AstraZeneca
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AstraZeneca (AZN) investor relations material

AstraZeneca Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary10 Feb, 2026

Executive summary

  • Total revenue for FY 2025 rose 8% at constant exchange rates to $58.7bn, with product revenue up 10%, driven by strong global demand and robust performance across all therapy areas and geographies, including 16 blockbuster medicines and 16 positive Phase III trial readouts.

  • Achieved core EPS of $9.16, up 11% year-over-year, and maintained low concentration risk through a diversified portfolio and geographic reach.

  • Over 100 Phase III trials are ongoing, with 20+ readouts expected in 2026 and a risk-adjusted peak revenue potential exceeding $10bn.

  • Ordinary shares began trading on the NYSE in February 2026, harmonizing listings across major exchanges.

  • Strategic investments in R&D, manufacturing, and next-generation innovation platforms, including weight management, ADCs, and cell and gene therapy.

Financial highlights

  • FY 2025 total revenue was $58.7bn (+8% CER); product revenue $58.6bn (+10% CER); core EPS $9.16 (+11% CER); reported EPS $6.60 (+43% CER).

  • Gross margin was 82%; core operating margin 31%; operating profit $13.7bn (+36% CER); EBITDA $19.5bn (+17%).

  • Q4 2025 total revenue was $15.5bn (+2% CER); core EPS $2.12.

  • Cash flow from operations grew 23% to $14.6bn; CapEx was $3.3bn, with a planned increase of about one-third in FY 2026.

  • Second interim dividend of $2.17 per share declared, bringing total FY 2025 dividend to $3.20, with a planned increase to $3.30 in FY 2026.

Outlook and guidance

  • FY 2026 total revenue expected to grow mid- to high-single digits at CER, with core EPS projected to rise by a low double-digit percentage.

  • Core tax rate anticipated between 18%-22%; FX impact expected to be low single-digit positive on revenue and neutral on core EPS.

  • CapEx to increase by one-third in 2026 to support expansion in the US, China, and Singapore.

  • R&D expenses to be at the upper end of low 20s% of revenue in 2026, reflecting investment in late-stage pipeline.

  • Dividend to increase to $3.30 per share in 2026.

Implications of Datroway TROPION-Lung12 discontinuation
Rationale for $15bn China investment
China legal proceedings impact
Key 2026/27 readouts for post-2030 growth
Weight management strategy in a crowded market
China market profitability vs. group, 2026 outlook
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Frequently asked questions

Anglo-Swedish Pharmaceuticals

AstraZeneca is a multinational biopharmaceutical company established in 1999 through the merger of Astra AB of Sweden and Zeneca Group PLC of the UK. Headquartered in Cambridge, UK, the firm operates globally, specializing in the research, development, manufacturing, and commercialization of prescription medications. It focuses on a range of therapeutic areas including oncology, cardiovascular, renal, metabolism, and respiratory diseases. AstraZeneca's products cater to a diverse set of medical needs and are distributed in numerous countries worldwide. The company is a major player in the global pharmaceutical industry, maintaining a strong commitment to scientific research and the development of new medicines.

A Successful Merger

As previously mentioned, AstraZeneca came to be following the merger of two established pharmaceutical companies. Astra AB, with roots dating back to 1913, had a notable history in pharmaceutical production, introducing various medicines to the market over the decades. Zeneca on the other hand traces its roots back to 1993 after separating from Imperial Chemical Industries. The British half of the modern-day company had a footprint in both therapeutic products and agrochemicals, although it eventually divested from the latter. The merger of these two entities aimed to consolidate resources, streamline research and development processes, and enhance their presence in the global pharmaceutical market. The combined company, now known as AstraZeneca, has since played a significant role in the industry, building upon the foundational knowledge and experience of the two merged parties.

Research and Development

AstraZeneca primarily focuses on the discovery, development, and commercialization of prescription medicines. Their core areas of activity encompass a range of medical conditions, including respiratory, cardiovascular, renal, metabolic, oncology, and autoimmune diseases. The company also engages in significant research and development efforts, with research centers in the UK, Sweden, and the USA. This focus AstraZeneca was one of the pharmaceutical companies heavily involved with the global effort of finding a suitable vaccine during the Covid-19 pandemic. This is an effort they succeeded in, and together with companies like Pfizer and Moderna, they were a key player in the global vaccination effort.

Serving Patients Worldwide

As is common with large pharmaceutical companies, AstraZeneca has a presence in all corners of the world and the company operates in over 100 countries. It has manufacturing and commercial operations distributed across major markets including North America, Europe, Asia, and emerging economies.

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