit
|
35,721
|
31,700
|
13
|
13
|
12,390
|
10,484
|
18
|
16
|
|
Distribution expense
|
(426)
|
(412)
|
3
|
4
|
(148)
|
(145)
|
2
|
-
|
|
R&D expense
|
(10,370)
|
(8,906)
|
16
|
16
|
(3,663)
|
(3,115)
|
18
|
16
|
|
SG&A expense
|
(14,441)
|
(14,567)
|
(1)
|
(1)
|
(5,085)
|
(5,143)
|
(1)
|
(3)
|
|
Other operating income & expense
|
281
|
152
|
85
|
87
|
89
|
25
|
>3x
|
>3x
|
|
Operating profit
|
10,765
|
7,967
|
35
|
35
|
3,583
|
2,106
|
70
|
64
|
|
Net finance expense
|
(985)
|
(919)
|
7
|
7
|
(349)
|
(274)
|
27
|
25
|
|
Joint ventures and associates
|
(7)
|
(23)
|
(68)
|
(70)
|
10
|
(4)
|
n/m
|
n/m
|
|
Profit before tax
|
9,773
|
7,025
|
39
|
38
|
3,244
|
1,828
|
77
|
70
|
|
Taxation
|
(1,869)
|
(1,484)
|
26
|
25
|
(709)
|
(395)
|
79
|
72
|
|
Tax rate
|
19%
|
21%
|
|
|
22%
|
22%
|
|
|
|
Profit after tax
|
7,904
|
5,541
|
43
|
42
|
2,535
|
1,433
|
77
|
70
|
|
Earnings per share
|
$5.10
|
$3.57
|
43
|
42
|
$1.64
|
$0.92
|
77
|
70
|
Table 8: Reconciliation of Reported Profit before tax to
EBITDA
|
|
9M 2025
|
9M 2024
|
%
Change
|
Q3 2025
|
Q3 2024
|
%
Change
|
||
|
|
$m
|
$m
|
Actual
|
CER
|
$m
|
$m
|
Actual
|
CER
|
|
Reported Profit before tax
|
9,773
|
7,025
|
39
|
38
|
3,244
|
1,828
|
77
|
70
|
|
Net finance expense
|
985
|
919
|
7
|
7
|
349
|
274
|
27
|
25
|
|
Joint ventures and associates
|
7
|
23
|
(68)
|
(70)
|
(10)
|
4
|
n/m
|
n/m
|
|
Depreciation, amortisation and impairment
|
4,222
|
4,351
|
(3)
|
(4)
|
1,549
|
1,817
|
(15)
|
(16)
|
|
EBITDA
|
14,987
|
12,318
|
22
|
21
|
5,132
|
3,923
|
31
|
28
|
Table 9: Reconciliation of Reported to Core financial
measures: 9M 2025
|
For the nine
months ended 30
September
|
Reported
|
Restructuring
|
Intangible Asset Amortisation & Impairments
|
Other
|
Core
|
% Change
|
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Actual
|
CER
|
|
Gross profit
|
35,721
|
(61)
|
24
|
12
|
35,696
|
10
|
10
|
|
- Gross Margin
|
83%
|
|
|
|
83%
|
-
|
-
|
|
Distribution expense
|
(426)
|
-
|
-
|
-
|
(426)
|
3
|
4
|
|
R&D expense
|
(10,370)
|
134
|
141
|
4
|
(10,091)
|
17
|
16
|
|
- R&D % of Total Revenue
|
24%
|
|
|
|
23%
|
-1pp
|
-1pp
|
|
SG&A expense
|
(14,441)
|
113
|
3,038
|
209
|
(11,081)
|
3
|
3
|
|
- SG&A % of Total Revenue
|
33%
|
|
|
|
26%
|
+2pp
|
+2pp
|
|
Total operating expense
|
(25,237)
|
247
|
3,179
|
213
|
(21,598)
|
9
|
9
|
|
Other operating income & expense
|
281
|
(6)
|
-
|
7
|
282
|
88
|
91
|
|
Operating profit
|
10,765
|
180
|
3,203
|
232
|
14,380
|
13
|
13
|
|
- Operating
Margin
|
25%
|
|
|
|
33%
|
+1pp
|
+1pp
|
|
Net finance expense
|
(985)
|
-
|
-
|
162
|
(823)
|
(4)
|
(4)
|
|
Taxation
|
(1,869)
|
(49)
|
(611)
|
(98)
|
(2,627)
|
11
|
11
|
|
EPS
|
$5.10
|
$0.08
|
$1.68
|
$0.18
|
$7.04
|
15
|
15
|
Table 10: Reconciliation of Reported to Core financial
measures: Q3 2025
|
For the quarter ended
30 September
|
Reported
|
Restructuring
|
Intangible Asset Amortisation & Impairments
|
Other
|
Core
|
% Change
|
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Actual
|
CER
|
|
Gross profit
|
12,390
|
9
|
7
|
11
|
12,417
|
12
|
10
|
|
- Gross Margin
|
82%
|
|
|
|
82%
|
-
|
-
|
|
Distribution expense
|
(148)
|
-
|
-
|
-
|
(148)
|
2
|
-
|
|
R&D expense
|
(3,663)
|
33
|
79
|
1
|
(3,550)
|
16
|
14
|
|
- R&D % of Total Revenue
|
24%
|
|
|
|
23%
|
-1pp
|
-1pp
|
|
SG&A expense
|
(5,085)
|
37
|
1,095
|
131
|
(3,822)
|
6
|
4
|
|
- SG&A % of Total Revenue
|
33%
|
|
|
|
25%
|
+1pp
|
+1pp
|
|
Total operating expense
|
(8,896)
|
70
|
1,174
|
132
|
(7,520)
|
10
|
9
|
|
Other operating income & expense
|
89
|
-
|
-
|
7
|
96
|
>3x
|
>3x
|
|
Operating profit
|
3,583
|
79
|
1,181
|
150
|
4,993
|
16
|
13
|
|
- Operating
Margin
|
24%
|
|
|
|
33%
|
+1pp
|
+1pp
|
|
Net finance expense
|
(349)
|
-
|
-
|
44
|
(305)
|
(7)
|
(9)
|
|
Taxation
|
(709)
|
(19)
|
(225)
|
(49)
|
(1,002)
|
33
|
30
|
|
EPS
|
$1.64
|
$0.03
|
$0.62
|
$0.09
|
$2.38
|
14
|
12
|
Profit and Loss drivers
Gross profit
The stable Gross Margin (Reported and Core) in 9M 2025 was a result
of:
- Positive
effects from geographic mix
- Negative
effects from product mix. The rising contribution of Product Sales
with profit sharing arrangements (Lynparza, Enhertu, Tezspire, Koselugo) has a negative impact on Gross Margin because
AstraZeneca records Product Sales in certain markets and pays away
a share of the gross profits to its collaboration partners. The
profit share paid to partners is recorded in AstraZeneca's Cost of
sales line
- Pricing
adjustments, for example to sales reimbursed by the Medicare
Part D programme in the US, diluted the Gross
Margin
Variations in Gross Margin performance between periods can continue
to be expected due to product seasonality, foreign exchange
fluctuations, and other effects.
R&D expense
The change in R&D expense (Reported and Core) in the period was
impacted by:
- Positive
data read-outs for high-value pipeline opportunities that have
ungated late-stage trials
- Investment
in platforms, new technology and capabilities to enhance R&D
capabilities
- Addition
of R&D projects following completion of previously announced
business development activity
SG&A expense
- The
change in SG&A expense (Reported and Core) in the period was
driven primarily by market development activities for launches and
to support continued growth in existing brands
Other operating income and expense
- Other
operating income in 9M 2025 consisted primarily of royalties and an
upfront fee on a divestment
Net finance expense
Core Net finance expense decreased 4% (4% at CER) in 9M 2025,
mainly driven by an adjustment of interest on tax, due to a
reduction of tax liabilities relating to prior periods, recognised
in the first quarter, and also a reduction in short-term
borrowings.
Core Net finance expense decreased 7% (9% at CER) in Q3 2025,
mainly driven by a reduction in short-term borrowings.
Taxation
The effective Reported and Core tax rates for the nine months to 30
September 2025 were 19% (9M 2024: 21% and 20%
respectively).
The cash tax paid for the nine months ended 30 September 2025 was
$2,193m (9M 2024: $1,978m), representing 22% of Reported Profit
before tax (9M 2024: 28%).
Cash Flow
Table 11: Cash Flow summary: 9M 2025
|
For the nine
months ended 30
September
|
2025
$m
|
2024
$m
|
Change$m
|
|
Reported Operating profit
|
10,765
|
7,967
|
2,798
|
|
Depreciation, amortisation and impairment
|
4,222
|
4,351
|
(129)
|
|
Movement in working capital and short-term provisions
|
64
|
(543)
|
607
|
|
Gains on disposal of intangible assets
|
(118)
|
(34)
|
(84)
|
|
Fair value movements on contingent consideration arising from
business combinations
|
(29)
|
251
|
(280)
|
|
Non-cash and other movements
|
591
|
15
|
576
|
|
Interest paid
|
(1,069)
|
(1,075)
|
6
|
|
Taxation paid
|
(2,193)
|
(1,978)
|
(215)
|
|
Net cash inflow from operating activities
|
12,233
|
8,954
|
3,279
|
|
Net cash inflow before financing activities
|
6,871
|
2,155
|
4,716
|
|
Net cash (outflow) from financing activities
|
(4,262)
|
(3,325)
|
(937)
|
Net cash flow
The change in Net cash inflow from operating activities of $3,279m
is primarily driven by the increased operating profit in
2025.
The change in Net cash inflow before financing activities of
$4,716m is primarily driven by the reduction in cash outflow
relating to the Acquisitions of subsidiaries, net of cash acquired
of $2,771m, which in 2024 related to the acquisition of Gracell
Biotechnologies Inc. and the acquisition of Fusion Pharmaceuticals
Inc.
The change in Net cash outflow from financing activities of $937m
is primarily driven by the issue of new long-term loans of $6,492m
in 2024, with no issuance in 2025, and offset by the repayment of
loans of $4,647m in 2024, with no repayment in 2025.
Capital expenditure
Capital expenditure on tangible assets and Software-related
intangible assets amounted to $2,091m in 9M 2025 (9M 2024:
$1,415m). The increase of capital expenditure in 2025 was driven by
investment in several major manufacturing projects and continued
investment in technology upgrades.
