Strong commercial performance and excellent pipeline delivery in a continuing catalyst-rich period
Revenue and EPS summary
| FY 2025 | % Change | Q4 2025 | % Change | |||
| $m | Actual | CER1 | $m | Actual | CER | |
| – Product Sales | 55,573 | 9 | 9 | 14,538 | 9 | 7 |
| – Alliance Revenue | 3,067 | 39 | 38 | 959 | 34 | 33 |
| Product Revenue2 | 58,640 | 10 | 10 | 15,497 | 10 | 8 |
| Collaboration Revenue | 99 | (89) | (89) | 6 | (99) | (99) |
| Total Revenue | 58,739 | 9 | 8 | 15,503 | 4 | 2 |
| Reported EPS ($) | 6.60 | 45 | 43 | 1.50 | 55 | 47 |
| Core3 EPS ($) | 9.16 | 12 | 11 | 2.12 | 1 | (2) |
Key performance elements for FY 2025
(Growth numbers at constant exchange rates)
* Total Revenue up 8% to $58,739m, driven by Oncology, CVRM, R&I and Rare Disease
* Growth in Total Revenue across all major geographic regions
* Core Operating profit increased 9%
* Core EPS increased 11% to $9.16
* Second interim dividend declared of $2.17 per share (159.5 pence, 19.49 SEK). Total dividend declared for FY 2025 increased by 3% to $3.20 per share
* 16 positive Phase 3 readouts and 43 approvals in major regions in the last twelve months
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
“In 2025 we saw strong commercial performance across our therapy areas and excellent pipeline delivery. We announced the results of 16 positive Phase 3 studies during the year and now have 16 blockbuster medicines.
The momentum across our company is continuing in 2026 and we are looking forward to the results of more than 20 Phase 3 trial readouts this year. We have more than 100 Phase 3 studies ongoing, including a substantial and growing number of trials of our transformative technologies which have the potential to revolutionise outcomes for patients and drive our growth well beyond 2030.
Lastly, ordinary shares in our company began trading on the NYSE on the 2nd February, resulting in a harmonised listing structure across exchanges in London, New York and Stockholm, enabling more shareholders to participate in our company’s exciting future.”
Guidance
AstraZeneca issues Total Revenue and Core EPS guidance4 for FY 2026 at CER, based on the average foreign exchange rates through 2025.
Total Revenue is expected to increase by a mid-to-high single-digit percentage
Core EPS is expected to increase by a low double-digit percentage
The Core Tax rate is expected to be between 18-22%
If foreign exchange rates for February 2026 to December 2026 were to remain at the average rates seen in January 2026, it is anticipated that Total Revenue in FY 2026 would benefit from a low single-digit percentage positive impact compared to the performance at CER, and Core EPS growth would be broadly similar to the growth at CER.
http://www.rns-pdf.londonstockexchange.com/rns/3227S_1-2026-2-9.pdf
Notes
1. Constant exchange rates. The differences between Actual Change and CER Change are due to foreign exchange movements between periods in 2025 vs. 2024. CER financial measures are not accounted for according to generally accepted accounting principles (GAAP) because they remove the effects of currency movements from Reported results.
2. Effective 1 January 2025, the Group has updated its presentation of Total Revenue, adding a new subtotal of Product Revenue, the sum of Product Sales and Alliance Revenue. For further details, see Note 1: ‘Basis of preparation and accounting policies’ in the Notes to the Condensed consolidated financial statements.
3. Core financial measures are adjusted to exclude certain items. The differences between Reported and Core measures are primarily due to costs relating to the amortisation of intangibles, impairments, legal settlements and restructuring charges. A full reconciliation between Reported EPS and Core EPS is provided in Tables 10 and 11 in the Financial Performance section of this document.
4. The Company is unable to provide guidance on a Reported basis because it cannot reliably forecast material elements of the Reported results, including any fair value adjustments arising on acquisition-related liabilities, intangible asset impairment charges and legal settlement provisions. Please refer to the Cautionary statements section regarding forward-looking statements at the end of this announcement.