REG - AstraZeneca PLC - H1 and Q2 2025 results
Tue 07:00
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RNS Number : 8920S AstraZeneca PLC 29 July 2025
29 July 2025
AstraZeneca results: H1 and Q2 2025
Strong growth momentum continues with excellent R&D pipeline delivery in
the year-to-date
Revenue and EPS summary
H1 2025 % Change Q2 2025 % Change
$m Actual CER(1) $m Actual CER
- Product Sales 26,670 8 10 13,795 11 10
- Alliance Revenue 1,293 38 38 654 36 35
Product Revenue(2) 27,963 9 11 14,449 12 11
Collaboration Revenue 82 68 66 8 >2x >2x
Total Revenue 28,045 9 11 14,457 12 11
Reported EPS ($) 3.46 31 32 1.58 27 31
Core(3) EPS ($) 4.66 16 17 2.17 10 12
Key performance elements for H1 2025
(Growth numbers at constant exchange rates)
* Total Revenue up 11% to $28,045m, driven by double-digit growth in
Oncology and BioPharmaceuticals
* Growth in Total Revenue across all major geographic regions
* Core Operating profit increased 13%
* Core EPS increased 17% to $4.66
* 12 positive Phase III readouts and 19 approvals in major regions
* Interim dividend increased 3% to $1.03 (76.7 pence, 9.81 SEK)
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"Our strong momentum in revenue growth continued through the first half of the
year and the delivery from our broad and diverse pipeline has been excellent,
with 12 positive key Phase III trial readouts including for baxdrostat,
gefurulimab, and Tagrisso in just the past few weeks.
As we enter our next phase of growth, we have pledged $50 billion to continue
to grow in the US, which includes the largest manufacturing investment in
AstraZeneca's history, set for Virginia. This landmark investment reflects not
only America's importance but also our confidence in our innovative medicines
to transform global health and power AstraZeneca's ambition to deliver $80
billion revenue by 2030."
Guidance
AstraZeneca reiterates its Total Revenue and Core EPS guidance(4) 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 July 2025 to December 2025 were to remain at the
average rates seen in June 2025, it is anticipated that FY 2025 Total Revenue
growth and Core EPS growth would be broadly similar to the growth at CER
(previously a low single-digit percentage adverse impact was anticipated)
http://www.rns-pdf.londonstockexchange.com/rns/8920S_1-2025-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8920S_1-2025-7-28.pdf)
Results highlights
Table 1. Milestones achieved since the prior results announcement
Phase III and other registrational data readouts
Medicine Trial Indication Event
Enhertu DESTINY-Breast11 High-risk HER2+ early breast cancer (neoadjuvant) Primary endpoint met
Imfinzi POTOMAC High-risk non-muscle invasive bladder cancer Primary endpoint met
Tagrisso FLAURA2 1L EGFRm NSCLC Secondary endpoint met (OS)
baxdrostat BaxHTN Uncontrolled or treatment resistant hypertension Primary endpoint met
Breztri KALOS/LOGOS Uncontrolled asthma Primary endpoint met
Fasenra NATRON HES Primary endpoint met
Saphnelo AZALEA SLE (China) Primary endpoint met
anselamimab CARES (301/2) Light chain amyloidosis Primary endpoint not met
gefurulimab PREVAIL Generalised myasthenia gravis Primary endpoint met
Regulatory approvals
Medicine Trial Indication Region
Calquence ECHO 1L MCL EU
Calquence ACE-LY-004 Relapsed/refractory MCL EU
Calquence AMPLIFY 1L CLL (fixed duration) EU
Datroway TROPION-Lung05/ TROPION-Lung01 2L+ EGFRm NSCLC US
Imfinzi ADRIATIC Limited-stage SCLC CN
Imfinzi NIAGARA MIBC EU
Tagrisso LAURA Locally advanced/unresectable EGFRm NSCLC JP
Orpathys + Tagrisso SACHI Locally advanced/metastatic 2L+ EGFRm MET+ NSCLC CN
Regulatory submissions or acceptances* in major regions
Medicine Trial Indication Region
Calquence AMPLIFY 1L CLL (fixed duration) US
Enhertu DESTINY-PanTumor02 2L+ unresectable / metastatic HER2+ solid tumours JP
Enhertu DESTINY-Gastric04 2L HER2+ gastric cancer CN, JP
Imfinzi MATTERHORN Resectable early-stage gastric and GEJ cancers US
camizestrant SERENA-6 ESR1m HR+ HER2- aBC US, EU, JP
* US, EU and China regulatory submissions denotes filing acceptance
Other pipeline updates
For recent trial starts and anticipated timings of key trial readouts, please
refer to the Clinical Trials Appendix, available on
www.astrazeneca.com/investor-relations.html
(https://www.astrazeneca.com/investor-relations.html) .
Table 2: Key elements of financial performance: Q2 2025
For the quarter Reported Change Core Change
ended 30 June $m Act CER $m Act CER
Product Revenue 14,449 12 11 14,449 12 11 * See Tables 3, 23, 24 and 25 for medicine details of Product Revenue,
Product Sales and Alliance Revenue
Collaboration Revenue 8 >2x >2x 8 >2x >2x * See Tables 4 and 26 for details of Collaboration Revenue
Total Revenue 14,457 12 11 14,457 12 11 * See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%) 83 - - 82 (1pp) - − Growth of partnered medicines
* Variations in Gross Margin can be expected between periods due to
various factors, including fluctuations in foreign exchange rates, product
seasonality and Collaboration Revenue
* See 'Reporting changes' below for the definition of Gross Margin(5)
R&D expense 3,548 18 16 3,453 20 18 * Core R&D: 24% of Total Revenue
+ Accelerated recruitment in ongoing Phase III trials
+ Investments in transformative technologies such as cell therapy and
radioconjugates
+ Positive data read-outs for high-value pipeline opportunities that have
ungated late-stage trials
+ Addition of BD related R&D
SG&A expense 4,864 (1) (2) 3,802 2 1 * Core SG&A: 26% of Total Revenue
Other operating income and expense(6) 79 30 33 71 19 23
Operating Profit 3,508 28 32 4,584 12 14
Operating Margin (%) 24 3pp 4pp 32 - 1pp
Net finance expense 371 8 10 303 6 9 + Debt issued in 2024 at higher interest rates
Tax rate (%) 22 2pp 2pp 21 2pp 2pp * Variations in the tax rate can be expected between periods
EPS ($) 1.58 27 31 2.17 10 12
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 symbols 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 expense relative to the prior year period.
Corporate and business development
CSPC
In June 2025, AstraZeneca entered a strategic research collaboration with
Shijiazhuang City-based CSPC Pharmaceuticals Group Limited to discover and
develop pre-clinical candidates for multiple targets with the potential to
treat diseases across chronic indications, including a pre-clinical small
molecule oral therapy for immunological diseases. CSPC's research will utilise
its AI-driven, dual-engine efficient drug discovery platform.
CSPC will receive an upfront payment of $110m, of which $60m has been
capitalised as an Intangible asset, and is also eligible to receive up to
$1.62bn in potential development milestone payments and up to $3.6bn in sales
milestone payments, plus potential single-digit royalties based on annual net
sales of the products.
AstraZeneca will have rights to exercise options for exclusive licenses to
develop and commercialise worldwide candidates identified under this
agreement.
EsoBiotec
In May 2025, AstraZeneca completed the acquisition of EsoBiotec, a
biotechnology company pioneering in vivo cell therapies that has demonstrated
promising early clinical activity. The EsoBiotec Engineered NanoBody
Lentiviral (ENaBL) platform uses highly targeted lentiviruses to deliver
genetic instructions to specific immune cells, with potential use in oncology
and immune-mediated diseases.
AstraZeneca has acquired all outstanding equity of EsoBiotec for a total
consideration of up to $1bn, on a cash and debt free basis. This includes an
initial payment of $403m, and up to $575m in contingent consideration based on
development and regulatory milestones.
US investment plans
In July 2025, AstraZeneca announced plans to invest $50bn in US manufacturing
and R&D by 2030.
The cornerstone of this landmark investment is a new multi-billion dollar US
manufacturing facility that will produce drug substances for the Company's
innovative weight management and metabolic portfolio, including oral GLP-1,
baxdrostat, oral PCSK9 and combination small molecule products.
The drug substance facility, planned to be in the Commonwealth of Virginia,
would be AstraZeneca's largest single manufacturing investment in the world.
The facility will leverage AI, automation, and data analytics to optimise
production.
Sustainability highlights
AstraZeneca introduced an updated Sustainability strategy
(https://www.astrazeneca.com/sustainability.html) which focuses on the
Company's sustainability impact and how it does business. This strategy
evolution recognises the connection between business growth and the need to
address the major health challenges of our time, and aims to support the
health of people, society and the planet.
Reporting calendar
The Company intends to publish its 9M and Q3 2025 results on 6 November
2025.
Conference call
A conference call and webcast for investors and analysts will begin today,
29 July 2025, at 14:00 UK time. Details can be accessed via astrazeneca.com.
Reporting changes since FY 2024
Product Revenue
Effective 1 January 2025, the Group has updated the presentation of Total
Revenue on the face of the Statement of Comprehensive Income to include a new
subtotal 'Product Revenue' representing the summation of Product Sales and
Alliance Revenue.
Product Revenue and Collaboration Revenue form Total Revenue.
Product Sales and Alliance Revenue will continue to be presented separately,
with the new subtotal providing additional aggregation of revenue types with
similar characteristics, reflecting the growing importance of Alliance
Revenue.
Full descriptions of Product Sales, Alliance Revenue and Collaboration Revenue
are included from page 152 of the Group's Annual Report and Form 20-F
Information 2024.
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2024/pdf/AstraZeneca_AR_2024.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 1 January 2025, the Group has updated its presentation of Total
Revenue, adding a new subtotal of Product Revenue, the sum of Product Sales
and Alliance revenue. For further details, see Note 1: 'Basis of preparation
and accounting 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 Company is unable to provide guidance on a Reported basis because it
cannot reliably forecast material elements of the Reported results, including
any fair value adjustments arising on acquisition-related liabilities,
intangible asset impairment charges and legal settlement provisions. Please
refer to the cautionary statements section regarding forward-looking
statements at the end of this announcement.
5. Effective 1 January 2025, the Group has updated its presentation of Gross
Margin. For further details, see Note 1: 'Basis of preparation and accounting
policy' in the Notes to the Interim Financial Statements
6. Income from disposals of assets and businesses, where the Group does not
retain a significant ongoing economic interest, is recorded in Other operating
income and expense in the Group's financial statements.