Net debt
Net debt decreased by $605m in the nine months to 30 September 2025
to $23,965m. Details of the committed undrawn bank facilities are
disclosed within the going concern section of Note 1. Details of
the Company's solicited credit ratings and further details on Net
debt are disclosed in Note 3.
Net debt
Table 12: Net debt summary
|
|
At 30 Sep2025
$m
|
At 31 Dec 2024
$m
|
At 30 Sep 2024
$m
|
|
Cash and cash equivalents
|
8,143
|
5,488
|
4,797
|
|
Other investments
|
39
|
166
|
133
|
|
Cash and investments
|
8,182
|
5,654
|
4,930
|
|
Overdrafts and short-term borrowings
|
(622)
|
(330)
|
(769)
|
|
Commercial paper
|
(1,091)
|
-
|
(472)
|
|
Lease liabilities
|
(1,758)
|
(1,452)
|
(1,422)
|
|
Current instalments of loans
|
(4,461)
|
(2,007)
|
(12)
|
|
Non-current instalments of loans
|
(24,700)
|
(26,506)
|
(28,887)
|
|
Interest-bearing loans and borrowings (Gross debt)
|
(32,632)
|
(30,295)
|
(31,562)
|
|
Net derivatives
|
485
|
71
|
284
|
|
Net debt
|
(23,965)
|
(24,570)
|
(26,348)
|
Summarised financial information for guarantee of securities of
subsidiaries
AstraZeneca Finance LLC ("AstraZeneca Finance") is the issuer of
1.2% Notes due 2026, 4.8% Notes due 2027, 4.875% Notes due 2028,
1.75% Notes due 2028, 4.85% Notes due 2029, 4.9% Notes due 2030,
4.9% Notes due 2031, 2.25% Notes due 2031, 4.875% Notes due 2033
and 5% Notes due 2034 (the "AstraZeneca Finance USD Notes"). Each
series of AstraZeneca Finance USD Notes has been fully and
unconditionally guaranteed by AstraZeneca PLC. AstraZeneca Finance
is 100% owned by AstraZeneca PLC and each of the guarantees issued
by AstraZeneca PLC is full and unconditional and joint and
several.
The AstraZeneca Finance USD Notes are senior unsecured obligations
of AstraZeneca Finance and rank equally with all of AstraZeneca
Finance's existing and future senior unsecured and unsubordinated
indebtedness. The guarantee by AstraZeneca PLC of the AstraZeneca
Finance USD Notes is the senior unsecured obligation of AstraZeneca
PLC and ranks equally with all of AstraZeneca PLC's existing and
future senior unsecured and unsubordinated indebtedness. Each
guarantee by AstraZeneca PLC is effectively subordinated to any
secured
indebtedness of AstraZeneca PLC to the extent of the value of the
assets securing such indebtedness. The AstraZeneca Finance USD
Notes are structurally subordinated to indebtedness and other
liabilities of the subsidiaries of AstraZeneca PLC, none of which
guarantee the AstraZeneca Finance USD Notes.
AstraZeneca PLC manages substantially all of its operations through
divisions, branches and/or investments in subsidiaries and
affiliates. Accordingly, the ability of AstraZeneca PLC to service
its debt and guarantee obligations is also dependent upon the
earnings of its subsidiaries, affiliates, branches and divisions,
whether by dividends, distributions, loans or otherwise. Please
refer to the Consolidated financial statements of AstraZeneca PLC
in our Annual Report on Form 20-F as filed with the SEC and
information contained herein for further financial information
regarding AstraZeneca PLC and its consolidated subsidiaries. For
further details, terms and conditions of the AstraZeneca Finance
USD Notes please refer to AstraZeneca PLC's reports on Form 6-K
furnished to the SEC on 22 February 2024, 3 March 2023 and 28 May
2021.
Pursuant to Rule 13-01 and Rule 3-10 of Regulation S-X under the
Securities Act of 1933, as amended (the "Securities Act"), we
present below the summary financial information for AstraZeneca
PLC, as Guarantor, excluding its consolidated subsidiaries, and
AstraZeneca Finance, as the issuer, excluding its consolidated
subsidiaries. The following summary financial information of
AstraZeneca PLC and AstraZeneca Finance is presented on a combined
basis and transactions between the combining entities have been
eliminated. Financial information for non-guarantor entities has
been excluded. Intercompany balances and transactions between the
obligor group and the non-obligor subsidiaries are presented on
separate lines.
Obligor group summarised statements
Table 13: Obligor group summarised Statement of comprehensive
income: 9M 2025
|
For the nine
months ended 30
September
|
2025
$m
|
2024
$m
|
|
Total Revenue
|
-
|
-
|
|
Gross
profit
|
-
|
-
|
|
Operating loss
|
-
|
-
|
|
Loss for the period
|
(957)
|
(894)
|
|
Transactions with subsidiaries that are not issuers or
guarantors
|
6,509
|
1,342
|
Table 14: Obligor group summarised Statement of financial
position
|
|
At 30 Sep 2025
$m
|
At 30 Sep 2024
$m
|
|
Current assets
|
13
|
10
|
|
Non-current assets
|
141
|
84
|
|
Current liabilities
|
(5,976)
|
(801)
|
|
Non-current liabilities
|
(24,704)
|
(28,906)
|
|
Amounts due from subsidiaries that are not issuers or
guarantors
|
21,519
|
16,705
|
|
Amounts due to subsidiaries that are not issuers or
guarantors
|
-
|
-
|
Capital allocation
The Group's capital allocation priorities include: investing in the
business and pipeline; maintaining a strong, investment-grade
credit rating; potential value-enhancing business development
opportunities; and supporting the progressive dividend
policy.
In approving the declaration of dividends, the Board considers both
the liquidity of the Company and the level of reserves legally
available for distribution.
In FY 2025, the Company intends to increase the annual dividend per
share declared to $3.20 per share. Dividends are paid to
shareholders from AstraZeneca PLC, a Group holding company with no
direct operations. The ability of AstraZeneca PLC to make
shareholder distributions is dependent on the creation of profits
for distribution and the receipt of funds from subsidiary
companies.
The consolidated Group reserves set out in the Condensed
consolidated statement of financial position do not reflect the
profit available for distribution to the shareholders of
AstraZeneca PLC.
In FY 2024, capital expenditure on tangible assets and
Software-related intangible assets amounted to $2,218m. In FY 2025
the Group expects to increase expenditure on tangible assets and
Software-related intangible assets by approximately 50%, driven by
manufacturing expansion projects and investments in systems and
technology.
Foreign exchange
The Company's transactional currency exposures on working capital
balances, which typically extend for up to three months, are hedged
where practicable using forward foreign exchange contracts against
the individual companies' reporting currency.Foreign exchange gains
and losses on forward contracts transacted for transactional
hedging are taken to profit or to Other comprehensive income if the
contract is in a designated cashflow hedge.
In addition, the Company's external dividend payments, paid
principally in pound sterling and Swedish krona, are fully hedged
from the time of their announcement to the payment
date.
Table 15: Currency sensitivities
|
Currency
|
Primary Relevance
|
Exchange rate vs USD (average rate in period)
|
Annual impact of 5% weakening vs
USD1 ($m)
|
|||||
|
|
|
FY 20242
|
YTD 20253
|
Change
(%)
|
September 20254
|
Change
(%)
|
TotalRevenue
|
Core Operating Profit
|
|
EUR
|
Total Revenue
|
0.92
|
0.89
|
3
|
0.85
|
8
|
(461)
|
(232)
|
|
CNY
|
Total Revenue
|
7.21
|
7.22
|
-
|
7.12
|
1
|
(313)
|
(171)
|
|
JPY
|
Total Revenue
|
151.46
|
148.10
|
2
|
147.87
|
2
|
(179)
|
(121)
|
|
GBP
|
Operating expense
|
0.78
|
0.76
|
3
|
0.74
|
6
|
(68)
|
124
|
|
SEK
|
Operating expense
|
10.57
|
9.94
|
6
|
9.37
|
13
|
(9)
|
69
|
|
Other
|
|
|
|
|
|
|
(557)
|
(289)
|
1. Assumes the average exchange rate vs USD in FY 2025
is 5% lower than the average rate in FY 2024. The impact data are
estimates, based on best prevailing assumptions around currency
profiles.
2. Based on average daily spot rates 1 January 2024 to
31 December 2024.
3. Based on average daily spot rates 1 January 2025 to
30 September 2025.
4. Based on average daily spot rates 1 September 2025
to 30 September 2025.
