AstraZeneca (AZN) investor relations material

Executive summary

• Achieved strong commercial and financial performance in FY 2025, with total revenue of $58.7bn, up 8% year-over-year at constant exchange rates, and core EPS of $9.16, up 11%, driven by robust demand across all therapy areas and geographies.

• 16 blockbuster medicines contributed to growth in 2025, with ambitions to reach 25+ by 2030.

• Significant pipeline progress with 16 positive Phase III trial readouts and 43 approvals in major regions; over 100 Phase III trials ongoing.

• All major geographic regions contributed to revenue growth, supported by a diversified portfolio and global reach.

• Ordinary shares began trading on the NYSE in February 2026, harmonizing listings across major exchanges.

Financial highlights

• FY 2025 total revenue: $58.7bn (+8% CER); product revenue: $58.6bn (+10% CER); alliance revenue surged 38-39%.

• Core EPS: $9.16 (+11% CER); reported EPS: $6.60 (+43% CER); operating profit: $13.7bn (+36% CER).

• Gross margin: 82%; Q4 2025 total revenue: $15.5bn (+2% CER); Q4 core EPS: $2.12.

• Operating cash flow grew 23% to $14.6bn; CapEx was $3.3bn, with further increases planned for 2026.

• Full-year 2025 dividend declared at $3.20 per share, with a planned increase to $3.30 in 2026.

Outlook and guidance

• FY 2026 total revenue expected to increase by a mid- to high single-digit percentage at CER, with core EPS projected to rise by a low double-digit percentage.

• Core gross margin anticipated to be flat or slightly higher; core tax rate expected between 18-22%.

• R&D expenses to be at the upper end of low 20s% of revenue; SG&A as a percentage of revenue to continue declining.

• Targeting mid-30s operating margin in 2026, with a focus on absolute profit growth.

• If current FX rates persist, total revenue in FY 2026 would see a low single-digit positive impact.