AstraZeneca's Q2 2025 Financial Performance Overview

    AstraZeneca's Q2 2025 Financial Performance Overview

    F2Β weeks ago 14

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    H1 and Q2 2025 Results
Conference call and webcast for investors 
and analysts 
29 July 2025
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Forward-looking statements
This document contains certain forward-looking statements with respect to the operations, performance and financial condition of the Group, 
including, among other things, statements about expected revenues, margins, earnings per share or other financial or other measures. Although the 
Group believes its expectations are based on reasonable assumptions, any forward-looking statements, by their very nature, involve risks and 
uncertainties and may be influenced by factors that could cause actual outcomes and results to be materially different from those predicted. The 
forward-looking statements reflect knowledge and information available at the date of preparation of this document and the Group undertakes no 
obligation to update these forward-looking statements. The Group identifies the forward-looking statements by using the words 'anticipates’, 'believes', 
'expects', 'intends' and similar expressions in such statements. Important factors that could cause actual results to differ materially from those 
contained in forward-looking statements, certain of which are beyond the Group's control, include, among other things: the risk of failure or delay in 
delivery of pipeline or launch of new medicines; the risk of failure to meet regulatory or ethical requirements for medicine development or approval; 
the risk of failures or delays in the quality or execution of the Group's commercial strategies; the risk of pricing, affordability, access and competitive 
pressures; the risk of failure to maintain supply of compliant, quality medicines; the risk of illegal trade in the Group's medicines; the impact of reliance 
on third-party goods and services; the risk of failure in information technology or cybersecurity; the risk of failure of critical processes; the risk of failure 
to collect and manage data and artificial intelligence in line with legal and regulatory requirements and strategic objectives; the risk of failure to attract, 
develop, engage and retain a diverse, talented and capable workforce; the risk of failure to meet our sustainability targets, regulatory requirements and 
stakeholder expectations with respect to the environment; the risk of the safety and efficacy of marketed medicines being questioned; the risk of 
adverse outcome of litigation and/or governmental investigations; intellectual property risks related to the Group's products; the risk of failure to 
achieve strategic plans or meet targets or expectations; the risk of geopolitical and/or macroeconomic volatility disrupting the operation of our global 
business; the risk of failure in internal control, financial reporting or the occurrence of fraud; and the risk of unexpected deterioration in the Group's 
financial position. Nothing in this document, or any related presentation/webcast, should be construed as a profit forecast.
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H1 and Q2 2025 Results
Conference call agenda
CEO Opening Remarks Pascal Soriot
Chief Executive Officer
Financial Results Aradhana Sarin
Chief Financial Officer
Oncology Haematology Dave Fredrickson
EVP, Oncology Haematology Business
Susan Galbraith
EVP, Oncology Haematology R&D
BioPharmaceuticals Ruud Dobber
EVP, BioPharmaceuticals Business
Sharon Barr
EVP, BioPharmaceuticals R&D
Rare Disease Marc Dunoyer
Chief Executive Officer, Alexion
CEO Closing Remarks, Q&A Pascal Soriot
Chief Executive Officer
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    CEO Opening 
Remarks
Pascal Soriot
CHIEF EXECUTIVE OFFICER
4
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Strong commercial and pipeline delivery in H1 2025
+11% Total Revenue1
+17% Core EPS1
19 new approvals 
in key regions2,3
Continued commercial 
momentum
12 positive 
Phase III readouts3,4
First Phase III 
data for 5 NMEs3
Excellent
pipeline delivery
All growth rates at CER. 1. Growth rates relative to H1 2024 performance. 2. Key regions – US, EU, Japan, China. 3. Since FY 2024 Results to 29 July 2025. 4. Includes DESTINY-Breast09, DESTINY-Breast11, DESTINY-Gastric04, 
POTOMAC, SERENA-6, KALOS, LOGOS, NATRON, AZALEA, BaxHTN, CALYPSO, PREVAIL. 
Appendix: Glossary.
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    All growth rates at CER. 
Appendix: Glossary.
6
H1 2025 – growth supported by diverse, broad-based 
business
H1 2025 | % Total Revenue by geography
H1 2025 | % Total Revenue by therapy area
Strength across 
therapy areas 
H1 2025 | Total Revenue ($m)
Growth across 
geographies
H1 2025 | Total Revenue ($m)
Oncology 
43%
CVRM 
23%
R&I 
15%
V&I 
1%
Other 
2%
Rare Disease 
15%
US
43%
Europe
21%
Ex-China 
15%
China
13%
ERoW
9%
4,336
Oncology BioPharmaceuticals Rare Disease
11,970 3,515
4,182
US Emerging 
Markets
11,955 6,588
4,234
V&I: 411
5,825 2,554
Europe ERoW
16%
18%
13%
8%
10%
3%
12%
5%
8%
12%
19%
5%
Ex-China:
China:
CVRM:
R&I:
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Excellent delivery across diverse pipeline
Key Phase III trial readouts in 2025 to date
1. Combined risk-adjusted Peak Year Revenue of all anticipated readouts in 2025, including those depicted on the slide. 
Appendix: Glossary. 
SERENA-6
camizestrant potential new 
endocrine backbone in HR+ BC
DESTINY-Breast09 
Enhertu redefining 
management of 1L HER2+ mBC
MATTERHORN
Imfinzi transforming 
perioperative care in 
gastric/GEJ cancers
DESTINY-Breast11
Enhertu first move into earlystage HER2+ breast cancer
POTOMAC
Imfinzi opportunity to treat 
earlier in bladder cancer
Oncology Rare Disease
KALOS/LOGOS
Breztri broadening opportunity 
into uncontrolled asthma
BaxHTN
baxdrostat potential first-inclass ASI addressing hard-totreat hypertension
BioPharmaceuticals
Readouts across 2025 represent combined >$10bn opportunity1
PREVAIL
gefurulimab expanding reach in 
generalised myasthenia gravis
FLAURA2 OS
Tagrisso backbone SoC for 1L 
EGFRm NSCLC and beyond
CARES
anselamimab improving survival 
in a subgroup of patients with 
light-chain amyloidosis
NME NME
NME NME
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Significant progress with transformative technologies 
to drive 2030+ growth
ADCs/RCs, next-gen IO and cell therapy/TCE progressed to Phase III
3 Phase III trials initiated 
with laroprovstat (oPCSK9)
Multiple Phase II dose 
optimisation trials ongoing
AZD5004 (oGLP-1)
AZD6234 (SARA)
Weight management 
and risk factors
Establish and lead 
in new weight 
management 
paradigm 
7 AZN ADCs in clinic, 
including sonesitatug
vedotin (CLDN18.2) in 
Phase III for 2L+ GC/GEJA
FPI-2265 (PSMA-targeted 
RC) in Phase II for 
pre-treated mCRPC
ADCs and 
Radioconjugates
Replace systemic 
chemotherapy and 
radiotherapy
14 Phase III trials with 
rilvegostomig and 
volrustomig initiated
First ADC combination 
data at ASCO 2025
Next-gen IO bispecifics
Replace existing PD-1/ 
PD-L1 inhibitors
AZD0120 (BCMA/CD19) 
CAR-T Phase III planned 
in multiple myeloma
surovatamig (CD19/CD3) 
in Phase III for 1L FL
EsoBiotec acquired
Cell therapy and 
T-cell engagers
Develop scalable cell 
therapies and T-cell 
engagers across 
therapy areas
Preclinical and Phase I 
development ongoing 
across multiple platforms
sAAVy and AAV capsid
TALEN technology
Gene therapy and 
gene editing
Make cure possible 
for a range of rare 
diseases
Updated as of 29 July 2025. 
Collaboration partners: Compugen (rilvegostomig). 
Appendix: Glossary.
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    Financial Results 
Aradhana Sarin
CHIEF FINANCIAL OFFICER
9
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    Due to rounding, the sum of the dollar values and percentages may not agree to totals. Absolute values at actual exchange rates; changes at CER. 
1. Total operating expense includes distribution, R&D and SG&A expenses.
Appendix: Glossary.
