On February 10, 2026 AstraZeneca reported FY and Q4 2025 results.
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Revenue and EPS summary
FY 2025
% Change
Q4 2025
% Change
$m
Actual
CER1
$m
Actual
CER
– Product Sales
55,573
9
9
14,538
9
7
– Alliance Revenue
3,067
39
38
959
34
33
Product Revenue2
58,640
10
10
15,497
10
8
Collaboration Revenue
99
(89)
(89)
6
(99)
(99)
Total Revenue
58,739
9
8
15,503
4
2
Reported EPS ($)
6.60
45
43
1.50
55
47
Core3 EPS ($)
9.16
12
11
2.12
1
(2)
Key performance elements for FY 2025
(Growth numbers at constant exchange rates)
Total Revenue up 8% to $58,739m, driven by Oncology, CVRM, R&I and Rare Disease
Growth in Total Revenue across all major geographic regions
Core Operating profit increased 9%
Core EPS increased 11% to $9.16
Second interim dividend declared of $2.17 per share (159.5 pence, 19.49 SEK). Total dividend declared for FY 2025 increased by 3% to $3.20 per share
16 positive Phase 3 readouts and 43 approvals in major regions in the last twelve months
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
"In 2025 we saw strong commercial performance across our therapy areas and excellent pipeline delivery. We announced the results of 16 positive Phase 3 studies during the year and now have 16 blockbuster medicines.
The momentum across our company is continuing in 2026 and we are looking forward to the results of more than 20 Phase 3 trial readouts this year. We have more than 100 Phase 3 studies ongoing, including a substantial and growing number of trials of our transformative technologies which have the potential to revolutionise outcomes for patients and drive our growth well beyond 2030.
Lastly, ordinary shares in our company began trading on the NYSE on the 2nd February, resulting in a harmonised listing structure across exchanges in London, New York and Stockholm, enabling more shareholders to participate in our company’s exciting future."
Guidance
AstraZeneca issues Total Revenue and Core EPS guidance4 for FY 2026 at CER, based on the average foreign exchange rates through 2025.
Total Revenue is expected to increase by a mid-to-high single-digit percentage
Core EPS is expected to increase by a low double-digit percentage
The Core Tax rate is expected to be between 18-22%
If foreign exchange rates for February 2026 to December 2026 were to remain at the average rates seen in January 2026, it is anticipated that Total Revenue in FY 2026 would benefit from a low single-digit percentage positive impact compared to the performance at CER, and Core EPS growth would be broadly similar to the growth at CER.
Results highlights
Table 1: Milestones achieved since the prior results announcement
Phase III and other registrational data readouts
Medicine
Trial
Indication
Event
ceralasertib + Imfinzi
LATIFY
Post-IO NSCLC
Primary endpoint not met
baxdrostat
BaxAsia
Treatment resistant hypertension
Primary endpoint met
Regulatory approvals
Medicine
Trial
Indication
Region
Enhertu
DESTINY-Gastric04
2L HER2+ gastric/GEJ cancer
EU, CN
Enhertu
DESTINY-Breast09
1L HER2+ mBC
US
Enhertu
DESTINY-Breast06
CTx naïve HER2-low and -ultralow mBC
CN
Imfinzi
PACIFIC-5
Stage III NSCLC
CN
Imfinzi
MATTERHORN
Resectable gastric/GEJ cancer
US
Imfinzi
DUO-E
dMMR endometrial cancer
CN
Wainua
NEURO-TTRANSFORM
ATTRv-PN
CN
Fasenra
MANDARA
EGPA
CN
Saphnelo
TULIP-SC
SLE (subcutaneous)
EU
Koselugo
KOMET
Adult patients with NF1-PN
US
Koselugo
SPRINKLE
Paediatric patients with NF1-PN (granule formulation)
EU
Soliris
NCT03759366
gMG (paediatric patients)
CN
Regulatory submissions or acceptances* in major regions
Medicine
Trial
Indication
Region
Datroway
TROPION-Breast02
Metastatic TNBC not candidates for IO
US, EU, CN
Enhertu
DESTINY-Breast09
1L HER2+ mBC
EU
Ultomiris
ALXN1210-PNH-323
PNH
CN
baxdrostat
BaxHTN / Bax24
Treatment resistant hypertension
US, EU
gefurulimab
PREVAIL
Generalised myasthenia gravis
US, EU, CN
anselamimab
CARES
Kappa light chain amyloidosis
EU, JP
* US, EU and China regulatory submissions denotes filing acceptance
Other pipeline updates
For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix document in the financial results section of the AstraZeneca investor relations website: www.astrazeneca.com/investor-relations.html.
