REG - AstraZeneca PLC - 1st Quarter Results
Tue 07:00
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RNS Number : 5152G AstraZeneca PLC 29 April 2025
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29 April 2025
AstraZeneca results: Q1 2025
Growth momentum and pipeline delivery set AstraZeneca on a strong trajectory
towards 2030 ambition
Revenue and EPS summary
Q1 2025 % Change
$m Actual CER(1)
- Product Sales 12,875 6 9
- Alliance Revenue 639 40 42
Product Revenue(2) 13,514 7 10
Collaboration Revenue 74 64 64
Total Revenue 13,588 7 10
Reported EPS ($) 1.88 34 32
Core(3) EPS ($) 2.49 21 21
Key performance elements for Q1 2025
(Growth numbers at constant exchange rates)
* Total Revenue up 10% to $13,588m, driven by double-digit growth in
Oncology and BioPharmaceuticals
* Growth in Total Revenue across all major geographic regions
* Core Operating profit increased 12%
* Core Tax rate of 16% in the quarter due to timing of settlements.
Expectations for the full year Core tax rate are unchanged at 18-22%
* Core EPS increased 21% to $2.49
* Five positive Phase III readouts and 13 approvals in major regions since
the prior results
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"Our strong growth momentum has continued into 2025 and we have now entered an
unprecedented catalyst-rich period for our company.
Already this year we have announced five positive Phase III study readouts,
including most recently the highly anticipated DESTINY-Breast09 for Enhertu,
as well as SERENA-6 for camizestrant and MATTERHORN for Imfinzi; the latter
two of these will feature in the ASCO 2025 plenary sessions, reflecting the
significance of these data to the oncology community.
Our company is firmly committed to investing and growing in the US and we
continue to benefit from our broad-based source of revenue and global
manufacturing footprint, including eleven production sites in the US covering
small molecules, biologics as well as cell therapy. Additionally, we have even
greater US investment in manufacturing and R&D planned, leveraging our two
large R&D sites in Gaithersburg MD and Cambridge MA.
Overall, we are making excellent progress toward our ambition of eighty
billion dollars in Total Revenue by 2030."
See Table 1 for details of clinical trial results since the prior earnings
announcement, including DESTINY-Breast09, MATTERHORN, and SERENA-6.
See Note 4 for the locations of the eleven US manufacturing sites.
Guidance
AstraZeneca reiterates its Total Revenue and Core EPS guidance(5) for FY 2025
at CER, based on the average foreign exchange rates through 2024.
Total Revenue is expected to increase by a 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 April 2025 to December 2025 were to remain
at the average rates seen in March 2025, it is anticipated that compared to
the performance at CER, FY 2025 Total Revenue would incur a low single-digit
percentage adverse impact (unchanged from prior guidance), and Core EPS would
incur a low single-digit percentage adverse impact (previously mid
single-digit).
Results highlights
Table 1. Milestones achieved since the prior results announcement
Phase III and other registrational data readouts
Medicine Trial Indication Event
Enhertu DESTINY-Gastric04 HER2-positive gastric/GEJ cancer (2nd-line) Primary endpoint met
Enhertu DESTINY-Breast09 HER2-positive metastatic breast cancer (1st line) Primary endpoint met for combination arm
Imfinzi MATTERHORN Resectable gastric/GEJ cancer Primary endpoint met
camizestrant SERENA-6 HR+ HER2- metastatic breast cancer (1st line switch on emergence of ESR1m) Primary endpoint met
eneboparatide CALYPSO Chronic hypoparathyroidism Primary endpoint met, trial continues to 52 weeks
Regulatory approvals
Medicine Trial Indication Region
Calquence ACE-LY-004 Relapsed/refractory MCL EU
Calquence ChangE CLL/SLL CN
Datroway TROPION-Breast01 HR+ HER2- breast cancer (2nd-line) EU
Enhertu DESTINY-Breast06 HER2-low and -ultralow HR+ breast cancer (2nd-line+) EU
Imfinzi AEGEAN Resectable early-stage (IIA-IIIB) NSCLC EU, CN
Imfinzi NIAGARA MIBC US
Imfinzi ± Imjudo ADRIATIC SCLC (limited-stage) EU, JP
Truqap CAPItello-291 Biomarker-altered HR+ HER2- metastatic breast cancer CN
Wainzua NEURO-TTRansform ATTRv-PN EU
Beyonttra (acoramidis) NCT04622046 ATTR-CM JP
Ultomiris CHAMPION-MG gMG CN
Regulatory submissions or acceptances* in major regions
Medicine Trial Indication Region
Enhertu DESTINY-Breast06 HER2-low and -ultralow HR+ breast cancer (2nd-line+) CN
Imfinzi PACIFIC-5 Locally advanced NSCLC CN
Imfinzi + Imjudo HIMALAYA Unresectable HCC CN
Imfinzi HIMALAYA Unresectable HCC CN
Imfinzi DUO-E Primary advanced or recurrent endometrial cancer with mismatch repair CN
deficiency
Fasenra MANDARA EGPA CN
Tezspire WAYPOINT CRSwNP US, EU, JP, CN
Koselugo KOMET NF1-PN (adults) US, CN
* 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, available on
www.astrazeneca.com/investor-relations.html
(https://www.astrazeneca.com/investor-relations.html) .
Table 2: Key elements of financial performance in Q1 2025
Item Reported Change Core Change
$m Act CER $m Act CER
Product Revenue 13,514 7 10 13,514 7 10 * See Tables 3 and 24 for medicine details of Product Revenue, Alliance
Revenue and Product Sales
Collaboration Revenue 74 64 64 74 64 64 * See Table 4 for details of Collaboration Revenue
Total Revenue 13,588 7 10 13,588 7 10 * See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%) 84 +1pp - 84 +1pp - + Fluctuations in foreign exchange rates
− Pricing adjustments, for example to sales reimbursed by the Medicare Part
D programme in the US
* See 'Reporting changes' below for the definition of Gross Margin(6)
* Variations in Gross Margin can be expected between periods, due to
fluctuations in foreign exchange rates, product seasonality, Colllaboration
Revenue, and other effects
R&D expense 3,159 13 15 3,088 14 16 * Core R&D: 23% of Total Revenue
+ Positive data read-outs for high value pipeline opportunities that have
ungated late-stage trials
+ Investment in platforms, new technology and capabilities to enhance R&D
capabilities
SG&A expense 4,492 - 3 3,457 1 4 * Core SG&A: 25% of Total Revenue
Other operating income and expense(7) 113 71 71 115 79 78 + Upfront receipt on a divestment
Operating Margin (%) 27 +2pp +2pp 35 +1pp -
Net finance expense 265 (12) (11) 215 (12) (11) + Debt issued in 2024 at higher interest rates
− Adjustment relating to tax settlements (see below)
Tax rate (%) 14 -8pp -8pp 16 -6pp -6pp − Updates to estimates of prior period tax liabilities following settlements
with tax authorities
EPS ($) 1.88 34 32 2.49 21 21
For monetary values the unit of change is percent; for Gross Margin, Operating
Margin and Tax rate the unit of change is percentage points.
In the expense commentary above, the plus and minus bullets denote the
directional impact of the item being discussed, e.g. a '+' symbol beside an
R&D expense comment indicates that the item resulted in an increase in the
R&D spend relative to the prior year.
China
In April 2025, there are following developments in relation to the China
investigations:
First, in relation to the illegal drug importation allegations, AstraZeneca
received an Appraisal Opinion from the Shenzhen City Customs Office regarding
suspected unpaid importation taxes amounting to $1.6 million. To the best of
AstraZeneca's knowledge, the importation taxes referred to in the Appraisal
Opinion relate to Enhertu. A fine of between one and five times the amount of
unpaid importation taxes may also be levied if AstraZeneca is found liable.
Second, in relation to the personal information infringement allegation,
AstraZeneca received a Notice of Transfer to the Prosecutor from the Shenzhen
Bao'an District Public Security Bureau (the 'PSB') regarding suspected
unlawful collection of personal information. The Company has been informed
that there was no illegal gain to the Company resulting from personal
information infringement.
AstraZeneca continues to fully cooperate with the Chinese authorities.
Corporate and business development
Fibrogen
In February 2025, FibroGen announced the sale of FibroGen China to
AstraZeneca.
Under the terms of the agreement, FibroGen will receive an enterprise value of
$85m plus FibroGen net cash held in China at closing, estimated at the date of
signing to be approximately $75m, totalling approximately $160m. The
transaction is expected to close by mid-2025, pending customary closing
conditions, including regulatory review in China.
Upon closing, AstraZeneca will obtain all rights to roxadustat in China,
including manufacturing in China.
EsoBiotec
In March 2025, AstraZeneca entered into a definitive agreement to acquire
EsoBiotec, a biotechnology company pioneering in vivo cell therapies that has
demonstrated promising early clinical activity. The EsoBiotec Engineered
NanoBody Lentiviral (ENaBL) platform could offer many more patients access to
transformative cell therapy treatments delivered in minutes rather than the
current process which takes weeks.
AstraZeneca will acquire all outstanding equity of EsoBiotec for a total
consideration of up to $1bn, on a cash and debt-free basis. This will include
an initial payment of $425m on deal closing, and up to $575m in contingent
consideration based on development and regulatory milestones. The transaction
is expected to close in the second quarter of 2025, subject to customary
closing conditions and regulatory clearances.
Alteogen Inc
In March 2025, AstraZeneca and Alteogen Inc. entered into an exclusive
license agreement for ALT-B4, a novel hyaluronidase utilising Hybrozyme™
platform technology. Under the terms of the agreement, AstraZeneca has
acquired worldwide rights to use ALT-B4 to develop and commercialise
subcutaneous formulations of several oncology assets. Alteogen will be
responsible for clinical and commercial supply of ALT-B4 to AstraZeneca.
AstraZeneca has made an upfront payment to Alteogen and may make additional
payments, conditional on achievement of specific development, regulatory and
sales-related milestones. Additionally, Alteogen will receive royalties on the
sales of the commercialised products.
Beijing R&D centre
In March 2025, AstraZeneca announced it will establish its sixth global
strategic R&D centre, to be located in Beijing, China. It will be
AstraZeneca's second R&D centre in China, following the opening of the
Shanghai R&D centre, and will advance early-stage research and clinical
development, enabled by a state-of-the-art artificial intelligence and data
science laboratory. The new R&D centre will be located near leading
biotech companies, research hospitals, and the National Medical Products
Administration in the Beijing International Pharmaceutical Innovation Park
(BioPark).
Harbour BioMed
In March 2025, AstraZeneca executed a global strategic collaboration with
Harbour BioMed to discover and develop next-generation multi-specific
antibodies for immunology, oncology and beyond. The strategic collaboration
includes an option to license multiple programs utilizing Harbour BioMed's
proprietary fully human antibody technology platform in multiple therapeutic
areas, together with an equity investment in Harbour BioMed, which closed in
April 2025. Upfront payments for the collaboration and equity investment total
$175m. AstraZeneca may incur additional fees and contingent milestones for
each program it elects to license, along with tiered royalties on future net
sales.
BioKangtai
In March 2025, BioKangtai and AstraZeneca entered into a strategic partnership
to establish a joint venture that focus on researching, developing, and
producing innovative vaccines.
The joint venture will serve as AstraZeneca's first and only vaccine
production hub in China, with a registered capital of RMB 345m (approx. $50m)
and a total investment of approx. $400m (RMB 2.76bn). BioKangtai and
AstraZeneca will each hold 50% equity in the venture.
Syneron Bio
In March 2025, AstraZeneca executed a strategic collaboration with Syneron Bio
to develop potential first-in-class macrocyclic peptides for the treatment of
chronic diseases. Under this collaboration, AstraZeneca will gain access to
Syneron Bio's innovative macrocyclic peptide drug research and development
platform to support research programmes exploring possible future treatments
of chronic diseases, including rare, autoimmune, and metabolic disease.
AstraZeneca will pay an upfront payment of $55m, with option exercise fees and
contingent milestones of over $3bn if all programs are optioned, along with
tiered royalties on future net sales. AstraZeneca will also make an equity
investment in Syneron Bio.
Tempus AI and Pathos AI
In April 2025, AstraZeneca, Tempus AI, Inc. (Tempus) and Pathos AI, Inc.
