REG - AstraZeneca PLC - 9M and Q3 2025 results
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RNS Number : 3923G AstraZeneca PLC 06 November 2025
6 November 2025
AstraZeneca results: 9M and Q3 2025
Continued strong commercial performance and unprecedented pipeline delivery in
the year to date
Revenue and EPS summary
9M 2025 % Change Q3 2025 % Change
$m Actual CER(1) $m Actual CER
- Product Sales 41,035 9 9 14,365 11 9
- Alliance Revenue 2,108 41 41 815 46 44
Product Revenue(2) 43,143 10 11 15,180 12 11
Collaboration Revenue 93 (14) (15) 11 (81) (82)
Total Revenue 43,236 10 11 15,191 12 10
Reported EPS ($) 5.10 43 42 1.64 77 70
Core(3) EPS ($) 7.04 15 15 2.38 14 12
Key performance elements for 9M 2025
(Growth numbers at constant exchange rates)
* Total Revenue up 11% to $43,236m, driven by growth in all Therapy Areas,
including 16% growth in Oncology and 13% growth in R&I
* Growth in Total Revenue across all major geographic regions
* Core Operating profit increased 13%
* Core EPS increased 15% to $7.04
* 16 positive Phase III readouts and 31 approvals in major regions
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"The strong underlying momentum across our business through the first nine
months of the year sets us up well to sustain growth through 2026 and has us
on track to deliver our 2030 ambition.
Across our pipeline we have announced an unprecedented 16 positive Phase III
trials this year, with four since our previous results including high-impact
readouts for baxdrostat in hypertension and Enhertu and Datroway in breast
cancer.
We are also delivering on our strategy to strengthen our operations in the
United States to power our growth. This includes a historic agreement with the
US government to lower the cost of medicines for American patients, and
broadening our US manufacturing footprint having broken ground at our new
$4.5bn Virginia manufacturing facility in October."
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 October 2025 to December 2025 were to remain at
the average rates seen in September 2025, it is anticipated that FY 2025 Total
Revenue growth and Core EPS growth would be broadly similar to the growth at
CER (unchanged from the previous guidance).
http://www.rns-pdf.londonstockexchange.com/rns/3923G_1-2025-11-5.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3923G_1-2025-11-5.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-Breast05 High-risk HER2+ early breast cancer (post-neoadjuvant) Primary endpoint met
Datroway TROPION-Breast02 1L TNBC for patients where IO is not an option Dual primary endpoints met
Imfinzi MATTERHORN Resectable gastric/GEJ cancer Secondary endpoint met (OS)
baxdrostat Bax24 Treatment resistant hypertension Primary endpoint met
Fasenra RESOLUTE COPD Primary endpoint not met
Saphnelo TULIP-SC SLE (subcutaneous) Primary endpoint met
Regulatory approvals
Medicine Trial Indication Region
Calquence ECHO 1L MCL JP
Calquence ACE-LY-004 Relapsed/refractory MCL JP
Datroway TROPION-Breast01 HR+ HER2- mBC CN
Enhertu DESTINY-Breast06 CTx naïve HER2-low and -ultralow mBC JP
Imfinzi NIAGARA Bladder cancer JP
Imfinzi AEGEAN Resectable NSCLC JP
Lynparza PROpel BRCAm mCRPC CN
Tezspire WAYPOINT Chronic rhinosinusitis with nasal polyps US, EU
Koselugo KOMET Adult neurofibromatosis type 1 JP, EU
Ultomiris CHAMPION-NMOSD NMOSD CN
Regulatory submissions or acceptances* in major regions
Medicine Trial Indication Region
Enhertu DESTINY-PanTumour02 Previously treated HER2+ solid tumours EU
Enhertu DESTINY-Gastric04 2L HER2+ gastric/GEJ cancer EU
Enhertu DESTINY-Breast09 1L HER2+ mBC US, JP, CN
Enhertu DESTINY-Breast11 Neoadjuvant HER2+ Stage II or III breast cancer US, CN
Imfinzi MATTERHORN Resectable early-stage gastric and GEJ cancers EU, JP
Imfinzi POTOMAC High-risk non-muscle invasive bladder cancer US, EU, JP
Truqap CAPItello-281 PTEN-deficient metastatic hormone-sensitive prostate cancer US, EU
Breztri KALOS/LOGOS Uncontrolled asthma US, EU, JP, CN
Fasenra NATRON HES US, EU, JP, CN
Saphnelo TULIP-SC SLE (subcutaneous) US, EU, JP
Saphnelo TULIP-1/2, AZALEA SLE CN
gefurulimab PREVAIL Generalised myasthenia gravis 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: Q3 2025
For the quarter Reported Change Core Change
ended 30 September $m Act CER $m Act CER
Product Revenue 15,180 12 11 15,180 12 11 * See Tables 3, 27 and 28 for medicine details of Product Revenue, Product
Sales and Alliance Revenue
Collaboration Revenue 11 (81) (82) 11 (81) (82) * See Tables 4 and 29 for details of Collaboration Revenue
Total Revenue 15,191 12 10 15,191 12 10 * See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%) 82 +4pp +4pp 82 - - * Variations in Gross Margin can be expected between periods due to
various factors, including fluctuations in foreign exchange rates, product
seasonality and Collaboration Revenue
* See 'Reporting changes' below for the definition of Gross Margin(5)
R&D expense 3,663 18 16 3,550 16 14 * Core R&D: 23% of Total Revenue
+ Accelerated recruitment year-to-date in ongoing trials
+ Investments in transformative technologies such as IO bispecifics, cell
therapy and radioconjugates
+ Positive data read-outs for high-value pipeline opportunities that have
ungated large late-stage trials
+ Addition of R&D projects from business development
SG&A expense 5,085 (1) (3) 3,822 6 4 * Core SG&A: 25% of Total Revenue
Other operating income and expense(6) 89 >3x >3x 96 >3x >3x
Operating Profit 3,583 70 64 4,993 16 13
Operating Margin (%) 24 +8pp +8pp 33 +1pp +1pp
Net finance expense 349 27 25 305 (7) (9) − Reduction in Core driven by lower short-term borrowing during the quarter
+ Reported expense in Q3 2024 included a favourable fair value adjustment
Tax rate (%) 22 - - 21 +2pp +2pp * Variations in the tax rate can be expected between periods
EPS ($) 1.64 77 70 2.38 14 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 (pp).
In the expense commentary above, the plus and minus symbols denote the
directional impact of the item being discussed, e.g. a '+' symbol beside an
R&D expense comment indicates that the item increased R&D expenditure
relative to the prior year period.
Corporate and business development
Listing harmonisation
As announced on 29 September 2025 and approved by shareholders on 3 November
2025, AstraZeneca will harmonise its share listing structure to deliver a
global listing for global investors in a global company. It is expected that
AstraZeneca shareholders will be able to trade their interests in AstraZeneca
ordinary shares across the London Stock Exchange, Nasdaq Stockholm and the New
York Stock Exchange from 2 February 2026. For further details, see the
Circular
(https://www.astrazeneca.com/content/dam/az/PDF/2025/Circular-and-Notice-of-General-Meeting.pdf)
containing details of the Harmonised Listing Structure.
US investment plans
In October 2025, AstraZeneca announced having broken ground on its $4.5bn
manufacturing facility in Rivanna Futures, Albemarle County, Virginia. This is
part of the Company's plans to invest $50bn in US manufacturing and R&D by
2030, announced in July 2025.
The Virginia plant is expected to create approximately 3,600 direct and
indirect jobs. It will produce drug substance for AstraZeneca's weight
management and metabolic portfolio, including oral GLP-1 (AZD5004),
baxdrostat, oral PCSK9 (laroprovstat) and combination small molecule products,
and also antibody drug conjugates for the Oncology portfolio.
Agreement with US Government
In October 2025, AstraZeneca announced a historic agreement with the US
administration to lower the cost of prescription medicines for American
patients. The Company voluntarily agreed to a range of measures which will
enable American patients to access medicines at prices that are equalised with
those available in wealthy countries.
As part of the agreement, AstraZeneca will provide Direct-to-Consumer sales to
eligible patients with prescriptions for select products for chronic diseases.
AstraZeneca has also reached an agreement with the US Department of Commerce
to delay Section 232 tariffs for three years, enabling the Company to fully
onshore medicines manufacturing so that all of its medicines sold in America
are made in America.
SixPeaks
On 22 October 2025, AstraZeneca, by exercise of an option, completed the
acquisition of the remaining share capital of SixPeaks Bio AG (SixPeaks),
following an initial investment of $15m made in Q2 2024. $170m was paid on
closing, $30m to be paid after two years and up to a further $100m is payable
on achievement of regulatory milestones. SixPeaks is investigating potential
therapies for weight-management with the aim of preserving lean muscle mass.
Agreement with Merck on Koselugo
In August 2025, the contractual arrangements between AstraZeneca and Merck
& Co., Inc., (Merck; known as MSD outside of the US and Canada) were
updated and simplified relating to the global development and
commercialisation of Koselugo, an oral, selective MEK inhibitor. Under the
updated arrangements AstraZeneca will fully recognise the costs, revenues and
profits of Koselugo globally. Merck received an upfront payment of $150
million and will receive deferred payments totalling up to $400m. In
addition, Merck is eligible to receive up to $175m in potential approval
milestones and up to $235m in sales milestone payments, plus single-digit
royalties based on net sales. Prior to the updated arrangements, AstraZeneca
fully recognised the revenues of Koselugo but shared equally pre-tax profits
and losses of the product with Merck.
Sustainability highlights
For the third consecutive year, TIME Magazine recognised AstraZeneca as one
of the World's Best Companies with the Company ranking at 43 out of 1,000
global companies and as the top pharmaceutical company in terms of
sustainability transparency.
Reporting calendar
The Company intends to publish its FY and Q4 2025 results on 10 February
2026.