10
H1 and Q2 2025 – Reported profit and loss
H1 2025
$m
CER change
%
% Total
Revenue
Q2 2025
$m
CER change
%
% Total
Revenue
- Product Sales 26,670 10 95 13,795 10 95
- Alliance Revenue 1,293 38 5 654 35 5
Product Revenue 27,963 11 100 14,449 11 100
- Collaboration Revenue 82 66 - 8 >2x -
Total Revenue 28,045 11 100 14,457 11 100
Gross Margin 83% - 83% -
- R&D expense (6,707) 16 24 (3,548) 16 25
- SG&A expense (9,356) - 33 (4,864) (2) 34
Total operating expense1(16,341) 6 58 (8,555) 5 59
Other operating income and expense 192 53 1 79 33 1
Operating profit 7,182 24 26 3,508 32 24
Tax rate 18% 22%
Reported EPS $3.46 32 $1.58 31
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    Due to rounding, the sum of the dollar values and percentages may not agree to totals. Absolute values at actual exchange rates; changes at CER. 
1. Total operating expense includes distribution, R&D and SG&A expenses.
Appendix: Glossary.
11
H1 and Q2 2025 – Core profit and loss
H1 2025
$m
CER change
%
% Total
Revenue
Q2 2025
$m
CER change
%
% Total
Revenue
- Product Sales 26,670 10 95 13,795 10 95
- Alliance Revenue 1,293 38 5 654 35 5
Product Revenue 27,963 11 100 14,449 11 100
- Collaboration Revenue 82 66 - 8 >2x -
Total Revenue 28,045 11 100 14,457 11 100
Gross Margin 83% - 82% -
- R&D expense (6,541) 17 23 (3,453) 18 24
- SG&A expense (7,259) 3 26 (3,802) 1 26
Total operating expense1(14,078) 9 50 (7,401) 9 51
Other operating income and expense 186 51 1 71 23 -
Operating profit 9,387 13 33 4,584 14 32
Tax rate 18% 21%
Core EPS $4.66 17 $2.17 12
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Investing to support our long-term growth ambition
Driving operating leverage through SG&A efficiency
Appendix: Glossary.
Total Revenue vs. Core R&D and Core SG&A 
as percentage of Total Revenue 
Optimising SG&A
β€” Disease area focus
β€” Disciplined and strategic launch investments
β€” Improved productivity with digital and AI solutions
20%
25%
30%
35%
40%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
H1 H2 H1 H2 H1
2023 2024 2025
Proportion of Total Revenue
Total Revenue ($bn)
Prioritising R&D Patients enrolled in 
AstraZeneca trials (thousands)
0
10
20
30
40
50
60
H1 H2 H1 H2 H1
2023 2024 2025
β€” Accelerating high-priority assets
β€” Investing in transformative 
technologies to underpin 
long-term growth
Total Revenue Core R&D/Total Revenue Core SG&A/Total Revenue
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FY 2025 guidance reiterated
Net cash inflow from operating activities increased by 27% in H1 2025
Net debt/EBITDA 1.4x FY 2025 guidance (CER)
Total Revenue
anticipated to increase by a high single-digit percentage
Core EPS
anticipated to increase by a low double-digit percentage
$bn
Net debt 
end 2024
24.6
CFO
7.1
CapEx1
1.3
Deal 
payments 
and receipts2
Dividend
3.4
Net debt
end June 2025
25.2
Other3
0.8
$16.7bn EBITDA $18.2bn 4
Due to rounding, the sum of the dollar values and percentages may not agree to totals. 1. Capital expenditure on tangible assets and software-related intangible assets. 2. Comprises purchase and disposal of intangible assets (excluding software-related 
assets, including AZ Forest), movement in profit participation liability, purchase and disposal of non-current asset investments, payments to associates and joint ventures, disposal of investments in associates and joint ventures, acquisitions of subsidiaries, 
net of acquired net debt and payment of contingent consideration on business combinations. The Company uses Debt issuance to finance new Business Development opportunities. 3. Comprises mainly shares purchased by Employee Benefit Trust. 4. 
Rolling 12-month EBITDA. AstraZeneca credit ratings: Moody’s: short-term rating P-1, long-term rating A1, outlook stable. S&P Global Ratings: short-term rating A-1, long-term rating A+, outlook stable. 5. If foreign exchange rates for July 2025 to December
2025 were to remain at the average rates seen in June 2025. Appendix: Glossary.
β€’ Core tax rate expected to be between 18-22%
β€’ Anticipated FX impact5 – neutral on Total Revenue 
and Core EPS
2.3
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    Oncology
Dave Fredrickson
ONCOLOGY HAEMATOLOGY BUSINESS
Susan Galbraith
ONCOLOGY HAEMATOLOGY R&D
14
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    1. Others is inclusive of Datroway. 2. Based on TROPION-Lung05 results and supported by data from TROPION-Lung01. 
Collaboration partners: Daiichi Sankyo (Enhertu, Datroway), Merck & Co., Inc. (Lynparza), Hutchmed (Orpathys). 
Appendix: Glossary.
15
Oncology – H1 and Q2 2025
Total Revenue +16% in H1 2025 driven by strong global demand across medicines
Q2 2025: key dynamics 
Tagrisso Imfinzi + Imjudo Calquence Enhertu Truqap Lynparza (PR) Lynparza (CR) Others1
Oncology
H1 2025 $12.0bn, +16%
β€’ Tagrisso +12%, increasing demand across indications, leading 1L combination share
β€’ Calquence +10%, extending BTKi leadership in CLL across major markets
β€’ Lynparza PR +11%, sustained PARPi leadership 
β€’ Truqap +84%, continued demand growth in 2L biomarker-altered population
β€’ Imfinzi +26%, strong demand growth with encouraging uptake for new launches 
(lung cancer ADRIATIC, AEGEAN; bladder cancer NIAGARA)
β€’ Imjudo +18%, robust HCC and 1L NSCLC demand across major markets
β€’ Enhertu +42%, accelerating DESTINY-Breast06 launch uptake, further 
CN adoption post-NRDL
β€’ Datroway $11m, positive early launch uptake in HR+ HER2- breast cancer 
Key regulatory approvals: 
β€’ US (Datroway 2L+ EGFRm NSCLC2), EU (Calquence ECHO, AMPLIFY, Imfinzi
NIAGARA), JP (Tagrisso LAURA), CN (Imfinzi ADRIATRIC, Orpathys + Tagrisso SACHI)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
Total Revenue ($m)
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    1. Turner, NC et al. Abstract #LBA4 presented at the American Society of Clinical Oncology 2025. 2. Tolaney, SM et al. Abstract #LBA1008 presented at the American Society of Clinical Oncology 2025. 
3. Janjigian, YY et al. Abstract #LBA5 presented at the American Society of Clinical Oncology 2025.
Collaboration partners: Daiichi Sankyo (Enhertu).
Appendix: Glossary.
16
Oncology – high-value readouts year to date
Practice-defining data at ASCO 2025 and new high-level results across multiple tumour types
Transforming treatment across breast 
and gastric cancer at ASCO 2025
SERENA-6
1 | switch to camizestrant with CDK4/6i
β€” 56% reduction in risk of progression or death
β€” <1.5% discontinuation rate due to AEs
β€” Strong trend to PFS2, meaningful prolongation in QoL
DESTINY-Breast092 | Enhertu + pertuzumab
β€” 44% reduction in risk of progression or death
β€” Median PFS >3 years, consistent across subgroups
β€” Strong trend to PFS2, early trend to OS benefit
Establishing new 
endocrine backbone 
in HR+ BC
Moving earlier in 
HER2+ mBC
New perioperative 
regimen for gastric/
GEJ cancers
MATTERHORN3 | Imfinzi + FLOT
β€” Median EFS not yet met
β€” Two-thirds event-free at two years
β€” Strong trend to OS benefit with HR 0.78
Broadening impact of 
established treatments
Imfinzi + BCG induction + maintenance
Non-muscle invasive bladder cancer
POTOMAC
Enhertu β†’ THP before surgery
High-risk HER2+ early BC
DESTINY-Breast11
Tagrisso + chemotherapy
1L metastatic EGFRm NSCLC
FLAURA2 OS
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    BioPharmaceuticals
17
Ruud Dobber
BIOPHARMACEUTICALS BUSINESS
Sharon Barr
BIOPHARMACEUTICALS R&D
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    Collaboration partners: Amgen (Tezspire); Sanofi (Beyfortus); Ionis (Wainua).
Appendix: Glossary.