(Pathos) entered into a series of agreements regarding the development of a
foundational large multimodal model in the field of oncology. The model will
be used to gather biological and clinical insights, discover novel drug
targets, and develop therapeutics. AstraZeneca will pay Tempus a fee, and a
syndicate of investors, including AstraZeneca, will contemporaneously execute
a stock purchase agreement with Pathos.
Sustainability highlights
In preparation for new reporting regulations, AstraZeneca combined its 2024
sustainability and annual reporting into one integrated publication. Details
of performance against targets can be found in the 2024 Sustainability Data
Annex.
AstraZeneca published its first Taskforce on Nature-related Financial
Disclosures
(https://www.astrazeneca.com/content/dam/az/Sustainability/2025/pdf/AstraZeneca_TNFD_Report_2024.pdf)
report, and its Sustainable use and sourcing of raw materials
(https://www.astrazeneca.com/content/dam/az/Sustainability/Sustainable-Use-and-Sourcing-of-Raw-Materials.pdf)
report.
Reporting calendar
The Company intends to publish its H1 and Q2 2025 results on 29 July 2025.
Conference call
A conference call and webcast for investors and analysts will begin today,
29 April 2025, at 11:45 UK time. Details can be accessed via
astrazeneca.com.
Reporting changes
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.
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2023/pdf/AstraZeneca_AR_2023.pdf)
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 Jan 1 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 policy' in the Notes to the Interim 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 Table 9 in the Financial Performance section of this
document.
4. The eleven manufacturing sites in the US (or territories of the US) are:
- Bogart, GA
- Coppell, TX
- Frederick, MD
- Mt Vernon, IN
- Newark, DE
- Philadelphia, PA
- Puerto Rico
- Redwood City, CA
- Rockville, MD *
- Santa Monica, CA
- Tarzana, CA
* Opens in May 2025
5. 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.
6. Effective Jan 1 2025, the Group has updated its presentation of Gross
Margin. For further details, see Note 1: 'Basis of preparation and accounting
policy' in the Notes to the Interim Financial Statements
7. 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.
Revenue drivers
Table 3: Product Revenue by medicine
Q1 2025 % Change
$m % Total Actual CER
- Tagrisso 1,679 12 5 8
- Imfinzi 1,261 9 13 16
- Calquence 762 6 6 8
- Lynparza 726 5 3 5
- Enhertu 596 4 29 34
- Zoladex 293 2 3 8
- Truqap 132 1 >2x >2x
- Imjudo 80 1 30 33
- Datroway 4 - n/m n/m
- Other Oncology 110 1 (8) (4)
Oncology 5,643 42 10 13
- Farxiga 2,058 15 11 16
- Crestor 317 2 7 10
- Brilinta 305 2 (6) (4)
- Seloken 161 1 (2) 3
- Lokelma 153 1 35 38
- roxadustat 79 1 2 4
- Wainua 39 - >8x >8x
- Other CVRM 136 1 (28) (25)
CVRM 3,248 24 8 12
- Symbicort 723 5 (6) (3)
- Fasenra 418 3 17 19
- Breztri 300 2 37 39
- Tezspire 217 2 81 85
- Pulmicort 158 1 (30) (26)
- Saphnelo 136 1 49 51
- Airsupra 28 - >4x >4x
- Other R&I 104 1 6 8
R&I 2,084 15 11 13
- Beyfortus 112 1 >2x >2x
- Synagis 112 1 (34) (32)
- FluMist - - (96) (96)
- Other V&I 1 - (93) (93)
V&I 225 2 (3) (1)
- Ultomiris 1,050 8 22 25
- Soliris 444 3 (40) (38)
- Strensiq 352 3 12 14
- Koselugo 138 1 4 8
- Other Rare Disease 58 - 9 15
Rare Disease 2,042 15 (3) -
- Nexium 233 2 (4) -
- Others 39 - (28) (26)
Other Medicines 272 2 (8) (5)
Total Medicines 13,514 100 7 10
Alliance Revenue included above:
- Enhertu 398 3 17 21
- Tezspire 130 1 70 70
- Beyfortus 82 1 >4x >4x
- Datroway 4 - n/m n/m
- Other Alliance Revenue 25 - 18 18
639 5 40 42
Table 4: Collaboration Revenue
Q1 2025 % Change
$m Actual CER
Farxiga: sales milestones 74 64 64
Total 74 64 64
Table 5: Total Revenue by Therapy Area
Q1 2025 % Change
$m % Total Actual CER
Oncology 5,643 42 10 13
- CVRM 3,322 24 9 13
- R&I 2,084 15 11 13
- V&I 225 2 (3) (1)
Biopharmaceuticals 5,631 41 9 12
Rare Disease 2,042 15 (3) -
Other Medicines 272 2 (8) (5)
Total 13,588 100 7 10
Table 6: Total Revenue by region
Q1 2025 % Change
$m % Total Actual CER
US 5,646 42 10 10
- Emerging Markets ex. China 2,138 16 8 17
- China 1,805 13 3 5
Emerging Markets 3,943 29 6 12
Europe 2,759 20 5 9
Established ROW 1,239 9 4 9
Total 13,588 100 7 10
Total Revenue by Medicine
Oncology
Oncology Total revenue grew 10% (13% at CER) in the quarter, supported by
strong demand and new indication expansion. US sales for oral oncology
medicines were affected by the implementation of new manufacturer discounts
under Medicare Part D redesign which came into effect January 2025. This was
partly offset by patient transitions from free goods programmes to paid supply
due to improved patient affordability. This has led to an increase in the
proportion of US sales in Q1 2025 coming from Medicare Part D versus the prior
period.
Tagrisso
Q1 2025 Total % Change * Strong demand growth across all indications and key regions with
$m
encouraging uptake in Stage III unresectable (LAURA) in EGFRm NSCLC
Revenue Actual CER
US 678 9 9 * Underlying demand growth offset by Medicare Part D redesign
Emerging Markets 519 7 12 * Continued demand growth across key markets
Europe 307 2 6 * Demand growth impacted by government clawbacks
Established RoW 175 (4) 1 * Seasonal variablility in Japan ahead of fiscal year-end
Total 1,679 5 8
Imfinzi
Q1 2025 Total % Change * Strong demand driven by HCC (HIMALAYA), BTC (TOPAZ-1), increased share
and new launch growth in lung cancer (POSEIDON, CASPIAN, AEGEAN, ADRIATIC)
$m Revenue Actual CER
US 728 25 25 * Further uptake of early NSCLC (AEGEAN) and limited-stage SCLC (ADRIATIC)
Emerging Markets 142 10 20 * Increased demand in GI, despite local competition in China
Europe 252 8 13 * Growth from GI indications and early momentum from lung cancer launches
Established RoW 139 (18) (14) * Mandatory price reductions in Japan in Feb 2024 (25%), and Aug 2024
(11%)
Total 1,261 13 16
Calquence
Q1 2025 Total % Change * Sustained BTKi leadership in front-line CLL (ELEVATE-TN)
$m
Revenue Actual CER
US 507 3 3 * Market leader despite competition, accelerating 1L MCL (ECHO) launch
momentum offset by Part D redesign
Emerging Markets 54 37 54
Europe 170 11 15 * Strong growth in front-line CLL, despite competitive environment
Established RoW 31 (3) 2
Total 762 6 8
Lynparza
Q1 2025 Total % Change * Sustained global PARP inhibitor market leadership across four tumour
$m
types (ovarian, breast, prostate, pancreatic)
Revenue Actual CER
US 312 8 8 * Continued leadership within competitive PARPi class impacted by Part D
redesign
Emerging Markets 161 (4) -
Europe 196 3 6 * Launches in breast and prostate cancers (OlympiA and PROpel)
Established RoW 57 (3) 2
Total 726 3 5
Enhertu
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca,
amounted to $1,086m in Q1 2025 (Q1 2024: $879m). US in-market sales, recorded
by Daiichi Sankyo, amounted to $540m in Q1 2025 (Q1 2024: $423m).
AstraZeneca's European revenue includes a mid single-digit percentage royalty
on Daiichi Sankyo's sales in Japan, recorded as Alliance Revenue.
Q1 2025 Total % Change * Standard of care in HER2-positive (DESTINY-Breast03) and HER2-low
$m
(DESTINY-Breast04) metastatic breast cancer, early uptake in other cancers
Revenue Actual CER
*
US 258 28 28 * Encouraging launch uptake in chemotherapy naïve HER2-low and -ultralow
breast cancer (DESTINY-Breast06)
Emerging Markets 172 54 66 * Rapid adoption post-NRDL enlistment of HER2-positive and HER2-low breast
cancer from January 1
Europe 146 9 13
Established RoW 19 51 61
Total 596 29 34
Other Oncology medicines
Q1 2025 Total % Change
$m
Revenue Actual CER
Zoladex 293 3 8 * Strong growth in China
Truqap 132 >2x >2x * Demand growth in second-line biomarker-altered, impact from Part D
redesign and destocking in the US following inventory build of new blister
pack in Q4 2024
Imjudo 80 30 33 * Continued growth across markets
Datroway 4 n/m n/m * Encouraging early launch signals in US
Other Oncology 110 (8) (4) * Faslodex VBP implementation in March 2024 and generic erosion in Europe
BioPharmaceuticals - CVRM
Farxiga
Q1 2025 Total % Change * Growth driven by HF and CKD indications, SGLT2 class growth supported by
$m
cardiorenal guidelines
Revenue Actual CER
US 383 (19) (19) * Authorised generic stocking in Q1 2024
Emerging Markets 871 22 31 * Continued strong growth despite entry of generic competitors in some
markets
Europe 683 24 28 * Continued strong class growth and market share gains
Established RoW 195 28 31 * Sales milestone of $74m from partner in Japan
Total 2,132 13 17
6ii
Other CVRM medicines
Q1 2025 Total % Change
$m
Revenue Actual CER
Crestor 317 7 10 * Continued sales growth driven by Emerging Markets
Brilinta 305 (6) (4) * Decline driven by generic competition in some Emerging Markets
Seloken 161 (2) 3 * Growth driven by Emerging Markets
Lokelma 153 35 38 * Strong growth in all major regions
roxadustat 79 2 4 * Slower growth due to increased generic competition
Wainua 39 >8x >8x * Continued strong launch momentum partly offset by Part D redesign
Other CVRM 136 (28) (25)
BioPharmaceuticals - R&I
Symbicort
Q1 2025 Total % Change * Global market leader in a stable ICS/LABA class, treating COPD and
$m
asthma
Revenue Actual CER
US 279 (7) (7) * Strong demand for authorised generic offset by channel mix
Emerging Markets 232 (8) (4) * Growth in EM Ex-China; China growth affected by ICS/LABA class erosion
in COPD in favour of triple therapy
Europe 135 (5) (2) * Continued generic erosion
Established RoW 77 3 10
Total 723 (6) (3)
Fasenra
Q1 2025 Total % Change * Expanded severe eosinophilic asthma market share leadership in IL-5
$m
class, further fuelled by first wave market launches for EGPA indication
Revenue Actual CER
US 249 19 19 * Sustained double-digit volume growth with expanded class leadership
Emerging Markets 27 20 29 * Launch momentum across key markets
Europe 103 11 16 * Sustained leadership in severe eosinophilic asthma
Established RoW 39 17 23 * Strong growth supported by recent EGPA launch in Japan
Total 418 17 19
Breztri
Q1 2025 Total % Change * Fastest growing medicine within the expanding FDC triple class
$m
(ICS/LABA/LAMA), treating COPD
Revenue Actual CER
US 148 41 41 * Consistent share growth within expanding FDC triple class
Emerging Markets 90 29 32 * Market share leadership in China with strong FDC triple class
penetration
Europe 42 38 43 * Sustained growth from market share gain and new launches
Established RoW 20 39 47 * Increasing market share in Japan
Total 300 37 39
Tezspire
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to
$371m in Q1 2025 (Q1 2024: $216m).
