On February 10, 2026 Nektar Therapeutics (Nasdaq: NKTR), a clinical-stage biotechnology company focused on the development of innovative medicines in the field of immunotherapy, reported that it has commenced an underwritten public offering of $300,000,000 of its shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. All of the shares of common stock and pre-funded warrants to be sold in this offering are being offered by Nektar. In addition, Nektar intends to grant the underwriters a 30-day option to purchase up to an additional $45,000,000 of shares of its common stock at the public offering price per share, less underwriting discounts and commissions. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

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Nektar intends to use the net proceeds from the offering for general corporate purposes, which may include research and development, clinical development (including Phase 3 trials for rezpegaldesleukin) and manufacturing costs to support the advancement of its drug candidates, as well as other general corporate purposes.

Jefferies, TD Cowen, and Piper Sandler are acting as joint bookrunning managers for the offering.

The securities described above are being offered pursuant to a shelf registration statement on Form S-3ASR (No. 333-291466) that was filed with the U.S. Securities and Exchange Commission (the "SEC") on November 12, 2025 and automatically became effective upon filing. This offering is being made only by means of a prospectus supplement and an accompanying prospectus that form a part of the registration statement.

A preliminary prospectus supplement related to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Copies of the preliminary prospectus supplement and an accompanying prospectus related to the offering may also be obtained, when available, from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]; TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [email protected]; or Piper Sandler & Co., 350 North 5th Street, Suite 1000, Minneapolis, MN 55401, Attention: Prospectus Department, by telephone at (800) 747-3924, or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

(Press release, Nektar Therapeutics, FEB 10, 2026, View Source [SID1234662579])

On February 10, 2026 Exelixis, Inc. (Nasdaq: EXEL) reported financial results for the fourth quarter and fiscal year of 2025, provided an update on progress toward achieving key corporate objectives, and outlined its commercial, clinical and pipeline development milestones.

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"Exelixis delivered strong results in 2025 and is well positioned for a breakout year in 2026," said Michael M. Morrissey, Ph.D., President and Chief Executive Officer, Exelixis. "The cabozantinib franchise continued to grow with robust demand in renal cell carcinoma and neuroendocrine tumors driving a significant increase in net product revenues in 2025 compared to the prior year. Based on the early success in neuroendocrine tumors and with additional gastrointestinal cancer market opportunities ahead, we’ve expedited the full buildout of our GI sales team to accelerate cabozantinib’s growth and prepare for potential future indications for zanzalintinib. The team is highly motivated to build a second Exelixis oncology franchise with zanzalintinib and is working diligently to advance a first potential indication in metastatic colorectal cancer, following the recent acceptance of our New Drug Application by U.S. regulatory authorities."

Dr. Morrissey continued: "2026 is shaping up to be a milestone-rich year for Exelixis. In addition to the continued growth of the cabozantinib franchise and ongoing regulatory engagement for zanzalintinib, we anticipate key clinical readouts from the STELLAR-303 and -304 pivotal trials, planned trial initiations of STELLAR-316 and STELLAR-201 supporting the next wave of zanzalintinib’s pivotal development, and significant progress across our early-stage pipeline. As we execute on these priorities, we remain focused on advancing high-impact opportunities that have the potential to improve standards of care for patients with cancer, drive sustainable growth and build shareholder value."

Fourth Quarter and Fiscal Year 2025 Financial Results

Total revenues for the quarter and year ended December 31, 2025 were $598.7 million and $2,320.1 million, respectively, as compared to $566.8 million and $2,168.7 million for the comparable periods in 2024.

Total revenues for the quarter and year ended December 31, 2025 included net product revenues of $546.6 million and $2,122.8 million, respectively, as compared to $515.2 million and $1,809.4 million for the comparable periods in 2024. The increases in net product revenues, for both periods, were primarily due to an increase in sales volume.

