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 February 2026
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
reports under cover of Form 20-F or Form 40-F.
Form
20-F X Form 40-F __
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by check mark if the registrant is submitting the Form 6-K in paper
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contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
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82-_____________
AstraZeneca PLC
INDEX
TO EXHIBITS
1.
Final Results
10
February 2026
AstraZeneca results: FY and Q4 2025
Strong commercial performance and excellent pipeline delivery in a
continuing catalyst-rich period
Revenue and EPS
summary
|
|
FY 2025
|
%
Change
|
Q4 2025
|
%
Change
|
||
|
|
$m
|
Actual
|
CER1
|
$m
|
Actual
|
CER
|
|
-
Product Sales
|
55,573
|
9
|
9
|
14,538
|
9
|
7
|
|
- Alliance Revenue
|
3,067
|
39
|
38
|
959
|
34
|
33
|
|
Product Revenue2
|
58,640
|
10
|
10
|
10
|
8
|
|
|
Collaboration Revenue
|
99
|
(89)
|
(89)
|
6
|
(99)
|
(99)
|
|
Total Revenue
|
58,739
|
9
|
8
|
15,503
|
4
|
2
|
|
Reported EPS ($)
|
6.60
|
45
|
43
|
1.50
|
55
|
47
|
|
Core3 EPS ($)
|
9.16
|
12
|
11
|
2.12
|
1
|
(2)
|
Key performance elements for FY
2025
(Growth
numbers at constant exchange rates)
⬥Total
Revenue up 8% to $58,739m, driven by Oncology, CVRM, R&I and
Rare Disease
⬥Growth
in Total Revenue across all major geographic regions
⬥Core
Operating profit increased 9%
⬥Core
EPS increased 11% to $9.16
⬥Second
interim dividend declared of $2.17 per share (159.5 pence, 19.49
SEK). Total dividend declared for FY 2025 increased by 3% to
$3.20 per share
⬥16
positive Phase 3 readouts and 43 approvals in major regions in the
last twelve months
Pascal Soriot, Chief Executive
Officer, AstraZeneca, said:
"In 2025 we saw strong commercial performance across our therapy
areas and excellent pipeline delivery. We announced the results of
16 positive Phase 3 studies during the year and now have 16
blockbuster medicines.
The
momentum across our company is continuing in 2026 and we are
looking forward to the results of more than 20 Phase 3 trial
readouts this year. We have more than 100 Phase 3 studies ongoing,
including a substantial and growing number of trials of our
transformative technologies which have the potential to
revolutionise outcomes for patients and drive our growth well
beyond 2030.
Lastly,
ordinary shares in our company began trading on the NYSE on the
2nd February, resulting in a harmonised listing structure
across exchanges in London, New York and Stockholm, enabling more
shareholders to participate in our company's exciting
future."
Guidance
AstraZeneca issues Total Revenue and Core EPS
guidance4
for FY 2026 at CER, based on the
average foreign exchange rates through 2025.
Total Revenue is expected to
increase by a mid-to-high single-digit
percentage
Core EPS is expected to
increase by a low double-digit
percentage
The Core Tax rate is expected to be between 18-22%
If foreign exchange rates for February 2026 to December 2026 were
to remain at the average rates seen in January 2026, it is
anticipated that Total Revenue in FY 2026 would benefit from a low
single-digit percentage positive impact compared to the performance
at CER, and Core EPS growth would be broadly similar to the growth
at CER.
http://www.rns-pdf.londonstockexchange.com/rns/3227S_1-2026-2-9.pdf
Results
highlights
Table 1: Milestones achieved since the prior results
announcement
Phase III and other registrational data readouts
|
Medicine
|
Trial
|
Indication
|
Event
|
|
ceralasertib + Imfinzi
|
LATIFY
|
Post-IO NSCLC
|
Primary
endpoint not met
|
|
baxdrostat
|
BaxAsia
|
Treatment resistant hypertension
|
Primary endpoint met
|
Regulatory approvals
|
Medicine
|
Trial
|
Indication
|
Region
|
|
Enhertu
|
DESTINY-Gastric04
|
2L HER2+ gastric/GEJ cancer
|
EU, CN
|
|
Enhertu
|
DESTINY-Breast09
|
1L HER2+ mBC
|
US
|
|
Enhertu
|
DESTINY-Breast06
|
CTx naïve HER2-low and -ultralow mBC
|
CN
|
|
Imfinzi
|
PACIFIC-5
|
Stage III NSCLC
|
CN
|
|
Imfinzi
|
MATTERHORN
|
Resectable gastric/GEJ cancer
|
US
|
|
Imfinzi
|
DUO-E
|
dMMR endometrial cancer
|
CN
|
|
Wainua
|
NEURO-TTRANSFORM
|
ATTRv-PN
|
CN
|
|
Fasenra
|
MANDARA
|
EGPA
|
CN
|
|
Saphnelo
|
TULIP-SC
|
SLE (subcutaneous)
|
EU
|
|
Koselugo
|
KOMET
|
Adult patients with NF1-PN
|
US
|
|
Koselugo
|
SPRINKLE
|
Paediatric patients with NF1-PN (granule formulation)
|
EU
|
|
Soliris
|
NCT03759366
|
gMG (paediatric patients)
|
CN
|
Regulatory submissions or acceptances* in major
regions
|
Medicine
|
Trial
|
Indication
|
Region
|
|
Datroway
|
TROPION-Breast02
|
Metastatic TNBC not candidates for IO
|
US, EU, CN
|
|
Enhertu
|
DESTINY-Breast09
|
1L HER2+ mBC
|
EU
|
|
Ultomiris
|
ALXN1210-PNH-323
|
PNH
|
CN
|
|
baxdrostat
|
BaxHTN / Bax24
|
Treatment resistant hypertension
|
US, EU
|
|
gefurulimab
|
PREVAIL
|
Generalised myasthenia gravis
|
US, EU, CN
|
|
anselamimab
|
CARES
|
Kappa light chain amyloidosis
|
EU, JP
|
* US, EU and China regulatory
submissions denotes filing acceptance
Other pipeline
updates
For recent trial starts and anticipated timings of key trial
readouts, please refer to the Clinical Trials Appendix document in
the financial results section of the AstraZeneca investor relations
website: www.astrazeneca.com/investor-relations.html.
Table 2: Key elements of financial performance: Q4
2025
|
For the quarter
|
Reported
|
Change
|
Core
|
Change
|
|
||
|
ended 31 December
|
$m
|
Act
|
CER
|
$m
|
Act
|
CER
|
|
|
Product Revenue
|
15,497
|
10
|
8
|
15,497
|
10
|
8
|
♦ See
Tables 3, 7, 29 and 30 for further details of Product Revenue,
Product Sales and Alliance Revenue
|
|
Collaboration Revenue
|
6
|
(99)
|
(99)
|
6
|
(99)
|
(99)
|
♦ See
Tables 4 and 31 for details of Collaboration Revenue
♦ In Q4 2024, $815m of Collaboration Revenue
was recognised as Lynparza, Beyfortus
and Koselugo each achieved a sales-based
milestone
|
|
Total Revenue
|
15,503
|
4
|
2
|
15,503
|
4
|
2
|
♦ See
Tables 5 and 6 for Total Revenue by Therapy Area and by
region
|
|
Gross Margin (%)
|
80
|
-2pp
|
-2pp
|
80
|
-2pp
|
-2pp
|
– Cost of sales included a $235m expense in Q4 2025
for royalty buyout expenses relating to Saphnelo and
rilvegostomig (see page 5, 'Corporate and
business development' for details)
♦ Variations
in Gross Margin can be expected between periods due to various
factors, including fluctuations in foreign exchange rates, product
seasonality
and Collaboration
Revenue
♦ See 'Reporting changes
since FY 2024' on page 6 for the definition of Gross
Margin5
|
|
R&D expense
|
3,862
|
(17)
|
(19)
|
3,731
|
4
|
3
|
♦ Core
R&D: 24% of Total Revenue
+ Accelerated
recruitment in ongoing trials
+ Investments
in transformative technologies such as IO bispecifics, cell
therapy and antibody drug conjugates
+
Addition of R&D projects from business development
+ Positive
data readouts for high value pipeline opportunities that have
ungated large late-stage trials
+ Reported
R&D expense decreased due to impairment charges in Q4
2024
|
|
SG&A expense
|
5,492
|
2
|
-
|
4,453
|
4
|
2
|
♦ Core
SG&A: 29% of Total Revenue
|
|
Other operating income and expense6
|
100
|
-
|
2
|
101
|
2
|
2
|
|
|
Operating Profit
|
2,978
|
46
|
40
|
4,098
|
(2)
|
(5)
|
– Operating
Profit includes the $235m royalty buyout expensed in Cost of sales
(see above)
♦ Reported
Operating Profit includes R&D impairment charges in Q4
2024
|
|
Operating Margin (%)
|
19
|
+6pp
|
+5pp
|
26
|
-2pp
|
-2pp
|
|
|
Net finance expense
|
349
|
(4)
|
(2)
|
269
|
(13)
|
(10)
|
– Adjustment
of interest on tax and maturity of debt during Q4 2025
|
|
Tax rate (%)
|
11
|
+1pp
|
+1pp
|
14
|
-2pp
|
-2pp
|
♦ Variations
in the tax rate can be expected between periods
|
|
EPS ($)
|
1.50
|
55
|
47
|
2.12
|
1
|
(2)
|
– Year-on-year
comparison reflects the sales-based milestones recognised in Q4
2024
+ Reported
EPS benefitted from reduction in R&D impairments
|
For
monetary values the unit of change is percent. For Gross Margin,
Operating Margin and Tax rate, the unit of change is percentage
points (pp).
In the expense commentary above, the plus and minus symbols denote
the directional impact of the item being discussed, e.g. a '+'
symbol beside an R&D expense comment indicates that the item
increased R&D expenditure relative to the prior year
period.
Corporate and business
development
Jacobio Pharma
In December 2025, Jacobio Pharma announced that it has entered an
agreement with AstraZeneca for its proprietary Pan-KRAS inhibitor
JAB-23E73.
AstraZeneca will receive exclusive development and
commercialisation rights outside of China, while AstraZeneca and
Jacobio Pharma will jointly develop and commercialise JAB-23E73 in
China.
Under
the terms of the agreement, Jacobio will receive an upfront payment
of $100m, and is eligible for additional development and commercial
milestone payments of up to $1.9bn, as well as tiered royalties on
net sales achieved outside of China. AstraZeneca will be
responsible for all clinical development, regulatory submissions,
and commercialisation activities for JAB-23E73 outside of
China.
Modella AI
In Q4 2025, Modella AI was acquired by AstraZeneca. The acquisition
will embed Modella AI's multi-modal foundation models and AI agents
into AstraZeneca's oncology R&D environment.
BMS
In Q4 2025, AstraZeneca paid Bristol-Myers Squibb
Company (BMS) $170m, expensed in Cost of sales, in exchange for the
reduction to zero of all royalties payable on Saphnelo sales ex-US. Royalties on US sales will remain
payable at a mid-teens percentage.
Compugen
In
Q4 2025, AstraZeneca paid Compugen Ltd. (Compugen) $65m,
expensed in Cost of sales, and agreed a potential additional $25m
upon the next milestone payment on BLA acceptance, for a portion of
Compugen's existing royalty interest in rilvegostomig. AstraZeneca
will pay tiered royalties of up to mid-single digits on future
sales.
AbelZeta
In
January 2026, AbelZeta Pharma, Inc. (AbelZeta) announced that
AstraZeneca has agreed to acquire AbelZeta's 50% share of the China
development and commercialisation rights to C-CAR031, an
autologous, Glypican 3 (GPC3)-targeting chimeric antigen receptor
T-Cell therapy.
Following
completion of this agreement, AstraZeneca will have the sole right
to develop, manufacture and commercialise C-CAR031 globally.
AbelZeta will be entitled to receive up to $630m from AstraZeneca
including an upfront payment, and development, regulatory and sales
milestone payments for the GPC3 program in China.
China investment
plans
In January 2026, AstraZeneca announced plans to invest $15bn in
China through 2030 to expand medicines manufacturing and R&D.
These investments build on AstraZeneca's substantial footprint in
China, including global strategic R&D centres in Beijing and
Shanghai.
Listing
harmonisation
On 2 February 2026, AstraZeneca began trading its ordinary shares
on the New York Stock Exchange (NYSE), enabling more US investors
to participate in the Company's strong growth. Trading in
AstraZeneca ordinary shares is now aligned across the NYSE, the
London Stock Exchange and Nasdaq Stockholm under a harmonised
listing structure.
The
prior listing of American Depositary Shares on Nasdaq in the US
ceased on 30 January 2026.
CSPC
In
January 2026, AstraZeneca announced a new strategic collaboration
agreement with CSPC Pharmaceuticals. AstraZeneca will receive
exclusive global rights outside of China to CSPC's once-monthly
injectable weight management portfolio, including SYH2082, a
long-acting GLP-1R/GIPR agonist progressing into Phase I, and three
preclinical programmes. CSPC will receive an upfront payment of
$1.2bn and is eligible to receive development and regulatory
milestones of up to $3.5bn across all programmes. CSPC will also be
eligible for further commercialisation and sales milestones plus
tiered royalties.
Sustainability
highlights
For
the tenth year, AstraZeneca was recognised by CDP for climate
action and water stewardship, receiving an A for Climate and A- for
Water Security in 2025. This reflects the Company's significant
progress in decarbonising and reducing its environmental
footprint.
The Sustainable Markets Initiative (SMI) Health
Systems Task Force, chaired by AstraZeneca CEO Pascal Soriot,
supported the development and launch of PSA 2090, the
world's first global standard to measure and assess the
environmental impact of pharmaceutical products through their
lifecycle.
Reporting
calendar
The Company intends to publish its Q1 2026 results on 29 April
2026.
Conference call
A conference call and webcast for investors and analysts will begin
today, 10 February 2026, at 11:45 UK time. Details can be
accessed via astrazeneca.com.
Reporting changes since FY
2024
Product Revenue
Effective 1 January 2025, the Group has updated the presentation of
Total Revenue on the face of the Statement of Comprehensive Income
to include a new subtotal 'Product Revenue' representing the
summation of Product Sales and Alliance Revenue.
Product Revenue and Collaboration Revenue form Total
Revenue.
Product Sales and Alliance Revenue will continue to be presented
separately, with the new subtotal providing additional aggregation
of revenue types with similar characteristics, reflecting the
growing importance of Alliance Revenue.
Full descriptions of Product Sales, Alliance Revenue and
Collaboration Revenue are included from page 152 of the
Group's Annual Report and Form
20-F Information 2024.
Gross Margin
Effective 1 January 2025, the Group has replaced the measure of
'Product Sales Gross Margin' with the measure of 'Gross Margin'.
Previously, the measure excluded margin related to Alliance Revenue
and Collaboration Revenue. The new measure is calculated using
Gross profit as a percentage of Total Revenue, thereby encompassing
all revenue categories, and is intended to provide a more
comprehensive measure of total performance.
Notes
1.
Constant exchange rates. The differences between Actual Change and
CER Change are due to foreign exchange movements between periods in
2025 vs. 2024. CER financial measures are not accounted for
according to generally accepted accounting principles (GAAP)
because they remove the effects of currency movements from Reported
results.
2.
Effective 1 January 2025, the Group has updated its presentation of
Total Revenue, adding a new subtotal of Product Revenue, the sum of
Product Sales and Alliance Revenue. For further details, see Note
1: 'Basis of preparation and accounting policies' in the Notes to
the Condensed consolidated financial statements.
3.
Core financial measures are adjusted to exclude certain items. The
differences between Reported and Core measures are primarily due to
costs relating to the amortisation of intangibles, impairments,
legal settlements and restructuring charges. A full reconciliation
between Reported EPS and Core EPS is provided in Tables 10 and 11
in the Financial
Performance
section of this document.
4.
The Company is unable to provide guidance on a Reported basis
because it cannot reliably forecast material elements of the
Reported results, including any fair value adjustments arising on
acquisition-related liabilities, intangible asset impairment
charges and legal settlement provisions. Please refer to the
Cautionary statements section regarding forward-
looking statements at the end of this announcement.
5.
Effective 1 January 2025, the Group has updated its presentation of
Gross Margin, which is defined as Gross Profit divided by Total
Revenue. In prior years, the Group's financial tables cited a
different margin metric, Product Sales Gross Margin.
6.
Income from disposals of assets and businesses, where the Group
does not retain a significant ongoing economic interest, is
recorded in Other operating income and expense in the Group's
financial statements.