Q1 2025 Total % Change * Sustained demand growth in severe asthma with launch momentum across
$m
multiple markets
Revenue Actual CER
US 130 70 70 * Continued strong demand growth with majority of patients new to
biologics
Emerging Markets 7 >3x >3x * Strong continued launch uptake
Europe 57 >2x >2x * Maintained new-to-brand leadership across multiple markets and new
launches
Established RoW 23 62 73 * Strong growth driven by Japan
Total 217 81 85
Other R&I medicines
Q1 2025 Total % Change
$m
Revenue Actual CER
Pulmicort 158 (30) (26) * EM >80% of revenue. Continued weak China flu season and generic
restock
Saphnelo 136 49 51 * Strong US demand growth, ongoing launches in Europe and Established RoW
Airsupra 28 >4x >4x * Strong US launch momentum and volume uptake
Other R&I 104 6 8 * Favourable phasing of third party supply in the quarter
Biopharmaceuticals - V&I
Beyfortus Total Revenue reflects the sum of Product Sales from AstraZeneca's
sales of manufactured Beyfortus product to Sanofi and Alliance Revenue from
AstraZeneca's share of gross profits on sales of Beyfortus in major markets
outside the US.
Q1 2025 Total % Change
$m
Revenue Actual CER
Beyfortus 112 >2x >2x * Increased capacity and strong demand
Synagis 112 (34) (32) * Competition from Beyfortus
FluMist - n/m n/m * Normal seasonality
Other V&I 1 n/m n/m
Rare Disease
Ultomiris
Ultomiris Total Revenue includes sales of Voydeya, which is approved as an add
on treatment to Ultomiris and Soliris for the ~20-30% of PNH patients who
experience clinically significant EVH.
Q1 2025 Total % Change * Growth due to patient demand and conversion from Soliris in all
$m
indications
Revenue Actual CER
(gMG , NMOSD, aHUS and PNH)
US 604 25 25 * Demand growth, offset by gMG and PNH competition and a smaller impact
from Medicare Part D reform in neurology indications
Emerging Markets 52 65 77 * Expansion into new markets and growth in patient demand
Europe 228 13 17 * Strong demand growth following recent launches; competition in gMG
Established RoW 166 16 22 * Continued conversion and strong demand following new launches
Total 1,050 22 25
Soliris
Q1 2025 Total % Change * Decline driven by conversion of patients to Ultomiris in all indications
$m
(gMG, NMOSD, aHUS, PNH) and regions, competition, and biosimilar pressure in
Revenue Actual CER Europe
US 288 (30) (30) * Competition in gMG and PNH
Emerging Markets 65 (48) (42) * Unfavourable order timing in tender markets
Europe 56 (60) (59) * Biosimilar competition in PNH and aHUS
Established RoW 35 (43) (39)
Total 444 (40) (38)
Strensiq
Q1 2025 Total % Change * Growth driven by continued HPP patient demand and geographic expansion
$m
Revenue Actual CER
US 266 8 8 * Demand growth partially offset by Medicare Part D redesign
Emerging Markets 34 59 71
Europe 26 9 13
Established RoW 26 21 26
Total 352 12 14
Other Rare Disease medicines
Q1 2025 Total % Change * Growth driven by continued patient demand and geographic expansion
$m
Revenue Actual CER
Koselugo 138 4 8 * Demand growth, unfavourable order timing in Emerging Markets
Other Rare Disease 58 9 15
Other Medicines
Q1 2025 Total % Change
$m
Revenue Actual CER
Nexium 233 (4) - * Growth in Emerging Markets, generic erosion elsewhere
Others 39 (28) (26) * Generic erosion
R&D progress
This section covers R&D events and milestones that have occurred since the
prior results announcement on 6 February 2025, up to and including events on
28 April 2025. A comprehensive view of AstraZeneca's pipeline of medicines in
human trials can be found in the latest Clinical Trials Appendix, available on
www.astrazeneca.com/investor-relations. The Clinical Trials Appendix includes
tables with details of the ongoing clinical trials for AstraZeneca medicines
and new molecular entities in the pipeline.
Oncology
AstraZeneca presented new data across its diverse portfolio of cancer
medicines at two major medical congresses since the prior results
announcement: the European Lung Cancer Congress 2025 and the American
Association for Cancer Research Annual Meeting 2025. Across the two meetings,
more than 100 abstracts were presented featuring 10 approved and potential new
medicines including 14 oral presentations.
Calquence
CHMP opinion ACE-LY-004 * As monotherapy for relapsed or refractory mantle cell lymphoma.
Europe February 2025
New disclosure
Approval ChangE * As monotherapy for the treatment of chronic lymphocytic leukaemia/small
lymphocytic lymphoma.
China March 2025
New disclosure
CHMP opinion AMPLIFY * In combination with venetoclax with or without obinutuzumab is indicated
for the treatment of adult patients with previously untreated chronic
Europe April 2025 lymphocytic leukaemia.
New disclosure
Enhertu
Phase III readout DESTINY-Gastric04 * Positive high-level results demonstrated that Enhertu resulted in a
statistically significant and clinically meaningful improvement in the primary
March 2025 endpoint of OS compared to ramucirumab and paclitaxel in patients with
2nd-line HER2 positive (IHC 3+ or IHC 2+/ISH+) unresectable and/or metastatic
New disclosure gastric or gastroesophageal junction adenocarcinoma.
Approval DESTINY-Breast06 * As monotherapy for unresectable or metastatic HR-positive, HER2-low or
HER2-ultralow breast cancer in patients who have received at least one
Europe April 2025 endocrine therapy in the metastatic setting and who are not considered
suitable for endocrine therapy as the next line of treatment.
Phase III readout DESTINY-Breast09 * Positive high-level results from a planned interim analysis of the
DESTINY-Breast09 Phase III trial showed Enhertu in combination with pertuzumab
April 2025 demonstrated a highly statistically significant and clinically meaningful
improvement in PFS compared to taxane, trastuzumab and pertuzumab as a
1st-line treatment for patients with HER2-positive metastatic breast cancer.
The second arm, which compares Enhertu monotherapy versus THP, remains blinded
to patients and investigators and will continue to the final PFS analysis.
Imfinzi
Phase III readout MATTERHORN * Perioperative Imfinzi in combination with standard-of-care FLOT
chemotherapy demonstrated a statistically significant and clinically
March 2025 meaningful improvement in the primary endpoint of event-free survival EFS. A
strong trend was observed in favour of the Imfinzi-based regimen at this
interim analysis. The trial will continue to follow OS, which will be formally
assessed at the final analysis.
Approval AEGEAN * Imfinzi in combination with platinum-containing chemotherapy as
neoadjuvant treatment, followed by Imfinzi continued as a single agent as
China March 2025 adjuvant treatment after surgery for the treatment of resectable (tumours ≥4
cm and/or node positive) NSCLC and no known EGFR mutations or ALK
New disclosure rearrangements.
Approval ADRIATIC * As monotherapy for the treatment of adults with limited-stage SCLC whose
disease has not progressed following platinum-based chemoradiation therapy.
Europe March 2025
Approval NIAGARA * Imfinzi in combination with gemcitabine and cisplatin as neoadjuvant
treatment, followed by Imfinzi as adjuvant monotherapy after
US March 2025 radical cystectomy for muscle-invasive bladder cancer.
Approval AEGEAN * Imfinzi in combination with chemotherapy for the treatment of
resectable NSCLC at high risk of recurrence and no EGFR mutations or ALK
Europe April 2025 rearrangements. In this regimen, patients are treated with Imfinzi in
combination with neoadjuvant chemotherapy before surgery and as adjuvant
monotherapy after surgery.
Truqap
Approval CAPItello-291 * In combination with fulvestrant for the treatment of HR-positive,
HER2-negative, locally advanced or metastatic breast cancer with one or more
China April 2025 PIK3CA/AKT1/PTEN-alteration following progression on at least one
endocrine-based regimen in the metastatic setting or recurrence on or within
New disclosure 12 months of completing adjuvant therapy.
Phase III trial update CAPItello-280 * AstraZeneca is discontinuing the CAPItello-280 Phase III trial
evaluating the efficacy and safety of Truqap in combination with docetaxel and
April 2025 androgen-deprivation therapy compared to docetaxel and ADT with placebo in
patients with metastatic castration-resistant prostate cancer. This decision
New disclosure is based on the recommendation of the Independent Data Monitoring Committee
following their review of data from a pre-specified interim analysis, which
concluded that the Truqap combination was unlikely to meet the dual primary
endpoints of radiographic PFS and OS versus the comparator arm upon trial
completion. The safety profile for Truqap was consistent with previous trials.
The Company will work with investigators to ensure the necessary follow up
with patients. Data from the trial will inform ongoing research.
camizestrant
Phase III readout SERENA-6 * Positive high-level results from a planned interim analysis of the
SERENA-6 Phase III trial showed that camizestrant in combination with a CDK4/6
February 2025 inhibitor demonstrated a highly statistically significant and clinically
meaningful improvement in the primary endpoint of PFS. The trial evaluated
switching to the camizestrant combination versus continuing standard-of-care
treatment with akin aromatase inhibitor in combination with a CDK4/6 inhibitor
in the 1st-line treatment of patients with HR-positive, HER2-negative advanced
breast cancer whose tumours have an emergent ESR1 mutation.
BioPharmaceuticals - CVRM
AZD0780
Phase II presentation PURSUIT * At 12 weeks, AZD0780 30mg taken once-daily (when added to the
standard-of-care statin therapy and administered without any fasting or food
ACC March 2025 restrictions) led to a 50.7% reduction in LDL-C. Similar efficacy was observed
regardless of whether trial participants received moderate- or high-intensity
statin doses at baseline.
Wainzua
Approval NEURO-TTRansform * For the treatment of hereditary transthyretin-mediated amyloidosis in
adult patients with stage 1 or stage 2 polyneuropathy, commonly referred to as
EU March 2025 hATTR-PN or ATTRv-PN.
BioPharmaceuticals - R&I
Tezspire
Phase III presentation WAYPOINT * Treatment with Tezspire significantly reduced nasal polyp severity
measured by the co-primary endpoints; Nasal Polyp Score by -2.065 (95% CI:
AAAAI March 2025 -2.389, -1.742; p<0.0001) and nasal congestion (measured by
participant-reported Nasal Congestion Score)
by -1.028 (95% CI: -1.201, -0.855; p<0.0001) at week 52 compared to
placebo. Tezspire significantly reduced the need for subsequent nasal polyp
surgery by 98% (p<0.0001) and the need for systemic corticosteroid
treatment by 88% (p<0.0001) compared to placebo.
Rare Disease
Ultomiris
Phase III readout ALXN1210-TMA-314 * High-level results from the ALXN1210-TM-314 Phase III, single-arm, open
label trial evaluating Ultomiris in paediatric patients with severe HSCT-TMA
April 2025 demonstrated clinically meaningful improvements in the individual components
of TMA response (platelets, LDH and urinary protein/creatinine ratio) at 26
New disclosure weeks. Additionally, results showed a clinically meaningful improvement in the
secondary endpoint of overall survival at six months. Further analyses
anticipated in H2 2025 to assess the statistical significance of the
single-arm trial, and separately, the high-level results from the randomised,
double-blind, placebo-controlled, Phase III trial in adults and adolescents.
Safety profile was consistent with that observed in other approved
indications.
Approval CHAMPION-MG * For adult patients with anti-acetylcholine receptor antibody-positive
gMG
CN April 2025
New disclosure
Koselugo
Priority Review SPRINKLE * For paediatric patients aged between one and seven years with NF1 who
have symptomatic, inoperable PN.
US February 2025
New disclosure
Soliris
Approval NCT03759366 * For paediatric patients six years of age and older with
anti-acetylcholine receptor antibody-positive gMG.
US March 2025
New disclosure
Beyonttra (acoramidis)
Approval NCT04622046 * For adults with ATTR-CM.
JP March 2025
New disclosure
eneboparatide
Phase III readout CALYPSO * eneboparatide (AZP-3601), an investigational parathyroid hormone
receptor 1 agonist, met its primary composite endpoint in adults with chronic
March 2025 hypoparathyroidism at 24 weeks. eneboparatide demonstrated a statistically
significant benefit by normalising albumin-adjuskted serum calcium levels and
achieving independence from active vitamin D and oral calcium therapy compared
to placebo. The trial will continue to 52 weeks to fully characterise the
risk-benefit profile.
Sustainability
In preparation for new new reporting regulations, AstraZeneca combined its
2024 sustainability and annual reporting into one integrated publication. The
2024 Annual Report detailed progress across the Company's sustainability
priorities and key topics, including those identified in its double
materiality assessment. Details of performance against targets can be found in
the 2024 Sustainability Data Annex.