Interim
financial statements
Table 16: Condensed consolidated statement of comprehensive
income: 9M 2025
|
For the nine
months ended 30
September
|
2025
$m
|
2024
$m
|
|
- Product Sales
|
41,035
|
37,576
|
|
- Alliance Revenue
|
2,108
|
1,498
|
|
Product Revenue
|
43,143
|
39,074
|
|
Collaboration Revenue
|
93
|
108
|
|
Total Revenue
|
43,236
|
39,182
|
|
Cost of sales
|
(7,515)
|
(7,482)
|
|
Gross profit
|
35,721
|
31,700
|
|
Distribution expense
|
(426)
|
(412)
|
|
Research and development expense
|
(10,370)
|
(8,906)
|
|
Selling, general and administrative expense
|
(14,441)
|
(14,567)
|
|
Other operating income and expense
|
281
|
152
|
|
Operating profit
|
10,765
|
7,967
|
|
Finance income
|
225
|
394
|
|
Finance expense
|
(1,210)
|
(1,313)
|
|
Share of after tax losses in associates and joint
ventures
|
(7)
|
(23)
|
|
Profit before tax
|
9,773
|
7,025
|
|
Taxation
|
(1,869)
|
(1,484)
|
|
Profit for the period
|
7,904
|
5,541
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
Items that will not be reclassified to profit or loss:
|
|
|
|
Remeasurement of the defined benefit pension liability
|
116
|
136
|
|
Net (losses)/gains on equity investments measured at fair value
through other comprehensive income
|
(21)
|
264
|
|
Fair value movements related to own credit risk on bonds designated
as fair value through profit or loss
|
-
|
12
|
|
Tax on items that will not be reclassified to profit or
loss
|
(13)
|
(50)
|
|
|
82
|
362
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
Foreign exchange arising on consolidation
|
2,266
|
543
|
|
Foreign exchange arising on designated liabilities in net
investment hedges
|
15
|
(84)
|
|
Fair value movements on cash flow hedges
|
256
|
(42)
|
|
Fair value movements on cash flow hedges transferred to profit and
loss
|
(318)
|
1
|
|
Fair value movements on derivatives designated in net investment
hedges
|
(7)
|
13
|
|
Gains of hedging
|
8
|
2
|
|
Tax on items that may be reclassified subsequently to profit or
loss
|
(50)
|
16
|
|
|
2,170
|
449
|
|
Other comprehensive income, net of tax
|
2,252
|
811
|
|
|
|
|
|
Total comprehensive income for the period
|
10,156
|
6,352
|
|
|
|
|
|
Profit attributable to:
|
|
|
|
Owners of the Parent
|
7,899
|
5,535
|
|
Non-controlling interests
|
5
|
6
|
|
|
7,904
|
5,541
|
|
|
|
|
|
Total comprehensive income attributable to:
|
|
|
|
Owners of the Parent
|
10,149
|
6,346
|
|
Non-controlling interests
|
7
|
6
|
|
|
10,156
|
6,352
|
|
Earnings per share
|
|
|
|
Basic earnings per $0.25 Ordinary Share
|
$5.10
|
$3.57
|
|
Diluted earnings per $0.25 Ordinary Share
|
$5.06
|
$3.54
|
|
Weighted average number of Ordinary Shares in issue
(millions)
|
1,550
|
1,550
|
|
Diluted weighted average number of Ordinary Shares in issue
(millions)
|
1,561
|
1,562
|
Table 17: Condensed consolidated statement of comprehensive
income: Q3 2025
|
For the quarter ended
30 September
|
2025
$m
|
2024
$m
|
|
- Product Sales
|
14,365
|
12,947
|
|
- Alliance Revenue
|
815
|
559
|
|
Product Revenue
|
15,180
|
13,506
|
|
Collaboration Revenue
|
11
|
59
|
|
Total Revenue
|
15,191
|
13,565
|
|
Cost of sales
|
(2,801)
|
(3,081)
|
|
Gross profit
|
12,390
|
10,484
|
|
Distribution expense
|
(148)
|
(145)
|
|
Research and development expense
|
(3,663)
|
(3,115)
|
|
Selling, general and administrative expense
|
(5,085)
|
(5,143)
|
|
Other operating income and expense
|
89
|
25
|
|
Operating profit
|
3,583
|
2,106
|
|
Finance income
|
85
|
183
|
|
Finance expense
|
(434)
|
(457)
|
|
Share of after tax losses in associates and joint
ventures
|
10
|
(4)
|
|
Profit before tax
|
3,244
|
1,828
|
|
Taxation
|
(709)
|
(395)
|
|
Profit for the period
|
2,535
|
1,433
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
Items that will not be reclassified to profit or loss:
|
|
|
|
Remeasurement of the defined benefit pension liability
|
146
|
35
|
|
Net gains on equity investments measured at fair value through
other comprehensive income
|
104
|
175
|
|
Fair value movements related to own credit risk on bonds designated
as fair value through profit or loss
|
-
|
-
|
|
Tax on items that will not be reclassified to profit or
loss
|
(10)
|
(23)
|
|
|
240
|
187
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
Foreign exchange arising on consolidation
|
(198)
|
1,097
|
|
Foreign exchange arising on designated liabilities in net
investment hedges
|
5
|
12
|
|
Fair value movements on cash flow hedges
|
(17)
|
96
|
|
Fair value movements on cash flow hedges transferred to profit and
loss
|
(3)
|
(101)
|
|
Fair value movements on derivatives designated in net investment
hedges
|
13
|
(32)
|
|
Costs of hedging
|
(2)
|
(12)
|
|
Tax on items that may be reclassified subsequently to profit or
loss
|
2
|
(22)
|
|
|
(200)
|
1,038
|
|
Other comprehensive income, net of tax
|
40
|
1,225
|
|
|
|
|
|
Total comprehensive income for the period
|
2,575
|
2,658
|
|
|
|
|
|
Profit attributable to:
|
|
|
|
Owners of the Parent
|
2,533
|
1,429
|
|
Non-controlling interests
|
2
|
4
|
|
|
2,535
|
1,433
|
|
|
|
|
|
Total comprehensive income attributable to:
|
|
|
|
Owners of the Parent
|
2,575
|
2,654
|
|
Non-controlling interests
|
-
|
4
|
|
|
2,575
|
2,658
|
|
Earnings per share
|
|
|
|
Basic earnings per $0.25 Ordinary Share
|
$1.64
|
$0.92
|
|
Diluted earnings per $0.25 Ordinary Share
|
$1.62
|
$0.91
|
|
Weighted average number of Ordinary Shares in issue
(millions)
|
1,551
|
1,550
|
|
Diluted weighted average number of Ordinary Shares in issue
(millions)
|
1,561
|
1,562
|
Table 18: Condensed consolidated statement of financial
position
|
|
At30 Sep 2025
|
At31 Dec 2024
|
At30 Sep 2024
|
|
Assets
|
$m
|
$m
|
$m
|
|
Non-current assets
|
|
|
|
|
Property, plant and equipment
|
12,083
|
10,252
|
10,135
|
|
Right-of-use assets
|
1,700
|
1,395
|
1,378
|
|
Goodwill
|
21,219
|
21,025
|
21,139
|
|
Intangible assets
|
38,191
|
37,177
|
39,394
|
|
Investments in associates and joint ventures
|
296
|
268
|
290
|
|
Other investments
|
1,990
|
1,632
|
1,855
|
|
Derivative financial instruments
|
502
|
182
|
319
|
|
Other receivables
|
1,159
|
930
|
915
|
|
Income tax receivable
|
1,247
|
-
|
-
|
|
Deferred tax assets
|
6,129
|
5,347
|
5,342
|
|
|
84,516
|
78,208
|
80,767
|
|
Current assets
|
|
|
|
|
Inventories
|
6,593
|
5,288
|
5,662
|
|
Trade and other receivables
|
14,338
|
12,972
|
11,879
|
|
Other investments
|
39
|
166
|
133
|
|
Derivative financial instruments
|
12
|
54
|
16
|
|
Income tax receivable
|
815
|
1,859
|
1,668
|
|
Cash and cash equivalents
|
8,143
|
5,488
|
4,797
|
|
|
29,940
|
25,827
|
24,155
|
|
Total assets
|
114,456
|
104,035
|
104,922
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current liabilities
|
|
|
|
|
Interest-bearing loans and borrowings
|
(6,174)
|
(2,337)
|
(1,253)
|
|
Lease liabilities
|
(379)
|
(339)
|
(317)
|
|
Trade and other payables
|
(25,028)
|
(22,465)
|
(21,684)
|
|
Derivative financial instruments
|
(29)
|
(50)
|
(17)
|
|
Provisions
|
(1,176)
|
(1,269)
|
(1,187)
|
|
Income tax payable
|
(1,268)
|
(1,406)
|
(1,468)
|
|
|
(34,054)
|
(27,866)
|
(25,926)
|
|
Non-current liabilities
|
|
|
|
|
Interest-bearing loans and borrowings
|
(24,700)
|
(26,506)
|
(28,887)
|
|
Lease liabilities
|
(1,379)
|
(1,113)
|
(1,105)
|
|
Derivative financial instruments
|
-
|
(115)
|
(34)
|
|
Deferred tax liabilities
|
(3,604)
|
(3,305)
|
(3,568)
|
|
Retirement benefit obligations
|
(1,271)
|
(1,330)
|
(1,361)
|
|
Provisions
|
(929)
|
(921)
|
(1,063)
|
|
Income tax payable
|
(535)
|
(238)
|
(174)
|
|
Other payables
|
(2,013)
|
(1,770)
|
(1,999)
|
|
|
(34,431)
|
(35,298)
|
(38,191)
|
|
Total liabilities
|
(68,485)
|
(63,164)
|
(64,117)
|
|
|
|
|
|
|
Net assets
|
45,971
|
40,871
|
40,805
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Share capital
|
388
|
388
|
388
|
|
Share premium account
|
35,243
|
35,226
|
35,203
|
|
Other reserves
|
2,044
|
2,012
|
1,990
|
|
Retained earnings
|
8,213
|
3,160
|
3,138
|
|
Capital and reserves attributable to equity holders of the
Parent
|
45,888
|
40,786
|
40,719
|
|
Non-controlling interests
|
83
|
85
|
86
|
|
Total equity
|
45,971
|
40,871
|
40,805
|
Table 19: Condensed consolidated statement of changes in
equity
|
|
Share capital
|
Share premium account
|
Other reserves
|
Retained earnings
|
Total attributable to owners of the parent
|
Non-controlling interests
|
Total equity
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
At 1 Jan 2024
|
388
|
35,188
|
2,065
|
1,502
|
39,143
|
23
|
39,166
|
|
Profit for the period
|
-
|
-
|
-
|
5,535
|
5,535
|
6
|
5,541
|
|
Other comprehensive income
|
-
|
-
|
-
|
811
|
811
|
-
|
811
|
|
Transfer to other reserves
|
-
|
-
|
1
|
(1)
|
-
|
-
|
-
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
Dividends
|
-
|
-
|
-
|
(4,602)
|
(4,602)
|
-
|
(4,602)
|
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(4)
|
(4)
|
|
Issue of Ordinary Shares
|
-
|
15
|
-
|
-
|
15
|
-
|
15
|
|
Changes in non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
61
|
61
|
|
Movement in shares held by Employee Benefit Trusts
|
-
|
-
|
(76)
|
-
|
(76)
|
-
|
(76)
|
|
Share-based payments charge for the period
|
-
|
-
|
-
|
487
|
487
|
-
|
487
|
|
Settlement of share plan awards
|
-
|
-
|
-
|
(594)
|
(594)
|
-
|
(594)
|
|
Net movement
|
-
|
15
|
(75)
|
1,636
|
1,576
|
63
|
1,639
|
|
At 30 September 2024
|
388
|
35,203
|
1,990
|
3,138
|
40,719
|
86
|
40,805
|
|
|
|
|
|
|
|
|
|
|
At 1 Jan 2025
|
388
|
35,226
|
2,012
|
3,160
|
40,786
|
85
|
40,871
|
|
Profit for the period
|
-
|
-
|
-
|
7,899
|
7,899
|
5
|
7,904
|
|
Other comprehensive (expense)/income
|
-
|
-
|
(61)
|
2,311
|
2,250
|
2
|
2,252
|
|
Transfer to other reserves
|
-
|
-
|
48
|
(48)
|
-
|
-
|
-
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
Dividends
|
-
|
-
|
-
|
(4,846)
|
(4,846)
|
-
|
(4,846)
|
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(2)
|
(2)
|
|
Issue of Ordinary Shares
|
-
|
17
|
-
|
-
|
17
|
-
|
17
|
|
Changes in non-controlling interests
|
-
|
-
|
-
|
8
|
8
|
(7)
|
1
|
|
Movement in shares held by Employee Benefit Trusts
|
-
|
-
|
45
|
-
|
45
|
-
|
45
|
|
Share-based payments charge for the period
|
-
|
-
|
-
|
529
|
529
|
-
|
529
|
|
Settlement of share plan awards
|
-
|
-
|
-
|
(800)
|
(800)
|
-
|
(800)
|
|
Net movement
|
-
|
17
|
32
|
5,053
|
5,102
|
(2)
|
5,100
|
|
At 30 September 2025
|
388
|
35,243
|
2,044
|
8,213
|
45,888
|
83
|
45,971
|
Transfer to other reserves includes $70m in respect of the opening
balance on the Cash flow hedge reserve. The cash flow hedge reserve
was previously disclosed within Retained earnings but from 2025 is
disclosed within Other reserves.