18
BioPharmaceuticals – H1 and Q2 2025
Total Revenue +10% in H1 2025 driven by strong momentum in key medicines
Q2 2025: key dynamics CVRM
H1 2025 $6.6bn, +8%
R&I
H1 2025 $4.2bn, +13%
Farxiga Brilinta Lokelma Other Fasenra Breztri Tezspire Saphnelo Symbicort Other
0
500
1,000
1,500
2,000
2,500
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
Total Revenue ($m)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
Total Revenue ($m)
β€’ Farxiga +10%, global demand growth 
mainly driven by CKD and HF
β€’ Lokelma +27%, market leader in growing 
K
+ binder class in hyperkalaemia
β€’ Brilinta (38%), generics entry
β€’ Fasenra +18%, sustained IL-5 leadership 
in asthma, EGPA launches
β€’ Tezspire +65%, continued launch momentum
β€’ Breztri +20%, fastest growing medicine in 
expanding FDC triple class in COPD
β€’ Saphnelo +48%, increasing penetration 
in i.v. segment of SLE
β€’ V&I +54%, Beyfortus >3x
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    Peak Year Revenue, non-risk adjusted. 
Appendix: Glossary.
19
BioPharmaceuticals – first Phase III data for baxdrostat
Potential first-in-class NME; $5bn+ PYR opportunity across monotherapy and combinations
Phase III BaxHTN in uncontrolled or resistant hypertension Broad Phase III development
Monotherapy
Combination with dapagliflozin
Bax24 | 24-hour SBP control H2 2025
BaxPA | primary aldosteronism Initiating
BaxAsia | u/r HTN in Asian patients H1 2026
BaxDUO-Arctic | CKD and HTN >2026
Prevent-HF | HF prevention >2026
BaxDUO-Pacific | >2026 CKD and HTN 
outcomes
Highly selective 
inhibition of 
aldosterone
Clinically 
meaningful 
reduction in SBP
Favourable
safety profile
Addressing high 
unmet need
Run-in
2 weeks
Open-label/randomised
withdrawal to 52 weeks
N = 796
R
1:1:1
Primary endpoint: 
seated SBP
Double-blind treatment
12 weeks
Placebo
Primary and all secondary endpoints met
baxdrostat | 1mg
Placebo
baxdrostat | 2mg
Data to be presented at ESC 2025 | 30 August
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    Rare Disease
Marc Dunoyer
CHIEF EXECUTIVE OFFICER, ALEXION
20
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Rare Disease
H1 2025 $4.3bn, +3%
C5 Franchise
β€’ Ultomiris +23%, demand growth across indications, including 
within the competitive gMG and PNH markets
β€’ Soliris (22%), continued successful conversion to Ultomiris across 
indications and additional impact from biosimilars in EU, partially 
offset by order timing in certain tender markets
Beyond Complement
β€’ Strensiq +15%, continued global demand from patients with HPP
β€’ Koselugo +18%, continued global demand from patients 
with NF1-PN
Ultomiris1 Soliris Strensiq Koselugo (PS) Koselugo (CR) Other2
0
500
1,000
1,500
2,000
2,500
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
Total Revenue ($m)
Q2 2025: key dynamics
Rare Disease – H1 and Q2 2025
Total Revenue $4.3bn in H1 2025 driven by patient demand across the portfolio
All growth rates at CER. 1. Ultomiris Total Revenue includes sales of Voydeya. 2. Other includes Kanuma and Beyonttra (JP only). 
Collaboration partners: Merck & Co., Inc. (Koselugo), BridgeBio (Beyonttra). 
Appendix: Glossary.
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    1. Aim to have both auto-injector and pre-filled syringe options approved and available. 2. Internal estimates and forecasts. 
Appendix: Glossary.
22
Rare Disease – Phase III readouts for two NMEs
Reinforcing innovation and leadership in Rare Disease
PREVAIL | gefurulimab in gMG 
Dual-binding nanobody targeting C5, self-administration s.c. QW1
CARES | anselamimab in 
light-chain amyloidosis 
Specific anti-fibril
β€” All primary and secondary 
endpoints met
β€” Statistically significant 
and clinically meaningful 
improvement in MG-ADL
β€” Rapid, complete and sustained 
complement inhibition, translating 
to improvements in patient 
outcomes
β€” Composite primary endpoint 
not met in Mayo Stage IIIa and IIIb
β€” Highly clinically meaningful 
improvement in prespecified 
subgroup on: 
All-cause mortality 
Cardiovascular hospitalisation
β€” Data to be shared with global 
health authorities Potential to position gefurulimab first-line 
post-immunosuppressant therapy and steroids
<20%
Patients treated with 
branded medicines, 
expected increase to 
50% in 5 years2
~40% Patients on self-admin. 
medicines by 20302
Global gMG
market dynamics
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    CEO Closing 
Remarks
Pascal Soriot
CHIEF EXECUTIVE OFFICER
23
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    1. Primary endpoint not met in overall patient population; highly clinically meaningful improvement demonstrated in a prespecified subgroup of patients. 
Collaboration partners: Daiichi Sankyo (Enhertu, Datroway), Hutchmed (Orpathys). 
Appendix: Glossary.
24
Successfully delivering in unprecedented catalyst rich period
H1 2025
TROPION-Breast02 | Datroway
1L TNBC
H2 2025
CALYPSO | eneboparatide
hypoparathyroidism
DESTINY-Breast09 | Enhertu
1L HER2+ breast cancer
DESTINY-Breast11 | Enhertu
early-stage HER2+ breast cancer (neoadjuvant)
KALOS/LOGOS | Breztri
uncontrolled asthma
MATTERHORN | Imfinzi
resectable GC/GEJC
POTOMAC | Imfinzi
non-muscle invasive bladder cancer
SERENA-6 | camizestrant
1L ESR1m HR+ HER2- adv. breast cancer
DESTINY-Breast05 | Enhertu
early-stage HER2+ breast cancer (adjuvant)
VOLGA | Imfinzi
muscle-invasive bladder cancer
LATIFY | ceralasertib + Imfinzi
post-IO NSCLC
RESOLUTE | Fasenra
moderate to severe COPD
TULIP-SC | Saphnelo
moderate to severe SLE
TMA-313 | Ultomiris
HSCT-TMA (adults)
HICKORY/CHESTNUT | efzimfotase alfa 
hypophosphatasia
BaxHTN | baxdrostat
hard-to-treat hypertension
PREVAIL | gefurulimab
generalised myasthenia gravis
CAPItello-280 | Truqap
mCRPC
CARES1 | anselamimab
light-chain amyloidosis
FLAURA2 OS | Tagrisso
1L EGFRm NSCLC
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    25
On track to deliver on 2030 ambitions supported by 
strong growth and pipeline momentum
The Financial Ambition Statements in this presentation are based on Q1 2024 exchange rates. 
1. 2030 Total Revenue ambition is risk-adjusted and not dependent upon future M&A. 
Appendix: Glossary.
Ambition to deliver $80bn in 
Total Revenue by 20301
Strong growth in 2025 with global 
medicines demand substantially 
offsetting anticipated headwinds
On track to deliver mid-30s% 
Core operating margin by 2026
Growth in SG&A slower than Total Revenue
R&D to remain low 20%s of Total Revenue
Ambition to deliver at least 20 
NMEs by 2030
9 NMEs launched to date
First Phase III data for 5 NMEs
in 2025 to date
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    Q&A Session
Pascal Soriot
CHIEF EXECUTIVE OFFICER
Aradhana Sarin
CHIEF FINANCIAL OFFICER
Marc Dunoyer
CHIEF EXECUTIVE 
OFFICER, ALEXION
Susan Galbraith
EVP, ONCOLOGY HAEMATOLOGY R&D
Dave Fredrickson
EVP, ONCOLOGY 
HAEMATOLOGY BUSINESS
Sharon Barr
EVP, BIOPHARMACEUTICALS R&D
Ruud Dobber
EVP, BIOPHARMACEUTICALS 
BUSINESS
Iskra Reic
EVP, INTERNATIONAL
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    Appendix
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    1. Partnered medicines include: Enhertu, Lynparza, Datroway, Beyfortus, Tezspire, Wainua. 2. 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. 
Appendix: Glossary.