Conference call
A conference call and webcast for investors and analysts will begin today,
6 November 2025, at 13:00 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 policies' 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 Tables 9 and 10 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
policies' 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
9M 2025 % Change Q3 2025 % Change
$m % Total Actual CER $m % Total Actual CER
Tagrisso 5,352 12 10 10 1,864 12 11 10
Imfinzi 4,317 10 25 25 1,601 11 33 31
Calquence 2,551 6 10 10 916 6 13 11
Lynparza 2,401 6 8 7 837 6 7 5
Enhertu 1,976 5 37 38 714 5 40 39
Zoladex 884 2 5 6 296 2 7 6
Truqap 495 1 85 85 193 1 55 54
Imjudo 253 1 22 21 84 1 16 14
Datroway 38 - n/m n/m 24 - n/m n/m
Other Oncology 323 1 (10) (9) 107 1 (9) (10)
Oncology Product Revenue 18,590 43 16 16 6,636 44 19 18
Farxiga 6,345 15 11 11 2,135 14 10 8
Crestor 942 2 5 6 306 2 1 (1)
Brilinta 665 2 (33) (33) 146 1 (55) (56)
Lokelma 517 1 32 31 189 1 32 30
Seloken 469 1 1 3 160 1 6 6
roxadustat 229 1 (12) (12) 77 1 (18) (19)
Wainua 143 - >3x >3x 59 - >2x >2x
Other CVRM 418 1 (24) (24) 144 1 (18) (19)
CVRM Product Revenue 9,728 23 4 5 3,216 21 2 -
Symbicort 2,180 5 (1) - 742 5 5 4
Fasenra 1,451 3 19 19 530 3 22 20
Breztri 906 2 26 26 323 2 21 20
Tezspire 770 2 64 63 287 2 50 47
Pulmicort 357 1 (31) (30) 93 1 (33) (35)
Saphnelo 483 1 48 47 180 1 45 44
Airsupra 115 - >2x >2x 45 - >2x >2x
Other R&I 231 1 (11) (11) 59 - (24) (24)
R&I Product Revenue 6,493 15 13 13 2,259 15 15 14
Beyfortus 474 1 80 78 236 2 29 29
Synagis 220 1 (36) (35) 58 - (37) (40)
FluMist 132 - 21 19 122 1 21 20
Other V&I - - n/m n/m - - n/m n/m
V&I Product Revenue 826 2 9 9 416 3 3 2
Ultomiris 3,453 8 22 21 1,225 8 19 17
Soliris 1,436 3 (30) (28) 462 3 (24) (24)
Strensiq 1,188 3 19 19 441 3 29 28
Koselugo 498 1 36 34 224 1 88 79
Other Rare Disease 177 - 18 18 64 - 31 26
Rare Disease Product Revenue 6,752 16 6 6 2,416 16 12 11
Nexium 638 1 (7) (5) 204 1 (6) (5)
Others 116 - (27) (26) 33 - (39) (39)
Other Medicines Product Revenue 754 2 (11) (9) 237 2 (12) (12)
Product Revenue 43,143 100 10 11 15,180 100 12 11
Alliance Revenue included above:
Enhertu 1,291 3 24 24 457 3 26 24
Tezspire 453 1 50 50 168 1 37 37
Beyfortus 252 1 >3x >3x 142 1 >2x >2x
Datroway 38 - n/m n/m 24 - n/m n/m
Other Alliance Revenue 74 - (2) (2) 24 - (8) (8)
Alliance Revenue 2,108 5 41 41 815 5 46 44
Table 4: Collaboration Revenue
9M 2025 % Change Q3 2025 % Change
$m Actual CER $m Actual CER
Farxiga: sales milestones 81 56 56 5 51 43
Others 12 (79) (80) 6 (90) (90)
Collaboration Revenue 93 (14) (15) 11 (81) (82)
Table 5: Total Revenue by Therapy Area
9M 2025 % Change Q3 2025 % Change
$m % Total Actual CER $m % Total Actual CER
Oncology 18,591 43 16 16 6,636 44 19 18
CVRM 9,809 23 5 5 3,221 21 2 -
R&I 6,493 15 13 13 2,259 15 15 14
V&I 826 2 2 2 416 3 (10) (11)
BioPharmaceuticals 17,129 40 7 8 5,896 39 6 4
Rare Disease 6,752 16 6 6 2,416 16 12 11
Other Medicines 764 2 (9) (8) 242 2 (10) (10)
Total Revenue 43,236 100 10 11 15,191 100 12 10
Table 6: Total Revenue by region
9M 2025 % Change Q3 2025 % Change
$m % Total Actual CER $m % Total Actual CER
US 18,517 43 11 11 6,548 43 9 9
Emerging Markets ex. China 6,378 15 16 21 2,196 14 25 25
China 5,279 12 5 5 1,764 12 6 5
Emerging Markets 11,657 27 11 13 3,960 26 16 15
Europe 9,160 21 11 9 3,334 22 16 10
Established ROW 3,902 9 6 5 1,349 9 7 5
Total Revenue 43,236 100 10 11 15,191 100 12 10
Total Revenue by Medicine
Oncology
Tagrisso
9M 2025 Total % Change * Strong demand growth across all indications and key regions, leading
$m
combination in 1L NSCLC (FLAURA2)
Revenue Actual CER
US 2,222 11 11 * Underlying demand growth more than offset Medicare Part D redesign
Emerging Markets 1,509 11 13 * Favourable tender order timings in Q3 2025
Europe 1,030 8 5 * Demand growth partially offset by pricing pressure in certain major
markets
Established RoW 591 5 5
Total 5,352 10 10
Imfinzi
9M 2025 Total % Change * Strong growth from new launch indications in bladder cancer (NIAGARA)
and lung cancer (ADRIATIC, AEGEAN)
$m Revenue Actual CER
US 2,484 32 32 * Demand growth across all indications, particularly new launches
Emerging Markets 463 27 33 * Increased demand in GI (HIMALAYA, TOPAZ-1) and new launches in lung
cancer
Europe 879 26 24 * Growth from GI indications and continued momentum from lung cancer
launches
Established RoW 491 (6) (7) * Mandatory price reductions in Japan in Feb 2024 (25%), and Aug 2024
(11%), increased competition in BTC (TOPAZ-1)
Total 4,317 25 25
Calquence
9M 2025 Total % Change * Growth from sustained BTKi leadership in front-line CLL (ELEVATE-TN)
$m
Revenue Actual CER
US 1,702 5 5 * Growth in new starts in CLL, 1L MCL (ECHO) launch and improved
affordability offsetting Medicare Part D redesign and formulary discounts to
secure preferential formulary placement
Emerging Markets 164 41 48
Europe 569 16 14 * Early launch momentum in fixed duration 1L CLL (AMPLIFY)
Established RoW 116 18 20
Total 2,551 10 10
Lynparza
9M 2025 Total % Change * Sustained global PARP inhibitor market leadership across four tumour
$m
types (ovarian, breast, prostate, pancreatic)
Revenue Actual CER
US 1,054 10 10 * Share gains across ovarian, breast and prostate indications
Emerging Markets 487 2 4 * Affected by generic launches in China in Q4 2024
Europe 667 9 7 * Launches in breast and prostate cancers (OlympiA and PROpel)
Established RoW 193 3 3 * Gains in 1L ovarian cancer, increasing share of pMMR endometrial cancer
Total 2,401 8 7
Enhertu
Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca,
amounted to $3,575m in 9M 2025 (9M 2024: $2,729m). US in-market sales,
recorded by Daiichi Sankyo, amounted to $1,734m in 9M 2025 (9M 2024: $1,342m).
AstraZeneca's European revenue includes a mid-single-digit percentage royalty
on Daiichi Sankyo's sales in Japan, recorded as Alliance Revenue.
9M 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 834 30 30 * Accelerated uptake in chemotherapy naïve HER2-low and -ultralow breast
cancer (DESTINY-Breast06)
Emerging Markets 590 67 75 * Rapid adoption post-NRDL enlistment of HER2-positive and HER2-low breast
cancer from 1 January 2025
Europe 489 22 20 * Early launch uptake in chemotherapy naïve HER2-low breast cancer
Established RoW 63 34 38
Total 1,976 37 38
Other Oncology medicines
9M 2025 Total % Change
$m
Revenue Actual CER
Zoladex 884 5 6 * Growth across Emerging Markets
Truqap 495 85 85 * Demand growth in second-line biomarker-altered metastatic breast cancer
Imjudo 253 22 21 * Continued growth driven by lung (POSEIDON) and HCC (HIMALAYA)
Datroway 38 n/m n/m * Continued uptake in breast cancer; initial use in lung cancer following
US launch
Other Oncology 323 (10) (9) * Faslodex generic erosion across markets
Other Oncology includes $23m of Total Revenue from Orpathys, partnered with
HUTCHMED.
BioPharmaceuticals - CVRM
Farxiga
9M 2025 Total % Change * Growth driven by HF and CKD indications, SGLT2 class growth supported by
$m
cardiorenal guidelines
Revenue Actual CER
US 1,244 (3) (3) * Prior year period benefitted from launch of authorised generic
Emerging Markets 2,623 18 21 * Continued strong growth despite generic competition in some markets
Europe 2,147 13 10 * Demand growth, impact from generic entry in the UK in Q3 2025
Established RoW 413 11 11
Total 6,426 11 12
Other CVRM medicines
9M 2025 Total % Change
$m
Revenue Actual CER
Crestor 942 5 6 * Continued sales growth driven by Emerging Markets
Brilinta 665 (33) (33) * Decline driven by generic entry in the US and Europe in Q2 2025
Seloken 469 1 3 * Vast majority of revenue growth driven by Emerging Markets
Lokelma 517 32 31 * Strong growth in all major regions with continued launches in new
markets
roxadustat 229 (12) (12) * Decline driven by generic competition
Wainua 143 >3x >3x * Majority of revenue from US, first launches in ex-US markets in Q2 2025
Other CVRM 418 (24) (24)
BioPharmaceuticals - R&I
Symbicort
9M 2025 Total % Change * Sustained market leader in a stable ICS/LABA class, treating COPD and
$m
asthma
Revenue Actual CER
US 903 2 2 * Demand for authorised generic partially offsetting brand price pressures
Emerging Markets 624 (4) (3) * China affected by ICS/LABA class erosion in COPD in favour of FDC triple
therapy
Europe 406 (2) (4) * Continued generic erosion
Established RoW 247 3 5
Total 2,180 (1) -
Fasenra
9M 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 886 18 18 * Sustained double-digit volume growth with expanded class leadership
Emerging Markets 81 18 22 * Asthma launch momentum across key markets
Europe 351 19 17 * Sustained leadership in severe eosinophilic asthma
Established RoW 133 26 27 * Strong growth supported by recent EGPA launch in Japan
Total 1,451 19 19
Breztri
9M 2025 Total % Change * Fastest growing medicine within the expanding FDC triple class
$m
(ICS/LABA/LAMA), treating COPD
Revenue Actual CER
US 462 26 26 * Consistent share growth within expanding FDC triple class
Emerging Markets 239 20 21 * Market share leadership in China with strong FDC triple class
penetration
Europe 136 34 31 * Sustained growth from market share gain and new launches
Established RoW 69 31 31 * Increasing market share in Japan
Total 906 26 26
Tezspire
Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to
$1,321m in 9M 2025 (9M 2024: $843m).
