AstraZeneca’s 9M and Q3 2025 Financial Results

Continued strong commercial performance and unprecedented pipeline delivery in the year to date

CAMBRIDGE, England–(BUSINESS WIRE)–AstraZeneca:

Revenue and EPS summary

	9M 2025	% Change				Q3 2025	% Change
	$m	Actual		CER1		$m	Actual		CER
– Product Sales	41,035	9		9		14,365	11		9
– Alliance Revenue	2,108	41		41		815	46		44
Product Revenue2	43,143	10		11		15,180	12		11
Collaboration Revenue	93	(14	)	(15	)	11	(81	)	(82	)
Total Revenue	43,236	10		11		15,191	12		10
Reported EPS ($)	5.10	43		42		1.64	77		70
Core3 EPS ($)	7.04	15		15		2.38	14		12

Key performance elements for 9M 2025

(Growth numbers at constant exchange rates)

• Total Revenue up 11% to $43,236m, driven by growth in all Therapy Areas, including 16% growth in Oncology and 13% growth in R&I
• Growth in Total Revenue across all major geographic regions
• Core Operating profit increased 13%
• Core EPS increased 15% to $7.04
• 16 positive Phase III readouts and 31 approvals in major regions

Pascal Soriot, Chief Executive Officer, AstraZeneca, said:

“The strong underlying momentum across our business through the first nine months of the year sets us up well to sustain growth through 2026 and has us on track to deliver our 2030 ambition.

Across our pipeline we have announced an unprecedented 16 positive Phase III trials this year, with four since our previous results including high-impact readouts for baxdrostat in hypertension and Enhertu and Datroway in breast cancer.

We are also delivering on our strategy to strengthen our operations in the United States to power our growth. This includes a historic agreement with the US government to lower the cost of medicines for American patients, and broadening our US manufacturing footprint having broken ground at our new $4.5bn Virginia manufacturing facility in October.”

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 October 2025 to December 2025 were to remain at the average rates seen in September 2025, it is anticipated that FY 2025 Total Revenue growth and Core EPS growth would be broadly similar to the growth at CER (unchanged from the previous guidance).

Results highlights

Table 1. Milestones achieved since the prior results announcement

Phase III and other registrational data readouts
Medicine		Trial		Indication		Event
Enhertu		DESTINY-Breast05		High-risk HER2+ early breast cancer (post-neoadjuvant)		Primary endpoint met
Datroway		TROPION-Breast02		1L TNBC for patients where IO is not an option		Dual primary endpoints met
Imfinzi		MATTERHORN		Resectable gastric/GEJ cancer		Secondary endpoint met (OS)
baxdrostat		Bax24		Treatment resistant hypertension		Primary endpoint met
Fasenra		RESOLUTE		COPD		Primary endpoint not met
Saphnelo		TULIP-SC		SLE (subcutaneous)		Primary endpoint met
Regulatory approvals
Medicine		Trial		Indication		Region
Calquence		ECHO		1L MCL		JP
Calquence		ACE-LY-004		Relapsed/refractory MCL		JP
Datroway		TROPION-Breast01		HR+ HER2- mBC		CN
Enhertu		DESTINY-Breast06		CTx naïve HER2-low and -ultralow mBC		JP
Imfinzi		NIAGARA		Bladder cancer		JP
Imfinzi		AEGEAN		Resectable NSCLC		JP
Lynparza		PROpel		BRCAm mCRPC		CN
Tezspire		WAYPOINT		Chronic rhinosinusitis with nasal polyps		US, EU
Koselugo		KOMET		Adult neurofibromatosis type 1		JP, EU
Ultomiris		CHAMPION-NMOSD		NMOSD		CN
Regulatory submissions or acceptances* in major regions
Medicine		Trial		Indication		Region
Enhertu		DESTINY-PanTumour02		Previously treated HER2+ solid tumours		EU
Enhertu		DESTINY-Gastric04		2L HER2+ gastric/GEJ cancer		EU
Enhertu		DESTINY-Breast09		1L HER2+ mBC		US, JP, CN
Enhertu		DESTINY-Breast11		Neoadjuvant HER2+ Stage II or III breast cancer		US, CN
Imfinzi		MATTERHORN		Resectable early-stage gastric and GEJ cancers		EU, JP
Imfinzi		POTOMAC		High-risk non-muscle invasive bladder cancer		US, EU, JP
Truqap		CAPItello-281		PTEN-deficient metastatic hormone-sensitive prostate cancer		US, EU
Breztri		KALOS/LOGOS		Uncontrolled asthma		US, EU, JP, CN
Fasenra		NATRON		HES		US, EU, JP, CN
Saphnelo		TULIP-SC		SLE (subcutaneous)		US, EU, JP
Saphnelo		TULIP-1/2, AZALEA		SLE		CN
gefurulimab		PREVAIL		Generalised myasthenia gravis		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, available on www.astrazeneca.com/investor-relations.html.