Collaboration revenues, composed of license revenues and collaboration services revenues, were $52.1 million for the quarter ended December 31, 2025, as compared to $51.5 million for the comparable period in 2024. The increase in collaboration revenues, for the quarter, was primarily related to higher royalty revenues for the sales of cabozantinib outside the U.S. generated by Exelixis’ collaboration partner Ipsen Pharma SAS (Ipsen), partially offset by lower development cost reimbursements earned. Collaboration revenues were $197.3 million for the year ended December 31, 2025, as compared to $359.3 million for the comparable period in 2024. The decrease in collaboration revenues, for the year, was primarily related to lower milestone-related revenues recognized and lower development cost reimbursements earned, partially offset by higher royalty revenues for the sales of cabozantinib outside of the U.S. generated by Exelixis’ collaboration partner Ipsen.

Research and development expenses for the quarter and year ended December 31, 2025 were $213.2 million and $825.0 million, respectively, as compared to $249.0 million and $910.4 million for the comparable periods in 2024. The decreases in research and development expenses, for both periods, were primarily related to decreases in license and other collaboration costs, clinical trial costs, and manufacturing costs to support our development candidates, partially offset by an increase in consulting and outside services.

Selling, general and administrative expenses for the quarter ended December 31, 2025 were $123.0 million, as compared to $134.3 million for the comparable period in 2024. The decrease in selling, general and administrative expenses, for the quarter, was primarily related to decreases in corporate giving, stock-based compensation and personnel expenses. Selling, general and administrative expenses for the year ended December 31, 2025 were $518.7 million, as compared to $492.1 million for the comparable period in 2024. The increase in selling, general and administrative expenses, for the year, was primarily related to increases in marketing activities, stock-based compensation, and personnel expenses, partially offset by a decrease in corporate giving.

Provision for income taxes for the quarter and year ended December 31, 2025 was $8.2 million and $158.6 million, respectively, as compared to $44.9 million and $160.4 million for the comparable periods in 2024.

GAAP net income for the quarter ended December 31, 2025 was $244.5 million, or $0.92 per share, basic and $0.88 per share, diluted, as compared to GAAP net income of $139.9 million, or $0.49 per share, basic and $0.48 per share, diluted, for the comparable period in 2024. GAAP net income per share for the year ended December 31, 2025 was $782.6 million, or $2.88 per share, basic and $2.78 per share, diluted, as compared to GAAP net income of $521.3 million, or $1.80 per share, basic and $1.76 per share, diluted, for the comparable period in 2024.

Non-GAAP net income for the quarter ended December 31, 2025 was $259.5 million, or $0.97 per share, basic and $0.94 per share, diluted, as compared to non-GAAP net income of $160.3 million, or $0.56 per share, basic and $0.55 per share, diluted, for the comparable period in 2024. Non-GAAP net income for the year ended December 31, 2025 was $869.5 million, or $3.20 per share, basic and $3.08 per share, diluted, as compared to non-GAAP net income of $593.6 million, or $2.05 per share, basic and $2.00 per share, diluted, for the comparable period in 2024.

Non-GAAP Financial Measures

To supplement Exelixis’ financial results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), Exelixis presents non-GAAP net income (and the related per share measures), which excludes from GAAP net income (and the related per share measures) stock-based compensation, adjusted for the related income tax effect for all periods presented.

Exelixis believes that the presentation of these non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. In particular, Exelixis believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare Exelixis’ results from period to period, and to identify operating trends in Exelixis’ business. Exelixis has excluded stock-based compensation, adjusted for the related income tax effect, because it is a non-cash item that may vary significantly from period to period as a result of changes not directly or immediately related to the operational performance for the periods presented. Exelixis also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions.

These non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Exelixis encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations, to more fully understand Exelixis’ business. Reconciliations between GAAP and non-GAAP results are presented in the tables of this release.