9M 2025 Total % Change * Sustained demand growth in severe asthma with launch momentum across
$m
multiple markets
Revenue Actual CER
US 453 50 50 * Continued strong demand growth with increasing new patient share volumes
in biologics segment
Emerging Markets 24 >3x >3x * Strong continued launch uptake
Europe 207 98 93 * Maintained new-to-brand leadership across multiple markets and new
launches
Established RoW 86 55 55 * Strong growth driven by Japan
Total 770 64 63
Other R&I medicines
9M 2025 Total % Change
$m
Revenue Actual CER
Pulmicort 357 (31) (30) * Generic competition in Emerging Markets (~80% of revenue)
Saphnelo 483 48 47 * Strong US demand growth, ongoing launches in Europe and Established RoW
Airsupra 115 >2x >2x * Strong US launch momentum and volume uptake
Other R&I 231 (11) (11)
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.
9M 2025 Total % Change
$m
Revenue Actual CER
Beyfortus 474 49 47 * Increased capacity and strong demand
Synagis 220 (36) (35) * Competition from Beyfortus
FluMist 132 21 19
Other V&I 0 n/m n/m
Rare Disease
Ultomiris
Ultomiris Total Revenue includes sales of Voydeya, which is approved as an add
on treatment to Ultomiris and Soliris for the ~20-30% of PNH patients who
experience clinically significant EVH.
9M 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 1,961 20 20 * Demand growth across indications, including within the competitive gMG
and PNH landscapes, minimal impact from Medicare Part D redesign
Emerging Markets 177 92 >2x * Expansion into new markets and growth in patient demand
Europe 769 18 16 * Strong demand growth following recent launches; competition in gMG and
PNH
Established RoW 546 17 16 * Continued conversion and strong demand following new launches
Total 3,453 22 21
Soliris
9M 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 844 (28) (28) * Competition in gMG and PNH, biosimilars launched in April 2025
Emerging Markets 327 (11) (2) *
Europe 159 (54) (55) * Biosimilar competition in PNH and aHUS
Established RoW 106 (35) (34) • Driven by conversion to Ultomiris
Total 1,436 (30) (28)
Strensiq
9M 2025 Total % Change * Growth driven by continued patient demand and geographic expansion
$m
Revenue Actual CER
US 953 17 17 * Demand growth, offset by Medicare Part D redesign
Emerging Markets 61 58 61
Europe 89 22 19
Established RoW 85 23 21
Total 1,188 19 19
Other Rare Disease medicines
9M 2025 Total % Change
$m
Revenue Actual CER
Koselugo 498 36 34 * Growth driven by continued patient demand and geographic expansion. Q3
2025 benefitted from favourable timing of tender orders in Emerging Markets
Other Rare Disease 177 18 18 * Other Rare Disease medicines include Kanuma and Beyonttra (JP only)
Other Medicines
9M 2025 Total % Change
$m
Revenue Actual CER
Nexium 638 (7) (5) * Growth in Emerging Markets, generic erosion elsewhere
Others 126 (20) (20) * Generic erosion
R&D progress
This section covers R&D events and milestones that occurred between 29
July 2025 and 5 November 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 IASLC 2025 World Conference on Lung Cancer (WCLC) and the
European Society of Medical Oncology Congress 2025 (ESMO). Across the two
meetings, more than 160 abstracts were presented featuring 20 approved and
potential new medicines including 35 oral presentations.
Calquence
Approval ECHO * For mantle cell lymphoma in previously untreated diseases: in
combination with bendamustine hydrochloride and rituximab (genetical
JP August 2025 recombination).
New disclosure
Approval ACE-LY-004 * For mantle cell lymphoma in relapsed or refractory diseases.
JP August 2025
New disclosure
Datroway
Approval TROPION-Breast01 * For the treatment of adult patients with unresectable or metastatic
HR-positive, HER2-negative (IHC 0, IHC 1+ or IHC 2+/ISH-) breast cancer who
CN August 2025 have received prior endocrine therapy and at least one line of chemotherapy in
the advanced setting.
New disclosure
Data presentation TROPION-Breast02 * Positive results from the TROPION-Breast02 Phase III trial showed
Datroway demonstrated a 5.0-month improvement in median OS (HR 0.79; 95% CI
ESMO October 2025 0.64-0.98; p=0.0291) and reduced the risk of disease progression or death by
43% (HR 0.57; 95% CI 0.47-0.69; p<0.0001) compared to chemotherapy as
1st-line treatment for patients with locally recurrent inoperable or
metastatic TNBC for whom immunotherapy was not an option.
Enhertu
Approval DESTINY-Breast06 * For the treatment of adult patients with HR-positive, HER2-low (IHC 1+
or IHC 2+/ISH-) or HER2-ultralow (IHC 0 with membrane staining) unresectable
JP August 2025 or recurrent breast cancer.
Priority Review DESTINY-Breast09 * In combination with pertuzumab for the 1st-line treatment of adult
patients with unresectable or metastatic HER2-positive breast cancer.
US September 2025
Data presentation DESTINY-Breast11 * Positive results from the DESTINY-Breast11 Phase III trial showed
Enhertu followed by THP resulted in a pCR rate of 67.3% compared with 56.3%
ESMO October 2025 for ddAC-THP, representing a pCR rate improvement of 11.2%, in patients with
high-risk, locally advanced HER2-positive early-stage breast cancer.
Data presentation DESTINY-Breast05 * Positive results from the DESTINY-Breast05 Phase III trial showed
ESMO
Enhertu significantly reduced the risk of invasive disease recurrence or death
October 2025 by 53% compared with T-DM1 as a post-neoadjuvant treatment (HR 0.47, 95% CI
0.34-0.66, p<0.0001) in patients with HER2-positive early breast cancer
with residual invasive disease in the breast and/or axillary lymph nodes after
neoadjuvant treatment. At three years, 92.4% of patients in the Enhertu arm
were alive and free of invasive disease, compared with 83.7% of those in the
T-DM1 arm.
Imfinzi
Approval NIAGARA * Neoadjuvant and adjuvant therapy in bladder cancer.
JP September 2025
New disclosure
Approval AEGEAN * Neoadjuvant and adjuvant treatment in non-small cell lung cancer.
JP September 2025
New disclosure
Data presentation MATTERHORN * Positive results from the final OS analysis of the MATTERHORN Phase III
trial showed perioperative treatment with Imfinzi in combination with
ESMO October 2025 standard-of-care FLOT chemotherapy reduced the risk of death by 22% compared
with chemotherapy alone (HR 0.78; 95% CI 0.63-0.96; p=0.021) in patients with
resectable, early-stage and locally advanced and GEJ cancers.
Data presentation POTOMAC * Positive results from the POTOMAC Phase III trial showed adding one year
of treatment with Imfinzi to BCG induction and maintenance therapy
ESMO October 2025 demonstrated a 32% reduction in the risk of high-risk disease recurrence or
death versus the comparator arm (HR 0.68; 95% CI 0.50-0.93; p=0.0154) in
patients with BCG-naïve, high-risk non-muscle invasive bladder cancer.
Lynparza
Approval PROpel * In combination with abiraterone and prednisone or prednisolone for the
treatment of adult patients with g/sBRCAm mCRPC.
CN July 2025
New disclosure
Tagrisso
Data presentation FLAURA2 * Positive results from the final OS analysis of the FLAURA2 Phase III
trial showed Tagrisso with the addition of pemetrexed and platinum-based
WCLC September 2025 chemotherapy demonstrated a median OS of nearly four years (47.5 months)
compared to approximately three years (37.6 months) for Tagrisso monotherapy
in the 1st-line treatment of patients with locally advanced or metastatic
EGFRm NSCLC.
BioPharmaceuticals - CVRM
AstraZeneca presented 32 abstracts and 13 posters alongside two hot-line oral
presentations at the European Society of Cardiology (ESC) in Madrid, Spain.
baxdrostat
Data presentation BaxHTN * Positive results from the BaxHTN Phase III trial showed that baxdrostat
met the primary and all secondary endpoints, delivering meaningful and
ESC August 2025 sustained blood pressure reductions in patients with hard-to-control
hypertension. At week 12, the absolute reduction from baseline in mean seated
SBP was 15.7 mmHg (95% CI, -17.6 to -13.7) and placebo-adjusted reduction was
9.8 mmHg (95% CI, -12.6 to -7.0; p<0.001) for the 2mg dose. Results were
consistent across both uncontrolled and treatment-resistant subgroups.
Phase III readout Bax24 * Positive high-level results from the Bax24 Phase III trial showed
baxdrostat demonstrated a statistically significant and highly clinically
October 2025 meaningful reduction in ambulatory 24-hour average systolic blood pressure
compared with placebo at 12 weeks. Efficacy was observed throughout the
24-hour period, including early morning, when patients with hypertension are
at a higher risk of cardiovascular events.