In 2024, the Company achieved a 77.5% reduction in its Scope 1 and 2
greenhouse gas emissions (sites and fleet), a 23% reduction in its water use
and a 13% reduction in waste vs. the 2015 baseline. 63% of its fleet now
comprises battery electric vehicles. As at year end, we had also reached more
than 90 million people through our flagship access programmes and trained a
cumulative total of over 156,000 people since 2015.
Access to Healthcare
On health equity:
- AstraZeneca engaged on health equity at the World Economic Forum (WEF)
Annual Meeting, including at a roundtable chaired by AstraZeneca Chair Michel
Demaré which convened leaders from governments, NGOs and the private sector
to discuss embedding health equity in healthcare design and delivery.
- AstraZeneca held an in-person Global Health Equity Advisory Board meeting,
convening 14 experts from 11 countries across all income groups to provide
insights and input on the Company's health equity strategy.
- The Company collaborated with 10 markets (Brazil, Canada, China, Japan,
Italy, Kenya, UAE, Egypt, US and Vietnam) to localise its health equity
priorities on science, healthcare delivery and community engagement.
- AstraZeneca marked the 10-year anniversary of its flagship health equity
programme Healthy Heart Africa (HHA) at the 4th Global NCD Alliance Forum
(https://forum.ncdalliance.org/) in Kigali, Rwanda.
- The Young Health Programme (YHP), the Company's partnership which empowers
young people to call for the prevention of climate-related health challenges,
was recognised in a UNICEF publication
(https://www.unicef.org/media/167076/file/Building-blocks-for-lifelong-health-prioritize-children-2025.pdf)
and was featured in The Times.
On health systems resilience:
- The Partnership for Health System Sustainability & Resilience (PHSSR)
was featured during the 'Health beyond Healthcare'
(https://www.phssr.org/davos-2025) panel discussion at the WEF Annual Meeting,
with Michel Demaré speaking on the need for policy action to improve
prevention and early detection of non-communicable diseases (NCDs).
- PHSSR has launched a new collaboration with IQVIA to conduct research with
academic centers across eight countries. This initiative aims to identify
policies needed to enhance healthcare systems for more effective prevention,
early detection, and treatment of chronic diseases.
Environmental protection
- In the UK, AstraZeneca and Future Biogas announced the launch of UK's
first unsubsidised biomethane plant dedicated to fuelling the life sciences
sector. Located in Lincolnshire, the plant will provide clean heat for
AstraZeneca UK sites.
- AstraZeneca published its first Taskforce on Nature-related Financial
Disclosures
(https://www.astrazeneca.com/content/dam/az/Sustainability/2025/pdf/AstraZeneca_TNFD_Report_2024.pdf)
report (TNFD) following its 2024 commitment to become an early adopter of the
TNFD, its Sustainable use and sourcing of raw materials
(https://www.astrazeneca.com/content/dam/az/Sustainability/Sustainable-Use-and-Sourcing-of-Raw-Materials.pdf)
report.
- The Company contributed to the World Business Council for Sustainable
Development (WBCSD)'s recently published Roadmap to Nature Positive:
Foundations for the pharmaceutical sector, which aims to support the
industry's efforts to understand nature-related impacts and dependencies and
identify key actions for nature-positive outcomes.
- The Sustainable Markets Initiative (SMI) Health Systems Task Force
announced an expansion of the China renewable power purchase agreement (PPA)
launched in 2024 to collectively procure renewable power. AstraZeneca, Takeda
and GSK expanded the initiative to enable suppliers in China to unlock access
to renewables and decarbonise the value chain.
- Through the SMI, CEO Pascal Soriot signed an open letter calling on the
clinical research community to help tackle the climate crisis by measuring
carbon emissions for all Phase II and III clinical trials.
- CEO Pascal Soriot engaged with HM King Charles III, other private
sector CEOs and global leaders at Hampton Court Palace on the economic case
for the transition to a sustainable future and gave a keynote address on
transitioning to sustainable health systems.
- The Company achieved top 50 ranking in the FT Europe's Climate Leader
listing of 600 companies and is the top pharma company ranking for the fourth
consecutive year, with an overall score of 77.7/100.
Ethics and transparency
- For the ninth year, AstraZeneca was included on the CDP Corporate A List
for Climate, a gold standard in corporate environmental transparency, and
achieved an A- for Water, in recognition of the Company's ongoing work to
tackle the climate crisis and protect the environment.
- The Company achieved fifth place overall, and second in the Health Care
sector, in the FTSE Women Leaders Review 2024, as one of the top performers in
both the FTSE 100 and FTSE 350 for representation of women across the
organisation.
Operating and financial review
Reporting currency
All narrative on growth and results in this section is based on actual
exchange rates, and financial figures are in US$ millions ($m), unless stated
otherwise.
Reporting period
The performance shown in this announcement covers the three-month period to 31
March 2025 ('the quarter' or 'Q1 2025') compared to the three-month period to
31 March 2024 ('Q1 2024'), unless stated otherwise.
Core financial measures
Core financial measures, EBITDA, Net debt, Gross Margin, Operating Margin and
CER are non-GAAP financial measures because they cannot be derived directly
from the Group's Condensed consolidated financial statements.
Management believes that these non-GAAP financial measures, when provided in
combination with Reported results, provide investors and analysts with helpful
supplementary information to understand better the financial performance and
position of the Group on a comparable basis from period to period.
These non-GAAP financial measures are not a substitute for, or superior to,
financial measures prepared in accordance with GAAP.
Core financial measures (cont.)
Core financial measures are adjusted to exclude certain significant items:
- Charges and provisions related to our global restructuring programmes,
which includes charges that relate to the impact of restructuring programmes
on our capitalised manufacturing assets and IT assets
- Amortisation and impairment of intangible assets, including impairment
reversals but excluding any charges relating to IT assets
- Other specified items, principally comprising acquisition-related costs
and credits, which include the imputed finance charges and fair value
movements relating to contingent consideration on business combinations,
imputed finance charges and remeasurement adjustments on certain Other
payables arising from intangible asset acquisitions, remeasurement adjustments
relating to certain Other payables and debt items assumed from the Alexion
acquisition and legal settlements
- The tax effects of the adjustments above are excluded from the Core Tax
charge
Details on the nature of Core financial measures are provided on page 70 of
the Annual Report and Form 20-F Information 2024
(https://www.astrazeneca.com/investor-relations/annual-reports/annual-report-2024.html)
.
Reference should be made to the Reconciliation of Reported to Core financial
measures table included in the Financial Performance section in this
announcement.
Definitions
Gross Margin is defined as Gross Profit as a percentage of Total Revenue.
EBITDA is defined as Reported Profit before tax after adding back Net finance
expense, results from Joint ventures and associates and charges for
Depreciation, amortisation and impairment. Reference should be made to the
Reconciliation of Reported Profit before tax to EBITDA included in the
Financial Performance section in this announcement.
Operating margin is defined as Operating profit as a percentage of Total
Revenue.
Net debt is defined as Interest-bearing loans and borrowings and Lease
liabilities, net of Cash and cash equivalents, Other investments, and Net
derivative financial instruments. Reference should be made to Note 2 'Net
debt', included in the Notes to the interim financial statements in this
announcement.
The Company strongly encourages investors and analysts not to rely on any
single financial measure, but to review AstraZeneca's financial statements,
including the Notes thereto, and other available Company reports, carefully
and in their entirety.
Due to rounding, the sum of a number of dollar values and percentages in this
announcement may not agree to totals.
Financial performance
Table 7: Reported Profit and Loss
Q1 2025 Q1 2024 % Change
$m $m Actual CER
- Product Sales 12,875 12,177 6 9
- Alliance Revenue 639 457 40 42
- Product Revenue 13,514 12,634 7 10
- Collaboration Revenue 74 45 64 64
Total Revenue 13,588 12,679 7 10
Cost of sales (2,241) (2,218) 1 12
Gross profit 11,347 10,461 8 10
Distribution expense (135) (135) - 4
R&D expense (3,159) (2,783) 13 15
SG&A expense (4,492) (4,495) - 3
Other operating income & expense 113 67 71 71
Operating profit 3,674 3,115 18 17
Net finance expense (265) (302) (12) (11)
Joint ventures and associates (7) (13) (50) (48)
Profit before tax 3,402 2,800 21 20
Taxation (481) (620) (23) (23)
Tax rate 14% 22%
Profit after tax 2,921 2,180 34 33
Earnings per share $1.88 $1.41 34 32
Table 8: Reconciliation of Reported Profit before tax to EBITDA
Q1 2025 Q1 2024 % Change
$m $m Actual CER
Reported Profit before tax 3,402 2,800 21 20
Net finance expense 265 302 (12) (11)
Joint ventures and associates 7 13 (50) (48)
Depreciation, amortisation and impairment 1,284 1,255 2 3
EBITDA 4,958 4,370 13 13
Table 9: Reconciliation of Reported to Core financial measures: Q1 2025
Reported Restructuring Intangible Asset Amortisation & Impairments Other Core % Change
$m $m $m $m $m Actual CER
Gross profit 11,347 8 8 2 11,365 8 10
- Gross Margin 84% 84% +1pp -
Distribution expense (135) 3 - - (132) (2) 2
R&D expense (3,159) 60 10 1 (3,088) 14 16
- R&D % of Total Revenue 23% 23% -1pp -1pp
SG&A expense (4,492) 50 957 28 (3,457) 1 4
- SG&A % of Total Revenue 33% 25% +1pp +2pp
Total operating expense (7,786) 113 967 29 (6,677) 7 9
Other operating income & expense 113 1 - 1 115 79 78
Operating profit 3,674 122 975 32 4,803 11 12
- Operating Margin 27% 35% +1pp -
Net finance expense (265) - - 50 (215) (12) (11)
Taxation (481) (28) (187) (18) (714) (18) (18)
EPS $1.88 $0.06 $0.51 $0.04 $2.49 21 21
Profit and Loss drivers
Gross profit
The change in Gross Margin (Reported and Core) in Q1 2025 was impacted by:
- Positive effects from fluctuations in foreign exchange rates. Currency
impacts may have a positive or negative impact in future quarters
- Positive effects from changing product mix. The rising contribution of
Product Sales with profit sharing arrangements (Lynparza, Enhertu, Tezspire,
Koselugo) has a negative impact on Gross Margin because AstraZeneca records
Product Sales in certain markets and pays away a share of the gross profits to
its collaboration partners. The profit share paid to partners is recorded in
AstraZeneca's Cost of sales line
- Pricing adjustments, for example to sales reimbursed by the Medicare Part
D programme in the US, diluted the gross margin in the first quarter. Some of
these adjustments resulted in higher volumes, partially offsetting the overall
impact on profits
Variations in Gross Margin performance between periods can continue to be
expected due to product seasonality, foreign exchange fluctuations, and other
effects.
R&D expense
The change in R&D expense (Reported and Core) in the period was impacted
by:
- Positive data read-outs for high value pipeline opportunities that have
ungated late-stage trials
- Investment in platforms, new technology and capabilities to enhance
R&D capabilities
- Addition of R&D projects following completion of previously announced
business development activity
SG&A expense
- The change in SG&A expense (Reported and Core) in the period was
driven primarily by market development activities for launches and to support
continued growth in existing brands
Other operating income and expense
Other operating income in Q1 2025 consisted primarily of royalties and an
upfront fee on a divestment.
Net finance expense
Core Net finance expense decreased 12% (11% at CER) mainly driven by an
adjustment of interest on tax, due to a reduction of tax liabilities relating
to prior periods (see below).
Taxation
The effective Reported tax rate for the three months to 31 March 2025 was 14%
(Q1 2024: 22%) and the effective Core Tax rate was 16% (Q1 2024: 21%).
The Q1 2025 tax rate benefited from a reduction of tax liabilities arising
from updates to estimates of prior period tax liabilities following
settlements with tax authorities.
The cash tax paid for the quarter ended 31 March 2025 was $363m (Q1 2024:
$430m), representing 11% of Reported Profit before tax (Q1 2024: 15%).