2026 Financial Guidance

Exelixis is maintaining the previously provided financial guidance for fiscal year 2026. Net product and total revenues guidance do not currently reflect any revenues resulting from a potential U.S. regulatory approval and commercial launch of zanzalintinib for the treatment of patients with previously treated metastatic colorectal cancer (CRC). The U.S. Food and Drug Administration (FDA) is currently reviewing Exelixis’ New Drug Application (NDA) for this proposed indication, when used in combination with atezolizumab (Tecentriq).

Total revenues

$2.525 billion – $2.625 billion

Net product revenues

$2.325 billion – $2.425 billion(1)

Cost of goods sold, % of net product revenues

3.5% – 4.5%

Research and development expenses

$875 million – $925 million(2)

Selling, general and administrative expenses

$575 million – $625 million(3)

Effective tax rate

21% – 23%

(1)

Exelixis’ 2026 net product revenues guidance range includes the impact of a U.S. wholesale acquisition cost increase of 3.0% for both CABOMETYX and COMETRIQ effective on January 1, 2026.

(2)

Includes $50.0 million of non-cash stock-based compensation expense.

(3)

Includes $75.0 million of non-cash stock-based compensation expense.

Cabozantinib Highlights

Cabozantinib Franchise Net Product Revenues and Royalties. Net product revenues generated by the cabozantinib franchise in the U.S. were $546.6 million during the fourth quarter of 2025, with net product revenues of $544.7 million from CABOMETYX (cabozantinib) and $1.8 million from COMETRIQ (cabozantinib). For the year ended December 31, 2025, net product revenues generated by the cabozantinib franchise in the U.S. were $2,122.8 million, with net product revenues of $2,113.4 million from CABOMETYX and $9.4 million from COMETRIQ. In 2025, global cabozantinib franchise net product revenues generated by Exelixis and its collaboration partners, Ipsen and Takeda Pharmaceutical Company Limited, were $2.9 billion. Based upon cabozantinib-related net product revenues generated by Exelixis’ collaboration partners during the quarter and year ended December 31, 2025, Exelixis earned $52.8 million and $179.2 million, respectively, in royalty revenues.

Presentation of Results from Subgroup Analysis of the CABINET Phase 3 Pivotal Trial Evaluating CABOMETYX in Advanced Lung and Thymic Neuroendocrine Tumors (NET) at the 2025 European Society for Medical Oncology Congress (ESMO 2025). In October 2025, results from a subgroup analysis of the CABINET trial evaluating CABOMETYX versus placebo in patients with previously treated advanced NET originating in the lungs or thymus were presented at ESMO (Free ESMO Whitepaper) 2025. These subgroup results demonstrated that CABOMETYX significantly reduced the risk of disease progression or death versus placebo in patients with lung or thymic NET. The safety profile of CABOMETYX observed in patients with lung or thymic NET was consistent with its known safety profile; no new safety signals were identified. In March 2025, the U.S. FDA approved CABOMETYX for two new NET indications, advanced pancreatic and extra-pancreatic NET (pNET and epNET), based on results from the CABINET study.

Zanzalintinib Highlights

FDA Acceptance of NDA for Zanzalintinib in Combination with Atezolizumab for Previously Treated Metastatic CRC. In February 2026, Exelixis announced that the FDA accepted its NDA for zanzalintinib as a treatment for patients with previously treated metastatic CRC, when used in combination with atezolizumab. The FDA assigned a standard review with a Prescription Drug User Fee Act (PDUFA) target action date of December 3, 2026. The NDA was based on positive results from the STELLAR-303 phase 3 pivotal trial, which met one of its dual primary endpoints, with the combination of zanzalintinib and atezolizumab demonstrating a statistically significant reduction in the risk of death versus regorafenib in the intention-to-treat (ITT) population at the final analysis. An overall survival (OS) benefit with the combination was consistently observed across pre-specified subgroups, including geographic region, RAS status, liver involvement and prior anti-VEGF therapy.

