AstraZeneca (AZN) Q2 2025 earnings summary

Executive summary

• Total revenue grew 11% year-over-year in H1 2025 to $28,045m, driven by strong demand for innovative medicines and double-digit growth in Oncology and BioPharmaceuticals.

• Core EPS increased 17% to $4.66, reflecting operating leverage and continued investment in the pipeline.

• 19 regulatory approvals and 12 positive Phase III trial results, including five new molecular entities, were achieved year-to-date.

• The company remains on track for its $80 billion 2030 revenue target, supported by a robust late-stage pipeline and above-industry success rates.

• Announced $50bn US investment, including the largest manufacturing facility in company history.

Financial highlights

• H1 2025 total revenue reached $28.0bn, up 11% year-over-year at constant exchange rates; Q2 2025 revenue was $14.5bn, also up 11%.

• Product sales rose 10% and alliance revenue increased 38% in H1 2025.

• Core operating profit increased 13% to $9.4bn; EBITDA rose 17% to $9,855m in H1 2025.

• Net cash inflow from operating activities increased 27% to $7,099m; CapEx up 50% year-over-year to $1,303m.

• Net debt/EBITDA at 1.4x as of June 2025.

Outlook and guidance

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

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

• On track to deliver $80bn total revenue and mid-30s% Core operating margin by 2030, with at least 20 NMEs launched by then.

• R&D costs expected to remain in the low 20% range of revenue for the long term.

• Second-half growth will be affected by product-specific factors (e.g., BRILINTA LOE, SOLIRIS biosimilars, FluMist seasonality, Farxiga uncertainty).