BioPharmaceuticals - R&I
Airsupra
Approval BATURA * US Prescribing Information now includes clinically meaningful evidence
in reducing severe exacerbations from the BATURA study in patients with mild
US October 2025 asthma.
Fasenra
Phase III readout RESOLUTE * The RESOLUTE Phase III trial despite showing numerical improvement, did
not achieve statistical significance in the primary endpoint in patients with
September 2025 chronic obstructive pulmonary disease.
Saphnelo
Phase III readout TULIP-SC * Positive high-level results from a pre-specified interim analysis of the
Phase III TULIP-SC trial in patients with systemic lupus erythematosus showed
September 2025 that the subcutaneous administration of Saphnelo demonstrated a statistically
significant and clinically meaningful reduction in disease activity compared
to placebo. The TULIP-SC interim results were presented at the American
College of Rheumatology annual meeting in October 2025.
CHMP opinion TULIP-SC * Recommended for approval as a self-administered once-weekly pre-filled
pen for adult patients with systemic lupus erythematosus on top of standard
EU October 2025 therapy.
Tezspire
Approval WAYPOINT * As an add-on therapy with intranasal corticosteroids for the treatment
of adult patients with severe CRSwNP who have not adequately responded to
EU October 2025 standard therapy (systemic corticosteroids and/or surgery).
Approval WAYPOINT * As an add-on maintenance treatment of adult and paediatric patients aged
12 years and older with inadequately controlled CRSwNP.
US October 2025
Rare Disease
Alexion, AstraZeneca Rare Disease, delivered 18 presentations, including four
oral presentations, from its leading rare neurology portfolio at the American
Association of Neuromuscular & Electrodiagnostic Medicine (AANEM) Annual
Meeting and the Myasthenia Gravis Foundation of America (MGFA) Scientific
Session in San Francisco, California.
Koselugo
Approval KOMET * For the treatment of adult patients with symptomatic, inoperable
plexiform neurofibromas in neurofibromatosis type 1.
Japan August 2025
Approval KOMET * For the treatment of adult patients with symptomatic, inoperable
plexiform neurofibromas in neurofibromatosis type 1.
EU October 2025
Approval SPRINKLE * Granule formulation for paediatric patients one year of age and older
with neurofibromatosis type 1 who have symptomatic, inoperable plexiform
Japan September 2025 neurofibromas.
Approval SPRINKLE * Granule formulation for paediatric patients one year of age and older
with neurofibromatosis type 1 who have symptomatic, inoperable plexiform
US September 2025 neurofibromas.
Ultomiris
Approval CHAMPION-NMOSD * For the treatment of adult patients with neuromyelitis optica spectrum
disorder who are anti-aquaporin-4 antibody positive.
China August 2025
gefurulimab
Data presentation PREVAIL * Positive results from the PREVAIL Phase III trial demonstrated an
improvement from baseline in MG-ADL total score at week 26 compared to placebo
AANEM/MGFA October 2025 (treatment difference: -1.6 [95% CI: -2.4, -0.8], p<0.0001). A clinically
meaningful improvement was observed as early as week one, and was sustained
through week 26. Additionally, a clinically meaningful improvement in key
secondary endpoint, QMG total score, was seen as early as week four (treatment
difference: -1.8 [ 95% CI: -2.5, -1.1], p<0.0001) and was sustained through
week 26 (treatment difference: -2.1 [95% CI: -3.1, -1.1], p<0.0001).
Sustainability
Sustainability highlights
For the third consecutive year, TIME Magazine recognised AstraZeneca as one of
the World's Best Companies with the Company ranking at 43 out of 1,000 global
companies and as the top pharmaceutical company in terms of sustainability
transparency. AstraZeneca also secured fifth place in Sustainability
Magazine's Top 250 World's Most Sustainable Companies 2025, affirming its
status as a global leader in responsible business and pharmaceutical
innovation.
AstraZeneca engaged on climate action, health systems resilience and health
equity at the United Nations (UN) General Assembly High-Level Meeting on
non-communicable diseases (NCDs) and Climate Week NYC in September through
over 100 engagements. EVP Global Operations, IT and Chief Sustainability
Officer Pam Cheng represented the private sector at the UN alongside
governments, NGOs and academia, focusing on the need to tackle NCDs.
Chair Michel Demaré also joined a group of 25 global health leaders,
including former heads of state and ministers, calling for action on this
topic through an Open Letter in POLITICO, with a focus on the human, social
and financial impacts of chronic disease and targeted solutions.
Sustainability impact
Climate and nature
- The Company focused on sustainable respiratory care at the European
Respiratory Society (ERS), hosting a sustainability symposium, key engagements
and running a sustainable booth with a living lung installation.
- The Company won a 2025 Freezer Challenge Award for the fourth time from My
Green Lab and the International Institute for Sustainable Laboratories,
recognised as the Top Organization in the biotech and pharmaceutical sector
for energy savings and best-in-class cold storage management.
Health equity
- At EXPO 2025, the Company advanced priorities to transform lung health in
Japan and Asia-Pacific through best practice sharing on screening and
integrated disease management. The Company convened national and international
government and clinical experts in lung cancer and COPD to further
collaboration for high-risk patients and reduce mortality in Japan.
- AstraZeneca's Young Health Programme (YHP) received the ACE Award for
Workforce Innovation and Global Impact at the Healthcare Businesswomen's
Association's (HBA) annual conference, recognising how the programme supports
employee engagement, advances health equity and strengthens health systems
through youth empowerment. YHP was also recognised with the Third Sector
Award for Large Corporate Partnership of the Year with Plan International UK.
- The Company expanded its Healthy Heart Africa (HHA) programme in the Côte
d'Ivoire, in partnership with the Ministry of Health, to include chronic
kidney disease (CKD) care in addition to hypertension. The programme also
expanded in Rwanda, where it will develop a protocol for CKD care in primary
health, with training to be cascaded to healthcare providers, in collaboration
with PATH.
Health systems resilience
- The Partnership for Health System Sustainability and Resilience (PHSSR)
published its summary report on Acting Early on NCDs which captures highlights
from research conducted in eight countries on health systems' capability to
act early on cancers, chronic respiratory diseases and CVRM. AstraZeneca
engaged on its findings with the World Economic Forum Sustainable Development
Impact Meetings in New York.
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 nine-month period to 30
September 2025 ('the period' or '9M 2025') compared to the nine-month period
to 30 September 2024 ('9M 2024'), or the three-month period to 30 September
2025 ('the quarter' or 'Q3 2025') compared to the three-month period to 30
September 2024 ('Q3 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
9M 2025 9M 2024 % Change Q3 2025 Q3 2024 % Change
$m $m Actual CER $m $m Actual CER
- Product Sales 41,035 37,576 9 9 14,365 12,947 11 9
- Alliance Revenue 2,108 1,498 41 41 815 559 46 44
Product Revenue 43,143 39,074 10 11 15,180 13,506 12 11
Collaboration Revenue 93 108 (14) (15) 11 59 (81) (82)
Total Revenue 43,236 39,182 10 11 15,191 13,565 12 10
Cost of sales (7,515) (7,482) - 2 (2,801) (3,081) (9) (10)
Gross profit 35,721 31,700 13 13 12,390 10,484 18 16
Distribution expense (426) (412) 3 4 (148) (145) 2 -
R&D expense (10,370) (8,906) 16 16 (3,663) (3,115) 18 16
SG&A expense (14,441) (14,567) (1) (1) (5,085) (5,143) (1) (3)
Other operating income & expense 281 152 85 87 89 25 >3x >3x
Operating profit 10,765 7,967 35 35 3,583 2,106 70 64
Net finance expense (985) (919) 7 7 (349) (274) 27 25
Joint ventures and associates (7) (23) (68) (70) 10 (4) n/m n/m
Profit before tax 9,773 7,025 39 38 3,244 1,828 77 70
Taxation (1,869) (1,484) 26 25 (709) (395) 79 72
Tax rate 19% 21% 22% 22%
Profit after tax 7,904 5,541 43 42 2,535 1,433 77 70
Earnings per share $5.10 $3.57 43 42 $1.64 $0.92 77 70
Table 8: Reconciliation of Reported Profit before tax to EBITDA
9M 2025 9M 2024 % Change Q3 2025 Q3 2024 % Change
$m $m Actual CER $m $m Actual CER
Reported Profit before tax 9,773 7,025 39 38 3,244 1,828 77 70
Net finance expense 985 919 7 7 349 274 27 25
Joint ventures and associates 7 23 (68) (70) (10) 4 n/m n/m
Depreciation, amortisation and impairment 4,222 4,351 (3) (4) 1,549 1,817 (15) (16)
EBITDA 14,987 12,318 22 21 5,132 3,923 31 28
Table 9: Reconciliation of Reported to Core financial measures: 9M 2025
For the nine months ended 30 September Reported Restructuring Intangible Asset Amortisation & Impairments Other Core % Change
$m $m $m $m $m Actual CER
Gross profit 35,721 (61) 24 12 35,696 10 10
- Gross Margin 83% 83% - -
Distribution expense (426) - - - (426) 3 4
R&D expense (10,370) 134 141 4 (10,091) 17 16
- R&D % of Total Revenue 24% 23% -1pp -1pp
SG&A expense (14,441) 113 3,038 209 (11,081) 3 3
- SG&A % of Total Revenue 33% 26% +2pp +2pp
Total operating expense (25,237) 247 3,179 213 (21,598) 9 9
Other operating income & expense 281 (6) - 7 282 88 91
Operating profit 10,765 180 3,203 232 14,380 13 13
- Operating Margin 25% 33% +1pp +1pp
Net finance expense (985) - - 162 (823) (4) (4)
Taxation (1,869) (49) (611) (98) (2,627) 11 11
EPS $5.10 $0.08 $1.68 $0.18 $7.04 15 15
Table 10: Reconciliation of Reported to Core financial measures: Q3 2025
For the quarter ended 30 September Reported Restructuring Intangible Asset Amortisation & Impairments Other Core % Change
$m $m $m $m $m Actual CER
Gross profit 12,390 9 7 11 12,417 12 10
- Gross Margin 82% 82% - -
Distribution expense (148) - - - (148) 2 -
R&D expense (3,663) 33 79 1 (3,550) 16 14
- R&D % of Total Revenue 24% 23% -1pp -1pp
SG&A expense (5,085) 37 1,095 131 (3,822) 6 4
- SG&A % of Total Revenue 33% 25% +1pp +1pp
Total operating expense (8,896) 70 1,174 132 (7,520) 10 9
Other operating income & expense 89 - - 7 96 >3x >3x
Operating profit 3,583 79 1,181 150 4,993 16 13
- Operating Margin 24% 33% +1pp +1pp
Net finance expense (349) - - 44 (305) (7) (9)
Taxation (709) (19) (225) (49) (1,002) 33 30
EPS $1.64 $0.03 $0.62 $0.09 $2.38 14 12
Profit and Loss drivers
Gross profit
The stable Gross Margin (Reported and Core) in 9M 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 9M 2025 consisted primarily of royalties and an
upfront fee on a divestment
Net finance expense
Core Net finance expense decreased 4% (4% at CER) in 9M 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, and also a
reduction in short-term borrowings.