Collaboration Agreement with Natera for STELLAR-316 Phase 3 Pivotal Trial. In January 2026, Exelixis announced a collaboration with Natera, a global leader in cell-free DNA and precision medicine, for STELLAR-316, the planned, Exelixis-sponsored phase 3 pivotal trial. STELLAR-316 will evaluate zanzalintinib, with and without an immune checkpoint inhibitor, in patients with resected stage II/III CRC who, following definitive therapy, have tested positive for molecular residual disease (MRD+) and have no radiographic evidence of disease. The primary endpoint of STELLAR-316 is disease-free survival, with secondary endpoints including circulating tumor DNA clearance. Natera will provide its Signatera assay to identify MRD+ patients for trial enrollment. Exelixis expects to initiate STELLAR-316 in mid-2026.

Merck’s Initiation of LITESPARK-033 Phase 3 Pivotal Trial of Zanzalintinib in Combination with WELIREG (belzutifan) in First-line Advanced Renal Cell Carcinoma (RCC). In December 2025, Merck, known as MSD outside of the United States and Canada, initiated LITESPARK-033, the first of two planned Merck-sponsored pivotal trials of zanzalintinib and belzutifan in RCC under the companies’ clinical development collaboration. LITESPARK-033 is evaluating the combination of zanzalintinib and belzutifan versus cabozantinib in first-line advanced RCC following an immunotherapy administered in the adjuvant setting. Details of the second Merck-sponsored trial will be made available by Merck at a later date.

Detailed Results from STELLAR-303 Phase 3 Pivotal Trial Presented at ESMO (Free ESMO Whitepaper) 2025 and Published in The Lancet. In October 2025, Exelixis presented detailed results from STELLAR-303 at ESMO (Free ESMO Whitepaper) 2025; these detailed findings were simultaneously published in The Lancet. As previously announced in June, the study met one of its dual primary endpoints, OS in the ITT population, with the OS benefit of the zanzalintinib and atezolizumab combination consistently observed across pre-specified subgroups. Data pertaining to the other dual primary endpoint, OS in patients without liver metastases (non-liver metastases or NLM), were immature at the data cutoff. A prespecified interim analysis showed a trend in OS favoring the combination. The trial will proceed to the planned final analysis for this endpoint, which is expected in mid-2026, based on current event rates. The safety profiles of zanzalintinib in combination with atezolizumab and of regorafenib were generally consistent with what has been previously observed, and no new safety signals were identified.

Corporate Highlights

Stock Repurchase Program (SRP) Update. In the fourth quarter of 2025, Exelixis repurchased $264.5 million of the company’s stock, at an average price of $43.17 per share, and completed the $500 million SRP authorized in February 2025. Since Exelixis’ Board of Directors authorized the first SRP in March 2023, Exelixis has repurchased a total of $2.16 billion of the company’s common stock, retiring 76.7 million shares, at an average price of $28.14 per share, as of the end of fiscal year 2025. In October 2025, Exelixis’ Board of Directors authorized the repurchase of up to an additional $750 million of the company’s common stock before December 31, 2026. Exelixis began executing stock repurchases under the October 2025 SRP in the fourth quarter of 2025. Stock repurchases under this program may be made from time to time through a variety of methods, which may include open market purchases, in block trades, Rule 10b5-1 trading plans, accelerated share repurchase transactions, exchange transactions or any combination of such methods. The timing and amount of any stock repurchases under the SRP will be based on a variety of factors, including ongoing assessments of the capital needs of the business, alternative investment opportunities, the market price of our common stock and general market conditions. The program does not obligate Exelixis to acquire any amount of its common stock, and the SRP may be modified, suspended or discontinued at any time without prior notice.

