AstraZeneca (AZN) Q4 2025 earnings summary

Executive summary

• Total revenue for FY 2025 rose 8% at constant exchange rates to $58.7bn, with product revenue up 10%, driven by strong global demand and robust performance across all therapy areas and geographies, including 16 blockbuster medicines and 16 positive Phase III trial readouts.

• Achieved core EPS of $9.16, up 11% year-over-year, and maintained low concentration risk through a diversified portfolio and geographic reach.

• Over 100 Phase III trials are ongoing, with 20+ readouts expected in 2026 and a risk-adjusted peak revenue potential exceeding $10bn.

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

• Strategic investments in R&D, manufacturing, and next-generation innovation platforms, including weight management, ADCs, and cell and gene therapy.

Financial highlights

• FY 2025 total revenue was $58.7bn (+8% CER); product revenue $58.6bn (+10% CER); core EPS $9.16 (+11% CER); reported EPS $6.60 (+43% CER).

• Gross margin was 82%; core operating margin 31%; operating profit $13.7bn (+36% CER); EBITDA $19.5bn (+17%).

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

• Cash flow from operations grew 23% to $14.6bn; CapEx was $3.3bn, with a planned increase of about one-third in FY 2026.

• Second interim dividend of $2.17 per share declared, bringing total FY 2025 dividend to $3.20, with a planned increase to $3.30 in FY 2026.

Outlook and guidance

• FY 2026 total revenue expected to grow mid- to high-single digits at CER, 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.

• CapEx to increase by one-third in 2026 to support expansion in the US, China, and Singapore.

• R&D expenses to be at the upper end of low 20s% of revenue in 2026, reflecting investment in late-stage pipeline.

• Dividend to increase to $3.30 per share in 2026.