6-K
ASTRAZENECA PLC (AZN)
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February 2025
Commission File Number: 001-11960
AstraZeneca PLC
1 Francis Crick Avenue
Cambridge Biomedical Campus
Cambridge CB2 0AA
United Kingdom
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F __
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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AstraZeneca PLC
INDEX TO EXHIBITS
1.
Final Results
AstraZeneca
6 February 2025
Full Year and Q4 2024 results
Strong momentum in FY 2024 with Total Revenue and Core EPS up 21% and 19% respectively
Revenue and EPS summary
| FY 2024 | % Change | Q4 2024 | % Change | |||
|---|---|---|---|---|---|---|
| $m | Actual | CER[1] | $m | Actual | CER | |
| - Product Sales | 50,938 | 16 | 19 | 13,362 | 18 | 19 |
| -<br>Alliance Revenue | 2,212 | 55 | 55 | 714 | 68 | 69 |
| -<br>Collaboration Revenue | 923 | 56 | 54 | 815 | >2x | >2x |
| Total<br>Revenue | 54,073 | 18 | 21 | 14,891 | 24 | 25 |
| Reported<br>EPS | $4.54 | 18 | 29 | $0.97 | 56 | 71 |
| Core[2] EPS | $8.21 | 13 | 19 | $2.09 | 44 | 49 |
Financial performance for FY 2024 (Growth numbers at constant exchange rates)
‒ Total Revenue up 21% to $54,073m, driven by a 19% increase in Product Sales, continued growth of partnered medicines (Alliance Revenue) and the achievement of sales-based milestones (Collaboration Revenue)
‒ Total Revenue growth from Oncology was 24%, CVRM 20%, R&I 25%, V&I 8% and Rare Disease 16%
‒ Core EPS increased 19% to $8.21
‒ Second interim dividend declared of $2.10 per share, making a total annual dividend declared for FY 2024 of $3.10 per share, an increase of 7%. Dividend to be further increased in FY 2025
‒ Guidance for FY 2025: Total Revenue is expected to increase by a high single-digit percentage and Core EPS is expected to increase by a low double-digit percentage, both at CER
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"Our company delivered a very strong performance in 2024 with Total Revenue and Core EPS up 21% and 19% respectively. We also delivered nine positive high value Phase III studies in the year, which coupled with increasing demand for our medicines in all key regions, will help sustain our growth momentum into 2025.
This year marks the beginning of an unprecedented, catalyst-rich period for our company, an important step on our Ambition 2030 journey to deliver $80 billion Total Revenue by the end of the decade. In 2025 alone, we anticipate the first Phase III data for seven new medicines, along with several important new indication opportunities for our existing medicines.
We are also investing in and making significant progress with transformative technologies that have the potential to drive our growth well beyond 2030, many of which have now entered pivotal trials."
Key milestones achieved since the prior results announcement
‒ Positive read-outs for Truqap in combination with abiraterone and androgen deprivation therapy in PTEN-deficient de novo metastatic hormone-sensitive prostate cancer (CAPItello-281) and Tagrisso with or without chemotherapy in resectable early-stage EGFRm NSCLC (NeoADAURA)
‒ US approvals for Imfinzi in limited-stage small cell lung cancer (ADRIATIC), Calquence in combination with bendamustine and rituximab in mantle cell lymphoma (ECHO), Datroway (datopotamab deruxtecan) in HR+ HER2- metastatic breast cancer (TROPION-Breast01) and Enhertu in chemotherapy-na●ve HER2-low and -ultralow metastatic breast cancer (DESTINY-Breast06). EU approvals for Tagrisso in unresectable EGFRm NSCLC (LAURA) and Kavigale for prevention of COVID-19 (SUPERNOVA). Japan approvals for Imfinzi in endometrial cancer (DUO-E), Lynparza plus Imfinzi in pMMR endometrial cancer (DUO-E), Calquence tablet formulation in chronic / small lymphocytic leukaemia, Datroway in HR+ HER2- metastatic breast cancer, Fasenra in EGPA (MANDARA) and Kavigale for prevention of COVID-19. China approvals for Lynparza in gBRCAm HER2- early breast cancer (OlympiA), Orpathys in locally advanced or metastatic MET Exon 14 NSCLC (NCT04923945)
Guidance
The Company issues its Total Revenue and Core EPS guidance 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%
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.
Currency impact
If foreign exchange rates for February 2025 to December 2025 were to remain at the average rates seen in January 2025, it is anticipated that Total Revenue in FY 2025 would incur a low single-digit percentage adverse impact compared to the performance at CER, and Core EPS would incur a mid-single-digit percentage adverse impact. The Company's foreign exchange rate sensitivity analysis is provided in Table 17.
Capital allocation
In FY 2025, the Company intends to increase the annual dividend declared to $3.20 per share. The Company also expects to increase capital expenditure[3] by approximately 50%, driven by manufacturing expansion projects and investment in IT systems, to support portfolio growth and build capacity for transformative technologies.
China
In relation to the illegal drug importation allegations, in January 2025, AstraZeneca received a Notice of Transfer to the Prosecutor and an Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid importation taxes amounting to $0.9 million. To the best of AstraZeneca's knowledge, the importation taxes referred to in the Appraisal Opinion relate to Imfinzi and Imjudo. A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is found liable. AstraZeneca continues to fully cooperate with the Chinese authorities.
In December 2024 AstraZeneca announced the appointment of Iskra Reic as Executive Vice President, International, which encompasses China, Asian and Eurasian markets, Middle East & Africa, Latin America, Australia & New Zealand. Iskra succeeds Leon Wang who is on extended leave from the Company while under investigation in China.
Table 1: Key elements of Total Revenue performance in Q4 2024
| % Change | ||||
|---|---|---|---|---|
| Revenue type | $m | Actual % | CER % | |
| --- | --- | --- | --- | --- |
| Product Sales | 13,362 | 18 | 19 | |
| Alliance Revenue | 714 | 68 | 69 | * $392m Enhertu (Q4 2023:<br>$281m)<br><br><br>* $133m Tezspire (Q4 2023:<br>$80m)<br><br><br>* $161m Beyfortus (Q4 2023:<br>$41m) |
| Collaboration Revenue | 815 | >2x | >2x | * $600m Lynparza (Q4 2023:<br>$245m)<br><br><br>* $111m Beyfortus (Q4 2023:<br>$27m)<br><br><br>* $100m Koselugo (Q4 2023:<br>nil) |
| Total Revenue | 14,891 | 24 | 25 | |
| Therapy areas | $m | Actual % | CER % | |
| Oncology | 6,344 | 27 | 29 | * Tagrisso up 20% (21% at<br>CER), Calquence up<br>20%, Enhertu up<br>48% (54% at CER) |
| CVRM | 3,138 | 16 | 17 | * Farxiga up 21% (22% at<br>CER), Lokelma up 35% |
| R&I | 2,127 | 27 | 28 | * Breztri up 29%. Saphnelo up 65%, Tezspire up 86% (85% at<br>CER), Symbicort up 31% (33%<br>CER) |
| V&I | 651 | 58 | 55 | * Beyfortus Total Revenue up<br>>3x |
| Rare Disease | 2,377 | 21 | 22 | * Ultomiris up 32% (33% at CER),<br>partially offset by decline in Soliris of 24% (22% at<br>CER), Strensiq up<br>38% (37% at CER) and Koselugo up >3x |
| Other Medicines | 254 | (7) | (6) | |
| Total Revenue | 14,891 | 24 | 25 | |
| Regions | $m | Actual % | CER % | |
| US | 6,532 | 28 | 28 | * Product Sales up 25% |
| Emerging Markets | 3,134 | 13 | 19 | |
| - China | 1,364 | (1) | (3) | * Decline primarily due to low rates<br>of seasonal respiratory viral infections, and impact from year-end<br>hospital budget dynamics |
| - Ex-China Emerging Markets | 1,770 | 26 | 42 | |
| Europe | 3,948 | 37 | 35 | * Product Sales up 20% (18% at<br>CER) |
| Established RoW | 1,277 | 1 | 2 | |
| Total Revenue | 14,891 | 24 | 25 |
Key alliance medicines
‒ Combined sales of Enhertu, recorded by Daiichi Sankyo Company Limited (Daiichi Sankyo) and AstraZeneca, amounted to $3,754m in FY 2024 (FY 2023: $2,566m)
‒ Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to $1,219m in FY 2024 (FY 2023: $653m)
Table 2: Key elements of financial performance in Q4 2024
| Metric | Reported | Reported change | Core | Corechange | Comments[4] |
|---|---|---|---|---|---|
| Total Revenue | $14,891m | 24% Actual<br><br><br>25% CER | $14,891m | 24% Actual<br><br><br>25% CER | * See<br>Table 1 and the Total Revenue section of this document for further<br>details |
| Product Sales Gross Margin | 80% | Stable Actual<br><br><br>+1pp CER | 79% | -1pp Actual<br><br><br>Stable CER | * Variations in Product Sales Gross Margin can be<br>expected between periods, due to product seasonality, foreign<br>exchange fluctuations and other effects |
| R&D<br><br><br>expense | $4,677m | 52% Actual<br><br><br>52% CER | $3,573m | 23% Actual<br><br><br>22% CER | +<br>Increased investment in the pipeline<br><br><br>* Core<br>R&D-to-Total Revenue ratio of 24%(Q4 2023:<br>24%)<br><br><br>* Reported R&D includes $753m impairment<br>recorded against the vemircopan (ALXN2050) intangible<br>asset |
| SG&A expense | $5,410m | 1% Actual<br><br><br>1% CER | $4,275m | 6% Actual<br><br><br>7% CER | +<br>Market development for recent launches and pre-launch<br>activities<br><br><br>* Core<br>SG&A-to-Total Revenue ratio of 29%(Q4 2023:<br>34%) |
| Other operating income and expense[5] | $100m | -7% Actual<br><br><br>-6% CER | $101m | -7% Actual<br><br><br>-6% CER | |
| Operating Margin | 14% | +3pp Actual<br><br><br>+4pp CER | 28% | +5pp Actual<br><br><br>+6pp CER | * See<br>commentary above on Gross Margin, R&D, SG&A and Other<br>operating income and expense |
| Net finance expense | $365m | 9% Actual<br><br><br>8% CER | $310m | 20% Actual<br><br><br>20% CER | +<br>Recent debt issued at higher interest rates<br><br><br>+<br>Decrease in interest income<br><br><br>+<br>Higher level of Net debt |
| Tax rate | 10% | +17pp Actual<br><br><br>+15pp CER | 16% | +7pp Actual<br><br><br>+7pp CER | * Variations in the tax rate can be<br>expected between periods |
| EPS | $0.97 | 56% Actual<br><br><br>71% CER | $2.09 | 44% Actual<br><br><br>49% CER | * Further<br>details of differences between Reported and Core are shown in Table<br>12 |
Table 3: Pipeline highlights since prior results announcement
| Event | Medicine | Indication / Trial | Event |
|---|---|---|---|
| Regulatory approvals and other regulatory actions | Tagrisso | EGFRm NSCLC (Stage<br>III<br><br><br>unresectable) (LAURA) | Regulatory approval (EU, CN) |
| Imfinzi | Limited-stage SCLC (ADRIATIC) | Regulatory approval (EU) | |
| Imfinzi | Advanced endometrial cancer | Regulatory approval (JP) | |
| Calquence | Tablets for chronic lymphocytic leukaemia | Regulatory approval (JP) | |
| Calquence | Mantle cell lymphoma (1st-line) (ECHO) | Regulatory approval (US) | |
| Lynparza + Imfinzi | Advanced endometrial cancer with mismatch repair<br>proficiency<br><br><br>(DUO-E) | Regulatory approval (JP) | |
| Lynparza | gBRCAm HER2- eBC (OlympiA) | Regulatory approval (CN) | |
| Enhertu | HR+ HER2-low and -ultralow mBC<br><br><br>(DESTINY-Breast06) | Regulatory approval (US) | |
| Datroway | HR+ HER2- mBC (TROPION-Breast01) | Regulatory approval (JP, US) | |
| Orpathys | MET exon 14 skipping altered NSCLC (NCT04923945) | Regulatory approval (CN) | |
| Fasenra | EGPA (MANDARA) | Regulatory approval (JP) | |
| Kavigale | Prevention of COVID-19 (SUPERNOVA) | Regulatory approval (EU, JP) | |
| Regulatory submissionsor acceptances* | Imfinzi | Muscle-invasive bladder<br><br><br>cancer (NIAGARA) | Regulatory submission (US, JP) |
| Imfinzi + Imjudo | NSCLC (1st-line) (POSEIDON) | Regulatory submission (CN) | |
| Calquence | Chronic lymphocytic leukaemia (1st-line) (AMPLIFY) | Regulatory submission (EU) | |
| Datroway | EGFRm NSCLC (later line)<br>(TROPION-Lung05) | Regulatory submission (US) | |
| Tezspire | Severe uncontrolled asthma (NAVIGATOR/<br><br><br>DIRECTION) | Regulatory submission (CN) | |
| Koselugo | Neurofibromatosis type 1 adult (KOMET) | Regulatory submission (EU, JP) | |
| Phase III / registrational data readouts and other<br>developments | Tagrisso | Resectable early-stage EGFRm NSCLC (NeoADAURA) | Primary endpoint met |
| Truqap | PTEN-deficient de novo<br>metastatic hormone-sensitive prostate cancer<br>(CAPItello-281) | Primary endpoint met |
*US, EU and China regulatory submission denotes filing acceptance
Other pipeline updates
In January 2025, the vemircopan (ALXN2050) Phase II development programme was terminated. The decision was based on safety and efficacy data from Phase II trials.
Upcoming pipeline catalysts
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.
Sustainability highlights
The Company convened an event on health equity for investors and analysts in November that detailed AstraZeneca's health equity strategy, which is embedded from the Company's science through to healthcare delivery and community engagement.
At the end of 2024, the Company's cumulative reduction in Scope 1 and 2 greenhouse gas (GHG) emissions was 77.5% from the 2015 baseline.
Conference call
A conference call and webcast for investors and analysts will begin today, 6 February 2025, at 11:00 UK time. Details can be accessed via astrazeneca.com.
Reporting calendar
The Company intends to publish its Q1 2025 results on 29 April 2025.
Operating and financial review
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. The performance shown in this announcement covers the twelve-month period to 31 December 2024 ('the year' or 'FY 2024') compared to the twelve-month period to 31 December 2023 (FY 2023), or the three-month period to 31 December 2024 ('the quarter' or 'Q4 2024') compared to the three-month period to 31 December 2023 ('Q4 2023'), unless stated otherwise.
Core financial measures, EBITDA, Net debt, Product Sales Gross Margin, Operating Margin and CER are non-GAAP financial measures because they cannot be derived directly from the Group's Condensed consolidated financial statements. Management believes that these non-GAAP financial measures, when provided in combination with Reported results, provide investors and analysts with helpful supplementary information to understand better the financial performance and position of the Group on a comparable basis from period to period. These non-GAAP financial measures are not a substitute for, or superior to, financial measures prepared in accordance with GAAP.
Core financial measures 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 61 of the Annual Report and Form 20-F Information 2023.
Reference should be made to the Reconciliation of Reported to Core financial measures table included in the financial performance section in this announcement.
Product Sales Gross Margin is calculated by dividing the difference between Product Sales and Cost of Sales by the Product Sales. The calculation of Reported and Core Product Sales Gross Margin excludes the impact of Alliance Revenue and Collaboration Revenue and any associated costs, thereby reflecting the underlying performance of Product Sales.
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 Condensed consolidated 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.
