AstraZeneca plc (LON:AZN) has announced its FY and Q4 2025 results.
Strong commercial performance and excellent pipeline delivery in a continuing catalyst-rich period
Revenue and EPS summary
| FY 2025 | % Change | Q4 2025 | % Change | |||
| $m | Actual | CER1 | $m | Actual | CER | |
| – Product Sales | 55,573 | 9 | 9 | 14,538 | 9 | 7 |
| – Alliance Revenue | 3,067 | 39 | 38 | 959 | 34 | 33 |
| Product Revenue2 | 58,640 | 10 | 10 | 15,497 | 10 | 8 |
| Collaboration Revenue | 99 | (89) | (89) | 6 | (99) | (99) |
| Total Revenue | 58,739 | 9 | 8 | 15,503 | 4 | 2 |
| Reported EPS ($) | 6.60 | 45 | 43 | 1.50 | 55 | 47 |
| Core3 EPS ($) | 9.16 | 12 | 11 | 2.12 | 1 | (2) |
Key performance elements for FY 2025
(Growth numbers at constant exchange rates)
* Total Revenue up 8% to $58,739m, driven by Oncology, CVRM, R&I and Rare Disease
* Growth in Total Revenue across all major geographic regions
* Core Operating profit increased 9%
* Core EPS increased 11% to $9.16
* Second interim dividend declared of $2.17 per share (159.5 pence, 19.49 SEK). Total dividend declared for FY 2025 increased by 3% to $3.20 per share
* 16 positive Phase 3 readouts and 43 approvals in major regions in the last twelve months
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
“In 2025 we saw strong commercial performance across our therapy areas and excellent pipeline delivery. We announced the results of 16 positive Phase 3 studies during the year and now have 16 blockbuster medicines.
The momentum across our company is continuing in 2026 and we are looking forward to the results of more than 20 Phase 3 trial readouts this year. We have more than 100 Phase 3 studies ongoing, including a substantial and growing number of trials of our transformative technologies which have the potential to revolutionise outcomes for patients and drive our growth well beyond 2030.
Lastly, ordinary shares in our company began trading on the NYSE on the 2nd February, resulting in a harmonised listing structure across exchanges in London, New York and Stockholm, enabling more shareholders to participate in our company’s exciting future.”
Guidance
AstraZeneca issues Total Revenue and Core EPS guidance4 for FY 2026 at CER, based on the average foreign exchange rates through 2025.
Total Revenue is expected to increase by a mid-to–high single-digit percentage
Core EPS is expected to increase by a low double-digit percentage
The Core Tax rate is expected to be between 18-22%
If foreign exchange rates for February 2026 to December 2026 were to remain at the average rates seen in January 2026, it is anticipated that Total Revenue in FY 2026 would benefit from a low single-digit percentage positive impact compared to the performance at CER, and Core EPS growth would be broadly similar to the growth at CER.
http://www.rns-pdf.londonstockexchange.com/rns/3227S_1-2026-2-9.pdf
Results highlights
Table 1: Milestones achieved since the prior results announcement
Phase III and other registrational data readouts
| Medicine | Trial | Indication | Event |
| ceralasertib + Imfinzi | LATIFY | Post-IO NSCLC | Primary endpoint not met |
| baxdrostat | BaxAsia | Treatment resistant hypertension | Primary endpoint met |
Regulatory approvals
| Medicine | Trial | Indication | Region |
| Enhertu | DESTINY-Gastric04 | 2L HER2+ gastric/GEJ cancer | EU, CN |
| Enhertu | DESTINY-Breast09 | 1L HER2+ mBC | US |
| Enhertu | DESTINY-Breast06 | CTx naïve HER2-low and -ultralow mBC | CN |
| Imfinzi | PACIFIC-5 | Stage III NSCLC | CN |
| Imfinzi | MATTERHORN | Resectable gastric/GEJ cancer | US |
| Imfinzi | DUO-E | dMMR endometrial cancer | CN |
| Wainua | NEURO-TTRANSFORM | ATTRv-PN | CN |
| Fasenra | MANDARA | EGPA | CN |
| Saphnelo | TULIP-SC | SLE (subcutaneous) | EU |
| Koselugo | KOMET | Adult patients with NF1-PN | US |
| Koselugo | SPRINKLE | Paediatric patients with NF1-PN (granule formulation) | EU |
| Soliris | NCT03759366 | gMG (paediatric patients) | CN |
Regulatory submissions or acceptances* in major regions
| Medicine | Trial | Indication | Region |
| Datroway | TROPION-Breast02 | Metastatic TNBC not candidates for IO | US, EU, CN |
| Enhertu | DESTINY-Breast09 | 1L HER2+ mBC | EU |
| Ultomiris | ALXN1210-PNH-323 | PNH | CN |
| baxdrostat | BaxHTN / Bax24 | Treatment resistant hypertension | US, EU |
| gefurulimab | PREVAIL | Generalised myasthenia gravis | US, EU, CN |
| anselamimab | CARES | Kappa light chain amyloidosis | EU, JP |
* US, EU and China regulatory submissions denotes filing acceptance
Other pipeline updates
For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix document in the financial results section of the AstraZeneca investor relations website: www.astrazeneca.com/investor-relations.html.