Core Net finance expense decreased 7% (9% at CER) in Q3 2025, mainly driven by
a reduction in short-term borrowings.
Taxation
The effective Reported and Core tax rates for the nine months to 30 September
2025 were 19% (9M 2024: 21% and 20% respectively).
The cash tax paid for the nine months ended 30 September 2025 was $2,193m (9M
2024: $1,978m), representing 22% of Reported Profit before tax (9M 2024: 28%).
Cash Flow
Table 11: Cash Flow summary: 9M 2025
For the nine months ended 30 September 2025 2024 Change
$m
$m $m
Reported Operating profit 10,765 7,967 2,798
Depreciation, amortisation and impairment 4,222 4,351 (129)
Movement in working capital and short-term provisions 64 (543) 607
Gains on disposal of intangible assets (118) (34) (84)
Fair value movements on contingent consideration arising from business (29) 251 (280)
combinations
Non-cash and other movements 591 15 576
Interest paid (1,069) (1,075) 6
Taxation paid (2,193) (1,978) (215)
Net cash inflow from operating activities 12,233 8,954 3,279
Net cash inflow before financing activities 6,871 2,155 4,716
Net cash (outflow) from financing activities (4,262) (3,325) (937)
Net cash flow
The change in Net cash inflow from operating activities of $3,279m is
primarily driven by the increased operating profit in 2025.
The change in Net cash inflow before financing activities of $4,716m 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 from financing activities of $937m is primarily
driven by the issue of new long-term loans of $6,492m in 2024, with no
issuance in 2025, and offset by the repayment of loans of $4,647m in 2024,
with no repayment in 2025.
Capital expenditure
Capital expenditure on tangible assets and Software-related intangible assets
amounted to $2,091m in 9M 2025 (9M 2024: $1,415m). 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 decreased by $605m in the nine months to 30 September 2025 to
$23,965m. 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 Sep At 31 Dec At 30 Sep
2025
2024
2024
$m $m $m
Cash and cash equivalents 8,143 5,488 4,797
Other investments 39 166 133
Cash and investments 8,182 5,654 4,930
Overdrafts and short-term borrowings (622) (330) (769)
Commercial paper (1,091) - (472)
Lease liabilities (1,758) (1,452) (1,422)
Current instalments of loans (4,461) (2,007) (12)
Non-current instalments of loans (24,700) (26,506) (28,887)
Interest-bearing loans and borrowings (Gross debt) (32,632) (30,295) (31,562)
Net derivatives 485 71 284
Net debt (23,965) (24,570) (26,348)
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: 9M 2025
For the nine months ended 30 September 2025 2024
$m $m
Total Revenue - -
Gross - -
profit
Operating loss - -
Loss for the period (957) (894)
Transactions with subsidiaries that are not issuers or guarantors 6,509 1,342
Table 14: Obligor group summarised Statement of financial position
At 30 Sep 2025 At 30 Sep 2024
$m $m
Current assets 13 10
Non-current assets 141 84
Current liabilities (5,976) (801)
Non-current liabilities (24,704) (28,906)
Amounts due from subsidiaries that are not issuers or guarantors 21,519 16,705
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 $2,218m. In FY 2025 the Group expects to
increase expenditure on tangible assets and Software-related intangible assets
by approximately 50%, driven by manufacturing expansion projects and
investments in systems and technology.
Foreign exchange
The Company's transactional currency exposures on working capital balances,
which typically extend for up to three months, are hedged where practicable
using forward foreign exchange contracts against the individual companies'
reporting currency.Foreign exchange gains and losses on forward contracts
transacted for transactional hedging are taken to profit or to Other
comprehensive income if the contract is in a designated cashflow hedge.
In addition, the Company's external dividend payments, paid principally in
pound sterling and Swedish krona, are fully hedged from the time of their
announcement to the payment date.
Table 15: Currency sensitivities
Currency Primary Relevance Exchange rate vs USD (average rate in period) Annual impact of 5% weakening vs USD(1) ($m)
FY YTD Change September Change Total Core Operating Profit
20242
20253
20254
Revenue
(%) (%)
EUR Total Revenue 0.92 0.89 3 0.85 8 (461) (232)
CNY Total Revenue 7.21 7.22 - 7.12 1 (313) (171)
JPY Total Revenue 151.46 148.10 2 147.87 2 (179) (121)
GBP Operating expense 0.78 0.76 3 0.74 6 (68) 124
SEK Operating expense 10.57 9.94 6 9.37 13 (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 September 2025.
4. Based on average daily spot rates 1 September 2025 to 30 September
2025.
Interim financial statements
Table 16: Condensed consolidated statement of comprehensive income: 9M 2025
For the nine months ended 30 September 2025 2024
$m $m
- Product Sales 41,035 37,576
- Alliance Revenue 2,108 1,498
Product Revenue 43,143 39,074
Collaboration Revenue 93 108
Total Revenue 43,236 39,182
Cost of sales (7,515) (7,482)
Gross profit 35,721 31,700
Distribution expense (426) (412)
Research and development expense (10,370) (8,906)
Selling, general and administrative expense (14,441) (14,567)
Other operating income and expense 281 152
Operating profit 10,765 7,967
Finance income 225 394
Finance expense (1,210) (1,313)
Share of after tax losses in associates and joint ventures (7) (23)
Profit before tax 9,773 7,025
Taxation (1,869) (1,484)
Profit for the period 7,904 5,541
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement of the defined benefit pension liability 116 136
Net (losses)/gains on equity investments measured at fair value through other (21) 264
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 (13) (50)
82 362
Items that may be reclassified subsequently to profit or loss:
Foreign exchange arising on consolidation 2,266 543
Foreign exchange arising on designated liabilities in net investment hedges 15 (84)
Fair value movements on cash flow hedges 256 (42)
Fair value movements on cash flow hedges transferred to profit and loss (318) 1
Fair value movements on derivatives designated in net investment hedges (7) 13
Gains of hedging 8 2
Tax on items that may be reclassified subsequently to profit or loss (50) 16
2,170 449
Other comprehensive income, net of tax 2,252 811
Total comprehensive income for the period 10,156 6,352
Profit attributable to:
Owners of the Parent 7,899 5,535
Non-controlling interests 5 6
7,904 5,541
Total comprehensive income attributable to:
Owners of the Parent 10,149 6,346
Non-controlling interests 7 6
10,156 6,352
Earnings per share
Basic earnings per $0.25 Ordinary Share $5.10 $3.57
Diluted earnings per $0.25 Ordinary Share $5.06 $3.54
Weighted average number of Ordinary Shares in issue (millions) 1,550 1,550
Diluted weighted average number of Ordinary Shares in issue (millions) 1,561 1,562
Table 17: Condensed consolidated statement of comprehensive income: Q3 2025
For the quarter ended 30 September 2025 2024
$m $m
- Product Sales 14,365 12,947
- Alliance Revenue 815 559
Product Revenue 15,180 13,506
Collaboration Revenue 11 59
Total Revenue 15,191 13,565
Cost of sales (2,801) (3,081)
Gross profit 12,390 10,484
Distribution expense (148) (145)
Research and development expense (3,663) (3,115)
Selling, general and administrative expense (5,085) (5,143)
Other operating income and expense 89 25
Operating profit 3,583 2,106
Finance income 85 183
Finance expense (434) (457)
Share of after tax losses in associates and joint ventures 10 (4)
Profit before tax 3,244 1,828
Taxation (709) (395)
Profit for the period 2,535 1,433
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement of the defined benefit pension liability 146 35
Net gains on equity investments measured at fair value through other 104 175
comprehensive income
Fair value movements related to own credit risk on bonds designated as fair - -
value through profit or loss
Tax on items that will not be reclassified to profit or loss (10) (23)
240 187
Items that may be reclassified subsequently to profit or loss:
Foreign exchange arising on consolidation (198) 1,097
Foreign exchange arising on designated liabilities in net investment hedges 5 12
Fair value movements on cash flow hedges (17) 96
Fair value movements on cash flow hedges transferred to profit and loss (3) (101)
Fair value movements on derivatives designated in net investment hedges 13 (32)
Costs of hedging (2) (12)
Tax on items that may be reclassified subsequently to profit or loss 2 (22)
(200) 1,038
Other comprehensive income, net of tax 40 1,225
Total comprehensive income for the period 2,575 2,658
Profit attributable to:
Owners of the Parent 2,533 1,429
Non-controlling interests 2 4
2,535 1,433
Total comprehensive income attributable to:
Owners of the Parent 2,575 2,654
Non-controlling interests - 4
2,575 2,658
Earnings per share
Basic earnings per $0.25 Ordinary Share $1.64 $0.92
Diluted earnings per $0.25 Ordinary Share $1.62 $0.91
Weighted average number of Ordinary Shares in issue (millions) 1,551 1,550
Diluted weighted average number of Ordinary Shares in issue (millions) 1,561 1,562
Table 18: Condensed consolidated statement of financial position
At At At
30 Sep 2025
31 Dec 2024
30 Sep 2024
Assets $m $m $m
Non-current assets
Property, plant and equipment 12,083 10,252 10,135
Right-of-use assets 1,700 1,395 1,378
Goodwill 21,219 21,025 21,139
Intangible assets 38,191 37,177 39,394
Investments in associates and joint ventures 296 268 290
Other investments 1,990 1,632 1,855
Derivative financial instruments 502 182 319
Other receivables 1,159 930 915
Income tax receivable 1,247 - -
Deferred tax assets 6,129 5,347 5,342
84,516 78,208 80,767
Current assets
Inventories 6,593 5,288 5,662