Table 20: Condensed consolidated statement of cash flows: 9M
2025
|
For the nine
months ended 30
September
|
2025
$m
|
2024
$m
|
|
Cash flows from operating activities
|
|
|
|
Profit before tax
|
9,773
|
7,025
|
|
Finance income and expense
|
985
|
919
|
|
Share of after tax losses of associates and joint
ventures
|
7
|
23
|
|
Depreciation, amortisation and impairment
|
4,222
|
4,351
|
|
Movement in working capital and short-term provisions
|
64
|
(543)
|
|
Gains on disposal of intangible assets
|
(118)
|
(34)
|
|
Fair value movements on contingent consideration arising from
business combinations
|
(29)
|
251
|
|
Non-cash and other movements
|
591
|
15
|
|
Cash generated from operations
|
15,495
|
12,007
|
|
Interest paid
|
(1,069)
|
(1,075)
|
|
Tax paid
|
(2,193)
|
(1,978)
|
|
Net cash inflow from operating activities
|
12,233
|
8,954
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
Acquisition of subsidiaries, net of cash acquired
|
(60)
|
(2,771)
|
|
Payment of contingent consideration from business
combinations
|
(897)
|
(737)
|
|
Purchase of property, plant and equipment
|
(1,774)
|
(1,216)
|
|
Disposal of property, plant and equipment
|
10
|
53
|
|
Purchase of intangible assets
|
(2,844)
|
(2,415)
|
|
Disposal of intangible assets
|
96
|
107
|
|
Purchase of non-current asset investments
|
(218)
|
(96)
|
|
Disposal of non-current asset investments
|
-
|
73
|
|
Movement in short-term investments, fixed deposits and other
investing instruments
|
122
|
67
|
|
Payments to associates and joint ventures
|
(10)
|
(158)
|
|
Disposal of investments in associates and joint
ventures
|
-
|
13
|
|
Interest received
|
213
|
281
|
|
Net cash outflow from investing activities
|
(5,362)
|
(6,799)
|
|
Net cash inflow before financing activities
|
6,871
|
2,155
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
Proceeds from issue of share capital
|
17
|
15
|
|
Own shares purchased by Employee Benefit Trust
|
(508)
|
(81)
|
|
Payments to acquire non-controlling interests
|
(14)
|
-
|
|
Issue of loans and borrowings
|
9
|
6,492
|
|
Repayment of loans and borrowings
|
(20)
|
(4,647)
|
|
Dividends paid
|
(4,968)
|
(4,626)
|
|
Hedge contracts relating to dividend payments
|
113
|
16
|
|
Repayment of obligations under leases
|
(273)
|
(233)
|
|
Movement in short-term borrowings
|
1,382
|
572
|
|
Payment of Acerta Pharma share purchase liability
|
-
|
(833)
|
|
Net cash outflow from financing activities
|
(4,262)
|
(3,325)
|
|
|
|
|
|
Net increase/(decrease) in Cash and cash equivalents in the
period
|
2,609
|
(1,170)
|
|
Cash and cash equivalents at the beginning of the
period
|
5,429
|
5,637
|
|
Exchange rate effects
|
42
|
(32)
|
|
Cash and cash equivalents at the end of the period
|
8,080
|
4,435
|
|
|
|
|
|
Cash and cash equivalents consist of:
|
|
|
|
Cash and cash equivalents
|
8,143
|
4,797
|
|
Overdrafts
|
(63)
|
(362)
|
|
|
8,080
|
4,435
|
Notes
to the Interim financial statements
Note 1: Basis of preparation and accounting policies
These unaudited Interim financial statements for the nine months
ended 30 September 2025 have been prepared in accordance with
International Accounting Standard 34, 'Interim Financial Reporting'
(IAS 34), as issued by the International Accounting Standards Board
(IASB), IAS 34 as adopted by the European Union, UK-adopted IAS 34
and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority and with the
requirements of the Companies Act 2006 as applicable to companies
reporting under those standards.
The unaudited Interim financial statements for the nine months
ended 30 September 2025 were approved by the Board of Directors for
publication on 6 November 2025.
This results announcement does not constitute statutory accounts of
the Group within the meaning of sections 434(3) and 435(3) of the
Companies Act 2006. The annual financial statements of the Group
for the year ended 31 December 2024 were prepared in accordance
with UK-adopted international accounting standards and with the
requirements of the Companies Act 2006. The annual financial
statements also comply fully with IFRS Accounting Standards as
issued by the IASB and International Accounting Standards as
adopted by the European Union. Except for the estimation of the
interim income tax charge, the Interim financial statements have
been prepared applying the accounting policies that were applied in
the preparation of the Group's published consolidated financial
statements for the year ended 31 December 2024.
The comparative figures for the financial year ended 31 December
2024 are not the Group's statutory accounts for that financial
year. Those accounts have been reported on by the Group's auditors
and have been delivered to the Registrar of Companies; their report
was (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report, and (iii) did not contain a
statement under section 498(2) or (3) of the Companies Act
2006.
Product Revenue
Effective 1 January 2025, the Group has updated the presentation of
Total Revenue on the face of the Statement of Comprehensive Income
to include a new subtotal 'Product Revenue' representing the
summation of Product Sales and Alliance Revenue.
Product Revenue and Collaboration Revenue form Total
Revenue.
Product Sales and Alliance Revenue will continue to be presented
separately, with the new subtotal providing additional aggregation
of revenue types with similar characteristics, reflecting the
growing importance of Alliance Revenue.
Full descriptions of Product Sales, Alliance Revenue and
Collaboration Revenue are included from page 152 of the
Group's Annual Report and Form
20-F Information 2024.
There are no changes to the Revenue accounting policy regarding the
types of transactions recorded in each revenue category. The
comparative period has been retrospectively adjusted to reflect the
additional subtotal, resulting in total Product Revenue being
reported for the nine months ended 30 September 2024 of
$39,074m.
Going concern
The Group has considerable financial resources available. As at 30
September 2025, the Group has $13.0bn in financial resources (cash
and cash equivalent balances of $8.1bn and undrawn committed bank
facilities of $4.9bn that are available until April 2030), with
$6.6bn of borrowings due within one year. These facilities contain
no financial covenants.
The Group has assessed the prospects of the Group over a period
longer than the required 12 months from the date of Board approval
of these consolidated financial statements, with no deterioration
noted requiring a further extension of this review. The Group's
revenues are largely derived from sales of medicines covered by
patents, which provide a relatively high level of resilience and
predictability to cash inflows, although government price
interventions in response to budgetary constraints are expected to
continue to adversely affect revenues in some of our significant
markets. The Group, however, anticipates new revenue streams from
both recently launched medicines and those in development, and the
Group has a wide diversity of customers and suppliers across
different geographic areas.
Consequently, the Directors believe that, overall, the Group is
well placed to manage its business risks successfully. Accordingly,
they continue to adopt the going concern basis in preparing the
Interim financial statements.
Legal proceedings
The information contained in Note 5 updates the disclosures
concerning legal proceedings and contingent liabilities in the
Group's Annual Report and Form
20-F Information 2024.
Note 2: Intangible assets
The acquisition of EsoBiotec completed on 19 May 2025. The
transaction is recorded as an asset acquisition based upon the
concentration test permitted under IFRS 3 'Business Combinations',
with consideration and net assets acquired of $403m, which included
intangible assets acquired of $426m, current payables of $29m, $4m
of cash and cash equivalents and current receivables of $2m.
Contingent consideration of up to $575m could be paid on
achievement of regulatory milestones, those liabilities will be
recorded when the relevant regulatory milestone is
achieved.
Intangible asset additions of $536m in the quarter relate to the
total of net upfront payment made, the present value of
non-contingent future payments and a sales-related payment due to
Merck in connection with the restructuring of arrangements relating
to Koselugo, recorded as an asset acquisition. A
regulatory milestone of $50m, and sales-related payment of $35m
additionally fell due and were capitalised in the quarter. Further
contingent payments of up to $300m could be paid on achievement of
regulatory milestones or on achievement of sales-related
thresholds. Those liabilities
will be recorded when milestones are triggered, or performance
conditions have been satisfied. Sales-related payments are accrued
and capitalised when considered probable with reference to the
latest Group sales forecasts for approved indications at the
present value of expected future cash flows.
Note 3: Net debt
Table 21: Net debt
|
|
At 1 Jan 2025
|
Cash flow
|
Acquisitions
|
Non-cash
and other
|
Exchange
movements
|
At 30 Sep 2025
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
Non-current instalments of loans
|
(26,506)
|
-
|
-
|
2,433
|
(627)
|
(24,700)
|
|
Non-current instalments of leases
|
(1,113)
|
-
|
-
|
(217)
|
(49)
|
(1,379)
|
|
Total long-term debt
|
(27,619)
|
-
|
-
|
2,216
|
(676)
|
(26,079)
|
|
Current instalments of loans
|
(2,007)
|
11
|
-
|
(2,465)
|
-
|
(4,461)
|
|
Current instalments of leases
|
(339)
|
326
|
(1)
|
(346)
|
(19)
|
(379)
|
|
Commercial paper
|
-
|
(1,091)
|
-
|
-
|
-
|
(1,091)
|
|
Collateral received from derivative counterparties
|
(181)
|
(232)
|
-
|
-
|
-
|
(413)
|
|
Other short-term borrowings excluding overdrafts
|
(90)
|
(59)
|
-
|
-
|
3
|
(146)
|
|
Overdrafts
|
(59)
|
(3)
|
-
|
-
|
(1)
|
(63)
|
|
Total current debt
|
(2,676)
|
(1,048)
|
(1)
|
(2,811)
|
(17)
|
(6,553)
|
|
Gross borrowings
|
(30,295)
|
(1,048)
|
(1)
|
(595)
|
(693)
|
(32,632)
|
|
Net derivative financial instruments
|
71
|
(385)
|
-
|
799
|
-
|
485
|
|
Net borrowings
|
(30,224)
|
(1,433)
|
(1)
|
204
|
(693)
|
(32,147)
|
|
Cash and cash equivalents
|
5,488
|
2,492
|
120
|
-
|
43
|
8,143
|
|
Other investments - current
|
166
|
(122)
|
-
|
-
|
(5)
|
39
|
|
Cash and investments
|
5,654
|
2,370
|
120
|
-
|
38
|
8,182
|
|
Net debt
|
(24,570)
|
937
|
119
|
204
|
(655)
|
(23,965)
|
The table above provides an analysis of Net debt and a
reconciliation of Net cash flow to the movement in Net debt. The
Group monitors Net debt as part of its capital management policy as
described in Note 28 of the Annual Report and Form
20-F Information 2024. Net debt
is a non-GAAP financial measure.