Table 2: Key elements of financial performance: Q4 2025
| For the quarter | Reported | Change | Core | Change | |||
| ended 31 December | $m | Act | CER | $m | Act | CER | |
| Product Revenue | 15,497 | 10 | 8 | 15,497 | 10 | 8 | * See Tables 3, 7, 29 and 30 for further details of Product Revenue, Product Sales and Alliance Revenue |
| Collaboration Revenue | 6 | (99) | (99) | 6 | (99) | (99) | * See Tables 4 and 31 for details of Collaboration Revenue* In Q4 2024, $815m of Collaboration Revenue was recognised as Lynparza, Beyfortus and Koselugo each achieved a sales-based milestone |
| Total Revenue | 15,503 | 4 | 2 | 15,503 | 4 | 2 | * See Tables 5 and 6 for Total Revenue by Therapy Area and by region |
| Gross Margin (%) | 80 | -2pp | -2pp | 80 | -2pp | -2pp | − Cost of sales included a $235m expense in Q4 2025 for royalty buyout expenses relating to Saphnelo and rilvegostomig (see page 5, ‘Corporate and business development’ for details)* Variations in Gross Margin can be expected between periods due to various factors, including fluctuations in foreign exchange rates, product seasonality and Collaboration Revenue* See ‘Reporting changes since FY 2024’ on page 6 for the definition of Gross Margin5 |
| R&D expense | 3,862 | (17) | (19) | 3,731 | 4 | 3 | * Core R&D: 24% of Total Revenue+ Accelerated recruitment in ongoing trials+ Investments in transformative technologies such as IO bispecifics, cell therapy and antibody drug conjugates+ Addition of R&D projects from business development+ Positive data readouts for high value pipeline opportunities that have ungated large late-stage trials− Reported R&D expense decreased due to impairment charges in Q4 2024 |
| SG&A expense | 5,492 | 2 | – | 4,453 | 4 | 2 | * Core SG&A: 29% of Total Revenue |
| Other operating income and expense6 | 100 | – | 2 | 101 | 2 | 2 | |
| Operating Profit | 2,978 | 46 | 40 | 4,098 | (2) | (5) | − Operating Profit includes the $235m royalty buyout expensed in Cost of sales (see above)+ Reported Operating Profit includes R&D impairment charges in Q4 2024 |
| Operating Margin (%) | 19 | +6pp | +5pp | 26 | -2pp | -2pp | |
| Net finance expense | 349 | (4) | (2) | 269 | (13) | (10) | − Adjustment of interest on tax and maturity of debt during Q4 2025 |
| Tax rate (%) | 11 | +1pp | +1pp | 14 | -2pp | -2pp | * Variations in the tax rate can be expected between periods |
| EPS ($) | 1.50 | 55 | 47 | 2.12 | 1 | (2) | − Year-on-year comparison reflects the sales-based milestones recognised in Q4 2024+ Reported EPS benefitted from reduction in R&D impairments |
For monetary values the unit of change is percent. For Gross Margin, Operating Margin and Tax rate, the unit of change is percentage points (pp).
In the expense commentary above, the plus and minus symbols denote the directional impact of the item being discussed, e.g. a ‘+’ symbol beside an R&D expense comment indicates that the item increased R&D expenditure relative to the prior year period.
Corporate and business development
Jacobio Pharma
In December 2025, Jacobio Pharma announced that it has entered an agreement with AstraZeneca for its proprietary Pan-KRAS inhibitor JAB-23E73.
AstraZeneca will receive exclusive development and commercialisation rights outside of China, while AstraZeneca and Jacobio Pharma will jointly develop and commercialise JAB-23E73 in China.
Under the terms of the agreement, Jacobio will receive an upfront payment of $100m, and is eligible for additional development and commercial milestone payments of up to $1.9bn, as well as tiered royalties on net sales achieved outside of China. AstraZeneca will be responsible for all clinical development, regulatory submissions, and commercialisation activities for JAB-23E73 outside of China.
Modella AI
In Q4 2025, Modella AI was acquired by AstraZeneca. The acquisition will embed Modella AI’s multi-modal foundation models and AI agents into AstraZeneca’s oncology R&D environment.
BMS
In Q4 2025, AstraZeneca paid Bristol-Myers Squibb Company (BMS) $170m, expensed in Cost of sales, in exchange for the reduction to zero of all royalties payable on Saphnelo sales ex-US. Royalties on US sales will remain payable at a mid-teens percentage.
Compugen
In Q4 2025, AstraZeneca paid Compugen Ltd. (Compugen) $65m, expensed in Cost of sales, and agreed a potential additional $25m upon the next milestone payment on BLA acceptance, for a portion of Compugen’s existing royalty interest in rilvegostomig. AstraZeneca will pay tiered royalties of up to mid-single digits on future sales.