Revenue drivers
Table 3: Product Revenue by medicine
H1 2025 % Change Q2 2025 % Change
$m % Total Actual CER $m % Total Actual CER
Tagrisso 3,488 12 9 10 1,810 13 13 12
Imfinzi 2,716 10 20 21 1,455 10 27 26
Calquence 1,634 6 8 9 872 6 10 10
Lynparza 1,564 6 8 9 838 6 13 11
Enhertu 1,262 5 35 38 666 5 41 42
Zoladex 587 2 4 6 294 2 4 5
Truqap 302 1 >2x >2x 170 1 84 84
Imjudo 170 1 25 25 89 1 20 18
Datroway 14 - n/m n/m 11 - n/m n/m
Other Oncology 217 1 (10) (8) 107 1 (12) (13)
Oncology Product Revenue 11,954 43 15 16 6,312 44 18 18
Farxiga 4,209 15 11 13 2,151 15 11 10
Crestor 636 2 8 10 320 2 9 9
Brilinta 520 2 (22) (21) 215 1 (37) (38)
Lokelma 328 1 31 32 175 1 29 27
Seloken 309 1 (2) 2 148 1 (2) 1
roxadustat 152 1 (9) (8) 73 1 (18) (18)
Wainua 84 - >4x >4x 44 - >2x >2x
Other CVRM 274 1 (27) (26) 138 1 (27) (28)
CVRM Product Revenue 6,512 23 6 7 3,264 23 3 3
Symbicort 1,438 5 (4) (2) 715 5 (1) (1)
Fasenra 920 3 18 18 502 3 19 18
Breztri 583 2 28 29 283 2 21 20
Tezspire 483 2 73 73 267 2 66 65
Pulmicort 264 1 (30) (28) 106 1 (32) (32)
Saphnelo 304 1 49 49 167 1 49 48
Airsupra 70 - >3x >3x 42 - >2x >2x
Other R&I 172 1 (5) (5) 68 - (19) (20)
R&I Product Revenue 4,234 15 12 13 2,150 15 13 12
Beyfortus 238 1 >2x >2x 126 1 >3x >3x
Synagis 162 1 (36) (33) 49 - (39) (37)
FluMist 10 - 20 16 10 - >5x >5x
Other V&I 1 - (91) (91) - - (78) (78)
V&I Product Revenue 411 1 17 18 185 1 56 54
Ultomiris 2,228 8 23 24 1,177 8 25 23
Soliris 974 3 (32) (30) 530 4 (24) (22)
Strensiq 746 3 14 15 395 3 16 15
Koselugo 275 1 11 13 137 1 20 18
Other Rare Disease 113 - 12 14 55 - 16 14
Rare Disease Product Revenue 4,336 16 2 3 2,294 16 7 7
Nexium 434 2 (8) (5) 201 1 (11) (11)
Others 82 - (20) (20) 43 - (12) (13)
Other Medicines Product Revenue 516 2 (10) (8) 244 2 (11) (11)
Product Revenue 27,963 100 9 11 14,449 100 12 11
Alliance Revenue included above:
Enhertu 834 3 22 24 436 3 27 27
Tezspire 285 1 58 58 155 1 50 50
Beyfortus 109 - >4x >3x 27 - >4x >3x
Datroway 14 - n/m n/m 10 - n/m n/m
Other Alliance Revenue 51 - 4 2 26 - (11) (11)
Alliance Revenue 1,293 5 38 38 654 5 36 35
Table 4: Collaboration Revenue
H1 2025 % Change Q2 2025 % Change
$m Actual CER $m Actual CER
Farxiga: sales milestones 77 57 56 3 (36) (38)
Others 5 n/m n/m 5 n/m n/m
Collaboration Revenue 82 68 66 8 >2x >2x
Table 5: Total Revenue by Therapy Area
H1 2025 % Change Q2 2025 % Change
$m % Total Actual CER $m % Total Actual CER
Oncology 11,955 43 15 16 6,312 44 18 18
CVRM 6,588 23 6 8 3,266 23 3 3
R&I 4,234 15 12 13 2,150 15 13 12
V&I 411 1 17 18 185 1 56 54
BioPharmaceuticals 11,232 40 8 10 5,601 39 8 7
Rare Disease 4,336 15 2 3 2,294 16 7 7
Other Medicines 522 2 (9) (7) 250 2 (9) (9)
Total Revenue 28,045 100 9 11 14,457 100 12 11
Table 6: Total Revenue by region
H1 2025 % Change Q2 2025 % Change
$m % Total Actual CER $m % Total Actual CER
US 11,970 43 12 12 6,323 44 13 14
Emerging Markets ex. China 4,182 15 12 19 2,043 14 16 21
China 3,515 13 4 5 1,710 12 5 5
Emerging Markets 7,697 27 8 12 3,754 26 11 13
Europe 5,825 21 9 8 3,066 21 12 8
Established ROW 2,554 9 5 5 1,315 9 5 2
Total Revenue 28,045 100 9 11 14,457 100 12 11
Total Revenue by Medicine
Oncology
Tagrisso
H1 2025 Total % Change * Strong demand growth across all indications and key regions, leading
$m
combination in 1L NSCLC (FLAURA2)
Revenue Actual CER
US 1,439 12 12 * Underlying demand growth more than offset Medicare Part D redesign
Emerging Markets 1,008 10 13
Europe 658 5 5 * Demand growth partially offset by pricing pressure in certain major
markets
Established RoW 383 3 3 * Demand growth offset by seasonal variability in Japan in Q1 2025
Total 3,488 9 10
Imfinzi
H1 2025 Total % Change * Strong growth from new launch indications in bladder cancer (NIAGARA)
and lung cancer (ADRIATIC, AEGEAN)
$m Revenue Actual CER
US 1,572 31 31 * Demand growth from new launches, further growth in ES-SCLC (CASPIAN)
Emerging Markets 294 20 28 * Increased demand in GI and new launches in lung cancer
Europe 537 17 17 * Growth from GI indications and early momentum from lung cancer launches
Established RoW 313 (11) (11) * Mandatory price reductions in Japan in Feb 2024 (25%), and Aug 2024
(11%), increased competition in BTC
Total 2,716 20 21
Calquence
H1 2025 Total % Change * Growth from sustained BTKi leadership in front-line CLL (ELEVATE-TN)
$m
Revenue Actual CER
US 1,090 4 4 * Demand growth driven by increased share of new starts in CLL, 1L MCL
(ECHO) launch and improved affordability offsetting Medicare Part D redesign
and discounts to secure preferential formulary placement
Emerging Markets 103 36 49
Europe 368 15 15
Established RoW 73 12 15
Total 1,634 8 9
Lynparza
H1 2025 Total % Change * Sustained global PARP inhibitor market leadership across four tumour
$m
types (ovarian, breast, prostate, pancreatic)
Revenue Actual CER
US 689 14 14 * Share gains across breast and prostate indications
Emerging Markets 323 1 4 * Affected by generic launches in China in Q4 2024
Europe 425 7 6 * Launches in breast and prostate cancers (OlympiA and PROpel)
Established RoW 127 1 2 * Gains in 1L ovarian cancer offset by lower testing rate in prostate
cancer
Total 1,564 8 9
Enhertu
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca,
amounted to $2,289m in H1 2025 (H1 2024: $1,772m). US in-market sales,
recorded by Daiichi Sankyo, amounted to $1,128m in H1 2025 (H1 2024: $865m).
AstraZeneca's European revenue includes a mid single-digit percentage royalty
on Daiichi Sankyo's sales in Japan, recorded as Alliance Revenue.
H1 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 543 31 31 * Accelerating uptake in chemotherapy naïve HER2-low and -ultralow breast
cancer (DESTINY-Breast06)
Emerging Markets 365 63 72 * Rapid adoption post-NRDL enlistment of HER2-positive and HER2-low breast
cancer from 1 January 2025
Europe 312 19 19 * Early launch uptake in chemotherapy naïve HER2-low breast cancer
Established RoW 42 35 41
Total 1,262 35 38
Other Oncology medicines
H1 2025 Total % Change
$m
Revenue Actual CER
Zoladex 588 4 6 * Growth across Emerging Markets
Truqap 302 >2x >2x * Demand growth in second-line biomarker-altered population
Imjudo 170 25 25 * Continued growth driven by lung (POSEIDON) and HCC (HIMALAYA)
Datroway 14 n/m n/m * Uptake from breast cancer following launch in the US
Other Oncology 217 (10) (8) * Faslodex generic erosion across markets
Other Oncology includes $16m of Total Revenue from Orpathys, partnered with
HUTCHMED.
BioPharmaceuticals - CVRM
Farxiga
H1 2025 Total % Change * Growth driven by HF and CKD indications, SGLT2 class growth supported by
$m
cardiorenal guidelines
Revenue Actual CER
US 803 (8) (8) * Q1 2024 benefitted from launch of authorised generic
Emerging Markets 1,730 17 23 * Continued strong growth despite generic competition in some markets
Europe 1,448 17 17 * Continued strong class growth and market share gains
Established RoW 304 17 17 * Sales milestone of $74m from partner in Japan in Q1 2025
Total 4,285 12 14
Other CVRM medicines
H1 2025 Total % Change
$m
Revenue Actual CER
Crestor 636 8 10 * Continued sales growth driven by Emerging Markets
Brilinta 520 (22) (21) * Decline driven by generic entry in the US and Europe in Q2 2025
Seloken 309 (2) 2 * Majority of revenue driven by Emerging Markets
Lokelma 328 31 32 * Strong growth in all major regions
roxadustat 152 (9) (8) * Decline driven by generic competition
Wainua 84 >4x >4x * Majority of revenue from US, first launches in ex-US markets in Q2 2025
Other CVRM 274 (27) (26)
BioPharmaceuticals - R&I
Symbicort
H1 2025 Total % Change * Global market leader in a stable ICS/LABA class, treating COPD and
$m
asthma
Revenue Actual CER
US 598 - - * Resilient demand for authorised generic
Emerging Markets 400 (11) (8) * China affected by ICS/LABA class erosion in COPD in favour of triple
therapy
Europe 272 (5) (5) * Continued generic erosion
Established RoW 168 7 10
Total 1,438 (4) (2)
Fasenra
H1 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 556 16 16 * Sustained double-digit volume growth with expanded class leadership
Emerging Markets 52 26 32 * Asthma launch momentum across key markets
Europe 229 19 19 * Sustained leadership in severe eosinophilic asthma
Established RoW 83 19 20 * Strong growth supported by recent EGPA launch in Japan
Total 920 18 18
Breztri
H1 2025 Total % Change * Fastest growing medicine within the expanding FDC triple class
$m
(ICS/LABA/LAMA), treating COPD
Revenue Actual CER
US 295 31 31 * Consistent share growth within expanding FDC triple class
Emerging Markets 156 19 21 * Growth from market share leadership in China with strong FDC triple
class penetration. Unfavourable inventory movement in the second quarter
Europe 87 34 34 * Sustained growth from market share gain and new launches
Established RoW 45 34 36 * Increasing market share in Japan
Total 583 28 29
Tezspire
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to
$826m in H1 2025 (H1 2024: $507m).
H1 2025 Total % Change * Sustained demand growth in severe asthma with launch momentum across
$m
multiple markets
Revenue Actual CER
US 285 58 58 * Continued strong demand growth with majority of patients new to
biologics
Emerging Markets 16 >3x >3x * Strong continued launch uptake
Europe 128 >2x >2x * Maintained new-to-brand leadership across multiple markets and new
launches
Established RoW 54 61 63 * Strong growth driven by Japan
Total 483 73 73
Other R&I medicines
H1 2025 Total % Change
$m
Revenue Actual CER
Pulmicort 264 (30) (28) * Generic competition in Emerging Markets (~80% of revenue)
Saphnelo 304 49 49 * Strong US demand growth, ongoing launches in Europe and Established RoW
Airsupra 70 >3x >3x * Strong US launch momentum and volume uptake
Other R&I 172 (5) (5)
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 and royalties on sales of Beyfortus in
major markets outside the US.
H1 2025 Total % Change
$m
Revenue Actual CER
Beyfortus 238 >2x >2x * Increased capacity and strong demand
Synagis 162 (36) (33) * Competition from Beyfortus
FluMist 10 20 16
Other V&I 1 (91) (91)
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.