Cash Flow
Table 10: Cash Flow summary
Q1 2025 Q1 2024 Change
$m
$m $m
Reported Operating profit 3,674 3,115 559
Depreciation, amortisation and impairment 1,284 1,255 29
Movement in working capital and short-term provisions (426) (455) 29
Gains on disposal of intangible assets (66) - (66)
Fair value movements on contingent consideration arising from business 1 16 (15)
combinations
Non-cash and other movements 31 (674) 705
Interest paid (422) (341) (81)
Taxation paid (363) (430) 67
Net cash inflow from operating activities 3,713 2,486 1,227
Net cash inflow before financing activities 2,460 73 2,387
Net cash (outflow)/inflow from financing activities (2,707) 2,028 (4,735)
Net cash flow
The change in Net cash inflow before financing activities of $2,387m is
primarily driven by the reduction in cash outflow relating to the Acquisitions
of subsidiaries, net of cash acquired of $726m, which in 2024 related to the
acquisition of Gracell Biotechnologies Inc., and the reduction in cash outflow
relating to Purchase of intangible assets which included an outflow of $639m
relating to the acquisition of Icosavax in 2024.
The change in Net cash (outflow)/inflow from financing activities of $4,735m
is primarily driven by the issue of new long-term loans of $4,976m in 2024,
with no issuance in 2025.
Capital expenditure
Capital expenditure on tangible assets and Software-related intangible assets
amounted to $493m in Q1 2025 (Q1 2024: $474m). The increase of capital
expenditure in 2025 was driven by investment in several major manufacturing
projects and continued investment in technology upgrades.
Net debt
Net debt increased by $1,497m in the three months to 31 March 2025 to
$26,067m. Details of the committed undrawn bank facilities are disclosed
within the going concern section of Note 1. Details of the Company's solicited
credit ratings and further details on Net debt are disclosed in Note 2.
Net debt
Table 11: Net debt summary
At 31 Mar At 31 Dec At 31 Mar
2025
2024
2024
$m $m $m
Cash and cash equivalents 5,230 5,488 7,841
Other investments 165 166 180
Cash and investments 5,395 5,654 8,021
Overdrafts and short-term borrowings (445) (330) (477)
Commercial paper (948) - (980)
Lease liabilities (1,551) (1,452) (1,242)
Current instalments of loans (2,010) (2,007) (4,593)
Non-current instalments of loans (26,692) (26,506) (27,259)
Interest-bearing loans and borrowings (Gross debt) (31,646) (30,295) (34,551)
Net derivatives 184 71 81
Net Debt (26,067) (24,570) (26,449)
Summarised financial information for guarantee of securities of subsidiaries
AstraZeneca Finance LLC ("AstraZeneca Finance") is the issuer of 1.2% Notes
due 2026, 4.8% Notes due 2027, 4.875% Notes due 2028, 1.75% Notes due 2028,
4.85% Notes due 2029, 4.9% Notes due 2030, 4.9% Notes due 2031, 2.25% Notes
due 2031, 4.875% Notes due 2033 and 5% Notes due 2034 (the "AstraZeneca
Finance USD Notes"). Each series of AstraZeneca Finance USD Notes has been
fully and unconditionally guaranteed by AstraZeneca PLC. AstraZeneca Finance
is 100% owned by AstraZeneca PLC and each of the guarantees issued by
AstraZeneca PLC is full and unconditional and joint and several.
The AstraZeneca Finance USD Notes are senior unsecured obligations of
AstraZeneca Finance and rank equally with all of AstraZeneca Finance's
existing and future senior unsecured and unsubordinated indebtedness. The
guarantee by AstraZeneca PLC of the AstraZeneca Finance USD Notes is the
senior unsecured obligation of AstraZeneca PLC and ranks equally with all of
AstraZeneca PLC's existing and future senior unsecured and unsubordinated
indebtedness. Each guarantee by AstraZeneca PLC is effectively subordinated to
any secured
indebtedness of AstraZeneca PLC to the extent of the value of the assets
securing such indebtedness. The AstraZeneca Finance USD Notes are structurally
subordinated to indebtedness and other liabilities of the subsidiaries of
AstraZeneca PLC, none of which guarantee the AstraZeneca Finance USD Notes.
AstraZeneca PLC manages substantially all of its operations through divisions,
branches and/or investments in subsidiaries and affiliates. Accordingly, the
ability of AstraZeneca PLC to service its debt and guarantee obligations is
also dependent upon the earnings of its subsidiaries, affiliates, branches and
divisions, whether by dividends, distributions, loans or otherwise. Please
refer to the Consolidated financial statements of AstraZeneca PLC in our
Annual Report on Form 20-F as filed with the SEC and information contained
herein for further financial information regarding AstraZeneca PLC and its
consolidated subsidiaries. For further details, terms and conditions of the
AstraZeneca Finance USD Notes please refer to AstraZeneca PLC's reports on
Form 6-K furnished to the SEC on 22 February 2024, 3 March 2023 and 28 May
2021.
Pursuant to Rule 13-01 and Rule 3-10 of Regulation S-X under the Securities
Act of 1933, as amended (the "Securities Act"), we present below the summary
financial information for AstraZeneca PLC, as Guarantor, excluding its
consolidated subsidiaries, and AstraZeneca Finance, as the issuer, excluding
its consolidated subsidiaries. The following summary financial information of
AstraZeneca PLC and AstraZeneca Finance is presented on a combined basis and
transactions between the combining entities have been eliminated. Financial
information for non-guarantor entities has been excluded. Intercompany
balances and transactions between the obligor group and the non-obligor
subsidiaries are presented on separate lines.
Obligor group summarised statements
Table 12: Obligor group summarised Statement of comprehensive income
Q1 2025 Q1 2024
$m $m
Total Revenue - -
Gross - -
profit
Operating loss - -
Loss for the period (302) (234)
Transactions with subsidiaries that are not issuers or guarantors 5,807 588
Table 13: Obligor group summarised Statement of financial position
At 31 Mar 2025 At 31 Mar 2024
$m $m
Current assets 68 12
Non-current assets - -
Current liabilities (3,201) (5,778)
Non-current liabilities (26,748) (27,161)
Amounts due from subsidiaries that are not issuers or guarantors 20,922 21,242
Amounts due to subsidiaries that are not issuers or guarantors - -
Capital allocation
The Group's capital allocation priorities include: investing in the business
and pipeline; maintaining a strong, investment-grade credit rating; potential
value-enhancing business development opportunities; and supporting the
progressive dividend policy.
In approving the declaration of dividends, the Board considers both the
liquidity of the company and the level of reserves legally available for
distribution.
In FY 2025, the Company intends to increase the annual dividend per share
declared to $3.20 per share. Dividends are paid to shareholders from
AstraZeneca PLC, a Group holding company with no direct operations. The
ability of AstraZeneca PLC to make shareholder distributions is dependent on
the creation of profits for distribution and the receipt of funds from
subsidiary companies.
The consolidated Group reserves set out in the Condensed consolidated
statement of financial position do not reflect the profit available for
distribution to the shareholders of AstraZeneca PLC.
In FY 2024, capital expenditure on tangible assets and Software-related
intangible assets amounted to $2,218m. In FY 2025 the Group expects to
increase expenditure on tangible assets and Software-related intangible assets
by approximately 50%, driven by manufacturing expansion projects and
investments in systems and technology.
Foreign exchange
The Company's transactional currency exposures on working capital balances,
which typically extend for up to three months, are hedged where practicable
using forward foreign exchange contracts against the individual companies'
reporting currency.
In addition, the Company's external dividend payments, paid principally in
pound sterling and Swedish krona, are fully hedged from the time of their
announcement to the payment date.Foreign exchange gains and losses on forward
contracts transacted for transactional hedging are taken to profit or to Other
comprehensive income if the contract is in a designated cashflow hedge.
Table 14: Currency sensitivities
Currency Primary Relevance Exchange rate vs USD (average rate in period) Annual impact of 5% weakening vs USD(1) ($m)
FY YTD Change Mar Change Total Core Operating Profit
20242
20253
20254
Revenue
(%) (%)
EUR Total Revenue 0.92 0.95 (3) 0.93 (0) (461) (232)
CNY Total Revenue 7.21 7.29 (1) 7.26 (1) (313) (171)
JPY Total Revenue 151.46 152.59 (1) 149.11 2 (179) (121)
GBP Operating expense 0.78 0.79 (2) 0.78 1 (68) 124
SEK Operating expense 10.57 10.69 (1) 10.16 4 (9) 69
Other (557) (289)
1. Assumes the average exchange rate vs USD in FY 2025 is 5% lower than
the average rate in FY 2024. The impact data are estimates, based on best
prevailing assumptions around currency profiles.
2. Based on average daily spot rates 1 Jan 2024 to 31 Dec 2024.
3. Based on average daily spot rates 1 Jan 2025 to 31 Mar 2025.
4. Based on average daily spot rates 1 Mar 2025 to 31 Mar 2025.
Interim financial statements
Table 15: Condensed consolidated statement of comprehensive income
Q1 2025 Q1 2024
$m $m
- Product Sales 12,875 12,177
- Alliance Revenue 639 457
Product Revenue 13,514 12,634
Collaboration Revenue 74 45
Total Revenue 13,588 12,679
Cost of sales (2,241) (2,218)
Gross profit 11,347 10,461
Distribution expense (135) (135)
Research and development expense (3,159) (2,783)
Selling, general and administrative expense (4,492) (4,495)
Other operating income and expense 113 67
Operating profit 3,674 3,115
Finance income 84 111
Finance expense (349) (413)
Share of after tax losses in associates and joint ventures (7) (13)
Profit before tax 3,402 2,800
Taxation (481) (620)
Profit for the period 2,921 2,180
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement of the defined benefit pension liability 51 144
Net (losses)/gains on equity investments measured at fair value through other (58) 35
comprehensive income
Tax on items that will not be reclassified to profit or loss (17) (39)
(24) 140
Items that may be reclassified subsequently to profit or loss:
Foreign exchange arising on consolidation 1,152 (515)
Foreign exchange arising on designated liabilities in net investment hedges 53 (98)
Fair value movements on cash flow hedges 72 (86)
Fair value movements on cash flow hedges transferred to profit and loss (102) 70
Fair value movements on derivatives designated in net investment hedges (10) 22
Costs of hedging (8) 15
Tax on items that may be reclassified subsequently to profit or loss (30) 35
1,127 (557)
Other comprehensive income/(expense), net of tax 1,103 (417)
Total comprehensive income for the period 4,024 1,763
Profit attributable to:
Owners of the Parent 2,916 2,179
Non-controlling interests 5 1
2,921 2,180
Total comprehensive income attributable to:
Owners of the Parent 4,017 1,762
Non-controlling interests 7 1
4,024 1,763
Earnings per share
Basic earnings per $0.25 Ordinary Share $1.88 $1.41
Diluted earnings per $0.25 Ordinary Share $1.87 $1.40
Weighted average number of Ordinary Shares in issue (millions) 1,550 1,549
Diluted weighted average number of Ordinary Shares in issue (millions) 1,561 1,560
Table 16: Condensed consolidated statement of financial position
At 31 Mar At 31 Dec At 31 Mar
2025
2024
2024
$m $m $m
Assets
Non-current assets
Property, plant and equipment 10,819 10,252 9,411
Right-of-use assets 1,484 1,395 1,205
Goodwill 21,130 21,025 19,978
Intangible assets 37,550 37,177 38,834
Investments in associates and joint ventures 270 268 130
Other investments 1,630 1,632 1,565
Derivative financial instruments 210 182 213
Other receivables 926 930 745
Deferred tax assets 6,095 5,347 4,618
80,114 78,208 76,699
Current assets
Inventories 5,884 5,288 5,337
Trade and other receivables 13,250 12,972 11,072
Other investments 165 166 180
Derivative financial instruments 45 54 11
Income tax receivable 1,565 1,859 1,153
Cash and cash equivalents 5,230 5,488 7,841
26,139 25,827 25,594
Total assets 106,253 104,035 102,293
Liabilities
Current liabilities
Interest-bearing loans and borrowings (3,403) (2,337) (6,050)
Lease liabilities (355) (339) (281)
Trade and other payables (22,544) (22,465) (19,699)
Derivative financial instruments (22) (50) (92)
Provisions (1,149) (1,269) (1,148)
Income tax payable (1,656) (1,406) (1,631)
(29,129) (27,866) (28,901)
Non-current liabilities
Interest-bearing loans and borrowings (26,692) (26,506) (27,259)
Lease liabilities (1,196) (1,113) (961)
Derivative financial instruments (49) (115) (51)
Deferred tax liabilities (3,553) (3,305) (2,621)
Retirement benefit obligations (1,279) (1,330) (1,280)
Provisions (922) (921) (1,123)
Income tax payable (264) (238) -
Other payables (2,038) (1,770) (2,596)
(35,993) (35,298) (35,891)
Total liabilities (65,122) (63,164) (64,792)
Net assets 41,131 40,871 37,501
Equity
Share capital 388 388 388
Share premium account 35,233 35,226 35,194
Other reserves 2,054 2,012 2,075
Retained earnings 3,364 3,160 (212)
Capital and reserves attributable to equity holders of the Parent 41,039 40,786 37,445
Non-controlling interests 92 85 56
Total equity 41,131 40,871 37,501
Table 17: Condensed consolidated statement of changes in equity
Share capital Share premium account Other reserves Retained earnings Total attributable to owners of the parent Non-controlling interests Total equity
$m $m $m $m $m $m $m
At 1 Jan 2024 388 35,188 2,065 1,502 39,143 23 39,166
Profit for the period - - - 2,179 2,179 1 2,180
Other comprehensive expense - - - (417) (417) - (417)
Transfer to other reserves - - 10 (10) - - -
Transactions with owners
Dividends - - - (3,052) (3,052) - (3,052)
Issue of Ordinary Shares - 6 - - 6 - 6
Changes in non-controlling interests - - - - - 32 32
Share-based payments charge for the period - - - 159 159 - 159
Settlement of share plan awards - - - (573) (573) - (573)
Net movement - 6 10 (1,714) (1,698) 33 (1,665)
At 31 Mar 2024 388 35,194 2,075 (212) 37,445 56 37,501
At 1 Jan 2025 388 35,226 2,012 3,160 40,786 85 40,871
Profit for the period - - - 2,916 2,916 5 2,921
Other comprehensive income - - (42) 1,143 1,101 2 1,103
Transfer to other reserves - - 58 (58) - - -
Transactions with owners
Dividends - - - (3,249) (3,249) - (3,249)
Issue of Ordinary Shares - 7 - - 7 - 7
Movement in shares held by Employee Benefit Trusts - - 26 - 26 - 26
Share-based payments charge for the period - - - 174 174 - 174
Settlement of share plan awards - - - (722) (722) - (722)
Net movement - 7 42 204 253 7 260
At 31 Mar 2025 388 35,233 2,054 3,364 41,039 92 41,131
Transfer to other reserves includes $70m in respect of the opening balance on
the Cash flow hedge reserve. The cash flow hedge reserve was previously
disclosed within Retained earnings but from 2025 is disclosed within Other
reserves.