Net debt decreased by $605m in the nine months to 30 September 2025
to $23,965m.
Details of the committed undrawn bank facilities are disclosed
within the going concern section of Note 1. Non-cash movements
in the period include fair value adjustments under IFRS 9
'Financial Instruments'.
The Group has agreements with some bank counterparties whereby the
parties agree to post cash collateral on financial derivatives, for
the benefit of the other, equivalent to the market valuation of the
derivative positions above a predetermined threshold. The carrying
value of such cash collateral held by the Group at 30 September
2025 was $413m (31 December 2024: $181m) and the carrying value of
such cash collateral posted by the Group at 30 September 2025 was
$25m (31 December 2024: $129m).
The equivalent GAAP measure to Net debt is 'liabilities arising
from financing activities', which excludes the amounts for cash and
overdrafts, other investments and non-financing derivatives
shown.
During the nine months ended 30 September 2025, Moody's upgraded
the Group's solicited long term credit rating to A1 from A2, which
occurred during Q1 2025. The short-term rating remained at P-1.
There were no changes to Standard and Poor's credit ratings (long
term: A+; short term: A-1).
Note 4: Financial Instruments
As detailed in the Group's most recent annual financial statements,
the principal financial instruments consist of derivative financial
instruments, other investments, trade and other receivables, cash
and cash equivalents, trade and other payables, lease liabilities
and interest-bearing loans and borrowings.
The Group has certain equity investments that are categorised as
Level 3 in the fair value hierarchy that are held at $539m
(31 December 2024: $353m) and for which a fair value loss of
$47m has been recognised in the nine months ended 30 September 2025
(9M 2024: $nil). In the absence of specific market data, these
unlisted investments are held at fair value based on the cost of
investment and adjusted as necessary for impairments and
revaluations on new funding rounds, which are seen to approximate
the fair value. All other fair value gains and/or losses that are
presented in Net gains/(losses) on equity investments measured at
fair value through other comprehensive income, in the Condensed
consolidated statement of comprehensive income for the nine months
ended 30 September 2025 are Level 1 fair value measurements,
valued based on quoted prices in active markets.
Financial instruments measured at fair value include $2,004m of
other investments, $6,732m held in money-market funds and $485m of
derivatives as at 30 September 2025. With the exception of
derivatives being Level 2 fair valued, and certain equity
instruments of $539m categorised as Level 3, the aforementioned
balances are Level 1 fair valued. Financial instruments measured at
amortised cost include $25m of cash collateral pledged to
counterparties. The total fair value of Interest-bearing loans and
borrowings as at 30 September 2025, which have a carrying value of
$32,632m in the Condensed consolidated statement of financial
position, was $32,275m.
Contingent consideration arising from business combinations is fair
valued using decision-tree analysis, with key inputs including the
probability of success, consideration of potential delays and the
expected levels of future revenues.
The contingent consideration balance relating to BMS's share of the
global diabetes alliance of $523m (31 December 2024: $1,309m)
would increase/decrease by $52m with an increase/decrease in sales
of 10%, as compared with the current estimates.
Table 22: Contingent consideration
|
|
2025
|
2024
|
||
|
|
Diabetes alliance
$m
|
Other
$m
|
Total
$m
|
Total
$m
|
|
At 1 January
|
1,309
|
442
|
1,751
|
2,137
|
|
Additions through business combinations
|
-
|
-
|
-
|
198
|
|
Settlements
|
(787)
|
(110)
|
(897)
|
(737)
|
|
Revaluations
|
(30)
|
1
|
(29)
|
252
|
|
Discount unwind
|
31
|
15
|
46
|
85
|
|
At 30 September
|
523
|
348
|
871
|
1,935
|
Note 5: Legal proceedings and contingent liabilities
AstraZeneca is involved in various legal proceedings considered
typical to its business, including litigation and investigations,
including Government investigations, relating to product liability,
commercial disputes, infringement of intellectual property (IP)
rights, the validity of certain patents, anti-trust law and sales
and marketing practices.
The matters discussed below constitute the more significant
developments since publication of the disclosures concerning legal
proceedings in the Company's Annual Report and Form 20-F
Information 2024 and the Interim Financial Statements for the six
months ended 30 June 2025 (the Disclosures). Information about the
nature and facts of the cases is disclosed in accordance with IAS
37 'Provisions, Contingent Liabilities and Contingent
Assets'.
As discussed in the Disclosures, the majority of claims involve
highly complex issues. Often these issues are subject to
substantial uncertainties and, therefore, the probability of a
loss, if any, being sustained and/or an estimate of the amount of
any loss is difficult to ascertain.
In cases that have been settled or adjudicated, or where
quantifiable fines and penalties have been assessed and which are
not subject to appeal, or where a loss is probable and we are able
to make a reasonable estimate of the loss, AstraZeneca records the
loss absorbed or makes a provision for its best estimate of the
expected loss. The position could change over time and the
estimates that the Company made, and upon which the Company have
relied in calculating these provisions are inherently imprecise.
There can, therefore, be no assurance that any losses that result
from the outcome of any legal proceedings will not exceed the
amount of the provisions that have been booked in the accounts. The
major factors causing this uncertainty are described more fully in
the Disclosures and herein.
AstraZeneca has full confidence in, and will vigorously defend and
enforce, its IP.
Matters disclosed in respect of the third quarter of 2025 and to 6
November 2025
Table 23: Patent litigation
Legal proceedings brought against AstraZeneca
|
Factor Bioscience patent proceedings, US
Considered to be a contingent liability
|
∗In
September 2025, Factor Bioscience Inc. (Factor) filed a complaint
against AstraZeneca, and others in the U.S. District Court for the
District of Delaware, alleging infringement of several Factor
patents related to technology for producing gene-edited cells using
synthetic messenger ribonucleic acid (mRNA) molecules encoding
transcription activator-like effector nuclease (TALEN) gene-editing
proteins.
∗The
complaint alleges that certain drug research, design and
development activities by AstraZeneca and others infringe Factor's
patents.
|
|
Forxiga patent proceedings, UK
Matter concluded
|
∗In the
UK, one of AstraZeneca's patents relating
to Forxiga was challenged by Generics (UK) Limited,
Teva Pharmaceutical Industries Limited, and Glenmark
Pharmaceuticals Europe Limited.
∗Trial
regarding patent validity occurred in March 2025. In April 2025,
the UK Patents Court held the patent invalid. AstraZeneca appealed
the decision. In July 2025, the UK Court of Appeal dismissed
AstraZeneca's appeal and upheld the lower court's invalidity
decision. AstraZeneca's application for permission to appeal to the
UK Supreme Court was denied.
∗In
March 2025 and onward, AstraZeneca obtained injunctions against
generic manufacturers' at-risk sales of dapagliflozin products in
the UK. All injunctions have since been lifted.
∗This
matter has concluded.
|
Legal proceedings brought by AstraZeneca
|
Lynparza patent proceedings,
Canada
Considered to be a contingent asset
|
∗In July
2025, AstraZeneca was served with a Notice of Allegation from Cipla
Ltd. challenging a patent relating to Lynparza.
∗AstraZeneca commenced an action in response in
August 2025. Trial is scheduled to begin in April
2027.
∗In
August 2025, AstraZeneca was served with a Notice of Allegation
from Natco Pharma (Canada) Inc. challenging a patent relating
to Lynparza.
∗AstraZeneca commenced an action in response in
October 2025. No trial date has been set.
|
|
Soliris patent proceedings, UK
Considered to be a contingent asset
|
∗In May
2024, AstraZeneca initiated patent infringement proceedings against
Amgen Ltd. and Samsung Bioepis UK Limited (Samsung) in the UK High
Court of Justice alleging that their respective biosimilar
eculizumab products infringe an AstraZeneca patent; on the same
day, Samsung initiated a revocation action for the same
patent.
∗Trial
was held in March 2025. In May 2025, the UK court issued a
decision finding AstraZeneca's patent invalid and not
infringed.
∗In
August 2025, AstraZeneca appealed.
|
|
Tagrisso patent proceedings,
Russia
Considered to be a contingent asset
|
∗In
August 2023, AstraZeneca filed lawsuits in the Arbitration Court of
the Moscow region (Court) against the Russian Ministry of Health
(MOH) and Axelpharm LLC (Axelpharm) for improper use of
AstraZeneca's information in the authorisation of a generic version
of Tagrisso. The suit against the MOH was dismissed in July
2024, after two appeals. The case against Axelpharm was dismissed
in September 2024, and AstraZeneca has
appealed.
∗In
November 2023, Axelpharm sought a compulsory licence under a patent
related to Tagrisso; the action remains pending. The Axelpharm patent
on which the compulsory licensing action was based was held invalid
by the Russian Patent and Trademark Office (PTO) in August 2024
following a challenge by AstraZeneca. The PTO's decision was upheld
in June 2025, following an appeal by Axelpharm. In August 2025,
Axelpharm filed a further appeal before the Presidium of the
Intellectual Property Court and that appeal will be heard in
November 2025.
∗In July
2024, AstraZeneca filed a patent infringement claim against
Axelpharm in relation to a generic version
of Tagrisso. The action was stayed by the Court pending
resolution of the compulsory licensing action.