Total Revenue
Table 4: Total Revenue by therapy area and medicine[6]
| FY 2024 | Q4 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| % Change | % Change | |||||||
| --- | --- | |||||||
| $m | % Total | Actual | CER | $m | % Total | Actual | CER | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Oncology | 22,353 | 41 | 21 | 24 | 6,344 | 43 | 27 | 29 |
| - Tagrisso | 6,580 | 12 | 13 | 16 | 1,703 | 11 | 20 | 21 |
| - Imfinzi | 4,717 | 9 | 17 | 21 | 1,254 | 8 | 16 | 18 |
| - Calquence | 3,129 | 6 | 24 | 25 | 808 | 5 | 20 | 20 |
| - Lynparza | 3,672 | 7 | 20 | 22 | 1,444 | 10 | 46 | 47 |
| - Enhertu | 1,982 | 4 | 54 | 58 | 540 | 4 | 48 | 54 |
| - Zoladex | 1,097 | 2 | 11 | 17 | 252 | 2 | (4) | (1) |
| - Imjudo | 281 | 1 | 29 | 31 | 73 | - | 27 | 28 |
| - Truqap | 430 | 1 | >10x | >10x | 163 | 1 | >10x | >10x |
| - Orpathys | 46 | - | - | 2 | 10 | - | (15) | (16) |
| -<br>Other Oncology | 419 | 1 | (19) | (14) | 97 | 1 | (25) | (22) |
| BioPharmaceuticals: CVRM | 12,517 | 23 | 18 | 20 | 3,138 | 21 | 16 | 17 |
| - Farxiga | 7,717 | 14 | 29 | 31 | 1,938 | 13 | 21 | 22 |
| - Brilinta | 1,333 | 2 | 1 | 2 | 341 | 2 | 4 | 4 |
| - Crestor | 1,155 | 2 | 4 | 8 | 261 | 2 | 5 | 6 |
| - Lokelma | 542 | 1 | 32 | 34 | 150 | 1 | 35 | 35 |
| - Seloken/Toprol-XL | 606 | 1 | (5) | - | 140 | 1 | (3) | 1 |
| -<br>roxadustat | 336 | 1 | 22 | 23 | 75 | 1 | 17 | 14 |
| - Andexxa | 219 | - | 20 | 22 | 59 | - | 11 | 11 |
| - Wainua | 85 | - | n/m | n/m | 42 | - | n/m | n/m |
| -<br>Other CVRM | 524 | 1 | (24) | (22) | 132 | 1 | (9) | (7) |
| BioPharmaceuticals: R&I | 7,876 | 15 | 23 | 25 | 2,127 | 14 | 27 | 28 |
| - Symbicort | 2,879 | 5 | 22 | 25 | 684 | 5 | 31 | 33 |
| - Fasenra | 1,689 | 3 | 9 | 9 | 471 | 3 | 12 | 12 |
| - Breztri | 978 | 2 | 44 | 46 | 257 | 2 | 29 | 29 |
| - Pulmicort | 682 | 1 | (4) | (1) | 164 | 1 | (25) | (23) |
| - Tezspire | 684 | 1 | 98 | 99 | 213 | 1 | 86 | 85 |
| - Saphnelo | 474 | 1 | 69 | 70 | 147 | 1 | 65 | 65 |
| - Airsupra | 66 | - | >10x | >10x | 25 | - | >10x | >10x |
| -<br>Other R&I | 424 | 1 | (10) | (9) | 166 | 1 | 50 | 50 |
| BioPharmaceuticals: V&I | 1,462 | 3 | 8 | 8 | 651 | 4 | 58 | 55 |
| - Beyfortus | 722 | 1 | >2x | >2x | 403 | 3 | >3x | >3x |
| - Synagis | 447 | 1 | (18) | (14) | 101 | 1 | (38) | (36) |
| -<br>COVID-19 mAbs | 31 | - | (90) | (90) | - | - | (96) | (93) |
| - FluMist | 258 | - | 14 | 10 | 149 | 1 | 7 | 3 |
| -<br>Other V&I | 4 | - | (68) | (68) | (2) | - | (86) | (88) |
| Rare Disease | 8,768 | 16 | 13 | 16 | 2,377 | 16 | 21 | 22 |
| - Ultomiris | 3,924 | 7 | 32 | 34 | 1,089 | 7 | 32 | 33 |
| - Soliris | 2,588 | 5 | (18) | (14) | 543 | 4 | (24) | (22) |
| - Strensiq | 1,416 | 3 | 23 | 24 | 420 | 3 | 38 | 37 |
| - Koselugo | 631 | 1 | 91 | 96 | 265 | 2 | >3x | >3x |
| - Kanuma | 209 | - | 22 | 24 | 60 | - | 47 | 48 |
| Other Medicines | 1,097 | 2 | (9) | (5) | 254 | 2 | (7) | (6) |
| - Nexium | 886 | 2 | (8) | (2) | 201 | 1 | (6) | (4) |
| -<br>Others | 211 | - | (16) | (14) | 53 | - | (13) | (13) |
| Total | 54,073 | 100 | 18 | 21 | 14,891 | 100 | 24 | 25 |
Table 5: Alliance Revenue
| FY 2024 | Q4 2024 | |||||
|---|---|---|---|---|---|---|
| % Change | % Change | |||||
| $m | Actual | CER | $m | Actual | CER | |
| Enhertu | 1,437 | 41 | 41 | 392 | 40 | 41 |
| --- | --- | --- | --- | --- | --- | --- |
| Tezspire | 436 | 69 | 69 | 133 | 67 | 67 |
| Beyfortus | 237 | >4x | >4x | 161 | >3x | >3x |
| Other<br>royalty income | 91 | 13 | 13 | 24 | 14 | 13 |
| Other<br>Alliance Revenue | 11 | 12 | 11 | 4 | 57 | 52 |
| Total | 2,212 | 55 | 55 | 714 | 68 | 69 |
Table 6: Collaboration Revenue
| % Change | % Change | ||||||
| m | Actual | CER | m | Actual | CER |
All values are in US Dollars.
| Lynparza: sales<br>milestones | 600 | >2x | >2x | 600 | >2x | >2x |
|---|---|---|---|---|---|---|
| Beyfortus: sales<br>milestones | 167 | 70 | 64 | 111 | >4x | >3x |
| Koselugo: sales<br>milestones | 100 | n/m | n/m | 100 | n/m | n/m |
| Farxiga: sales milestones | 56 | 95 | 95 | 4 | >5x | >5x |
| Others | - | n/m | n/m | - | n/m | n/m |
| Total | 923 | 56 | 54 | 815 | >2x | >2x |
Table 7: Total Revenue by therapy area
| FY 2024 | Q4 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| % Change | % Change | |||||||
| --- | --- | |||||||
| $m | % Total | Actual | CER | $m | % Total | Actual | CER | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Oncology | 22,353 | 41 | 21 | 24 | 6,344 | 43 | 27 | 29 |
| Biopharmaceuticals | 21,855 | 40 | 19 | 21 | 5,916 | 40 | 23 | 24 |
| CVRM | 12,517 | 23 | 18 | 20 | 3,138 | 21 | 16 | 17 |
| R&I | 7,876 | 15 | 23 | 25 | 2,127 | 14 | 27 | 28 |
| V&I | 1,462 | 3 | 8 | 8 | 651 | 4 | 58 | 55 |
| Rare Disease | 8,768 | 16 | 13 | 16 | 2,377 | 16 | 21 | 22 |
| Other Medicines | 1,097 | 2 | (9) | (5) | 254 | 2 | (7) | (6) |
| Total | 54,073 | 100 | 18 | 21 | 14,891 | 100 | 24 | 25 |
Table 8: Total Revenue by region
| FY 2024 | Q4 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| % Change | % Change | |||||||
| --- | --- | |||||||
| $m | % Total | Actual | CER | $m | % Total | Actual | CER | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US | 23,235 | 43 | 22 | 22 | 6,532 | 44 | 28 | 28 |
| Emerging Markets | 13,675 | 25 | 14 | 22 | 3,134 | 21 | 13 | 19 |
| China | 6,413 | 12 | 9 | 11 | 1,364 | 9 | (1) | (3) |
| Emerging Markets ex. China | 7,262 | 13 | 18 | 32 | 1,770 | 12 | 26 | 42 |
| Europe | 12,188 | 23 | 27 | 26 | 3,948 | 27 | 37 | 35 |
| Established ROW | 4,975 | 9 | (2) | 3 | 1,277 | 9 | 1 | 2 |
| Total | 54,073 | 100 | 18 | 21 | 14,891 | 100 | 24 | 25 |
Oncology
Oncology Total Revenue of $22,353m in FY 2024 increased by 21% (24% at CER), representing 41% of overall Total Revenue (FY 2023: 40%). Collaboration Revenue was $600m in FY 2024 (FY 2023: $245m), from a sales-related milestone for Lynparza.
Tagrisso
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 6,580 | 2,763 | 1,755 | 1,301 | 761 |
| Actual change | 13% | 21% | 8% | 16% | (3%) |
| CER change | 16% | 21% | 16% | 15% | 4% |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Strong<br>global demand for Tagrisso in adjuvant (ADAURA) and 1st-line settings<br>(FLAURA, FLAURA-2) | ||||
| US | * Continued demand growth in both the adjuvant and<br>1st-line settings and, early launch momentum in Stage III<br>unresectable disease (LAURA), with additional favourability coming<br>from improved affordability | ||||
| Emerging Markets | * Encouraging demand growth, partially offset by<br>year-end hospital budget dynamics in China in the fourth<br>quarter | ||||
| Europe | * Continued demand growth across adjuvant and<br>1st-line settings | ||||
| Established RoW | * Strong<br>demand growth in 1st-line settings with year-over-year comparison<br>reflecting price reduction in Japan in June<br>2023 |
Imfinzi
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 4,717 | 2,603 | 479 | 948 | 687 |
| Actual change | 17% | 20% | 35% | 28% | (8%) |
| CER change | 21% | 20% | 59% | 27% | (2%) |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Strong<br>demand growth driven by HCC (HIMALAYA), BTC (TOPAZ-1), increased<br>patient share in Stage IV NSCLC (POSEIDON), and extensive-stage<br>SCLC (CASPIAN) | ||||
| US | * Continued demand growth driven primarily by HCC<br>and extensive-stage SCLC<br><br><br>* Early<br>growth signals from launches in early NSCLC (AEGEAN) and<br>limited-stage SCLC (ADRIATIC) | ||||
| Emerging Markets | * Strong<br>demand growth driven across all approved indications, in particular<br>BTC | ||||
| Europe | * Growth<br>driven by share gains in extensive-stage SCLC as well as new<br>launches in HCC, BTC and NSCLC | ||||
| Established RoW | * Increased demand in GI indications, offset by 25%<br>and 11% mandatory price reductions in Japan effective from 1<br>February 2024 and 1 August 2024 respectively |
Calquence
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 3,129 | 2,190 | 153 | 656 | 130 |
| Actual change | 24% | 21% | 56% | 33% | 20% |
| CER change | 25% | 21% | 79% | 32% | 22% |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Sustained BTKi leadership in front-line CLL<br>(ELEVATE-TN) | ||||
| US | * Growth<br>driven by leading share of new patient starts in front-line CLL<br>despite increased competitive pressure, with additional<br>favourability coming from improved<br>affordability | ||||
| Europe | * Strong<br>growth in front-line CLL, maintaining share of 1L new patient<br>starts in competitive environment |
Lynparza
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 3,672 | 1,332 | 655 | 1,432 | 253 |
| Actual change | 20% | 6% | 21% | 46% | (10%) |
| CER change | 22% | 6% | 30% | 46% | (5%) |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Lynparza remains<br>the leading medicine in the PARP inhibitor class globally across<br>four tumour types (ovarian, breast, prostate, pancreatic), as<br>measured by total prescription volume<br><br><br>* Collaboration Revenue $600m (FY 2023:<br>$245m) | ||||
| US | * Continued leadership within competitive PARP<br>inhibitor class, with demand growth across all indications), and<br>additional favourability coming from improved<br>affordability | ||||
| Emerging Markets | * Volume<br>growth in China from increased share following inclusion of<br>HRD-positive ovarian cancer (PAOLA-1) on NRDL with no price<br>reduction effective 1 January 2024 | ||||
| Europe | * Growth<br>driven by increased market share and additional launches in early<br>breast cancer (OlympiA) and metastatic prostate cancer<br>(PROpel)<br><br><br>* Recognised a $600m sales-related milestone<br>payment, recorded as Collaboration Revenue in Q4<br>2024 | ||||
| Established RoW | * PARP<br>class leadership maintained with year-over-year comparison<br>reflecting 7.7% price reduction in Japan in November<br>2023 |
Enhertu
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 1,982 | 893 | 478 | 542 | 69 |
| Actual change | 54% | 27% | 88% | 83% | >2x |
| CER change | 58% | 27% | >2x | 82% | >2x |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Established standard of care in HER2-positive<br>(DESTINY-Breast03) and HER2-low (DESTINY-Breast04) metastatic<br>breast cancer<br><br><br>* Encouraging early uptake, particularly in<br>gynaecological indications following tumour-agnostic approval in<br>April 2024 (DESTINY-PanTumor02, DESTINY-Lung01,<br>DESTINY-CRC02)<br><br><br>* Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca,<br>amounted to $3,754m in FY 2024 (FY 2023:<br>$2,566m) | ||||
| US | * US<br>in-market sales, recorded by Daiichi Sankyo, amounted to $1,864m in<br>FY 2024 (FY 2023: $1,472m)<br><br><br>* Some<br>spontaneous use in chemotherapy-na●ve and HER2-ultralow<br>populations following data presentation<br>and New<br>England Journal of Medicine publication<br>(DESTINY-Breast06) | ||||
| Emerging Markets | * Increased demand growth following<br>Q1 2024 launch in HER2-positive and HER2-low metastatic breast<br>cancer in China with some stock compensation[7] in<br>Q4 2024 due to NRDL enlistment | ||||
| Europe | * AstraZeneca's European revenue includes a mid<br>single-digit percentage royalty on Daiichi Sankyo's sales in Japan,<br>recorded as Alliance Revenue |
Other Oncology medicines
| FY 2024 | Change | |||
|---|---|---|---|---|
| Total Revenue | $m | Actual | CER | Drivers<br>and commentary |
| --- | --- | --- | --- | --- |
| Zoladex | 1,097 | 11% | 17% | * Strong<br>underlying growth in China and Emerging Markets and moderate growth<br>in Europe with reduced uptake in Japan |
| Imjudo | 281 | 29% | 31% | * Continued growth across<br>markets |
| Truqap | 430 | >10x | >10x | * Strong<br>demand growth with uptake in biomarker altered subgroup of HR+<br>HER2- metastatic breast cancer (CAPItello-291), some benefit in the<br>US in Q4 2024 due to one-off launch stocking of blister<br>pack |
| Orpathys | 46 | - | 2% | * Demand<br>in China for the treatment of patients with NSCLC with MET exon 14<br>skipping alterations |
| Other Oncology | 419 | (19%) | (14%) | * Decline<br>in Faslodex Total Revenue due to VBP implementation in<br>China in March 2024 and generic erosion in<br>Europe |
BioPharmaceuticals
BioPharmaceuticals Total Revenue increased by 19% (21% at CER) in FY 2024 to $21,855m, representing 40% of overall Total Revenue (FY 2023: 40%).
BioPharmaceuticals - CVRM
CVRM Total Revenue increased by 18% (20% at CER) to $12,517m in FY 2024 and represented 23% of overall Total Revenue (FY 2023: 23%).
Farxiga
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 7,717 | 1,752 | 2,853 | 2,634 | 478 |
| Actual change | 29% | 21% | 29% | 40% | 6% |
| CER change | 31% | 21% | 35% | 39% | 12% |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Continued volume growth in all major regions,<br>driven by continued demand in heart failure and<br>CKD<br><br><br>* SGLT2<br>class growth underpinned by updated cardiorenal<br>guidelines | ||||
| US | * Growth driven by underlying demand<br>in HFrEF and CKD and launch of an authorised generic in the first<br>quarter of 2024 | ||||
| Emerging Markets | * Increased reimbursement in ex-China Emerging<br>Markets supporting growth despite entry of generic competition in<br>some markets<br><br><br>* Q4 2024<br>sales in China impacted by year-end hospital budget<br>dynamics | ||||
| Europe | * Continued strong class growth and<br>market share gains | ||||
| Established RoW | * Continued demand growth partially offset by<br>generic competition in Canada<br><br><br>* In<br>Japan, AstraZeneca sells to collaborator Ono Pharmaceutical Co.,<br>Ltd, which records in-market sales |
Other CVRM medicines
| FY 2024 | Change | |||
|---|---|---|---|---|
| Total Revenue | $m | Actual | CER | Drivers<br>and commentary |
| --- | --- | --- | --- | --- |
| Brilinta | 1,333 | 1% | 2% | * Continued sales growth in Emerging Markets, offset<br>partly by decline in Established RoW driven by generic competition<br>in Canada |
| Crestor | 1,155 | 4% | 8% | * Continued sales growth in Emerging Markets,<br>decline in other regions |
| Seloken | 606 | (5%) | - | * Growth<br>in ex-China Emerging Markets offsetting declines in most other<br>major regions |
| Lokelma<br><br><br><br><br><br>Roxadustat | 542<br><br><br>336 | 32%<br><br><br>22% | 34%<br><br><br><br><br><br>23% | * Strong<br>growth in all major regions, particularly in Europe and Emerging<br>Markets<br><br><br>* Continued patient and volume<br>growth |
| Andexxa | 219 | 20% | 22% | * Growth in year |
| Wainua | 85 | n/m | n/m | * Continued strong US launch<br>momentum |
| Other CVRM | 524 | (24%) | (22%) |
BioPharmaceuticals - R&I
Total Revenue of $7,876m from R&I medicines increased 23% (25% at CER) and represented 15% of overall Total Revenue (FY 2023: 14%).