Table 18: Condensed consolidated statement of cash flows
Q1 2025 Q1 2024
$m $m
Cash flows from operating activities
Profit before tax 3,402 2,800
Finance income and expense 265 302
Share of after tax losses of associates and joint ventures 7 13
Depreciation, amortisation and impairment 1,284 1,255
Movement in working capital and short-term provisions (426) (455)
Gains on disposal of intangible assets (66) -
Fair value movements on contingent consideration arising from business 1 16
combinations
Non-cash and other movements 31 (674)
Cash generated from operations 4,498 3,257
Interest paid (422) (341)
Tax paid (363) (430)
Net cash inflow from operating activities 3,713 2,486
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired - (726)
Payment of contingent consideration from business combinations (362) (222)
Purchase of property, plant and equipment (429) (417)
Disposal of property, plant and equipment 1 53
Purchase of intangible assets (540) (1,188)
Disposal of intangible assets 9 75
Purchase of non-current asset investments - (41)
Disposal of non-current asset investments - 9
Movement in short-term investments, fixed deposits and other investing 1 (57)
instruments
Disposal of investments in associates and joint ventures - 8
Interest received 67 93
Net cash outflow from investing activities (1,253) (2,413)
Net cash inflow before financing activities 2,460 73
Cash flows from financing activities
Proceeds from issue of share capital 8 6
Own shares purchased by Employee Benefit Trust (486) -
Issue of loans and borrowings - 4,976
Repayment of loans and borrowings (4) (7)
Dividends paid (3,347) (3,033)
Hedge contracts relating to dividend payments 104 (8)
Repayment of obligations under leases (81) (74)
Movement in short-term borrowings 1,099 1,001
Payment of Acerta Pharma share purchase liability - (833)
Net cash (outflow)/inflow from financing activities (2,707) 2,028
Net (decrease)/increase in Cash and cash equivalents in the period (247) 2,101
Cash and cash equivalents at the beginning of the period 5,429 5,637
Exchange rate effects 25 (46)
Cash and cash equivalents at the end of the period 5,207 7,692
Cash and cash equivalents consist of:
Cash and cash equivalents 5,230 7,841
Overdrafts (23) (149)
5,207 7,692
Notes to the Interim financial statements
Note 1: Basis of preparation and accounting policies
These unaudited Interim financial statements for the three months ended 31
March 2025 have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting' (IAS 34), as issued by the
International Accounting Standards Board (IASB), IAS 34 as adopted by the
European Union, UK-adopted IAS 34 and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct Authority and with
the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards.
The unaudited Interim financial statements for the three months ended
31 March 2025 were approved by the Board of Directors for publication on
29 April 2025.
This results announcement does not constitute statutory accounts of the Group
within the meaning of sections 434(3) and 435(3) of the Companies Act 2006.
The annual financial statements of the Group for the year ended 31 December
2024 were prepared in accordance with UK-adopted international accounting
standards and with the requirements of the Companies Act 2006. The annual
financial statements also comply fully with IFRS Accounting Standards as
issued by the IASB and International Accounting Standards as adopted by the
European Union. Except for the estimation of the interim income tax charge,
the Interim financial statements have been prepared applying the accounting
policies that were applied in the preparation of the Group's published
consolidated financial statements for the year ended 31 December 2024.
The comparative figures for the financial year ended 31 December 2024 are not
the Group's statutory accounts for that financial year. Those accounts have
been reported on by the Group's auditors and will be delivered to the
Registrar of Companies; their report was (i) unqualified, (ii) did not include
a reference to any matters to which the auditors drew attention by way of
emphasis without qualifying their report, and (iii) did not contain a
statement under section 498(2) or (3) of the Companies Act 2006.
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.
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2023/pdf/AstraZeneca_AR_2023.pdf)
There are no changes to the Revenue accounting policy regarding the types of
transactions recorded in each revenue category. The comparative period has
been retrospectively adjusted to reflect the additional subtotal, resulting in
total Product Revenue being reported for the quarter ending 31 March 2024 of
$12,634m.
Going concern
The Group has considerable financial resources available. As at 31 March 2025,
the Group has $10.1bn in financial resources (cash and cash equivalent
balances of $5.2bn and undrawn committed bank facilities of $4.9bn that are
available until April 2030), with $3.8bn of borrowings due within one year.
These facilities contain no financial covenants.
The Group has assessed the prospects of the Group over a period longer than
the required 12 months from the date of Board approval of these consolidated
financial statements, with no deterioration noted requiring a further
extension of this review. The Group's revenues are largely derived from sales
of medicines covered by patents, which provide a relatively high level of
resilience and predictability to cash inflows, although government price
interventions in response to budgetary constraints are expected to continue to
adversely affect revenues in some of our significant markets. The Group,
however, anticipates new revenue streams from both recently launched medicines
and those in development, and the Group has a wide diversity of customers and
suppliers across different geographic areas.
Consequently, the Directors believe that, overall, the Group is well placed to
manage its business risks successfully. Accordingly, they continue to adopt
the going concern basis in preparing the Interim financial statements.
Legal proceedings
The information contained in Note 4 updates the disclosures concerning legal
proceedings and contingent liabilities in the Group's Annual Report and Form
20-F Information 2024
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2023/pdf/AstraZeneca_AR_2023.pdf)
.
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2023/pdf/AstraZeneca_AR_2023.pdf)
Note 2: Net debt
Table 19: Net debt
At 1 Jan Cash flow Non-cash Exchange At 31 Mar
2025
2025
and other movements
$m $m $m $m $m
Non-current instalments of loans (26,506) - 19 (205) (26,692)
Non-current instalments of leases (1,113) - (64) (19) (1,196)
Total long-term debt (27,619) - (45) (224) (27,888)
Current instalments of loans (2,007) 4 (7) - (2,010)
Current instalments of leases (339) 97 (104) (9) (355)
Commercial paper - (948) - - (948)
Collateral received from derivative counterparties (181) (171) - - (352)
Other short-term borrowings excluding overdrafts (90) 20 - - (70)
Overdrafts (59) 36 - - (23)
Total current debt (2,676) (962) (111) (9) (3,758)
Gross borrowings (30,295) (962) (156) (233) (31,646)
Net derivative financial instruments 71 (104) 217 - 184
Net borrowings (30,224) (1,066) 61 (233) (31,462)
Cash and cash equivalents 5,488 (283) - 25 5,230
Other investments - current 166 (1) - - 165
Cash and investments 5,654 (284) - 25 5,395
Net debt (24,570) (1,350) 61 (208) (26,067)
The table above provides an analysis of Net debt and a reconciliation of Net
cash flow to the movement in Net debt. The Group monitors Net debt as part of
its capital management policy as described in Note 28 of the Annual Report and
Form 20-F Information 2024
(https://www.astrazeneca.com/investor-relations/annual-reports/annual-report-2024.html)
. Net debt is a non-GAAP financial measure.
Net debt increased by $1,497m in the three months to 31 March 2025 to
$26,067m.
Details of the committed undrawn bank facilities are disclosed within the
going concern section of Note 1. Non-cash movements in the period include
fair value adjustments under IFRS 9 'Financial Instruments'.
The Group has agreements with some bank counterparties whereby the parties
agree to post cash collateral on financial derivatives, for the benefit of the
other, equivalent to the market valuation of the derivative positions above a
predetermined threshold. The carrying value of such cash collateral held by
the Group at 31 March 2025 was $352m (31 December 2024: $181m) and the
carrying value of such cash collateral posted by the Group at 31 March 2025
was $102m (31 December 2024: $129m).
The equivalent GAAP measure to Net debt is 'liabilities arising from financing
activities', which excludes the amounts for cash and overdrafts, other
investments and non-financing derivatives shown.
During the quarter ended 31 March 2025, Moody's upgraded the Group's solicited
long term credit rating to A1 from A2. The short term rating remained at P-1.
There were no changes to Standard and Poor's credit ratings (long term: A+;
short term: A-1).
Note 3: Financial Instruments
As detailed in the Group's most recent annual financial statements, the
principal financial instruments consist of derivative financial instruments,
other investments, trade and other receivables, cash and cash equivalents,
trade and other payables, lease liabilities and interest-bearing loans and
borrowings.
The Group has certain equity investments that are categorised as Level 3 in
the fair value hierarchy that are held at $361m (31 December 2024: $353m) and
for which a fair value gain/loss of $nil has been recognised in the three
months ended 31 March 2025 (Q1 2024: fair value loss of $1m). In the absence
of specific market data, these unlisted investments are held at fair value
based on the cost of investment and adjusted as necessary for impairments and
revaluations on new funding rounds, which are seen to approximate the fair
value. All other fair value gains and/or losses that are presented in Net
gains on equity investments measured at fair value through other comprehensive
income, in the Condensed consolidated statement of comprehensive income for
the three months ended 31 March 2025, are Level 1 fair value measurements,
valued based on quoted prices in active markets.
Financial instruments measured at fair value include $1,693m of other
investments, $3,969m held in money-market funds and $184m of derivatives as at
31 March 2025. With the exception of derivatives being Level 2 fair valued,
and certain equity instruments of $361m categorised as Level 3, the
aforementioned balances are Level 1 fair valued. Financial instruments
measured at amortised cost include $102m of cash collateral pledged to
counterparties. The total fair value of Interest-bearing loans and borrowings
as at 31 March 2025, which have a carrying value of $31,646m in the Condensed
consolidated statement of financial position, was $30,853m.
Contingent consideration arising from business combinations is fair valued
using decision-tree analysis, with key inputs including the probability of
success, consideration of potential delays and the expected levels of future
revenues.
The contingent consideration balance relating to BMS's share of the global
diabetes alliance of $1,058m (31 December 2024: $1,309m) would
increase/decrease by $106m with an increase/decrease in sales of 10%, as
compared with the current estimates.