H1 2025 Total % Change * Growth due to patient demand, both naïve to branded medicines and
$m
conversion from Soliris in all indications (gMG, NMOSD, aHUS and PNH)
Revenue Actual CER
US 1,272 23 23 * Demand growth across indications, including within the competitive gMG
and PNH landscapes, minimal impact from Medicare Part D redesign
Emerging Markets 113 71 82 * Expansion into new markets and growth in patient demand
Europe 498 21 21 * Strong demand growth following recent launches; competition in gMG
Established RoW 345 17 17 * Continued conversion and strong demand following new launches
Total 2,228 23 24
Soliris
H1 2025 Total % Change * Decline driven by conversion of patients to Ultomiris in all indications
$m
(gMG, NMOSD, aHUS, PNH), competition, and biosimilar pressure in Europe
Revenue Actual CER
US 568 (30) (30) * Competition in gMG and PNH
Emerging Markets 224 (12) (1) * Benefitted from favourable order timing in tender markets
Europe 112 (57) (57) * Biosimilar competition in PNH and aHUS
Established RoW 70 (40) (38) • Driven by conversion to Ultomiris
Total 974 (32) (30)
Strensiq
H1 2025 Total % Change * Growth driven by continued patient demand and geographic expansion
$m
Revenue Actual CER
US 584 10 10 · Demand growth, offset by Medicare Part D redesign
Emerging Markets 50 61 67
Europe 57 19 20
Established RoW 55 24 23
Total 746 14 15
Other Rare Disease medicines
H1 2025 Total % Change
$m
Revenue Actual CER
Koselugo 275 11 13 * Growth driven by continued patient demand and geographic expansion
Other Rare Disease 113 12 14 * Other Rare Disease medicines include Kanuma and Beyonttra (JP only)
Other Medicines
H1 2025 Total % Change
$m
Revenue Actual CER
Nexium 434 (8) (5) * Growth in Emerging Markets, generic erosion elsewhere
Others 88 (15) (15) * Generic erosion
R&D progress
This section covers R&D events and milestones that occurred between 29
April 2025 and 28 July 2025. A comprehensive view of AstraZeneca's pipeline of
medicines in human trials can be found in the latest Clinical Trials Appendix,
available on AstraZeneca's investor relations webpage
(https://www.astrazeneca.com/investor-relations.html) . 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 American Society of Clinical Oncology Annual Meeting 2025
and the European Hematology Association Congress 2025. Across the two
meetings, more than 100 abstracts were presented featuring 23 approved and
potential new medicines including 25 oral presentations.
Calquence
Approval ECHO * In combination with bendamustine and rituximab for the treatment of
previously untreated mantle cell lymphoma who are not eligible for autologous
EU May 2025 stem cell transplant.
Approval ACE-LY-004 * For the treatment of relapsed or refractory mantle cell lymphoma not
previously treated with a BTK inhibitor.
EU May 2025
New disclosure
Approval AMPLIFY * Fixed-duration regimen of Calquence in combination with venetoclax, with
or without obinutuzumab, for the treatment of previously untreated chronic
EU June 2025 lymphocytic leukaemia.
Datroway
Approval TROPION-Lung05, Tropion-Lung01 * For the treatment of locally advanced or metastatic EGFRm NSCLC who have
received prior EGFR-directed therapy and platinum-based chemotherapy.
US June 2025
Enhertu
Phase III readout DESTINY-Breast11 * Positive high-level results demonstrated that Enhertu followed by
paclitaxel, trastuzumab and pertuzumab (THP) demonstrated a statistically
May 2025 significant and clinically meaningful improvement in pCR rate versus
standard-of-care (dose-dense doxorubicin and cyclophosphamide followed by THP)
when used in the neoadjuvant setting in patients with high-risk, locally
advanced HER2-positive early-stage breast cancer.
Data presentation DESTINY-Breast09 * Positive results from the DESTINY-Breast09 Phase III trial in 1st-line
ASCO
HER2-positive metastatic breast cancer showed Enhertu plus pertuzumab reduced
June 2025 the risk of disease progression or death by 44% versus THP (HR 0.56; 95% CI
0.44-0.71; p<0.00001). Median PFS was 40.7 months with Enhertu plus
pertuzumab compared to 26.9 months for THP, as assessed by blinded independent
central review.
Imfinzi
Phase III readout POTOMAC * Positive high-level results from the POTOMAC Phase III trial showed one
year of treatment with Imfinzi plus standard-of-care BCG induction and
May 2025 maintenance therapy demonstrated a statistically significant and clinically
meaningful improvement in disease-free survival for patients with high-risk
non-muscle-invasive bladder cancer compared to BCG induction and maintenance
therapy alone.
Approval ADRIATIC * For the treatment of limited-stage small cell lung cancer whose disease
has not progressed following platinum-based chemoradiation therapy.
China May 2025
New disclosure
Data presentation MATTERHORN * Positive results from the MATTERHORN Phase III trial in resectable
early-stage gastric and gastroesophageal junction cancers showed perioperative
ASCO June 2025 treatment with Imfinzi in combination with standard-of-care FLOT
(fluorouracil, leucovorin, oxaliplatin, and docetaxel) chemotherapy
demonstrated a 29% reduction in the risk of disease progression, recurrence or
death versus chemotherapy alone (EFS HR 0.71; 95% CI 0.58-0.86; p<0.001)
versus chemotherapy alone. Estimated median EFS was not yet reached for the
Imfinzi arm versus 32.8 months for the comparator arm.
Approval NIAGARA * For the treatment of resectable muscle-invasive bladder cancer in
combination with gemcitabine and cisplatin as neoadjuvant treatment, followed
Europe July 2025 by Imfinzi as monotherapy adjuvant treatment after radical cystectomy
(surgery to remove the bladder).
Priority Review MATTERHORN * For the treatment of resectable, early-stage and locally advanced
(Stages II, III, IVA) gastric and gastroesophageal junction cancers.
US July 2025
Tagrisso
Approval LAURA * As maintenance therapy after definitive chemoradiation therapy in
locally advanced and unresectable EGFRm NSCLC.
Japan May 2025
New disclosure
Phase III readout FLAURA2 * Positive high-level results from the final OS analysis of the FLAURA2
Phase III trial showed Tagrisso with the addition of pemetrexed and
July 2025 platinum-based chemotherapy demonstrated a statistically significant and
clinically meaningful improvement in the key secondary endpoint of OS compared
to Tagrisso monotherapy for patients with 1st-line locally advanced or
metastatic EGFRm NSCLC.
Orpathys
Approval SACHI * In combination with Tagrisso for the treatment of patients with locally
advanced or metastatic non-squamous EGFRm NSCLC with MET amplification who
China June 2025 have progressed following EGFR tyrosine kinase inhibitor therapy.
New disclosure
camizestrant
Data presentation SERENA-6 * Positive results from the SERENA-6 Phase III trial showed that
camizestrant in combination with a CDK4/6 inhibitor (palbociclib, ribociclib
ASCO June 2025 or abemaciclib) reduced the risk of disease progression or death by 56%
compared to standard-of-care treatment (HR 0.44; 95% CI 0.31-0.60;
p<0.00001) as assessed by investigator compared to continuing
standard-of-care treatment with an 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. Median PFS was 16.0 months for patients who switched to the
camizestrant combination versus 9.2 months for the comparator arm.
BioPharmaceuticals - CVRM
baxdrostat
Phase III readout BaxHTN * Positive high-level results from the BaxHTN Phase III trial in
uncontrolled or treatment resistant hypertension showed that two doses (2mg
July 2025 and 1mg) demonstrated a statistically significant and clinically meaningful
reduction in mean seated systolic blood pressure compared with placebo at 12
weeks. The trial also successfully met all secondary endpoints. Patients
received baxdrostat or placebo on top of standard-of-care.
BioPharmaceuticals - R&I
Breztri
Phase III readout KALOS/LOGOS * Positive high-level results from the Phase III KALOS and LOGOS trials in
patients with uncontrolled asthma showed that Breztri met all primary
May 2025 endpoints, demonstrating a statistically significant and clinically meaningful
improvement in lung function compared with inhaled ICS/LABA medicines.
CHMP opinion NGP programme * Trixeo (Breztri), already licensed for the treatment of chronic
obstructive pulmonary disease (COPD) in adults, has received a positive
EU July 2025 opinion from the CHMP endorsing it for use with an innovative, next-generation
propellant with near-zero global warming potential. Based on the CHMP positive
opinion, AstraZeneca will now begin to transition its Trixeo supply to the
next-generation propellant in Europe
Fasenra
Phase III readout NATRON * Positive high-level results from the NATRON Phase III trial showed
treatment with Fasenra, dosed monthly in a single injection, demonstrated a
June 2025 statistically significant and clinically meaningful improvement in the primary
endpoint of time to first worsening or flare versus placebo in patients with
New disclosure hypereosinophilic syndrome. The safety and tolerability profile for Fasenra in
this trial was consistent with the known profile of the medicine. The data
will be presented at a forthcoming medical meeting and shared with regulatory
authorities.
Saphnelo
Phase III readout AZALEA * Positive high-level results demonstrated that Saphnelo resulted in
statistically significant and clinically meaningful improvement in the primary
July 2025 endpoint, BICLA Response at week 52, compared to placebo, in Asian patients
with moderate to severe SLE despite standard-of-care. Improvements across
New disclosure secondary endpoints were also observed. The safety profile was generally
consistent with the established safety profile. The data will be presented at
a forthcoming medical meeting and shared with regulatory authorities.
Airsupra
Data presentation BATURA * Positive full results from the BATURA Phase IIIb trial of Airsupra
demonstrated a 47% reduction (5.1%, 9.1%, hazard ratio 0.53; 95% CI,
ATS 2025 May 2025 0.39-0.73; p<0.001) in the risk of severe exacerbations in mild asthma
compared with albuterol alone. In a key secondary endpoint, adults and
adolescents ages 12 and older receiving Airsupra had 63% lower exposure to
total systemic corticosteroids (SCS) (p<0.001) over the treatment period
compared with albuterol-alone. Similar reductions in all primary and secondary
endpoints were seen in a prespecified subgroup of adult patients (≥18 years)
on treatment.
BioPharmaceuticals - V&I
IVX-A12
Programme update NCT06481579 * The Phase II trial to characterise safety and immunogenicity in adults
April 2025 60 years of age and older has completed, and IVX-A12 was shown to be
well-tolerated and immunogenic. AstraZeneca has identified opportunities to
further enhance the vaccine and is now progressing the improved RSV/hMPV
combination.
Rare Disease
Alexion, AstraZeneca Rare Disease, presented new data at the European
Hematology Association Congress 2025, since prior earnings. Nine abstracts
were presented in rare haematology, in both PNH and HSCT-TMA.
gefurulimab
Phase III readout PREVAIL * Positive high-level results from a global, randomised, double-blind,
placebo-controlled Phase III trial in adults with anti-acetylcholine receptor
July 2025 (AChR) antibody-positive (Ab+) generalised myasthenia gravis (gMG) showed that
gefurulimab met its primary and all secondary endpoints. Data demonstrated a
statistically significant and clinically meaningful improvement from baseline
in Myasthenia Gravis Activities of Daily Living (MG-ADL) total score at week
26 compared to placebo.
anselamimab
Phase III readout CARES Programme * High-level results from the CARES (301/2) Phase III clinical programme
showed that anselamimab did not achieve statistical significance for the
July 2025 primary endpoint compared to placebo in patients with Mayo stages IIIa and
IIIb light chain amyloidosis. The primary endpoint was defined as a
hierarchical combination of time to all-cause mortality (ACM) and frequency of
cardiovascular hospitalisations (CVH). Anselamimab showed highly clinically
meaningful improvement in time to ACM and frequency of CVH in a prespecified
subgroup of patients, compared to placebo.