Table 2: Key elements of financial performance: Q4 2025
For the quarter
Reported
Change
Core
Change
ended 31 December
$m
Act
CER
$m
Act
CER
Product Revenue
15,497
10
8
15,497
10
8
• See Tables 3, 7, 29 and 30 for further details of Product Revenue, Product Sales and Alliance Revenue
Collaboration Revenue
6
(99)
(99)
6
(99)
(99)
• See Tables 4 and 31 for details of Collaboration Revenue
• In Q4 2024, $815m of Collaboration Revenue was recognised as Lynparza, Beyfortus and Koselugo each achieved a sales-based milestone
Total Revenue
15,503
4
2
15,503
4
2
• See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%)
80
-2pp
-2pp
80
-2pp
-2pp
− Cost of sales included a $235m expense in Q4 2025 for royalty buyout expenses relating to Saphnelo and rilvegostomig (see page 5, ‘Corporate and business development’ for details)
• Variations in Gross Margin can be expected between periods due to various factors, including fluctuations in foreign exchange rates, product seasonality and Collaboration Revenue
• See ‘Reporting changes since FY 2024’ on page 6 for the definition of Gross Margin5
R&D expense
3,862
(17)
(19)
3,731
4
3
• Core R&D: 24% of Total Revenue
+ Accelerated recruitment in ongoing trials
+ Investments in transformative technologies such as IO bispecifics, cell therapy and antibody drug conjugates
+ Addition of R&D projects from business development
+ Positive data readouts for high value pipeline opportunities that have ungated large late-stage trials
− Reported R&D expense decreased due to impairment charges in Q4 2024
SG&A expense
5,492
2
–
4,453
4
2
• Core SG&A: 29% of Total Revenue
Other operating income and expense6
100
–
2
101
2
2
Operating Profit
2,978
46
40
4,098
(2)
(5)
− Operating Profit includes the $235m royalty buyout expensed in Cost of sales (see above)
+ Reported Operating Profit includes R&D impairment charges in Q4 2024
Operating Margin (%)
19
+6pp
+5pp
26
-2pp
-2pp
Net finance expense
349
(4)
(2)
269
(13)
(10)
− Adjustment of interest on tax and maturity of debt during Q4 2025
Tax rate (%)
11
+1pp
+1pp
14
-2pp
-2pp
• Variations in the tax rate can be expected between periods
EPS ($)
1.50
55
47
2.12
1
(2)
− Year-on-year comparison reflects the sales-based milestones recognised in Q4 2024
+ Reported EPS benefitted from reduction in R&D impairments
For monetary values the unit of change is percent. For Gross Margin, Operating Margin and Tax rate, the unit of change is percentage points (pp).
In the expense commentary above, the plus and minus symbols denote the directional impact of the item being discussed, e.g. a ‘+’ symbol beside an R&D expense comment indicates that the item increased R&D expenditure relative to the prior year period.
Corporate and business development
Jacobio Pharma
In December 2025, Jacobio Pharma announced that it has entered an agreement with AstraZeneca for its proprietary Pan-KRAS inhibitor JAB-23E73.
AstraZeneca will receive exclusive development and commercialisation rights outside of China, while AstraZeneca and Jacobio Pharma will jointly develop and commercialise JAB-23E73 in China.