Table 20: Contingent consideration
2025 2024
Diabetes alliance Other Total Total
$m $m $m $m
At 1 January 1,309 442 1,751 2,137
Additions through business combinations - - - 54
Settlements (261) (101) (362) (222)
Revaluations - 1 1 16
Discount unwind 10 9 19 28
At 31 March 1,058 351 1,409 2,013
Note 4: Legal proceedings and contingent liabilities
AstraZeneca is involved in various legal proceedings considered typical to its
business, including litigation and investigations, including Government
investigations, relating to product liability, commercial disputes,
infringement of intellectual property (IP) rights, the validity of certain
patents, anti-trust law and sales and marketing practices. The matters
discussed below constitute the more significant developments since publication
of the disclosures concerning legal proceedings in AstraZeneca's Annual Report
and Form 20-F Information 2024 (the Disclosures). Information about the nature
and facts of the cases is disclosed in accordance with IAS 37.
As discussed in the Disclosures, the majority of claims involve highly complex
issues. Often these issues are subject to substantial uncertainties and,
therefore, the probability of a loss, if any, being sustained and/or an
estimate of the amount of any loss is difficult to ascertain.
In cases that have been settled or adjudicated, or where quantifiable fines
and penalties have been assessed and which are not subject to appeal, or where
a loss is probable and we are able to make a reasonable estimate of the loss,
AstraZeneca records the loss absorbed or makes a provision for its best
estimate of the expected loss. The position could change over time and the
estimates that the Group made, and upon which the Group have relied in
calculating these provisions are inherently imprecise. There can, therefore,
be no assurance that any losses that result from the outcome of any legal
proceedings will not exceed the amount of the provisions that have been booked
in the accounts. The major factors causing this uncertainty are described more
fully in the Disclosures and herein.
AstraZeneca has full confidence in, and will vigorously defend and enforce,
its IP.
Matters disclosed in respect of the first quarter of 2025 and to 29 April 2025
Table 21: Patent litigation
Legal proceedings brought against AstraZeneca
Forxiga Patent Proceedings, UK * In the UK, one of AstraZeneca's patents relating to Forxiga is being
challenged by Generics (UK) Limited, Teva Pharmaceutical Industries Limited,
Considered to be a contingent liability and Glenmark Pharmaceuticals Europe Limited.
* In March 2025, AstraZeneca applied for an interim injunction against
Glenmark's proposed at-risk sale of its dapaglifozin product in the UK.
AstraZeneca's request for injunction was denied at first instance. AstraZeneca
prevailed in its appeal, and the interim injunction was granted.
* In April 2025, after trial in March 2025, the first instance court held
AstraZeneca's patent invalid for lack of plausibility. AstraZeneca intends to
seek permission to appeal to the UK Court of Appeal.
Legal proceedings brought by AstraZeneca
Lokelma Patent Proceedings, US * In August 2022, in response to Paragraph IV notices, AstraZeneca
initiated ANDA litigation against five generic filers in the US District Court
Considered to be a contingent asset for the District of Delaware (District Court). AstraZeneca alleged that a
generic version of Lokelma would infringe patents that are owned or licensed
by AstraZeneca.
* As previously disclosed, AstraZeneca has entered into separate
settlement agreements with four generic manufacturers which resulted in
dismissal of the corresponding litigations.
* AstraZeneca has reached a settlement in principle with the last generic
manufacturer.
Soliris Patent Proceedings, Canada * In May 2023, AstraZeneca initiated patent litigation in Canada alleging
that Amgen Pharmaceuticals, Inc.'s (Amgen) biosimilar eculizumab product will
Considered to be a contingent asset infringe AstraZeneca's patents.
* In September 2023, AstraZeneca initiated patent litigations in Canada
alleging that Samsung Bioepis Co. Ltd.'s (Samsung) biosimilar eculizumab
product will infringe AstraZeneca's patents. The filing of the litigation
triggered an automatic 24-month stay of the approval of each defendant's
biosimilar eculizumab product.
* Trial against Amgen occurred in January 2025. No decision has been
issued.
* Trial against Samsung is scheduled to begin in June 2025.
* In July and August 2023, in Canada, both Amgen and Samsung brought
actions challenging the validity of AstraZeneca's patent relating to the use
of eculizumab in treating aHUS. Trial is scheduled for November 2025.
Soliris Patent Proceedings, UK * In May 2024, Alexion initiated patent infringement proceedings against
Amgen Ltd and Samsung Bioepis UK Ltd (Samsung UK) in the UK High Court of
Considered to be a contingent asset Justice alleging that their respective biosimilar eculizumab products infringe
an Alexion patent; on the same day, Samsung UK initiated a revocation action
for the same patent.
* Trial was held in March 2025. The parties are awaiting a decision.
Table 22: Commercial litigation
Legal proceedings brought against AstraZeneca
Definiens, Germany * In Germany, in July 2020, AstraZeneca received a notice of arbitration
filed with the German Institution of Arbitration from the sellers of Definiens
Considered to be a contingent liability AG (the Sellers) regarding the 2014 Share Purchase Agreement (SPA) between
AstraZeneca and the Sellers. The Sellers claim that they are owed
approximately $140m in earn-outs under the SPA. In December 2023, after an
arbitration hearing, the arbitration panel made a final award of $46.43m in
favour of the Sellers.
* In March 2024, AstraZeneca filed an application with the Bavarian
Supreme Court to set aside the arbitration award.
* In April 2025, the Bavarian Supreme Court ruled in favour of AstraZeneca
and annulled the arbitration award.
* The Bavarian Supreme Court referred the dispute back to the same
arbitration panel for a second determination.
Seroquel XR Antitrust Litigation, US * In 2019, AstraZeneca was named in several related complaints now
proceeding in US District Court in Delaware (District Court), including
Considered to be a contingent liability several putative class action lawsuits that were purportedly brought on behalf
of classes of direct purchasers or end payors of Seroquel XR, that allege
AstraZeneca and generic drug manufacturers violated US antitrust laws when
settling patent litigation related to Seroquel XR.
* In July 2022, the District Court dismissed claims relating to one of the
generic manufacturers while allowing claims relating to the second generic
manufacturer to proceed.
* In September 2024, AstraZeneca reached a settlement agreement with one
of the plaintiff classes which the court has approved.
* The Court denied summary judgment and set trial with the remaining
plaintiffs to begin in May 2025.
Soliris Antitrust Class Action, US * In April 2025, AstraZeneca was named in a lawsuit filed in the US
District Court for the District of Massachusetts alleging antitrust claims on
Considered to be a contingent liability behalf of a potential class of end payors for Soliris from March 2022.
* The plaintiff alleges that AstraZeneca violated federal and state
antitrust and business practices laws by obtaining improper patents for
Soliris, delaying biosimilar entry and improperly extending Soliris' market
exclusivity.
Viela Bio, Inc. Shareholder Litigation, US * In February 2023, AstraZeneca was served with a lawsuit filed in the
Delaware state court against AstraZeneca and certain officers (collectively,
Matter concluded Defendants), on behalf of a putative class of Viela Bio, Inc. (Viela)
shareholders. The complaint alleged that the Defendants breached their
fiduciary duty to Viela shareholders in the course of Viela's 2021 merger with
Horizon Therapeutics, plc.
* In July 2024, the Court granted with prejudice AstraZeneca's motion to
dismiss.
* In August 2024, plaintiffs appealed the dismissal.
* In March 2025, the Delaware Supreme Court affirmed the dismissal.
* This matter is now concluded.
Table 23: Government investigations and proceedings
Legal proceedings brought against AstraZeneca
Beyfortus Civil Investigative Demand, US * In March 2025, AstraZeneca received a subpoena from the US Attorney's
Office seeking certain records relating to Beyfortus. The subpoena requests
Considered to be a contingent liability that the Company produce various documents from January 2020 to present,
including communications related to specific batches of Beyfortus, customer
complaints, and FDA inspection reports.
Shenzhen City Customs Office * In relation to the illegal drug importation allegations, in April 2025,
AstraZeneca received a second Appraisal Opinion from the Shenzhen City Customs
Considered to be a contingent liability Office regarding suspected unpaid importation taxes amounting to $1.6m.
* To the best of AstraZeneca's knowledge, the importation taxes referred
to in the Appraisal Opinion relate to Enhertu.
* A fine of between one and five times the amount of unpaid importation
taxes may also be levied if AstraZeneca is found liable.
China Personal Information Infringement * In relation to the personal information infringement allegation, in
April 2025, AstraZeneca received a Notice of Transfer to the Prosecutor from
Considered to be a contingent liability the Shenzhen Bao'an District Public Security Bureau (the PSB) regarding
suspected unlawful collection of personal information.
* The Company has been informed that there was no illegal gain to the
Company resulting from personal information infringement.
Legal proceedings brought by AstraZeneca
340B State Litigation, US * AstraZeneca has filed lawsuits against Arkansas, Kansas, Louisiana,
Maryland, Minnesota, Mississippi, Missouri, and West Virginia challenging the
Considered to be a contingent asset constitutionality of each state's 340B statute.
* In the Arkansas matter, trial is scheduled for September 2025 and the
state has moved to dismiss AstraZeneca's complaint. In the Arkansas
administrative proceeding, the commissioner issued a cease-and-desist order in
April 2025 requiring AstraZeneca to pause its 340B policy in Arkansas.
* In Kansas, after obtaining a stipulation from the state that
AstraZeneca's policy does not violate the Kansas 340B statute, AstraZeneca
agreed to dismiss its complaint.
* In Louisiana, the court granted the state's motion for summary
judgment. AstraZeneca has filed an appeal.
* In Maryland, the state has moved to dismiss AstraZeneca's complaint and
the court has denied AstraZeneca's preliminary injunction motion.
* In Minnesota, the court found that the defendant government officials do
not have authority to enforce the law and accordingly dismissed AstraZeneca's
complaint for lack of standing.
* In Missouri, the court granted in part and denied in part the state's
motion to dismiss.
* In Mississippi, the court denied AstraZeneca's preliminary injunction
motion.
* In West Virginia, the matter is stayed pending an appeal of a related
West Virginia litigation.
Other
Additional government inquiries
As is true for most, if not all, major prescription pharmaceutical companies,
AstraZeneca is currently involved in multiple inquiries into drug marketing
and pricing practices. In addition to the investigations described above,
various law enforcement offices have, from time to time, requested information
from the Group. There have been no material developments in those matters.