∗In
August 2024, after AstraZeneca filed a complaint, the Federal
Anti-Monopoly Service of Russia (FAS) initiated a case against
Axelpharm and OncoTarget LLC (OncoTarget). In November 2024, the
FAS found Axelpharm to have committed unfair competition, but not
OncoTarget. Axelpharm's appeal against the FAS's finding was upheld
in June 2025. AstraZeneca appealed against the ruling in June 2025
and a hearing has been scheduled before the Ninth Arbitration
Appellate Court in December 2025.
|
Table 24: Commercial litigation
Legal proceedings brought against AstraZeneca
|
340B Antitrust litigation, US
Considered to be a contingent liability
|
∗In
September 2021, AstraZeneca was served with a class-action
antitrust complaint filed in the US District Court for the Western
District of New York (District Court) by Mosaic Health alleging a
conspiracy to restrict access to 340B discounts in the diabetes
market through contract pharmacies.
∗In
September 2022, the District Court granted AstraZeneca's motion to
dismiss the complaint. In February 2024, the District Court denied
Plaintiffs' request to file an amended complaint and entered an
order closing the matter. In March 2024, Plaintiffs filed an
appeal.
∗In
August 2025, the US Court of Appeals for the Second Circuit
reversed the District Court's decision.
∗AstraZeneca and the other defendants have filed a
motion for reconsideration.
|
|
Seroquel
XR Antitrust Litigation,
US
Matter concluded
|
∗In
2019, AstraZeneca was named in several related complaints now
proceeding in US District Court in Delaware (District Court),
including several putative class action lawsuits that were
purportedly brought on behalf of classes of direct purchasers or
end payors of Seroquel XR, that allege AstraZeneca and generic drug
manufacturers violated US antitrust laws when settling patent
litigation related to Seroquel XR.
∗In July
2022, the District Court dismissed claims relating to one of the
generic manufacturers while allowing claims relating to the second
generic manufacturer to proceed.
∗In
September 2024, AstraZeneca reached a settlement agreement with one
of the plaintiff classes which the court
approved.
∗In May
2025, AstraZeneca resolved the matter with all remaining plaintiffs
for a total payment of $97m. In September of 2025, the Court
approved the class-related portion of the
settlement.
∗The
matter is now concluded.
|
Table 25: Government investigations and
proceedings
Legal proceedings brought against AstraZeneca
|
Shenzhen Bay Customs Office, China
Considered to be a contingent liability
|
∗In
relation to the alleged unpaid importation taxes, in October 2025,
AstraZeneca received a final appraisal notice, which supersedes the
previously-disclosed appraisal notices, from the Shenzhen Bay
Customs Office stating that the total amount of unpaid tax,
inclusive of the previously-disclosed amounts, is RMB 24 million
(approximately $3.5m).
∗To the
best of AstraZeneca's knowledge, the importation taxes referred to
in the appraisal notice relate to Enhertu, Imfinzi and Imjudo.
∗AstraZeneca has since prepaid the full amount as
voluntary compensation to the State.
∗A fine
of between one and five times the amount of these paid importation
taxes may also be levied if AstraZeneca is found
liable.
|
Legal proceedings brought by AstraZeneca
|
340B State litigation, US
Considered to be a contingent asset
|
∗AstraZeneca has filed lawsuits against Arkansas,
Colorado, Hawaii, Kansas, Louisiana, Maine, Maryland, Minnesota,
Mississippi, Missouri, Nebraska, North Dakota, Oklahoma, South
Dakota, Tennessee, Utah, and West Virginia challenging the
constitutionality of each state's 340B statute.
∗In
Arkansas, AstraZeneca moved for summary judgment in August 2025,
and the Court denied the intervenor's motion to dismiss in
September 2025 finding AstraZeneca's claims were distinct from the
claims in the prior PhRMA litigation. Trial is scheduled for
February 2026.
∗In
Colorado, AstraZeneca filed a complaint in August 2025 and a motion
for a preliminary injunction in October 2025.
∗In
Hawaii, AstraZeneca filed a complaint in August 2025 and a motion
for a preliminary injunction in September 2025.
∗In
Louisiana, the Louisiana Department of Justice sent AstraZeneca a
Civil Investigative Demand in September 2025 for alleged
non-compliance with Louisiana's 340B Statute.
∗In
Maine, AstraZeneca filed a complaint in September
2025.
∗In
North Dakota, AstraZeneca filed a complaint in August
2025.
∗In
Oklahoma, AstraZeneca filed a complaint and a motion for a
preliminary injunction in October 2025. Later in October, the court
granted AstraZeneca's motion for a preliminary
injunction.
∗In
South Dakota, AstraZeneca filed a complaint in August
2025.
∗In
Tennessee, AstraZeneca filed a complaint in August
2025.
|
|
Inflation Reduction Act Litigation, US
Considered to be a contingent asset
|
∗In
August 2023, AstraZeneca filed a lawsuit in the US District Court
for the District of Delaware (District Court) against the US
Department of Health and Human Services (HHS) challenging aspects
of the drug price negotiation provisions of the Inflation Reduction
Act and the implementing guidance and regulations. In March 2024,
the District Court granted HHS' motions and dismissed AstraZeneca's
lawsuit.
∗In May
2025, the US Court of Appeals for the Third Circuit affirmed the
District Court's dismissal of AstraZeneca's
challenge.
∗In
September 2025, AstraZeneca sought review by the US Supreme
Court.
|
Other
Additional government inquiries
As is true for most, if not all, major prescription pharmaceutical
companies, AstraZeneca is currently involved in multiple inquiries
into drug marketing and pricing practices. In addition to the
investigations described above, various law enforcement offices
have, from time to time, requested information from the Group.
There have been no material developments in those
matters.
Note 6: Subsequent events
On 22 October 2025, AstraZeneca, by exercise of an option,
completed the acquisition of the remaining share capital of
SixPeaks Bio AG (SixPeaks), following an initial investment of $15m
made in Q2 2024. $170m was paid on closing, $30m to be paid after
two years and up to a further $100m is payable on achievement of
regulatory milestones, which will be accrued for at its present
value. These payments will be recognised in equity as SixPeaks has
been consolidated as a subsidiary due to AstraZeneca's control
since the initial equity investment in Q2 2024.
Note 7: Analysis of Revenue and Other operating income and
expense
Table 26: Product Sales year-on-year analysis: 9M
2025
|
For the nine
months
|
World
|
US
|
Emerging Markets
|
Europe
|
Established RoW
|
|||||||||
|
ended 30 September
|
|
Change
|
|
Change
|
|
Change
|
|
Change
|
|
Change
|
||||
|
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
CER %
|
|
Tagrisso
|
5,352
|
10
|
10
|
2,222
|
11
|
1,509
|
11
|
13
|
1,030
|
8
|
5
|
591
|
5
|
5
|
|
Imfinzi
|
4,317
|
25
|
25
|
2,484
|
32
|
463
|
27
|
33
|
879
|
26
|
24
|
491
|
(6)
|
(7)
|
|
Calquence
|
2,551
|
10
|
10
|
1,702
|
5
|
164
|
41
|
48
|
569
|
16
|
14
|
116
|
18
|
20
|
|
Lynparza
|
2,401
|
8
|
7
|
1,054
|
10
|
487
|
2
|
4
|
667
|
9
|
7
|
193
|
3
|
3
|
|
Enhertu
|
685
|
73
|
76
|
-
|
-
|
476
|
84
|
90
|
146
|
59
|
56
|
63
|
34
|
38
|
|
Zoladex
|
852
|
4
|
6
|
13
|
17
|
661
|
6
|
9
|
112
|
1
|
(1)
|
66
|
(10)
|
(9)
|
|
Truqap
|
495
|
85
|
85
|
413
|
59
|
16
|
n/m
|
n/m
|
45
|
n/m
|
n/m
|
21
|
n/m
|
n/m
|
|
Imjudo
|
253
|
22
|
21
|
165
|
23
|
17
|
56
|
60
|
36
|
37
|
35
|
35
|
(5)
|
(6)
|
|
Other Oncology
|
322
|
(10)
|
(9)
|
6
|