28
AstraZeneca P&L reference table
P&L line-item definitions
P&L line-item definition
Product Sales β€’ Recognises sales from territories where Group has lead commercialisation
β€’ Recognises supply of Beyfortus to Sanofi
Alliance Revenue β€’ Alliance Revenue comprises income arising from the ongoing operation of collaborative arrangements related to sales made 
by collaboration partners, where AstraZeneca is entitled to a share of gross profits, share of revenues or royalties, which are 
recurring in nature while the collaboration agreement remains in place1
Product Revenue β€’ The sum of Product Sales and Alliance Revenue
Collaboration Revenue β€’ Recognises any development or sales-based milestone received on partnered medicines as well as any upfront payments 
associated with business development where AstraZeneca retains a significant ongoing economic interest in the product 
Total Revenue β€’ Sum of Product Sales, Alliance Revenue and Collaboration Revenue
Gross Margin β€’ Calculated by dividing Gross Profit by Total Revenue
Other operating income & expense β€’ Other operating income and expense is generated from activities outside of the Group’s normal course of business, which 
includes Other income from divestments of or full out-license of assets and businesses including royalties and milestones 
where the Group does not retain a significant continued interest
Core2 Operating margin β€’ Defined as Core Operating profit as a percentage of Total Revenue
APPENDIX | P&L definitions
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    All numbers are approximate. Illustrative settings and populations, not to scale. Lung Cancer map reflects Phase III/pivotal trials. 
Collaboration partners: Daiichi Sankyo (Enhertu, Datroway), Hutchmed (Orpathys), Compugen (rilvegostomig). 
Appendix: Glossary.
29
Tagrisso
ADAURA
EGFRm
~16-19%
IO sensitive
~70% 
Stg. I
Metastatic
1L 2L
Est. epi (G7, 2025) ~150K ~310K ~190K
HER2m ~2% 
Other tumour drivers
~12% 
~50K ~100K
Stg. I-II Stg. III
Resectable Unresectable
Imfinzi 
AEGEAN
Tagrisso
neoADAURA
rilvegostomig Β± Datroway
TROPION-Lung12 SBRT β†’
Imfinzi / 
Tagrisso
PACIFIC-4
Imfinzi combos 
PACIFIC-8, -9 
improvements across 
PD-L1 spectrum
CRT β†’ Tagrisso
LAURA
CRT β†’ Imfinzi 
PACIFIC
CRT β†’ Imfinzi 
PACIFIC Enhertu
DESTINY-Lung04
Imfinzi + Imjudo + CTx POSEIDON
Tagrisso 
FLAURA
volrustomig + CTx eVOLVE-Lung02
rilvegostomig Β± Datroway TROPION-Lung10
Tagrisso + CTx
FLAURA-2
Datroway + Tagrisso
TROPION-Lung14
Imfinzi + ceralasertib
LATIFY
Datroway +/- Tagrisso
TROPION-Lung15
Tagrisso + Orpathys
SAFFRON/SAVANNAH
Enhertu
DESTINY-Lung02
Stg. II-III
~70K
Tagrisso
ADAURA2
3L+
~70K
Datroway
TROPION-Lung05
rilvegostomig + CTx PDL1β‰₯1 SQ ARTEMIDE-Lung02
rilvegostomig + CTx PDL1β‰₯1 NSQ ARTEMIDE-Lung03
rilvegostomig PDL1β‰₯50 ARTEMIDE-Lung04
AstraZeneca in non-small cell lung cancer
Datroway
TROPION-Lung17
NSQ TROP2-NMR+
established 
SoC
launched 
indication Key: DXd ADC IO TKI IO bispecific
Datroway + IO Β± platinum TL08/TL07/AVANZAR
APPENDIX | Oncology tumour maps
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    30 All numbers are approximate. Illustrative settings and populations, not to scale. Breast Cancer map reflects Phase III/pivotal trials.
Collaboration partners: Daiichi Sankyo (Enhertu, Datroway), Merck & Co., Inc. (Lynparza). 
Appendix: Glossary.
RECURRENCE
gBRCAm
5% of HR-positive
15% of TNBC
HER2-positive
15-20%
HR-positive
65-75%
TNBC
10-15%
Est. epi (G7, 2025) 540k 135k 100k 75k 60k
1st line 2nd line 3rd line 4th line +
Early
Neoadjuvant Adjuvant
Metastatic
CTx β†’ Lynparza
OlympiA
Enhertu + THP
DESTINY-Breast11
NST β†’ residual disease 
β†’ Datroway Β± Imfinzi
TROPION-Breast03
CTx β†’ AI Β± CDK4/6i 2-5 yrs β†’
camizestrant
CAMBRIA-1
Good outcomes with current 
SoC for low-risk patients
CTx β†’ camizestrant
Β± abemaciclib
CAMBRIA-2
NST→ residual disease → Enhertu
DESTINY-Breast05
PD-L1-
60%
PD-L1+ 
40% Datroway + Imfinzi
TROPION-Breast04
Lynparza
OlympiAD
camizestrant + palbociclib
SERENA-4
AI + CDK4/6i β†’ camizestrant + CDK4/6i 
SERENA-6 
ESR1m 35%
Enhertu Β± pertuzumab
DESTINY-Breast09
Datroway
TROPION-Breast02
Datroway + Imfinzi
TROPION-Breast05
Truqap + Faslodex + CDK4/6i
CAPItello292
saruparib + camizestrant
EvoPAR-Breast01
tBRCAm, PALB2m 9%
Enhertu
DESTINY-Breast03
Enhertu
DESTINY-Breast01/02
Datroway
TROPION-Breast01
Enhertu
DESTINY-Breast06
HER2-low (1+, 2+) 60%
HER2-ultralow (0-1+) 25%
Truqap + Faslodex
CAPItello291
PIK3CA, AKT1, PTEN alt.40%
HER2-low (1+, 2+) 35%
PD-L1-
60%
DESTINY-Breast04
HER2-low (1+, 2+) 35%
Enhertu
DESTINY-Breast04
HER2-low (1+, 2+) 60%
PD-L1+ 
40%
established 
SoC
launched 
indication
AstraZeneca in breast cancer
Key: DXd ADC IO ngSERD AKTi PARPi
APPENDIX | Oncology tumour maps
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    31
sonesitatug vedotin previously AZD0901.
All numbers are approximate. Illustrative settings and populations, not to scale. Gastric cancer map reflects ongoing active Phase III/pivotal trials. 
Collaboration partners: Daiichi Sankyo (Enhertu), Compugen (rilvegostomig). 
Appendix: Glossary.
RECURRENCE
Other
20-25%
HER2-positive
20%
Est. epi (G7, 2025) 50k 90k 60k 30k
1st line 2nd line 3rd line
Early
Stage II/III
Advanced/Metastatic
Imfinzi + perioperative FLOT 
in resectable disease
MATTERHORN
Enhertu + rilvegostomig + FP
ARTEMIDE-Gastric01
Enhertu + pembrolizumab + FP
DESTINY-Gastric05
Enhertu
DESTINY-Gastric02, 04
Enhertu
DESTINY-Gastric01
sonesitatug vedotin
CLARITY-Gastric01
established 
SoC
launched 
indication
AstraZeneca in gastric cancer
Key: DXd ADC IO AZN ADC IO bispecific
Claudin18.2-
positive
45-50%
sonesitatug vedotin
Claudin18.2 ADC
rilvegostomig
PD-1/TIGIT bispecific
Potential for new approaches with
APPENDIX | Oncology tumour maps
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    32
Strengthening manufacturing and R&D footprint 
to support future growth
Cambridge, UK Gothenburg, Sweden
Gaithersburg, US Boston, US – Kendall Sq.
Shanghai, China Beijing, China
Existing site 
Increasing 
investment
New site 
Legend
Strategic R&D centre
As of 29 July 2025. 1. 2030 Total Revenue ambition is risk-adjusted and not dependent upon future M&A; the Financial Ambition Statements in this presentation are based on Q1 2024 exchange rates. 
Appendix: Glossary.
NEW INVESTMENT | Virginia
State-of-the-art facility to support 
weight management and emerging 
metabolic portfolio
Investments support $80bn 2030 Total Revenue1 ambition
Six strategic R&D centres globally:
APPENDIX | Geographic footprint
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    Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. 
Collaboration partner: Merck & Co., Inc. (Lynparza).
Appendix: Glossary.