Revenue
drivers
Table
3: Product Revenue by medicine
|
|
FY 2025
|
|
% Change
|
Q4 2025
|
|
% Change
|
||
|
|
$m
|
% Total
|
Actual
|
CER
|
$m
|
% Total
|
Actual
|
CER
|
|
Tagrisso
|
7,254
|
12
|
10
|
10
|
1,902
|
12
|
12
|
10
|
|
Imfinzi
|
6,063
|
10
|
29
|
28
|
1,747
|
11
|
39
|
37
|
|
Calquence
|
3,518
|
6
|
12
|
12
|
967
|
6
|
20
|
17
|
|
Lynparza
|
3,279
|
6
|
7
|
6
|
878
|
6
|
4
|
1
|
|
Enhertu
|
2,775
|
5
|
40
|
40
|
798
|
5
|
48
|
46
|
|
Zoladex
|
1,150
|
2
|
5
|
6
|
266
|
2
|
5
|
5
|
|
Truqap
|
728
|
1
|
69
|
68
|
233
|
2
|
43
|
41
|
|
Imjudo
|
346
|
1
|
23
|
23
|
93
|
1
|
27
|
26
|
|
Datroway
|
78
|
-
|
n/m
|
n/m
|
40
|
-
|
n/m
|
n/m
|
|
Other Oncology
|
427
|
1
|
(8)
|
(8)
|
103
|
1
|
(4)
|
(3)
|
|
Oncology Product Revenue
|
25,618
|
44
|
18
|
17
|
7,027
|
45
|
22
|
20
|
|
Farxiga
|
8,405
|
14
|
10
|
9
|
2,060
|
13
|
7
|
2
|
|
Crestor
|
1,218
|
2
|
5
|
6
|
276
|
2
|
6
|
6
|
|
Brilinta
|
823
|
1
|
(38)
|
(38)
|
158
|
1
|
(54)
|
(54)
|
|
Lokelma
|
698
|
1
|
29
|
28
|
181
|
1
|
21
|
19
|
|
Seloken
|
608
|
1
|
-
|
2
|
139
|
1
|
(1)
|
(1)
|
|
roxadustat
|
276
|
-
|
(18)
|
(18)
|
47
|
-
|
(37)
|
(37)
|
|
Wainua
|
212
|
-
|
>2x
|
>2x
|
69
|
-
|
66
|
64
|
|
Other CVRM
|
534
|
1
|
(28)
|
(28)
|
116
|
1
|
(39)
|
(40)
|
|
CVRM Product Revenue
|
12,774
|
22
|
3
|
2
|
3,046
|
20
|
(3)
|
(6)
|
|
Symbicort
|
2,885
|
5
|
-
|
-
|
704
|
5
|
3
|
2
|
|
Fasenra
|
1,981
|
3
|
17
|
16
|
530
|
3
|
12
|
10
|
|
Breztri
|
1,199
|
2
|
23
|
22
|
294
|
2
|
14
|
13
|
|
Tezspire
|
1,131
|
2
|
65
|
64
|
361
|
2
|
69
|
66
|
|
Saphnelo
|
686
|
1
|
45
|
44
|
203
|
1
|
38
|
37
|
|
Pulmicort
|
518
|
1
|
(24)
|
(24)
|
161
|
1
|
(2)
|
(6)
|
|
Airsupra
|
166
|
-
|
>2x
|
>2x
|
51
|
-
|
>2x
|
>2x
|
|
Other R&I
|
300
|
1
|
(29)
|
(29)
|
69
|
-
|
(58)
|
(59)
|
|
R&I Product Revenue
|
8,866
|
15
|
13
|
12
|
2,373
|
15
|
12
|
10
|
|
Beyfortus
|
703
|
1
|
27
|
26
|
229
|
1
|
(21)
|
(22)
|
|
Synagis
|
292
|
-
|
(35)
|
(34)
|
72
|
-
|
(29)
|
(31)
|
|
FluMist
|
272
|
-
|
6
|
3
|
140
|
1
|
(6)
|
(9)
|
|
Other V&I
|
1
|
-
|
n/m
|
n/m
|
1
|
-
|
n/m
|
n/m
|
|
V&I Product Revenue
|
1,268
|
2
|
(2)
|
(3)
|
442
|
3
|
(18)
|
(19)
|
|
Ultomiris
|
4,718
|
8
|
20
|
19
|
1,265
|
8
|
16
|
15
|
|
Soliris
|
1,837
|
3
|
(29)
|
(28)
|
401
|
3
|
(26)
|
(26)
|
|
Strensiq
|
1,678
|
3
|
19
|
18
|
490
|
3
|
17
|
15
|
|
Koselugo
|
662
|
1
|
25
|
22
|
163
|
1
|
(1)
|
(4)
|
|
Other Rare Disease
|
231
|
-
|
11
|
10
|
55
|
-
|
(9)
|
(11)
|
|
Rare Disease Product Revenue
|
9,126
|
16
|
5
|
5
|
2,374
|
15
|
4
|
3
|
|
Nexium
|
831
|
1
|
(6)
|
(5)
|
193
|
1
|
(4)
|
(4)
|
|
Others
|
157
|
-
|
(25)
|
(25)
|
42
|
-
|
(22)
|
(21)
|
|
Other Medicines Product Revenue
|
988
|
2
|
(10)
|
(9)
|
235
|
2
|
(8)
|
(8)
|
|
Product Revenue
|
58,640
|
100
|
10
|
10
|
15,497
|
100
|
10
|
8
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Revenue included above:
|
|
|
|
|
|
|
|
|
|
Enhertu
|
1,798
|
3
|
25
|
25
|
507
|
3
|
29
|
27
|
|
Tezspire
|
673
|
1
|
54
|
54
|
220
|
1
|
65
|
64
|
|
Beyfortus
|
422
|
1
|
79
|
76
|
170
|
1
|
6
|
6
|
|
Datroway
|
77
|
-
|
n/m
|
n/m
|
39
|
-
|
n/m
|
n/m
|
|
Other royalty income
|
92
|
-
|
1
|
1
|
22
|
-
|
(6)
|
(7)
|
|
Other Alliance Revenue
|
5
|
-
|
(53)
|
(53)
|
1
|
-
|
(65)
|
(65)
|
|
Alliance Revenue
|
3,067
|
5
|
39
|
38
|
959
|
6
|
34
|
33
|
Table 4: Collaboration Revenue
|
|
FY 2025
|
|
% Change
|
Q4 2025
|
|
%
Change
|
||
|
|
$m
|
|
Actual
|
CER
|
$m
|
|
Actual
|
CER
|
|
Farxiga: sales
milestones
|
87
|
|
56
|
56
|
6
|
|
50
|
41
|
|
Others
|
12
|
|
(99)
|
(99)
|
-
|
|
n/m
|
n/m
|
|
Collaboration Revenue
|
99
|
|
(89)
|
(89)
|
6
|
|
(99)
|
(99)
|
Table 5: Total Revenue by Therapy Area
|
|
FY 2025
|
|
% Change
|
Q4 2025
|
|
% Change
|
||
|
|
$m
|
% Total
|
Actual
|
CER
|
$m
|
% Total
|
Actual
|
CER
|
|
Oncology
|
25,619
|
44
|
15
|
14
|
7,028
|
45
|
11
|
9
|
|
CVRM
|
12,861
|
22
|
3
|
2
|
3,051
|
20
|
(3)
|
(6)
|
|
R&I
|
8,866
|
15
|
13
|
12
|
2,373
|
15
|
12
|
10
|
|
V&I
|
1,268
|
2
|
(13)
|
(14)
|
442
|
3
|
(32)
|
(33)
|
|
BioPharmaceuticals
|
22,995
|
39
|
5
|
5
|
5,866
|
38
|
(1)
|
(3)
|
|
Rare Disease
|
9,126
|
16
|
4
|
4
|
2,374
|
15
|
-
|
(1)
|
|
Other Medicines
|
999
|
2
|
(9)
|
(8)
|
235
|
2
|
(7)
|
(8)
|
|
Total Revenue
|
58,739
|
100
|
9
|
8
|
15,503
|
100
|
4
|
2
|
Table 6: Total Revenue by region
|
|
FY 2025
|
|
% Change
|
Q4 2025
|
|
% Change
|
||
|
|
$m
|
% Total
|
Actual
|
CER
|
$m
|
% Total
|
Actual
|
CER
|
|
US
|
25,450
|
43
|
10
|
10
|
6,932
|
45
|
6
|
6
|
|
Emerging Markets ex. China
|
8,649
|
15
|
19
|
22
|
2,271
|
15
|
28
|
24
|
|
China
|
6,654
|
11
|
4
|
4
|
1,375
|
9
|
1
|
1
|
|
Emerging Markets
|
15,303
|
26
|
12
|
14
|
3,646
|
24
|
16
|
14
|
|
Europe
|
12,739
|
22
|
5
|
1
|
3,579
|
23
|
(9)
|
(15)
|
|
Established RoW
|
5,247
|
9
|
5
|
6
|
1,345
|
9
|
5
|
7
|
|
Total Revenue
|
58,739
|
100
|
9
|
8
|
15,503
|
100
|
4
|
2
|
Table 7: Product Revenue by region
|
|
FY 2025
|
|
% Change
|
Q4 2025
|
|
% Change
|
||
|
|
$m
|
% Total
|
Actual
|
CER
|
$m
|
% Total
|
Actual
|
CER
|
|
US
|
25,449
|
43
|
10
|
10
|
6,932
|
45
|
8
|
8
|
|
Emerging Markets ex. China
|
8,649
|
15
|
19
|
22
|
2,271
|
15
|
28
|
24
|
|
China
|
6,654
|
11
|
4
|
4
|
1,375
|
9
|
1
|
1
|
|
Emerging Markets
|
15,303
|
26
|
12
|
14
|
3,646
|
24
|
16
|
14
|
|
Europe
|
12,739
|
22
|
11
|
7
|
3,579
|
23
|
10
|
3
|
|
Established RoW
|
5,149
|
9
|
5
|
5
|
1,340
|
9
|
5
|
7
|
|
Total Product Revenue
|
58,640
|
100
|
10
|
10
|
15,497
|
100
|
10
|
8
|
Total Revenue by
Medicine
Oncology
Tagrisso
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Strong
demand growth across all indications and key regions, leading
combination in 1L NSCLC (FLAURA2)
|
||
|
US
|
3,064
|
11
|
11
|
|
Underlying
demand growth more than offset Medicare Part D
redesign
|
|
|
Emerging Markets
|
1,971
|
12
|
14
|
|
Continued
demand growth, with quarterly revenue profile reflecting usual
seasonal ordering dynamics in China
|
|
|
Europe
|
1,423
|
9
|
6
|
|
Demand
growth partially offset by pricing pressure in certain major
markets
|
|
|
Established RoW
|
796
|
5
|
5
|
|
|
|
|
Total
|
7,254
|
10
|
10
|
|
|
|
Imfinzi
|
FY 2025
$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Strong
growth from new launch indications in bladder cancer (NIAGARA) and
lung cancer (ADRIATIC, AEGEAN)
|
||
|
US
|
3,509
|
35
|
35
|
|
Demand
growth across all indications, particularly new
launches
|
|
|
Emerging Markets
|
640
|
34
|
38
|
|
Demand
growth in GI (HIMALAYA, TOPAZ-1) and launches in lung cancer and
bladder
|
|
|
Europe
|
1,239
|
31
|
26
|
|
Growth
from bladder and GI indications and momentum from lung cancer
launches
|
|
|
Established RoW
|
675
|
(2)
|
(2)
|
|
Mandatory
price reductions in Japan in Feb 2024 (25%), and Aug 2024 (11%),
increased competition in BTC (TOPAZ-1)
|
|
|
Total
|
6,063
|
29
|
28
|
|
|
|
Calquence
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Growth
from sustained BTKi leadership in front-line CLL
|
||
|
US
|
2,339
|
7
|
7
|
|
Growth
in new patient starts in CLL, 1L MCL (ECHO) launch and improved
affordability offsetting Medicare Part D redesign and also
discounts to secure preferential formulary placement
|
|
|
Emerging Markets
|
233
|
52
|
54
|
|
1L
and r/r CLL growth
|
|
|
Europe
|
784
|
20
|
15
|
|
Early
launch momentum in fixed duration 1L CLL (AMPLIFY)
|
|
|
Established RoW
|
162
|
25
|
27
|
|
|
|
|
Total
|
3,518
|
12
|
12
|
|
|
|
Lynparza
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Sustained
global PARP inhibitor market leadership across four tumour types
(ovarian, breast, prostate, pancreatic)
|
||
|
US
|
1,434
|
8
|
8
|
|
Share
gains across ovarian, breast and prostate indications
|
|
|
Emerging Markets
|
669
|
2
|
1
|
|
Affected
by generic competition in China and stock compensation in Q4 2025
ahead of anticipated VBP implementation in Q1 2026
|
|
|
Europe
|
914
|
(36)
|
(38)
|
|
Year-on-year
comparison reflects sales-related milestone recorded in Q4 2024;
launches in breast and prostate cancers (OlympiA and
PROpel)
|
|
|
Established RoW
|
262
|
3
|
4
|
|
Gains
in 1L ovarian, increasing share of pMMR endometrial cancer
(DUO-E)
|
|
|
Total
|
3,279
|
(11)
|
(12)
|
|
|
|
Enhertu
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca,
amounted to $4,982m in FY 2025 (FY 2024: $3,754m). US in-market
sales, recorded by Daiichi Sankyo, amounted to $2,446m in FY 2025
(FY 2024: $1,864m). Up to and including Q3 2025, AstraZeneca's
mid-single-digit percentage royalty on Daiichi Sankyo's sales in
Japan was recorded as Alliance Revenue in Europe. From Q4 2025 this
royalty is recorded in Established RoW.
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Standard-of-care
in HER2-positive (DESTINY-Breast03) and HER2-low (DESTINY-Breast04)
metastatic breast cancer, early uptake in other
cancers
|
||
|
US
|
1,176
|
32
|
32
|
|
Accelerated
uptake in chemotherapy naïve HER2-low and -ultralow breast
cancer
|
|
|
Emerging Markets
|
829
|
74
|
79
|
|
Rapid
adoption post-NRDL enlistment of HER2-positive and HER2-low breast
cancer from 1 January 2025
|
|
|
Europe
|
665
|
23
|
18
|
|
Demand
growth in chemotherapy naïve HER2-low breast cancer; Q4 2025
includes favourable gross-to-net adjustment
|
|
|
Established RoW
|
105
|
52
|
55
|
|
|
|
|
Total
|
2,775
|
40
|
40
|
|
|
|
Other Oncology medicines
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
||
|
Zoladex
|
1,151
|
5
|
6
|
|
Growth
across Emerging Markets
|
|
|
Truqap
|
728
|
69
|
68
|
|
Rapidly
reached peak share in second-line biomarker-altered metastatic
breast cancer; Q4 2025 also benefited from year-end ordering
dynamics in the US
|
|
|
Imjudo
|
346
|
23
|
23
|
|
Continued
growth driven by lung (POSEIDON) and HCC (HIMALAYA)
|
|
|
Datroway
|
78
|
n/m
|
n/m
|
|
Continued uptake in breast cancer and
EGFRm later-line lung cancer
Combined
global sales by AstraZeneca and Daichi Sankyo of $218m (FY 2024:
$nil)
|
|
|
Other Oncology
|
427
|
(8)
|
(8)
|
|
Faslodex generic erosion across markets
|
|
Other Oncology includes $28m of Total
Revenue from Orpathys, partnered with HUTCHMED.
BioPharmaceuticals - CVRM
Farxiga
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Growth
driven by HF and CKD indications, SGLT2 class growth supported by
cardiorenal guidelines
|
||
|
US
|
1,730
|
(1)
|
(1)
|
|
Prior
year benefitted from authorised generic launch
|
|
|
Emerging Markets
|
3,324
|
17
|
18
|
|
Continued
strong growth despite generic competition in some markets. Stock
compensation in Q4 2025 ahead of anticipated VBP implementation in
Q1 2026
|
|
|
Europe
|
2,941
|
12
|
8
|
|
Demand
growth offset by generic entry in the UK in Q3 2025
|
|
|
Established RoW
|
497
|
4
|
4
|
|
Generic
T2D entry in Japan in Q4 2025
|
|
|
Total
|
8,492
|
10
|
9
|
|
|
|
Other CVRM medicines
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
||
|
Crestor
|
1,218
|
5
|
6
|
|
Growth
driven by Emerging Markets
|
|
|
Brilinta
|
823
|
(38)
|
(38)
|
|
Decline
driven by generic entry in the US and Europe in Q2
2025
|
|
|
Seloken
|
608
|
-
|
2
|
|
Vast
majority of revenue growth driven by Ex-China Emerging
Markets
|
|
|
Lokelma
|
698
|
29
|
28
|
|
Strong
growth in all major regions with launches in new
markets
|
|
|
roxadustat
|
276
|
(18)
|
(18)
|
|
Generic
competition and China VBP stock compensation in Q4
2025
|
|
|
Wainua
|
212
|
>2x
|
>2x
|
|
Majority
of revenue from US; first launches in ex-US markets in Q2
2025
|
|
|
Other CVRM
|
534
|
(28)
|
(28)
|
|
Generic
erosion
|
|
BioPharmaceuticals
- R&I
Symbicort
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Sustained
market leader in a stable ICS/LABA class, treating COPD and
asthma
|
||
|
US
|
1,193
|
1
|
1
|
|
Demand
for authorised generic partially offsetting brand price
pressures
|
|
|
Emerging Markets
|
801
|
(1)
|
1
|
|
China
affected by ICS/LABA class erosion in COPD in favour of FDC triple
therapy
|
|
|
Europe
|
560
|
-
|
(3)
|
|
Continued
generic erosion
|
|
|
Established RoW
|
331
|
1
|
3
|
|
|
|
|
Total
|
2,885
|
-
|
-
|
|
|
|
Fasenra
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Expanded
severe eosinophilic asthma market share leadership in IL-5 class,
further fuelled by first wave market launches for EGPA
indication
|
||
|
US
|
1,195
|
14
|
14
|
|
Sustained
double-digit volume growth with expanded class leadership. Q4 2025
includes unfavourable gross-to-net adjustment
|
|
|
Emerging Markets
|
117
|
27
|
29
|
|
Asthma
launch momentum across key markets
|
|
|
Europe
|
482
|
19
|
15
|
|
Sustained
leadership in severe eosinophilic asthma
|
|
|
Established RoW
|
187
|
29
|
30
|
|
Strong
growth supported by EGPA launch in Japan
|
|
|
Total
|
1,981
|
17
|
16
|
|
|
|
Breztri
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Fastest
growing medicine within the expanding FDC triple class
(ICS/LABA/LAMA), treating COPD
|
||
|
US
|
614
|
19
|
19
|
|
Consistent
share growth within expanding FDC triple class. Q4 2025 includes
unfavourable gross-to-net adjustment
|
|
|
Emerging Markets
|
298
|
22
|
22
|
|
Market
share leadership within the growing FDC triple class in
China
|
|
|
Europe
|
191
|
33
|
29
|
|
Sustained
growth from market share gain and new launches
|
|
|
Established RoW
|
96
|
30
|
30
|
|
Increasing
market share in Japan
|
|
|
Total
|
1,199
|
23
|
22
|
|
|
|
Tezspire
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to
$1,936m in FY 2025 (FY 2024: $1,291m).
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Sustained
demand growth in severe asthma with launch momentum across multiple
markets
|
||
|
US
|
673
|
54
|
54
|
|
Continued
strong demand growth with increasing new patient share volumes in
biologics segment
|
|
|
Emerging Markets
|
40
|
>3x
|
>3x
|
|
Strong
continued launch uptake
|
|
|
Europe
|
297
|
90
|
83
|
|
Maintained
new-to-brand leadership across multiple markets and new
launches
|
|
|
Established RoW
|
121
|
51
|
51
|
|
Strong
growth driven by Japan
|
|
|
Total
|
1,131
|
65
|
64
|
|
|
|
Other R&I medicines
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
||
|
Pulmicort
|
518
|
(24)
|
(24)
|
|
Generic
competition in Emerging Markets (~80% of revenue)
|
|
|
Saphnelo
|
686
|
45
|
44
|
|
Strong
US demand growth, ongoing launches in Europe and Established
RoW
|
|
|
Airsupra
|
166
|
>2x
|
>2x
|
|
Strong
US launch momentum and volume uptake
|
|
|
Other R&I
|
300
|
(29)
|
(29)
|
|
|
|
BioPharmaceuticals -
V&I
Beyfortus Total Revenue reflects the sum of Product Sales from
AstraZeneca's sales of manufactured product to Sanofi and Alliance
Revenue from AstraZeneca's share of gross profits and royalties on
sales in major markets outside the US.