Ultomiris
Data presentation ALXN1210-TMA-314 * Initial results from the ALXN1210-TMA-314 Phase III, single arm trial
evaluating Ultomiris in paediatric patients with HSCT-TMA. Ultomiris
EHA June 2025 demonstrated clinically meaningful improvements in the individual components
of TMA response (platelets, LDH and urinary protein/creatinine ratio) at 26
weeks, and a clinically meaningful improvement in the secondary endpoint of
overall survival at six months. 58.5% (95% CI: 42.1-73.7) and 53.7% (95% CI:
37.4-69.3) of participants met the predefined response criteria for platelet
and urine protein/creatinine ratio, respectively, and 36.6% (95% CI:
22.1-53.1) of participants normalised LDH from baseline during the 26-week
treatment period. Overall survival was 92.6% (95% CI: 78.8-97.6) at day 100
and 87.2% (95% CI: 71.8-94.5) at week 26.
Sustainability
Sustainability highlights
AstraZeneca introduced an updated Sustainability strategy
(https://www.astrazeneca.com/sustainability.html) which focuses on the
Company's sustainability impact and how it does business. This strategy
evolution recognises the connection between business growth and the need to
address the major health challenges of our time, and aims to support the
health of people, society and the planet.
The Company will continue to drive sustainable impact through action on
climate and nature, health equity and health systems resilience, leveraging
the latest science and innovation. It will also focus on creating long-term
value, resilience and trust by operating responsibly and ethically,
maintaining robust governance, investing in its people and following its
Values
- In May 2025, the Company published its second Sustainability Impact
(https://www.astrazeneca.com/sustainability/resources/our-impact.html)
publication which introduces the updated strategy and shares examples of
impact from across the business. It also presented 2024 Sustainability
Highlights
(https://www.astrazeneca.com/investor-relations/sustainability-2024-highlights-summary-call.html)
to investors and analysts
- AstraZeneca was named in the top 20 of TIME's Most Sustainable Companies,
its highest ranking to date in the list of 500 businesses. AstraZeneca and
Alexion were also included in Newsweek's World's Greenest Companies 2025
- AstraZeneca achieved the top ranking in IDEA Pharma's index for 2025,
coming first for "Invention" and joint third for "Innovation". This annual
ranking assesses companies' ability to develop and commercialise products.
- AstraZeneca has been A-rated for Supplier Engagement by CDP for 2024 and
is on the Leaderboard for the third consecutive year, recognising its
extensive supply chain engagement and focus on disclosing carbon emissions
data and actions to CDP
- The Company also ranked fourth in the 2025 Gartner Top 25 Supply Chains,
the highest ranking for a pharmaceutical company this year
- AstraZeneca SVP, Chief Digital Officer and CIO Cindy Hoots was ranked in
the top 20 of this year's Top 100 Women in Technology recognising her
leadership in driving a digital-first strategy
Sustainability impact
Climate and nature
- Reducing the carbon impact of pressurised metered dose inhalers is a key
product-related element of AstraZeneca's Ambition Zero Carbon strategy. With
an innovative next-generation propellant with 99.9% lower Global Warming
Potential than current propellants, Breztri/Trixeo Aerosphere has received
positive CHMP opinion and AstraZeneca will now begin to transition its Trixeo
supply to the next-generation propellant in Europe
- At London Climate Action Week, AstraZeneca joined His Majesty King Charles
III, ministers from the UK and Brazil, and global leaders for an event on
'Nature Action: Mobilising Frameworks and Finance' and was also represented at
several panel and roundtable discussions. The Company celebrated the use of
100% renewable energy for both heat and power at its Macclesfield site
- The company participated in engagements with French, Italian and UK
stakeholders, including a Circular Bioeconomy Alliance event in Rome in the
presence of His Majesty King Charles III, as well as an event hosted by the
French government on health systems decarbonisation. AstraZeneca showcased its
pioneering work in quantifying the environmental impact of patient care,
including its new Care pathways Environmental Sustainability Assessment tool
(CARESA)
- EVP International, Iskra Reic met with China's Vice President Han Zheng to
discuss the green transition as part of the Sustainable Markets Initiative
(SMI) China Forum in Beijing. She underscored AstraZeneca's commitment to
Healthy China 2030 and Common Health, as well as the Company's collaborative
efforts to decarbonise the health sector in Chinese media interviews
Health equity
- AstraZeneca's Qure.ai partnership reached a significant milestone,
achieving five million chest X-rays assessed by AI for lung cancer in more
than 20 countries. This partnership has resulted in nearly 50,000 referrals
for follow-up testing to date and demonstrates the transformative potential of
technology and advanced data analytics for early lung cancer detection
- At the World Health Assembly (WHA) in Geneva, Switzerland, AstraZeneca
organised the first cancer planners' summit with the Union for International
Cancer Control, attended by more than 100 delegates from over 50 countries,
and also hosted events on lung health, kidney disease and rare diseases. The
Company engaged with leaders from countries including the US, Brazil, the UAE,
Egypt, Malaysia and Spain as well as NGOs on topics spanning health equity,
resilience and climate action
- Through the Company's flagship health equity initiative, Healthy Heart
Africa, the Company engaged at Africa Health ExCon 2025, where a national
strategy for managing chronic kidney disease in Egypt was launched with
government representatives
Health systems resilience
- The Partnership for Health System Sustainability and Resilience (PHSSR)
which the Company co-founded in 2020, added to its growing body of evidence,
launching its EU Expert Advisory Group's report on sustainable healthcare
financing in Europe
- AstraZeneca convened the PHSSR Summit 2025 at EXPO in Osaka, Japan with
AstraZeneca Chair Michel Demaré, Japanese government and health systems
stakeholders. The Summit focused on action on non-communicable diseases (NCDs)
and healthcare digitisation. Additional high-level engagements at EXPO 2025
this quarter included an event on transforming the delivery of healthcare with
a focus on COPD, attended by EVP BioPharmaceuticals Business, Ruud Dobber, and
engagements on rare disease led by Marc Dunoyer, CEO Alexion
- At Abu Dhabi Global Health Week, a Company delegation led by Chair Michel
Demaré and EVP International, Iskra Reic, focused on sustainable health
system investment and health equity
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 six-month period to 30
June 2025 ('H1 2025') compared to the six-month period to 30 June 2024 ('H1
2024'), and the three-month period to 30 June 2025 ('the quarter' or 'Q2
2025') compared to the three-month period to 30 June 2024 ('Q2 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 interim 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 3 '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
H1 2025 H1 2024 % Change Q2 2025 Q2 2024 % Change
$m $m Actual CER $m $m Actual CER
- Product Sales 26,670 24,629 8 10 13,795 12,452 11 10
- Alliance Revenue 1,293 939 38 38 654 482 36 35
Product Revenue 27,963 25,568 9 11 14,449 12,934 12 11
Collaboration Revenue 82 49 68 66 8 4 >2x >2x
Total Revenue 28,045 25,617 9 11 14,457 12,938 12 11
Cost of sales (4,714) (4,401) 7 10 (2,473) (2,183) 13 9
Gross profit 23,331 21,216 10 11 11,984 10,755 11 12
Distribution expense (278) (267) 4 6 (143) (132) 8 8
R&D expense (6,707) (5,791) 16 16 (3,548) (3,008) 18 16
SG&A expense (9,356) (9,424) (1) - (4,864) (4,929) (1) (2)
Other operating income & expense 192 127 52 53 79 60 30 33
Operating profit 7,182 5,861 23 24 3,508 2,746 28 32
Net finance expense (636) (645) (1) - (371) (343) 8 10
Joint ventures and associates (17) (19) (7) (9) (10) (6) >2x 91
Profit before tax 6,529 5,197 26 27 3,127 2,397 30 34
Taxation (1,160) (1,089) 7 7 (679) (469) 45 49
Tax rate 18% 21% 22% 20%
Profit after tax 5,369 4,108 31 32 2,448 1,928 27 31
Earnings per share $3.46 $2.65 31 32 $1.58 $1.24 27 31
Table 8: Reconciliation of Reported Profit before tax to EBITDA
H1 2025 H1 2024 % Change Q2 2025 Q2 2024 % Change
$m $m Actual CER $m $m Actual CER
Reported Profit before tax 6,529 5,197 26 27 3,127 2,397 30 34
Net finance expense 636 645 (1) - 371 343 8 10
Joint ventures and associates 17 19 (7) (9) 10 6 >2x 91
Depreciation, amortisation and impairment 2,673 2,534 5 5 1,389 1,279 9 7
EBITDA 9,855 8,395 17 18 4,897 4,025 22 24
Table 9: Reconciliation of Reported to Core financial measures: H1 2025
For the half year ended 30 June Reported Restructuring Intangible Asset Amortisation & Impairments Other Core % Change
$m $m $m $m $m Actual CER
Gross profit 23,331 (70) 17 1 23,279 9 10
- Gross Margin 83% 83% - -
Distribution expense (278) - - - (278) 4 6
R&D expense (6,707) 101 62 3 (6,541) 17 17
- R&D % of Total Revenue 24% 23% -2pp -1pp
SG&A expense (9,356) 76 1,943 78 (7,259) 2 3
- SG&A % of Total Revenue 33% 26% +2pp +2pp
Total operating expense (16,341) 177 2,005 81 (14,078) 8 9
Other operating income & expense 192 (6) - - 186 50 51
Operating profit 7,182 101 2,022 82 9,387 12 13
- Operating Margin 26% 33% +1pp +1pp
Net finance expense (636) - - 118 (518) (3) (1)
Taxation (1,160) (30) (386) (49) (1,625) 1 2
EPS $3.46 $0.05 $1.06 $0.09 $4.66 16 17
Table 10: Reconciliation of Reported to Core financial measures: Q2 2025
For the quarter ended 30 June Reported Restructuring Intangible Asset Amortisation & Impairments Other Core % Change
$m $m $m $m $m Actual CER
Gross profit 11,984 (78) 9 (1) 11,914 11 11
- Gross Margin 83% 82% -1pp -
Distribution expense (143) (3) - - (146) 10 10
R&D expense (3,548) 41 52 2 (3,453) 20 18
- R&D % of Total Revenue 25% 24% -2pp -1pp
SG&A expense (4,864) 26 986 50 (3,802) 2 1
- SG&A % of Total Revenue 34% 26% +3pp +3pp
Total operating expense (8,555) 64 1,038 52 (7,401) 10 9
Other operating income & expense 79 (7) - (1) 71 19 23
Operating profit 3,508 (21) 1,047 50 4,584 12 14
- Operating Margin 24% 32% - 1pp
Net finance expense (371) - - 68 (303) 6 9
Taxation (679) (2) (199) (31) (911) 23 26
EPS $1.58 $(0.01) $0.55 $0.05 $2.17 10 12
Profit and Loss drivers
Gross profit
The stable Gross Margin (Reported and Core) in H1 2025 was a result of:
- Positive effects from geographic mix
- Negative effects from 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.
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 H1 2025 consisted primarily of royalties and an
upfront fee on a divestment
Net finance expense
Core Net finance expense decreased 3% (1% at CER) in H1 2025, mainly driven by
an adjustment of interest on tax, due to a reduction of tax liabilities
relating to prior periods, recognised in the first quarter.
Core Net finance expense increased 6% (9% at CER) in Q2 2025, mainly driven by
a reduction in short-term deposits.
Taxation
The effective Reported and Core tax rates for the six months to 30 June 2025
were 18% (H1 2024: 21% and 20% respectively).
These tax rates benefited from a reduction of tax liabilities arising from
updates to estimates of prior period tax liabilities following settlements
with tax authorities in Q1 2025.