33
Oncology
Tagrisso
10% growth at CER to $3,488m in H1 2025
Lynparza 
9% growth at CER to $1,564m in H1 2025
APPENDIX | Product Revenue Performance
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 408 409 360 488 432 446 391 519 489
ERoW 218 198 163 182 191 186 201 175 209
Europe 284 281 299 302 327 328 344 307 351
US 581 577 597 623 658 714 767 678 761
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Product Revenue ($m)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 142 131 133 167 153 155 180 161 162
ERoW 77 71 65 59 66 62 66 57 69
Europe 187 178 191 191 206 214 220 196 229
US 311 322 352 288 319 347 378 312 378
0
100
200
300
400
500
600
700
800
900
Product Revenue ($m)
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    34
Oncology
APPENDIX | Product Revenue Performance
Imfinzi
21% growth at CER to $2,716m in H1 2025
Imjudo
25% growth at CER to $170m in H1 2025
Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. 
Appendix: Glossary.
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 101 86 87 129 117 120 113 142 152
ERoW 201 207 213 170 183 167 167 139 174
Europe 171 203 207 232 227 236 253 252 285
US 540 570 570 582 620 680 721 728 844
0
200
400
600
800
1,000
1,200
1,400
1,600
Product Revenue ($m)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 1 1 3 4 4 4 5 5 7
ERoW 22 14 12 11 13 12 13 11 13
Europe 5 5 5 8 8 10 10 11 12
US 36 40 38 39 49 46 45 53 57
0
10
20
30
40
50
60
70
80
90
100
Product Revenue ($m)
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    Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. 
Collaboration partner: Daiichi Sankyo (Enhertu).
Appendix: Glossary.
35
Oncology
APPENDIX | Product Revenue Performance
Calquence
9% growth at CER to $1,634m in H1 2025
Enhertu
38% growth at CER to $1,262m in H1 2025
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 24 28 29 39 36 41 37 54 49
ERoW 27 30 28 32 33 33 31 31 42
Europe 117 128 140 153 167 169 167 170 198
US 485 468 478 494 554 570 573 507 583
0
100
200
300
400
500
600
700
800
900
1,000
Product Revenue ($m)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 69 72 74 112 112 128 125 172 192
ERoW 5 9 15 13 19 16 22 19 23
Europe 70 79 91 134 129 136 142 146 166
US 178 179 184 202 212 229 250 258 284
0
100
200
300
400
500
600
700
Product Revenue ($m)
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BioPharmaceuticals: Cardiovascular, Renal & Metabolism
APPENDIX | Product Revenue Performance
Farxiga
13% growth at CER to $4,209m in H1 2025
Brilinta
21% decrease at CER to $520m in H1 2025
Lokelma
32% growth at CER to $328m in H1 2025
Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. 
Appendix: Glossary.
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 578 577 559 711 763 750 628 871 859
ERoW 135 104 72 109 104 108 103 121 107
Europe 456 506 525 553 680 670 731 683 765
US 339 366 451 473 394 411 472 383 420
0
500
1,000
1,500
2,000
2,500
Product Revenue ($m)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 79 64 61 88 78 66 62 74 63
ERoW 6 6 6 5 4 5 6 3 2
Europe 68 68 68 67 69 67 65 55 51
US 178 193 194 163 191 189 208 173 99
0
50
100
150
200
250
300
350
400
Product Revenue ($m)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 13 13 13 21 21 26 18 30 33
ERoW 24 22 24 23 28 26 31 28 37
Europe 14 16 17 18 23 25 26 26 30
US 49 51 58 52 64 66 75 69 75
0
20
40
60
80
100
120
140
160
180
200
Product Revenue ($m)
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BioPharmaceuticals: Respiratory & Immunology
APPENDIX | Product Revenue Performance
Fasenra
18% growth at CER to $920m in H1 2025
Tezspire
73% growth at CER to $483m in H1 2025
Saphnelo
49% growth at CER to $304m in H1 2025
Due to rounding, the sum of a number of dollar values and percentages may not agree to totals.
Collaboration partner: Amgen (Tezspire). 
Appendix: Glossary.
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 14 19 16 22 19 27 23 27 26
ERoW 36 35 36 33 37 36 39 39 44
Europe 89 86 93 93 99 102 110 103 125
US 267 249 275 210 268 271 299 249 307
0
100
200
300
400
500
600
Product Revenue ($m)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 0 0 1 2 3 3 4 7 9
ERoW 8 10 14 14 19 22 25 23 31
Europe 11 11 17 27 35 43 51 57 72
US 62 74 83 77 104 123 133 130 155
0
50
100
150
200
250
300
Product Revenue ($m)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 1 0 1 1 1 3 2 3 4
ERoW 2 3 3 3 4 4 5 4 6
Europe 1 2 3 4 6 7 9 9 12
US 64 71 82 83 101 110 131 120 145
0
20
40
60
80
100
120
140
160
180
Product Revenue ($m)
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BioPharmaceuticals: Respiratory & Immunology
APPENDIX | Product Revenue Performance
Breztri
29% growth at CER to $583m in H1 2025
Symbicort
2% decrease at CER to $1,438m in H1 2025
Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. 
Appendix: Glossary.
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 43 42 38 70 61 68 45 90 65
ERoW 15 12 15 14 19 19 21 20 25
Europe 21 19 26 30 35 37 42 42 46
US 84 98 120 105 120 142 149 148 147
0
50
100
150
200
250
300
350
Product Revenue ($m)
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 177 195 153 253 197 203 153 232 168
ERoW 86 81 88 75 83 83 88 77 91
Europe 137 123 142 142 143 130 144 135 137
US 200 156 137 299 299 289 299 279 319
0
100
200
300
400
500
600
700
800
900
Product Revenue ($m)
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    Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. 
Collaboration partner: Merck & Co., Inc. (Koselugo). 
Appendix: Glossary.
39
Rare Disease
APPENDIX | Product Revenue Performance
Ultomiris
24% growth at CER to $2,228m in H1 2025
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 17 17 24 32 35 26 49 52 61
ERoW 110 131 138 143 152 170 173 166 179
Europe 152 184 173 202 209 238 235 228 270
US 434 445 490 482 550 597 632 604 667
0
200
400
600
800
1,000
1,200
1,400
Product Revenue ($m)
Strensiq
15% growth at CER to $746m in H1 2025
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 9 5 11 21 10 8 15 34 16
ERoW 22 21 22 22 23 24 27 26 29
Europe 21 22 25 24 24 25 26 26 31
US 248 237 247 246 283 286 352 266 319
0
50
100
150
200
250
300
350
400
450
Product Revenue ($m)
Koselugo
13% growth at CER to $275m in H1 2025
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025
EM 14 11 10 59 24 25 69 40 36
ERoW 6 7 9 9 9 10 11 11 12
Europe 12 15 15 18 26 29 29 34 37
US 48 54 51 46 55 55 56 53 52
0
20
40
60
80
100
120
140
160
180
Product Revenue ($m)
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Glossary
1L, 2L, 3L first-, second-, third-line
AAV adeno-associated virus
ADC antibody-drug conjugate
adv. advanced
AI aromatase inhibitor
AKT1 AKT serine/threonine kinase 1
ASCO American Society of Clinical Oncology
ASI aldosterone synthase inhibitor
BC breast cancer
BCG Bacillus Calmette-GuΓ©rin
BCMA B-cell maturation antigen
BTKi Bruton's tyrosine kinase
C5 complement component 5
CapEx capital expenditure
CD19 cluster of differentiation 19
CD3 cluster of differentiation 3
CDK4/6i cyclin-dependent kinase 4/6 inhibitor
CER constant exchange rates
CFO net cash inflow from operating activities
CKD chronic kidney disease
CLDN18.2 Claudin-18.2
CLL chronic lymphocytic leukaemia
CN China
COPD chronic obstructive pulmonary disease
CR Collaboration Revenue
CRT chemoradiotherapy
CTx chemotherapy
CVRM Cardiovascular, Renal and Metabolism
Dxd deruxtecan