Fasenra
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 1,689 | 1,049 | 92 | 404 | 144 |
| Actual change | 9% | 6% | 44% | 14% | 1% |
| CER change | 9% | 6% | 55% | 13% | 6% |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Expanded severe asthma market share leadership in<br>IL-5 class across major markets | ||||
| US | * Sustained double-digit volume growth, partially<br>offset by channel mix | ||||
| Emerging Markets | * Continued strong demand growth driven<br>by launch acceleration<br>across key markets | ||||
| Europe | * Sustained leadership in<br>severe eosinophilic asthma | ||||
| Established RoW | * In Japan, maintained class<br>leadership in a broadly stable market |
Breztri
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 978 | 516 | 245 | 143 | 74 |
| Actual change | 44% | 35% | 52% | 78% | 41% |
| CER change | 46% | 35% | 57% | 77% | 47% |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Fastest growing triple<br>medicine within the expanding FDC triple<br>class | ||||
| US | * Consistent share growth<br>within the expanding FDC triple class | ||||
| Emerging Markets | * Maintained market share leadership in China with<br>strong FDC triple class penetration<br><br><br>* Demand<br>in fourth quarter in China impacted by low rates of respiratory<br>viral infections<br><br><br>* Further<br>expansion with launches in additional<br>geographies | ||||
| Europe | * Sustained growth across markets driven by new<br>launches | ||||
| Established RoW | * Increased market share in<br>Japan |
Tezspire
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 684 | 436 | 11 | 156 | 81 |
| Actual change | 98% | 67% | >8x | >3x | >2x |
| CER change | 99% | 67% | >8x | >3x | >2x |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to<br>$1,219m in FY 2024 (FY 2023: $653m) | ||||
| US | * Continued strong volume growth YoY, with majority<br>of patients new-to-biologics | ||||
| Europe | * Achieved and maintained<br>new-to-brand leadership across multiple markets, new launches<br>continue to progress | ||||
| Established RoW | * Sustained market share growth in<br>Japan and other major geographies, with continued<br>launches |
Symbicort
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 2,879 | 1,187 | 805 | 559 | 328 |
| Actual change | 22% | 63% | 7% | 2% | (2%) |
| CER change | 25% | 63% | 16% | 1% | - |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Symbicort remained the global<br>market leader within a stable ICS/LABA class | ||||
| US | * Continued strong demand<br>for the authorised generic and favourable channel<br>mix | ||||
| Emerging Markets | * Sustained demand growth across<br>markets in Ex-China regions<br><br><br>* Demand<br>in fourth quarter in China impacted by low rates of respiratory<br>viral infections | ||||
| Europe | * Continued growth within mild asthma<br>in some markets partially offset generic erosion and a slowing<br>overall market | ||||
| Established RoW | * Continued generic erosion in<br>Japan |
Other R&I medicines
| FY 2024 | Change | |||
|---|---|---|---|---|
| Total Revenue | $m | Actual | CER | Drivers<br>and commentary |
| --- | --- | --- | --- | --- |
| Pulmicort | 682 | (4%) | (1%) | * Emerging Markets are<br>>80% of Pulmicort revenues<br><br><br>* Emerging Markets<br>declined 23% (21% at CER) in the fourth quarter due<br>to low rates of seasonal<br>respiratory viral infections in China |
| Saphnelo | 474 | 69% | 70% | * Demand<br>acceleration in the US, and additional growth driven by ongoing<br>launches in Europe and Established RoW |
| Airsupra | 66 | >10x | >10x | * Strong<br>US launch momentum and volume uptake. Revenue in the period<br>continues to reflect patient introductory discounts as access<br>continues to build |
| Other R&I | 424 | (10%) | (9%) | * Continued generic<br>competition |
BioPharmaceuticals - V&I
Total Revenue from V&I medicines increased by 8% to $1,462m (FY 2023: $1,357m) and represented 3% of overall Total Revenue (FY 2023: 3%).
V&I medicines
| FY 2024 | Change | |||
|---|---|---|---|---|
| Total Revenue | $m | Actual | CER | Drivers<br>and commentary |
| --- | --- | --- | --- | --- |
| Beyfortus | 722 | >2x | >2x | * Growth<br>driven by increased demand and expanded production<br>capacity<br><br><br>* Product<br>Sales recognises AstraZeneca's sales of<br>manufactured Beyfortus product to Sanofi<br><br><br>* Alliance Revenue recognises AstraZeneca's 50%<br>share of gross profits on sales of Beyfortus in major markets outside the US, and 25% of<br>brand revenues in rest of world markets<br><br><br>* AstraZeneca has no participation in US profits or<br>losses |
| Synagis | 447 | (18%) | (14%) | * Synagis demand<br>decreased following rapid adoption of Beyfortus |
| COVID-19 mAbs | 31 | (90%) | (90%) | * Decline in Evusheld sales and Collaboration<br>Revenue (Total Revenue FY 2023: $312m) |
| FluMist | 258 | 14% | 10% | * Demand growth across key markets, in<br>particular Europe, and benefit from earlier start in flu season<br>compared to prior year |
| Other V&I | 4 | (68%) | (68%) | * Decline<br>in Vaxzevria sales (FY 2023: $11m) |
Rare Disease
Total Revenue from Rare Disease medicines increased by 13% (16% at CER) in FY 2024 to $8,768m, representing 16% of overall Total Revenue (FY 2023: 17%). Koselugo Collaboration Revenue was $100m in FY 2024 (FY 2023: $0m) reflecting achievement of sales milestone. Product Sales increased by 12% (14% at CER) in FY 2024 to $8,668m.
Ultomiris
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 3,924 | 2,261 | 141 | 884 | 638 |
| Actual change | 32% | 29% | 100% | 32% | 34% |
| CER change | 34% | 29% | >2x | 31% | 43% |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Growth<br>due to increased use in neurology, geographic expansion, further<br>patient demand and conversion from Soliris<br><br><br>* Ultomiris Total<br>Revenue includes sales of Voydeya, which is approved as an add-on treatment<br>to Ultomiris and Soliris for the 10-20% of PNH patients who<br>experience clinically significant EVH | ||||
| US | * Strong<br>growth in patient demand in gMG (CHAMPION-MG) and NMOSD<br>(CHAMPION-NMOSD), both new-to-branded medicines, as well as<br>continued conversion from Soliris | ||||
| Emerging Markets | * Expansion into new markets and growth in patient<br>demand | ||||
| Europe | * Strong<br>demand growth following recent launches, particularly from<br>neurology indications, conversion from Soliris | ||||
| Established RoW | * Continued conversion from Soliris and strong demand following new<br>launches |
Soliris
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 2,588 | 1,523 | 443 | 416 | 206 |
| Actual change | (18%) | (12%) | 4% | (38%) | (35%) |
| CER change | (14%) | (12%) | 34% | (38%) | (32%) |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Decline<br>driven by successful conversion of patients<br>from Soliris to Ultomiris | ||||
| Emerging Markets | * Growth<br>driven by patient demand | ||||
| Europe | * Decline<br>driven by successful conversion from Soliris to Ultomiris and biosimilar erosion in PNH and<br>aHUS |
Strensiq
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 1,416 | 1,167 | 54 | 99 | 96 |
| Actual change | 23% | 25% | 33% | 11% | 12% |
| CER change | 24% | 25% | 43% | 10% | 18% |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Growth<br>driven by strong patient demand and geographic<br>expansion | ||||
| Emerging Markets | * Q4<br>2024 benefitted from favourable timing of tender<br>orders |
Koselugo
| FY 2024, $m | Worldwide | US | Emerging Markets | Europe | Established RoW |
|---|---|---|---|---|---|
| Total Revenue | 631 | 212 | 177 | 203 | 39 |
| Actual change | 91% | 9% | >3x | >3x | 62% |
| CER change | 96% | 9% | >3x | >3x | 73% |
| Region | Drivers and commentary | ||||
| --- | --- | ||||
| Worldwide | * Growth<br>driven by strong patient demand and geographic<br>expansion | ||||
| Europe | * Total<br>Revenue includes $100m Collaboration Revenue booked in Q4 2024 from<br>achievement of sales-based milestone | ||||
| Emerging Markets | * Growing<br>demand following new approvals and reimbursements, Q4<br>2024 benefitted from favourable timing of tender<br>orders |
Other Rare Disease medicines
| FY 2024 | Change | |||
|---|---|---|---|---|
| Total Revenue | $m | Actual | CER | Drivers<br>and commentary |
| --- | --- | --- | --- | --- |
| Kanuma | 209 | 22% | 24% | * Continued global demand |
Other medicines (outside the main therapy areas)
| FY 2024 | Change | |||
|---|---|---|---|---|
| Total Revenue | $m | Actual | CER | Drivers<br>and commentary |
| --- | --- | --- | --- | --- |
| Nexium | 886 | (8%) | (2%) | * Growth<br>in Emerging Markets, which now accounts for two-thirds<br>of Nexium revenue, offset by generic erosion in other<br>markets |
| Others | 211 | (16%) | (14%) | * Continued impact of generic<br>competition |
Financial performance
Table 9: Reported Profit and Loss
| FY 2024 | FY 2023 | % Change | Q4 2024 | Q4 2023 | % Change | |||
|---|---|---|---|---|---|---|---|---|
| $m | $m | Actual | CER | $m | $m | Actual | CER | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Total Revenue | 54,073 | 45,811 | 18 | 21 | 14,891 | 12,024 | 24 | 25 |
| - Product Sales | 50,938 | 43,789 | 16 | 19 | 13,362 | 11,323 | 18 | 19 |
| - Alliance Revenue | 2,212 | 1,428 | 55 | 55 | 714 | 424 | 68 | 69 |
| - Collaboration Revenue | 923 | 594 | 56 | 54 | 815 | 277 | >2x | >2x |
| Cost of sales | (10,207) | (8,268) | 23 | 25 | (2,725) | (2,308) | 18 | 16 |
| Gross profit | 43,866 | 37,543 | 17 | 20 | 12,166 | 9,716 | 25 | 27 |
| Distribution expense | (555) | (539) | 3 | 5 | (143) | (145) | (1) | 1 |
| R&D expense | (13,583) | (10,935) | 24 | 25 | (4,677) | (3,073) | 52 | 52 |
| SG&A expense | (19,977) | (19,216) | 4 | 5 | (5,410) | (5,371) | 1 | 1 |
| Other operating income & expense | 252 | 1,340 | (81) | (81) | 100 | 107 | (7) | (6) |
| Operating profit | 10,003 | 8,193 | 22 | 32 | 2,036 | 1,234 | 65 | 79 |
| Net finance expense | (1,284) | (1,282) | - | (3) | (365) | (337) | 9 | 8 |
| Joint ventures and associates | (28) | (12) | >2x | >2x | (5) | - | n/m | n/m |
| Profit before tax | 8,691 | 6,899 | 26 | 38 | 1,666 | 897 | 86 | >2x |
| Taxation | (1,650) | (938) | 76 | 92 | (166) | 62 | >4x | >4x |
| Tax rate | 19% | 14% | 10% | -7% | ||||
| Profit after tax | 7,041 | 5,961 | 18 | 29 | 1,500 | 959 | 56 | 71 |
| Earnings per share | $4.54 | $3.84 | 18 | 29 | $0.97 | $0.62 | 56 | 71 |
Table 10: Reconciliation of Reported Profit before tax to EBITDA
| FY 2024 | FY 2023 | % Change | Q4 2024 | Q4 2023 | % Change | |||
|---|---|---|---|---|---|---|---|---|
| $m | $m | Actual | CER | $m | $m | Actual | CER | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reported Profit before tax | 8,691 | 6,899 | 26 | 38 | 1,666 | 897 | 86 | >2x |
| Net finance expense | 1,284 | 1,282 | - | (3) | 365 | 337 | 9 | 8 |
| Joint ventures and associates | 28 | 12 | >2x | >2x | 5 | - | n/m | n/m |
| Depreciation, amortisation and impairment | 6,688 | 5,387 | 24 | 24 | 2,337 | 1,327 | 76 | 76 |
| EBITDA | 16,691 | 13,580 | 23 | 29 | 4,373 | 2,561 | 71 | 77 |
Table 11: Reconciliation of Reported to Core financial measures: FY 2024[8]
| FY 2024 | Reported | Restructuring | Intangible Asset<br><br><br>Amortisation &<br><br><br>Impairments | Other | Core | Core<br><br><br>% Change | |
|---|---|---|---|---|---|---|---|
| $m | $m | $m | $m | $m | Actual | CER | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Gross profit | 43,866 | 569 | 32 | 5 | 44,472 | 18 | 20 |
| Product Sales Gross Margin | 80% | 81% | -1pp | - | |||
| Distribution expense | (555) | - | - | - | (555) | 3 | 5 |
| R&D expense | (13,583) | 275 | 1,090 | 7 | (12,211) | 19 | 19 |
| % of Total Revenue | 25% | 23% | - | - | |||
| SG&A expense | (19,977) | 312 | 4,286 | 351 | (15,028) | 9 | 11 |
| % of Total Revenue | 37% | 28% | +2pp | +2pp | |||
| Total operating expense | (34,115) | 587 | 5,376 | 358 | (27,794) | 13 | 14 |
| Other operating income & expense | 252 | (2) | - | - | 250 | (81) | (81) |
| Operating profit | 10,003 | 1,154 | 5,408 | 363 | 16,928 | 16 | 22 |
| Operating Margin | 18% | 31% | - | - | |||
| Net finance expense | (1,284) | - | - | 115 | (1,169) | 19 | 15 |
| Taxation | (1,650) | (219) | (1,044) | (88) | (3,001) | 31 | 38 |
| EPS | $4.54 | $0.60 | $2.82 | $0.25 | $8.21 | 13 | 19 |
Table 12: Reconciliation of Reported to Core financial measures: Q4 20248
| Q4 2024 | Reported | Core | Core<br><br><br>% Change | ||||
|---|---|---|---|---|---|---|---|
| m | $m | m | m | $m | Actual | CER | |
| Gross profit | 12,166 | (86) | 8 | 1 | 12,089 | 24 | 26 |
| Product Sales Gross Margin | 80% | 79% | -1pp | - | |||
| Distribution expense | (143) | - | - | - | (143) | (1) | 1 |
| R&D expense | (4,677) | 54 | 1,052 | (2) | (3,573) | 23 | 22 |
| % of Total Revenue | 31% | 24% | - | +1pp | |||
| SG&A expense | (5,410) | 132 | 943 | 60 | (4,275) | 6 | 7 |
| % of Total Revenue | 36% | 29% | +5pp | +5pp | |||
| Total operating expense | (10,230) | 186 | 1,995 | 58 | (7,991) | 13 | 13 |
| Other operating income & expense | 100 | - | - | 1 | 101 | (7) | (6) |
| Operating profit | 2,036 | 100 | 2,003 | 60 | 4,199 | 53 | 58 |
| Operating Margin | 14% | 28% | +5pp | +6pp | |||
| Net finance expense | (365) | - | - | 55 | (310) | 20 | 20 |
| Taxation | (166) | (30) | (423) | (21) | (640) | >2x | >2x |
| EPS | 0.97 | $0.05 | 1.02 | 0.05 | $2.09 | 44 | 49 |
All values are in US Dollars.
Profit and Loss drivers
Gross profit
‒ The calculation of Reported and Core Product Sales Gross Margin excludes the impact of Alliance Revenue and Collaboration Revenue
‒ The change in Product Sales Gross Margin (Reported and Core) in FY 2024 was impacted by:
‒ Positive effects from product mix. The increased contribution from Rare Disease and Oncology medicines had a positive impact on the Product Sales Gross Margin
‒ Dilutive effects from product mix. The rising contribution of Product Sales with profit sharing arrangements (Lynparza, Enhertu, Tezspire, Koselugo) has a negative impact on Product Sales Gross Margin because AstraZeneca records Product Sales in certain markets and pays away a share of the gross profits to its collaboration partners. The growth in Beyfortus also has a dilutive impact on Product Sales Gross Margin, as AstraZeneca records its sales of manufactured product to its distribution partner Sanofi as Product Sales; those have a lower Product Sales Gross Margin than the Company average
‒ Dilutive effects from geographic mix. In Emerging Markets, the Product Sales Gross Margin tends to be below the Company average
‒ The reported Product Sales Gross Margin included inventory and related contract provisions of $529m related to Andexxa, which was part of the PAAGR restructuring program (see Note 2 in the Notes to the Condensed consolidated financial statements section)
‒ Variations in Product Sales 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 including Icosavax, Gracell, Fusion and Amolyt
‒ The change in Reported R&D expense was also impacted by intangible asset impairments in the year, including $753m recorded against the vemircopan (ALXN2050) intangible asset
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
‒ The Reported SG&A expense included impairment charges of $504m recorded against the Andexxa intangible asset
Other operating income and expense
‒ In the prior year period, Other operating income and expense included a $241m gain on disposal of the US rights to Pulmicort Flexhaler and a $712m gain relating to updated contractual arrangements for Beyfortus
Net finance expense
‒ Core Net finance expense increased 19% (15% increase at CER) due to the increased level of debt and new debt issued at higher interest rates
Taxation
‒ The effective Reported and Core Tax rate for the twelve months to 31 December 2024 was 19% (FY 2023: 14% and 17% respectively)
‒ The cash tax paid for the twelve months to 31 December 2024 was $2,750m (2023: $2,366m), representing 32% of Reported Profit before tax (2023: 34%)
Dividends
‒ A second interim dividend of $2.10 per share (168.0 pence, 22.96 SEK) has been declared, resulting in a full-year dividend per share of $3.10 (245.6 pence, 33.75 SEK)
‒ Dividend payments are normally paid as follows:
‒ First interim dividend - announced with half-year and second-quarter results and paid in September
‒ Second interim dividend - announced with full-year and fourth-quarter results and paid in March
‒ Provisional dates for the 2024 second interim dividend: ex-dividend 20 February 2025, record date 21 February 2025, payable on 24 March 2025.