AbelZeta
In January 2026, AbelZeta Pharma, Inc. (AbelZeta) announced that AstraZeneca has agreed to acquire AbelZeta’s 50% share of the China development and commercialisation rights to C-CAR031, an autologous, Glypican 3 (GPC3)-targeting chimeric antigen receptor T-Cell therapy.
Following completion of this agreement, AstraZeneca will have the sole right to develop, manufacture and commercialise C-CAR031 globally. AbelZeta will be entitled to receive up to $630m from AstraZeneca including an upfront payment, and development, regulatory and sales milestone payments for the GPC3 program in China.
China investment plans
In January 2026, AstraZeneca announced plans to invest $15bn in China through 2030 to expand medicines manufacturing and R&D. These investments build on AstraZeneca’s substantial footprint in China, including global strategic R&D centres in Beijing and Shanghai.
Listing harmonisation
On 2 February 2026, AstraZeneca began trading its ordinary shares on the New York Stock Exchange (NYSE), enabling more US investors to participate in the Company’s strong growth. Trading in AstraZeneca ordinary shares is now aligned across the NYSE, the London Stock Exchange and Nasdaq Stockholm under a harmonised listing structure.
The prior listing of American Depositary Shares on Nasdaq in the US ceased on 30 January 2026.
CSPC
In January 2026, AstraZeneca announced a new strategic collaboration agreement with CSPC Pharmaceuticals. AstraZeneca will receive exclusive global rights outside of China to CSPC’s once-monthly injectable weight management portfolio, including SYH2082, a long-acting GLP-1R/GIPR agonist progressing into Phase I, and three preclinical programmes. CSPC will receive an upfront payment of $1.2bn and is eligible to receive development and regulatory milestones of up to $3.5bn across all programmes. CSPC will also be eligible for further commercialisation and sales milestones plus tiered royalties.
Sustainability highlights
For the tenth year, AstraZeneca was recognised by CDP for climate action and water stewardship, receiving an A for Climate and A- for Water Security in 2025. This reflects the Company’s significant progress in decarbonising and reducing its environmental footprint.
The Sustainable Markets Initiative (SMI) Health Systems Task Force, chaired by AstraZeneca CEO Pascal Soriot, supported the development and launch of PSA 2090, the world’s first global standard to measure and assess the environmental impact of pharmaceutical products through their lifecycle.
Reporting calendar
The Company intends to publish its Q1 2026 results on 29 April 2026.
Conference call
A conference call and webcast for investors and analysts will begin today, 10 February 2026, at 11:45 UK time. Details can be accessed via astrazeneca.com.
Reporting changes since FY 2024
Product Revenue
Effective 1 January 2025, the Group has updated the presentation of Total Revenue on the face of the Statement of Comprehensive Income to include a new subtotal ‘Product Revenue’ representing the summation of Product Sales and Alliance Revenue.
Product Revenue and Collaboration Revenue form Total Revenue.
Product Sales and Alliance Revenue will continue to be presented separately, with the new subtotal providing additional aggregation of revenue types with similar characteristics, reflecting the growing importance of Alliance Revenue.
Full descriptions of Product Sales, Alliance Revenue and Collaboration Revenue are included from page 152 of the Group’s Annual Report and Form 20-F Information 2024.
Gross Margin
Effective 1 January 2025, the Group has replaced the measure of ‘Product Sales Gross Margin’ with the measure of ‘Gross Margin’. Previously, the measure excluded margin related to Alliance Revenue and Collaboration Revenue. The new measure is calculated using Gross profit as a percentage of Total Revenue, thereby encompassing all revenue categories, and is intended to provide a more comprehensive measure of total performance.
Notes
1. Constant exchange rates. The differences between Actual Change and CER Change are due to foreign exchange movements between periods in 2025 vs. 2024. CER financial measures are not accounted for according to generally accepted accounting principles (GAAP) because they remove the effects of currency movements from Reported results.
2. Effective 1 January 2025, the Group has updated its presentation of Total Revenue, adding a new subtotal of Product Revenue, the sum of Product Sales and Alliance Revenue. For further details, see Note 1: ‘Basis of preparation and accounting policies’ in the Notes to the Condensed consolidated financial statements.
3. Core financial measures are adjusted to exclude certain items. The differences between Reported and Core measures are primarily due to costs relating to the amortisation of intangibles, impairments, legal settlements and restructuring charges. A full reconciliation between Reported EPS and Core EPS is provided in Tables 10 and 11 in the Financial Performance section of this document.
4. The Company is unable to provide guidance on a Reported basis because it cannot reliably forecast material elements of the Reported results, including any fair value adjustments arising on acquisition-related liabilities, intangible asset impairment charges and legal settlement provisions. Please refer to the Cautionary statements section regarding forward-looking statements at the end of this announcement.
5. Effective 1 January 2025, the Group has updated its presentation of Gross Margin, which is defined as Gross Profit divided by Total Revenue. In prior years, the Group’s financial tables cited a different margin metric, Product Sales Gross Margin.
6. Income from disposals of assets and businesses, where the Group does not retain a significant ongoing economic interest, is recorded in Other operating income and expense in the Group’s financial statements.