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
||
|
Beyfortus
|
703
|
(3)
|
(3)
|
|
Year-on-year
comparison affected by Collaboration Revenue of $167m in
2024
|
|
|
Synagis
|
292
|
(35)
|
(34)
|
|
Competition from Beyfortus
|
|
|
FluMist
|
272
|
6
|
3
|
|
|
|
|
Other V&I
|
1
|
(96)
|
(96)
|
|
|
|
Rare Disease
Ultomiris
Ultomiris Total Revenue
includes sales of Voydeya, which is approved as an add-on treatment
to Ultomiris and Soliris for the ~20-30% of PNH patients who experience
clinically significant EVH.
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Growth due to patient demand, both naïve to
branded medicines and conversion from Soliris across all indications (gMG, NMOSD, aHUS and
PNH)
|
||
|
US
|
2,667
|
18
|
18
|
|
Demand
growth across indications, including within the competitive gMG and
PNH landscapes
|
|
|
Emerging Markets
|
261
|
84
|
90
|
|
Expansion
into new markets and growth in patient demand
|
|
|
Europe
|
1,053
|
19
|
15
|
|
Strong
demand growth following recent launches; competition in gMG and
PNH
|
|
|
Established RoW
|
737
|
16
|
15
|
|
Continued
conversion and strong demand following new launches
|
|
|
Total
|
4,718
|
20
|
19
|
|
|
|
Soliris
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Decline driven by conversion of patients to
Ultomiris
across all indications, competition, and biosimilar pressure in Europe and
US
|
||
|
US
|
1,092
|
(28)
|
(28)
|
|
Conversion to Ultomiris, competition in gMG and PNH, and biosimilar
pressure in gMG, PNH and aHUS
|
|
|
Emerging Markets
|
405
|
(9)
|
(1)
|
|
|
|
|
Europe
|
200
|
(52)
|
(53)
|
|
Conversion to Ultomiris, competition in gMG and PNH, and biosimilar
pressure in PNH and aHUS
|
|
|
Established RoW
|
140
|
(32)
|
(31)
|
|
Conversion to Ultomiris
|
|
|
Total
|
1,837
|
(29)
|
(28)
|
|
|
|
Strensiq
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
Growth
driven by continued HPP patient demand and geographic
expansion
|
||
|
US
|
1,332
|
14
|
14
|
|
Demand
growth, offset by Medicare Part D redesign
|
|
|
Emerging Markets
|
104
|
94
|
84
|
|
Q4
2025 benefitted from favourable timing of tender
orders
|
|
|
Europe
|
123
|
25
|
21
|
|
|
|
|
Established RoW
|
119
|
23
|
23
|
|
|
|
|
Total
|
1,678
|
19
|
18
|
|
|
|
Other Rare Disease medicines
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
||
|
Koselugo
|
662
|
5
|
3
|
|
Growth
driven by continued patient demand and geographic expansion. Growth
rates in Q3 and Q4 reflect order timing in certain tender
markets
|
|
|
Other Rare Disease
|
231
|
11
|
10
|
|
Other Rare Disease medicines include
Kanuma
and Beyonttra (JP only)
|
|
Other Medicines
|
FY 2025$m
|
Total
Revenue
|
% Change
Actual CER
|
|
|
||
|
Nexium
|
831
|
(6)
|
(5)
|
|
Growth
in Emerging Markets, generic erosion elsewhere
|
|
|
Others
|
168
|
(20)
|
(20)
|
|
Generic
erosion
|
|
R&D
progress
This section covers R&D events and milestones that occurred
from 6 November 2025 to 9 February 2026. A comprehensive view of
AstraZeneca's pipeline of medicines in human trials can be found in
the latest Clinical Trials Appendix, available on
AstraZeneca's investor
relations webpage. The Clinical
Trials Appendix includes tables with details of the ongoing
clinical trials for AstraZeneca medicines and new molecular
entities in the pipeline.
Oncology
AstraZeneca presented new data across its diverse portfolio of
cancer medicines at two major medical congresses since the prior
results announcement: the American Society of Hematology Annual
Meeting and Exposition 2025 (ASH) and the San Antonio Breast Cancer
Symposium 2025 (SABCS). Across the two meetings, 120 abstracts were
presented featuring 19 approved and potential new medicines
including 29 oral presentations.
Datroway
|
Phase III trial update
|
TROPION-Lung12
December 2025
New disclosure
|
Recruitment into the TROPION-Lung12 Phase III
trial of adjuvant Datroway in combination with rilvegostomig or rilvegostomig
monotherapy versus standard-of-care, following complete tumour
resection, in participants with Stage I
adenocarcinoma NSCLC who are ctDNA-positive or
have high-risk pathological features has been discontinued due to
operational feasibility. There were no new safety
signals.
|
|
Priority review
US
|
TROPION-Breast02
February 2025
|
Unresectable
or metastatic TNBC for patients that are not candidates for
PD-1/PD-L1 inhibitor therapy.
|
Enhertu
|
Approval
EU
|
DESTINY-Gastric04
November 2025
New disclosure
|
Locally
advanced or metastatic HER2-positive (IHC3+ or IHC2+/ISH+) gastric
or gastroesophageal junction adenocarcinoma who have received a
prior trastuzumab-based regimen.
|
|
Approval
US
|
DESTINY-Breast09
December 2025
|
1st-line
treatment for unresectable or metastatic HER2-positive breast
cancer.
|
|
Approval
CN
|
DESTINY-Breast06
December 2025
New disclosure
|
Unresectable
or metastatic HR-positive, HER2 low (IHC 1+ or IHC 2+/ISH-) or HER2
ultralow (IHC 0 with membrane staining) breast cancer that has
progressed on one or more endocrine therapies in the metastatic
setting.
|
|
Approval
CN
|
DESTINY-Gastric04
January 2026
New disclosure
|
Locally
advanced or metastatic HER2-positive gastric or gastroesophageal
junction adenocarcinoma who have received one prior trastuzumab
based regimen.
|
Imfinzi
|
Approval
CN
|
PACIFIC-5
November 2025
New disclosure
|
Unresectable Stage III NSCLC with no known
sensitising EGFRm or ALK rearrangements whose disease has not
progressed following platinum-based chemotherapy and radiation
therapy.
|
|
Approval
US
|
MATTERHORN
November 2025
|
In combination with FLOT chemotherapy as
neoadjuvant and adjuvant treatment, followed by single agent
Imfinzi, for the treatment of resectable gastric or
gastroesophageal junction adenocarcinoma.
|
|
Approval
CN
|
DUO-E
January 2026
New disclosure
|
In combination with carboplatin and paclitaxel for
the 1st-line treatment of adult patients with primary advanced or
recurrent endometrial cancer that is mismatch repair deficient,
followed by Imfinzi as a single agent for maintenance
treatment.
|
|
CHMP opinion
EU
|
MATTERHORN
January 2026
|
Recommended
in combination with standard-of-care FLOT chemotherapy for the
treatment of resectable, early-stage and locally advanced (Stages
II, III, IVA) gastric and gastroesophageal junction
cancers.
|
Lynparza
|
Regulatory update
Global
|
DUO-O
Q4 2025
New disclosure
|
Following
further data follow up and health authority interactions, the
decision has been taken to not progress with regulatory filings in
US, Europe, China or Japan.
|
ceralasertib
|
Phase III trial update
|
LATIFY
December 2025
|
The LATIFY Phase III trial of ceralasertib in
combination with Imfinzi did not meet the primary endpoint of OS versus
standard-of-care docetaxel in patients with locally advanced or
metastatic NSCLC whose disease progressed on or
after
prior immunotherapy and platinum-based
chemotherapy.
|
BioPharmaceuticals -
CVRM
baxdrostat
|
Data presentation
AHA
|
Bax24
November 2025
|
Positive
results from the Bax24 Phase III trial showed baxdrostat showed
clinically meaningful and consistent blood pressure reductions
versus placebo in patients with treatment-resistant hypertension.
At 12 weeks, the placebo-adjusted
reduction
in ambulatory 24-hour average SBP was 14.0 mmHg (95% CI -17.2,
-10.8; p<0.0001). Efficacy was observed throughout the 24-hour
period, including early morning, when patients with hypertension
are at a higher risk of
cardiovascular
events.
|
|
Priority Review
US
|
BaxHTN
December 2025
|
For
uncontrolled or treatment-resistant hypertension as an add-on to
other antihypertensive medicines when these do not provide adequate
lowering of blood pressure.
|
|
Phase III readout
|
BaxAsia
December 2025
New disclosure
|
High-level
results from the supportive BaxAsia Phase III trial showed
baxdrostat 2mg met the primary endpoint, demonstrating a
statistically significant and clinically meaningful reduction in
mean seated systolic blood pressure at 12 weeks
compared
with placebo in patients with uncontrolled or treatment-resistant
hypertension. The preliminary safety profile was consistent to
that seen in previous baxdrostat trials.
|
Wainua
|
Approval
CN
|
NEURO-TTRansform
December 2025
|
For
the treatment of adult patients with polyneuropathy associated with
hereditary transthyretin-mediated amyloidosis
(ATTRv-PN).
|
elecoglipron (AZD5004)
|
Phase IIb readout
|
VISTA
February 2026
New disclosure
|
Positive
high-level results showed that treatment with elecoglipron in
participants with obesity or overweight and at least one
comorbidity met the primary endpoints (change in body weight from
baseline at 26 weeks and proportion of
participants
with weight loss ≥5% from baseline weight at 26 weeks),
supporting initiation of a Phase III programme.
|
|
Phase IIb readout
|
SOLSTICE
February 2026
New disclosure
|
Positive
high-level results showed that treatment with elecoglipron in
participants with T2D met the primary endpoint (change in HbA1c
from baseline at 26 weeks), supporting initiation of a Phase III
programme.
|
BioPharmaceuticals -
R&I
Fasenra
|
Approval
CN
|
MANDARA
December 2025
New disclosure
|
For
adult patients with eosinophilic granulomatosis with polyangiitis
(EGPA).
|
Saphnelo
|
Approval
EU
|
TULIP-SC
December 2025
|
For
subcutaneous self-administration as a pre-filled pen for adult
patients with systemic lupus erythematosus on top of standard
therapy.
|
|
Data publication
|
TULIP-SC
January 2026
|
Positive full results showed the
subcutaneous administration of Saphnelo
demonstrated a
statistically significant and clinically meaningful reduction in
disease activity compared to placebo in patients with systemic
lupus erythematosus. 56.2%
of patients who
received Saphnelo achieved
a reduction in disease activity at Week 52 versus 37.1% receiving
placebo, as measured by the British Isles Lupus Assessment
Group-based Composite Lupus Assessment (95% CI 9.0,
29.2%;
p=0.0002).
|
|
Regulatory update
US
|
TULIP-SC
February 2026
|
The FDA issued a complete
response letter regarding the Biologics License Application
for Saphnelo
for subcutaneous
administration in adult patients with systemic lupus erythematosus.
AstraZeneca subsequently provided the
information
requested in the CRL and is
committed to working with the FDA to progress the application as
quickly as possible. A
decision from the FDA on the updated application
for Saphnelo SC
is expected in H1 2026
|
Rare Disease
Koselugo
|
Approval
US
|
KOMET
November 2025
|
For
the treatment of adult patients with symptomatic, inoperable
plexiform neurofibromas in neurofibromatosis type 1.
|
|
Approval
EU
|
SPRINKLE
January 2026
New disclosure
|
Granule
formulation for paediatric patients one year of age and older with
neurofibromatosis type 1 who have symptomatic, inoperable plexiform
neurofibromas.
|
Soliris
|
Approval
CN
|
NCT03759366
January 2026
New disclosure
|
For
expanded use to include the treatment of refractory gMG in
paediatric patients aged six years and older who are
anti-acetylcholine receptor antibody-positive.
|
Sustainability
Sustainability
highlights
– For
the tenth year, AstraZeneca was recognised by CDP for climate
action and water stewardship, receiving an A for Climate and A- for
Water Security in 2025, reflecting the Company's progress in
decarbonising and reducing its environmental
footprint.
– AstraZeneca
was also named by TIME Magazine as one of the World's Best
Companies in Sustainable Growth 2026, ranking among the top
pharmaceutical companies for combined financial and environmental
performance for the second year in a row.
Climate and nature
– At
the end of 2025, the Company's cumulative reduction in Scope 1 and
2 greenhouse gas emissions was 88% from the 2015
baseline.
– In
November 2025, Alexion, AstraZeneca Rare Disease, announced an
agreement with Carbon AMS to supply biomethane to meet 100% of the
heating needs at its Ireland manufacturing sites. The agreement
will add renewable capacity to Ireland's national gas grid and
produce 32 GWh of biomethane annually for Alexion. This milestone
is an important step
to
transitioning to 100% renewables and follows a series of innovative
clean heat partnerships announced in the US, UK and China.
– In
January 2026, AstraZeneca hosted a pan-European media event at the
Company's Dunkirk manufacturing site in France, focused on the
Company's first approval of a pressurised metered dose inhaler
using a next-generation propellant with near-zero Global Warming
Potential.
– AstraZeneca
celebrated the inauguration of a new photovoltaic installation at
its facility in Puerto Rico that will cut the site's greenhouse gas
emissions by 173 tons of carbon dioxide
equivalents annually, equivalent to an 8% reduction versus
current emissions.
– The Sustainable Markets Initiative (SMI) Health
Systems Task Force, chaired by AstraZeneca CEO Pascal Soriot,
supported the development and launch of PSA 2090, the
world's first global standard to measure and assess the
environmental impact of pharmaceutical products through their
lifecycle, in collaboration with BSI, NHS England and key partners.
In
addition, through the SMI, Chief Procurement
Officers published a joint open letter to suppliers, encouraging
common action to accelerate climate and nature action across the
value chain and the use of joint targets for
suppliers.
– AstraZeneca
joined government-hosted sessions at the 2025 United Nations
Climate Change Conference (COP30) in November, held in Belém,
Brazil. AstraZeneca senior leaders underlined how sustainable
healthcare and early action on chronic disease can improve the
health of people and the planet and shared new evidence to support
healthcare
decarbonisation,
focused on type 2 diabetes and CKD. AstraZeneca was the only
pharmaceutical company represented at official COP30 events.
Health equity
– As
at end 2025, the expanded Healthy Heart Africa (HHA) programme,
which includes CKD screening, diagnosis and management, had
successfully launched in Rwanda, Ivory Coast, Ethiopia,
Egypt, and Senegal. CKD guidelines, developed in partnership
with Ministries of Health, were launched in six
countries. New findings from the HHA extension study
of INSIDE
CKD, presented at economics conference ISPOR in November,
highlighted the need for early action on chronic disease.
– CEO,
Alexion and AstraZeneca's Chief Strategy Officer Marc Dunoyer
renewed AstraZeneca's commitment to China's rare disease ecosystem
at the second China Rare Disease Policy and Access Forum in Beijing
in October, hosted by the China Alliance for Rare
Diseases.
– AstraZeneca
played a central role in driving public-private partnerships that
aim to support the implementation of the World Health Assembly Rare
Disease Resolution into meaningful advances for patients across
Southeast Asia. In November, the SEA Rare Disease Policy Forum,
hosted by the Malaysian Ministry of Health and organised by patient
groups the
Asia
Pacific Alliance of Rare Disease Organisations, supported by Rare
Diseases International, advocated for advancements in health equity
in the region.
– In
November 2025, at the 2025 One Young World Summit in Munich,
AstraZeneca's Chief Financial Officer Aradhana Sarin gave a keynote
address on why investing in and supporting young people to prevent
diseases is key to building resilient, equitable health systems.
The Company's delegation included 15 AstraZeneca Young Health
Programme Impact
Fellows as well as leaders and 90 employees.
– AstraZeneca
marked the UN's International Day of the Girl on 11 October 2025,
including via a Girls Belong Here initiative where young women
stepped into senior roles for the day. More than 120 girls from
across 12 countries participated.
Health systems
resilience
– In
December, the Partnership for Health System Sustainability and
Resilience (PHSSR), a partnership co-founded by AstraZeneca,
launched policy recommendations on how to improve non-communicable
diseases (NCDs) prevention and treatment in Greece. This preceded
the launch of a White Paper on Acting Early on Non-Communicable
Diseases: A
Framework
for Health System Transformation in January 2026 which provides
recommendations on how to tackle the NCD crisis, drawing from new
research in Canada, France, Germany, Greece, Italy, Japan, Poland,
and Spain.
– AstraZeneca
also hosted a discussion at the European Parliament, 'Investing in
Health for a Competitive, Secure, and Resilient Europe', to discuss
how PHSSR's recommendations from their report on sustainable
healthcare financing can strengthen investment in health across
Europe.
How we do
business
– AstraZeneca
marked Global Ethics Day on 15 October with a week of events to
highlight the importance of ethical decision making, behaviours and
practices, and launched the Company's annual mandatory Code of
Ethics training for all employees and the 2025 Ethics
Survey.
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 twelve-month
period to 31 December 2025 ('the period' or 'FY 2025') compared to
the twelve-month period to 31 December 2024 ('FY 2024'), or the
three-month period to 31 December 2025 ('the quarter' or 'Q4 2025')
compared to the three-month period to 31 December 2024 ('Q4 2024'),
unless stated otherwise.
Core financial
measures
Core
financial measures, EBITDA, Net debt, Gross Margin, Operating
Margin and CER are non-GAAP financial measures because they cannot
be derived directly from the Group's Condensed consolidated
financial statements.
Management
believes that these non-GAAP financial measures, when provided in
combination with Reported results, provide investors and analysts
with helpful supplementary information to better understand the
financial performance and position of the Group on a comparable
basis from period to period.
These
non-GAAP financial measures are not a substitute for, or superior
to, financial measures prepared in accordance with
GAAP.
Core financial measures
(cont.)
Core
financial measures are adjusted to exclude certain significant
items:
– Charges
and provisions related to our global restructuring programmes,
which includes charges that relate to the impact of restructuring
programmes on our capitalised manufacturing assets and IT
assets
– Amortisation
and impairment of intangible assets, including impairment reversals
but excluding any charges relating to IT assets
– Other
specified items, principally comprising acquisition-related costs
and credits, which include the imputed finance charges and fair
value movements relating to contingent consideration on business
combinations, imputed finance charges and remeasurement adjustments
on certain Other payables arising from intangible asset
acquisitions, remeasurement
adjustments
relating to certain Other payables, debt items assumed from the
Alexion acquisition and legal settlements
– The
tax effects of the adjustments above are excluded from the Core Tax
charge
Details on the nature of Core financial measures are provided on
page 70 of the Annual Report
and Form 20-F Information 2024.
Reference should be made to the Reconciliation of Reported to Core
financial measures table included in the Financial Performance
section in this announcement.
Definitions
Gross
Margin is defined as Gross Profit as a percentage of Total
Revenue.
EBITDA
is defined as Reported Profit before tax after adding back Net
finance expense, results from Joint ventures and associates and
charges for Depreciation, amortisation and impairment. Reference
should be made to the Reconciliation of Reported Profit before tax
to EBITDA included in the Financial Performance section in this
announcement.