Table 13: Cash Flow summary
| FY 2024 | FY 2023 | Change | |
|---|---|---|---|
| $m | $m | $m | |
| Reported Operating profit | 10,003 | 8,193 | 1,810 |
| Depreciation, amortisation and impairment | 6,688 | 5,387 | 1,301 |
| Movement in working capital and short-term provisions | (893) | 300 | (1,193) |
| Gains on disposal of intangible assets | (64) | (251) | 187 |
| Fair value movements on contingent consideration arising<br>from<br><br><br>business combinations | 311 | 549 | (238) |
| Non-cash and other movements | (121) | (386) | 265 |
| Interest paid | (1,313) | (1,081) | (232) |
| Taxation paid | (2,750) | (2,366) | (384) |
| Net cash inflow from operating activities | 11,861 | 10,345 | 1,516 |
| Net cash inflow before financing activities | 3,881 | 6,281 | (2,400) |
| Net cash outflow from financing activities | (3,996) | (6,567) | 2,571 |
The change in Net cash inflow before financing activities of $2,400m is primarily driven by Acquisitions of subsidiaries, net of cash acquired of $2,771m, and relates to the acquisition of Gracell Biotechnologies, Inc. for $774m and acquisition of Fusion Pharmaceuticals Inc., for $1,997m as compared to the acquisition of Neogene Therapeutics, Inc. for $189m in FY 2023.
The decrease in Net cash outflow from financing activities of $2,571m is primarily driven by increased issuance of long-term loans of $6,492m in the period compared to $3,816m issued in the comparative period.
Capital expenditure
Capital expenditure on tangible assets and Software-related intangible assets amounted to $2,218m in FY 2024 (FY 2023: $1,516m). The increase of capital expenditure in 2024 was driven by investment in several major manufacturing projects and continued investment in technology upgrades.
Table 14: Net debt summary
| At 31<br><br><br>Dec 2024 | At 31<br><br><br>Dec 2023 | |
|---|---|---|
| $m | $m | |
| Cash and cash equivalents | 5,488 | 5,840 |
| Other investments | 166 | 122 |
| Cash and investments | 5,654 | 5,962 |
| Overdrafts and short-term borrowings | (330) | (515) |
| Lease liabilities | (1,452) | (1,128) |
| Current instalments of loans | (2,007) | (4,614) |
| Non-current instalments of loans | (26,506) | (22,365) |
| Interest-bearing loans and borrowings (Gross debt) | (30,295) | (28,622) |
| Net derivatives | 71 | 150 |
| Net debt | (24,570) | (22,510) |
Net debt increased by $2,060m in the twelve months to 31 December 2024 to $24,570m. 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.
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.
Capital allocation
The Company'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 Company 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.
Table 15: Obligor group summarised Statement of comprehensive income
| FY 2024 | FY 2023 | |
|---|---|---|
| $m | $m | |
| Total Revenue | - | - |
| Gross profit | - | - |
| Operating loss | (34) | (34) |
| Loss for the period | (1,182) | (976) |
| Transactions with subsidiaries that are not issuers or<br>guarantors | 1,661 | 15,660 |
Table 16: Obligor group summarised Statement of financial position
| At 31 Dec 2024 | At 31 Dec 2023 | |
|---|---|---|
| $m | $m | |
| Current assets | 54 | 5 |
| Non-current assets | - | - |
| Current liabilities | (2,347) | (4,856) |
| Non-current liabilities | (26,603) | (22,239) |
| Amounts due from subsidiaries that are not issuers or<br>guarantors | 18,272 | 18,421 |
| Amounts due to subsidiaries that are not issuers or<br>guarantors | - | - |
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 announcement to payment date.
Table 17: Currency sensitivities
The Company provides the following information on currency sensitivity:
| Average<br><br><br>rates vs. | Annual impact (m) of 5% weakening vs <br><br><br>(FY 2025 average rate vs. FY 2024 average) [9] | |||||
|---|---|---|---|---|---|---|
| Currency | Primary Relevance | FY 2024[10] | Change<br><br><br>(%) | Jan 31 2025[12] | Change<br><br><br>(%) | Total Revenue |
| EUR | Total Revenue | 0.92 | (4) | 0.96 | (4) | (461) |
| CNY | Total Revenue | 7.21 | (2) | 7.30 | (1) | (313) |
| JPY | Total Revenue | 151.46 | (3) | 154.70 | (2) | (179) |
| Other[13] | (557) | |||||
| GBP | Operating expense | 0.78 | (3) | 0.80 | (3) | (68) |
| SEK | Operating expense | 10.57 | (5) | 11.02 | (4) | (9) |
All values are in US Dollars.
Sustainability
AstraZeneca was recognised by TIME as one of the World's Best Companies in Sustainable Growth 2025, for its strong financial and environmental performance.
Access to healthcare
‒ AstraZeneca ranked fifth overall in the Access to Medicine Index (ATMI) 2024, an independent ranking of 20 of the world's largest pharmaceutical companies evaluating efforts to improve access to medicines in low and middle-income countries. AstraZeneca was ranked fourth in both Governance of Access and Product Delivery, with ATMI recognising the Company's best practice in reporting outcomes for its access strategies across different countries' income classifications. The Company also performed well in Research and Development, having the largest pipeline for non-communicable diseases of all companies in scope
‒ By end of December 2024, the Company's flagship Healthy Heart Africa programme had conducted more than 67.4 million blood pressure screenings, identifying more than 12.9 million people with elevated blood pressure, and diagnosing more than 5.3 million with high blood pressure, since launch in 2014
‒ The Company convened an event on health equity for investors and analysts in November that detailed AstraZeneca's health equity strategy, which is embedded from the Company's science through to healthcare delivery and community engagement
‒ AstraZeneca also convened the second meeting of its Global Health Equity Advisory Board, a group of 15 external stakeholders with representation from 11 countries, to advise on the Company's approach to help improve equitable health outcomes globally
‒ In November, the Company held its first lung health expert summit in Philadelphia, US, bringing together medical experts and non-governmental organisations (NGOs) to build alignment and consensus on more integrated and equitable service models for patients with lung diseases
‒ During the fourth quarter of 2024, the Partnership for Health System Sustainability and Resilience (PHSSR) launched three new country reports at engagements with ministerial representation in Egypt, Malaysia and India. The first PHSSR EU Expert Advisory Group workshop on sustainable healthcare financing also took place, focusing on how to prioritise funding for healthcare to improve patient access and outcomes, and enhance innovation
‒ The Young Health Programme (YHP) won Community Partnership of the Year at the SCRIP Awards, in partnership with UNICEF. Now active in 41 countries, in 2024 the YHP directly reached 4.5 million young people, trained more than 140,000 people and engaged more than 3,500 employee volunteers
Environmental protection
‒ At the end of 2024, the Company's cumulative reduction in Scope 1 and 2 greenhouse gas (GHG) emissions was 77.5% from the 2015 baseline
‒ Insights from CEO Pascal Soriot on climate risks and opportunities were featured in a report from the World Economic Forum Alliance of CEO Climate Leaders on The Cost of Inaction: A CEO Guide to Navigating Climate Risk
‒ EVP Global Operations & IT and Chief Sustainability Officer Pam Cheng was recognised on the TIME100 Climate 2024 list as a global climate leader
‒ Reducing the carbon impact of pressurised metered dose inhalers is a key product-related element of AstraZeneca's Ambition Zero Carbon strategy. Regulatory filings for Breztri/Trixeo Aerosphere with an innovative, next-generation propellant, with 99.9% lower Global Warming Potential than propellants used in currently available inhaled medicines, were submitted to the European Medicines Agency, in China, the UK and other countries
‒ Continued transition to electronic product information (ePI), including in Brazil, where AstraZeneca helped launch the consultation for a paperless pilot in partnership with the national regulator. In the EU, the Company supported a workshop at the EU Patient Safety Conference 2024, building on the upcoming introduction of ePI proposed in the revised EU General Pharmaceutical Legislation
‒ In December, AstraZeneca became the first organisation to achieve the new My Green Lab 2.0 Certification. The Company has over 129 lab spaces certified in 15 countries, and 91 achieved the highest level of certification - Green. My Green Lab is a key measure of progress recognised by the United Nations Race to Zero campaign
Ethics and transparency
‒ In October 2024, AstraZeneca launched its annual mandatory Code of Ethics awareness training, reminding employees of the Company's commitment to high ethical standards across the enterprise. The training uses real-world scenarios and provides a new Ethical Decision Making Model tool to help employees think through ethical dilemmas
‒ The Company highlighted its Values on Global Ethics Day in October through a range of global and local engagements. Employees were also invited to complete the 2024 Global Ethics Survey to share their perspectives on how the Company's Values are embedded
‒ The Company's annual 'Pulse' employee survey results published in December 2024, showing that 87% of employees worldwide understand how they can contribute to AstraZeneca's sustainability priorities
Research and development
This section covers R&D events and milestones that have occurred since the prior results announcement on 12 November 2024, up to and including events on 5 February 2025.
A comprehensive view of AstraZeneca's pipeline of medicines in human trials can be found in the latest Clinical Trials Appendix, available on www.astrazeneca.com/investor-relations. The Clinical Trials Appendix includes tables with details of the ongoing clinical trials for AstraZeneca medicines and new molecular entities in the pipeline.
Oncology
AstraZeneca presented new data across its diverse portfolio of cancer medicines at two major medical congresses since the prior results announcement: the American Society of Hematology 66th Annual Meeting and Exposition and the San Antonio Breast Cancer Symposium 2024. Across the two meetings, more than 100 abstracts were presented featuring 18 approved and potential new medicines including 11 oral presentations.
Tagrisso
| Event | Commentary | |
|---|---|---|
| Approval | Europe | For the treatment of adult patients with locally advanced,<br>unresectable NSCLC whose tumours have EGFR exon 19 deletions or exon 21 (L858R)<br>substitution mutations and whose disease has not progressed during<br>or following platinum-based chemoradiation therapy. (LAURA,<br>December 2024) |
| Approval | China | For locally advanced, unresectable (stage III) NSCLC whose tumours<br>have EGFR exon 19 deletion or exon 21 (L858R)<br>substitution mutation and whose disease has not progressed during<br>or following platinum-based chemoradiation therapy. (New<br>disclosure, LAURA, January 2025) |
| Phase III trial readout | NeoADAURA | Tagrisso with or without<br>chemotherapy demonstrated a statistically significant and <br>clinically meaningful improvement in the primary endpoint of major<br>pathologic response compared to neoadjuvant chemotherapy alone for<br>patients with resectable, early-stage (II, IIIA and<br>IIIB) EGFRm NSCLC. There was also an improvement in<br>pathologic complete response and an early trend to event free<br>survival improvement vs neoadjuvant chemotherapy alone. The safety<br>and tolerability profiles for Tagrisso monotherapy and in combination with<br>chemotherapy, were consistent with the established profiles of each<br>product. The data will be presented at a forthcoming medical<br>meeting. (New disclosure, Q4 2024) |
Imfinzi and Imjudo
| Event | Commentary | |
|---|---|---|
| Approval | Japan | For advanced or recurrent endometrial cancer. (New disclosure,<br>DUO-E, November 2024) |
| Approval | US | For limited-stage small cell lung cancer whose disease has not<br>progressed following concurrent platinum-based chemotherapy and<br>radiation therapy. (ADRIATIC, December 2024) |
| Priority Review | US | For the treatment of patients with muscle-invasive bladder cancer.<br>(NIAGARA, December 2024) |
| CHMP Opinion | EU | Recommended for approval for limited-stage small cell lung cancer<br>whose disease has not progressed following platinum-based<br>chemoradiation therapy. (ADRIATIC, January 2025) |
Lynparza
| Event | Commentary | |
|---|---|---|
| Approval | Japan | For maintenance treatment after treatment with platinum-based<br>chemotherapy in combination with Imfinzi (genetical recombination) in advanced or<br>recurrent endometrial cancer with pMMR. (New disclosure, DUO-E,<br>November 2024) |
| Phase III presentation: SABCS | OlympiA | At a median follow-up of 6.1 years in eligible patients, who had<br>completed local treatment and standard neoadjuvant or adjuvant<br>chemotherapy, results showed Lynparza reduced the risk of death by 28% (HR 0.72;<br>95% CI 0.56-0.93) versus placebo. In addition, 87.5% of patients<br>treated with Lynparza remained alive versus 83.2% of those on<br>placebo. (December 2024) |
| Approval | China | For the adjuvant treatment of deleterious or suspected deleterious<br>gBRCAm, HER2-negative high risk early breast cancer who have been<br>treated with neoadjuvant or adjuvant chemotherapy. (New disclosure,<br>OlympiA, December 2024) |
Enhertu
| Event | Commentary | |
|---|---|---|
| Approval | US | For unresectable or metastatic HR-positive, HER2-low (IHC 1+ or IHC<br>2+/ISH-) or HER2-ultralow (IHC 0 with membrane staining) breast<br>cancer, as determined by a FDA-approved test, that has progressed<br>on one or more endocrine therapies in the metastatic setting.<br>(DESTINY-Breast06, January 2026) |
Calquence
| Event | Commentary | |
|---|---|---|
| Phase III presentation: ASH | AMPLIFY | Calquence plus venetoclax<br>reduced the risk of disease progression or death by 35% compared to<br>standard-of-care chemoimmunotherapy (HR 0.65; 95% CI 0.49-0.87;<br>p=0.0038). Calquence plus venetoclax with obinutuzumab<br>demonstrated a 58% reduction in the risk of disease progression or<br>death compared to standard-of-care chemoimmunotherapy (HR 0.42; 95%<br>CI 0.30-0.59; p<0.0001). Median PFS was not reached for either<br>experimental arm versus median PFS of 47.6 months for<br>chemoimmunotherapy. (December 2024) |
| Approval | Japan | Calquence tablets 100 mg<br>for chronic lymphocytic leukaemia (including small lymphocytic<br>lymphoma) (New disclosure, December 2024) |
| Approval | US | Calquence in combination<br>with bendamustine and rituximab for patients with previously<br>untreated mantle cell lymphoma who are ineligible for autologous<br>hematopoietic stem cell transplantation. (ECHO, January<br>2024) |
Truqap
| Event | Commentary | |
|---|---|---|
| Phase III trial readout | CAPItello-281 | Truqap in combination with<br>abiraterone and androgen deprivation therapy demonstrated a<br>statistically significant and clinically meaningful improvement in<br>the primary endpoint of radiographic PFS versus abiraterone and ADT<br>with placebo in patients with PTEN-deficient de novo metastatic hormone-sensitive<br>prostate cancer. (November 2024) |
Datroway (datopotamab deruxtecan)
| Event | Commentary | |
|---|---|---|
| Regulatory update | Europe | Voluntary withdrawal of marketing authorisation application for the<br>treatment of adult patients with locally advanced or metastatic<br>non-squamous NSCLC. (TROPION-Lung01, December 2024) |