Trade and other receivables 14,338 12,972 11,879
Other investments 39 166 133
Derivative financial instruments 12 54 16
Income tax receivable 815 1,859 1,668
Cash and cash equivalents 8,143 5,488 4,797
29,940 25,827 24,155
Total assets 114,456 104,035 104,922
Liabilities
Current liabilities
Interest-bearing loans and borrowings (6,174) (2,337) (1,253)
Lease liabilities (379) (339) (317)
Trade and other payables (25,028) (22,465) (21,684)
Derivative financial instruments (29) (50) (17)
Provisions (1,176) (1,269) (1,187)
Income tax payable (1,268) (1,406) (1,468)
(34,054) (27,866) (25,926)
Non-current liabilities
Interest-bearing loans and borrowings (24,700) (26,506) (28,887)
Lease liabilities (1,379) (1,113) (1,105)
Derivative financial instruments - (115) (34)
Deferred tax liabilities (3,604) (3,305) (3,568)
Retirement benefit obligations (1,271) (1,330) (1,361)
Provisions (929) (921) (1,063)
Income tax payable (535) (238) (174)
Other payables (2,013) (1,770) (1,999)
(34,431) (35,298) (38,191)
Total liabilities (68,485) (63,164) (64,117)
Net assets 45,971 40,871 40,805
Equity
Share capital 388 388 388
Share premium account 35,243 35,226 35,203
Other reserves 2,044 2,012 1,990
Retained earnings 8,213 3,160 3,138
Capital and reserves attributable to equity holders of the Parent 45,888 40,786 40,719
Non-controlling interests 83 85 86
Total equity 45,971 40,871 40,805
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 - - - 5,535 5,535 6 5,541
Other comprehensive income - - - 811 811 - 811
Transfer to other reserves - - 1 (1) - - -
Transactions with owners
Dividends - - - (4,602) (4,602) - (4,602)
Dividends paid to non-controlling interests - - - - - (4) (4)
Issue of Ordinary Shares - 15 - - 15 - 15
Changes in non-controlling interests - - - - - 61 61
Movement in shares held by Employee Benefit Trusts - - (76) - (76) - (76)
Share-based payments charge for the period - - - 487 487 - 487
Settlement of share plan awards - - - (594) (594) - (594)
Net movement - 15 (75) 1,636 1,576 63 1,639
At 30 September 2024 388 35,203 1,990 3,138 40,719 86 40,805
At 1 Jan 2025 388 35,226 2,012 3,160 40,786 85 40,871
Profit for the period - - - 7,899 7,899 5 7,904
Other comprehensive (expense)/income - - (61) 2,311 2,250 2 2,252
Transfer to other reserves - - 48 (48) - - -
Transactions with owners
Dividends - - - (4,846) (4,846) - (4,846)
Dividends paid to non-controlling interests - - - - - (2) (2)
Issue of Ordinary Shares - 17 - - 17 - 17
Changes in non-controlling interests - - - 8 8 (7) 1
Movement in shares held by Employee Benefit Trusts - - 45 - 45 - 45
Share-based payments charge for the period - - - 529 529 - 529
Settlement of share plan awards - - - (800) (800) - (800)
Net movement - 17 32 5,053 5,102 (2) 5,100
At 30 September 2025 388 35,243 2,044 8,213 45,888 83 45,971
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: 9M 2025
For the nine months ended 30 September 2025 2024
$m $m
Cash flows from operating activities
Profit before tax 9,773 7,025
Finance income and expense 985 919
Share of after tax losses of associates and joint ventures 7 23
Depreciation, amortisation and impairment 4,222 4,351
Movement in working capital and short-term provisions 64 (543)
Gains on disposal of intangible assets (118) (34)
Fair value movements on contingent consideration arising from business (29) 251
combinations
Non-cash and other movements 591 15
Cash generated from operations 15,495 12,007
Interest paid (1,069) (1,075)
Tax paid (2,193) (1,978)
Net cash inflow from operating activities 12,233 8,954
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired (60) (2,771)
Payment of contingent consideration from business combinations (897) (737)
Purchase of property, plant and equipment (1,774) (1,216)
Disposal of property, plant and equipment 10 53
Purchase of intangible assets (2,844) (2,415)
Disposal of intangible assets 96 107
Purchase of non-current asset investments (218) (96)
Disposal of non-current asset investments - 73
Movement in short-term investments, fixed deposits and other investing 122 67
instruments
Payments to associates and joint ventures (10) (158)
Disposal of investments in associates and joint ventures - 13
Interest received 213 281
Net cash outflow from investing activities (5,362) (6,799)
Net cash inflow before financing activities 6,871 2,155
Cash flows from financing activities
Proceeds from issue of share capital 17 15
Own shares purchased by Employee Benefit Trust (508) (81)
Payments to acquire non-controlling interests (14) -
Issue of loans and borrowings 9 6,492
Repayment of loans and borrowings (20) (4,647)
Dividends paid (4,968) (4,626)
Hedge contracts relating to dividend payments 113 16
Repayment of obligations under leases (273) (233)
Movement in short-term borrowings 1,382 572
Payment of Acerta Pharma share purchase liability - (833)
Net cash outflow from financing activities (4,262) (3,325)
Net increase/(decrease) in Cash and cash equivalents in the period 2,609 (1,170)
Cash and cash equivalents at the beginning of the period 5,429 5,637
Exchange rate effects 42 (32)
Cash and cash equivalents at the end of the period 8,080 4,435
Cash and cash equivalents consist of:
Cash and cash equivalents 8,143 4,797
Overdrafts (63) (362)
8,080 4,435
Notes to the Interim financial statements
Note 1: Basis of preparation and accounting policies
These unaudited Interim financial statements for the nine months ended 30
September 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 nine months ended 30
September 2025 were approved by the Board of Directors for publication on
6 November 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 have been 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-2024/pdf/AstraZeneca_AR_2024.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 nine months ended 30 September
2024 of $39,074m.
Going concern
The Group has considerable financial resources available. As at 30 September
2025, the Group has $13.0bn in financial resources (cash and cash equivalent
balances of $8.1bn and undrawn committed bank facilities of $4.9bn that are
available until April 2030), with $6.6bn 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)
.
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.
Intangible asset additions of $536m in the quarter relate to the total of net
upfront payment made, the present value of non-contingent future payments and
a sales-related payment due to Merck in connection with the restructuring of
arrangements relating to Koselugo, recorded as an asset acquisition. A
regulatory milestone of $50m, and sales-related payment of $35m additionally
fell due and were capitalised in the quarter. Further contingent payments of
up to $300m could be paid on achievement of regulatory milestones or on
achievement of sales-related thresholds. Those liabilities
will be recorded when milestones are triggered, or performance conditions have
been satisfied. Sales-related payments are accrued and capitalised when
considered probable with reference to the latest Group sales forecasts for
approved indications at the present value of expected future cash flows.
Note 3: Net debt
Table 21: Net debt
At 1 Jan Cash flow Acquisitions Non-cash Exchange At 30 Sep
2025
2025
and other movements
$m $m $m $m $m $m
Non-current instalments of loans (26,506) - - 2,433 (627) (24,700)
Non-current instalments of leases (1,113) - - (217) (49) (1,379)
Total long-term debt (27,619) - - 2,216 (676) (26,079)
Current instalments of loans (2,007) 11 - (2,465) - (4,461)
Current instalments of leases (339) 326 (1) (346) (19) (379)
Commercial paper - (1,091) - - - (1,091)
Collateral received from derivative counterparties (181) (232) - - - (413)
Other short-term borrowings excluding overdrafts (90) (59) - - 3 (146)
Overdrafts (59) (3) - - (1) (63)
Total current debt (2,676) (1,048) (1) (2,811) (17) (6,553)
Gross borrowings (30,295) (1,048) (1) (595) (693) (32,632)
Net derivative financial instruments 71 (385) - 799 - 485
Net borrowings (30,224) (1,433) (1) 204 (693) (32,147)
Cash and cash equivalents 5,488 2,492 120 - 43 8,143
Other investments - current 166 (122) - - (5) 39
Cash and investments 5,654 2,370 120 - 38 8,182
Net debt (24,570) 937 119 204 (655) (23,965)
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 decreased by $605m in the nine months to 30 September 2025 to
$23,965m.
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 September 2025 was $413m (31 December 2024: $181m) and the
carrying value of such cash collateral posted by the Group at 30 September
2025 was $25m (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 nine months ended 30 September 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 $539m (31 December 2024: $353m) and
for which a fair value loss of $47m has been recognised in the nine months
ended 30 September 2025 (9M 2024: $nil). 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 nine months
ended 30 September 2025 are Level 1 fair value measurements, valued based on
quoted prices in active markets.
Financial instruments measured at fair value include $2,004m of other
investments, $6,732m held in money-market funds and $485m of derivatives as at
30 September 2025. With the exception of derivatives being Level 2 fair
valued, and certain equity instruments of $539m categorised as Level 3, the
aforementioned balances are Level 1 fair valued. Financial instruments
measured at amortised cost include $25m of cash collateral pledged to
counterparties. The total fair value of Interest-bearing loans and borrowings
as at 30 September 2025, which have a carrying value of $32,632m in the
Condensed consolidated statement of financial position, was $32,275m.