The cash tax paid for the six months ended 30 June 2025 was $1,549m (H1 2024:
$1,337m), representing 24% of Reported Profit before tax (H1 2024: 26%).
Dividend
The interim dividend declared with H1 2025 results increased by 3% to $1.03.
Cash Flow
Table 11: Cash Flow summary: H1 2025
For the half year ended 30 June 2025 2024 Change
$m
$m $m
Reported Operating profit 7,182 5,861 1,321
Depreciation, amortisation and impairment 2,673 2,534 139
Movement in working capital and short-term provisions (771) (584) (187)
Gains on disposal of intangible assets (87) (21) (66)
Fair value movements on contingent consideration arising from business (30) 251 (281)
combinations
Non-cash and other movements 304 (550) 854
Interest paid (623) (583) (40)
Taxation paid (1,549) (1,337) (212)
Net cash inflow from operating activities 7,099 5,571 1,528
Net cash inflow before financing activities 3,738 286 3,452
Net cash (outflow)/inflow from financing activities (2,189) 806 (2,995)
Net cash flow
The change in Net cash inflow from operating activities of $1,528m is
primarily driven by the increased operating profit in 2025.
The change in Net cash inflow before financing activities of $3,452m is
primarily driven by the reduction in cash outflow relating to the Acquisitions
of subsidiaries, net of cash acquired of $2,771m, which in 2024 related to the
acquisition of Gracell Biotechnologies Inc. and the acquisition of Fusion
Pharmaceuticals Inc.
The change in Net cash (outflow)/inflow from financing activities of $2,995m
is primarily driven by the issue of new long-term loans of $4,976m in 2024,
with no issuance in 2025, and offset by the repayment of loans of $2,643m in
2024, with no repayment in 2025.
Capital expenditure
Capital expenditure on tangible assets and Software-related intangible assets
amounted to $1,303m in H1 2025 (H1 2024: $903m). 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 $657m in the six months to 30 June 2025 to $25,227m.
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 3.
Net debt
Table 12: Net debt summary
At 30 Jun At 31 Dec At 30 Jun
2025
2024
2024
$m $m $m
Cash and cash equivalents 7,058 5,488 6,916
Other investments 50 166 160
Cash and investments 7,108 5,654 7,076
Overdrafts and short-term borrowings (561) (330) (596)
Commercial paper (1,470) - (2,453)
Lease liabilities (1,633) (1,452) (1,241)
Current instalments of loans (4,461) (2,007) (2,018)
Non-current instalments of loans (24,714) (26,506) (27,225)
Interest-bearing loans and borrowings (Gross debt) (32,839) (30,295) (33,533)
Net derivatives 504 71 133
Net Debt (25,227) (24,570) (26,324)
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 13: Obligor group summarised Statement of comprehensive income: H1 2025
For the half year ended 30 June 2025 2024
$m $m
Total Revenue - -
Gross - -
profit
Operating loss - -
Loss for the period (666) (545)
Transactions with subsidiaries that are not issuers or guarantors 6,160 964
Table 14: Obligor group summarised Statement of financial position
At 30 Jun 2025 At 30 Jun 2024
$m $m
Current assets 43 13
Non-current assets 147 -
Current liabilities (6,506) (4,795)
Non-current liabilities (24,720) (27,133)
Amounts due from subsidiaries that are not issuers or guarantors 23,554 20,730
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 $2,218m. In FY 2025 the Group expects to
increase expenditure on tangible assets and Software-related intangible assets
by approximately 50%, driven by manufacturing expansion projects and
investments in systems and technology.
Foreign exchange
The Company's transactional currency exposures on working capital balances,
which typically extend for up to three months, are hedged where practicable
using forward foreign exchange contracts against the individual companies'
reporting currency.In addition, the Company's external dividend payments, paid
principally in pound sterling and Swedish krona, are fully hedged from the
time of their announcement to the payment date.Foreign exchange gains and
losses on forward contracts transacted for transactional hedging are taken to
profit or to Other comprehensive income if the contract is in a designated
cashflow hedge.
Table 15: Currency sensitivities
Currency Primary Relevance Exchange rate vs USD (average rate in period) Annual impact of 5% weakening vs USD(1) ($m)
FY YTD Change June Change Total Core Operating Profit
20242
20253
20254
Revenue
(%) (%)
EUR Total Revenue 0.92 0.91 1 0.87 6 (461) (232)
CNY Total Revenue 7.21 7.26 (1) 7.18 0 (313) (171)
JPY Total Revenue 151.46 148.46 2 144.50 5 (179) (121)
GBP Operating expense 0.78 0.77 2 0.74 6 (68) 124
SEK Operating expense 10.57 10.17 4 9.56 11 (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 January 2024 to 31 December 2024.
3. Based on average daily spot rates 1 January 2025 to 30 June 2025.
4. Based on average daily spot rates 1 June 2025 to 30 June 2025.
Related-party transactions
There have been no significant related-party transactions in the period.
Principal risks and uncertainties
The Principal Risks and uncertainties facing the Group are set out on pages 65
to 66 of the Annual Report and Form 20-F Information 2024 and summarised
below. They are not expected to change in respect of the second six months of
the financial year and remain appropriate for the Group. In summary, the
principal risks and uncertainties listed in the Annual Report and 20-F
Information 2024 are:
1. Product pipeline risks: failure or delay in the delivery of our
pipeline or launch of new medicines; failure to meet regulatory or ethical
requirements for medicine development or approval
2. Commercialisation risks: pricing, affordability, access and competitive
pressures; failures or delays in the quality or execution of the Group's
commercial strategies
3. Supply chain and business-execution risks: failure to maintain supply
of compliant, quality medicines; failure in information technology or
cybersecurity; failure to collect and manage data or AI in line with legal and
regulatory requirements and strategic objectives
4. Legal, regulatory and compliance risks: safety and efficacy of marketed
medicines is questioned; adverse outcome of litigation and / or governmental
investigations; IP risks related to our products
5. Economic and financial risks: geopolitical and/or macroeconomic
volatility disrupts the operation of our global business; failure to achieve
strategic plans or meet targets or expectations
Interim financial statements
Table 16: Condensed consolidated statement of comprehensive income: H1 2025
For the half year ended 30 June 2025 2024
$m $m
- Product Sales 26,670 24,629
- Alliance Revenue 1,293 939
Product Revenue 27,963 25,568
Collaboration Revenue 82 49
Total Revenue 28,045 25,617
Cost of sales (4,714) (4,401)
Gross profit 23,331 21,216
Distribution expense (278) (267)
Research and development expense (6,707) (5,791)
Selling, general and administrative expense (9,356) (9,424)
Other operating income and expense 192 127
Operating profit 7,182 5,861
Finance income 149 211
Finance expense (785) (856)
Share of after tax losses in associates and joint ventures (17) (19)
Profit before tax 6,529 5,197
Taxation (1,160) (1,089)
Profit for the period 5,369 4,108
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement of the defined benefit pension liability (30) 101
Net (losses)/gains on equity investments measured at fair value through other (125) 89
comprehensive income
Fair value movements related to own credit risk on bonds designated as fair - 12
value through profit or loss
Tax on items that will not be reclassified to profit or loss (3) (27)
(158) 175
Items that may be reclassified subsequently to profit or loss:
Foreign exchange arising on consolidation 2,464 (554)
Foreign exchange arising on designated liabilities in net investment hedges 10 (96)
Fair value movements on cash flow hedges 273 (138)
Fair value movements on cash flow hedges transferred to profit and loss (315) 102
Fair value movements on derivatives designated in net investment hedges (20) 45
Gains of hedging 10 14
Tax on items that may be reclassified subsequently to profit or loss (52) 38
2,370 (589)
Other comprehensive income/(expense), net of tax 2,212 (414)
Total comprehensive income for the period 7,581 3,694
Profit attributable to:
Owners of the Parent 5,366 4,106
Non-controlling interests 3 2
5,369 4,108
Total comprehensive income attributable to:
Owners of the Parent 7,574 3,692
Non-controlling interests 7 2
7,581 3,694
Earnings per share
Basic earnings per $0.25 Ordinary Share $3.46 $2.65
Diluted earnings per $0.25 Ordinary Share $3.44 $2.63
Weighted average number of Ordinary Shares in issue (millions) 1,550 1,549
Diluted weighted average number of Ordinary Shares in issue (millions) 1,560 1,560
Table 17: Condensed consolidated statement of comprehensive income: Q2 2025
For the quarter ended 30 June Unreviewed 2025 Unreviewed 2024
$m $m
- Product Sales 13,795 12,452
- Alliance Revenue 654 482
Product Revenue 14,449 12,934
Collaboration Revenue 8 4
Total Revenue 14,457 12,938
Cost of sales (2,473) (2,183)
Gross profit 11,984 10,755
Distribution expense (143) (132)
Research and development expense (3,548) (3,008)
Selling, general and administrative expense (4,864) (4,929)
Other operating income and expense 79 60
Operating profit 3,508 2,746
Finance income 68 100
Finance expense (439) (443)
Share of after tax losses in associates and joint ventures (10) (6)
Profit before tax 3,127 2,397
Taxation (679) (469)
Profit for the period 2,448 1,928
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement of the defined benefit pension liability (81) (43)
Net (losses)/gains on equity investments measured at fair value through other (67) 54
comprehensive income
Fair value movements related to own credit risk on bonds designated as fair - 12
value through profit or loss
Tax on items that will not be reclassified to profit or loss 14 12
(134) 35
Items that may be reclassified subsequently to profit or loss:
Foreign exchange arising on consolidation 1,312 (39)
Foreign exchange arising on designated liabilities in net investment hedges (43) 2
Fair value movements on cash flow hedges 201 (52)
Fair value movements on cash flow hedges transferred to profit and loss (213) 32
Fair value movements on derivatives designated in net investment hedges (10) 23
Gains/(costs) of hedging 18 (1)
Tax on items that may be reclassified subsequently to profit or loss (22) 3
1,243 (32)
Other comprehensive income, net of tax 1,109 3
Total comprehensive income for the period 3,557 1,931
Profit attributable to:
Owners of the Parent 2,450 1,927
Non-controlling interests (2) 1
2,448 1,928
Total comprehensive income attributable to:
Owners of the Parent 3,556 1,930
Non-controlling interests 1 1
3,557 1,931
Earnings per share
Basic earnings per $0.25 Ordinary Share $1.58 $1.24
Diluted earnings per $0.25 Ordinary Share $1.57 $1.24
Weighted average number of Ordinary Shares in issue (millions) 1,550 1,550
Diluted weighted average number of Ordinary Shares in issue (millions) 1,559 1,560
The Q2 2025 and Q2 2024 information in respect of the three months ended 30
June 2025 and 30 June 2024 respectively included in the interim Financial
Statements have not been reviewed by PricewaterhouseCoopers LLP.
