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AstraZeneca (AZN) investor relations material

AstraZeneca Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Total revenue for the first nine months of 2025 grew 11% at constant exchange rates to $43.2bn, with core EPS up 15% to $7.04, driven by strong momentum in oncology, biopharma, and rare disease segments.

  • Achieved 31 regulatory approvals and 16 positive phase III trial results since FY 2024, supporting robust pipeline momentum.

  • Major US expansion includes a $4.5bn-$5bn Virginia manufacturing facility, a new NYSE listing from February, and a historic agreement to lower US drug prices.

  • US remains the largest market, projected to reach 50% of total revenue by 2030, with 43% of current revenue.

Financial highlights

  • 9M 2025 total revenue reached $43.2bn, up 11% at CER; Q3 2025 revenue was $15.2bn, up 10%.

  • Core EPS for 9M 2025 was $7.04, up 15%; Q3 Core EPS was $2.38, up 12%.

  • Reported EPS for 9M 2025 was $5.10, up 42% year-over-year.

  • Core gross margin at 83% for 9M 2025; Q3 gross margin at 82%.

  • Operating cash flow up 37% to $12.2bn; CapEx of $2.1bn YTD, with a 50% increase expected for the full year.

Outlook and guidance

  • FY 2025 guidance reiterated: total revenue expected to increase by a high single-digit percentage, Core EPS by a low double-digit percentage at CER.

  • Core tax rate expected between 18-22%; FX impact anticipated to be neutral on revenue and Core EPS.

  • No significant milestone revenue expected in Q4, affecting year-over-year comparisons.

  • Q4 revenues in China to be impacted by VBP stock compensation and hospital budget capping.

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Frequently asked questions

Anglo-Swedish Pharmaceuticals

AstraZeneca is a multinational biopharmaceutical company established in 1999 through the merger of Astra AB of Sweden and Zeneca Group PLC of the UK. Headquartered in Cambridge, UK, the firm operates globally, specializing in the research, development, manufacturing, and commercialization of prescription medications. It focuses on a range of therapeutic areas including oncology, cardiovascular, renal, metabolism, and respiratory diseases. AstraZeneca's products cater to a diverse set of medical needs and are distributed in numerous countries worldwide. The company is a major player in the global pharmaceutical industry, maintaining a strong commitment to scientific research and the development of new medicines.

A Successful Merger

As previously mentioned, AstraZeneca came to be following the merger of two established pharmaceutical companies. Astra AB, with roots dating back to 1913, had a notable history in pharmaceutical production, introducing various medicines to the market over the decades. Zeneca on the other hand traces its roots back to 1993 after separating from Imperial Chemical Industries. The British half of the modern-day company had a footprint in both therapeutic products and agrochemicals, although it eventually divested from the latter. The merger of these two entities aimed to consolidate resources, streamline research and development processes, and enhance their presence in the global pharmaceutical market. The combined company, now known as AstraZeneca, has since played a significant role in the industry, building upon the foundational knowledge and experience of the two merged parties.

Research and Development

AstraZeneca primarily focuses on the discovery, development, and commercialization of prescription medicines. Their core areas of activity encompass a range of medical conditions, including respiratory, cardiovascular, renal, metabolic, oncology, and autoimmune diseases. The company also engages in significant research and development efforts, with research centers in the UK, Sweden, and the USA. This focus AstraZeneca was one of the pharmaceutical companies heavily involved with the global effort of finding a suitable vaccine during the Covid-19 pandemic. This is an effort they succeeded in, and together with companies like Pfizer and Moderna, they were a key player in the global vaccination effort.

Serving Patients Worldwide

As is common with large pharmaceutical companies, AstraZeneca has a presence in all corners of the world and the company operates in over 100 countries. It has manufacturing and commercial operations distributed across major markets including North America, Europe, Asia, and emerging economies.

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