(60)
|
215
|
(7)
|
(5)
|
15
|
(13)
|
(15)
|
86
|
(7)
|
(9)
|
|
Oncology
|
17,228
|
15
|
15
|
8,059
|
17
|
4,008
|
16
|
19
|
3,499
|
17
|
14
|
1,662
|
3
|
2
|
|
Farxiga
|
6,341
|
11
|
11
|
1,244
|
(3)
|
2,623
|
18
|
21
|
2,147
|
13
|
10
|
327
|
3
|
3
|
|
Crestor
|
941
|
5
|
6
|
36
|
9
|
808
|
11
|
12
|
1
|
(98)
|
(98)
|
96
|
(5)
|
(6)
|
|
Brilinta
|
665
|
(33)
|
(33)
|
326
|
(40)
|
203
|
(13)
|
(12)
|
129
|
(36)
|
(37)
|
7
|
(46)
|
(44)
|
|
Lokelma
|
517
|
32
|
31
|
226
|
25
|
99
|
47
|
49
|
91
|
37
|
34
|
101
|
30
|
28
|
|
Seloken
|
468
|
1
|
3
|
-
|
n/m
|
451
|
-
|
3
|
14
|
44
|
41
|
3
|
(5)
|
(2)
|
|
Roxadustat
|
227
|
(12)
|
(11)
|
-
|
-
|
227
|
(12)
|
(11)
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Wainua
|
143
|
n/m
|
n/m
|
137
|
n/m
|
4
|
-
|
-
|
2
|
-
|
-
|
-
|
-
|
-
|
|
Other CVRM
|
418
|
(24)
|
(24)
|
44
|
(69)
|
208
|
12
|
13
|
119
|
(31)
|
(31)
|
47
|
(9)
|
(10)
|
|
CVRM
|
9,720
|
4
|
5
|
2,013
|
(9)
|
4,623
|
12
|
14
|
2,503
|
5
|
3
|
581
|
3
|
2
|
|
Symbicort
|
2,180
|
(1)
|
-
|
903
|
2
|
624
|
(4)
|
(3)
|
406
|
(2)
|
(4)
|
247
|
3
|
5
|
|
Fasenra
|
1,451
|
19
|
19
|
886
|
18
|
81
|
18
|
22
|
351
|
19
|
17
|
133
|
26
|
27
|
|
Breztri
|
906
|
26
|
26
|
462
|
26
|
239
|
20
|
21
|
136
|
34
|
31
|
69
|
31
|
31
|
|
Tezspire
|
317
|
89
|
87
|
-
|
-
|
24
|
n/m
|
n/m
|
207
|
98
|
93
|
86
|
55
|
55
|
|
Pulmicort
|
357
|
(31)
|
(30)
|
4
|
(74)
|
280
|
(34)
|
(33)
|
46
|
(10)
|
(11)
|
27
|
3
|
5
|
|
Saphnelo
|
483
|
48
|
47
|
421
|
43
|
10
|
98
|
99
|
34
|
97
|
92
|
18
|
61
|
58
|
|
Airsupra
|
115
|
n/m
|
n/m
|
113
|
n/m
|
2
|
n/m
|
n/m
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Other R&I
|
211
|
(13)
|
(13)
|
67
|
-
|
95
|
(26)
|
(25)
|
44
|
3
|
1
|
5
|
(5)
|
(3)
|
|
R&I
|
6,020
|
11
|
11
|
2,856
|
18
|
1,355
|
(9)
|
(7)
|
1,224
|
19
|
17
|
585
|
18
|
19
|
|
Beyfortus
|
222
|
18
|
19
|
137
|
(8)
|
-
|
-
|
-
|
83
|
n/m
|
n/m
|
2
|
n/m
|
n/m
|
|
Synagis
|
220
|
(36)
|
(35)
|
(2)
|
9
|
160
|
(5)
|
(1)
|
37
|
(54)
|
(54)
|
25
|
(75)
|
(75)
|
|
FluMist
|
132
|
21
|
19
|
20
|
(23)
|
1
|
n/m
|
n/m
|
82
|
34
|
30
|
29
|
34
|
35
|
|
Other V&I
|
-
|
n/m
|
n/m
|
-
|
-
|
-
|
n/m
|
n/m
|
-
|
n/m
|
n/m
|
-
|
n/m
|
n/m
|
|
V&I
|
574
|
(16)
|
(15)
|
155
|
(23)
|
161
|
(4)
|
-
|
202
|
7
|
5
|
56
|
(54)
|
(54)
|
|
Ultomiris
|
3,453
|
22
|
21
|
1,961
|
20
|
177
|
92
|
n/m
|
769
|
18
|
16
|
546
|
17
|
16
|
|
Soliris
|
1,436
|
(30)
|
(28)
|
844
|
(28)
|
327
|
(11)
|
(2)
|
159
|
(54)
|
(55)
|
106
|
(35)
|
(34)
|
|
Strensiq
|
1,188
|
19
|
19
|
953
|
17
|
61
|
58
|
61
|
89
|
22
|
19
|
85
|
23
|
21
|
|
Koselugo
|
498
|
36
|
34
|
157
|
-
|
188
|
75
|
70
|
115
|
56
|
53
|
38
|
36
|
35
|
|
Other Rare Disease
|
177
|
18
|
18
|
83
|
15
|
37
|
54
|
57
|
50
|
6
|
4
|
7
|
13
|
12
|
|
Rare Disease
|
6,752
|
6
|
6
|
3,998
|
4
|
790
|
26
|
32
|
1,182
|
(1)
|
(3)
|
782
|
7
|
6
|
|
Nexium
|
626
|
(7)
|
(5)
|
53
|
(30)
|
476
|
4
|
6
|
31
|
(22)
|
(24)
|
66
|
(31)
|
(31)
|
|
Other
|
115
|
(26)
|
(25)
|
(4)
|
n/m
|
88
|
(17)
|
(16)
|
27
|
(23)
|
(22)
|
4
|
37
|
28
|
|
Other Medicines
|
741
|
(10)
|
(9)
|
49
|
(43)
|
564
|
-
|
2
|
58
|
(23)
|
(23)
|
70
|
(29)
|
(29)
|
|
Total Medicines
|
41,035
|
9
|
9
|
17,130
|
10
|
11,501
|
10
|
13
|
8,668
|
10
|
8
|
3,736
|
3
|
3
|
The table provides an analysis of year-on-year Product Sales, with
Actual and CER growth rates reflecting year-on-year
growth.
Table 27: Product Sales year-on-year analysis: Q3
2025
|
For the quarter
|
World
|
US
|
Emerging Markets
|
Europe
|
Established RoW
|
|||||||||
|
ended 30 September
|
|
Change
|
|
Change
|
|
Change
|
|
Change
|
|
Change
|
||||
|
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
CER %
|
|
Tagrisso
|
1,864
|
11
|
10
|
784
|
10
|
501
|
12
|
12
|
372
|
13
|
7
|
207
|
11
|
8
|
|
Imfinzi
|
1,601
|
33
|
31
|
912
|
34
|
169
|
41
|
44
|
342
|
45
|
37
|
178
|
6
|
3
|
|
Calquence
|
916
|
13
|
11
|
612
|
7
|
61
|
49
|
45
|
200
|
19
|
12
|
43
|
29
|
30
|
|
Lynparza
|
837
|
7
|
5
|
365
|
5
|
164
|
6
|
4
|
242
|
13
|
7
|
66
|
7
|
5
|
|
Enhertu
|
257
|
73
|
75
|
-
|
-
|
184
|
89
|
94
|
52
|
50
|
44
|
21
|
30
|
32
|
|
Zoladex
|
285
|
7
|
6
|
4
|
21
|
219
|
6
|
7
|
40
|
20
|
13
|
22
|
(8)
|
(9)
|
|
Truqap
|
193
|
55
|
54
|
159
|
33
|
7
|
n/m
|
n/m
|
18
|
n/m
|
n/m
|
9
|
n/m
|
n/m
|
|
Imjudo
|
84
|
16
|
14
|
55
|
18
|
6
|
52
|
45
|
13
|
29
|
21
|
10
|
(13)
|
(16)
|
|
Other Oncology
|
106
|
(9)
|
(10)
|
2
|
(52)
|
69
|
(7)
|
(7)
|
5
|
(6)
|
(11)
|
30
|
(9)
|
(12)
|
|
Oncology
|
6,143
|
18
|
17
|
2,893
|
16
|
1,380
|
21
|
21
|
1,284
|
24
|
17
|
586
|
9
|
7
|
|
Farxiga
|
2,134
|
10
|
8
|
441
|
7
|
893
|
19
|
18
|
698
|
4
|
(2)
|
102
|
(4)
|
(5)
|
|
Crestor
|
305
|
1
|
(1)
|
12
|
5
|
262
|
4
|
3
|
-
|
n/m
|
n/m
|
31
|
2
|
(1)
|
|
Brilinta
|
146
|
(55)
|
(56)
|
55
|
(71)
|
66
|
-
|
(1)
|
23
|
(66)
|
(68)
|
2
|
(59)
|
(62)
|
|
Lokelma
|
189
|
32
|
30
|
82
|
25
|
36
|
42
|
41
|
35
|
39
|
31
|
36
|
37
|
32
|
|
Seloken
|
160
|
6
|
6
|
-
|
n/m
|
153
|
5
|
5
|
6
|
62
|
47
|
1
|
3
|
5
|
|
Roxadustat
|
77
|
(17)
|
(18)
|
-
|
-
|
77
|
(17)
|
(18)
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Wainua
|
59
|
n/m
|
n/m
|
55
|
n/m
|
3
|
-
|
-
|
1
|
-
|
-
|
-
|
-
|
-
|
|
Other CVRM
|
144
|
(18)
|
(19)
|
17
|
(56)
|
69
|
8
|
8
|
43
|
(15)
|
(18)
|
15
|
(32)
|
(34)
|
|
CVRM
|
3,214
|
2
|
-
|
662
|
(10)
|
1,559
|
12
|
11
|
806
|
(2)
|
(8)
|
187
|
(2)
|
(4)
|
|
Symbicort
|
742
|
5
|
4
|
305
|
5
|
224
|
10
|
10
|
135
|
4
|
(2)
|
78
|
(5)
|
(4)
|
|
Fasenra
|
530
|
22
|
20
|
330
|
21
|
28
|
5
|
7
|
122
|
20
|
13
|
50
|
41
|
39
|
|
Breztri
|
323
|
21
|
20
|
167
|
17
|
83
|
22
|
20
|
49
|
33
|
25
|
24
|
24
|
23
|
|
Tezspire
|
119
|
75
|
66
|
-
|
-
|
8
|
n/m
|
n/m
|
79
|
82
|
70
|
32
|
47
|
43
|
|
Pulmicort
|
93
|
(33)
|
(35)
|
-
|
n/m
|
72
|
(34)
|
(36)
|
12
|
(15)
|
(19)
|
9
|
(6)
|
(6)
|
|
Saphnelo
|
180
|
45
|
44
|
156
|
42
|
4
|
8
|
5
|
13
|
83
|
72
|
7
|
94
|
83
|
|
Airsupra
|
45
|
n/m
|
n/m
|
43
|
n/m
|
2
|
n/m
|
n/m
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Other R&I
|
53
|
(26)
|
(26)
|
12
|
(12)
|
24
|
(43)
|
(42)
|
15
|
15
|
9
|
2
|
(8)
|
(8)
|
|
R&I
|
2,085
|
14
|
12
|
1,013
|
19
|
445
|
(3)
|
(3)
|
425
|
23
|
16
|
202
|
16
|
15
|
|
Beyfortus
|
94
|
(30)
|
(29)
|
35
|
(63)
|
-
|
-
|
-
|
59
|
53
|
53
|
-
|
-
|
-
|
|
Synagis
|
58
|
(37)
|
(40)
|
(1)
|
n/m
|
39
|
6
|
4
|
11
|
(14)
|
(24)
|
9
|
(80)
|
(80)
|
|
FluMist
|
122
|
21
|
20
|
20
|
(12)
|
1
|
n/m
|
n/m
|
82
|
46
|
42
|
19
|
(12)
|
(11)
|
|
Other V&I
|
-
|
n/m
|
n/m
|
-
|
n/m
|
-
|
-
|
-
|
-
|
n/m
|
n/m
|
-
|
-
|
-
|
|
V&I
|
274
|
(23)
|
(24)
|
54
|
(63)
|
40
|
7
|
7
|
152
|
41
|
37
|
28
|
(57)
|
(57)
|
|
Ultomiris
|
1,225
|
19
|
17
|
690
|
16
|
64
|
n/m
|
n/m
|
271
|
14
|
8
|
200
|
18
|
15
|
|
Soliris
|
462
|
(24)
|
(24)
|
276
|
(24)
|
102
|
(8)
|
(5)
|
47
|
(46)
|
(49)
|
37
|
(24)
|
(24)
|
|
Strensiq
|
441
|
29
|
28
|
369
|
29
|
11
|
45
|
38
|
32
|
26
|
18
|
29
|
21
|
17
|
|
Koselugo
|
224
|
88
|
79
|
51
|
(7)
|
113
|
n/m
|
n/m
|
44
|
53
|
44
|
16
|
55
|
52
|
|
Other Rare Disease
|
64
|
31
|
26
|
29
|
14
|
17
|
n/m
|
n/m
|
16
|
(5)
|
(10)
|
2
|
20
|
16
|
|
Rare Disease
|
2,416
|
12
|
11
|
1,415
|
7
|
307
|
76
|
73
|
410
|
4
|
(2)
|
284
|
12
|
9
|
|
Nexium
|
200
|
(5)
|
(5)
|
16
|
(45)
|
143
|
2
|
3
|
14
|
1
|
(3)
|
27
|
(4)
|
(6)
|
|
Other
|
33
|
(39)
|
(38)
|
(7)
|
n/m
|
29
|
(26)
|
(26)
|
9
|
7
|
13
|
2
|
n/m
|
n/m
|
|
Other Medicines
|
233
|
(12)
|
(12)
|
9
|
(73)
|
172
|
(4)
|
(3)
|
23
|
4
|
3
|
29
|
-
|
(4)
|
|
Total Medicines
|
14,365
|
11
|
9
|
6,046
|
8
|
3,903
|
15
|
15
|
3,100
|
14
|
7
|
1,316
|
5
|
3
|
The table provides an analysis of year-on-year Product Sales, with
Actual and CER growth rates reflecting year-on-year
growth.