Table 18: Condensed consolidated statement of financial position
Reviewed Audited Reviewed
At 30 Jun 2025 At 31 Dec 2024
At 30 Jun 2024
Assets $m $m $m
Non-current assets
Property, plant and equipment 11,637 10,252 9,630
Right-of-use assets 1,592 1,395 1,203
Goodwill 21,222 21,025 21,060
Intangible assets 37,925 37,177 39,426
Investments in associates and joint ventures 276 268 264
Other investments 1,863 1,632 1,607
Derivative financial instruments 509 182 217
Other receivables 1,066 930 806
Income tax receivable 1,137 - -
Deferred tax assets 6,256 5,347 4,734
83,483 78,208 78,947
Current assets
Inventories 6,467 5,288 5,667
Trade and other receivables 14,168 12,972 11,047
Other investments 50 166 160
Derivative financial instruments 95 54 28
Income tax receivable 1,001 1,859 1,575
Intangible assets 100 - -
Cash and cash equivalents 7,058 5,488 6,916
28,939 25,827 25,393
Total assets 112,422 104,035 104,340
Liabilities
Current liabilities
Interest-bearing loans and borrowings (6,492) (2,337) (5,067)
Lease liabilities (361) (339) (292)
Trade and other payables (23,986) (22,465) (20,463)
Derivative financial instruments (100) (50) (51)
Provisions (1,168) (1,269) (1,168)
Income tax payable (1,429) (1,406) (1,525)
(33,536) (27,866) (28,566)
Non-current liabilities
Interest-bearing loans and borrowings (24,714) (26,506) (27,225)
Lease liabilities (1,272) (1,113) (949)
Derivative financial instruments - (115) (61)
Deferred tax liabilities (3,615) (3,305) (3,333)
Retirement benefit obligations (1,418) (1,330) (1,326)
Provisions (972) (921) (1,074)
Income tax payable (485) (238) -
Other payables (1,600) (1,770) (2,208)
(34,076) (35,298) (36,176)
Total liabilities (67,612) (63,164) (64,742)
Net assets 44,810 40,871 39,598
Equity
Share capital 388 388 388
Share premium account 35,238 35,226 35,199
Other reserves 2,070 2,012 2,078
Retained earnings 7,023 3,160 1,847
Capital and reserves attributable to equity holders of the Parent 44,719 40,786 39,512
Non-controlling interests 91 85 86
Total equity 44,810 40,871 39,598
The Condensed consolidated statements of financial position as at 30 June 2025
and 30 June 2024 have been reviewed by PricewaterhouseCoopers LLP. The
Condensed consolidated statement of financial position as at 31 December 2024
has been audited by PricewaterhouseCoopers LLP.
Table 19: 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 - - - 4,106 4,106 2 4,108
Other comprehensive expense - - - (414) (414) - (414)
Transfer to other reserves - - 13 (13) - - -
Transactions with owners
Dividends - - - (3,052) (3,052) - (3,052)
Issue of Ordinary Shares - 11 - - 11 - 11
Changes in non-controlling interests - - - - - 61 61
Share-based payments charge for the period - - - 307 307 - 307
Settlement of share plan awards - - - (589) (589) - (589)
Net movement - 11 13 345 369 63 432
At 30 Jun 2024 388 35,199 2,078 1,847 39,512 86 39,598
At 1 Jan 2025 388 35,226 2,012 3,160 40,786 85 40,871
Profit for the period - - - 5,366 5,366 3 5,369
Other comprehensive income - - (34) 2,242 2,208 4 2,212
Transfer to other reserves - - 47 (47) - - -
Transactions with owners
Dividends - - - (3,249) (3,249) - (3,249)
Issue of Ordinary Shares - 12 - - 12 - 12
Changes in non-controlling interests - - - - - (1) (1)
Movement in shares held by Employee Benefit Trusts - - 45 - 45 - 45
Share-based payments charge for the period - - - 357 357 - 357
Settlement of share plan awards - - - (806) (806) - (806)
Net movement - 12 58 3,863 3,933 6 3,939
At 30 June 2025 388 35,238 2,070 7,023 44,719 91 44,810
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 20: Condensed consolidated statement of cash flows: H1 2025
For the half year ended 30 June 2025 2024
$m $m
Cash flows from operating activities
Profit before tax 6,529 5,197
Finance income and expense 636 645
Share of after tax losses of associates and joint ventures 17 19
Depreciation, amortisation and impairment 2,673 2,534
Movement in working capital and short-term provisions (771) (584)
Gains on disposal of intangible assets (87) (21)
Fair value movements on contingent consideration arising from business (30) 251
combinations
Non-cash and other movements 304 (550)
Cash generated from operations 9,271 7,491
Interest paid (623) (583)
Tax paid (1,549) (1,337)
Net cash inflow from operating activities 7,099 5,571
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired - (2,771)
Payment of contingent consideration from business combinations (629) (474)
Purchase of property, plant and equipment (1,088) (799)
Disposal of property, plant and equipment 10 53
Purchase of intangible assets (1,804) (1,474)
Disposal of intangible assets 95 75
Purchase of non-current asset investments (188) (67)
Disposal of non-current asset investments - 51
Movement in short-term investments, fixed deposits and other investing 115 42
instruments
Payments to associates and joint ventures - (140)
Disposal of investments in associates and joint ventures - 13
Interest received 128 206
Net cash outflow from investing activities (3,361) (5,285)
Net cash inflow before financing activities 3,738 286
Cash flows from financing activities
Proceeds from issue of share capital 12 11
Own shares purchased by Employee Benefit Trust (489) -
Payments to acquire non-controlling interests (2) -
Issue of loans and borrowings 9 4,976
Repayment of loans and borrowings (16) (2,643)
Dividends paid (3,357) (3,050)
Hedge contracts relating to dividend payments 104 (8)
Repayment of obligations under leases (184) (150)
Movement in short-term borrowings 1,734 2,503
Payment of Acerta Pharma share purchase liability - (833)
Net cash (outflow)/inflow from financing activities (2,189) 806
Net increase in Cash and cash equivalents in the period 1,549 1,092
Cash and cash equivalents at the beginning of the period 5,429 5,637
Exchange rate effects 54 (52)
Cash and cash equivalents at the end of the period 7,032 6,677
Cash and cash equivalents consist of:
Cash and cash equivalents 7,058 6,916
Overdrafts (26) (239)
7,032 6,677
Responsibility statement of the directors in respect of the half-yearly
financial report
We confirm that to the best of our knowledge:
- the condensed consolidated Interim Financial Statements have been prepared
in accordance with IAS 34 'Interim Financial Reporting' as issued by the
International Accounting Standards Board (IASB), IAS 34 as adopted by the
European Union and UK-adopted IAS 34;
- the half-yearly management report gives a true and fair view of the
assets, liabilities, financial position and profit or loss of the company;
- the half-yearly management report includes a fair review of the
information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed consolidated Interim
Financial Statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related
party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial
position or performance of the enterprise during that period; and any changes
in the related party transactions described in the last annual report that
could do so.
The Board
The Board of Directors that served during all or part of the six month period
to 30 June 2025 and their respective responsibilities can be found on the
Leadership team section of astrazeneca.com
(https://www.astrazeneca.com/our-company/leadership.html) .
Approved by the Board and signed on its behalf by
Pascal Soriot
Chief Executive Officer
29 July 2025
Independent review report to AstraZeneca PLC
Report on the Interim financial statements
Our conclusion
We have reviewed AstraZeneca PLC's Interim financial statements (the "Interim
financial statements") in the H1 and Q2 2025 results of AstraZeneca PLC for
the six month period ended 30 June 2025 (the "period").
Based on our review, nothing has come to our attention that causes us to
believe that the Interim financial statements are not prepared, in all
material respects, 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.
The Interim financial statements comprise:
- the Condensed consolidated statement of financial position as at 30 June
2025;
- the Condensed consolidated statement of comprehensive income: H1 2025 for
the period then ended;
- the Condensed consolidated statement of changes in equity for the period
then ended;
- the Condensed consolidated statement of cash flows: H1 2025 for the period
then ended; and
- the explanatory notes to the Interim
financial statements.The Interim financial statements included in the
H1 and Q2 2025 results of AstraZeneca PLC 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.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.We have read the other information contained in the H1 and Q2
2025 results and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the Interim financial
statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the Interim financial statements and the review
Our responsibilities and those of the directors
The H1 and Q2 2025 results, including the Interim financial statements, is the
responsibility of, and has been approved by the directors. The directors are
responsible for preparing the H1 and Q2 2025 results in accordance with the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. In preparing the H1 and Q2 2025 results,
including the Interim financial statements, the directors are responsible for
assessing the group's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the group or to
cease operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the Interim financial
statements in the H1 and Q2 2025 results based on our review. Our conclusion,
including our Conclusions relating to going concern, is based on procedures
that are less extensive than audit procedures, as described in the Basis for
conclusion paragraph of this report. This report, including the conclusion,
has been prepared for and only for the company for the purpose of complying
with the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We do not, in
giving this conclusion, accept or assume responsibility for any other purpose
or to any other person to whom this report is shown or into whose hands it may
come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
London
29 July 2025
Notes to the Interim financial statements
Note 1: Basis of preparation and accounting policies
These unaudited Interim financial statements for the six months ended 30 June
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 six months ended 30 June
2025 were approved by the Board of Directors for publication on 29 July 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 half year ended 30 June 2024 of
$25,568m.
Going concern
The Group has considerable financial resources available. As at 30 June 2025,
the Group has $11.9bn in financial resources (cash and cash equivalent
balances of $7.1bn and undrawn committed bank facilities of $4.9bn that are
available until April 2030), with $6.9bn 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 5 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-2024/pdf/AstraZeneca_AR_2024.pdf)
.
(https://www.astrazeneca.com/content/dam/az/Investor_Relations/annual-report-2024/pdf/AstraZeneca_AR_2024.pdf)
Note 2: Intangible assets
The acquisition of EsoBiotec completed on 19 May 2025. The transaction is
recorded as an asset acquisition based upon the concentration test permitted
under IFRS 3 'Business Combinations', with consideration and net assets
acquired of $403m, which included intangible assets acquired of $426m, current
payables of $29m, $4m of cash and cash equivalents and current receivables of
$2m. Contingent consideration of up to $575m could be paid on achievement of
regulatory milestones, those liabilities will be recorded when the relevant
regulatory milestone is achieved.
Note 3: Net debt
Table 21: Net debt
At 1 Jan Cash flow Non-cash Exchange At 30 Jun
2025
2025
and other movements
$m $m $m $m $m
Non-current instalments of loans (26,506) - 2,431 (639) (24,714)
Non-current instalments of leases (1,113) - (106) (53) (1,272)
Total long-term debt (27,619) - 2,325 (692) (25,986)
Current instalments of loans (2,007) 7 (2,461) - (4,461)
Current instalments of leases (339) 217 (218) (21) (361)
Commercial paper - (1,470) - - (1,470)
Collateral received from derivative counterparties (181) (254) - - (435)
Other short-term borrowings excluding overdrafts (90) (10) - - (100)
Overdrafts (59) 34 - (1) (26)
Total current debt (2,676) (1,476) (2,679) (22) (6,853)
Gross borrowings (30,295) (1,476) (354) (714) (32,839)
Net derivative financial instruments 71 (100) 533 - 504
Net borrowings (30,224) (1,576) 179 (714) (32,335)
Cash and cash equivalents 5,488 1,515 - 55 7,058
Other investments - current 166 (115) - (1) 50
Cash and investments 5,654 1,400 - 54 7,108
Net debt (24,570) (176) 179 (660) (25,227)
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 $657m in the six months to 30 June 2025 to $25,227m.
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 30 June 2025 was $435m (31 December 2024: $181m) and the carrying
value of such cash collateral posted by the Group at 30 June 2025 was $32m (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 six months ended 30 June 2025, Moody's upgraded the Group's
solicited long term credit rating to A1 from A2, which occurred during Q1
2025. 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 4: 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 $523m (31 December 2024: $353m) and
for which a fair value loss of $35m has been recognised in the six months
ended 30 June 2025 (H1 2024: fair value gain 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/(losses) on equity investments measured at fair value through other
comprehensive income, in the Condensed consolidated statement of comprehensive
income for the six months ended 30 June 2025 are Level 1 fair value
measurements, valued based on quoted prices in active markets.