| Approval | Japan | For unresectable or metastatic HR-positive, HER2-negative breast<br>cancer who have received prior endocrine-based therapy and<br>chemotherapy for unresectable or metastatic disease. (New<br>disclosure, TROPION-Breast01, December 2025) |
| Priority Review | US | For locally advanced or metastatic EGFRm NSCLC who have received prior systemic<br>therapies, including an EGFR-directed therapy. (TROPION-Lung05,<br>TROPION-Lung01, TROPION-PanTumor01, January<br>2025) |
| Approval | US | For unresectable or metastatic HR-positive, HER2-negative breast<br>cancer who have received prior endocrine-based therapy and<br>chemotherapy for unresectable or metastatic disease.<br>(TROPION-Breast01, January 2025) |
| CHMP opinion | EU | Recommended for approval for unresectable or metastatic<br>HR-positive, HER2-negative breast cancer who have received<br>endocrine therapy and at least an additional line of chemotherapy<br>in the advanced setting. (New disclosure, TROPION-Breast01, January<br>2025) |
Orpathys
| Event | Commentary | |
|---|---|---|
| Approval | China | For locally advanced or metastatic non-small cell lung cancer with<br>MET exon 14 skipping alteration. (New disclosure, NCT04923945,<br>January 2025) |
BioPharmaceuticals - CVRM
Andexxa
| Event | Commentary | |
|---|---|---|
| Regulatory update | US | The US FDA issued a CRL regarding the supplemental Biologics<br>License Application to convert Andexxa to traditional approval. (November<br>2024) |
BioPharmaceuticals - R&I
Breztri
| Event | Commentary | |
|---|---|---|
| Regulatory submission | NGP | Regulatory submissions for Breztri with the next-generation propellant have<br>been accepted in the UK and China. (New disclosure, November 2024,<br>December 2024) |
Fasenra
| Event | Commentary | |
|---|---|---|
| Approval | Japan | For the treatment of adult patients with eosinophilic<br>granulomatosis with polyangiitis. (New disclosure, MANDARA,<br>December 2024) |
| Approval | Europe | As an add-on treatment for adult patients with relapsing or<br>refractory eosinophilic granulomatosis with polyangiitis.<br>(New<br>disclosure, MANDARA,<br>October 2024) |
BioPharmaceuticals - V&I
Kavigale
| Event | Commentary | |
|---|---|---|
| Approval | Japan | For the pre-exposure prophylaxis (prevention) of COVID-19 in<br>immune-compromised individuals aged 12 years or older. (New<br>disclosure, SUPERNOVA, December 2024) |
| Approval | Europe | For the pre-exposure prophylaxis (prevention) of COVID-19 in<br>immune-compromised individuals aged 12 years or older. (New<br>disclosure, SUPERNOVA, January 2025) |
Condensed consolidated financial statements
Table 18: Condensed consolidated statement of comprehensive income: FY 2024
| For the twelve<br>months ended 31<br>December | 2024 | 2023 |
|---|---|---|
| $m | $m | |
| Total Revenue | 54,073 | 45,811 |
| Product Sales | 50,938 | 43,789 |
| Alliance Revenue | 2,212 | 1,428 |
| Collaboration Revenue | 923 | 594 |
| Cost of sales | (10,207) | (8,268) |
| Gross profit | 43,866 | 37,543 |
| Distribution expense | (555) | (539) |
| Research and development expense | (13,583) | (10,935) |
| Selling, general and administrative expense | (19,977) | (19,216) |
| Other operating income and expense | 252 | 1,340 |
| Operating profit | 10,003 | 8,193 |
| Finance income | 458 | 344 |
| Finance expense | (1,742) | (1,626) |
| Share of after tax losses in associates and joint<br>ventures | (28) | (12) |
| Profit before tax | 8,691 | 6,899 |
| Taxation | (1,650) | (938) |
| Profit for the period | 7,041 | 5,961 |
| Other comprehensive income: | ||
| Items that will not be reclassified to profit or loss: | ||
| Remeasurement of the defined benefit pension liability | 80 | (406) |
| Net gains on equity investments measured at fair value through<br>other comprehensive income | 139 | 278 |
| Fair value movements related to own credit risk on bonds designated<br>as fair value through profit or loss | 12 | (6) |
| Tax on items that will not be reclassified to profit or<br>loss | (43) | 101 |
| 188 | (33) | |
| Items that may be reclassified subsequently to profit or<br>loss: | ||
| Foreign exchange arising on consolidation | (957) | 608 |
| Foreign exchange arising on designated liabilities in net<br>investment hedges | (122) | 24 |
| Fair value movements on cash flow hedges | (129) | 266 |
| Fair value movements on cash flow hedges transferred to profit and<br>loss | 177 | (145) |
| Fair value movements on derivatives designated in net investment<br>hedges | 39 | 44 |
| Costs of hedging | (21) | (19) |
| Tax on items that may be reclassified subsequently to profit or<br>loss | 25 | (12) |
| (988) | 766 | |
| Other comprehensive (expense)/income, net of tax | (800) | 733 |
| Total comprehensive income for the period | 6,241 | 6,694 |
| Profit attributable to: | ||
| Owners of the Parent | 7,035 | 5,955 |
| Non-controlling interests | 6 | 6 |
| 7,041 | 5,961 | |
| Total comprehensive income attributable to: | ||
| Owners of the Parent | 6,236 | 6,688 |
| Non-controlling interests | 5 | 6 |
| 6,241 | 6,694 | |
| Basic earnings per $0.25 Ordinary Share | $4.54 | $3.84 |
| Diluted earnings per $0.25 Ordinary Share | $4.50 | $3.81 |
| Weighted average number of Ordinary Shares in issue<br>(millions) | 1,550 | 1,549 |
| Diluted weighted average number of Ordinary Shares in issue<br>(millions) | 1,563 | 1,562 |
Table 19: Condensed consolidated statement of comprehensive income: Q4 2024
| For the quarter ended 31 December | ||
|---|---|---|
| 2024 | 2023 | |
| $m | $m | |
| Total Revenue | 14,891 | 12,024 |
| Product Sales | 13,362 | 11,323 |
| Alliance Revenue | 714 | 424 |
| Collaboration Revenue | 815 | 277 |
| Cost of sales | (2,725) | (2,308) |
| Gross profit | 12,166 | 9,716 |
| Distribution expense | (143) | (145) |
| Research and development expense | (4,677) | (3,073) |
| Selling, general and administrative expense | (5,410) | (5,371) |
| Other operating income and expense | 100 | 107 |
| Operating profit | 2,036 | 1,234 |
| Finance income | 64 | 108 |
| Finance expense | (429) | (445) |
| Share of after tax losses in associates and joint<br>ventures | (5) | - |
| Profit before tax | 1,666 | 897 |
| Taxation | (166) | 62 |
| Profit for the period | 1,500 | 959 |
| Other comprehensive income: | ||
| Items that will not be reclassified to profit or loss: | ||
| Remeasurement of the defined benefit pension liability | (56) | (405) |
| Net (losses)/gains on equity investments measured at fair value<br>through other comprehensive income | (125) | 233 |
| Fair value movements related to own credit risk on bonds designated<br>as fair value through profit or loss | - | (11) |
| Tax on items that will not be reclassified to profit or<br>loss | 7 | 101 |
| (174) | (82) | |
| Items that may be reclassified subsequently to profit or<br>loss: | ||
| Foreign exchange arising on consolidation | (1,500) | 809 |
| Foreign exchange arising on designated liabilities in net<br>investment hedges | (38) | 87 |
| Fair value movements on cash flow hedges | (87) | 204 |
| Fair value movements on cash flow hedges transferred to profit and<br>loss | 176 | (173) |
| Fair value movements on derivatives designated in net investment<br>hedges | 26 | (3) |
| Costs of hedging | (23) | (16) |
| Tax on items that may be reclassified subsequently to profit or<br>loss | 9 | (5) |
| (1,437) | 903 | |
| Other comprehensive (expense)/income, net of tax | (1,611) | 821 |
| Total comprehensive (expense)/income for the period | (111) | 1,780 |
| Profit attributable to: | ||
| Owners of the Parent | 1,500 | 960 |
| Non-controlling interests | - | (1) |
| 1,500 | 959 | |
| Total comprehensive income attributable to: | ||
| Owners of the Parent | (110) | 1,781 |
| Non-controlling interests | (1) | (1) |
| (111) | 1,780 | |
| Basic earnings per $0.25 Ordinary Share | $0.97 | $0.62 |
| Diluted earnings per $0.25 Ordinary Share | $0.96 | $0.62 |
| Weighted average number of Ordinary Shares in issue<br>(millions) | 1,550 | 1,549 |
| Diluted weighted average number of Ordinary Shares in issue<br>(millions) | 1,562 | 1,561 |
Table 20: Condensed consolidated statement of financial position
| At 31 Dec<br><br><br>2024 | At 31 Dec<br><br><br>2023 | |
|---|---|---|
| $m | $m | |
| Assets<br><br><br>Non-current assets | ||
| Property, plant and equipment | 10,252 | 9,402 |
| Right-of-use assets | 1,395 | 1,100 |
| Goodwill | 21,025 | 20,048 |
| Intangible assets | 37,177 | 38,089 |
| Investments in associates and joint ventures | 268 | 147 |
| Other investments | 1,632 | 1,530 |
| Derivative financial instruments | 182 | 228 |
| Other receivables | 930 | 803 |
| Deferred tax assets | 5,347 | 4,718 |
| 78,208 | 76,065 | |
| Current assets | ||
| Inventories | 5,288 | 5,424 |
| Trade and other receivables | 12,972 | 12,126 |
| Other investments | 166 | 122 |
| Derivative financial instruments | 54 | 116 |
| Income tax receivable | 1,859 | 1,426 |
| Cash and cash equivalents | 5,488 | 5,840 |
| 25,827 | 25,054 | |
| Total assets | 104,035 | 101,119 |
| Liabilities<br><br><br>Current liabilities | ||
| Interest-bearing loans and borrowings | (2,337) | (5,129) |
| Lease liabilities | (339) | (271) |
| Trade and other payables | (22,465) | (22,374) |
| Derivative financial instruments | (50) | (156) |
| Provisions | (1,269) | (1,028) |
| Income tax payable | (1,406) | (1,584) |
| (27,866) | (30,542) | |
| Non-current liabilities | ||
| Interest-bearing loans and borrowings | (26,506) | (22,365) |
| Lease liabilities | (1,113) | (857) |
| Derivative financial instruments | (115) | (38) |
| Deferred tax liabilities | (3,305) | (2,844) |
| Retirement benefit obligations | (1,330) | (1,520) |
| Provisions | (921) | (1,127) |
| Income tax payable | (238) | - |
| Other payables | (1,770) | (2,660) |
| (35,298) | (31,411) | |
| Total liabilities | (63,164) | (61,953) |
| Net assets | 40,871 | 39,166 |
| Share capital | 388 | 388 |
| Share premium account | 35,226 | 35,188 |
| Other reserves | 2,012 | 2,065 |
| Retained earnings | 3,160 | 1,502 |
| 40,786 | 39,143 | |
| Non-controlling interests | 85 | 23 |
| Total equity | 40,871 | 39,166 |
Table 21: Condensed consolidated statement of changes in equity
| Share<br><br><br>capital | Share<br><br><br>premium<br><br><br>account | Other<br><br><br>reserves | Retained<br><br><br>earnings | Total<br><br><br>attributable<br><br><br>to owners<br><br><br>of the parent | Non-controlling<br><br><br>interests | Total<br><br><br>equity | |
|---|---|---|---|---|---|---|---|
| $m | $m | $m | $m | $m | $m | $m | |
| At 1 Jan 2023 | 387 | 35,155 | 2,069 | (574) | 37,037 | 21 | 37,058 |
| Profit for the period | - | - | - | 5,955 | 5,955 | 6 | 5,961 |
| Other comprehensive income | - | - | - | 733 | 733 | - | 733 |
| Transfer to other reserves | - | - | (4) | 4 | - | - | - |
| Transactions with owners | |||||||
| Dividends | - | - | - | (4,487) | (4,487) | - | (4,487) |
| Dividends paid to non-controlling interests | - | - | - | - | - | (4) | (4) |
| Issue of Ordinary Shares | 1 | 33 | - | - | 34 | - | 34 |
| Share-based payments charge for the period | - | - | - | 579 | 579 | - | 579 |
| Settlement of share plan awards | - | - | - | (708) | (708) | - | (708) |
| Net movement | 1 | 33 | (4) | 2,076 | 2,106 | 2 | 2,108 |
| At 31 Dec 2023 | 388 | 35,188 | 2,065 | 1,502 | 39,143 | 23 | 39,166 |
| At 1 Jan 2024 | 388 | 35,188 | 2,065 | 1,502 | 39,143 | 23 | 39,166 |
| Profit for the period | - | - | - | 7,035 | 7,035 | 6 | 7,041 |
| Other comprehensive expense | - | - | - | (799) | (799) | (1) | (800) |
| Transfer to other reserves | - | - | 15 | (15) | - | - | - |
| Transactions with owners | |||||||
| Dividends | - | - | - | (4,602) | (4,602) | - | (4,602) |
| Dividends paid to non-controlling interests | - | - | - | - | - | (4) | (4) |
| Issue of Ordinary Shares | - | 38 | - | - | 38 | - | 38 |
| Changes in non-controlling interests | - | - | - | - | - | 61 | 61 |
| Movement in shares held by Employee Benefit Trusts | - | - | (68) | - | (68) | - | (68) |
| Share-based payments charge for the period | - | - | - | 660 | 660 | - | 660 |
| Settlement of share plan awards | - | - | - | (621) | (621) | - | (621) |
| Net movement | - | 38 | (53) | 1,658 | 1,643 | 62 | 1,705 |
| At 31 Dec 2024 | 388 | 35,226 | 2,012 | 3,160 | 40,786 | 85 | 40,871 |
Table 22: Condensed consolidated statement of cash flows:
| For the twelve<br>months ended 31<br>December | 2024 | 2023 |
|---|---|---|
| $m | $m | |
| Cash flows from operating activities | ||
| --- | --- | --- |
| Profit before tax | 8,691 | 6,899 |
| Finance income and expense | 1,284 | 1,282 |
| Share of after tax losses of associates and joint<br>ventures | 28 | 12 |
| Depreciation, amortisation and impairment | 6,688 | 5,387 |
| Movement in working capital and short-term provisions | (893) | 300 |
| Gains on disposal of intangible assets | (64) | (251) |
| Fair value movements on contingent consideration arising from<br>business combinations | 311 | 549 |
| Non-cash<br>and other movements | (121) | (386) |
| Cash generated from operations | 15,924 | 13,792 |
| Interest paid | (1,313) | (1,081) |
| Tax paid | (2,750) | (2,366) |
| Net cash inflow from operating activities | 11,861 | 10,345 |
| Cash flows from investing activities | ||
| Acquisition of subsidiaries, net of cash acquired | (2,771) | (189) |
| Payments upon vesting of employee share awards attributable to<br>business combinations | (3) | (84) |
| Payment of contingent consideration from business<br>combinations | (1,008) | (826) |
| Purchase of property, plant and equipment | (1,924) | (1,361) |
| Disposal of property, plant and equipment | 55 | 132 |
| Purchase of intangible assets | (2,662) | (2,417) |
| Disposal of intangible assets | 123 | 291 |
| Movement in profit-participation liability | - | 190 |
| Purchase of non-current asset investments | (96) | (136) |
| Disposal of non-current asset investments | 78 | 32 |
| Movement in short-term investments, fixed deposits and other<br>investing instruments | 30 | 97 |
| Payments to associates and joint ventures | (158) | (80) |
| Disposal of investments in associates and joint<br>ventures | 13 | - |
| Interest received | 343 | 287 |
| Net cash outflow from investing activities | (7,980) | (4,064) |
| Net cash inflow before financing activities | 3,881 | 6,281 |
| Cash flows from financing activities | ||
| Proceeds from issue of share capital | 38 | 33 |
| Own shares purchased by Employee Benefit Trusts | (81) | - |
| Issue of loans and borrowings | 6,492 | 3,816 |
| Repayment of loans and borrowings | (4,652) | (4,942) |
| Dividends paid | (4,629) | (4,481) |
| Hedge contracts relating to dividend payments | 16 | (19) |
| Repayment of obligations under leases | (316) | (268) |
| Movement in short-term borrowings | (31) | 161 |
| Payment of Acerta Pharma share purchase liability | (833) | (867) |
| Net cash outflow from financing activities | (3,996) | (6,567) |
| Net decrease in Cash and cash equivalents in the<br>period | (115) | (286) |
| Cash and cash equivalents at the beginning of the<br>period | 5,637 | 5,983 |
| Exchange rate effects | (93) | (60) |
| Cash and cash equivalents at the end of the period | 5,429 | 5,637 |
| Cash and cash equivalents consist of: | ||
| Cash and cash equivalents | 5,488 | 5,840 |
| Overdrafts | (59) | (203) |
| 5,429 | 5,637 |
Notes to the Condensed consolidated financial statements
Note 1: Basis of preparation and accounting policies
These Condensed consolidated financial statements for the twelve months ended 31 December 2024 have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Condensed consolidated financial statements also comply fully with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and International Accounting Standards as adopted by the European Union.