Table 2: Key elements of financial performance: Q3 2025

For the quarter		Reported		Change				Core		Change
ended 30 September		$m		Act		CER		$m		Act		CER
Product Revenue		15,180		12		11		15,180		12		11		* See Tables 3, 27 and 28 for medicine details of Product Revenue, Product Sales and Alliance Revenue
Collaboration Revenue		11		(81)		(82)		11		(81)		(82)		* See Tables 4 and 29 for details of Collaboration Revenue
Total Revenue		15,191		12		10		15,191		12		10		* See Tables 5 and 6 for Total Revenue by Therapy Area and by region
Gross Margin (%)		82		+4pp		+4pp		82		–		–		* Variations in Gross Margin can be expected between periods due to various factors, including fluctuations in foreign exchange rates, product seasonality and Collaboration Revenue * See ‘Reporting changes’ below for the definition of Gross Margin5
R&D expense		3,663		18		16		3,550		16		14		* Core R&D: 23% of Total Revenue + Accelerated recruitment year-to-date in ongoing trials + Investments in transformative technologies such as IO bispecifics, cell therapy and radioconjugates + Positive data read-outs for high-value pipeline opportunities that have ungated large late-stage trials + Addition of R&D projects from business development
SG&A expense		5,085		(1)		(3)		3,822		6		4		* Core SG&A: 25% of Total Revenue
Other operating income and expense6		89		>3x		>3x		96		>3x		>3x
Operating Profit		3,583		70		64		4,993		16		13
Operating Margin (%)		24		+8pp		+8pp		33		+1pp		+1pp
Net finance expense		349		27		25		305		(7)		(9)		− Reduction in Core driven by lower short-term borrowing during the quarter + Reported expense in Q3 2024 included a favourable fair value adjustment
Tax rate (%)		22		–		–		21		+2pp		+2pp		* Variations in the tax rate can be expected between periods
EPS ($)		1.64		77		70		2.38		14		12
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

Listing harmonisation

As announced on 29 September 2025 and approved by shareholders on 3 November 2025, AstraZeneca will harmonise its share listing structure to deliver a global listing for global investors in a global company. It is expected that AstraZeneca shareholders will be able to trade their interests in AstraZeneca ordinary shares across the London Stock Exchange, Nasdaq Stockholm and the New York Stock Exchange from 2 February 2026. For further details, see the Circular containing details of the Harmonised Listing Structure.

US investment plans

In October 2025, AstraZeneca announced having broken ground on its $4.5bn manufacturing facility in Rivanna Futures, Albemarle County, Virginia. This is part of the Company’s plans to invest $50bn in US manufacturing and R&D by 2030, announced in July 2025.

The Virginia plant is expected to create approximately 3,600 direct and indirect jobs. It will produce drug substance for AstraZeneca’s weight management and metabolic portfolio, including oral GLP-1 (AZD5004), baxdrostat, oral PCSK9 (laroprovstat) and combination small molecule products, and also antibody drug conjugates for the Oncology portfolio.

Agreement with US Government

In October 2025, AstraZeneca announced a historic agreement with the US administration to lower the cost of prescription medicines for American patients. The Company voluntarily agreed to a range of measures which will enable American patients to access medicines at prices that are equalised with those available in wealthy countries.

As part of the agreement, AstraZeneca will provide Direct-to-Consumer sales to eligible patients with prescriptions for select products for chronic diseases.

AstraZeneca has also reached an agreement with the US Department of Commerce to delay Section 232 tariffs for three years, enabling the Company to fully onshore medicines manufacturing so that all of its medicines sold in America are made in America.

SixPeaks

On 22 October 2025, AstraZeneca, by exercise of an option, completed the acquisition of the remaining share capital of SixPeaks Bio AG (SixPeaks), following an initial investment of $15m made in Q2 2024. $170m was paid on closing, $30m to be paid after two years and up to a further $100m is payable on achievement of regulatory milestones. SixPeaks is investigating potential therapies for weight-management with the aim of preserving lean muscle mass.

Agreement with Merck on Koselugo

In August 2025, the contractual arrangements between AstraZeneca and Merck & Co., Inc., (Merck; known as MSD outside of the US and Canada) were updated and simplified relating to the global development and commercialisation of Koselugo, an oral, selective MEK inhibitor. Under the updated arrangements AstraZeneca will fully recognise the costs, revenues and profits of Koselugo globally. Merck received an upfront payment of $150 million and will receive deferred payments totalling up to $400m. In addition, Merck is eligible to receive up to $175m in potential approval milestones and up to $235m in sales milestone payments, plus single-digit royalties based on net sales. Prior to the updated arrangements, AstraZeneca fully recognised the revenues of Koselugo but shared equally pre-tax profits and losses of the product with Merck.

Sustainability highlights

For the third consecutive year, TIME Magazine recognised AstraZeneca as one of the World’s Best Companies with the Company ranking at 43 out of 1,000 global companies and as the top pharmaceutical company in terms of sustainability transparency.

Reporting calendar

The Company intends to publish its FY and Q4 2025 results on 10 February 2026.

Conference call

A conference call and webcast for investors and analysts will begin today, 6 November 2025, at 13:00 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 policies’ 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 Tables 9 and 10 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 policies’ 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 9M and Q3 2025 Financial Results press release in full, click here

Contacts

Global Media Relations team

global-mediateam@astrazeneca.com
+44 (0)1223 344 800