Financial instruments measured at fair value include $1,880m of other
investments, $5,597m held in money-market funds and $504m of derivatives as at
30 June 2025. With the exception of derivatives being Level 2 fair valued, and
certain equity instruments of $523m categorised as Level 3, the aforementioned
balances are Level 1 fair valued. Financial instruments measured at amortised
cost include $32m of cash collateral pledged to counterparties. The total fair
value of Interest-bearing loans and borrowings as at 30 June 2025, which have
a carrying value of $32,839m in the Condensed consolidated statement of
financial position, was $32,203m.
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 $782m (31 December 2024: $1,309m) would
increase/decrease by $78m with an increase/decrease in sales of 10%, as
compared with the current estimates.
Table 22: 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 - - - 198
Settlements (518) (111) (629) (474)
Revaluations (30) - (30) 251
Discount unwind 21 11 32 57
At 30 June 782 342 1,124 2,169
Note 5: 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 'Provisions,
Contingent Liabilities and Contingent Assets'.
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 second quarter of 2025 and to 29 July 2025
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.
* Trial regarding patent validity occurred in March 2025. In April 2025,
the UK Patents Court held the patent invalid. AstraZeneca appealed the
decision. In July 2025, the UK Court of Appeal dismissed AstraZeneca's appeal
and upheld the lower court's invalidity decision. In July 2025, AstraZeneca
applied for permission to appeal to the UK Supreme Court.
* In March 2025 and onward, AstraZeneca applied for injunctions against
generics manufacturers' at-risk sales of dapagliflozin products in the UK.
AstraZeneca has obtained injunctions against generics manufacturers with UK
marketing authorizations for dapagliflozin products through July 2025. In
July 2025, AstraZeneca applied to the UK Supreme Court for injunctive relief.
Lynparza Patent Proceedings, Canada * In July 2025, AstraZeneca was served with a Notice of Allegation from
Cipla Ltd. challenging a patent relating to Lynparza.
Considered to be a contingent liability
* AstraZeneca is considering its next steps.
Tagrisso Patent Proceedings, China * In January 2025, an individual filed invalidity challenges against
several Chinese patents protecting Tagrisso.
Considered to be a contingent liability
* A hearing before the Chinese Patent Office was held in July 2025.
AstraZeneca is awaiting a decision.
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
Matter concluded for the District of Delaware. AstraZeneca alleged that a generic version of
Lokelma would infringe patents that are owned or licensed by AstraZeneca.
* AstraZeneca has entered into separate settlement agreements with the
five generic manufacturers which resulted in dismissal of the corresponding
litigations.
* This matter is now concluded.
Soliris Patent Proceedings, Europe * In March 2024, AstraZeneca filed motions for provisional measures
against Amgen Pharmaceuticals Inc (Amgen) and Samsung Bioepis Co. Ltd.
Considered to be a contingent asset (Samsung) and their respective affiliates at the Hamburg Local Division of the
Unified Patent Court (UPC) on the basis that Amgen's and Samsung's biosimilar
eculizumab products infringe an AstraZeneca patent. In June 2024, the UPC
denied AstraZeneca's motions. AstraZeneca appealed and in December 2024 the
UPC appellate division denied AstraZeneca's appeal requesting provisional
measures. In June 2025, the UPC appellate division denied AstraZeneca's
request for rehearing of the appeal.
* In parallel, Samsung and Amgen have filed oppositions to the patent at
the European Patent Office. An oral hearing is scheduled for April 2026.
* In November 2024, Amgen filed a revocation action for the patent at the
UPC Central Division in Milan. A hearing is scheduled for January 2026.
Soliris Patent Proceedings, Canada * In May 2023, AstraZeneca initiated patent litigation in Canada alleging
that Amgen Pharmaceutical 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. In May 2025, the Canadian
court found AstraZeneca's patent would be infringed and enjoined Amgen from
making, constructing, using, or selling the Amgen biosimilar eculizumab
product in Canada until March 2027. Amgen has appealed this decision.
* 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 with Amgen is scheduled for November
2025.
* In June 2025, AstraZeneca and Samsung settled the Canadian eculizumab
patent matters.
Soliris Patent Proceedings, UK * May 2024, AstraZeneca initiated patent infringement proceedings against
Amgen Ltd. (Amgen) and Samsung Bioepis UK Limited (Samsung) in the UK High
Considered to be a contingent asset Court of Justice alleging that their respective biosimilar eculizumab products
infringe an AstraZeneca patent; on the same day, Samsung initiated a
revocation action for the same patent.
* Trial was held in March 2025. In May 2025, the UK court issued a
decision finding AstraZeneca's patent invalid and not infringed. AstraZeneca
is evaluating its options.
Tagrisso Patent Proceedings, Russia * In August 2023, AstraZeneca filed lawsuits in the Arbitration Court of
the Moscow region (Court) against the Russian Ministry of Health (MOH) and
Considered to be a contingent asset Axelpharm LLC for improper use of AstraZeneca information in the authorisation
of a generic version of Tagrisso. The suit against the MOH was dismissed in
July 2024, after two appeals. The case against Axelpharm was dismissed in
September 2024, and AstraZeneca has appealed.
* In November 2023, Axelpharm sought a compulsory licence under a patent
related to Tagrisso; the action remains pending. The Axelpharm patent on which
the compulsory licensing action was based was held invalid by the Russian
Patent and Trademark Office (PTO) in August 2024 following challenge by
AstraZeneca. The PTO's decision was upheld in June 2025, following an appeal
by Axelpharm
* In July 2024, AstraZeneca filed a patent infringement claim against
Axelpharm in relation to a generic version of Tagrisso. The action was stayed
by the court pending resolution of the compulsory licensing action.
* In August 2024, after AstraZeneca filed a complaint, the Federal
Anti-Monopoly Service of Russia (FAS) initiated a case against Axelpharm and
OncoTarget. In November 2024, the FAS found Axelpharm to have committed unfair
competition, but not OncoTarget. Axelpharm's appeal against the FAS's finding
was upheld in June 2025. AstraZeneca has appealed against this ruling.
Commercial litigation
Legal proceedings brought against AstraZeneca
Definiens, Germany * In July 2020, AstraZeneca received a notice of arbitration filed with
the German Institution of Arbitration from the sellers of Definiens AG
Considered to be a contingent liability (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 $46m in
favour of the Sellers.
* In March 2024, AstraZeneca filed an application with the Bavarian
Supreme Court (Court) to set aside the arbitration award.
* In April 2025, the Court ruled in favour of AstraZeneca, annulled the
arbitration award, and referred the dispute back to the same arbitration panel
for a second determination.
* In May 2025, the Sellers appealed the Court's decision to the German
Federal Court of Justice. AstraZeneca also appealed the decision to refer the
dispute back to the same arbitration panel.
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
A provision has been taken 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 approved.
* In May 2025, AstraZeneca resolved the matter with all remaining
plaintiffs for a total payment of $97M. The Court must approve the
class-related portion of the settlement before the matter is concluded.
Syntimmune Milestone Litigation, US * In connection with AstraZeneca's acquisition of Syntimmune, Inc.
(Syntimmune) in December 2020, AstraZeneca was served with a lawsuit filed by
Considered to be a contingent liability the stockholders' representative for Syntimmune in Delaware state court that
alleged, among other things, breaches of the 2018 merger agreement (Merger
Agreement).
* The stockholders' representative alleges that AstraZeneca failed to meet
its obligations under the Merger Agreement to use commercially reasonable
efforts to achieve the milestones. AstraZeneca also filed a claim for breach
of the representations in the Merger Agreement.
* A trial was held in July 2023.
* In September 2024, the court issued a partial decision, concluding that
the first milestone in the amount of $130m was achieved, and that AstraZeneca
had breached its contractual obligation to use commercially reasonable efforts
to achieve the milestones. The court requested additional briefing regarding
damages and further proceedings regarding AstraZeneca's claim for breach.
* In June 2025, the court issued a further decision awarding an additional
$181m in damages on its September 2024 breach determination. Additional
proceedings regarding AstraZeneca's claim for breach are ongoing.
Government investigations and proceedings
Legal proceedings brought against AstraZeneca
Texas Qui Tam, US * In December 2022, AstraZeneca was served with an unsealed civil lawsuit
brought by qui tam relators on behalf of the State of Texas in Texas state
Considered to be a contingent liability court, which alleges that AstraZeneca engaged in unlawful marketing practices.
* In July 2025, the State of Texas sought to intervene in the matter.
* Trial is scheduled for December 2025.
Legal proceedings brought by AstraZeneca
340B State Litigation, US * AstraZeneca has filed lawsuits against Arkansas, Kansas, Louisiana,
Maryland, Minnesota, Mississippi, Missouri, Nebraska, Utah, and West Virginia
Considered to be a contingent asset challenging the 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 separate Arkansas
administrative proceeding, the commissioner issued a cease-and-desist order in
April 2025 requiring AstraZeneca to pause its 340B policy in Arkansas.
AstraZeneca has appealed this decision.
* 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. Trial is scheduled for March 2026.
* In Nebraska, AstraZeneca filed its complaint, and the case remains in
the preliminary stages.
* In Utah, the state moved to dismiss AstraZeneca's complaint. The court
stayed AstraZeneca's case pending resolution of a related preliminary
injunction motion.
* In West Virginia, the matter is stayed pending an appeal of a related
West Virginia litigation.
Inflation Reduction Act Litigation, US * In August 2023, AstraZeneca filed a lawsuit in the US District Court for
the District of Delaware (District Court) against the US Department of Health
Considered to be a contingent asset and Human Services (HHS) challenging aspects of the drug price negotiation
provisions of the Inflation Reduction Act and the implementing guidance and
regulations. In March 2024, the District Court granted HHS' motions and
dismissed AstraZeneca's lawsuit.
* In May 2025, the US Court of Appeals for the Third Circuit affirmed the
District Court's dismissal of AstraZeneca's challenge. AstraZeneca intends to
appeal.
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.
Matters disclosed in respect of the first quarter of 2025 and to 29 April
2025, for which no updates disclosed in respect of the second quarter of 2025
and to 29 July 2025
Commercial litigation
Legal proceedings brought against AstraZeneca
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.
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.
Note 6: Analysis of Revenue and Other operating income and expense
Table 23: Product Sales year-on-year analysis: H1 2025
The CER information in respect of H1 2025 included in the Interim financial
statements has not been reviewed by PricewaterhouseCoopers LLP.