Operating margin is defined as Operating profit as a percentage of
Total Revenue.
Net debt is defined as Interest-bearing loans and borrowings and
Lease liabilities, net of Cash and cash equivalents, Other
investments, and Net derivative financial instruments. Reference
should be made to Note 3 'Net debt', included in the Notes to the
Condensed consolidated financial statements in this
announcement.
The Company strongly encourages investors and analysts not to rely
on any single financial measure, but to review AstraZeneca's
financial statements, including the Notes thereto, and other
available Company reports, carefully and in their
entirety.
Due to rounding, the sum of a number of dollar values and
percentages in this announcement may not agree to
totals.
Financial
performance
Table 8:
Reported Profit and Loss
|
|
FY 2025
|
FY 2024
|
%
Change
|
Q4 2025
|
Q4 2024
|
%
Change
|
||
|
|
$m
|
$m
|
Actual
|
CER
|
$m
|
$m
|
Actual
|
CER
|
|
- Product Sales
|
55,573
|
50,938
|
9
|
9
|
14,538
|
13,362
|
9
|
7
|
|
- Alliance Revenue
|
3,067
|
2,212
|
39
|
38
|
959
|
714
|
34
|
33
|
|
Product Revenue
|
58,640
|
53,150
|
10
|
10
|
15,497
|
14,076
|
10
|
8
|
|
Collaboration Revenue
|
99
|
923
|
(89)
|
(89)
|
6
|
815
|
(99)
|
(99)
|
|
Total Revenue
|
58,739
|
54,073
|
9
|
8
|
15,503
|
14,891
|
4
|
2
|
|
Cost of sales
|
(10,633)
|
(10,207)
|
4
|
5
|
(3,118)
|
(2,725)
|
14
|
14
|
|
Gross profit
|
48,106
|
43,866
|
10
|
9
|
12,385
|
12,166
|
2
|
-
|
|
Distribution expense
|
(579)
|
(555)
|
4
|
4
|
(153)
|
(143)
|
7
|
4
|
|
R&D expense
|
(14,232)
|
(13,583)
|
5
|
4
|
(3,862)
|
(4,677)
|
(17)
|
(19)
|
|
SG&A expense
|
(19,933)
|
(19,977)
|
-
|
(1)
|
(5,492)
|
(5,410)
|
2
|
-
|
|
Other operating income & expense
|
381
|
252
|
52
|
53
|
100
|
100
|
-
|
2
|
|
Operating profit
|
13,743
|
10,003
|
37
|
36
|
2,978
|
2,036
|
46
|
40
|
|
Net finance expense
|
(1,334)
|
(1,284)
|
4
|
5
|
(349)
|
(365)
|
(4)
|
(2)
|
|
Joint ventures and associates
|
(7)
|
(28)
|
(74)
|
(77)
|
-
|
(5)
|
n/m
|
n/m
|
|
Profit before tax
|
12,402
|
8,691
|
43
|
40
|
2,629
|
1,666
|
58
|
49
|
|
Taxation
|
(2,169)
|
(1,650)
|
31
|
29
|
(300)
|
(166)
|
82
|
66
|
|
Tax rate
|
18%
|
19%
|
|
|
11%
|
10%
|
|
|
|
Profit after tax
|
10,233
|
7,041
|
45
|
43
|
2,329
|
1,500
|
55
|
47
|
|
Earnings per share
|
$6.60
|
$4.54
|
45
|
43
|
$1.50
|
$0.97
|
55
|
47
|
Table 9: Reconciliation of Reported
Profit before tax to EBITDA
|
|
FY 2025
|
FY 2024
|
%
Change
|
Q4 2025
|
Q4 2024
|
%
Change
|
||
|
|
$m
|
$m
|
Actual
|
CER
|
$m
|
$m
|
Actual
|
CER
|
|
Reported Profit before tax
|
12,402
|
8,691
|
43
|
40
|
2,629
|
1,666
|
58
|
49
|
|
Net finance expense
|
1,334
|
1,284
|
4
|
5
|
349
|
365
|
(4)
|
(2)
|
|
Joint ventures and associates
|
7
|
28
|
(74)
|
(77)
|
-
|
5
|
n/m
|
n/m
|
|
Depreciation, amortisation and impairment
|
5,733
|
6,688
|
(14)
|
(15)
|
1,511
|
2,337
|
(35)
|
(37)
|
|
EBITDA
|
19,476
|
16,691
|
17
|
16
|
4,489
|
4,373
|
3
|
-
|
Table 10: Reconciliation of Reported
to Core financial measures: FY 2025
|
For the twelve months
ended 31 December
|
Reported
|
Restructuring
|
Intangible Asset Amortisation & Impairments
|
Other
|
Core
|
% Change
|
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Actual
|
CER
|
|
Gross profit
|
48,106
|
(138)
|
32
|
30
|
48,030
|
8
|
7
|
|
- Gross Margin
|
82%
|
|
|
|
82%
|
-
|
-1pp
|
|
Distribution expense
|
(579)
|
-
|
-
|
-
|
(579)
|
4
|
4
|
|
R&D expense
|
(14,232)
|
171
|
236
|
3
|
(13,822)
|
13
|
12
|
|
- R&D % of Total Revenue
|
24%
|
|
|
|
24%
|
-1pp
|
-1pp
|
|
SG&A expense
|
(19,933)
|
209
|
4,059
|
131
|
(15,534)
|
3
|
3
|
|
- SG&A % of Total Revenue
|
34%
|
|
|
|
26%
|
+1pp
|
+1pp
|
|
Total operating expense
|
(34,744)
|
380
|
4,295
|
134
|
(29,935)
|
8
|
7
|
|
Other operating income & expense
|
381
|
(5)
|
-
|
7
|
383
|
54
|
55
|
|
Operating profit
|
13,743
|
237
|
4,327
|
171
|
18,478
|
9
|
9
|
|
- Operating Margin
|
23%
|
|
|
|
31%
|
-
|
-
|
|
Net finance expense
|
(1,334)
|
-
|
-
|
242
|
(1,092)
|
(7)
|
(6)
|
|
Taxation
|
(2,169)
|
(68)
|
(825)
|
(108)
|
(3,170)
|
6
|
5
|
|
EPS
|
$6.60
|
$0.11
|
$2.26
|
$0.19
|
$9.16
|
12
|
11
|
Table 11: Reconciliation of Reported to Core financial measures: Q4
2025
|
For the quarter ended 31 December
|
Reported
|
Restructuring
|
Intangible Asset Amortisation & Impairments
|
Other
|
Core
|
% Change
|
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Actual
|
CER
|
|
Gross profit
|
12,385
|
(77)
|
8
|
18
|
12,334
|
2
|
-
|
|
- Gross Margin
|
80%
|
|
|
|
80%
|
-2pp
|
-2pp
|
|
Distribution expense
|
(153)
|
-
|
-
|
-
|
(153)
|
7
|
4
|
|
R&D expense
|
(3,862)
|
37
|
95
|
(1)
|
(3,731)
|
4
|
3
|
|
- R&D % of Total Revenue
|
25%
|
|
|
|
24%
|
-
|
-
|
|
SG&A expense
|
(5,492)
|
96
|
1,021
|
(78)
|
(4,453)
|
4
|
2
|
|
- SG&A % of Total Revenue
|
35%
|
|
|
|
29%
|
-
|
-
|
|
Total operating expense
|
(9,507)
|
133
|
1,116
|
(79)
|
(8,337)
|
4
|
2
|
|
Other operating income & expense
|
100
|
1
|
-
|
-
|
101
|
2
|
2
|
|
Operating profit
|
2,978
|
57
|
1,124
|
(61)
|
4,098
|
(2)
|
(5)
|
|
- Operating Margin
|
19%
|
|
|
|
26%
|
-2pp
|
-2pp
|
|
Net finance expense
|
(349)
|
-
|
-
|
80
|
(269)
|
(13)
|
(10)
|
|
Taxation
|
(300)
|
(19)
|
(214)
|
(10)
|
(543)
|
(15)
|
(19)
|
|
EPS
|
$1.50
|
$0.03
|
$0.58
|
$0.01
|
$2.12
|
1
|
(2)
|
Profit and Loss
drivers
Gross profit
The
movement in Gross Margin in FY 2025 was a result of:
–Positive
effects from geographic mix
– Negative effects from product mix. The rising
contribution of Product Sales with profit sharing arrangements
(Lynparza, Enhertu, Datroway, Tezspire, Koselugo) has a negative impact on Gross Margin because
AstraZeneca records Product Sales in certain markets and pays away
a share of the gross profits to its collaboration partners. The
profit share paid to
partners is recorded in AstraZeneca's
Cost of sales line
– Pricing
adjustments, e.g. to sales reimbursed by the Medicare Part D
programme in the US, diluted the Gross Margin
– Royalty
buyout expenses of $235m, incurred in the fourth
quarter
– Variations
in Gross Margin performance between periods can continue to be
expected due to product seasonality, foreign exchange fluctuations,
and other effects.
R&D expense
The increase in R&D expense (Reported and Core) in the period
was driven by:
– Positive
data readouts for high-value pipeline opportunities that have
ungated late-stage trials
– Investment
in platforms, new technology and capabilities to enhance R&D
capabilities
– Addition
of R&D projects following completion of previously announced
business development activity
– The
change in Reported R&D expense also reflects a $753m impairment
charge recorded against the vemircopan (ALXN2050) intangible asset
in FY 2024.
SG&A expense
– The
increase in SG&A expense (Reported and Core) in the period was
driven primarily by market development activities for launches and
to support continued growth in existing brands
– The change in Reported SG&A expense also
reflects a $504m impairment charge recorded against the
Andexxa
intangible asset in FY
2024
Other operating income and
expense
– Other
operating income in FY 2025 consisted primarily of royalties and an
upfront fee income on a divestment
Net finance
expense
Core
Net finance expense decreased 7% (6% at CER) in FY 2025,
principally due to changes in interest on tax, with movements in
borrowing expenses broadly offset by lower interest income on cash
balances.
Taxation
The
effective Reported and Core tax rates for the twelve months to 31
December 2025 were 18% (FY 2024: 19%).
Dividends
A second interim dividend of $2.17 per share (159.5 pence, 19.49
SEK) has been declared, resulting in a full-year dividend per share
of $3.20.
– Dividend
payments are normally paid as follows:
– First
interim dividend - announced with half-year and second-quarter
results and paid in September
– Second
interim dividend - announced with full-year and fourth-quarter
results and paid in March
– Dates
for the FY 2025 second interim dividend: ex-dividend 19 February
2026 (for shares traded on the London Stock Exchange or Nasdaq
Stockholm), ex-dividend 20 February 2026 (for shares traded on the
New York Stock Exchange), record date 20 February 2026, payable on
23 March 2026
Cash Flow
Table 12: Cash Flow summary: FY
2025
|
For the twelve months
ended 31 December
|
2025
$m
|
2024
$m
|
Change$m
|
|
Reported Operating profit
|
13,743
|
10,003
|
3,740
|
|
Depreciation, amortisation and impairment
|
5,733
|
6,688
|
(955)
|
|
Movement in working capital and short-term provisions
|
(1,137)
|
(893)
|
(244)
|
|
Gains on disposal of intangible assets
|
(168)
|
(64)
|
(104)
|
|
Fair value movements on contingent consideration arising from
business combinations
|
(97)
|
311
|
(408)
|
|
Non-cash and other movements
|
662
|
(121)
|
783
|
|
Interest paid
|
(1,316)
|
(1,313)
|
(3)
|
|
Taxation paid
|
(2,845)
|
(2,750)
|
(95)
|
|
Net cash inflow from operating activities
|
14,575
|
11,861
|
2,714
|
|
Net cash inflow before financing activities
|
7,767
|
3,881
|
3,886
|
|
Net cash outflow from financing activities
|
(7,544)
|
(3,996)
|
(3,548)
|
Net cash flow
The
change in Net cash inflow from operating activities of $2,714m is
primarily driven by the increased Operating profit in
FY2025.
The change in Net cash inflow before financing activities of
$3,886m is primarily driven by, in addition to the change in Net
cash inflow from operating activities, a reduction of $2,705m in
cash outflow relating to the Acquisitions of subsidiaries, net of
cash acquired, offset by an increase of $1,052m relating to capital
expenditure on tangible assets and software-related intangible
assets. In FY2024 the cash outflow relating to the Acquisitions of
subsidiaries, net of cash acquired, included $1,997m related to the
acquisition of Fusion Pharmaceuticals Inc. and $774m related to the
acquisition of Gracell Biotechnologies Inc.The change in Net cash
outflow from financing activities of $3,548m is primarily driven by
the issue of new long-term loans of $6,492m in FY2024, with no
issuance in FY2025, and offset by the repayment of loans of $2,029m
in the current period compared to $4,652m of loans repaid in
comparative period.
Capital
expenditure
Capital expenditure on tangible assets and software-related
intangible assets amounted to $3,270m in FY 2025 (FY 2024:
$2,218m). The increase of capital expenditure in FY2025 was driven
by investment in several major manufacturing projects and continued
investment in technology upgrades.
Net debt
Net debt decreased by $1,196m in the twelve months to 31 December
2025 to $23,374m. Details of the committed undrawn bank facilities
are disclosed within the Going concern section of Note 1. Details
of the Company's solicited credit ratings and further details on
Net debt are disclosed in Note 3.
Net debt
Table
13: Net debt summary
|
|
|
At
31 Dec 2025
$m
|
At
31 Dec 2024
$m
|
|
Cash and cash equivalents
|
|
5,711
|
5,488
|
|
Other investments
|
|
30
|
166
|
|
Cash and investments
|
|
5,741
|
5,654
|
|
Overdrafts and short-term borrowings
|
|
(644)
|
(330)
|
|
Lease liabilities
|
|
(1,803)
|
(1,452)
|
|
Current instalments of loans
|
|
(2,460)
|
(2,007)
|
|
Non-current instalments of loans
|
|
(24,715)
|
(26,506)
|
|
Interest-bearing loans and borrowings (Gross debt)
|
|
(29,622)
|
(30,295)
|
|
Net derivatives
|
|
507
|
71
|
|
Net debt
|
|
(23,374)
|
(24,570)
|
Summarised financial information for
guarantee of securities of subsidiaries
AstraZeneca
Finance LLC ("AstraZeneca Finance") is the issuer of 1.2% Notes due
2026, 4.8% Notes due 2027, 4.875% Notes due 2028, 1.75% Notes due
2028, 4.85% Notes due 2029, 4.9% Notes due 2030, 4.9% Notes due
2031, 2.25% Notes due 2031, 4.875% Notes due 2033 and 5% Notes due
2034 (the "AstraZeneca Finance USD Notes"). Each series of
AstraZeneca Finance USD Notes has been fully and unconditionally
guaranteed by AstraZeneca PLC. AstraZeneca Finance is 100% owned by
AstraZeneca PLC and each of the guarantees issued by AstraZeneca
PLC is full and unconditional and joint and several.
The AstraZeneca Finance USD Notes are senior unsecured obligations
of AstraZeneca Finance and rank equally with all of AstraZeneca
Finance's existing and future senior unsecured and unsubordinated
indebtedness. The guarantee by AstraZeneca PLC of the AstraZeneca
Finance USD Notes is the senior unsecured obligation of AstraZeneca
PLC and ranks equally with all of AstraZeneca PLC's existing and
future senior unsecured and unsubordinated indebtedness. Each
guarantee by AstraZeneca PLC is effectively subordinated to any
secured
indebtedness of AstraZeneca PLC to the extent of the value of the
assets securing such indebtedness. The AstraZeneca Finance USD
Notes are structurally subordinated to indebtedness and other
liabilities of the subsidiaries of AstraZeneca PLC, none of which
guarantee the AstraZeneca Finance USD Notes.
AstraZeneca PLC manages substantially all of its operations through
divisions, branches and/or investments in subsidiaries and
affiliates. Accordingly, the ability of AstraZeneca PLC to service
its debt and guarantee obligations is also dependent upon the
earnings of its subsidiaries, affiliates, branches and divisions,
whether by dividends, distributions, loans or otherwise. Please
refer to the Consolidated financial statements of AstraZeneca PLC
in our Annual Report on Form 20-F as filed with the SEC and
information contained herein for further financial information
regarding AstraZeneca PLC and its consolidated subsidiaries. For
further details, terms and conditions of the AstraZeneca Finance
USD Notes please refer to AstraZeneca PLC's reports on Form 6-K
furnished to the SEC on 22 February 2024, 3 March 2023 and 28 May
2021.
Pursuant to Rule 13-01 and Rule 3-10 of Regulation S-X under the
Securities Act of 1933, as amended (the "Securities Act"), we
present below the summary financial information for AstraZeneca
PLC, as Guarantor, excluding its consolidated subsidiaries, and
AstraZeneca Finance, as the issuer, excluding its consolidated
subsidiaries. The following summary financial information of
AstraZeneca PLC and AstraZeneca Finance is presented on a combined
basis and transactions between the combining entities have been
eliminated. Financial information for non-guarantor entities has
been excluded. Intercompany balances and transactions between the
obligor group and the non-obligor subsidiaries are presented on
separate lines.
Obligor
group summarised statements
Table 14: Obligor group summarised Statement of comprehensive
income: FY 2025
|
For the twelve months
ended 31 December
|
2025
$m
|
2024
$m
|
|
Total Revenue
|
-
|
-
|
|
Gross profit
|
-
|
-
|
|
Operating loss
|
(27)
|
(34)
|
|
Loss for the period
|
(1,756)
|
(1,182)
|
|
Transactions with subsidiaries that are not issuers or
guarantors
|
7,588
|
1,661
|
Table 15: Obligor group summarised Statement of financial
position
|
|
At
31 Dec 2025
$m
|
At
31 Dec 2024
$m
|
|
Current assets
|
34
|
54
|
|
Non-current assets
|
124
|
-
|
|
Current liabilities
|
(2,975)
|
(2,347)
|
|
Non-current liabilities
|
(24,687)
|
(26,603)
|
|
Amounts due from subsidiaries that are not issuers or
guarantors
|
19,322
|
18,272
|
|
Amounts due to subsidiaries that are not issuers or
guarantors
|
-
|
-
|
Capital
allocation
The Group's capital allocation priorities include: investing in the
business and pipeline; maintaining a strong, investment-grade
credit rating; potential value-enhancing business development
opportunities; and supporting the progressive dividend
policy.
In approving the declaration of dividends, the Board considers both
the liquidity of the Company and the level of reserves legally
available for distribution.
In FY 2026, the Company intends to increase the annual dividend
declared to $3.30 per share. Dividends are paid to shareholders
from AstraZeneca PLC, a Group holding company with no direct
operations. The ability of AstraZeneca PLC to make shareholder
distributions is dependent on the creation of profits for
distribution and the receipt of funds from subsidiary
companies.