EBITDA earnings before interest, tax, depreciation and amortisation
EFS event-free survival
EGFRm epidermal growth factor receptor-mutant
EGPA eosinophilic granulomatosis with polyangiitis
epi epidemiology
EPS earnings per share
ERoW Established Rest of World
ESC European Society of Cardiology
ESR1m estrogen receptor alpha-mutated
EU Europe
PARPi poly-ADP ribose polymerase inhibitor
PDL1 programmed death-ligand 1
PD-L1 programmed cell death ligand 1
PFS progression free survival
PFS pre-filled syringe
PFS2 second progression-free survival
PIK3CA phosphatidylinositol-4,5-biphosphate 3-kinase catalytic subunit
PNH paroxysmal nocturnal haemoglobinuria
PR Product Revenue
PSMA prostate-specific membrane antigen
PTEN phosphatase and TENsin homolog deleted on chromosome 10
PYR Peak-Year Revenue
QoL quality of life
QW once weekly
R&D Research & Development
R&I Respiratory & Immunology
RC radioconjugate
s.c. subcutaneous
SARA selective amylin receptor agonist
SBP systolic blood pressure
SBRT stereotactic brain radiotherapy
self-admin. self-administered
SG&A Selling, General & Administrative
SLE systemic lupus erythematosus
SoC standard-of-care
Stg. stage
tBRCAm tumor BRCA mutation
TCE T-cell engager
THP docetaxel, trastuzumab and pertuzumab
TIGIT T-cell immunoreceptor with immunoglobulin and ITIM domains
TKI tyrosine kinase inhibitor
TL07 TROPION-Lung07
TL08 TROPION-Lung08
TNBC triple negative breast cancer
u/r HTN uncontrolled/resistant hypertension
US United States
V&I Vaccines & Immune Therapies
YTD year-to-date
FDC fixed-dose combination
FLOT luorouracil, leucovorin, oxaliplatin and docetaxel
FP fluoropyrimidine
FX foreign exchange
gBRCAm germline BRCA-mutated breast cancer
GC gastric cancer
GEJ gastroesophageal junction
GEJA gastroesophageal junction adenocarcinoma
GEJC gastroesophageal junction cancer
gMG generalised myasthenia gravis
HER2-/negative human epidermal growth factor receptor 2-negative
HER2-low human epidermal growth factor receptor 2-low
HER2m human epidermal growth factor receptor 2-mutant
HER2+/positive human epidermal growth factor receptor 2-positive
HER2-ultralow human epidermal growth factor receptor 2-ultralow
HF heart failure
HR hazard ratio
HR+/positive hormone receptor-positive
HSCT-TMA hematopoietic stem cell transplantation-associated thrombotic microangiopathy
HTN hypertension
i.v. intravenous
IL-5 interleukin-5
IO immuno-oncology
JP Japan
mAb monoclonal antibody
mBC metastatic breast cancer
mCRPC metastatic castration-resistant prostate cancer
mg milligram
MG-ADL Myasthenia Gravis Activities of Daily Living
NME new molecular entity
NMIBC non-muscle invasive bladder cancer 
NMR+ nuclear magnetic resonance-positive
NRDL national reimbursement drug list
NSCLC non-small cell lung cancer
NSQ non-squamous 
NST neoadjuvant systemic treatment
oGLP-1 oral glucagon-like peptide-1
oPCSK9 oral protein convertase subtilisin/kexin type 9
OS overall survival
APPENDIX | Glossary
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Any unauthorized use or disclosure of the contents of this file is not permitted and may be unlawful. 
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    AstraZeneca's Q2 2025 Financial Performance Overview

    • 1. H1 and Q2 2025 Results Conference call and webcast for investors and analysts 29 July 2025
    • 2. 2 Forward-looking statements This document contains certain forward-looking statements with respect to the operations, performance and financial condition of the Group, including, among other things, statements about expected revenues, margins, earnings per share or other financial or other measures. Although the Group believes its expectations are based on reasonable assumptions, any forward-looking statements, by their very nature, involve risks and uncertainties and may be influenced by factors that could cause actual outcomes and results to be materially different from those predicted. The forward-looking statements reflect knowledge and information available at the date of preparation of this document and the Group undertakes no obligation to update these forward-looking statements. The Group identifies the forward-looking statements by using the words 'anticipates’, 'believes', 'expects', 'intends' and similar expressions in such statements. Important factors that could cause actual results to differ materially from those contained in forward-looking statements, certain of which are beyond the Group's control, include, among other things: the risk of failure or delay in delivery of pipeline or launch of new medicines; the risk of failure to meet regulatory or ethical requirements for medicine development or approval; the risk of failures or delays in the quality or execution of the Group's commercial strategies; the risk of pricing, affordability, access and competitive pressures; the risk of failure to maintain supply of compliant, quality medicines; the risk of illegal trade in the Group's medicines; the impact of reliance on third-party goods and services; the risk of failure in information technology or cybersecurity; the risk of failure of critical processes; the risk of failure to collect and manage data and artificial intelligence in line with legal and regulatory requirements and strategic objectives; the risk of failure to attract, develop, engage and retain a diverse, talented and capable workforce; the risk of failure to meet our sustainability targets, regulatory requirements and stakeholder expectations with respect to the environment; the risk of the safety and efficacy of marketed medicines being questioned; the risk of adverse outcome of litigation and/or governmental investigations; intellectual property risks related to the Group's products; the risk of failure to achieve strategic plans or meet targets or expectations; the risk of geopolitical and/or macroeconomic volatility disrupting the operation of our global business; the risk of failure in internal control, financial reporting or the occurrence of fraud; and the risk of unexpected deterioration in the Group's financial position. Nothing in this document, or any related presentation/webcast, should be construed as a profit forecast.
    • 3. 3 H1 and Q2 2025 Results Conference call agenda CEO Opening Remarks Pascal Soriot Chief Executive Officer Financial Results Aradhana Sarin Chief Financial Officer Oncology Haematology Dave Fredrickson EVP, Oncology Haematology Business Susan Galbraith EVP, Oncology Haematology R&D BioPharmaceuticals Ruud Dobber EVP, BioPharmaceuticals Business Sharon Barr EVP, BioPharmaceuticals R&D Rare Disease Marc Dunoyer Chief Executive Officer, Alexion CEO Closing Remarks, Q&A Pascal Soriot Chief Executive Officer
    • 4. CEO Opening Remarks Pascal Soriot CHIEF EXECUTIVE OFFICER 4
    • 5. 5 Strong commercial and pipeline delivery in H1 2025 +11% Total Revenue1 +17% Core EPS1 19 new approvals in key regions2,3 Continued commercial momentum 12 positive Phase III readouts3,4 First Phase III data for 5 NMEs3 Excellent pipeline delivery All growth rates at CER. 1. Growth rates relative to H1 2024 performance. 2. Key regions – US, EU, Japan, China. 3. Since FY 2024 Results to 29 July 2025. 4. Includes DESTINY-Breast09, DESTINY-Breast11, DESTINY-Gastric04, POTOMAC, SERENA-6, KALOS, LOGOS, NATRON, AZALEA, BaxHTN, CALYPSO, PREVAIL. Appendix: Glossary.