For the half year World US Emerging Markets Europe Established RoW
ended 30 June Change Change Change Change Change
$m Act % CER % $m Act % $m Act % CER % $m Act % CER % $m Act % CER %
Tagrisso 3,488 9 10 1,439 12 1,008 10 13 658 5 5 383 3 3
Imfinzi 2,716 20 21 1,572 31 294 20 28 537 17 17 313 (11) (11)
Calquence 1,634 8 9 1,090 4 103 36 49 368 15 15 73 12 15
Lynparza 1,564 8 9 689 14 323 1 4 425 7 6 127 1 2
Enhertu 428 72 76 - - 292 82 88 94 65 63 42 35 41
Zoladex 567 3 6 9 16 442 7 10 72 (7) (8) 44 (10) (9)
Truqap 302 n/m n/m 253 80 8 n/m n/m 28 n/m n/m 13 n/m n/m
Imjudo 170 25 25 111 26 12 58 68 23 43 43 24 (1) (2)
Other Oncology 216 (10) (8) 4 (63) 146 (7) (5) 10 (16) (16) 56 (6) (7)
Oncology 11,085 14 15 5,167 18 2,628 14 19 2,215 13 12 1,075 (1) -
Farxiga 4,206 11 13 803 (7) 1,730 17 23 1,448 17 17 225 7 7
Crestor 635 8 10 24 11 547 15 17 - n/m n/m 64 (9) (8)
Brilinta 520 (22) (21) 271 (23) 137 (18) (16) 107 (21) (21) 5 (39) (34)
Seloken 308 (2) 2 - n/m 298 (3) 1 8 34 38 2 (9) (5)
Lokelma 328 31 32 144 25 63 50 54 56 36 36 65 27 26
roxadustat 150 (8) (7) - - 150 (8) (7) - - - - - -
Wainua 84 n/m n/m 82 n/m 1 - - 1 - - - - -
Other CVRM 274 (27) (26) 27 (74) 138 14 16 76 (37) (37) 33 7 7
CVRM 6,505 6 7 1,351 (9) 3,064 11 15 1,696 9 9 394 6 6
Symbicort 1,438 (4) (2) 598 - 400 (11) (8) 272 (5) (5) 168 7 10
Fasenra 920 18 18 556 16 52 26 32 229 19 19 83 19 20
Breztri 583 28 29 295 31 156 19 21 87 34 34 45 34 36
Tezspire 198 99 n/m - - 16 n/m n/m 128 n/m n/m 54 61 63
Pulmicort 264 (30) (28) 4 (57) 208 (34) (32) 34 (8) (7) 18 8 11
Saphnelo 304 49 49 265 44 7 n/m n/m 21 n/m n/m 11 45 45
Airsupra 70 n/m n/m 69 n/m 1 n/m n/m - - - - - -
Other R&I 158 (8) (8) 55 4 70 (18) (17) 29 (2) (3) 4 (4) -
R&I 3,935 9 10 1,842 18 910 (12) (9) 800 18 17 383 19 21
Beyfortus 128 n/m n/m 102 91 - - - 24 n/m n/m 2 n/m n/m
Synagis 162 (36) (33) (1) (22) 121 (8) (3) 25 (62) (60) 17 (70) (71)
FluMist 10 20 16 - n/m - n/m n/m - n/m n/m 10 n/m n/m
Other V&I 1 (91) (91) - - - n/m n/m 1 (91) (91) - n/m n/m
V&I 301 (7) (5) 101 82 121 (7) (3) 50 (39) 37 29 (49) (50)
Ultomiris 2,228 23 24 1,272 23 113 71 82 498 21 21 345 17 17
Soliris 974 (32) (30) 568 (30) 224 (12) (1) 112 (57) (57) 70 (40) (38)
Strensiq 746 14 15 584 10 50 61 67 57 19 20 55 24 23
Koselugo 275 11 13 106 5 76 (9) (5) 71 58 58 22 25 25
Other Rare Disease 113 12 14 54 16 20 4 16 34 12 12 5 9 10
Rare Disease 4,336 2 3 2,584 3 483 6 16 772 (3) (3) 497 4 4
Nexium 426 (7) (5) 37 (21) 333 5 8 17 (35) (35) 39 (43) (41)
Other 82 (19) (18) 3 (46) 59 (12) (11) 18 (32) (33) 2 8 7
Other Medicines 508 (9) (7) 40 (23) 392 2 4 35 (34) (34) 41 (41) (40)
Total Medicines 26,670 8 10 11,085 10 7,598 8 12 5,568 8 8 2,419 2 2
The table provides an analysis of year-on-year Product Sales, with Actual and
CER growth rates reflecting year-on-year growth.
Table 24: Product Sales year-on-year analysis: Q2 2025 (Unreviewed)
The Q2 2025 information in respect of the three months ended 30 June 2025
included in the Interim financial statements has not been reviewed by
PricewaterhouseCoopers LLP.
For the half year World US Emerging Markets Europe Established RoW
ended 30 June Change Change Change Change Change
$m Act % CER % $m Act % $m Act % CER % $m Act % CER % $m Act % CER %
Tagrisso 1,810 13 12 761 16 489 13 15 351 8 4 209 9 5
Imfinzi 1,455 27 26 844 36 152 31 35 285 26 21 174 (5) (8)
Calquence 872 10 10 583 5 49 36 43 198 19 14 42 27 28
Lynparza 838 13 11 378 18 162 6 7 229 11 7 69 5 2
Enhertu 230 81 82 - - 156 n/m n/m 51 63 56 23 24 28
Zoladex 284 4 5 4 (8) 219 9 11 38 (9) (13) 23 (9) (11)
Truqap 170 84 84 142 57 6 n/m n/m 14 n/m n/m 8 n/m n/m
Imjudo 89 20 18 57 17 7 93 84 12 39 35 13 - (4)
Other Oncology 106 (12) (13) 1 (76) 70 (11) (10) 5 (27) (30) 30 - (5)
Oncology 5,854 18 17 2,770 20 1,310 19 22 1,183 17 12 591 5 2
Farxiga 2,150 11 10 420 6 859 13 15 765 13 8 106 3 (1)
Crestor 319 9 9 12 3 275 17 18 - n/m n/m 32 (10) (13)
Brilinta 215 (37) (38) 99 (48) 63 (20) (20) 51 (26) (29) 2 (46) (39)
Seloken 148 (2) 1 - n/m 143 (2) - 4 4 11 1 (5) (3)
Lokelma 175 29 27 75 18 33 52 54 30 33 29 37 30 24
roxadustat 72 (18) (18) - - 72 (18) (18) - - - - - -
Wainua 44 n/m n/m 43 n/m - - - 1 - - - - -
Other CVRM 138 (27) (28) 16 (73) 67 24 24 38 (35) (37) 17 (8) (12)
CVRM 3,261 3 3 665 (10) 1,512 9 11 889 5 1 195 2 (2)
Symbicort 715 (1) (1) 319 7 168 (15) (14) 137 (5) (8) 91 11 11
Fasenra 502 19 18 307 14 26 33 36 125 27 22 44 20 18
Breztri 283 21 20 147 22 65 7 8 46 32 27 25 30 28
Tezspire 112 97 91 - - 9 n/m n/m 72 n/m n/m 31 60 55
Pulmicort 106 (32) (32) 1 (58) 81 (35) (36) 15 (14) (18) 9 2 2
Saphnelo 167 49 48 145 44 4 n/m n/m 12 n/m n/m 6 41 31
Airsupra 42 n/m n/m 42 n/m - n/m n/m - - - - - -
Other R&I 61 (23) (24) 16 (35) 28 (25) (25) 15 2 (3) 2 (8) (7)
R&I 1,988 11 10 977 18 381 (14) (13) 422 21 16 208 20 19
Beyfortus 98 n/m n/m 73 n/m - - - 24 n/m n/m 1 34 27
Synagis 49 (39) (37) - n/m 38 (7) (1) - n/m n/m 11 (68) (69)
FluMist 10 n/m n/m - n/m - - - - n/m n/m 10 - -
Other V&I - n/m n/m - - - - - - n/m n/m - n/m n/m
V&I 157 40 42 73 n/m 38 (6) (1) 24 n/m n/m 22 (39) (40)
Ultomiris 1,177 25 23 667 21 61 76 86 270 29 24 179 18 12
Soliris 530 (24) (22) 280 (30) 159 23 38 56 (52) (54) 35 (37) (38)
Strensiq 395 16 15 319 12 16 65 58 31 30 26 29 27 21
Koselugo 137 20 18 52 (5) 36 51 50 37 42 37 12 28 22
Other Rare Disease 55 16 14 28 13 6 7 4 18 20 16 3 37 32
Rare Disease 2,294 7 7 1,346 3 278 37 48 412 5 1 258 7 2
Nexium 198 (10) (9) 18 (30) 157 7 9 6 (49) (55) 17 (52) (51)
Other 43 (10) (11) 3 12 29 (12) (11) 10 (12) (18) 1 4 (3)
Other Medicines 241 (10) (9) 21 (26) 186 4 5 16 (32) (38) 18 (50) (50)
Total Medicines 13,795 11 10 5,852 12 3,705 11 13 2,946 12 8 1,292 4 1
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: H1 2025
For the half year ended 30 June 2025 2024
$m $m
Enhertu 834 683
Tezspire 285 180
Beyfortus 109 26
Datroway 14 -
Other Alliance Revenue 51 50
Total 1,293 939
Table 26: Collaboration Revenue: H1 2025
For the half year ended 30 June 2025 2024
$m $m
Farxiga: sales milestones 77 49
Other Collaboration Revenue 5 -
Total 82 49
Table 27: Other operating income and expense: H1 2025
For the half year ended 30 June 2025 2024
$m $m
Total 192 127
Other shareholder information
Financial calendar
Announcement of 9M and Q3 2025 results: 6 November
2025
Announcement of FY and Q4 2025 results: 10
February 2026
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).
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
For the ex-dividend dates of ordinary shares listed on the Stockholm Stock
Exchange, and for American Depositary Receipts listed on NASDAQ, please check
the notifications made by Euroclear Sweden AB, the Swedish Central Securities
Depositary, and J.P. Morgan Chase Bank N.A., the US depositary. Contact
details are below.
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; and
- the risk of unexpected deterioration in the Group's financial position.
Glossary
1L, 2L, etc first line, second
line, etc
ABC advanced
breast cancer
aHUS atypical
haemolytic uraemic syndrome
AL
amyloid light chain
ASCO American
Society of Clinical Oncology
ATS American
Thoracic Society
BICLA British
Isles Lupus Assessment Group-based Composite Lupus Assessment
BRCA / m breast cancer gene /
mutation
BTC biliary
tract cancer
BTK / i bruton
tyrosine kinase / inhibitor
CDK4
cyclin-dependent kinase 4
CI
confidence interval
CHMP Committee for
Medicinal Products for
Human Use (EU)
CKD chronic
kidney disease
CLL
chronic lymphocytic leukaemia
CN China
COPD chronic
obstructive pulmonary disease
CSPC
castration-sensitive prostate cancer
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
EHA European
Hematology Association
EPS earnings
per share
ESR1 / m oestrogen receptor 1
gene / mutation
EVH
extravascular haemolysis
FDA US Food
and Drug Administration
FDC fixed
dose combination
FLOT
fluorouracil, oxaliplatin and docetaxel
GAAP Generally
Accepted Accounting Principles
GEJ gastro
oesophageal junction
GI
gastrointestinal
gMG generalised
myasthenia gravis
HCC
hepatocellular carcinoma
HER2 / +/- /low /m human epidermal growth factor receptor 2 gene
/ positive / negative / low expression / gene mutant
HES
hyper-eosinophilic syndrome
HF/ pEF / rEF heart failure / with preserved
ejection fraction / with reduced ejection fraction
hMPV human
metapneumovirus
HR / + / - hormone receptor /
positive / negative
HSCT-TMA hematopoietic stem cell
transplantation-associated thrombotic microangiopathy
ICS
inhaled corticosteroid
IL-5
interleukin-5
LABA long-acting
beta-agonist
LAMA long-acting
muscarinic-agonist
LDH lactic
dehydrogenase
MCL mantle
cell lymphoma
mCRPC metastatic
castration-resistant prostate cancer
MET
mesenchymal-epithelial transition
MIBC
muscle-invasive bladder cancer
n/m growth
rate not meaningful
NGP
next-generation propellant
NMOSD neuromyelitis optica
spectrum disorder
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
PNH paroxysmal
nocturnal haemoglobinuria
R&D
research and development
RSV
respiratory syncytial virus
SCLC small
cell lung cancer
SG&A sales,
general and administration
SGLT2 sodium-glucose
cotransporter 2
SLE
systemic lupus erythematosus
THP a
treatment regimen: docetaxel, trastuzumab and pertuzumab
TMA thrombotic
microangiopathy
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