AstraZeneca (AZN) Q4 2024 earnings summary

Executive summary

• Achieved 21% year-over-year total revenue growth to $54.1bn and 19% core EPS growth to $8.21 in FY 2024, with Q4 revenue up 25%.

• Delivered strong growth across all therapy areas and geographies, with Oncology up 24%, CVRM up 20%, R&I up 25%, Rare Disease up 16%, and Emerging Markets up 22%.

• Advanced pipeline with nine high-value pivotal Phase III trial readouts and eight new molecular entity approvals in 2024, progressing toward 20 by 2030.

• Entering 2025 with multiple high-value launches and first Phase III data for seven NMEs, supporting a catalyst-rich year.

• Total annual dividend for FY 2024 at $3.10 per share (+7%), with a planned increase to $3.20 per share in FY 2025.

Financial highlights

• FY 2024 total revenue reached $54.1bn (+21% CER); Q4 revenue was $14.9bn (+25% CER).

• FY 2024 reported operating profit was $10.0bn (+32% CER); core operating profit was $16.9bn (+22% CER).

• Core product sales gross margin at 81.2% (core), 80.0% (reported); core operating margin for 2024 just above 31%.

• Net cash inflow from operating activities increased by 15% to $11.9bn; CapEx at $2.2bn (+46%).

• Net debt rose by $2.1bn to $24.6bn; net debt-to-EBITDA at 1.5x.

Outlook and guidance

• FY 2025 revenue expected to grow by a high single-digit percentage at CER; core EPS to increase by a low double-digit percentage.

• Dividend to be increased to $3.20/share for FY 2025; CapEx to rise by ~50% to support manufacturing and technology investments.

• FX expected to have a low single-digit adverse impact on revenue and mid-single-digit on core EPS.

• Gross margin expected to decline by 60-70 basis points in 2025 due to product mix and pricing pressures.

• Core tax rate expected between 18–22%.