Announcement of Key Priorities and Anticipated Milestones for 2026. In January 2026, Exelixis announced its key priorities and anticipated milestones for the year, including: anticipated results from the STELLAR-303 dual primary endpoint, OS in NLM patients, in mid-2026, based on current event rates; anticipated topline results from STELLAR-304, the phase 3 pivotal trial evaluating zanzalintinib in combination with nivolumab versus sunitinib in previously untreated patients with advanced non-clear cell RCC, in mid-2026, based on current event rates; the planned initiations of STELLAR-316 and of STELLAR-201, a potential label-enabling trial evaluating zanzalintinib in recurrent meningioma, a disease with no currently approved systemic therapies, in mid-2026; and the potential filing of two Investigational New Drug applications—one for XB773, an antibody-drug conjugate, and one for a development candidate from our somatostatin receptor subtype 2 agonist program. The company presented details of its 2026 priorities and milestones at the J.P. Morgan 2026 Healthcare Conference.

Presentation of Exelixis’ Strategy to Advance Future Oncology Franchises at the Company’s 2025 R&D Day: Building Next-generation Oncology Franchises. In December 2025, Exelixis hosted its virtual 2025 R&D Day, themed Building Next-generation Oncology Franchises. During the event, company leadership and expert guests outlined Exelixis’ R&D strategy and multi-franchise approach, highlighted key progress and upcoming milestones for the zanzalintinib development program and provided an overview of the rapidly advancing pipeline. The event underscored Exelixis’ continued commitment to expanding treatment options for patients with cancer while delivering sustainable, long-term value for shareholders. A replay of the event webcast can be accessed here in the Investor & News section of www.exelixis.com.

Basis of Presentation

Exelixis has adopted a 52- or 53-week fiscal year that generally ends on the Friday closest to December 31. For convenience, references in this press release as of and for the fiscal periods ended January 2, 2026 and January 3, 2025, are indicated as being as of and for the periods ended December 31, 2025 and 2024, respectively.

Conference Call and Webcast

Exelixis management will discuss the company’s financial results for the fourth quarter and fiscal year 2025 and provide a general business update during a conference call beginning at 5:00 p.m. ET / 2:00 p.m. PT today, Tuesday, February 10, 2026.

To access the conference call, please register using this link. Upon registration, a dial-in number and unique PIN will be provided to join the call. To access the live webcast link, log onto www.exelixis.com and proceed to the Event Calendar page under the Investors & News heading. A webcast replay of the conference call will also be archived on www.exelixis.com for one year.

(Press release, Exelixis, FEB 10, 2026, View Source [SID1234662563])

On February 10, 2026 Protai, www.protai.bio, an AI drug discovery startup, reported its participation in a series of major scientific conferences this spring, where it will present significant advances in its AIMS proteomics-aware-AI drug discovery platform and breakthrough preclinical results of its best-in-class KAT6A degrader program.

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Protai’s upcoming spring 2026 conference presentations:
HDX-MS conference Strasbourg, 9-13 March 2026, Dr. Anjana Shenoy, Head of Proteomics
ACS2026, Atlanta, March 2026, Kirill Pevzner, CTO
TPD summit Europe, London, March 2026, Eran Seger (CEO) & Kirill Pevzner (CTO)
Drug discovery chemistry, San Diego, April 2026, Kirill Pevzner (CTO)
AACR 2026, San Diego, April 2026, Eran Seger (CEO) & Kirill Pevzner (CTO)
Protai’s presentations will highlight the following key achievements:

AIMS Platform validated: Integration of AI-driven structural modeling with mass-spectrometry-based structural proteomics, which supported the lead optimization of the KAT6A Targeted Protein Degradation program.
PRT-001 best-in-class results: New in vivo results from the company’s KAT6A degrader program.
"By combining proteomics-driven experimental evidence with next-generation AI modeling, we are revealing opportunities that were previously invisible to classical drug discovery methods." Said Eran Seger, Protai’s CEO. "These upcoming presentations will showcase the power of combining experimental data and AI, and its outcome in rapidly generating highly effective drugs for huge clinical unmet needs. "

