AstraZeneca (AZN) Q4 2025 earnings summary

Executive summary

• Delivered strong commercial and pipeline 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 for innovative medicines across all therapy areas and geographies.

• Achieved 16 blockbuster medicines in 2025, with a target to reach 25 by 2030, and significant pipeline progress including 16 positive Phase III trial readouts and over 100 Phase III trials ongoing.

• Secured 43 approvals across major regions and completed major business development deals, including acquisitions and new collaborations.

• Maintained diversified portfolio and geographic reach, reducing concentration risk and supporting resilience to regional disruptions.

• 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); core EPS: $9.16 (+11% CER); reported EPS: $6.60 (+43% CER).

• Gross margin: 82%; core operating profit increased 9%; operating margin (core): 31%.

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

• Operating cash flow rose 23% to $14.6bn; CapEx for FY 2025 was $3.27bn, with a planned increase of about one-third in FY 2026.

• Net debt/EBITDA at 1.2x; net debt at end 2025: $19.5bn; full-year 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 grow mid- to high-single digits at constant exchange rates, with core EPS projected to rise by a low double-digit percentage.

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

• R&D expenses anticipated at the upper end of low 20s% of revenue; SG&A as a percentage of revenue continues to decline.

• Dividend policy remains progressive, with a planned increase in 2026.