These Condensed consolidated financial statements comprise the financial results of AstraZeneca PLC for the years to 31 December 2024 and 2023 together with the Statement of financial position as at 31 December 2024 and 2023. The results for the year to 31 December 2024 have been extracted from the 31 December 2024 audited consolidated financial statements which have been approved by the Board of Directors. These have not yet been delivered to the Registrar of Companies but are expected to be published on 18 February 2025 within the Annual Report and Form 20-F Information 2024.
The financial information set out above does not constitute the Group's statutory accounts for the years to 31 December 2024 or 2023 but is derived from these accounts. The auditors have reported on those accounts: their reports (i) were 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 in respect of the accounts for the year to 31 December 2024 or for 31 December 2023. Statutory accounts for the year to 31 December 2024 were approved by the Board of Directors for release on 6 February 2025.
Amendments to accounting standards issued by the IASB and adopted in the year ended 31 December 2024 did not have a material impact on the result or financial position of the Group and the Condensed consolidated 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 2023.
The comparative figures for the financial year ended 31 December 2023 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.
Going concern
The Group has considerable financial resources available. As at 31 December 2024, the Group has $10.4bn in financial resources (cash and cash equivalent balances of $5.5bn and undrawn committed bank facilities of $4.9bn that were available until April 2029), with $2.7bn of borrowings due within one year. These facilities contain no financial covenants, and in January 2025 their maturity was extended to April 2030.
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 Condensed consolidated financial statements.
Legal proceedings
The information contained in Note 6 updates the disclosures concerning legal proceedings and contingent liabilities in the Group's Annual Report and Form 20-F Information 2023.
Employee Benefit Trusts
Following an amendment to the Employee Benefit Trust (EBT) Deed on 10 June 2024, AstraZeneca obtained control and commenced consolidation of the EBT from June 2024. From that date, cash paid on purchases of AstraZeneca Ordinary shares or American Depositary Receipts is presented within Financing activities in the Condensed consolidated statement of cash flows.
Note 2: Intangible assets
In accordance with IAS 36 'Impairment of Assets', reviews for triggers of impairment or impairment reversals at an individual asset or cash generating unit level were conducted, and impairment tests carried out where triggers were identified. In 2024, the Group recorded impairment charges of $504m in respect of launched products. Following a strategic review of our portfolio priorities, the business decision was made to cease promotional activity for Andexxa resulting in impairment charges of $504m recorded against the Andexxa intangible asset under a value-in-use model applying a discount rate of 7.5% (revised carrying amount: $nil).
Impairment charges recorded against products in development totalled $1,073m. This included vemircopan (ALXN2050) (acquired as part of the Alexion business combination in 2021 - $753m) which was terminated, the decision was based on safety and efficacy data from Phase II trials across multiple indications. In December 2024, the intangible asset relating to the product in development, FPI-2059, was fully impaired by $165m due to portfolio prioritisation decisions. Development of FPI-2265 and AZD2068 are still ongoing and continue to be a priority. The remaining impairments of $155m relate to impairments of various products in development, due to either management's decision to discontinue development as part of Group-wide portfolio prioritisation decisions, or due to the outcome of research activities.
Icosavax
The acquisition of Icosavax, Inc. completed on 19 February 2024. The transaction is recorded as an asset acquisition based on the concentration test permitted under IFRS 3 'Business Combinations', with consideration of $841m principally relating to $639m of intangible assets, $141m of cash and cash equivalents and $51m of marketable securities. Contingent consideration of up to $300m could be paid on achievement of regulatory and sales milestones; these potential liabilities would be recorded when the relevant recognition event for a regulatory or sales milestone is achieved.
Amolyt
The acquisition of Amolyt Pharma completed on 15 July 2024. The transaction is recorded as an asset acquisition based on the concentration test permitted under IFRS 3 'Business Combinations', with consideration of $857m principally relating to $800m of intangible assets and $98m of cash and cash equivalents. Contingent consideration of up to $250m could be paid on achievement of a regulatory milestone; this potential liability would be recorded when the relevant recognition event for a regulatory milestone is achieved.
Note 3: Net debt
The table below 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 2023. Net debt is a non-GAAP financial measure.
Table 23: Net debt
| At 1 Jan<br><br><br>2024 | Cash flow | Acquisitions | Non-cash & other | Exchange movements | At 31 Dec<br><br><br>2024 | |
|---|---|---|---|---|---|---|
| $m | $m | $m | $m | $m | $m | |
| Non-current instalments of loans | (22,365) | (6,498) | (3) | 2,081 | 279 | (26,506) |
| Non-current instalments of leases | (857) | - | (12) | (275) | 31 | (1,113) |
| Total long-term debt | (23,222) | (6,498) | (15) | 1,806 | 310 | (27,619) |
| Current instalments of loans | (4,614) | 4,590 | (9) | (2,001) | 27 | (2,007) |
| Current instalments of leases | (271) | 374 | (6) | (450) | 14 | (339) |
| Collateral received from derivative counterparties | (215) | 34 | - | - | - | (181) |
| Other short-term borrowings excluding overdrafts | (97) | (3) | - | - | 10 | (90) |
| Overdrafts | (203) | 144 | - | - | - | (59) |
| Total current debt | (5,400) | 5,139 | (15) | (2,451) | 51 | (2,676) |
| Gross borrowings | (28,622) | (1,359) | (30) | (645) | 361 | (30,295) |
| Net derivative financial instruments | 150 | 41 | - | (120) | - | 71 |
| Net borrowings | (28,472) | (1,318) | (30) | (765) | 361 | (30,224) |
| Cash and cash equivalents | 5,840 | (501) | 242 | - | (93) | 5,488 |
| Other investments - current | 122 | (30) | 87 | - | (13) | 166 |
| Cash and investments | 5,962 | (531) | 329 | - | (106) | 5,654 |
| Net debt | (22,510) | (1,849) | 299 | (765) | 255 | (24,570) |
Net debt increased by $2,060m in the twelve months to 31 December 2024 to $24,570m. 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'.
In February 2024, AstraZeneca issued the following:
‒ $1,250m of fixed-rate notes with a coupon of 4.8% maturing in February 2027
‒ $1,250m of fixed-rate notes with a coupon of 4.85% maturing in February 2029
‒ $1,000m of fixed-rate notes with a coupon of 4.9% maturing in February 2031
‒ $1,500m of fixed-rate notes with a coupon of 5% maturing in February 2034
In August 2024, AstraZeneca issued the following:
‒ Û650m of fixed-rate notes with a coupon of 3.121% maturing in August 2030
‒ Û750m of fixed-rate notes with a coupon of 3.278% maturing in August 2033
Each of the above notes were issued by AstraZeneca Finance LLC and are fully and unconditionally guaranteed by AstraZeneca PLC.
AstraZeneca repaid two bonds with a total carrying value of $2,569m and floating rate bank loans of $2,000m during the twelve months which is included in the cash outflow from Repayment of loans and borrowings of $4,652m.
The Group has agreements with some bank counterparties whereby the parties agree to post cash collateral on financial derivatives, for the benefit of the other, equivalent to the market valuation of the derivative positions above a predetermined threshold. The carrying value of such cash collateral held by the Group at 31 December 2024 was $181m (31 December 2023: $215m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m (31 December 2023: $102m).
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 above and includes the Acerta Pharma share purchase liability of $nil (31 December 2023: $833m).
During the quarter ended 31 December 2024, there have been no changes to the Company's solicited long term credit ratings. Moody's credit rating were long term: A2; short term: P-1. Standard and Poor's credit ratings were 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 $353m (31 December 2023: $313m) and for which a fair value loss of $9m has been recognised in the twelve months ended 31 December 2024 (FY 2023: gains of $17m). In the absence of specific market data, these unlisted investments are held at fair value based on the cost of investment and adjusted as necessary for impairments and revaluations on new funding rounds, which are seen to approximate the fair value. All other fair value gains and/or losses that are presented in Net gains on equity investments measured at fair value through other comprehensive income, in the Condensed consolidated statement of comprehensive income for the twelve months ended 31 December 2024, are Level 1 fair value measurements, valued based on quoted prices in active markets.
Financial instruments measured at fair value include $1,669m of other investments, $4,177m held in money-market funds and $71m of derivatives as at 31 December 2024. With the exception of derivatives being Level 2 fair valued, and certain equity instruments of $353m categorised as Level 3, the aforementioned balances are Level 1 fair valued. Financial instruments measured at amortised cost include $129m of cash collateral pledged to counterparties. The total fair value of Interest-bearing loans and borrowings as at 31 December 2024, which have a carrying value of $30,295m in the Condensed consolidated statement of financial position, was $29,179m.
Table 24: Financial instruments - contingent consideration
| 2024 | 2023 | |||
|---|---|---|---|---|
| Diabetes alliance | Other | Total | Total | |
| --- | --- | --- | --- | --- |
| $m | $m | $m | $m | |
| At 1 January | 1,945 | 192 | 2,137 | 2,222 |
| Additions through business combinations | - | 198 | 198 | 60 |
| Settlements | (998) | (10) | (1,008) | (826) |
| Revaluations | 260 | 51 | 311 | 549 |
| Discount unwind | 102 | 11 | 113 | 132 |
| On 31 December | 1,309 | 442 | 1,751 | 2,137 |
Contingent consideration arising from business combinations is fair valued using decision-tree analysis, with key inputs including the probability of success, consideration of potential delays and the expected levels of future revenues.
The contingent consideration balance relating to BMS's share of the global diabetes alliance of $1,309m (31 December 2023: $1,945m) would increase/decrease by $131m with an increase/decrease in sales of 10%, as compared with the current estimates.
Note 5: Business combinations
Gracell
On 22 February 2024, AstraZeneca completed the acquisition of Gracell Biotechnologies Inc. (Gracell), a global clinical-stage biopharmaceutical company developing innovative cell therapies for the treatment of cancer and autoimmune diseases.
The purchase price allocation review has been completed with no changes to the amounts reported in the H1 and Q2 2024 results announcement. The transaction is recorded as a business combination using the acquisition method of accounting in accordance with IFRS 3 'Business Combinations'.
The total consideration fair value of $1,037m includes cash consideration of $983m and future regulatory milestone-based consideration of $54m. Intangible assets recognised relate to products in development, principally AZD0120. Goodwill of $136m has been recognised. Gracell's results have been consolidated into the Group's results from 22 February 2024.
Fusion
On 4 June 2024, AstraZeneca completed the acquisition of Fusion Pharmaceuticals Inc., (Fusion) a clinical-stage biopharmaceutical company developing next-generation radioconjugates.
The purchase price allocation review has been completed with no changes to the amounts reported in the H1 and Q2 2024 results announcement. The transaction is recorded as a business combination using the acquisition method of accounting in accordance with IFRS 3 'Business Combinations'.
The total consideration fair value of $2,195m includes cash consideration of $2,051m and future regulatory milestone-based consideration of $144m. Intangible assets relating to products in development comprise the FPI-2265 ($848m), FPI-2059 ($165m) and AZD2068 ($313m) programmes. Goodwill of $947m has been recognised. Fusion's results have been consolidated into the Group's results from 4 June 2024.
In December 2024, the intangible asset relating to the product in development, FPI-2059, was fully impaired by $165m due to portfolio prioritisation decisions. Development of FPI-2265 and AZD2068 are still ongoing and continue to be a priority.
Note 6: 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 2023, the H1 2024 and the Q3 2024 results announcements (the Disclosures). Information about the nature and facts of the cases is disclosed in accordance with IAS 37.
As discussed in the Disclosures, the majority of claims involve highly complex issues. Often these issues are subject to substantial uncertainties and, therefore, the probability of a loss, if any, being sustained and/or an estimate of the amount of any loss is difficult to ascertain.