Table 28: Alliance Revenue: 9M 2025
|
For the nine
months ended 30
September
|
2025
$m
|
2024
$m
|
|
Enhertu
|
1,291
|
1,045
|
|
Tezspire
|
453
|
303
|
|
Beyfortus
|
252
|
75
|
|
Datroway
|
38
|
-
|
|
Other Alliance Revenue
|
74
|
75
|
|
Total
|
2,108
|
1,498
|
Table 29: Collaboration Revenue: 9M 2025
|
For the nine
months ended 30
September
|
2025
$m
|
2024
$m
|
|
Farxiga: sales
milestones
|
81
|
52
|
|
Beyfortus: sales
milestones
|
-
|
56
|
|
Other Collaboration Revenue
|
12
|
-
|
|
Total
|
93
|
108
|
Table 30: Other operating income and expense: 9M
2025
|
For the nine
months ended 30
September
|
2025
$m
|
2024
$m
|
|
Total
|
281
|
152
|
Other
shareholder information
Financial calendar
Announcement of FY and Q4 2025 results: 10 February
2026
Dividend payment dates
Dividends are normally paid as follows:
First interim: Announced
with the half year results and paid in September
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and paid in March
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contacts, click
here.
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|
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|
Registrar andtransfer office*
|
Swedish Central Securities Depository
|
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|
|
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Cambridge
CB2 0AA
|
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|
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SE-101 23 Stockholm
|
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P.O. Box 64504
St. Paul
MN 55164-0504
|
|
UK
|
UK
|
Sweden
|
US
|
|
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|
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|
+46 (0) 8 402 9000
|
+1 (888) 697 8018 (US only)
|
|
|
+44 (0) 121 415 7033
|
|
+1 (651) 453 2128
|
* A change of registrar will take effect on
Monday, 17th November 2025. Computershare Investor Services PLC
will be appointed as the new registrar, replacing Equiniti Limited.
Shareholders can contact Computershare by phone on 0370 707 1682
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Trademarks
Trademarks of the AstraZeneca group of companies appear throughout
this document in italics. Medical publications also appear
throughout the document in italics. AstraZeneca, the AstraZeneca
logotype and the AstraZeneca symbol are all trademarks of the
AstraZeneca group of companies. Trademarks of companies other than
AstraZeneca that appear in this document
include: Beyfortus, a trademark of Sanofi Pasteur
Inc.; Enhertu and Datroway, trademarks of Daiichi
Sankyo; Seloken, owned by AstraZeneca or Taiyo Pharma Co., Ltd
(depending on geography); Synagis, owned by AstraZeneca or Sobi aka Swedish Orphan
Biovitrum AB (publ). (depending on geography);
and Tezspire, a trademark of Amgen, Inc.
Information on or accessible through AstraZeneca's websites,
including astrazeneca.com,
does not form part of and is not incorporated into this
announcement.
AstraZeneca
AstraZeneca (LSE/STO/Nasdaq: AZN) is a global, science-led
biopharmaceutical company that focuses on the discovery,
development, and commercialisation of prescription medicines in
Oncology, Rare Disease, and BioPharmaceuticals, including
Cardiovascular, Renal & Metabolism, and Respiratory &
Immunology. Based in Cambridge, UK, AstraZeneca operates in over
100 countries and its innovative medicines are used by millions of
patients worldwide. Please visit astrazeneca.com and
follow the Company on Social Media @AstraZeneca.
Cautionary statements regarding forward-looking
statements
In order, among other things, to utilise the 'safe harbour' provisions of the US Private Securities Litigation Reform
Act of 1995, AstraZeneca (hereafter 'the Group') provides the
following cautionary statement:
This document contains certain forward-looking statements with
respect to the operations, performance and
financial condition of the Group, including,
among other things, statements about
expected revenues, margins,
earnings per share or other financial or other measures. Although the Group believes its expectations are based
on reasonable assumptions, any forward-looking statements, by their
very nature, involve risks and uncertainties and may be influenced
by factors that could cause actual outcomes and results to be
materially different from those predicted. The forward-looking
statements reflect knowledge and information available at
the date of preparation of this document and the Group undertakes no obligation to update these forward-looking
statements. The Group identifies the forward-looking statements by
using the words 'anticipates', 'believes', 'expects',
'intends' and similar expressions in such statements. Important factors that could cause actual results
to differ materially from those contained in forward-looking statements,
certain of which are beyond the Group's
control, include, among other things:
- the
risk of failure or delay in delivery of pipeline or launch of new
medicines;
- the
risk of failure to meet regulatory or ethical requirements for
medicine development or approval;
- the
risk of failures or delays in the quality or execution of the
Group's commercial strategies;
- the
risk of pricing, affordability, access and competitive
pressures;
- the
risk of failure to maintain supply of compliant, quality
medicines;
- the
risk of illegal trade in the Group's medicines;
- the
impact of reliance on third-party goods and
services;
- the
risk of failure in information technology or
cybersecurity;
- the
risk of failure of critical processes;
- the
risk of failure to collect and manage data and artificial
intelligence in line with legal and regulatory requirements and
strategic objectives;
- the
risk of failure to attract, develop, engage and retain a diverse,
talented and capable workforce;
- the
risk of failure to meet our sustainability targets, regulatory
requirements and stakeholder expectations with respect to the
environment;
- the
risk of the safety and efficacy of marketed medicines being
questioned;
- the
risk of adverse outcome of litigation and/or governmental
investigations;
- intellectual
property risks related to the Group's products;
- the
risk of failure to achieve strategic plans or meet targets or
expectations;
- the
risk of geopolitical and/or macroeconomic volatility disrupting the
operation of our global business;
- the
risk of failure in internal control, financial reporting or the
occurrence of fraud; and
- the
risk of unexpected deterioration in the Group's financial
position.
Glossary
1L,
2L,
etc
first line, second line, etc
aHUS
Atypical haemolytic uraemic syndrome
BCG
Bacillus Calmette-Guérin therapy
BRCA
/
m
Breast cancer gene / mutation
BTC
Biliary tract cancer
BTKi
Bruton tyrosine kinase inhibitor
CER
Constant exchange rates
CHMP
Committee for Medicinal Products for Human Use (EU)
CI
Confidence interval
CKD
Chronic kidney disease
CLL
Chronic lymphocytic leukaemia
CN
China
COPD
Chronic obstructive pulmonary disease
CRSwNP
Chronic rhinosinusitis with nasal polyps
CTx
Chemotherapy
CVRM
Cardiovascular, Renal and Metabolism
EBITDA
Earnings before interest, tax, depreciation and
amortisation
EGFR
/
m
Epidermal growth factor receptor gene / mutation
EGPA
Eosinophilic granulomatosis with polyangiitis
EPS
Earnings per share
ESC
European Society of Cardiology
ESMO
European Society for Medical Oncology
EVH
Extravascular haemolysis
FDC
Fixed dose combination
FLOT
Fluorouracil, oxaliplatin and docetaxel
GEJ
Gastro oesophageal junction
GI
Gastrointestinal
GLP-1
glucagon-like peptide-1 receptor
gMG
Generalised myasthenia gravis
HCC
Hepatocellular carcinoma
HER2
/ +/- /low /m Human
epidermal growth factor receptor 2 gene / positive / negative / low
expression / gene mutant
HES
Hyper-eosinophilic syndrome
HF/
pEF / rEF
Heart failure / with preserved ejection fraction / with reduced
ejection fraction
HR
/ + /
-
Hormone receptor / positive / negative
IASLC
International Association for the Study of Lung Cancer
ICS
Inhaled corticosteroid
IHC
Immunohistochemistry
IL-5
Interleukin-5
IO
Immuno-oncology
ISH
In situ hybridization
JP
Japan
LABA
Long-acting beta-agonist
LAMA
Long-acting muscarinic-agonist
mBC
Metastatic breast cancer
MCL
Mantle cell lymphoma
mCRPC
Metastatic castration-resistant prostate cancer
MEK
An enzyme that drives NF1-PN disease
MG-ADL
Myasthenia Gravis Activities of Daily Living
n/m
Growth rate not meaningful
NF1-PN
Neurofibromatosis type 1 plexiform neurofibromas
NMOSD
Neuromyelitis optica spectrum disorder
NRDL
National reimbursement drug list
NSCLC
Non-small cell lung cancer
OS
Overall survival
PARP
Poly ADP ribose polymerase
pCR
Pathologic complete response
PCSK9
Proprotein convertase subtilisin/kexin type 9
pMMR
proficient mismatch repair
PNH
Paroxysmal nocturnal haemoglobinuria
PTEN
Phosphatase and tensin homologue gene
QMG
Quantitative Myasthenia Gravis
ROW
Rest of world
SBP
systolic blood pressure
sBRCAm
Somatic breast cancer gene mutation
SGLT2
Sodium-glucose cotransporter 2
SLE
Systemic lupus erythematosus
T-DM1
Ado-trastuzumab emtansine
THP
A treatment regimen: docetaxel, trastuzumab and
pertuzumab
TNBC
Triple negative breast cancer
WCLC
World Conference on Lung Cancer
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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AstraZeneca
PLC
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Date:
06 November 2025
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By: /s/
Matthew Bowden
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Name:
Matthew Bowden
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Title:
Company Secretary
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