The consolidated Group reserves set out in the Condensed
consolidated statement of financial position do not reflect the
profit available for distribution to the shareholders of
AstraZeneca PLC.
In FY 2025, capital expenditure on tangible assets and
Software-related intangible assets amounted to $3,270m. In FY 2026
the Group expects to increase expenditure on tangible assets and
Software-related intangible assets by approximately a third driven
by manufacturing expansion projects and investments in systems and
technology.
Foreign
exchange
The
Company's transactional currency exposures on working capital
balances, which typically extend for up to three months, are hedged
where practicable using forward foreign exchange contracts against
the individual companies' reporting currency.Foreign exchange gains
and losses on forward contracts transacted for transactional
hedging are taken to profit or to Other comprehensive income if the
contract is in a designated cashflow hedge.
In addition, the Company's external dividend payments, paid
principally in pound sterling and Swedish krona, are fully hedged
from the time of their announcement to the payment
date.
Table 16:
Currency sensitivities
|
Currency
|
Primary Relevance
|
Exchange rate vs USD (average
rate in period)
|
Annual impact of 5% strengthening vs
USD1
($m)
|
|||||
|
|
|
FY 20252
|
YTD 20263
|
Change
(%)
|
At 30 Jan 20264
|
Change
(%)
|
Total Revenue
|
Core Operating Profit
|
|
EUR
|
Total Revenue
|
0.88
|
0.85
|
4
|
0.84
|
6
|
499
|
234
|
|
CNY
|
Total Revenue
|
7.19
|
6.97
|
3
|
6.95
|
4
|
329
|
178
|
|
JPY
|
Total Revenue
|
149.64
|
156.99
|
(5)
|
153.77
|
(3)
|
179
|
120
|
|
GBP
|
Operating expense
|
0.76
|
0.74
|
2
|
0.73
|
4
|
50
|
(180)
|
|
SEK
|
Operating expense
|
9.81
|
9.12
|
8
|
8.85
|
11
|
9
|
(71)
|
|
Other
|
|
|
|
|
|
|
615
|
339
|
1. Assumes the average exchange rate vs USD in FY
2026 is 5% higher than the average rate in FY 2025. The impact data
are estimates, based on best prevailing assumptions around currency
profiles.
2. Based
on average daily spot rates 1 January 2025 to 31 December
2025.
3. Based
on average daily spot rates 1 January 2026 to 30 January
2026.
4. Based on average daily spot rates on 30 January
2026.
Condensed
consolidated financial statements
Table 17: Condensed consolidated
statement of comprehensive income: FY 2025
|
For the twelve months
ended 31 December
|
2025
$m
|
2024
$m
|
|
- Product Sales
|
55,573
|
50,938
|
|
- Alliance Revenue
|
3,067
|
2,212
|
|
Product Revenue
|
58,640
|
53,150
|
|
Collaboration Revenue
|
99
|
923
|
|
Total Revenue
|
58,739
|
54,073
|
|
Cost of sales
|
(10,633)
|
(10,207)
|
|
Gross profit
|
48,106
|
43,866
|
|
Distribution expense
|
(579)
|
(555)
|
|
Research and development expense
|
(14,232)
|
(13,583)
|
|
Selling, general and administrative expense
|
(19,933)
|
(19,977)
|
|
Other operating income and expense
|
381
|
252
|
|
Operating profit
|
13,743
|
10,003
|
|
Finance income
|
360
|
458
|
|
Finance expense
|
(1,694)
|
(1,742)
|
|
Share of after tax losses in associates and joint
ventures
|
(7)
|
(28)
|
|
Profit before tax
|
12,402
|
8,691
|
|
Taxation
|
(2,169)
|
(1,650)
|
|
Profit for the period
|
10,233
|
7,041
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
Items that will not be reclassified to profit or loss:
|
|
|
|
Remeasurement of the defined benefit pension liability
|
290
|
80
|
|
Net gains on equity investments measured at fair value through
Other comprehensive income
|
188
|
139
|
|
Fair value movements related to own credit risk on bonds designated
as fair value through profit or loss
|
-
|
12
|
|
Tax expense on items that will not be reclassified to profit or
loss
|
(94)
|
(43)
|
|
|
384
|
188
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
Foreign exchange arising on consolidation
|
2,387
|
(957)
|
|
Foreign exchange arising on designated liabilities in net
investment hedges
|
18
|
(122)
|
|
Fair value movements on cash flow hedges
|
263
|
(129)
|
|
Fair value movements on cash flow hedges transferred to profit and
loss
|
(314)
|
177
|
|
Fair value movements on derivatives designated in net investment
hedges
|
14
|
39
|
|
Gains/(costs) of hedging
|
1
|
(21)
|
|
Tax (expense)/income on items that may be reclassified subsequently
to profit or loss
|
(50)
|
25
|
|
|
2,319
|
(988)
|
|
Other comprehensive income/(expense) for the period, net of
tax
|
2,703
|
(800)
|
|
|
|
|
|
Total comprehensive income for the period
|
12,936
|
6,241
|
|
|
|
|
|
Profit attributable to:
|
|
|
|
Owners of the Parent
|
10,225
|
7,035
|
|
Non-controlling interests
|
8
|
6
|
|
|
10,233
|
7,041
|
|
|
|
|
|
Total comprehensive income attributable to:
|
|
|
|
Owners of the Parent
|
12,920
|
6,236
|
|
Non-controlling interests
|
16
|
5
|
|
|
12,936
|
6,241
|
|
Earnings per share
|
|
|
|
Basic earnings per $0.25 Ordinary Share
|
$6.60
|
$4.54
|
|
Diluted earnings per $0.25 Ordinary Share
|
$6.54
|
$4.50
|
|
Weighted average number of Ordinary Shares in issue
(millions)
|
1,550
|
1,550
|
|
Diluted weighted average number of Ordinary Shares in issue
(millions)
|
1,562
|
1,563
|
Table 18: Condensed consolidated
statement of comprehensive income: Q4 2025
|
For the quarter ended 31 December
|
2025
$m
|
2024
$m
|
|
- Product Sales
|
14,538
|
13,362
|
|
- Alliance Revenue
|
959
|
714
|
|
Product Revenue
|
15,497
|
14,076
|
|
Collaboration Revenue
|
6
|
815
|
|
Total Revenue
|
15,503
|
14,891
|
|
Cost of sales
|
(3,118)
|
(2,725)
|
|
Gross profit
|
12,385
|
12,166
|
|
Distribution expense
|
(153)
|
(143)
|
|
Research and development expense
|
(3,862)
|
(4,677)
|
|
Selling, general and administrative expense
|
(5,492)
|
(5,410)
|
|
Other operating income and expense
|
100
|
100
|
|
Operating profit
|
2,978
|
2,036
|
|
Finance income
|
135
|
64
|
|
Finance expense
|
(484)
|
(429)
|
|
Share of after tax losses in associates and joint
ventures
|
-
|
(5)
|
|
Profit before tax
|
2,629
|
1,666
|
|
Taxation
|
(300)
|
(166)
|
|
Profit for the period
|
2,329
|
1,500
|
|
|
|
|
|
Other comprehensive income/(expense)
|
|
|
|
Items that will not be reclassified to profit or loss:
|
|
|
|
Remeasurement of the defined benefit pension liability
|
174
|
(56)
|
|
Net gains/(losses) on equity investments measured at fair value
through Other comprehensive income
|
209
|
(125)
|
|
Fair value movements related to own credit risk on bonds designated
as fair value through profit or loss
|
-
|
-
|
|
Tax (expense)/income on items that will not be reclassified to
profit or loss
|
(81)
|
7
|
|
|
302
|
(174)
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
Foreign exchange arising on consolidation
|
120
|
(1,500)
|
|
Foreign exchange arising on designated liabilities in net
investment hedges
|
4
|
(38)
|
|
Fair value movements on cash flow hedges
|
6
|
(87)
|
|
Fair value movements on cash flow hedges transferred to profit and
loss
|
4
|
176
|
|
Fair value movements on derivatives designated in net investment
hedges
|
21
|
26
|
|
Costs of hedging
|
(7)
|
(23)
|
|
Tax income on items that may be reclassified subsequently to profit
or loss
|
-
|
9
|
|
|
148
|
(1,437)
|
|
Other comprehensive income/(expense) for the period, net of
tax
|
450
|
(1,611)
|
|
|
|
|
|
Total comprehensive income/(expense) for the period
|
2,779
|
(111)
|
|
|
|
|
|
Profit attributable to:
|
|
|
|
Owners of the Parent
|
2,326
|
1,500
|
|
Non-controlling interests
|
3
|
-
|
|
|
2,329
|
1,500
|
|
|
|
|
|
Total comprehensive income/(expense) attributable to:
|
|
|
|
Owners of the Parent
|
2,770
|
(110)
|
|
Non-controlling interests
|
9
|
(1)
|
|
|
2,779
|
(111)
|
|
Earnings per share
|
|
|
|
Basic earnings per $0.25 Ordinary Share
|
$1.50
|
$0.97
|
|
Diluted earnings per $0.25 Ordinary Share
|
$1.49
|
$0.96
|
|
Weighted average number of Ordinary Shares in issue
(millions)
|
1,551
|
1,550
|
|
Diluted weighted average number of Ordinary Shares in issue
(millions)
|
1,563
|
1,562
|
Table 19: Condensed consolidated
statement of financial position
|
|
|
At
31 Dec 2025
|
At
31 Dec 2024
|
|
Assets
|
|
$m
|
$m
|
|
Non-current assets
|
|
|
|
|
Property, plant and equipment
|
|
12,962
|
10,252
|
|
Right-of-use assets
|
|
1,741
|
1,395
|
|
Goodwill
|
|
21,242
|
21,025
|
|
Intangible assets
|
|
37,846
|
37,177
|
|
Investments in associates and joint ventures
|
|
302
|
268
|
|
Other investments
|
|
2,223
|
1,632
|
|
Derivative financial instruments
|
|
498
|
182
|
|
Other receivables
|
|
1,327
|
930
|
|
Income tax receivable
|
|
1,391
|
-
|
|
Deferred tax assets
|
|
5,819
|
5,347
|
|
|
|
85,351
|
78,208
|
|
Current assets
|
|
|
|
|
Inventories
|
|
6,557
|
5,288
|
|
Trade and other receivables
|
|
15,177
|
12,972
|
|
Other investments
|
|
30
|
166
|
|
Derivative financial instruments
|
|
90
|
54
|
|
Income tax receivable
|
|
1,158
|
1,859
|
|
Cash and cash equivalents
|
|
5,711
|
5,488
|
|
|
|
28,723
|
25,827
|
|
Total assets
|
|
114,074
|
104,035
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current liabilities
|
|
|
|
|
Interest-bearing loans and borrowings
|
|
(3,104)
|
(2,337)
|
|
Lease liabilities
|
|
(382)
|
(339)
|
|
Trade and other payables
|
|
(25,280)
|
(22,465)
|
|
Derivative financial instruments
|
|
(81)
|
(50)
|
|
Provisions
|
|
(686)
|
(1,269)
|
|
Income tax payable
|
|
(1,084)
|
(1,406)
|
|
|
|
(30,617)
|
(27,866)
|
|
Non-current liabilities
|
|
|
|
|
Interest-bearing loans and borrowings
|
|
(24,715)
|
(26,506)
|
|
Lease liabilities
|
|
(1,421)
|
(1,113)
|
|
Derivative financial instruments
|
|
-
|
(115)
|
|
Deferred tax liabilities
|
|
(3,500)
|
(3,305)
|
|
Retirement benefit obligations
|
|
(1,105)
|
(1,330)
|
|
Provisions
|
|
(918)
|
(921)
|
|
Income tax payable
|
|
(700)
|
(238)
|
|
Other payables
|
|
(2,379)
|
(1,770)
|
|
|
|
(34,738)
|
(35,298)
|
|
Total liabilities
|
|
(65,355)
|
(63,164)
|
|
|
|
|
|
|
Net assets
|
|
48,719
|
40,871
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Share capital
|
|
388
|
388
|
|
Share premium account
|
|
35,266
|
35,226
|
|
Other reserves
|
|
2,041
|
2,012
|
|
Retained earnings
|
|
10,972
|
3,160
|
|
Capital and reserves attributable to equity holders of the
Parent
|
|
48,667
|
40,786
|
|
Non-controlling interests
|
|
52
|
85
|
|
Total equity
|
|
48,719
|
40,871
|
Table 20: Condensed consolidated
statement of changes in equity
|
|
Share
capital
|
Share
premium
account
|
Other
reserves
|
Retained
earnings
|
Total attributable
to owners
of the Parent
|
Non-controlling
interests
|
Total e
quity
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
At 1 Jan 2024
|
388
|
35,188
|
2,065
|
1,502
|
39,143
|
23
|
39,166
|
|
Profit for the period
|
-
|
-
|
-
|
7,035
|
7,035
|
6
|
7,041
|
|
Other comprehensive expense
|
-
|
-
|
-
|
(799)
|
(799)
|
(1)
|
(800)
|
|
Transfer to Other reserves
|
-
|
-
|
15
|
(15)
|
-
|
-
|
-
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
Dividends
|
-
|
-
|
-
|
(4,602)
|
(4,602)
|
-
|
(4,602)
|
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(4)
|
(4)
|
|
Issue of Ordinary Shares
|
-
|
38
|
-
|
-
|
38
|
-
|
38
|
|
Changes in non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
61
|
61
|
|
Movement in shares held by Employee Benefit Trusts
|
-
|
-
|
(68)
|
-
|
(68)
|
-
|
(68)
|
|
Share-based payments charge for the period
|
-
|
-
|
-
|
660
|
660
|
-
|
660
|
|
Settlement of share plan awards
|
-
|
-
|
-
|
(621)
|
(621)
|
-
|
(621)
|
|
Net movement
|
-
|
38
|
(53)
|
1,658
|
1,643
|
62
|
1,705
|
|
At 31 Dec 2024
|
388
|
35,226
|
2,012
|
3,160
|
40,786
|
85
|
40,871
|
|
|
|
|
|
|
|
|
|
|
At 1 Jan 2025
|
388
|
35,226
|
2,012
|
3,160
|
40,786
|
85
|
40,871
|
|
Profit for the period
|
-
|
-
|
-
|
10,225
|
10,225
|
8
|
10,233
|
|
Other comprehensive (expense)/income
|
-
|
-
|
(61)
|
2,756
|
2,695
|
8
|
2,703
|
|
Transfer to Other reserves
|
-
|
-
|
47
|
(47)
|
-
|
-
|
-
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
Dividends
|
-
|
-
|
-
|
(4,846)
|
(4,846)
|
-
|
(4,846)
|
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(6)
|
(6)
|
|
Issue of Ordinary Shares
|
-
|
40
|
-
|
-
|
40
|
-
|
40
|
|
Changes in non-controlling interests
|
-
|
-
|
-
|
(214)
|
(214)
|
(43)
|
(257)
|
|
Movement in shares held by Employee Benefit Trusts
|
-
|
-
|
43
|
-
|
43
|
-
|
43
|
|
Share-based payments charge for the period
|
-
|
-
|
-
|
719
|
719
|
-
|
719
|
|
Settlement of share plan awards
|
-
|
-
|
-
|
(781)
|
(781)
|
-
|
(781)
|
|
Net movement
|
-
|
40
|
29
|
7,812
|
7,881
|
(33)
|
7,848
|
|
At 31 Dec 2025
|
388
|
35,266
|
2,041
|
10,972
|
48,667
|
52
|
48,719
|
Transfer to other reserves includes $70m in respect of the opening
balance on the Cash flow hedge reserve. The cash flow hedge reserve
was previously disclosed within Retained earnings but from 2025 is
disclosed within Other reserves.
Table 21:
Condensed consolidated statement of cash flows: FY
2025
|
For the twelve months
ended 31 December
|
2025
$m
|
2024
$m
|
|
Cash flows from operating activities
|
|
|
|
Profit before tax
|
12,402
|
8,691
|
|
Finance income and expense
|
1,334
|
1,284
|
|
Share of after tax losses of associates and joint
ventures
|
7
|
28
|
|
Depreciation, amortisation and impairment
|
5,733
|
6,688
|
|
Movement in working capital and short-term provisions
|
(1,137)
|
(893)
|
|
Gains on disposal of intangible assets
|
(168)
|
(64)
|
|
Fair value movements on contingent consideration arising from
business combinations
|
(97)
|
311
|
|
Non-cash and other movements
|
662
|
(121)
|
|
Cash generated from operations
|
18,736
|
15,924
|
|
Interest paid
|
(1,316)
|
(1,313)
|
|
Tax paid
|
(2,845)
|
(2,750)
|
|
Net cash inflow from operating activities
|
14,575
|
11,861
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
Acquisition of subsidiaries, net of cash acquired
|
(66)
|
(2,771)
|
|
Payments upon vesting of employee share awards attributable to
business combinations
|
-
|
(3)
|
|
Payment of contingent consideration from business
combinations
|
(1,164)
|
(1,008)
|
|
Purchase of property, plant and equipment
|
(2,810)
|
(1,924)
|
|
Disposal of property, plant and equipment
|
13
|
55
|
|
Purchase of intangible assets
|
(3,095)
|
(2,662)
|
|
Disposal of intangible assets
|
136
|
123
|
|
Purchase of non-current asset investments
|
(229)
|
(96)
|
|
Disposal of non-current asset investments
|
-
|
78
|
|
Movement in short-term investments, fixed deposits and other
investing instruments
|
131
|
30
|
|
Payments to associates and joint ventures
|
(10)
|
(158)
|
|
Disposal of investments in associates and joint
ventures
|
-
|
13
|
|
Interest received
|
286
|
343
|
|
Net cash outflow from investing activities
|
(6,808)
|
(7,980)
|
|
Net cash inflow before financing activities
|
7,767
|
3,881
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
Proceeds from issue of share capital
|
40
|
38
|
|
Own shares purchased by Employee Benefit Trusts
|
(521)
|
(81)
|
|
Payments to acquire non-controlling interests
|
(183)
|
-
|
|
Issue of loans and borrowings
|
15
|
6,492
|
|
Repayment of loans and borrowings
|
(2,029)
|
(4,652)
|
|
Dividends paid
|
(4,971)
|
(4,629)
|
|
Hedge contracts relating to dividend payments
|
113
|
16
|
|
Repayment of obligations under leases
|
(372)
|
(316)
|
|
Movement in short-term borrowings
|
364
|
(31)
|
|
Payment of Acerta Pharma share purchase liability
|
-
|
(833)
|
|
Net cash outflow from financing activities
|
(7,544)
|
(3,996)
|
|
|
|
|
|
Net increase/(decrease) in Cash and cash equivalents in the
period
|
223
|
(115)
|
|
Cash and cash equivalents at the beginning of the
period
|
5,429
|
5,637
|
|
Exchange rate effects
|
46
|
(93)
|
|
Cash and cash equivalents at the end of the period
|
5,698
|
5,429
|
|
|
|
|
|
Cash and cash equivalents consist of:
|
|
|
|
Cash and cash equivalents
|
5,711
|
5,488
|
|
Overdrafts
|
(13)
|
(59)
|
|
|
5,698
|
5,429
|
Notes
to the Condensed consolidated financial statements
Note 1: Basis of preparation and accounting policies
These Condensed consolidated financial statements for the twelve
months ended 31 December 2025 have been prepared in accordance with
UK-adopted international accounting standards and with the
requirements of the Companies Act 2006 as applicable to companies
reporting under those standards. The Condensed consolidated
financial statements also comply fully with IFRS Accounting
Standards as issued by the International Accounting Standards Board
(IASB) and International Accounting Standards as adopted by the
European Union.