In cases that have been settled or adjudicated, or where quantifiable fines and penalties have been assessed and which are not subject to appeal, or where a loss is probable and we are able to make a reasonable estimate of the loss, AstraZeneca records the loss absorbed or makes a provision for its best estimate of the expected loss. The position could change over time and the estimates that the 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 fourth quarter of 2024 and to 6 February 2025
Table 25: Patent litigation
| Legal proceedings brought against AstraZeneca | |
|---|---|
| Soliris patent<br>proceedings, Turkey<br><br><br><br><br><br>Considered to be a contingent liability | * In November 2024, Salute HC<br>İlalarõ Sanayi ve Ticaret A.Ş (Salute) served an<br>action in the Industrial and Intellectual Property Rights Court in<br>Istanbul, Turkey seeking to invalidate and enjoin enforcement of<br>Alexion's patent relating to eculizumab. |
| --- | --- |
| Legal proceedings brought by AstraZeneca | |
| --- | |
| Calquence patent<br>proceedings, US<br><br><br><br><br><br>Considered to be a contingent asset | * In February 2022, in response to<br>Paragraph IV notices from multiple ANDA filers, AstraZeneca filed<br>patent infringement lawsuits in the US District Court for the<br>District of Delaware (District Court). In its complaints,<br>AstraZeneca alleged that a generic version of Calquence capsules, if approved<br>and marketed, would infringe patents that are owned or licensed by<br>AstraZeneca.<br><br><br>* In 2024, AstraZeneca entered into<br>settlement agreements with all five generic manufacturers,<br>resolving the Calquence capsule ANDA litigation<br>proceedings.<br><br><br>* AstraZeneca received Paragraph IV<br>notices relating to patents listed in the FDA Orange Book with<br>reference to Calquence tablets from Cipla USA,<br>Inc. and Cipla Limited (collectively, Cipla) in April 2024 and from<br>MSN Pharmaceuticals Inc. and MSN Laboratories Pvt. Ltd.<br>(collectively, MSN) in November 2024.<br><br><br>* In response to these Paragraph IV<br>notices, AstraZeneca filed patent infringement lawsuits against<br>Cipla in May 2024 and against MSN in January 2025 in the District<br>Court. In the complaints, AstraZeneca alleges that a generic<br>version of Calquence tablets, if approved and<br>marketed, would infringe patents that are owned or licensed by<br>AstraZeneca. No trial date has been scheduled. |
| --- | --- |
| Lynparza patent<br>proceedings, US<br><br><br><br><br><br>Considered to be a contingent asset | * AstraZeneca received a Paragraph IV<br>notice relating to Lynparza patents from Natco Pharma<br>Limited (Natco) in December 2022, Sandoz Inc. (Sandoz) in December<br>2023, Cipla USA, Inc. and Cipla Limited (collectively, Cipla) in<br>May 2024, and Zydus Pharmaceuticals (USA) Inc. (Zydus) in November<br>2024. In response to these Paragraph IV notices, AstraZeneca, MSD<br>International Business GmbH, and the University of Sheffield<br>initiated ANDA litigations against Natco, Sandoz, Cipla, and Zydus<br>in the US District Court for the District of New Jersey. In the<br>complaints, AstraZeneca alleged that the defendants' generic<br>versions of Lynparza,<br>if approved and marketed, would infringe AstraZeneca's<br>patents.<br><br><br>* No trial date has been<br>scheduled. |
| Soliris patent<br>proceedings, Europe<br><br><br><br><br><br>Considered to be a contingent asset | * In March 2024, Alexion filed motions<br>for provisional measures against Amgen Pharmaceuticals Inc (Amgen)<br>and Samsung Bioepis Co. Ltd. (Samsung) and their respective<br>affiliates at the Hamburg Local Division of the Unified Patent<br>Court (UPC) on the basis that Amgen's and Samsung's biosimilar<br>eculizumab products infringe an Alexion patent. Alexion appealed<br>and in December 2024 the UPC appellate division denied Alexion's<br>appeal requesting provisional measures.<br><br><br>* In parallel, Samsung and Amgen have<br>filed oppositions to the patent at the European Patent<br>Office.<br><br><br>* In November 2024, Amgen filed a<br>revocation action for the patent at the UPC Central Division in<br>Milan. |
| Tagrisso patent<br>proceedings, Russia<br><br><br><br><br><br>Considered to be a contingent asset | * In Russia, in August 2023,<br>AstraZeneca filed lawsuits in the Arbitration Court of the Moscow<br>Region (Court) against the Ministry of Health of the Russian<br>Federation and Axelpharm LLC (Axelpharm) related to Axelpharm's<br>improper use of AstraZeneca's information to obtain authorisation<br>to market a generic version of Tagrisso. In December 2023, the Court<br>dismissed the lawsuit against the Ministry of Health of the Russian<br>Federation. The appellate court affirmed the dismissal in March<br>2024. AstraZeneca filed a further appeal, which was dismissed in<br>July 2024. The lawsuit against Axelpharm was dismissed in September<br>2024, and AstraZeneca appealed.<br><br><br>* In November 2023, Axelpharm filed a<br>compulsory licensing action against AstraZeneca in the Court<br>related to a patent that covers Tagrisso. The compulsory licensing<br>action remains pending. AstraZeneca has also challenged before the<br>Russian Patent and Trademark Office (PTO) the validity of the<br>Axelpharm patent on which the compulsory licensing action is<br>predicated. In August 2024, the PTO determined that Axelpharm's<br>patent is invalid and, in November 2024, Axelpharm filed an<br>appeal.<br><br><br>* In July 2024, AstraZeneca filed a<br>patent infringement lawsuit, which remains pending, and an unfair<br>competition claim with the Federal Anti-Monopoly Service of Russia<br>(FAS) against AxelPharm and others related to the securing of state<br>contracts in Russia for its generic version of<br>Osimertinib.<br><br><br>* In August 2024, the FAS initiated an<br>unfair competition case against Axelpharm and OncoTarget based on<br>AstraZeneca's unfair competition claim.<br><br><br>* In November 2024, the FAS determined<br>that Axelpharm had committed unfair competition and that OncoTarget<br>had not; the FAS ordered Axelpharm to cease sales of its generic<br>osimertinib and pay the Russian government the income it received<br>from its sales of its generic Osimertinib. In December 2024,<br>Axelpharm appealed. |
Table 26: Product liability litigation
| Legal proceedings brought against AstraZeneca | |
|---|---|
| Nexium and Prilosec, US<br><br><br><br><br><br>A provision has been taken | * AstraZeneca has been defending<br>lawsuits brought in federal and state courts involving claims that<br>plaintiffs have been diagnosed with various injuries following<br>treatment with proton pump inhibitors (PPIs),<br>including Nexium and Prilosec. Most of the lawsuits alleged<br>kidney injury.<br><br><br>* In addition, AstraZeneca has been<br>defending lawsuits involving allegations of gastric cancer<br>following treatment with PPIs, including one such claim in the US<br>District Court for the Middle District of Louisiana (District<br>Court).<br><br><br>* In October 2023, AstraZeneca<br>resolved all pending claims in the MDL, as well as all pending<br>claims in Delaware and New Jersey state courts, for $425m, for<br>which a provision has been taken.<br><br><br>* In December 2024, AstraZeneca<br>resolved the sole remaining case, which had been pending in the<br>District Court. |
| --- | --- |
Table 27: Commercial litigation
| Legal proceedings brought against AstraZeneca | |
|---|---|
| Securities Litigation, US<br><br><br><br><br><br>Considered to be a contingent liability | * In December 2024, a putative<br>securities class action lawsuit was filed in the US District Court<br>for the Central District of California against AstraZeneca PLC and<br>certain officers, on behalf of purchasers of AstraZeneca publicly<br>traded securities between February 2022<br>and December 2024. The complaint alleges that<br>defendants made materially false and misleading statements in<br>connection with the Company's business in China. |
| --- | --- |
Table 28: Government investigations and proceedings
| Legal proceedings brought against AstraZeneca | |
|---|---|
| Shenzhen City Customs Office<br><br><br><br><br><br>Considered to be a contingent liability | * In relation to the illegal drug<br>importation allegations, in January 2025, AstraZeneca received a<br>Notice of Transfer to the Prosecutor and an Appraisal Opinion from<br>the Shenzhen City Customs Office regarding suspected unpaid<br>importation taxes amounting to $0.9m.<br><br><br>* To the best of AstraZeneca's<br>knowledge, the importation taxes referred to in the Appraisal<br>Opinion relate to Imfinzi and Imjudo.<br><br><br>* A fine of between one and five times<br>the amount of unpaid importation taxes may also be levied if<br>AstraZeneca is found liable. |
| --- | --- |
| Legal proceedings brought by AstraZeneca | |
| --- | |
| 340B State Litigation, US<br><br><br><br><br><br>Considered to be a contingent asset | * AstraZeneca has filed lawsuits<br>against Arkansas, Kansas, Louisiana, Maryland, Minnesota,<br>Mississippi, Missouri, and West Virginia challenging the<br>constitutionality of each state's 340B<br>statute.<br><br><br>* In the Arkansas matter, trial is<br>scheduled for April 2025. In the Arkansas administrative<br>proceeding, the state has moved for a preliminary injunction to<br>enjoin AstraZeneca's 340B policy in Arkansas.<br><br><br>* In the Kansas matter, after<br>obtaining a stipulation from the state that AstraZeneca's policy<br>does not violate the Kansas 340B statute, AstraZeneca agreed to<br>dismiss its complaint.<br><br><br>* In the Louisiana matter, the Court<br>granted the state's motion for summary judgment. AstraZeneca<br>has filed an appeal.<br><br><br>* In the Maryland, Minnesota, and<br>Missouri matters, the state has moved to dismiss AstraZeneca's<br>complaint.<br><br><br>* In the Maryland and Mississippi<br>matters, the Court has rejected AstraZeneca's preliminary<br>injunction motion.<br><br><br>* The West Virginia matter remains in<br>its preliminary stages. |
| --- | --- |
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 8
Table 29: FY 2024 - Product Sales year-on-year analysis[14]
CER information in respect of FY 2024 included in the Consolidated Financial Information has not been audited by PricewaterhouseCoopers LLP.
| World | US | Emerging Markets | Europe | Established RoW | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $m | Act % chg | CER % chg | $m | % chg | $m | Act % chg | CER % chg | $m | Act % chg | CER % chg | $m | Act % chg | CER % chg | |
| Oncology | 20,275 | 18 | 21 | 9,510 | 23 | 4,502 | 18 | 28 | 4,082 | 23 | 22 | 2,181 | (4) | 2 |
| Tagrisso | 6,580 | 13 | 16 | 2,763 | 21 | 1,755 | 8 | 16 | 1,301 | 16 | 15 | 761 | (3) | 4 |
| Imfinzi | 4,717 | 17 | 21 | 2,603 | 20 | 479 | 35 | 59 | 948 | 28 | 27 | 687 | (8) | (2) |
| Calquence | 3,129 | 24 | 25 | 2,190 | 21 | 153 | 56 | 79 | 656 | 33 | 32 | 130 | 20 | 22 |
| Lynparza | 3,072 | 9 | 11 | 1,332 | 6 | 655 | 21 | 30 | 832 | 13 | 12 | 253 | (10) | (5) |
| Enhertu | 545 | n/m | n/m | - | - | 350 | n/m | n/m | 126 | n/m | n/m | 69 | n/m | n/m |
| Zoladex | 1,058 | 11 | 17 | 16 | 14 | 795 | 16 | 23 | 148 | 12 | 10 | 99 | (16) | (12) |
| Imjudo | 281 | 29 | 31 | 180 | 23 | 16 | n/m | n/m | 36 | n/m | n/m | 49 | (5) | 2 |
| Truqap | 430 | n/m | n/m | 408 | n/m | 2 | n/m | n/m | 12 | n/m | n/m | 8 | n/m | n/m |
| Orpathys | 44 | (1) | 1 | - | - | 44 | (1) | 1 | - | - | - | - | - | - |
| Others | 419 | (19) | (14) | 18 | (51) | 253 | (18) | (12) | 23 | (30) | (30) | 125 | (13) | (6) |
| BioPharmaceuticals: CVRM | 12,448 | 18 | 20 | 3,075 | 12 | 5,339 | 16 | 22 | 3,270 | 31 | 30 | 764 | 3 | 9 |
| Farxiga | 7,656 | 28 | 31 | 1,750 | 21 | 2,853 | 29 | 35 | 2,634 | 40 | 39 | 419 | - | 6 |
| Brilinta | 1,333 | 1 | 2 | 751 | 1 | 294 | 3 | 10 | 268 | (1) | (2) | 20 | (17) | (16) |
| Crestor | 1,153 | 4 | 8 | 46 | (16) | 934 | 8 | 12 | 37 | (29) | (30) | 136 | (2) | 5 |
| Seloken/Toprol-XL | 605 | (5) | - | - | (42) | 589 | (5) | - | 13 | 13 | 12 | 3 | (53) | (44) |
| Lokelma | 542 | 32 | 34 | 256 | 20 | 86 | 73 | 79 | 92 | 59 | 58 | 108 | 20 | 29 |
| Roxadustat | 331 | 22 | 24 | - | - | 331 | 22 | 24 | - | - | - | - | - | - |
| Andexxa | 219 | 20 | 22 | 81 | 7 | 3 | n/m | n/m | 80 | 30 | 28 | 55 | 22 | 31 |
| Wainua | 85 | n/m | n/m | 85 | n/m | - | - | - | - | - | - | - | - | - |
| Others | 524 | (24) | (22) | 106 | (50) | 249 | (13) | (9) | 146 | (13) | (12) | 23 | 18 | 20 |
| BioPharmaceuticals: R&I | 7,416 | 21 | 23 | 3,416 | 34 | 1,897 | 7 | 13 | 1,416 | 22 | 21 | 687 | 10 | 14 |
| Symbicort | 2,879 | 22 | 25 | 1,187 | 63 | 805 | 7 | 16 | 559 | 2 | 1 | 328 | (2) | - |
| Fasenra | 1,689 | 9 | 9 | 1,049 | 6 | 92 | 44 | 55 | 404 | 14 | 13 | 144 | 1 | 6 |
| Pulmicort | 682 | (4) | (1) | 6 | (77) | 568 | (1) | 3 | 71 | 5 | 3 | 37 | (12) | (10) |
| Breztri | 978 | 44 | 46 | 516 | 35 | 245 | 52 | 57 | 143 | 78 | 77 | 74 | 41 | 47 |
| Tezspire | 248 | n/m | n/m | - | - | 11 | n/m | n/m | 156 | n/m | n/m | 81 | n/m | n/m |
| Saphnelo | 474 | 69 | 70 | 425 | 63 | 7 | n/m | n/m | 26 | n/m | n/m | 16 | 69 | 80 |
| Airsupra | 66 | n/m | n/m | 66 | n/m | - | - | - | - | - | - | - | - | - |
| Others | 400 | (8) | (7) | 167 | 7 | 169 | (21) | (20) | 57 | 5 | 4 | 7 | (8) | (4) |
| BioPharmaceuticals: V&I | 1,058 | 5 | 6 | 280 | n/m | 213 | 1 | 9 | 409 | 3 | 1 | 156 | (47) | (44) |
| Synagis | 447 | (18) | (14) | (8) | n/m | 210 | 8 | 17 | 116 | (34) | (35) | 129 | (27) | (22) |
| Beyfortus | 318 | n/m | n/m | 232 | n/m | - | n/m | n/m | 84 | n/m | n/m | 2 | n/m | n/m |
| FluMist | 258 | 19 | 15 | 28 | 19 | 1 | 28 | 30 | 204 | 8 | 4 | 25 | n/m | n/m |
| COVID-19 mAbs | 31 | (76) | (76) | 28 | n/m | - | n/m | n/m | 3 | (74) | (75) | - | n/m | n/m |
| Others | 4 | (68) | (68) | - | - | 2 | (82) | (82) | 2 | 10 | 14 | - | n/m | n/m |
| Rare Disease | 8,668 | 12 | 14 | 5,263 | 12 | 849 | 36 | 63 | 1,568 | 3 | 2 | 988 | 8 | 15 |
| Ultomiris | 3,924 | 32 | 34 | 2,261 | 29 | 141 | n/m | n/m | 884 | 32 | 31 | 638 | 34 | 43 |
| Soliris | 2,588 | (18) | (14) | 1,523 | (12) | 443 | 4 | 34 | 416 | (38) | (38) | 206 | (35) | (32) |
| Strensiq | 1,416 | 23 | 24 | 1,167 | 25 | 54 | 33 | 43 | 99 | 11 | 10 | 96 | 12 | 18 |
| Koselugo | 531 | 60 | 66 | 212 | 9 | 177 | n/m | n/m | 103 | 93 | 92 | 39 | 62 | 73 |
| Kanuma | 209 | 22 | 24 | 100 | 17 | 34 | 19 | 28 | 66 | 35 | 35 | 9 | 11 | 15 |
| Other medicines | 1,073 | (9) | (4) | 111 | (17) | 735 | 1 | 8 | 103 | (2) | (3) | 124 | (40) | (36) |
| Nexium | 867 | (8) | (2) | 96 | (16) | 591 | 2 | 11 | 60 | 13 | 11 | 120 | (40) | (36) |
| Others | 206 | (11) | (9) | 15 | (20) | 144 | (6) | (4) | 43 | (17) | (17) | 4 | (44) | (41) |
| Total Product Sales | 50,938 | 16 | 19 | 21,655 | 21 | 13,535 | 15 | 23 | 10,848 | 20 | 19 | 4,900 | (3) | 3 |
Table 30: Q4 2024 - Product Sales year-on-year analysis[15]
The Q4 2024 information in respect of the three months ended 31 December 2024 included in the Consolidated Financial Information has not been audited by PricewaterhouseCoopers LLP.