Note 5: Analysis of Revenue and Other operating income and expense
Table 24: Q1 2025: Product Sales year-on-year analysis
World US Emerging Markets Europe Established RoW
Change Change Change Change Change
$m Act % CER % $m Act % $m Act % CER % $m Act % CER % $m Act % CER %
- Tagrisso 1,679 5 8 678 9 519 7 12 307 2 6 175 (4) 1
- Imfinzi 1,261 13 16 728 25 142 10 20 252 8 13 139 (18) (14)
- Calquence 762 6 8 507 3 54 37 54 170 11 15 31 (3) 2
- Lynparza 726 3 5 312 8 161 (4) - 196 3 6 57 (3) 2
- Enhertu 198 63 71 - n/m 136 64 72 43 67 72 19 51 61
- Zoladex 283 3 7 5 53 223 5 10 34 (5) (2) 21 (12) (7)
- Truqap 132 n/m n/m 111 n/m 2 n/m n/m 14 n/m n/m 5 n/m n/m
- Imjudo 80 30 33 53 37 5 24 52 11 46 53 11 (3) 1
- Other Oncology 110 (8) (4) 3 (48) 76 (4) - 5 (4) - 26 (12) (8)
Oncology 5,231 10 13 2,397 15 1,318 10 16 1,032 8 12 484 (7) (2)
- Farxiga 2,057 11 16 383 (19) 871 22 31 683 24 28 120 11 15
- Crestor 316 7 10 12 20 272 13 17 - n/m n/m 32 (7) (3)
- Brilinta 305 (6) (4) 173 6 74 (16) (13) 55 (17) (14) 3 (34) (30)
- Seloken 161 (2) 3 - n/m 155 (4) 2 5 70 70 1 (12) (7)
- Lokelma 153 35 38 69 33 30 47 54 26 40 44 28 22 28
- roxadustat 78 3 4 - - 78 3 4 - - - - - -
- Wainua 39 n/m n/m 39 n/m - - - - - - - - -
Other CVRM 136 (28) (25) 11 (76) 72 6 9 38 (39) (37) 15 31 37
CVRM 3,245 8 12 687 (8) 1,552 14 20 807 13 17 199 9 13
- Symbicort 723 (6) (3) 279 (7) 232 (8) (4) 135 (5) (2) 77 3 10
- Fasenra 418 17 19 249 19 27 20 29 103 11 16 39 17 23
- Breztri 300 37 39 148 41 90 29 32 42 38 43 20 39 47
- Tezspire 87 n/m n/m - - 7 n/m n/m 57 n/m n/m 23 62 73
- Pulmicort 158 (30) (26) 2 (56) 127 (34) (30) 19 (2) 2 10 14 21
- Saphnelo 136 49 51 120 45 3 n/m n/m 9 n/m n/m 4 51 67
- Airsupra 28 n/m n/m 28 n/m - - - - - - - - -
- Other R&I 97 4 6 39 37 43 (12) (10) 13 (7) (3) 2 1 8
R&I 1,947 8 11 865 17 529 (10) (6) 378 14 19 175 17 24
- Beyfortus 30 15 16 28 9 - - - - n/m n/m 2 n/m n/m
- Synagis 112 (34) (32) (1) 3 83 (8) (3) 25 (59) (58) 5 (74) (74)
- FluMist - n/m n/m - n/m - - - - n/m n/m - - -
- Other V&I 1 (93) (93) - - - - - 1 (93) (93) - - -
V&I 143 (32) (30) 27 2 83 (8) (3) 26 (65) (64) 7 (67) (67)
- Ultomiris 1,050 22 25 604 25 52 65 77 228 13 17 166 16 22
- Soliris 444 (40) (38) 288 (30) 65 (48) (42) 56 (60) (59) 35 (43) (39)
- Strensiq 352 12 14 266 8 34 59 71 26 9 13 26 21 26
- Koselugo 138 4 8 53 16 40 (32) (27) 34 82 90 11 23 29
- Other Rare Disease 58 9 15 26 19 14 3 21 16 4 8 2 (15) (10)
Rare Disease 2,042 (3) - 1,237 3 205 (18) (10) 360 (10) (7) 240 1 6
- Nexium 228 (5) (1) 19 (10) 176 3 7 11 (22) (15) 22 (34) (30)
- Other 39 (26) (24) - n/m 30 (12) (11) 8 (46) (43) 1 12 20
Other Medicines 267 (9) (5) 19 (20) 206 - 4 19 (35) (30) 23 (32) (29)
Total Medicines 12,875 6 9 5,232 8 3,893 5 11 2,622 5 9 1,128 (1) 3
The table provides an analysis of year-on-year Product Sales, with Actual and
CER growth rates reflecting year-on-year growth.
Table 25: Alliance Revenue
Q1 2025 Q1 2024
$m $m
Enhertu 398 339
Tezspire 130 77
Beyfortus 82 20
Datroway 4 -
Other Alliance Revenue 25 21
Total 639 457
Table 26: Collaboration Revenue
Q1 2025 Q1 2024
$m $m
Farxiga: sales milestones 74 45
Total 74 45
Table 27: Other operating income and expense
Q1 2025 Q1 2024
$m $m
Total 113 67
Other shareholder information
Financial calendar
Announcement of H1 and Q2 2025
results: 29 July 2025
Announcement of 9M and Q3 2025 results: 6 November
2025
Dividend payment dates
Dividends are normally paid as follows:
- First interim: Announced with the half year results and paid in
September
- Second interim: Announced with the full year results and
paid in March
The ex-dividend dates shown below are for ordinary shares listed on the London
Stock Exchange (LSE).
Proposed dividend dates
Announced Ex-dividend date Record date Payment date
(LSE)
FY 2025 First interim* 29 Jul 2025 7 Aug 2025 8 Aug 2025 8 Sep 2025
*Provisional dates, subject to Board approval.
For the ex-dividend dates of ordinary shares listed on the Stockholm Stock
Exchange, and for American Depositary Receipts listed on NASDAQ, please check
with the relevant exchange.
Contact details
For Investor Relations contacts, click here
(https://www.astrazeneca.com/investor-relations.html#Contacts) . For Media
contacts, click here (https://www.astrazeneca.com/media-centre/contacts.html)
.
Addresses for correspondence
Registered office Registrar and Swedish Central Securities Depository US depositary
transfer office
1 Francis Crick Avenue Equiniti Limited Euroclear Sweden AB J.P. Morgan Chase Bank N.A.
EQ Shareowner Services
Cambridge Biomedical Campus Aspect House PO Box 191
P.O. Box 64504
Cambridge Spencer Road SE-101 23 Stockholm
St. Paul
CB2 0AA Lancing
MN 55164-0504
West Sussex
BN99 6DA
UK UK Sweden US
+44 (0) 20 3749 5000 0800 389 1580 +46 (0) 8 402 9000 +1 (888) 697 8018 (US only)
+44 (0) 121 415 7033 +1 (651) 453 2128
Trademarks
Trademarks of the AstraZeneca group of companies appear throughout this
document in italics. Medical publications also appear throughout the document
in italics. AstraZeneca, the AstraZeneca logotype and the AstraZeneca symbol
are all trademarks of the AstraZeneca group of companies. Trademarks of
companies other than AstraZeneca that appear in this document include:
Beyfortus, a trademark of Sanofi Pasteur Inc.; Enhertu and Datroway,
trademarks of Daiichi Sankyo; Seloken, owned by AstraZeneca or Taiyo Pharma
Co., Ltd (depending on geography); Synagis, owned by AstraZeneca or Sobi aka
Swedish Orphan Biovitrum AB (publ). (depending on geography); and Tezspire, a
trademark of Amgen, Inc.
Information on or accessible through AstraZeneca's websites, including
astrazeneca.com (https://www.astrazeneca.com/) , does not form part of and is
not incorporated into this announcement.
AstraZeneca
AstraZeneca (LSE/STO/Nasdaq: AZN) is a global, science-led biopharmaceutical
company that focuses on the discovery, development, and commercialisation of
prescription medicines in Oncology, Rare Disease, and BioPharmaceuticals,
including Cardiovascular, Renal & Metabolism, and Respiratory &
Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries
and its innovative medicines are used by millions of patients worldwide.
Please visit astrazeneca.com (https://www.astrazeneca.com/) and follow the
Company on Social Media @AstraZeneca
(https://www.linkedin.com/company/astrazeneca) .
Cautionary statements regarding forward-looking statements
In order, among other things, to utilise the 'safe harbour' provisions of the
US Private Securities Litigation Reform Act of 1995, AstraZeneca (hereafter
'the Group') provides the following cautionary statement:
This document contains certain forward-looking statements with respect to the
operations, performance and financial condition of the Group, including, among
other things, statements about expected revenues, margins, earnings per share
or other financial or other measures. Although the Group believes its
expectations are based on reasonable assumptions, any forward-looking
statements, by their very nature, involve risks and uncertainties and may be
influenced by factors that could cause actual outcomes and results to be
materially different from those predicted. The forward-looking statements
reflect knowledge and information available at the date of preparation of this
document and the Group undertakes no obligation to update these
forward-looking statements. The Group identifies the forward-looking
statements by using the words 'anticipates', 'believes', 'expects', 'intends'
and similar expressions in such statements. Important factors that could cause
actual results to differ materially from those contained in forward-looking
statements, certain of which are beyond the Group's control, include, among
other things:
- the risk of failure or delay in delivery of pipeline or launch of new
medicines;
- the risk of failure to meet regulatory or ethical requirements for
medicine development or approval;
- the risk of failures or delays in the quality or execution of the Group's
commercial strategies;
- the risk of pricing, affordability, access and competitive pressures;
- the risk of failure to maintain supply of compliant, quality medicines;
- the risk of illegal trade in the Group's medicines;
- the impact of reliance on third-party goods and services;
- the risk of failure in information technology or cybersecurity;
- the risk of failure of critical processes;
- the risk of failure to collect and manage data and artificial intelligence
in line with legal and regulatory requirements and strategic objectives;
- the risk of failure to attract, develop, engage and retain a diverse,
talented and capable workforce;
- the risk of failure to meet our sustainability targets, regulatory
requirements and stakeholder expectations with respect to the environment;
- the risk of the safety and efficacy of marketed medicines being
questioned;
- the risk of adverse outcome of litigation and/or governmental
investigations;
- intellectual property risks related to the Group's products;
- the risk of failure to achieve strategic plans or meet targets or
expectations;
- the risk of geopolitical and/or macroeconomic volatility disrupting the
operation of our global business;
- the risk of failure in internal control, financial reporting or the
occurrence of fraud;
- the risk of unexpected deterioration in the Group's financial position;
- the risk of foreign exchange rate movements impacting our financial
condition or results of operations; and
- the impact that global and/or geopolitical events may have or continue to
have on these risks, on the Group's ability to continue to mitigate these
risks, and on the Group's operations, financial results or financial
condition.
Glossary
1L, 2L, etc First line, second
line, etc
AAAAI American
Academy of Allergy, Asthma, and Immunology
ACC American
College of Cardiology
aHUS Atypical
haemolytic uraemic syndrome
AKT
Serine/threonine protein kinase
ALK
Anaplastic lymphoma kinase gene
ASCO American
Society of Clinical Oncology
ATTR / -CM / -PN Transthyretin-mediated amyloid /
cardiomyopathy / polyneuropathy
ATTRv / -CM / -PN Hereditary transthyretin-mediated amyloid
/ cardiomyopathy / polyneuropathy
BTC Biliary
tract cancer
BTKi Bruton
tyrosine kinase inhibitor
CDK4
Cyclin-dependent kinase 4
CER Constant
exchange rates
CHMP Committee for
Medicinal Products for Human Use (EU)
CI
Confidence interval
CLL
Chronic lymphocytic leukaemia
CN China
CRSwNP Chronic
rhinosinusitis with nasal polyps
CVRM Cardiovascular,
Renal and Metabolism
EBITDA Earnings before
interest, tax, depreciation and amortisation
EFS Event
free survival
EGFR / m Epidermal growth factor
receptor gene / mutation
EGPA Eosinophilic
granulomatosis with polyangiitis
EM
Emerging Markets
EPS Earnings
per share
ESR1 / m Oestrogen Receptor 1
gene / mutation
EVH
Extravascular haemolysis
FDC Fixed
dose combination
FLOT A treatment
regimen: fluorouracil, oxaliplatin and docetaxel
GAAP Generally
Accepted Accounting Principles
GEJ Gastro
oesophageal junction
GI
Gastrointestinal
gMG Generalised
myasthenia gravis
GU
Genito-urinary
HCC
Hepatocellular carcinoma
HER2 / +/- /low /m Human epidermal growth factor receptor 2 /
positive / negative / low expression / gene mutation
HR / + / - Hormone receptor /
positive / negative
HSCT-TMA Hematopoietic stem cell
transplantation-associated thrombotic microangiopathy
ICS
Inhaled corticosteroid
IHC
Immunohistochemistry
IL-5
Interleukin-5
ISH In
situ hybridisation
JP
Japan
LABA Long-acting
beta-agonist
LDH Lactic
dehydrogenase
LDL-C Low-density
lipoprotein cholesterol
MCL Mantle
cell lymphoma
MIBC
Muscle-invasive bladder cancer
n/m Growth
rate not meaningful
NF1-PN Neurofibromatosis
type 1 with plexiform neurofibromas
NRDL National
reimbursement drug list
NSCLC Non-small cell
lung cancer
OS
Overall survival
PARP Poly ADP
ribose polymerase
pCR
Pathologic complete response
PFS
Progression free survival
PIK3CA
Phosphatidylinositol-4,5-bisphosphate 3-kinase, catalytic subunit alpha gene
PNH Paroxysmal
nocturnal haemoglobinuria
PTEN Phosphatase
and tensin homologue gene
R&D
Research and development
ROW Rest of
world
SCLC Small
cell lung cancer
SG&A Sales,
general and administration
SGLT2 Sodium-glucose
cotransporter 2
SLL Small
lymphocytic lymphoma
THP A
treatment regimen: docetaxel, trastuzumab and pertuzumab
VBP Value
based procurement
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