AstraZeneca (AZN) 44th Annual J.P. Morgan Healthcare Conference summary

Commercial and financial performance

• Achieved 11% total revenue growth and 15% core EPS growth in the first nine months of 2025, with strong performance across all regions and five focus therapeutic areas, especially the U.S. and emerging markets outside China.

• Oncology contributed 43% of total revenue, with significant growth in CVRM, BioPharmaceuticals, and Rare Disease.

• Revenue growth was broad-based geographically, with the US accounting for 43% and China 12% of total revenue.

• Booked over $800 million in sales-based milestones in Q4 2024; full-year results to be reported February 10th.

• Remain confident in reaching the $80 billion revenue ambition by 2030, with consensus estimates now aligned and the ambition risk-adjusted, not dependent on future M&A.

Pipeline and R&D strategy

• Delivered 16 positive Phase 3 readouts since fiscal 2024, spanning oncology, CVRM, respiratory, immunology, and rare diseases, with a robust late-stage pipeline and 104 ongoing Phase 3 studies.

• Pipeline includes 272 trials, with 104 in Phase I and II, and disciplined R&D investment expected at the upper end of low 20% of total revenue in FY'26.

• FDA approvals for Imfinzi in perioperative gastric cancer and Enhertu in first-line HER2-positive breast cancer; baxdrostat accepted for priority review in hypertension.

• Late-stage pipeline value and average peak revenue per indication have increased, with a focus on transformative technologies like ADCs, radioconjugates, and cell therapies.

• AI is integrated across discovery, development, manufacturing, and operations, with the acquisition of Modela AI to enhance oncology diagnostics and therapeutics.

Transformative technologies and future growth

• Advancing next-generation technologies: ADCs, radioconjugates, cell therapy, T-cell engagers, gene therapy, and IO bispecifics.

• Expanding leadership in ADCs, with eight wholly owned assets in the clinic and a $45bn+ global market opportunity by 2030.

• Multiple Phase III trials ongoing or planned for weight management, CV risk, and oncology assets, with key readouts expected through 2027.

• Notable assets include laroprovstat (oral PCSK9i), elecoglipron, AZD6234, and surovatamig, with pivotal data expected in 2026–2027.

• Baxdrostat showed significant efficacy in hard-to-control hypertension and is under FDA priority review with a PDUFA date in Q2'26.