| World | US | Emerging Markets | Europe | Established RoW | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $m | Act % chg | CER % chg | $m | % chg | $m | Act % chg | CER % chg | $m | Act % chg | CER % chg | $m | Act % chg | CER % chg | |
| Oncology | 5,341 | 20 | 22 | 2,640 | 28 | 1,057 | 17 | 27 | 1,082 | 20 | 18 | 562 | (3) | (3) |
| Tagrisso | 1,703 | 20 | 21 | 767 | 28 | 391 | 9 | 14 | 344 | 15 | 14 | 201 | 23 | 24 |
| Imfinzi | 1,254 | 16 | 18 | 721 | 26 | 113 | 30 | 53 | 253 | 22 | 21 | 167 | (22) | (21) |
| Calquence | 808 | 20 | 20 | 573 | 20 | 37 | 27 | 54 | 167 | 20 | 18 | 31 | 9 | 8 |
| Lynparza | 844 | 14 | 15 | 378 | 8 | 180 | 35 | 45 | 220 | 15 | 13 | 66 | 1 | 2 |
| Enhertu | 148 | 78 | 98 | - | - | 91 | 89 | n/m | 35 | 73 | 72 | 22 | 48 | 46 |
| Zoladex | 242 | (5) | (2) | 5 | n/m | 174 | 4 | 10 | 37 | 6 | 3 | 26 | (47) | (48) |
| Imjudo | 73 | 27 | 28 | 45 | 18 | 5 | 83 | n/m | 10 | n/m | n/m | 13 | 7 | 8 |
| Truqap | 163 | n/m | n/m | 148 | n/m | 1 | n/m | n/m | 10 | n/m | n/m | 4 | n/m | n/m |
| Orpathys | 9 | (16) | (17) | - | - | 9 | (16) | (17) | - | - | - | - | - | - |
| Others | 97 | (25) | (22) | 3 | (86) | 56 | (15) | (10) | 6 | (17) | (15) | 32 | (4) | (4) |
| BioPharmaceuticals: CVRM | 3,132 | 16 | 17 | 853 | 9 | 1,193 | 11 | 14 | 886 | 31 | 28 | 200 | 24 | 24 |
| Farxiga | 1,933 | 20 | 21 | 472 | 5 | 628 | 12 | 17 | 731 | 39 | 37 | 102 | 43 | 43 |
| Brilinta | 341 | 4 | 4 | 208 | 7 | 62 | 2 | 6 | 65 | (4) | (5) | 6 | (4) | (12) |
| Crestor | 261 | 5 | 6 | 13 | (11) | 208 | 13 | 14 | 5 | (56) | (58) | 35 | (6) | (6) |
| Seloken/Toprol-XL | 140 | (3) | 1 | - | n/m | 137 | (1) | 2 | 3 | (20) | (24) | - | n/m | n/m |
| Lokelma | 150 | 35 | 35 | 75 | 30 | 18 | 44 | 50 | 26 | 53 | 51 | 31 | 28 | 28 |
| Roxadustat | 74 | 18 | 16 | - | - | 74 | 17 | 15 | - | - | - | - | - | - |
| Andexxa | 59 | 11 | 11 | 19 | 6 | - | n/m | n/m | 20 | 9 | 7 | 20 | 17 | 18 |
| Wainua | 42 | n/m | n/m | 42 | n/m | - | - | - | - | - | - | - | - | - |
| Others | 132 | (9) | (7) | 24 | (44) | 66 | 10 | 12 | 36 | (3) | (1) | 6 | 40 | 54 |
| BioPharmaceuticals: R&I | 1,985 | 25 | 26 | 996 | 54 | 408 | (11) | (7) | 391 | 23 | 21 | 190 | 12 | 12 |
| Symbicort | 684 | 31 | 33 | 299 | n/m | 153 | - | 5 | 144 | 1 | (1) | 88 | (1) | - |
| Fasenra | 471 | 12 | 12 | 299 | 9 | 23 | 46 | 64 | 110 | 18 | 17 | 39 | 7 | 6 |
| Pulmicort | 164 | (25) | (23) | (7) | n/m | 141 | (23) | (21) | 20 | 8 | 6 | 10 | (12) | (12) |
| Breztri | 257 | 29 | 29 | 149 | 24 | 45 | 19 | 21 | 42 | 60 | 59 | 21 | 37 | 38 |
| Tezspire | 80 | n/m | n/m | - | n/m | 4 | n/m | n/m | 51 | n/m | n/m | 25 | 85 | 87 |
| Saphnelo | 147 | 65 | 65 | 131 | 60 | 2 | n/m | n/m | 9 | n/m | n/m | 5 | 75 | 76 |
| Airsupra | 25 | n/m | n/m | 25 | n/m | - | - | - | - | - | - | - | - | - |
| Others | 157 | 49 | 49 | 100 | n/m | 40 | (37) | (38) | 15 | 7 | 5 | 2 | 14 | 28 |
| BioPharmaceuticals: V&I | 378 | 10 | 8 | 80 | 35 | 45 | 46 | 58 | 219 | 12 | 9 | 34 | (43) | (44) |
| Synagis | 101 | (38) | (36) | (6) | n/m | 42 | 13 | 21 | 35 | (47) | (47) | 30 | (50) | (50) |
| Beyfortus | 130 | n/m | n/m | 84 | 61 | - | - | - | 45 | n/m | n/m | 1 | n/m | n/m |
| FluMist | 149 | 7 | 3 | 2 | (73) | 1 | (10) | 21 | 143 | 10 | 5 | 3 | n/m | n/m |
| COVID-19 mAbs | - | n/m | n/m | - | n/m | - | n/m | n/m | - | n/m | n/m | - | n/m | n/m |
| Others | (2) | n/m | n/m | - | - | 2 | n/m | n/m | (4) | n/m | n/m | - | - | - |
| Rare Disease | 2,277 | 16 | 17 | 1,421 | 15 | 221 | 63 | 84 | 379 | 4 | 2 | 256 | 7 | 8 |
| Ultomiris | 1,089 | 32 | 33 | 632 | 29 | 49 | n/m | n/m | 235 | 36 | 33 | 173 | 25 | 26 |
| Soliris | 543 | (24) | (22) | 353 | (16) | 77 | (10) | 11 | 70 | (50) | (50) | 43 | (38) | (37) |
| Strensiq | 420 | 38 | 37 | 352 | 43 | 15 | 31 | 30 | 26 | 2 | 1 | 27 | 24 | 20 |
| Koselugo | 165 | 94 | 97 | 56 | 9 | 69 | n/m | n/m | 29 | 91 | 90 | 11 | 27 | 28 |
| Kanuma | 60 | 47 | 48 | 28 | 22 | 11 | n/m | n/m | 19 | 71 | 69 | 2 | 20 | 14 |
| Other medicines | 249 | (6) | (4) | 24 | (18) | 171 | 14 | 17 | 28 | (27) | (28) | 26 | (46) | (45) |
| Nexium | 197 | (6) | (4) | 19 | (26) | 133 | 11 | 16 | 20 | 16 | 13 | 25 | (47) | (46) |
| Others | 52 | (8) | (8) | 5 | 60 | 38 | 23 | 22 | 8 | (61) | (61) | 1 | (7) | (8) |
| Total Product Sales | 13,362 | 18 | 19 | 6,014 | 25 | 3,095 | 12 | 19 | 2,985 | 20 | 18 | 1,268 | 1 | 1 |
Table 31: Alliance Revenue
| FY 2024 | FY 2023 | |
|---|---|---|
| $m | $m | |
| Enhertu | 1,437 | 1,022 |
| Tezspire | 436 | 259 |
| Beyfortus | 237 | 57 |
| Other royalty income | 91 | 81 |
| Other Alliance Revenue | 11 | 9 |
| Total | 2,212 | 1,428 |
Table 32: Collaboration Revenue
| FY 2024 | FY 2023 | |
|---|---|---|
| $m | $m | |
| Lynparza: sales<br>milestones | 600 | - |
| Beyfortus: sales milestones | 167 | 27 |
| Koselugo: sales<br>milestones | 100 | - |
| Farxiga: sales<br>milestones | 56 | 29 |
| Lynparza: regulatory<br>milestones | - | 245 |
| COVID-19 mAbs licence fees | - | 180 |
| Beyfortus: regulatory milestones | - | 71 |
| tralokinumb: sales milestones | - | 20 |
| Other Collaboration Revenue | - | 22 |
| Total | 923 | 594 |
Table 33: Other operating income and expense
| FY 2024 | FY 2023 | |
|---|---|---|
| $m | $m | |
| brazikumab licence termination funding | - | 75 |
| Divestment of US rights to Pulmicort Flexhaler | - | 241 |
| Update to the contractual relationships<br>for Beyfortus (nirsevimab) | - | 712 |
| Other | 252 | 312 |
| Total | 252 | 1,340 |
Other shareholder information
Financial calendar
Announcement of Q1 2025 results: 29 April 2025
Announcement of H1 and Q2 2025 results: 29 July 2025
Proposed 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
| Dividend | Announced | Ex-dividend date[16] | Record date | Payment date | |
|---|---|---|---|---|---|
| FY 2024 Second interim | 6 Feb 2025 | 20 Feb 2025 | 21 Feb 2025 | 24 Mar 2025 | |
| FY 2025 First interim[17] | 29 Jul 2025 | 7 Aug 2025 | 8 Aug 2025 | 8 Sep 2025 |
Contacts
For details on how to contact the Investor Relations Team, please click here. For Media contacts, click here.
Addresses for correspondence
| Registered office | Registrar andtransfer office | Swedish Central Securities Depository | US depositary |
|---|---|---|---|
| 1 Francis Crick Avenue<br><br><br>Cambridge Biomedical Campus<br><br><br>Cambridge<br><br><br>CB2 0AA | Equiniti Limited<br><br><br>Aspect House<br><br><br>Spencer Road<br><br><br>Lancing<br><br><br>West Sussex<br><br><br>BN99 6DA | Euroclear Sweden AB<br><br><br>PO Box 191<br><br><br>SE-101 23 Stockholm | J.P. Morgan Chase Bank N.A.EQ Shareowner Services<br><br><br>P.O. Box 64504<br><br><br>St. Paul<br><br><br>MN 55164-0504 |
| United Kingdom | United Kingdom | Sweden | US |
| +44 (0) 20 3749 5000 | 0800 389 1580 | +46 (0) 8 402 9000 | +1 (888) 697 8018 (US only) |
| +44 (0) 121 415 7033 | +1 (651) 453 2128 |
Trademarks
Trademarks of the AstraZeneca group of companies appear throughout this document in italics. Medical publications also appear throughout the document in italics. AstraZeneca, the AstraZeneca logotype and the AstraZeneca symbol are all trademarks of the AstraZeneca group of companies. Trademarks of companies other than AstraZeneca that appear in this document include: Beyfortus, a trademark of Sanofi Pasteur Inc.; Enhertu and Datroway, trademarks of Daiichi Sankyo; Seloken, owned by AstraZeneca or Taiyo Pharma Co., Ltd (depending on geography); Synagis, owned by AstraZeneca or Sobi aka Swedish Orphan Biovitrum AB (publ). (depending on geography); and Tezspire, a trademark of Amgen, Inc.
Information on or accessible through AstraZeneca's websites, including astrazeneca.com, 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 and follow the Company on Social Media @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 AI in line with legal and regulatory requirements and strategic objectives;
‒ the risk of failure to attract, develop, engage and retain a diverse, talented and capable workforce;
‒ the risk of failure to meet our sustainability targets, regulatory requirements and stakeholder expectations with respect to the environment;
‒ the risk of the safety and efficacy of marketed medicines being questioned;
‒ the risk of adverse outcome of litigation and/or governmental investigations;
‒ intellectual property risks related to the Group's products;
‒ the risk of failure to achieve strategic plans or meet targets or expectations;
‒ the risk of geopolitical and/or macroeconomic volatility disrupting the operation of our global business;
‒ the risk of failure in internal control, financial reporting or the occurrence of fraud;
‒ the risk of unexpected deterioration in the Group's financial position;
‒ the risk of foreign exchange rate movements impacting our financial condition or results of operations; and
‒ the impact that global and/or geopolitical events may have or continue to have on these risks, on the Group's ability to continue to mitigate these risks, and on the Group's operations, financial results or financial condition.
Glossary
1L, 2L, etc First line, second line, etc
ADC Antibody drug conjugate
aHUS Atypical haemolytic uraemic syndrome
ADT Androgen deprivation therapy
AKT Protein kinase B
AL amyloidosis Light chain amyloidosis
ANDA Abbreviated New Drug Application (US)
ASO Antisense oligonucleotide
ATTR-CM Transthyretin-mediated amyloid cardiomyopathy
ATTRv / -PN / -CM Hereditary transthyretin-mediated amyloid / polyneuropathy / cardiomyopathy
BCMA B-cell maturation antigen
BRCA / m Breast cancer gene / mutation
BTC Biliary tract cancer
BTK Bruton tyrosine kinase
C5 Complement component 5
CAR-T Chimeric antigen receptor T-cell
cCRT Concurrent chemoradiotherapy
CD19 A gene expressed in B-cells
CER Constant exchange rates
CHMP Committee for Medicinal Products for Human Use (EU)
CI Confidence interval
CKD Chronic kidney disease
CLL Chronic lymphocytic leukaemia
COPD Chronic obstructive pulmonary disease
COP28 28th annual United Nations (UN) climate meeting
CRC Colorectal cancer
CRL Compete Response Letter
CRPC Castration-resistant prostate cancer
CSPC Castration-sensitive prostate cancer
CTLA-4 Cytotoxic T-lymphocyte-associated antigen 4
CVRM Cardiovascular, Renal and Metabolism
DDR DNA damage response
DNA Deoxyribonucleic acid
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
ER Estrogen receptor
ERBB2 v-erb-b2 avian erythroblastic leukaemia viral oncogene homologue 2 gene
EVH Extravascular haemolysis
FDA Food and Drug Agency (US)
FDC Fixed dose combination
FISH Fluorescence in situ hybridization, as in FISH10+
g Germline, e.g. gBRCAm
GAAP Generally Accepted Accounting Principles
GEJ Gastro oesophageal junction
GI Gastrointestinal
GLP1 / -RA Glucagon-like peptide-1 / receptor agonist
gMG Generalised myasthenia gravis
HCC Hepatocellular carcinoma
HER2 / +/- / low / m Human epidermal growth factor receptor 2 / positive / negative / low level expression / gene mutant
HF/ pEF / rEF Heart failure / with preserved ejection fraction / with reduced ejection fraction
hMPV Human metapneumovirus
HR Hazard ratio
HR / + / - Hormone receptor / positive / negative
HRD Homologous recombination deficiency
HRR / m Homologous recombination repair gene / mutation
i.m. Intramuscular injection
i.v. Intravenous injection
IAS / B International Accounting Standards / Board
ICS Inhaled corticosteroid
IFRS International Financial Reporting Standards
IgAN Immunoglobulin A neuropathy
IHC Immunohistochemistry, as in IHC90+, etc
IL-5, IL-33, etc Interleukin-5, Interleukin-33, etc
IP Intellectual Property
IVIg Intravenous immune globulin
LABA Long-acting beta-agonist
LAMA Long-acting muscarinic-agonist
LS-SCLC Limited stage small cell lung cancer
LRTD Lower respiratory tract disease
m Metastatic, e.g. mBTC , mCRPC, mCSPC
mAb Monoclonal antibody
MDL Multidistrict litigation
MET Mesenchymal epithelial transition
NF1-PN Neurofibromatosis type 1 with plexiform neurofibromas
n/m Not meaningful
NMOSD Neuromyelitis optica spectrum disorder
NRDL National reimbursement drug list
NSCLC Non-small cell lung cancer
OECD Organisation for Economic Co-operation and Development
OOI Other operating income
ORR Overall response rate
OS Overall survival
PAAGR Post Alexion Acquisition Group Review
PARP / i / -1sel Poly ADP ribose polymerase / inhibitor /-1 selective
pCR Pathologic complete response
PCSK9 Proprotein convertase subtilisin/kexin type 9
PD Progressive disease
PD-1 Programmed cell death protein 1
PD-L1 Programmed cell death ligand 1
PDUFA Prescription Drug User Fee Act
PHSSR Partnership for Health System Sustainability and Resilience
PFS Progression free survival
PIK3CA Phosphatidylinositol-4,5-bisphosphate 3-kinase, catalytic subunit alpha gene
pMMR proficient mismatch repair
PMDI Pressure metered dose inhaler
PNH / -EVH Paroxysmal nocturnal haemoglobinuria / with extravascular haemolysis
PPI Proton pump inhibitors
PSR Platinum sensitive relapse
PTEN Phosphatase and tensin homologue gene
Q3W, Q4W, etc Every three weeks, every four weeks, etc
R&D Research and development
R&I Respiratory & Immunology
RSV Respiratory syncytial virus
sBLA Supplemental biologics license application (US)
SCLC Small cell lung cancer
s.c. Subcutaneous injection
SEA Severe eosinophilic asthma
SEC Securities Exchange Commission (US)
SG&A Sales, general and administration
SGLT2 Sodium-glucose cotransporter 2
SLL Small lymphocytic lymphoma
SMI Sustainable Markets Initiative
sNDA Supplemental new drug application
SPA Share Purchase Agreement
T2D Type-2 diabetes
TACE Transarterial chemoembolization
THP A treatment regimen: docetaxel, trastuzumab and pertuzumab
TNBC Triple negative breast cancer
TNF Tumour necrosis factor
TOP1 Topoisomerase I
TROP2 Trophoblast cell surface antigen 2
USPTO US Patent and Trademark Office
V&I Vaccines & Immune Therapies
VBP Volume-based procurement
VLP Virus like particle
- End of document -
[1] Constant exchange rates. The differences between Actual Change and CER Change are due to foreign exchange movements between periods in 2024 vs. 2023. 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] Core financial measures are adjusted to exclude certain items. The differences between Reported and Core measures are primarily due to costs relating to the amortisation of intangibles, impairments, legal settlements and restructuring charges. A full reconciliation between Reported EPS and Core EPS is provided in Table 11 and Table 12 in the Financial performance section of this document.
[3] In FY 2024, capital expenditure on tangible assets and Software-related intangibles amounted to $2,218m
[4] In Table 2, the plus and minus symbols denote the directional impact of the item being discussed, e.g. a Ô+Õ symbol next to a comment related to the R&D expense indicates that the item resulted in an increase in the R&D spend relative to the prior year.
[5] Income from disposals of assets and businesses, where the Group does not retain a significant ongoing economic interest, continue to be recorded in Other operating income and expense in the GroupÕs financial statements.
[6] The presentation of Table 4 has been updated to show Total Revenue by medicine, by including Alliance Revenue and Collaboration Revenue within each revenue figure. Previously, this table showed Product Sales for each medicine and therapy area, and the CompanyÕs total Alliance Revenue and Collaboration Revenue were shown as separate lines at the bottom of the table.
[7] ÔStock compensationÕ encourages distributors to maintain steady inventory levels ahead of the date of a price reduction. After the price reduction takes effect, the supplier compensates the distributor for the reduction in the resale value of their inventory
[8] The presentation of this table has been updated by removing the "Acquisition of Alexion" column due to immateriality of items in this category
[9] Based on best prevailing assumptions around currency profiles.
[10] Based on average daily spot rates 1 Jan 2024 to 31 Dec 2024.
[11] Based on average daily spot rates 1 Jan 2025 to 31 Jan 2025.
[12] Based on average daily spot rates on Jan 31 2025.
[13] Other currencies include AUD, BRL, CAD, KRW and RUB.
[14] The table provides an analysis of year-on-year Product Sales, with Actual and CER growth rates reflecting year-on-year growth. Due to rounding, the sum of a number of dollar values and percentages may not agree to totals.
[15] The table provides an analysis of year-on-year Product Sales, with Actual and CER growth rates reflecting year-on-year growth. Due to rounding, the sum of a number of dollar values and percentages may not agree to totals.
[16] The ex-dividend dates shown in the table are for ordinary shares listed on the London Stock Exchange; the ex-dividend dates are one day sooner for ordinary shares listed on the Stockholm Stock Exchange and for American Depository Receipts listed on NASDAQ.
[17] Provisional dates, subject to Board approval.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AstraZeneca<br>PLC |
|---|
Date: 06 February 2025
| By: /s/<br>Adrian Kemp |
|---|
| Name:<br>Adrian Kemp |
| Title:<br>Company Secretary |