AstraZeneca results: H1 and Q2 2025

Strong growth momentum continues with excellent R&D pipeline delivery in the year-to-date

AstraZeneca:

Revenue and EPS summary

Key performance elements for H1 2025

(Growth numbers at constant exchange rates)

• Total Revenue up 11% to $28,045m, driven by double-digit growth in Oncology and BioPharmaceuticals
• Growth in Total Revenue across all major geographic regions
• Core Operating profit increased 13%
• Core EPS increased 17% to $4.66
• 12 positive Phase III readouts and 19 approvals in major regions
• Interim dividend increased 3% to $1.03 (76.7 pence, 9.81 SEK)

Pascal Soriot, Chief Executive Officer, AstraZeneca, said:

"Our strong momentum in revenue growth continued through the first half of the year and the delivery from our broad and diverse pipeline has been excellent, with 12 positive key Phase III trial readouts including for baxdrostat, gefurulimab, and Tagrisso in just the past few weeks.

As we enter our next phase of growth, we have pledged $50 billion to continue to grow in the US, which includes the largest manufacturing investment in AstraZeneca's history, set for Virginia. This landmark investment reflects not only America's importance but also our confidence in our innovative medicines to transform global health and power AstraZeneca's ambition to deliver $80 billion revenue by 2030."

Guidance

AstraZeneca reiterates its Total Revenue and Core EPS guidance⁴ for FY 2025 at CER, based on the average foreign exchange rates through 2024.

Total Revenue is expected to increase by a high single-digit percentage

Core EPS is expected to increase by a low double-digit percentage

The Core Tax rate is expected to be between 18-22%.

If foreign exchange rates for July 2025 to December 2025 were to remain at the average rates seen in June 2025, it is anticipated that FY 2025 Total Revenue growth and Core EPS growth would be broadly similar to the growth at CER (previously a low single-digit percentage adverse impact was anticipated).

Results highlights

Table 1. Milestones achieved since the prior results announcement

Phase III and other registrational data readouts

Regulatory approvals

Regulatory submissions or acceptances* in major regions

* US, EU and China regulatory submissions denotes filing acceptance

Other pipeline updates

For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix, available on www.astrazeneca.com/investor-relations.html.

Table 2: Key elements of financial performance: Q2 2025

For monetary values the unit of change is percent; for Gross Margin, Operating Margin and Tax rate the unit of change is percentage points.

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 resulted in an increase in the R&D expense relative to the prior year period.

Corporate and business development

CSPC

In June 2025, AstraZeneca entered a strategic research collaboration with Shijiazhuang City-based CSPC Pharmaceuticals Group Limited to discover and develop pre-clinical candidates for multiple targets with the potential to treat diseases across chronic indications, including a pre-clinical small molecule oral therapy for immunological diseases. CSPC's research will utilise its AI-driven, dual-engine efficient drug discovery platform.

CSPC will receive an upfront payment of $110m, of which $60m has been capitalised as an Intangible asset, and is also eligible to receive up to $1.62bn in potential development milestone payments and up to $3.6bn in sales milestone payments, plus potential single-digit royalties based on annual net sales of the products.

AstraZeneca will have rights to exercise options for exclusive licenses to develop and commercialise worldwide candidates identified under this agreement.

EsoBiotec

In May 2025, AstraZeneca completed the acquisition of EsoBiotec, a biotechnology company pioneering in vivo cell therapies that has demonstrated promising early clinical activity. The EsoBiotec Engineered NanoBody Lentiviral (ENaBL) platform uses highly targeted lentiviruses to deliver genetic instructions to specific immune cells, with potential use in oncology and immune-mediated diseases.

AstraZeneca has acquired all outstanding equity of EsoBiotec for a total consideration of up to $1bn, on a cash and debt free basis. This includes an initial payment of $403m, and up to $575m in contingent consideration based on development and regulatory milestones.

US investment plans

In July 2025, AstraZeneca announced plans to invest $50bn in US manufacturing and R&D by 2030.

The cornerstone of this landmark investment is a new multi-billion dollar US manufacturing facility that will produce drug substances for the Company's innovative weight management and metabolic portfolio, including oral GLP-1, baxdrostat, oral PCSK9 and combination small molecule products.

The drug substance facility, planned to be in the Commonwealth of Virginia, would be AstraZeneca's largest single manufacturing investment in the world. The facility will leverage AI, automation, and data analytics to optimise production.

Sustainability highlights

AstraZeneca introduced an updated Sustainability strategy which focuses on the Company's sustainability impact and how it does business. This strategy evolution recognises the connection between business growth and the need to address the major health challenges of our time, and aims to support the health of people, society and the planet.

Reporting calendar

The Company intends to publish its 9M and Q3 2025 results on 6 November 2025.

Conference call

A conference call and webcast for investors and analysts will begin today, 29 July 2025, at 14:00 UK time. Details can be accessed via astrazeneca.com.

Reporting changes since FY 2024

Product Revenue

Effective 1 January 2025, the Group has updated the presentation of Total Revenue on the face of the Statement of Comprehensive Income to include a new subtotal 'Product Revenue' representing the summation of Product Sales and Alliance Revenue.

Product Revenue and Collaboration Revenue form Total Revenue.

Product Sales and Alliance Revenue will continue to be presented separately, with the new subtotal providing additional aggregation of revenue types with similar characteristics, reflecting the growing importance of Alliance Revenue.

Full descriptions of Product Sales, Alliance Revenue and Collaboration Revenue are included from page 152 of the Group's Annual Report and Form 20-F Information 2024.

Gross Margin

Effective 1 January 2025, the Group has replaced the measure of 'Product Sales Gross Margin' with the measure of 'Gross Margin'. Previously, the measure excluded margin related to Alliance Revenue and Collaboration Revenue. The new measure is calculated using Gross profit as a percentage of Total Revenue, thereby encompassing all revenue categories, and is intended to provide a more comprehensive measure of total performance.

Notes

1. Constant exchange rates. The differences between Actual Change and CER Change are due to foreign exchange movements between periods in 2025 vs. 2024. CER financial measures are not accounted for according to generally accepted accounting principles (GAAP) because they remove the effects of currency movements from Reported results.
2. Effective 1 January 2025, the Group has updated its presentation of Total Revenue, adding a new subtotal of Product Revenue, the sum of Product Sales and Alliance revenue. For further details, see Note 1: 'Basis of preparation and accounting policy' in the Notes to the Interim Financial Statements.
3. Core financial measures are adjusted to exclude certain items. The differences between Reported and Core measures are primarily due to costs relating to the amortisation of intangibles, impairments, legal settlements and restructuring charges. A full reconciliation between Reported EPS and Core EPS is provided in Table 9 in the Financial Performance section of this document.
4. The Company is unable to provide guidance on a Reported basis because it cannot reliably forecast material elements of the Reported results, including any fair value adjustments arising on acquisition-related liabilities, intangible asset impairment charges and legal settlement provisions. Please refer to the cautionary statements section regarding forward-looking statements at the end of this announcement.
5. Effective 1 January 2025, the Group has updated its presentation of Gross Margin. For further details, see Note 1: 'Basis of preparation and accounting policy' in the Notes to the Interim Financial Statements
6. Income from disposals of assets and businesses, where the Group does not retain a significant ongoing economic interest, is recorded in Other operating income and expense in the Group's financial statements.

To read AstraZeneca's Half Year and Q2 2025 Financial Results press release in full, click here

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