    • 6. All growth rates at CER. Appendix: Glossary. 6 H1 2025 – growth supported by diverse, broad-based business H1 2025 | % Total Revenue by geography H1 2025 | % Total Revenue by therapy area Strength across therapy areas H1 2025 | Total Revenue ($m) Growth across geographies H1 2025 | Total Revenue ($m) Oncology 43% CVRM 23% R&I 15% V&I 1% Other 2% Rare Disease 15% US 43% Europe 21% Ex-China 15% China 13% ERoW 9% 4,336 Oncology BioPharmaceuticals Rare Disease 11,970 3,515 4,182 US Emerging Markets 11,955 6,588 4,234 V&I: 411 5,825 2,554 Europe ERoW 16% 18% 13% 8% 10% 3% 12% 5% 8% 12% 19% 5% Ex-China: China: CVRM: R&I:
    • 7. 7 Excellent delivery across diverse pipeline Key Phase III trial readouts in 2025 to date 1. Combined risk-adjusted Peak Year Revenue of all anticipated readouts in 2025, including those depicted on the slide. Appendix: Glossary. SERENA-6 camizestrant potential new endocrine backbone in HR+ BC DESTINY-Breast09 Enhertu redefining management of 1L HER2+ mBC MATTERHORN Imfinzi transforming perioperative care in gastric/GEJ cancers DESTINY-Breast11 Enhertu first move into earlystage HER2+ breast cancer POTOMAC Imfinzi opportunity to treat earlier in bladder cancer Oncology Rare Disease KALOS/LOGOS Breztri broadening opportunity into uncontrolled asthma BaxHTN baxdrostat potential first-inclass ASI addressing hard-totreat hypertension BioPharmaceuticals Readouts across 2025 represent combined >$10bn opportunity1 PREVAIL gefurulimab expanding reach in generalised myasthenia gravis FLAURA2 OS Tagrisso backbone SoC for 1L EGFRm NSCLC and beyond CARES anselamimab improving survival in a subgroup of patients with light-chain amyloidosis NME NME NME NME
    • 8. 8 Significant progress with transformative technologies to drive 2030+ growth ADCs/RCs, next-gen IO and cell therapy/TCE progressed to Phase III 3 Phase III trials initiated with laroprovstat (oPCSK9) Multiple Phase II dose optimisation trials ongoing AZD5004 (oGLP-1) AZD6234 (SARA) Weight management and risk factors Establish and lead in new weight management paradigm 7 AZN ADCs in clinic, including sonesitatug vedotin (CLDN18.2) in Phase III for 2L+ GC/GEJA FPI-2265 (PSMA-targeted RC) in Phase II for pre-treated mCRPC ADCs and Radioconjugates Replace systemic chemotherapy and radiotherapy 14 Phase III trials with rilvegostomig and volrustomig initiated First ADC combination data at ASCO 2025 Next-gen IO bispecifics Replace existing PD-1/ PD-L1 inhibitors AZD0120 (BCMA/CD19) CAR-T Phase III planned in multiple myeloma surovatamig (CD19/CD3) in Phase III for 1L FL EsoBiotec acquired Cell therapy and T-cell engagers Develop scalable cell therapies and T-cell engagers across therapy areas Preclinical and Phase I development ongoing across multiple platforms sAAVy and AAV capsid TALEN technology Gene therapy and gene editing Make cure possible for a range of rare diseases Updated as of 29 July 2025. Collaboration partners: Compugen (rilvegostomig). Appendix: Glossary.
    • 9. Financial Results Aradhana Sarin CHIEF FINANCIAL OFFICER 9
    • 10. Due to rounding, the sum of the dollar values and percentages may not agree to totals. Absolute values at actual exchange rates; changes at CER. 1. Total operating expense includes distribution, R&D and SG&A expenses. Appendix: Glossary. 10 H1 and Q2 2025 – Reported profit and loss H1 2025 $m CER change % % Total Revenue Q2 2025 $m CER change % % Total Revenue - Product Sales 26,670 10 95 13,795 10 95 - Alliance Revenue 1,293 38 5 654 35 5 Product Revenue 27,963 11 100 14,449 11 100 - Collaboration Revenue 82 66 - 8 >2x - Total Revenue 28,045 11 100 14,457 11 100 Gross Margin 83% - 83% - - R&D expense (6,707) 16 24 (3,548) 16 25 - SG&A expense (9,356) - 33 (4,864) (2) 34 Total operating expense1(16,341) 6 58 (8,555) 5 59 Other operating income and expense 192 53 1 79 33 1 Operating profit 7,182 24 26 3,508 32 24 Tax rate 18% 22% Reported EPS $3.46 32 $1.58 31
    • 11. Due to rounding, the sum of the dollar values and percentages may not agree to totals. Absolute values at actual exchange rates; changes at CER. 1. Total operating expense includes distribution, R&D and SG&A expenses. Appendix: Glossary. 11 H1 and Q2 2025 – Core profit and loss H1 2025 $m CER change % % Total Revenue Q2 2025 $m CER change % % Total Revenue - Product Sales 26,670 10 95 13,795 10 95 - Alliance Revenue 1,293 38 5 654 35 5 Product Revenue 27,963 11 100 14,449 11 100 - Collaboration Revenue 82 66 - 8 >2x - Total Revenue 28,045 11 100 14,457 11 100 Gross Margin 83% - 82% - - R&D expense (6,541) 17 23 (3,453) 18 24 - SG&A expense (7,259) 3 26 (3,802) 1 26 Total operating expense1(14,078) 9 50 (7,401) 9 51 Other operating income and expense 186 51 1 71 23 - Operating profit 9,387 13 33 4,584 14 32 Tax rate 18% 21% Core EPS $4.66 17 $2.17 12
    • 12. 12 Investing to support our long-term growth ambition Driving operating leverage through SG&A efficiency Appendix: Glossary. Total Revenue vs. Core R&D and Core SG&A as percentage of Total Revenue Optimising SG&A β€” Disease area focus β€” Disciplined and strategic launch investments β€” Improved productivity with digital and AI solutions 20% 25% 30% 35% 40% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 H1 H2 H1 H2 H1 2023 2024 2025 Proportion of Total Revenue Total Revenue ($bn) Prioritising R&D Patients enrolled in AstraZeneca trials (thousands) 0 10 20 30 40 50 60 H1 H2 H1 H2 H1 2023 2024 2025 β€” Accelerating high-priority assets β€” Investing in transformative technologies to underpin long-term growth Total Revenue Core R&D/Total Revenue Core SG&A/Total Revenue
    • 13. 13 FY 2025 guidance reiterated Net cash inflow from operating activities increased by 27% in H1 2025 Net debt/EBITDA 1.4x FY 2025 guidance (CER) Total Revenue anticipated to increase by a high single-digit percentage Core EPS anticipated to increase by a low double-digit percentage $bn Net debt end 2024 24.6 CFO 7.1 CapEx1 1.3 Deal payments and receipts2 Dividend 3.4 Net debt end June 2025 25.2 Other3 0.8 $16.7bn EBITDA $18.2bn 4 Due to rounding, the sum of the dollar values and percentages may not agree to totals. 1. Capital expenditure on tangible assets and software-related intangible assets. 2. Comprises purchase and disposal of intangible assets (excluding software-related assets, including AZ Forest), movement in profit participation liability, purchase and disposal of non-current asset investments, payments to associates and joint ventures, disposal of investments in associates and joint ventures, acquisitions of subsidiaries, net of acquired net debt and payment of contingent consideration on business combinations. The Company uses Debt issuance to finance new Business Development opportunities. 3. Comprises mainly shares purchased by Employee Benefit Trust. 4. Rolling 12-month EBITDA. AstraZeneca credit ratings: Moody’s: short-term rating P-1, long-term rating A1, outlook stable. S&P Global Ratings: short-term rating A-1, long-term rating A+, outlook stable. 5. If foreign exchange rates for July 2025 to December 2025 were to remain at the average rates seen in June 2025. Appendix: Glossary. β€’ Core tax rate expected to be between 18-22% β€’ Anticipated FX impact5 – neutral on Total Revenue and Core EPS 2.3
    • 14. Oncology Dave Fredrickson ONCOLOGY HAEMATOLOGY BUSINESS Susan Galbraith ONCOLOGY HAEMATOLOGY R&D 14