These
Condensed consolidated financial statements comprise the financial
results of AstraZeneca PLC for the years to 31 December 2025 and
2024 together with the Statement of financial position as at 31
December 2025 and 2024. The results for the year to 31 December
2025 have been extracted from the 31 December 2025 audited
consolidated financial statements which have been approved by the
Board of Directors. These have not yet been delivered to the
Registrar of Companies but are expected to be published on 24
February 2026 within the Annual Report and Form 20-F Information
2025.
The
financial information set out above does not constitute the Group's
statutory accounts for the years to 31 December 2025 or 2024 but is
derived from these accounts. The auditors have reported on those
accounts: their reports (i) were unqualified, (ii) did not include
a reference to any matters to which the auditors drew attention by
way of emphasis without qualifying their report and (iii) did not
contain a statement under section 498 (2) or (3) of the Companies
Act 2006 in respect of the accounts for the year to 31 December
2025 or for 31 December 2024. Statutory accounts for the year to 31
December 2025 were approved by the Board of Directors for release
on 10 February 2026.
Amendments
to accounting standards issued by the IASB and adopted in the year
ended 31 December 2025 did not have a material impact on the result
or financial position of the Group and the Condensed consolidated
financial statements have been prepared applying the accounting
policies that were applied in the preparation of the Group's
published consolidated financial statements for the year ended 31
December 2024.
The
comparative figures for the financial year ended 31 December 2024
are not the Group's statutory accounts for that financial year.
Those accounts have been reported on by the Group's auditors and
have been delivered to the Registrar of Companies; their report (i)
was unqualified, (ii) did not include a reference to any matters to
which the auditors drew attention by way of emphasis without
qualifying their report, and (iii) did not contain a statement
under section 498(2) or (3) of the Companies Act 2006.
Product Revenue
Effetive 1 January 2025, the Group has updated the presentation of
Total Revenue on the face of the Statement of Comprehensive Income
to include a new subtotal 'Product Revenue' representing the
summation of Product Sales and Alliance Revenue.
Product Revenue and Collaboration Revenue form Total
Revenue.
Product Sales and Alliance Revenue will continue to be presented
separately, with the new subtotal providing additional aggregation
of revenue types with similar characteristics, reflecting the
growing importance of Alliance Revenue.
Full descriptions of Product Sales, Alliance Revenue and
Collaboration Revenue are included from page 152 of the
Group's Annual Report and Form
20-F Information 2024.
There are no changes to the Revenue accounting policy regarding the
types of transactions recorded in each revenue category. The
comparative period has been retrospectively adjusted to reflect the
additional subtotal, resulting in total Product Revenue being
reported for the twelve months ended 31 December 2024 of
$53,150m.
Going concern
The
Group has considerable financial resources available. As at 31
December 2025, the Group has $10.6bn in financial resources (cash
and cash equivalent balances of $5.7bn and undrawn committed bank
facilities of $4.9bn that are available until April 2030), with
$3.5bn of borrowings due within one year. These facilities contain
no financial covenants, and in January 2026 their maturity was
extended to April 2031.
The Group has assessed the prospects of the Group over a period
longer than the required 12 months from the date of Board approval
of these consolidated financial statements, with no deterioration
noted requiring a further extension of this review. The Group's
revenues are largely derived from sales of medicines covered by
patents, which provide a relatively high level of resilience and
predictability to cash inflows, although government price
interventions in response to budgetary constraints are expected to
continue to adversely affect revenues in some of our significant
markets. The Group, however, anticipates new revenue streams from
both recently launched medicines and those in development, and the
Group has a wide diversity of customers and suppliers across
different geographic areas.
Consequently, the Directors believe that, overall, the Group is
well placed to manage its business risks successfully. Accordingly,
they continue to adopt the going concern basis in preparing the
Interim financial statements.
Legal proceedings
The information contained in Note 5 updates the disclosures
concerning legal proceedings and contingent liabilities in the
Group's Annual Report and Form
20-F Information 2024.
Note 2: Intangible
assets
In
accordance with IAS 36 'Impairment of Assets', reviews for triggers
of impairment or impairment reversals at an individual asset or
cash generating unit level were conducted, and impairment tests
carried out where triggers were identified. In 2025, the Group
recorded impairment charges of $8m (2024: $504m) in respect of
launched products. Impairment charges recorded against products in
development totalled $210m (2024: $1,073m).
EsoBiotec
The acquisition of EsoBiotec completed on 19 May 2025. The
transaction is recorded as an asset acquisition based upon the
concentration test permitted under IFRS 3 'Business Combinations',
with
consideration and net assets acquired of $403m, which included
intangible assets acquired of $426m. Contingent consideration of up
to $575m could be paid on achievement of regulatory milestones,
those liabilities will be recorded when the relevant regulatory
milestones are achieved.
Agreement with Merck on Koselugo
Intangible asset additions of $536m in the third quarter relate to
the total of net upfront payment made, the present value of
non-contingent future payments and a sales-related payment due to
Merck & Co., Inc. (Merck) in connection with the restructuring
of arrangements relating to Koselugo, recorded as an asset
acquisition.
A regulatory milestone of $50m, and sales-related payment of $35m
additionally fell due and were capitalised in the third quarter.
Two more regulatory milestones totalling $125m were achieved and
capitalised in the fourth quarter. Further contingent payments of
up to $175m could be paid on achievement of regulatory milestones
or on achievement of sales-related thresholds. Those liabilities
will be recorded when milestones are triggered, or performance
conditions have been satisfied. Sales-related payments are accrued
and capitalised when considered probable with reference to the
latest Group sales forecasts for approved indications at the
present value of expected future cash flows.
Note 3: Net debt
Table 22: Net debt
|
|
At 1 Jan 2025
|
Cash flow
|
Acquisitions
|
Non-cash
and other
|
Exchange movements
|
At 31 Dec 2025
|
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
Non-current instalments of loans
|
(26,506)
|
-
|
-
|
2,418
|
(627)
|
(24,715)
|
|
Non-current instalments of leases
|
(1,113)
|
-
|
-
|
(259)
|
(49)
|
(1,421)
|
|
Total long-term debt
|
(27,619)
|
-
|
-
|
2,159
|
(676)
|
(26,136)
|
|
Current instalments of loans
|
(2,007)
|
2,014
|
-
|
(2,467)
|
-
|
(2,460)
|
|
Current instalments of leases
|
(339)
|
449
|
(1)
|
(472)
|
(19)
|
(382)
|
|
Collateral received from derivative counterparties
|
(181)
|
(292)
|
-
|
-
|
-
|
(473)
|
|
Other short-term borrowings excluding overdrafts
|
(90)
|
(72)
|
-
|
-
|
4
|
(158)
|
|
Overdrafts
|
(59)
|
47
|
-
|
-
|
(1)
|
(13)
|
|
Total current debt
|
(2,676)
|
2,146
|
(1)
|
(2,939)
|
(16)
|
(3,486)
|
|
Gross borrowings
|
(30,295)
|
2,146
|
(1)
|
(780)
|
(692)
|
(29,622)
|
|
Net derivative financial instruments
|
71
|
(346)
|
-
|
782
|
-
|
507
|
|
Net borrowings
|
(30,224)
|
1,800
|
(1)
|
2
|
(692)
|
(29,115)
|
|
Cash and cash equivalents
|
5,488
|
56
|
120
|
-
|
47
|
5,711
|
|
Other investments - current
|
166
|
(131)
|
-
|
-
|
(5)
|
30
|
|
Cash and investments
|
5,654
|
(75)
|
120
|
-
|
42
|
5,741
|
|
Net debt
|
(24,570)
|
1,725
|
119
|
2
|
(650)
|
(23,374)
|
The table above provides an analysis of Net debt and a
reconciliation of Net cash flow to the movement in Net debt. The
Group monitors Net debt as part of its capital management policy as
described in Note 28 of the Annual Report and Form 20-F Information
2024. Net debt is a non-GAAP
financial measure.
Net debt decreased by $1,196m in the twelve months to 31 December
2025 to $23,374m. Details of the committed undrawn bank facilities
are disclosed within the going concern section of Note 1.
Non-cash movements in the period include fair value adjustments
under IFRS 9 'Financial Instruments'.
The Group has agreements with some bank counterparties whereby the
parties agree to post cash collateral on financial derivatives, for
the benefit of the other, equivalent to the market valuation of the
derivative positions above a predetermined threshold. The carrying
value of such cash collateral held by the Group at 31 December 2025
was $473m (31 December 2024: $181m) and the carrying value of such
cash collateral posted by the Group at 31 December 2025 was $22m
(31 December 2024: $129m).
The equivalent GAAP measure to Net debt is 'liabilities arising
from financing activities', which excludes the amounts for cash and
overdrafts, other investments and non-financing derivatives
above.
During the twelve months ended 31 December 2025, Moody's upgraded
the Group's solicited long term credit rating to A1 from A2, which
occurred during Q1 2025. The short term rating remained
at
P-1. There were no changes to Standard and Poor's credit ratings
(long term: A+; short term: A-1).
Note
4: Financial Instruments
As detailed in the Group's most recent annual financial statements,
the principal financial instruments consist of derivative financial
instruments, other investments, trade and other receivables, cash
and cash equivalents, trade and other payables, lease liabilities
and interest-bearing loans and borrowings.
The Group has certain equity investments that are categorised as
Level 3 in the fair value hierarchy that are held at $458m
(31 December 2024: $353m) and for which a fair value loss of
$50m has been recognised in the twelve months ended 31 December
2025 (FY 2024: $9m). In the absence of specific market data, these
unlisted investments are held at fair value based on the cost of
investment and adjusted as necessary for impairments and
revaluations on new funding rounds, which are seen to approximate
the fair value. All other fair value gains and/or losses that are
presented in Net gains on equity investments measured at fair value
through other comprehensive income, in the Condensed consolidated
statement of comprehensive income for the twelve months ended 31
December 2025 are Level 1 fair value measurements, valued
based on quoted prices in active markets.
Financial instruments measured at fair value include $2,231m of
other investments, $4,224m held in money-market funds and $507m of
derivatives as at 31 December 2025. With the exception of
derivatives being Level 2 fair valued, and certain equity
instruments of $458m categorised as Level 3, the aforementioned
balances are Level 1 fair valued. Financial instruments measured at
amortised cost include $22m of cash collateral pledged to
counterparties. The total fair value of Interest-bearing loans and
borrowings as at 31 December 2025, which have a carrying value of
$29,622m in the Condensed consolidated statement of financial
position, was $29,221m.
Contingent consideration arising from business combinations is fair
valued using decision-tree analysis, with key inputs including the
probability of success, consideration of potential delays and the
expected levels of future revenues.
The contingent consideration balance relating to BMS's share of the
global diabetes alliance of $257m (31 December 2024: $1,309m)
is due for final payment in 2026.
Table 23: Contingent
consideration
|
|
2025
|
2024
|
||
|
|
Diabetes alliance
$m
|
Other
$m
|
Total
$m
|
Total
$m
|
|
At 1 January
|
1,309
|
442
|
1,751
|
2,137
|
|
Additions through business combinations
|
-
|
-
|
-
|
198
|
|
Settlements
|
(1,054)
|
(110)
|
(1,164)
|
(1,008)
|
|
Revaluations
|
(44)
|
(53)
|
(97)
|
311
|
|
Discount unwind
|
46
|
14
|
60
|
113
|
|
At 31 December
|
257
|
293
|
550
|
1,751
|
Note
5: Legal proceedings and
contingent
liabilities
AstraZeneca
is involved in various legal proceedings considered typical to its
business, including litigation and investigations, including
Government investigations, relating to product liability,
commercial disputes, infringement of intellectual property (IP)
rights, the validity of certain patents, anti-trust law and sales
and marketing practices. The matters discussed below constitute the
more significant developments since publication of the disclosures
concerning legal proceedings in the Company's Annual Report and
Form 20-F Information 2024, the H1 2025 and the Q3 2025 results
announcements (the Disclosures). Information about the nature and
facts of the cases is disclosed in accordance with IAS 37
'Provisions, Contingent Liabilities and Contingent
Assets'.
As discussed in the Disclosures, the majority of claims involve
highly complex issues. Often these issues are subject to
substantial uncertainties and, therefore, the probability of a
loss, if any, being sustained and/or an estimate of the amount of
any loss is difficult to ascertain.
In cases that have been settled or adjudicated, or where
quantifiable fines and penalties have been assessed and which are
not subject to appeal, or where a loss is probable and we are able
to make a reasonable estimate of the loss, AstraZeneca records the
loss absorbed or makes a provision for its best estimate of the
expected loss. The position could change over time and the
estimates that the Company made, and upon which the Company have
relied in calculating these provisions are inherently imprecise.
There can, therefore, be no assurance that any losses that result
from the outcome of any legal proceedings will not exceed the
amount of the provisions that have been booked in the accounts. The
major factors causing this uncertainty are described more fully in
the Disclosures and herein.
AstraZeneca has full confidence in, and will vigorously defend and
enforce, its IP.
Matters
disclosed in respect of the fourth quarter of 2025 and to 10
February 2026
Table 24: Patent
litigation
Legal proceedings brought against
AstraZeneca
|
Enhertu
patent proceedings,
US
Considered to be a contingent liability
|
In October 2020, Seagen Inc. (Seagen) filed a
complaint against Daiichi Sankyo Company, Limited (Daiichi Sankyo)
in the US District Court for the Eastern District of Texas
(District Court) alleging that Enhertu infringes a Seagen patent. AstraZeneca
co-commercialises
Enhertu with Daiichi Sankyo in the US. After trial in
April 2022, the jury found that the patent was infringed and
awarded Seagen $41.82m in past damages. In July 2022, the District
Court entered final judgment and declined to enhance damages on the
basis of wilfulness. In
October 2023, the District Court entered an
amended final judgment that requires Daiichi Sankyo to pay Seagen a
royalty of 8% on US sales of Enhertu from 1 April 2022 through to 4 November 2024, in
addition to the past damages previously awarded by the District
Court.
AstraZeneca and Daiichi Sankyo have appealed the
District Court's decision.
In
December 2020 and January 2021, AstraZeneca and Daiichi Sankyo
filed post-grant review (PGR) petitions with the US Patent and
Trademark Office (USPTO) alleging, among other things, that the
Seagen patent is invalid for lack of written description and
enablement.
The
USPTO initially declined to institute the PGRs, but, in April 2022,
the USPTO granted the rehearing requests and instituted both PGR
petitions. Seagen subsequently disclaimed all patent claims at
issue in one of the PGR proceedings. In July 2022, the USPTO
reversed
its
institution decision and declined to institute the other PGR
petition. AstraZeneca and Daiichi Sankyo requested reconsideration
of the decision not to institute review of the patent. In February
2023, the USPTO reinstituted the PGR proceeding. In February 2024,
the
USPTO issued
a decision that the claims were unpatentable. Seagen has appealed
this decision; the USPTO has intervened in the appeal.
In
December 2025, the US Court of Appeals for the Federal Circuit
issued decisions in both the District Court and PGR appeals finding
that Seagen's patent is invalid and vacating the District Court's
prior judgment and damages award.
|
|
Forxiga
patent proceedings,
Europe
Considered to be a contingent liability
|
In November 2025, in France, Biogaran SAS
challenged one of AstraZeneca's patents
covering Forxiga. No trial date has been set.
In Poland and in Portugal, multiple generic
companies have challenged one of AstraZeneca's patents
covering Forxiga. No trial date has been set.
In
Poland, in January 2026, AstraZeneca obtained interim injunctions
against the generic companies that have challenged the
patent.
|
|
Tagrisso
patent proceedings,
China
Considered to be a contingent liability
|
In January 2025, an individual filed invalidity
challenges against several Chinese patents protecting
Tagrisso.
A
hearing before the Chinese Patent Office (Patent Office) was held
in July 2025.
In
November 2025, the Patent Office issued decisions maintaining the
compound patents.
In
January 2026, the Patent Office dismissed the invalidity case
against the formulation patent.
|
Legal proceedings brought by
AstraZeneca
|
Calquence
patent proceedings,
US
Considered to be a contingent asset
|
AstraZeneca received Paragraph IV notices relating
to patents listed in the FDA Orange Book with reference to
Calquence
tablets from Cipla USA, Inc. and Cipla
Limited (collectively, Cipla) in April 2024 and from MSN
Pharmaceuticals Inc. and MSN Laboratories Pvt.
Ltd.
(collectively, MSN) in November
2024.
In response to these Paragraph IV notices,
AstraZeneca filed patent infringement lawsuits against Cipla in May
2024 and against MSN in January 2025 in the US District Court for
the District of Delaware (District Court). In the complaints,
AstraZeneca alleges that a generic
version of Calquence tablets, if approved and marketed, would infringe
patents that are owned or licensed by AstraZeneca. Trial has been
scheduled for April 2027.
In
December 2025, AstraZeneca entered into a settlement agreement with
MSN and the District Court dismissed the corresponding litigation.
The litigation with Cipla is ongoing.
|
|
Forxiga
patent proceedings,
Australia
Considered to be a contingent asset
|
In December 2025, in the Federal Court of
Australia, AstraZeneca initiated patent infringement litigation
against Pharmacor Pty Limited in reference to one of the patents
that protects Forxiga.
No
trial date has been set.
|
Table 25: Product liability
litigation
Legal proceedings brought against
AstraZeneca
|
Farxiga
and Xigduo XR, US
Considered to be a contingent liability
|
AstraZeneca has been named as a defendant in
lawsuits involving plaintiffs claiming physical injury, including
Fournier's Gangrene and necrotising fasciitis, from treatment
with Farxiga and/or Xigduo XR.
The
parties have reached a settlement in principle for a non-material
amount to resolve the single case scheduled for trial in March
2026.