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 $523m (31 December 2024: $1,309m) would
increase/decrease by $52m 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 (787) (110) (897) (737)
Revaluations (30) 1 (29) 252
Discount unwind 31 15 46 85
At 30 September 523 348 871 1,935
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 the Company's
Annual Report and Form 20-F Information 2024 and the Interim Financial
Statements for the six months ended 30 June 2025 (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 Company made, and upon which the Company 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 third quarter of 2025 and to 6 November
2025
Table 23: Patent litigation
Legal proceedings brought against AstraZeneca
Factor Bioscience patent proceedings, US * In September 2025, Factor Bioscience Inc. (Factor) filed a complaint
against AstraZeneca, and others in the U.S. District Court for the District of
Considered to be a contingent liability Delaware, alleging infringement of several Factor patents related to
technology for producing gene-edited cells using synthetic messenger
ribonucleic acid (mRNA) molecules encoding transcription activator-like
effector nuclease (TALEN) gene-editing proteins.
* The complaint alleges that certain drug research, design and development
activities by AstraZeneca and others infringe Factor's patents.
Forxiga patent proceedings, UK * In the UK, one of AstraZeneca's patents relating to Forxiga was
challenged by Generics (UK) Limited, Teva Pharmaceutical Industries Limited,
Matter concluded 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. AstraZeneca's application
for permission to appeal to the UK Supreme Court was denied.
* In March 2025 and onward, AstraZeneca obtained injunctions against
generic manufacturers' at-risk sales of dapagliflozin products in the UK. All
injunctions have since been lifted.
* This matter has concluded.
Legal proceedings brought by AstraZeneca
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 asset
* AstraZeneca commenced an action in response in August 2025. Trial is
scheduled to begin in April 2027.
* In August 2025, AstraZeneca was served with a Notice of Allegation from
Natco Pharma (Canada) Inc. challenging a patent relating to Lynparza.
* AstraZeneca commenced an action in response in October 2025. No trial
date has been set.
Soliris patent proceedings, UK * In May 2024, AstraZeneca initiated patent infringement proceedings
against Amgen Ltd. 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.
* In August 2025, AstraZeneca appealed.
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 (Axelpharm) for improper use of AstraZeneca's 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 a challenge
by AstraZeneca. The PTO's decision was upheld in June 2025, following an
appeal by Axelpharm. In August 2025, Axelpharm filed a further appeal before
the Presidium of the Intellectual Property Court and that appeal will be heard
in November 2025.
* 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 LLC (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 appealed against the
ruling in June 2025 and a hearing has been scheduled before the Ninth
Arbitration Appellate Court in December 2025.
Table 24: Commercial litigation
Legal proceedings brought against AstraZeneca
340B Antitrust litigation, US * In September 2021, AstraZeneca was served with a class-action antitrust
complaint filed in the US District Court for the Western District of New York
Considered to be a contingent liability (District Court) by Mosaic Health alleging a conspiracy to restrict access to
340B discounts in the diabetes market through contract pharmacies.
* In September 2022, the District Court granted AstraZeneca's motion to
dismiss the complaint. In February 2024, the District Court denied Plaintiffs'
request to file an amended complaint and entered an order closing the matter.
In March 2024, Plaintiffs filed an appeal.
* In August 2025, the US Court of Appeals for the Second Circuit reversed
the District Court's decision.
* AstraZeneca and the other defendants have filed a motion for
reconsideration.
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
Matter concluded 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. In September of 2025, the Court
approved the class-related portion of the settlement.
* The matter is now concluded.
Table 25: Government investigations and proceedings
Legal proceedings brought against AstraZeneca
Shenzhen Bay Customs Office, China * In relation to the alleged unpaid importation taxes, in October 2025,
AstraZeneca received a final appraisal notice, which supersedes the
Considered to be a contingent liability previously-disclosed appraisal notices, from the Shenzhen Bay Customs Office
stating that the total amount of unpaid tax, inclusive of the
previously-disclosed amounts, is RMB 24 million (approximately $3.5m).
* To the best of AstraZeneca's knowledge, the importation taxes referred
to in the appraisal notice relate to Enhertu, Imfinzi and Imjudo.
* AstraZeneca has since prepaid the full amount as voluntary compensation
to the State.
* A fine of between one and five times the amount of these paid
importation taxes may also be levied if AstraZeneca is found liable.
Legal proceedings brought by AstraZeneca
340B State litigation, US * AstraZeneca has filed lawsuits against Arkansas, Colorado, Hawaii,
Kansas, Louisiana, Maine, Maryland, Minnesota, Mississippi, Missouri,
Considered to be a contingent asset Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Utah, and West
Virginia challenging the constitutionality of each state's 340B statute.
* In Arkansas, AstraZeneca moved for summary judgment in August 2025, and
the Court denied the intervenor's motion to dismiss in September 2025 finding
AstraZeneca's claims were distinct from the claims in the prior PhRMA
litigation. Trial is scheduled for February 2026.
* In Colorado, AstraZeneca filed a complaint in August 2025 and a motion
for a preliminary injunction in October 2025.
* In Hawaii, AstraZeneca filed a complaint in August 2025 and a motion for
a preliminary injunction in September 2025.
* In Louisiana, the Louisiana Department of Justice sent AstraZeneca a
Civil Investigative Demand in September 2025 for alleged non-compliance with
Louisiana's 340B Statute.
* In Maine, AstraZeneca filed a complaint in September 2025.
* In North Dakota, AstraZeneca filed a complaint in August 2025.
* In Oklahoma, AstraZeneca filed a complaint and a motion for a
preliminary injunction in October 2025. Later in October, the court granted
AstraZeneca's motion for a preliminary injunction.
* In South Dakota, AstraZeneca filed a complaint in August 2025.
* In Tennessee, AstraZeneca filed a complaint in August 2025.
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.
* In September 2025, AstraZeneca sought review by the US Supreme Court.
Other
Additional government inquiries
As is true for most, if not all, major prescription pharmaceutical companies,
AstraZeneca is currently involved in multiple inquiries into drug marketing
and pricing practices. In addition to the investigations described above,
various law enforcement offices have, from time to time, requested information
from the Group. There have been no material developments in those matters.
Note 6: Subsequent events
On 22 October 2025, AstraZeneca, by exercise of an option, completed the
acquisition of the remaining share capital of SixPeaks Bio AG (SixPeaks),
following an initial investment of $15m made in Q2 2024. $170m was paid on
closing, $30m to be paid after two years and up to a further $100m is payable
on achievement of regulatory milestones, which will be accrued for at its
present value. These payments will be recognised in equity as SixPeaks has
been consolidated as a subsidiary due to AstraZeneca's control since the
initial equity investment in Q2 2024.
Note 7: Analysis of Revenue and Other operating income and expense
Table 26: Product Sales year-on-year analysis: 9M 2025
For the nine months World US Emerging Markets Europe Established RoW
ended 30 September Change Change Change Change Change
$m Act % CER % $m Act % $m Act % CER % $m Act % CER % $m Act % CER %
Tagrisso 5,352 10 10 2,222 11 1,509 11 13 1,030 8 5 591 5 5
Imfinzi 4,317 25 25 2,484 32 463 27 33 879 26 24 491 (6) (7)
Calquence 2,551 10 10 1,702 5 164 41 48 569 16 14 116 18 20
Lynparza 2,401 8 7 1,054 10 487 2 4 667 9 7 193 3 3
Enhertu 685 73 76 - - 476 84 90 146 59 56 63 34 38
Zoladex 852 4 6 13 17 661 6 9 112 1 (1) 66 (10) (9)
Truqap 495 85 85 413 59 16 n/m n/m 45 n/m n/m 21 n/m n/m
Imjudo 253 22 21 165 23 17 56 60 36 37 35 35 (5) (6)
Other Oncology 322 (10) (9) 6 (60) 215 (7) (5) 15 (13) (15) 86 (7) (9)
Oncology 17,228 15 15 8,059 17 4,008 16 19 3,499 17 14 1,662 3 2
Farxiga 6,341 11 11 1,244 (3) 2,623 18 21 2,147 13 10 327 3 3
Crestor 941 5 6 36 9 808 11 12 1 (98) (98) 96 (5) (6)
Brilinta 665 (33) (33) 326 (40) 203 (13) (12) 129 (36) (37) 7 (46) (44)
Lokelma 517 32 31 226 25 99 47 49 91 37 34 101 30 28
Seloken 468 1 3 - n/m 451 - 3 14 44 41 3 (5) (2)
Roxadustat 227 (12) (11) - - 227 (12) (11) - - - - - -
Wainua 143 n/m n/m 137 n/m 4 - - 2 - - - - -
Other CVRM 418 (24) (24) 44 (69) 208 12 13 119 (31) (31) 47 (9) (10)
CVRM 9,720 4 5 2,013 (9) 4,623 12 14 2,503 5 3 581 3 2
Symbicort 2,180 (1) - 903 2 624 (4) (3) 406 (2) (4) 247 3 5
Fasenra 1,451 19 19 886 18 81 18 22 351 19 17 133 26 27
Breztri 906 26 26 462 26 239 20 21 136 34 31 69 31 31
Tezspire 317 89 87 - - 24 n/m n/m 207 98 93 86 55 55
Pulmicort 357 (31) (30) 4 (74) 280 (34) (33) 46 (10) (11) 27 3 5
Saphnelo 483 48 47 421 43 10 98 99 34 97 92 18 61 58
Airsupra 115 n/m n/m 113 n/m 2 n/m n/m - - - - - -
Other R&I 211 (13) (13) 67 - 95 (26) (25) 44 3 1 5 (5) (3)
R&I 6,020 11 11 2,856 18 1,355 (9) (7) 1,224 19 17 585 18 19
Beyfortus 222 18 19 137 (8) - - - 83 n/m n/m 2 n/m n/m
Synagis 220 (36) (35) (2) 9 160 (5) (1) 37 (54) (54) 25 (75) (75)
FluMist 132 21 19 20 (23) 1 n/m n/m 82 34 30 29 34 35
Other V&I - n/m n/m - - - n/m n/m - n/m n/m - n/m n/m
V&I 574 (16) (15) 155 (23) 161 (4) - 202 7 5 56 (54) (54)
Ultomiris 3,453 22 21 1,961 20 177 92 n/m 769 18 16 546 17 16
Soliris 1,436 (30) (28) 844 (28) 327 (11) (2) 159 (54) (55) 106 (35) (34)
Strensiq 1,188 19 19 953 17 61 58 61 89 22 19 85 23 21
Koselugo 498 36 34 157 - 188 75 70 115 56 53 38 36 35
Other Rare Disease 177 18 18 83 15 37 54 57 50 6 4 7 13 12
Rare Disease 6,752 6 6 3,998 4 790 26 32 1,182 (1) (3) 782 7 6
Nexium 626 (7) (5) 53 (30) 476 4 6 31 (22) (24) 66 (31) (31)
Other 115 (26) (25) (4) n/m 88 (17) (16) 27 (23) (22) 4 37 28
Other Medicines 741 (10) (9) 49 (43) 564 - 2 58 (23) (23) 70 (29) (29)
Total Medicines 41,035 9 9 17,130 10 11,501 10 13 8,668 10 8 3,736 3 3
The table provides an analysis of year-on-year Product Sales, with Actual and
CER growth rates reflecting year-on-year growth.