(Press release, Protai Bio, FEB 10, 2026, View Source [SID1234662580])

On February 10, 2026 Genprex, Inc. ("Genprex" or the "Company") (NASDAQ: GNPX), a clinical-stage gene therapy company focused on developing life-changing therapies for patients with cancer and diabetes, reported that IP Australia, the Australian government agency responsible for administering Australia’s intellectual property rights system, has issued a Notice of Acceptance, on February 5, 2026, of the Genprex patent application claiming the use of Reqorsa Gene Therapy in combination with PD-L1 antibodies for the treatment of cancers. The subject claims have been successfully granted in other countries. Should the patent grant, it will strengthen Genprex’s intellectual property portfolio, providing crucial protection for the therapeutic combination currently being evaluated in the Acclaim-3 clinical trial.

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"The intent to grant a new patent by IP Australia for Reqorsa Gene Therapy in combination with PD-L1 antibodies is a pivotal development for Genprex, further bolstering the intellectual property surrounding our innovative therapeutic approach," said Thomas Gallagher, Senior Vice President of Intellectual Property and Licensing at Genprex. "This patent specifically provides additional protection for the therapeutic combination currently being evaluated in our Acclaim-3 clinical trial, underscoring our commitment to advancing cancer treatment."

A granted patent will secure exclusivity for this drug combination in Australia, preventing potential competitors from manufacturing, using or selling it. Such exclusivity is vital for protecting the significant investments made in research and development, ensuring that Genprex can continue to pursue and commercialize its novel therapeutic approaches without immediate competitive infringement in this specific combination.

The grant of a patent will build upon Genprex’s existing intellectual property foundation, which includes granted patents for the use of REQORSA in combination with PD-L1 antibodies in the U.S. and Korea. Genprex is actively pursuing additional patent applications in key international markets, including Europe, Canada, Brazil, China and Israel. This comprehensive patent strategy is designed to safeguard the company’s innovations and maximize the potential of its pipeline assets.

In addition, the Company has also recently opened an additional clinical trial site for the Acclaim-3 clinical trial to include the University of Kentucky. The Company expects to add and open additional clinical trial sites for its Acclaim clinical trials in an effort to expand its reach to additional patients and expedite enrollment. These developments further underscore Genprex’s commitment to protecting and expeditiously advancing its clinical trials in lung cancer.

About Acclaim-3

Acclaim-3 is a Phase 1/2 clinical trial evaluating the combination of REQORSA and Genentech’s Tecentriq (atezolizumab) as maintenance therapy in patients with extensive stage small cell lung cancer (ES-SCLC) who are candidates for maintenance therapy after receiving Tecentriq and chemotherapy as standard of care initial treatment. In this study, patients will be treated with REQORSA and Tecentriq until disease progression or unacceptable toxicity is experienced.

The Phase 2 expansion study follows the successful completion of the Phase 1 dose escalation portion of the study, which showed REQORSA was generally well tolerated. There were no dose limiting toxicities, and in Acclaim-3, the Phase 2 patients are receiving the same dose of REQORSA as patients in the Phase 2 portion of Acclaim-1.

The Phase 2 expansion portion is expected to enroll approximately 50 patients. The primary endpoint of the Phase 2 portion is to determine the 18-week progression-free survival rate from the time of the start of maintenance therapy with REQORSA and Tecentriq in patients with ES-SCLC. Patients will also be followed for survival. Genprex’s team plans to conduct an interim analysis after the 25th patient enrolled and treated reaches 18 weeks of follow up. The Company expects to complete enrollment of the first 25 patients for interim analysis in the Phase 2 expansion portion of the study in the first half of 2026 and expects the interim analysis in the second half of 2026. The Acclaim-3 clinical trial is supported by FDA Fast Track Designation and Orphan Drug Designation.

(Press release, Genprex, FEB 10, 2026, View Source [SID1234662564])

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])