All
remaining claims are filed in Delaware State Court and the earliest
trial is now scheduled for September 2026.
|
Table 26:
Commercial litigation
Legal proceedings brought against
AstraZeneca
|
Anti-Terrorism Act Civil Lawsuit, US
Considered to be a contingent liability
|
In
the US, in October 2017, AstraZeneca and certain other
pharmaceutical and/or medical device companies were named as
defendants in a complaint filed in the US District Court for the
District of Columbia (District Court) by US nationals (or their
estates, survivors, or
heirs)
who were killed or wounded in Iraq between 2005 and 2013. The
plaintiffs allege that the defendants violated the US
Anti-Terrorism Act and various state laws by selling
pharmaceuticals and medical supplies to the Iraqi Ministry of
Health. In July 2020, the District
Court
granted AstraZeneca's and the other defendants' motion to dismiss
the lawsuit, which the DC Circuit Court of Appeals (the Appellate
Court) reversed in January 2022.
In
June 2024, the United States Supreme Court issued an order vacating
the 2022 decision and remanding to the Appellate Court for
reconsideration under new case law. In January 2026, after
reconsideration, the Second Circuit issued a decision again
allowing the claims to
proceed
and returning the matter to the District Court, where AstraZeneca
has a separate motion to dismiss pending.
|
|
Definiens, Germany
Considered to be a contingent liability
|
In
July 2020, AstraZeneca received a notice of arbitration filed with
the German Institution of Arbitration from the sellers of Definiens
AG (Sellers) regarding the 2014 share purchase agreement (SPA)
between AstraZeneca and the Sellers. The Sellers claim that they
are owed
approximately
$140m in earn-outs under the SPA. In December 2023, after an
arbitration hearing, the arbitration panel made a final award of
$46m in favour of the Sellers.
In
March 2024, AstraZeneca filed an application with the Bavarian
Supreme Court (Court) to set aside the arbitration
award.
In
April 2025, the Court ruled in favour of AstraZeneca, annulled the
arbitration award, and referred the dispute back to the same
arbitration panel for a second determination.
In
May 2025, the Sellers appealed the Court's decision to the German
Federal Court of Justice (Court of Justice). AstraZeneca also
appealed the decision to refer the dispute back to the same
arbitration panel.
In
January 2026, the Court of Justice upheld the Court's decision to
annul the arbitration award and referred the dispute back to the
same arbitration panel.
|
|
Novartis Advertising Litigation, US
Considered to be a contingent liability
|
In
October 2025, Novartis Pharmaceuticals Corp. filed a lawsuit in the
US District Court for the District of Delaware alleging false and
misleading representation claims under the Lanham Act and state law
unfair competition and deceptive practices claims.
The
complaint alleges that statements in AstraZeneca's marketing for
treatment for paroxysmal nocturnal hemoglobinuria are false and
misleading.
|
|
Soliris
Antitrust Class Action,
US
Considered to be a contingent liability
|
In April 2025, AstraZeneca was named in a lawsuit
filed in the US District Court for the District of
Massachusetts (District Court) alleging antitrust claims on behalf
of a potential class of end payors for Soliris from March 2022.
The plaintiff alleges that AstraZeneca violated
federal and state antitrust and business practices laws by
obtaining improper patents for Soliris, delaying biosimilar entry and improperly
extending Soliris' market exclusivity.
In
December 2025, the District Court partially granted AstraZeneca's
motion to dismiss.
|
Table 27:
Government investigations and proceedings
Legal proceedings brought against
AstraZeneca
|
China Personal Information Infringement and Illegal Trade Matters,
China
Considered to be a contingent liability
|
In
relation to the personal information infringement allegation, in
April 2025, AstraZeneca Investment (China) Co., Ltd. received a
Notice of Transfer to the Prosecutor from the Shenzhen Bao'an
District Public Security Bureau regarding suspected unlawful
collection of
personal
information.
In relation to the
illegal trade allegation, in October 2025, AstraZeneca
Investment (China) Co., Ltd. received a final appraisal opinion
from the Shenzhen City Customs Office, informing AstraZeneca
Investment (China) Co., Ltd. that the total amount of unpaid
import taxes is
RMB 24m (approximately USD $3.5m). The
import taxes mentioned in the Appraisal Opinion relate to
Imfinzi, Imjudo, and Enhertu. In October 2025, AstraZeneca Investment
(China) Co., Ltd. prepaid the full amount as voluntary compensation
to the State. A fine of between
one and five times the amount of these
paid importation taxes may also be levied if AstraZeneca
Investment (China) Co., Ltd. is found liable for illegal
trade.
In
November 2025, the Shenzhen Prosecutor concluded its evaluation.
AstraZeneca Investment (China) Co., Ltd., the former EVP and one
former senior employee were indicted on charges of unlawful
collection of personal information and illegal trade,
although no illegal
gain
to AstraZeneca Investment (China) Co., Ltd. was alleged
resulting from unlawful collection of personal information.
The
former EVP and former senior employee were additionally indicted on
charges of medical insurance fraud. AstraZeneca Investment
(China) Co., Ltd. has not been indicted on charges of medical
insurance fraud.
The
matters have been consolidated into one proceeding before the
Shenzhen City Intermediate Court. No trial date has been
scheduled.
|
Legal proceedings brought by AstraZeneca
|
340B State Litigation, US
Considered to be a contingent asset
|
AstraZeneca
has filed lawsuits against Arkansas, Colorado,
Hawaii, Kansas, Louisiana, Maine, Maryland, Minnesota,
Mississippi, Missouri, Nebraska, New Mexico, North
Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee,
Utah, Vermont, and West Virginia
challenging
the constitutionality of each state's 340B statute.
AstraZeneca
has ongoing enforcement actions in Arkansas and Louisiana for
alleged non-compliance with each state's 340B statute. In
April 2025, an order was issued
in the Arkansas proceeding requiring AstraZeneca to
pause its contract pharmacy policy, which
AstraZeneca
has
appealed.
In
Arkansas, the Court denied a motion to
dismiss.
In Colorado,
the Court denied AstraZeneca's motion for a preliminary injunction,
which AstraZeneca has appealed.
In
Kansas, after obtaining a stipulation from the state that
AstraZeneca's policy does not violate the Kansas 340B statute,
AstraZeneca agreed to dismiss its complaint.
In
Louisiana, the Court denied AstraZeneca's motion for
summary judgement, which AstraZeneca has
appealed.
In
Maryland and Mississippi, the Court
denied AstraZeneca's motion for a preliminary
injunction.
In
Minnesota, the Court found that the government officials lacked
enforcement authority and dismissed AstraZeneca's complaint for
lack of standing.
In
Missouri, the Court granted in part and denied in part the state's
motion to dismiss.
In
Oklahoma, the Court granted AstraZeneca's motion for a preliminary
injunction, which Oklahoma has appealed.
AstraZeneca's
lawsuits are stayed in Rhode Island, Utah, and West
Virginia.
|
|
Calquence
Inflation Reduction Act Litigation,
US
Considered to be a contingent asset
|
In December 2025, AstraZeneca filed a lawsuit in
the US District Court for the District of Maryland challenging the
US Department of Health and Human Services' interpretation of
"qualifying single source drug" under the Inflation Reduction Act
and its application in
selecting Calquence for drug price negotiation.
|
Other
Additional government inquiries
As is true for most, if not all, major prescription pharmaceutical
companies, AstraZeneca is currently involved in multiple inquiries
into drug marketing and pricing practices. In addition to the
investigations described above, various law enforcement offices
have, from time to time, requested information from the Group.
There have been no material developments in those
matters.
Note
6: Analysis of Revenue and Other operating income and
expense
Table
28: Product Sales year-on-year analysis: FY
2025
CER
information in respect of FY 2025 included in the Consolidated
Financial Information has not been audited by
PricewaterhouseCoopers LLP.
|
For the twelve
months
|
World
|
US
|
Emerging Markets
|
Europe
|
Established RoW
|
|||||||||
|
ended 31 December
|
|
Change
|
|
Change
|
|
Change
|
|
Change
|
|
Change
|
||||
|
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
CER %
|
|
Tagrisso
|
7,254
|
10
|
10
|
3,064
|
11
|
1,971
|
12
|
14
|
1,423
|
9
|
6
|
796
|
5
|
5
|
|
Imfinzi
|
6,063
|
29
|
28
|
3,509
|
35
|
640
|
34
|
38
|
1,239
|
31
|
26
|
675
|
(2)
|
(2)
|
|
Calquence
|
3,518
|
12
|
12
|
2,339
|
7
|
233
|
52
|
54
|
784
|
20
|
15
|
162
|
25
|
27
|
|
Lynparza
|
3,279
|
7
|
6
|
1,434
|
8
|
669
|
2
|
1
|
914
|
10
|
6
|
262
|
3
|
4
|
|
Enhertu
|
977
|
79
|
81
|
-
|
-
|
668
|
91
|
95
|
207
|
64
|
58
|
102
|
47
|
51
|
|
Zoladex
|
1,106
|
5
|
6
|
19
|
17
|
842
|
6
|
8
|
157
|
6
|
3
|
88
|
(11)
|
(10)
|
|
Truqap
|
728
|
69
|
68
|
586
|
44
|
23
|
n/m
|
n/m
|
85
|
n/m
|
n/m
|
34
|
n/m
|
n/m
|
|
Imjudo
|
346
|
23
|
23
|
227
|
26
|
22
|
40
|
43
|
52
|
43
|
38
|
45
|
(9)
|
(9)
|
|
Datroway
|
2
|
n/m
|
n/m
|
-
|
n/m
|
2
|
n/m
|
n/m
|
-
|
n/m
|
n/m
|
-
|
n/m
|
n/m
|
|
Other Oncology
|
425
|
(8)
|
(8)
|
9
|
(52)
|
280
|
(6)
|
(4)
|
19
|
(17)
|
(19)
|
117
|
(6)
|
(7)
|
|
Oncology
|
23,698
|
17
|
16
|
11,187
|
18
|
5,350
|
19
|
21
|
4,880
|
20
|
15
|
2,281
|
5
|
5
|
|
Farxiga
|
8,400
|
10
|
9
|
1,730
|
(1)
|
3,324
|
17
|
18
|
2,941
|
12
|
8
|
405
|
(3)
|
(3)
|
|
Crestor
|
1,216
|
5
|
6
|
45
|
(3)
|
1,041
|
11
|
12
|
1
|
(97)
|
(97)
|
129
|
(5)
|
(5)
|
|
Brilinta
|
823
|
(38)
|
(38)
|
393
|
(48)
|
273
|
(7)
|
(7)
|
147
|
(45)
|
(46)
|
10
|
(51)
|
(48)
|
|
Lokelma
|
698
|
29
|
28
|
301
|
18
|
129
|
50
|
52
|
129
|
39
|
34
|
139
|
29
|
28
|
|
Seloken
|
607
|
-
|
2
|
-
|
-
|
586
|
(1)
|
1
|
18
|
43
|
43
|
3
|
1
|
14
|
|
roxadustat
|
274
|
(17)
|
(17)
|
-
|
-
|
274
|
(17)
|
(17)
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Wainua
|
212
|
n/m
|
n/m
|
204
|
n/m
|
4
|
n/m
|
n/m
|
4
|
n/m
|
n/m
|
-
|
-
|
-
|
|
Other CVRM
|
534
|
(28)
|
(28)
|
49
|
(74)
|
262
|
4
|
5
|
158
|
(30)
|
(32)
|
65
|
(17)
|
(17)
|
|
CVRM
|
12,764
|
3
|
2
|
2,722
|
(11)
|
5,893
|
10
|
12
|
3,398
|
4
|
-
|
751
|
(2)
|
(2)
|
|
Symbicort
|
2,885
|
-
|
-
|
1,193
|
1
|
801
|
(1)
|
1
|
560
|
-
|
(3)
|
331
|
1
|
3
|
|
Fasenra
|
1,981
|
17
|
16
|
1,195
|
14
|
117
|
27
|
29
|
482
|
19
|
15
|
187
|
29
|
30
|
|
Breztri
|
1,199
|
23
|
22
|
614
|
19
|
298
|
22
|
22
|
191
|
33
|
29
|
96
|
30
|
30
|
|
Tezspire
|
458
|
85
|
80
|
-
|
-
|
40
|
n/m
|
n/m
|
297
|
90
|
83
|
121
|
51
|
51
|
|
Saphnelo
|
686
|
45
|
44
|
596
|
40
|
16
|
n/m
|
n/m
|
49
|
89
|
81
|
25
|
52
|
52
|
|
Pulmicort
|
518
|
(24)
|
(24)
|
5
|
(21)
|
414
|
(27)
|
(27)
|
63
|
(12)
|
(15)
|
36
|
(1)
|
1
|
|
Airsupra
|
166
|
n/m
|
n/m
|
162
|
n/m
|
4
|
n/m
|
n/m
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Other R&I
|
274
|
(31)
|
(32)
|
75
|
(55)
|
133
|
(21)
|
(21)
|
59
|
2
|
-
|
7
|
(5)
|
(2)
|
|
R&I
|
8,167
|
10
|
10
|
3,840
|
12
|
1,823
|
(4)
|
(3)
|
1,701
|
20
|
16
|
803
|
17
|
18
|
|
Beyfortus
|
281
|
(12)
|
(12)
|
184
|
(21)
|
-
|
-
|
-
|
94
|
12
|
12
|
3
|
58
|
53
|
|
Synagis
|
292
|
(35)
|
(34)
|
(3)
|
(57)
|
214
|
2
|
4
|
50
|
(56)
|
(57)
|
31
|
(76)
|
(76)
|
|
FluMist
|
272
|
6
|
3
|
28
|
1
|
5
|
n/m
|
n/m
|
210
|
3
|
(1)
|
29
|
19
|
19
|
|
Other V&I
|
1
|
(96)
|
(96)
|
-
|
n/m
|
1
|
(45)
|
(48)
|
-
|
n/m
|
n/m
|
-
|
n/m
|
n/m
|
|
V&I
|
846
|
(20)
|
(20)
|
209
|
(26)
|
220
|
3
|
5
|
354
|
(13)
|
(15)
|
63
|
(60)
|
(60)
|
|
Ultomiris
|
4,718
|
20
|
19
|
2,667
|
18
|
261
|
84
|
90
|
1,053
|
19
|
15
|
737
|
16
|
15
|
|
Soliris
|
1,837
|
(29)
|
(28)
|
1,092
|
(28)
|
405
|
(9)
|
(1)
|
200
|
(52)
|
(53)
|
140
|
(32)
|
(31)
|
|
Strensiq
|
1,678
|
19
|
18
|
1,332
|
14
|
104
|
94
|
84
|
123
|
25
|
21
|
119
|
23
|
23
|
|
Koselugo
|
662
|
25
|
22
|
219
|
3
|
228
|
29
|
25
|
161
|
57
|
51
|
54
|
38
|
38
|
|
Other Rare Disease
|
231
|
11
|
10
|
113
|
14
|
40
|
16
|
18
|
67
|
1
|
(2)
|
11
|
23
|
23
|
|
Rare Disease
|
9,126
|
5
|
5
|
5,423
|
3
|
1,038
|
22
|
26
|
1,604
|
2
|
(1)
|
1,061
|
7
|
7
|
|
Nexium
|
816
|
(6)
|
(5)
|
67
|
(30)
|
611
|
3
|
5
|
50
|
(18)
|
(20)
|
88
|
(26)
|
(26)
|
|
Other
|
156
|
(24)
|
(24)
|
(4)
|
n/m
|
121
|
(16)
|
(15)
|
34
|
(21)
|
(21)
|
5
|
18
|
17
|
|
Other Medicines
|
972
|
(9)
|
(8)
|
63
|
(43)
|
732
|
-
|
1
|
84
|
(19)
|
(20)
|
93
|
(25)
|
(24)
|
|
Total Medicines
|
55,573
|
9
|
9
|
23,444
|
8
|
15,056
|
11
|
13
|
12,021
|
11
|
7
|
5,052
|
3
|
3
|
The table provides an analysis of year-on-year Product Sales, with
Actual and CER growth rates reflecting year-on-year
growth.