Table 27: Product Sales year-on-year analysis: Q3 2025
For the quarter World US Emerging Markets Europe Established RoW
ended 30 September Change Change Change Change Change
$m Act % CER % $m Act % $m Act % CER % $m Act % CER % $m Act % CER %
Tagrisso 1,864 11 10 784 10 501 12 12 372 13 7 207 11 8
Imfinzi 1,601 33 31 912 34 169 41 44 342 45 37 178 6 3
Calquence 916 13 11 612 7 61 49 45 200 19 12 43 29 30
Lynparza 837 7 5 365 5 164 6 4 242 13 7 66 7 5
Enhertu 257 73 75 - - 184 89 94 52 50 44 21 30 32
Zoladex 285 7 6 4 21 219 6 7 40 20 13 22 (8) (9)
Truqap 193 55 54 159 33 7 n/m n/m 18 n/m n/m 9 n/m n/m
Imjudo 84 16 14 55 18 6 52 45 13 29 21 10 (13) (16)
Other Oncology 106 (9) (10) 2 (52) 69 (7) (7) 5 (6) (11) 30 (9) (12)
Oncology 6,143 18 17 2,893 16 1,380 21 21 1,284 24 17 586 9 7
Farxiga 2,134 10 8 441 7 893 19 18 698 4 (2) 102 (4) (5)
Crestor 305 1 (1) 12 5 262 4 3 - n/m n/m 31 2 (1)
Brilinta 146 (55) (56) 55 (71) 66 - (1) 23 (66) (68) 2 (59) (62)
Lokelma 189 32 30 82 25 36 42 41 35 39 31 36 37 32
Seloken 160 6 6 - n/m 153 5 5 6 62 47 1 3 5
Roxadustat 77 (17) (18) - - 77 (17) (18) - - - - - -
Wainua 59 n/m n/m 55 n/m 3 - - 1 - - - - -
Other CVRM 144 (18) (19) 17 (56) 69 8 8 43 (15) (18) 15 (32) (34)
CVRM 3,214 2 - 662 (10) 1,559 12 11 806 (2) (8) 187 (2) (4)
Symbicort 742 5 4 305 5 224 10 10 135 4 (2) 78 (5) (4)
Fasenra 530 22 20 330 21 28 5 7 122 20 13 50 41 39
Breztri 323 21 20 167 17 83 22 20 49 33 25 24 24 23
Tezspire 119 75 66 - - 8 n/m n/m 79 82 70 32 47 43
Pulmicort 93 (33) (35) - n/m 72 (34) (36) 12 (15) (19) 9 (6) (6)
Saphnelo 180 45 44 156 42 4 8 5 13 83 72 7 94 83
Airsupra 45 n/m n/m 43 n/m 2 n/m n/m - - - - - -
Other R&I 53 (26) (26) 12 (12) 24 (43) (42) 15 15 9 2 (8) (8)
R&I 2,085 14 12 1,013 19 445 (3) (3) 425 23 16 202 16 15
Beyfortus 94 (30) (29) 35 (63) - - - 59 53 53 - - -
Synagis 58 (37) (40) (1) n/m 39 6 4 11 (14) (24) 9 (80) (80)
FluMist 122 21 20 20 (12) 1 n/m n/m 82 46 42 19 (12) (11)
Other V&I - n/m n/m - n/m - - - - n/m n/m - - -
V&I 274 (23) (24) 54 (63) 40 7 7 152 41 37 28 (57) (57)
Ultomiris 1,225 19 17 690 16 64 n/m n/m 271 14 8 200 18 15
Soliris 462 (24) (24) 276 (24) 102 (8) (5) 47 (46) (49) 37 (24) (24)
Strensiq 441 29 28 369 29 11 45 38 32 26 18 29 21 17
Koselugo 224 88 79 51 (7) 113 n/m n/m 44 53 44 16 55 52
Other Rare Disease 64 31 26 29 14 17 n/m n/m 16 (5) (10) 2 20 16
Rare Disease 2,416 12 11 1,415 7 307 76 73 410 4 (2) 284 12 9
Nexium 200 (5) (5) 16 (45) 143 2 3 14 1 (3) 27 (4) (6)
Other 33 (39) (38) (7) n/m 29 (26) (26) 9 7 13 2 n/m n/m
Other Medicines 233 (12) (12) 9 (73) 172 (4) (3) 23 4 3 29 - (4)
Total Medicines 14,365 11 9 6,046 8 3,903 15 15 3,100 14 7 1,316 5 3
The table provides an analysis of year-on-year Product Sales, with Actual and
CER growth rates reflecting year-on-year growth.
Table 28: Alliance Revenue: 9M 2025
For the nine months ended 30 September 2025 2024
$m $m
Enhertu 1,291 1,045
Tezspire 453 303
Beyfortus 252 75
Datroway 38 -
Other Alliance Revenue 74 75
Total 2,108 1,498
Table 29: Collaboration Revenue: 9M 2025
For the nine months ended 30 September 2025 2024
$m $m
Farxiga: sales milestones 81 52
Beyfortus: sales milestones - 56
Other Collaboration Revenue 12 -
Total 93 108
Table 30: Other operating income and expense: 9M 2025
For the nine months ended 30 September 2025 2024
$m $m
Total 281 152
Other shareholder information
Financial calendar
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
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 (UK only) +46 (0) 8 402 9000 +1 (888) 697 8018 (US only)
+44 (0) 121 415 7033 +1 (651) 453 2128
* A change of registrar will take effect on Monday, 17th November 2025.
Computershare Investor Services PLC will be appointed as the new registrar,
replacing Equiniti Limited. Shareholders can contact Computershare by phone on
0370 707 1682 (from inside the UK) or +44 (0) 370 707 1682 (from outside the
UK) between 8:30 a.m. to 5:30 p.m. (GMT), Monday to Friday (excluding public
holidays in England and Wales) alternatively, via email
web.queries@computershare.co.uk .
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
aHUS Atypical
haemolytic uraemic syndrome
BCG Bacillus
Calmette-Guérin therapy
BRCA / m Breast cancer gene /
mutation
BTC Biliary
tract cancer
BTKi Bruton
tyrosine kinase inhibitor
CER Constant
exchange rates
CHMP Committee for
Medicinal Products for Human Use (EU)
CI
Confidence interval
CKD Chronic
kidney disease
CLL
Chronic lymphocytic leukaemia
CN China
COPD Chronic
obstructive pulmonary disease
CRSwNP Chronic
rhinosinusitis with nasal polyps
CTx
Chemotherapy
CVRM Cardiovascular,
Renal and Metabolism
EBITDA Earnings before
interest, tax, depreciation and amortisation
EGFR / m Epidermal growth factor
receptor gene / mutation
EGPA Eosinophilic
granulomatosis with polyangiitis
EPS Earnings
per share
ESC European
Society of Cardiology
ESMO European
Society for Medical Oncology
EVH
Extravascular haemolysis
FDC Fixed
dose combination
FLOT
Fluorouracil, oxaliplatin and docetaxel
GEJ Gastro
oesophageal junction
GI
Gastrointestinal
GLP-1
glucagon-like peptide-1 receptor
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
HR / + / - Hormone receptor /
positive / negative
IASLC
International Association for the Study of Lung Cancer
ICS
Inhaled corticosteroid
IHC
Immunohistochemistry
IL-5
Interleukin-5
IO
Immuno-oncology
ISH In
situ hybridization
JP
Japan
LABA Long-acting
beta-agonist
LAMA Long-acting
muscarinic-agonist
mBC Metastatic
breast cancer
MCL Mantle
cell lymphoma
mCRPC Metastatic
castration-resistant prostate cancer
MEK An enzyme
that drives NF1-PN disease
MG-ADL Myasthenia Gravis
Activities of Daily Living
n/m Growth
rate not meaningful
NF1-PN Neurofibromatosis
type 1 plexiform neurofibromas
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
PCSK9 Proprotein
convertase subtilisin/kexin type 9
pMMR proficient
mismatch repair
PNH Paroxysmal
nocturnal haemoglobinuria
PTEN Phosphatase
and tensin homologue gene
QMG Quantitative
Myasthenia Gravis
ROW Rest of
world
SBP systolic
blood pressure
sBRCAm Somatic breast cancer
gene mutation
SGLT2 Sodium-glucose
cotransporter 2
SLE
Systemic lupus erythematosus
T-DM1 Ado-trastuzumab
emtansine
THP A
treatment regimen: docetaxel, trastuzumab and pertuzumab
TNBC Triple
negative breast cancer
WCLC World
Conference on Lung Cancer
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