Under the terms of the agreement, Jacobio will receive an upfront payment of $100m, and is eligible for additional development and commercial milestone payments of up to $1.9bn, as well as tiered royalties on net sales achieved outside of China. AstraZeneca will be responsible for all clinical development, regulatory submissions, and commercialisation activities for JAB-23E73 outside of China.
Modella AI
In Q4 2025, Modella AI was acquired by AstraZeneca. The acquisition will embed Modella AI’s multi-modal foundation models and AI agents into AstraZeneca’s oncology R&D environment.
BMS
In Q4 2025, AstraZeneca paid Bristol-Myers Squibb Company (BMS) $170m, expensed in Cost of sales, in exchange for the reduction to zero of all royalties payable on Saphnelo sales ex-US. Royalties on US sales will remain payable at a mid-teens percentage.
Compugen
In Q4 2025, AstraZeneca paid Compugen Ltd. (Compugen) $65m, expensed in Cost of sales, and agreed a potential additional $25m upon the next milestone payment on BLA acceptance, for a portion of Compugen’s existing royalty interest in rilvegostomig. AstraZeneca will pay tiered royalties of up to mid-single digits on future sales.
AbelZeta
In January 2026, AbelZeta Pharma, Inc. (AbelZeta) announced that AstraZeneca has agreed to acquire AbelZeta’s 50% share of the China development and commercialisation rights to C-CAR031, an autologous, Glypican 3 (GPC3)-targeting chimeric antigen receptor T-Cell therapy.
Following completion of this agreement, AstraZeneca will have the sole right to develop, manufacture and commercialise C-CAR031 globally. AbelZeta will be entitled to receive up to $630m from AstraZeneca including an upfront payment, and development, regulatory and sales milestone payments for the GPC3 program in China.
China investment plans
In January 2026, AstraZeneca announced plans to invest $15bn in China through 2030 to expand medicines manufacturing and R&D. These investments build on AstraZeneca’s substantial footprint in China, including global strategic R&D centres in Beijing and Shanghai.
Listing harmonisation
On 2 February 2026, AstraZeneca began trading its ordinary shares on the New York Stock Exchange (NYSE), enabling more US investors to participate in the Company’s strong growth. Trading in AstraZeneca ordinary shares is now aligned across the NYSE, the London Stock Exchange and Nasdaq Stockholm under a harmonised listing structure.
The prior listing of American Depositary Shares on Nasdaq in the US ceased on 30 January 2026.
CSPC
In January 2026, AstraZeneca announced a new strategic collaboration agreement with CSPC Pharmaceuticals. AstraZeneca will receive exclusive global rights outside of China to CSPC’s once-monthly injectable weight management portfolio, including SYH2082, a long-acting GLP-1R/GIPR agonist progressing into Phase I, and three preclinical programmes. CSPC will receive an upfront payment of $1.2bn and is eligible to receive development and regulatory milestones of up to $3.5bn across all programmes. CSPC will also be eligible for further commercialisation and sales milestones plus tiered royalties.
Sustainability highlights
For the tenth year, AstraZeneca was recognised by CDP for climate action and water stewardship, receiving an A for Climate and A- for Water Security in 2025. This reflects the Company’s significant progress in decarbonising and reducing its environmental footprint.
The Sustainable Markets Initiative (SMI) Health Systems Task Force, chaired by AstraZeneca CEO Pascal Soriot, supported the development and launch of PSA 2090, the world’s first global standard to measure and assess the environmental impact of pharmaceutical products through their lifecycle.
Reporting calendar
The Company intends to publish its Q1 2026 results on 29 April 2026.
Conference call
A conference call and webcast for investors and analysts will begin today, 10 February 2026, at 11:45 UK time. Details can be accessed via astrazeneca.com.
(Press release, AstraZeneca, FEB 10, 2026, View Source [SID1234662582])