Table 29: Product Sales year-on-year
analysis: Q4 2025
The Q4 2025 information in respect of the three months ended 31
December 2025 included in the Consolidated Financial Information
has not been audited by PricewaterhouseCoopers LLP.
|
For the quarter
|
World
|
US
|
Emerging Markets
|
Europe
|
Established RoW
|
|||||||||
|
ended 31 December
|
|
Change
|
|
Change
|
|
Change
|
|
Change
|
|
Change
|
||||
|
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
CER %
|
$m
|
Act %
|
CER %
|
|
Tagrisso
|
1,902
|
12
|
10
|
841
|
10
|
462
|
18
|
17
|
393
|
14
|
6
|
206
|
2
|
4
|
|
Imfinzi
|
1,747
|
39
|
37
|
1,025
|
42
|
178
|
57
|
53
|
359
|
42
|
32
|
185
|
10
|
12
|
|
Calquence
|
967
|
20
|
17
|
637
|
11
|
69
|
86
|
73
|
215
|
29
|
20
|
46
|
48
|
50
|
|
Lynparza
|
878
|
4
|
1
|
380
|
-
|
182
|
1
|
(5)
|
247
|
12
|
4
|
69
|
4
|
6
|
|
Enhertu
|
292
|
97
|
95
|
-
|
-
|
192
|
n/m
|
n/m
|
62
|
78
|
64
|
38
|
76
|
78
|
|
Zoladex
|
254
|
5
|
4
|
6
|
17
|
181
|
4
|
4
|
45
|
21
|
15
|
22
|
(14)
|
(12)
|
|
Truqap
|
233
|
43
|
41
|
174
|
18
|
7
|
n/m
|
n/m
|
40
|
n/m
|
n/m
|
12
|
n/m
|
n/m
|
|
Imjudo
|
93
|
27
|
26
|
62
|
36
|
5
|
1
|
3
|
16
|
56
|
45
|
10
|
(19)
|
(18)
|
|
Datroway
|
1
|
n/m
|
n/m
|
-
|
-
|
1
|
n/m
|
n/m
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Other Oncology
|
103
|
(3)
|
(3)
|
3
|
(14)
|
65
|
-
|
-
|
4
|
(26)
|
(31)
|
31
|
(4)
|
(2)
|
|
Oncology
|
6,470
|
21
|
19
|
3,128
|
18
|
1,342
|
27
|
25
|
1,381
|
28
|
19
|
619
|
10
|
12
|
|
Farxiga
|
2,059
|
7
|
2
|
486
|
3
|
701
|
12
|
8
|
794
|
9
|
1
|
78
|
(24)
|
(22)
|
|
Crestor
|
275
|
6
|
6
|
9
|
(33)
|
233
|
12
|
12
|
-
|
n/m
|
n/m
|
33
|
(4)
|
(3)
|
|
Brilinta
|
158
|
(54)
|
(54)
|
67
|
(68)
|
71
|
15
|
13
|
18
|
(73)
|
(75)
|
2
|
(62)
|
(56)
|
|
Lokelma
|
181
|
21
|
19
|
75
|
-
|
30
|
62
|
61
|
38
|
45
|
34
|
38
|
24
|
26
|
|
Seloken
|
139
|
(1)
|
(1)
|
-
|
-
|
134
|
(2)
|
(2)
|
4
|
37
|
48
|
1
|
48
|
n/m
|
|
roxadustat
|
47
|
(37)
|
(37)
|
-
|
-
|
47
|
(37)
|
(37)
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Wainua
|
69
|
66
|
64
|
67
|
60
|
-
|
n/m
|
n/m
|
2
|
n/m
|
n/m
|
-
|
-
|
-
|
|
Other CVRM
|
116
|
(39)
|
(40)
|
5
|
(89)
|
54
|
(18)
|
(18)
|
39
|
(30)
|
(34)
|
18
|
(31)
|
(30)
|
|
CVRM
|
3,044
|
(3)
|
(6)
|
709
|
(17)
|
1,270
|
6
|
4
|
895
|
1
|
(6)
|
170
|
(15)
|
(13)
|
|
Symbicort
|
704
|
3
|
2
|
289
|
(3)
|
177
|
16
|
15
|
154
|
7
|
1
|
84
|
(4)
|
(2)
|
|
Fasenra
|
530
|
12
|
10
|
309
|
3
|
36
|
56
|
51
|
131
|
19
|
11
|
54
|
38
|
41
|
|
Breztri
|
294
|
14
|
13
|
153
|
2
|
59
|
31
|
30
|
55
|
32
|
23
|
27
|
28
|
29
|
|
Tezspire
|
141
|
76
|
68
|
-
|
-
|
16
|
n/m
|
n/m
|
90
|
75
|
63
|
35
|
40
|
43
|
|
Saphnelo
|
203
|
38
|
37
|
175
|
33
|
6
|
n/m
|
n/m
|
15
|
74
|
61
|
7
|
34
|
41
|
|
Pulmicort
|
161
|
(2)
|
(6)
|
1
|
n/m
|
134
|
(5)
|
(9)
|
17
|
(18)
|
(25)
|
9
|
(12)
|
(10)
|
|
Airsupra
|
51
|
n/m
|
n/m
|
49
|
98
|
2
|
n/m
|
n/m
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Other R&I
|
63
|
(60)
|
(60)
|
8
|
(92)
|
38
|
(4)
|
(6)
|
15
|
-
|
(3)
|
2
|
(4)
|
(2)
|
|
R&I
|
2,147
|
8
|
6
|
984
|
(1)
|
468
|
15
|
12
|
477
|
22
|
14
|
218
|
15
|
17
|
|
Beyfortus
|
59
|
(55)
|
(56)
|
48
|
(44)
|
-
|
-
|
-
|
11
|
(75)
|
(75)
|
-
|
n/m
|
n/m
|
|
Synagis
|
72
|
(29)
|
(31)
|
(2)
|
(72)
|
54
|
28
|
23
|
14
|
(61)
|
(63)
|
6
|
(82)
|
(81)
|
|
FluMist
|
140
|
(6)
|
(9)
|
8
|
n/m
|
4
|
n/m
|
n/m
|
128
|
(11)
|
(14)
|
-
|
n/m
|
n/m
|
|
Other V&I
|
1
|
n/m
|
n/m
|
-
|
n/m
|
1
|
(51)
|
(67)
|
-
|
n/m
|
n/m
|
-
|
-
|
-
|
|
V&I
|
272
|
(28)
|
(30)
|
54
|
(32)
|
59
|
32
|
26
|
153
|
(30)
|
(33)
|
6
|
(82)
|
(82)
|
|
Ultomiris
|
1,265
|
16
|
15
|
705
|
12
|
84
|
71
|
70
|
284
|
21
|
13
|
192
|
11
|
13
|
|
Soliris
|
401
|
(26)
|
(26)
|
247
|
(30)
|
79
|
1
|
5
|
41
|
(42)
|
(46)
|
34
|
(20)
|
(19)
|
|
Strensiq
|
490
|
17
|
15
|
379
|
8
|
43
|
n/m
|
n/m
|
34
|
34
|
25
|
34
|
25
|
28
|
|
Koselugo
|
163
|
(1)
|
(4)
|
62
|
10
|
39
|
(43)
|
(44)
|
46
|
58
|
46
|
16
|
44
|
46
|
|
Other Rare Disease
|
55
|
(9)
|
(11)
|
31
|
10
|
3
|
(68)
|
(66)
|
17
|
(12)
|
(18)
|
4
|
52
|
55
|
|
Rare Disease
|
2,374
|
4
|
3
|
1,424
|
-
|
248
|
12
|
10
|
422
|
11
|
4
|
280
|
9
|
11
|
|
Nexium
|
190
|
(3)
|
(4)
|
14
|
(27)
|
135
|
1
|
1
|
18
|
(7)
|
(13)
|
23
|
(7)
|
(6)
|
|
Other
|
41
|
(21)
|
(20)
|
-
|
n/m
|
33
|
(13)
|
(12)
|
7
|
(16)
|
(16)
|
1
|
(22)
|
(6)
|
|
Other Medicines
|
231
|
(7)
|
(7)
|
14
|
(41)
|
168
|
(2)
|
(1)
|
25
|
(10)
|
(14)
|
24
|
(8)
|
(6)
|
|
Total Medicines
|
14,538
|
9
|
7
|
6,313
|
5
|
3,555
|
15
|
13
|
3,353
|
12
|
5
|
1,317
|
4
|
6
|
The table provides an analysis of year-on-year Product Sales, with
Actual and CER growth rates reflecting year-on-year
growth.
Table 30: Alliance Revenue: FY
2025
|
For the twelve months
ended 31 December
|
2025
$m
|
2024
$m
|
|
Enhertu
|
1,798
|
1,437
|
|
Tezspire
|
673
|
436
|
|
Beyfortus
|
422
|
237
|
|
Datroway
|
77
|
-
|
|
Other royalty income
|
92
|
91
|
|
Other Alliance Revenue
|
5
|
11
|
|
Total
|
3,067
|
2,212
|
Table 31: Collaboration Revenue: FY
2025
|
For the twelve months
ended 31 December
|
2025
$m
|
2024
$m
|
|
Farxiga: sales
milestones
|
87
|
56
|
|
Lynparza: sales
milestones
|
-
|
600
|
|
Beyfortus: sales
milestones
|
-
|
167
|
|
Koselugo: sales
milestone
|
-
|
100
|
|
Other Collaboration Revenue
|
12
|
-
|
|
Total
|
99
|
923
|
Table 32: Other operating income and
expense: FY 2025
|
For the twelve months
ended 31 December
|
2025
$m
|
2024
$m
|
|
Total
|
381
|
252
|
Other shareholder information
Financial calendar
Announcement of Q1 2026 results: 29 April 2026
Dividend payment dates
Dividends are
normally paid as follows:
First interim: Announced
with the half year results and paid in
September
Second interim: Announced
with the full year results and paid in March
Dividend
dates
|
Dividend
|
Announced
|
Ex-dividend date1:
LSE, NASDAQ Stockholm
|
Ex-dividend date1:
NYSE
|
Record date
|
Payment date
|
|
FY 2025 Second interim
|
10 Feb 2026
|
19 Feb 2026
|
20 Feb 2026
|
20 Feb 2026
|
23 Mar 2026
|
|
FY 2026 First interim2
|
27 Jul 2026
|
6 Aug 2026
|
7 Aug 2026
|
7 Aug 2026
|
8 Sep 2026
|
The completion of cross-border movements of shares by
intermediaries between the London Stock Exchange, Nasdaq Stockholm
and the New York Stock Exchange is subject to the receiving broker
identifying and confirming such movements. Where a cross-border
movement of shares is initiated but not completed by the relevant
dividend record dates (being 20 February 2026 and, provisionally,
7 August 2026), the dividend in respect of those shares will
be received in the originating market on the relevant dividend
payment date.
Accordingly, shareholders are advised not to initiate any
cross-border movements of shares:
(a)
during
the period from 18 February 2026 to 20 February 2026 (inclusive) in
respect of the FY 2025 Second interim dividend; and
(b)
during the period from 5 August 2026 to 7 August
2026 (inclusive) in respect of the FY 2026 First interim
dividend2.
Contact details
For Investor Relations contacts, click here.
For Media contacts, click
here.
Addresses for
correspondence
|
Registered office
|
UK Registrar and Transfer Office
|
Swedish Central Securities Depository
|
US Registrar and Transfer Agent
|
|
1 Francis Crick Avenue
Cambridge Biomedical Campus
Cambridge
CB2 0AA
|
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS99 6ZZ
|
Euroclear Sweden AB
PO Box 191
SE-101 23 Stockholm
|
Computershare Investor Services
PO Box 43078
Providence
RI, 02940-3078
|
|
UK
|
UK
|
Sweden
|
US
|
|
+44 (0) 20 3749 5000
|
0800 707 1682 (UK only)
|
+46 (0) 8 402 9000
|
+1 (888) 697 8018 (US only)
|
|
|
+44 (0) 370 707 1682
|
|
+1 (781) 575 2844
|
Trademarks
Trademarks of the AstraZeneca group of companies appear throughout
this document in italics. Medical publications also appear
throughout the document in italics. AstraZeneca, the AstraZeneca
logotype and the AstraZeneca symbol are all trademarks of the
AstraZeneca group of companies. Trademarks of companies other than
AstraZeneca that appear in this document include:
Beyfortus, a trademark of Sanofi Pasteur Inc.;
Enhertu
and Datroway, trademarks of Daiichi Sankyo; Seloken, owned by AstraZeneca or Taiyo Pharma Co., Ltd
(depending on geography); Synagis, owned by AstraZeneca or Sobi aka Swedish Orphan
Biovitrum AB (publ). (depending on geography); and
Tezspire, a trademark of Amgen, Inc.
Information on or accessible through AstraZeneca's websites,
including astrazeneca.com, does not form part of and is not incorporated
into this announcement.
AstraZeneca
AstraZeneca (LSE/STO/NYSE: AZN) is a global, science-led
biopharmaceutical company that focuses on the discovery,
development, and commercialisation of prescription medicines in
Oncology, Rare Diseases, and BioPharmaceuticals, including
Cardiovascular, Renal & Metabolism, and Respiratory &
Immunology. Based in Cambridge, UK, AstraZeneca's innovative
medicines are sold in more than 125 countries and used by millions
of patients worldwide. Please visit astrazeneca.com and follow the Company on Social Media
@AstraZeneca.
Cautionary statements regarding
forward-looking statements
In order, among other things, to utilise the 'safe harbour'
provisions of the US Private Securities Litigation Reform Act of
1995, AstraZeneca (hereafter 'the Group') provides the following
cautionary statement:
This document contains certain forward-looking statements with
respect to the operations, performance and financial condition of
the Group, including, among other things, statements about expected
revenues, margins, earnings per share or other financial or other
measures. Although the Group believes its expectations are based on
reasonable assumptions, any forward-looking statements, by their
very nature, involve risks and uncertainties and may be influenced
by factors that could cause actual outcomes and results to be
materially different from those predicted. The forward-looking
statements reflect knowledge and information available at the date
of preparation of this document and the Group undertakes no
obligation to update these forward-looking statements. The Group
identifies the forward-looking statements by using the words
'anticipates', 'believes', 'expects', 'intends' and similar
expressions in such statements. Important factors that could cause
actual results to differ materially from those contained in
forward-looking statements, certain of which are beyond the Group's
control, include, among other things:
– the
risk of failure or delay in delivery of pipeline or launch of new
medicines;
– the
risk of failure to meet regulatory or ethical requirements for
medicine development or approval;
– the
risk of failures or delays in the quality or execution of the
Group's commercial strategies;
– the
risk of pricing, affordability, access and competitive
pressures;
– the
risk of failure to maintain supply of compliant, quality
medicines;
– the
risk of illegal trade in the Group's medicines;
– the
risk of reliance on third-party goods and services;
– the
risk of failure in information technology or
cybersecurity;
– the
risk of failure of critical processes;
– the
risk of failure to collect and manage data and artificial
intelligence in line with legal and regulatory requirements and
strategic objectives;
– the
risk of failure to attract, develop, engage and retain a diverse,
talented and capable workforce;
– the
risk of failure to meet our sustainability targets, regulatory
requirements and stakeholder expectations with respect to the
environment;
– the
risk of failure to meet regulatory and ethical expectations on
commercial practices, including anti-bribery anti-corruption,
anti-fraud and scientific exchanges;
– the
risk of the safety and efficacy of marketed medicines being
questioned;
– the
risk of adverse outcome of litigation and/or governmental
investigations;
– intellectual
property risks related to the Group's products;
– the
risk of failure to achieve strategic plans or meet targets or
expectations;
– the
risk of geopolitical and/or macroeconomic volatility disrupting the
operation of our global business;
– the
risk of failure in internal control, financial reporting or the
occurrence of fraud; and
– the
risk of unexpected deterioration in the Group's financial
position.
Glossary
|
1L,
2L, etc
|
First line, second line, etc
|
|
AHA
|
American Heart Association
|
|
aHUS
|
Atypical haemolytic uraemic syndrome
|
|
AI
|
Aromatase inhibitors
|
|
ALK
|
Anaplastic lymphoma kinase gene
|
|
ASH
|
American Society for Hematology
|
|
ATTRv / -CM / -PN
|
Hereditary transthyretin-mediated amyloid / cardiomyopathy /
polyneuropathy
|
|
BLA
|
Biologics License Application
|
|
BSI
|
British Standards Institution
|
|
BTC
|
Biliary tract cancer
|
|
BTKi
|
Bruton tyrosine kinase inhibitor
|
|
CER
|
Constant exchange rates
|
|
CHMP
|
Committee for Medicinal Products for Human Use (EU)
|
|
CI
|
Confidence interval
|
|
CKD
|
Chronic kidney disease
|
|
CLL
|
Chronic lymphocytic leukaemia
|
|
CN
|
China
|
|
COPD
|
Chronic obstructive pulmonary disease
|
|
CRL
|
Compete Response Letter
|
|
ctDNA
|
Circulating tumour DNA
|
|
CTx
|
Chemotherapy
|
|
CVRM
|
Cardiovascular, Renal and Metabolism
|
|
dMMR
|
DNA mismatch repair
|
|
eBC
|
Early breast cancer
|
|
EBITDA
|
Earnings before interest, tax, depreciation and
amortisation
|
|
EGFR / m
|
Epidermal growth factor receptor gene / mutation
|
|
EGPA
|
Eosinophilic granulomatosis with polyangiitis
|
|
EPS
|
Earnings per share
|
|
EU
|
Europe (in financial tables) or European Union
|
|
EVH
|
Extravascular haemolysis
|
|
EVP
|
Executive Vice President
|
|
FDA
|
US Food and Drug Administration
|
|
FDC
|
Fixed dose combination
|
|
FLOT
|
Fluorouracil, oxaliplatin and docetaxel
|
|
FY
|
Full year / Financial year
|
|
GAAP
|
Generally Accepted Accounting Principles
|
|
GEJ
|
Gastro oesophageal junction
|
|
GI
|
Gastrointestinal
|
|
GIPR
|
Glucose-dependent insulinotropic polypeptide receptor
agonist
|
|
GLP1 / -R
|
Glucagon-like peptide-1 / receptor agonist
|
|
gMG
|
Generalised myasthenia gravis
|
|
HCC
|
Hepatocellular carcinoma
|
|
HER2 / +/- /low /m
|
Human epidermal growth factor receptor 2 gene / positive / negative
/ low expression / gene mutant
|
|
HF/ pEF / rEF
|
Heart failure / with preserved ejection fraction / with reduced
ejection fraction
|
|
HPP
|
Hypophosphatasia
|
|
HR / + / -
|
Hormone receptor / positive / negative
|
|
IAS / B
|
International Accounting Standards / Board
|
|
ICS
|
Inhaled corticosteroid
|
|
IFRS
|
International Financial Reporting Standards
|
|
IHC
|
Immunohistochemistry
|
|
IL-5, IL-33, etc
|
Interleukin-5, Interleukin-33, etc
|
|
IO
|
Immuno-oncology
|
|
IP
|
Intellectual Property
|
|
ISH
|
In situ hybridization
|
|
JP
|
Japan
|
|
LABA
|
Long-acting beta-agonist
|
|
LAMA
|
Long-acting muscarinic-agonist
|
|
LSE
|
London Stock Exchange
|
|
mBC
|
Metastatic breast cancer
|
|
MCL
|
Mantle cell lymphoma
|
|
n/m
|
Growth rate not meaningful
|
|
NF1
|
Neurofibromatosis type 1
|
|
NHS
|
National Health Service (UK)
|
|
NMOSD
|
Neuromyelitis optica spectrum disorder
|
|
NRDL
|
National reimbursement drug list
|
|
NSCLC
|
Non-small cell lung cancer
|
|
NYSE
|
New York Stock Exchange
|
|
OS
|
Overall survival
|
|
PARP
|
Poly ADP ribose polymerase
|
|
PD
|
Progressive disease
|
|
pMMR
|
proficient mismatch repair
|
|
PNH
|
Paroxysmal nocturnal haemoglobinuria
|
|
PSA
|
Prostate-specific antigen
|
|
R&I
|
Respiratory & Immunology
|
|
SABCS
|
San Antonio Breast Cancer Symposium
|
|
SBP
|
systolic blood pressure
|
|
SC
|
Subcutaneous
|
|
SEA
|
Severe eosinophilic asthma
|
|
SEC
|
Securities Exchange Commission (US)
|
|
SG&A
|
Sales, general and administration
|
|
SGLT2
|
Sodium-glucose cotransporter 2
|
|
SLE
|
Systemic lupus erythematosus
|
|
SMI
|
Sustainable Markets Initiative
|
|
SPA
|
Share Purchase Agreement
|
|
TNBC
|
Triple negative breast cancer
|
|
VBP
|
Volume-based procurement
|
|
YTD
|
Year to date
|
|
V&I
|
Vaccines & Immune Therapies
|
1 The ex-dividend dates for the principal markets
differ due to the different settlement cycles currently applicable
in the UK for shares trading on the London Stock Exchange, Nasdaq
Stockholm and the New York Stock Exchange. Shareholders should
consider the applicable ex-dividend date for the securities they
hold in each market.
2 Provisional dates, subject to Board
approval.
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.
|
|
AstraZeneca
PLC
|
Date: 10 February 2026
|
|
By: /s/
Matthew Bowden
|
|
|
Name:
Matthew Bowden
|
|
|
Title:
Company Secretary
|