    • 15. 1. Others is inclusive of Datroway. 2. Based on TROPION-Lung05 results and supported by data from TROPION-Lung01. Collaboration partners: Daiichi Sankyo (Enhertu, Datroway), Merck & Co., Inc. (Lynparza), Hutchmed (Orpathys). Appendix: Glossary. 15 Oncology – H1 and Q2 2025 Total Revenue +16% in H1 2025 driven by strong global demand across medicines Q2 2025: key dynamics Tagrisso Imfinzi + Imjudo Calquence Enhertu Truqap Lynparza (PR) Lynparza (CR) Others1 Oncology H1 2025 $12.0bn, +16% β€’ Tagrisso +12%, increasing demand across indications, leading 1L combination share β€’ Calquence +10%, extending BTKi leadership in CLL across major markets β€’ Lynparza PR +11%, sustained PARPi leadership β€’ Truqap +84%, continued demand growth in 2L biomarker-altered population β€’ Imfinzi +26%, strong demand growth with encouraging uptake for new launches (lung cancer ADRIATIC, AEGEAN; bladder cancer NIAGARA) β€’ Imjudo +18%, robust HCC and 1L NSCLC demand across major markets β€’ Enhertu +42%, accelerating DESTINY-Breast06 launch uptake, further CN adoption post-NRDL β€’ Datroway $11m, positive early launch uptake in HR+ HER2- breast cancer Key regulatory approvals: β€’ US (Datroway 2L+ EGFRm NSCLC2), EU (Calquence ECHO, AMPLIFY, Imfinzi NIAGARA), JP (Tagrisso LAURA), CN (Imfinzi ADRIATRIC, Orpathys + Tagrisso SACHI) 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 Total Revenue ($m)
    • 16. 1. Turner, NC et al. Abstract #LBA4 presented at the American Society of Clinical Oncology 2025. 2. Tolaney, SM et al. Abstract #LBA1008 presented at the American Society of Clinical Oncology 2025. 3. Janjigian, YY et al. Abstract #LBA5 presented at the American Society of Clinical Oncology 2025. Collaboration partners: Daiichi Sankyo (Enhertu). Appendix: Glossary. 16 Oncology – high-value readouts year to date Practice-defining data at ASCO 2025 and new high-level results across multiple tumour types Transforming treatment across breast and gastric cancer at ASCO 2025 SERENA-6 1 | switch to camizestrant with CDK4/6i β€” 56% reduction in risk of progression or death β€” <1.5% discontinuation rate due to AEs β€” Strong trend to PFS2, meaningful prolongation in QoL DESTINY-Breast092 | Enhertu + pertuzumab β€” 44% reduction in risk of progression or death β€” Median PFS >3 years, consistent across subgroups β€” Strong trend to PFS2, early trend to OS benefit Establishing new endocrine backbone in HR+ BC Moving earlier in HER2+ mBC New perioperative regimen for gastric/ GEJ cancers MATTERHORN3 | Imfinzi + FLOT β€” Median EFS not yet met β€” Two-thirds event-free at two years β€” Strong trend to OS benefit with HR 0.78 Broadening impact of established treatments Imfinzi + BCG induction + maintenance Non-muscle invasive bladder cancer POTOMAC Enhertu β†’ THP before surgery High-risk HER2+ early BC DESTINY-Breast11 Tagrisso + chemotherapy 1L metastatic EGFRm NSCLC FLAURA2 OS
    • 17. BioPharmaceuticals 17 Ruud Dobber BIOPHARMACEUTICALS BUSINESS Sharon Barr BIOPHARMACEUTICALS R&D
    • 18. Collaboration partners: Amgen (Tezspire); Sanofi (Beyfortus); Ionis (Wainua). Appendix: Glossary. 18 BioPharmaceuticals – H1 and Q2 2025 Total Revenue +10% in H1 2025 driven by strong momentum in key medicines Q2 2025: key dynamics CVRM H1 2025 $6.6bn, +8% R&I H1 2025 $4.2bn, +13% Farxiga Brilinta Lokelma Other Fasenra Breztri Tezspire Saphnelo Symbicort Other 0 500 1,000 1,500 2,000 2,500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 Total Revenue ($m) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 Total Revenue ($m) β€’ Farxiga +10%, global demand growth mainly driven by CKD and HF β€’ Lokelma +27%, market leader in growing K + binder class in hyperkalaemia β€’ Brilinta (38%), generics entry β€’ Fasenra +18%, sustained IL-5 leadership in asthma, EGPA launches β€’ Tezspire +65%, continued launch momentum β€’ Breztri +20%, fastest growing medicine in expanding FDC triple class in COPD β€’ Saphnelo +48%, increasing penetration in i.v. segment of SLE β€’ V&I +54%, Beyfortus >3x
    • 19. Peak Year Revenue, non-risk adjusted. Appendix: Glossary. 19 BioPharmaceuticals – first Phase III data for baxdrostat Potential first-in-class NME; $5bn+ PYR opportunity across monotherapy and combinations Phase III BaxHTN in uncontrolled or resistant hypertension Broad Phase III development Monotherapy Combination with dapagliflozin Bax24 | 24-hour SBP control H2 2025 BaxPA | primary aldosteronism Initiating BaxAsia | u/r HTN in Asian patients H1 2026 BaxDUO-Arctic | CKD and HTN >2026 Prevent-HF | HF prevention >2026 BaxDUO-Pacific | >2026 CKD and HTN outcomes Highly selective inhibition of aldosterone Clinically meaningful reduction in SBP Favourable safety profile Addressing high unmet need Run-in 2 weeks Open-label/randomised withdrawal to 52 weeks N = 796 R 1:1:1 Primary endpoint: seated SBP Double-blind treatment 12 weeks Placebo Primary and all secondary endpoints met baxdrostat | 1mg Placebo baxdrostat | 2mg Data to be presented at ESC 2025 | 30 August
    • 20. Rare Disease Marc Dunoyer CHIEF EXECUTIVE OFFICER, ALEXION 20
    • 21. 21 Rare Disease H1 2025 $4.3bn, +3% C5 Franchise β€’ Ultomiris +23%, demand growth across indications, including within the competitive gMG and PNH markets β€’ Soliris (22%), continued successful conversion to Ultomiris across indications and additional impact from biosimilars in EU, partially offset by order timing in certain tender markets Beyond Complement β€’ Strensiq +15%, continued global demand from patients with HPP β€’ Koselugo +18%, continued global demand from patients with NF1-PN Ultomiris1 Soliris Strensiq Koselugo (PS) Koselugo (CR) Other2 0 500 1,000 1,500 2,000 2,500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 Total Revenue ($m) Q2 2025: key dynamics Rare Disease – H1 and Q2 2025 Total Revenue $4.3bn in H1 2025 driven by patient demand across the portfolio All growth rates at CER. 1. Ultomiris Total Revenue includes sales of Voydeya. 2. Other includes Kanuma and Beyonttra (JP only). Collaboration partners: Merck & Co., Inc. (Koselugo), BridgeBio (Beyonttra). Appendix: Glossary.
    • 22. 1. Aim to have both auto-injector and pre-filled syringe options approved and available. 2. Internal estimates and forecasts. Appendix: Glossary. 22 Rare Disease – Phase III readouts for two NMEs Reinforcing innovation and leadership in Rare Disease PREVAIL | gefurulimab in gMG Dual-binding nanobody targeting C5, self-administration s.c. QW1 CARES | anselamimab in light-chain amyloidosis Specific anti-fibril β€” All primary and secondary endpoints met β€” Statistically significant and clinically meaningful improvement in MG-ADL β€” Rapid, complete and sustained complement inhibition, translating to improvements in patient outcomes β€” Composite primary endpoint not met in Mayo Stage IIIa and IIIb β€” Highly clinically meaningful improvement in prespecified subgroup on: All-cause mortality Cardiovascular hospitalisation β€” Data to be shared with global health authorities Potential to position gefurulimab first-line post-immunosuppressant therapy and steroids <20% Patients treated with branded medicines, expected increase to 50% in 5 years2 ~40% Patients on self-admin. medicines by 20302 Global gMG market dynamics
    • 23. CEO Closing Remarks Pascal Soriot CHIEF EXECUTIVE OFFICER 23
    • 24. 1. Primary endpoint not met in overall patient population; highly clinically meaningful improvement demonstrated in a prespecified subgroup of patients. Collaboration partners: Daiichi Sankyo (Enhertu, Datroway), Hutchmed (Orpathys). Appendix: Glossary. 24 Successfully delivering in unprecedented catalyst rich period H1 2025 TROPION-Breast02 | Datroway 1L TNBC H2 2025 CALYPSO | eneboparatide hypoparathyroidism DESTINY-Breast09 | Enhertu 1L HER2+ breast cancer DESTINY-Breast11 | Enhertu early-stage HER2+ breast cancer (neoadjuvant) KALOS/LOGOS | Breztri uncontrolled asthma MATTERHORN | Imfinzi resectable GC/GEJC POTOMAC | Imfinzi non-muscle invasive bladder cancer SERENA-6 | camizestrant 1L ESR1m HR+ HER2- adv. breast cancer DESTINY-Breast05 | Enhertu early-stage HER2+ breast cancer (adjuvant) VOLGA | Imfinzi muscle-invasive bladder cancer LATIFY | ceralasertib + Imfinzi post-IO NSCLC RESOLUTE | Fasenra moderate to severe COPD TULIP-SC | Saphnelo moderate to severe SLE TMA-313 | Ultomiris HSCT-TMA (adults) HICKORY/CHESTNUT | efzimfotase alfa hypophosphatasia BaxHTN | baxdrostat hard-to-treat hypertension PREVAIL | gefurulimab generalised myasthenia gravis CAPItello-280 | Truqap mCRPC CARES1 | anselamimab light-chain amyloidosis FLAURA2 OS | Tagrisso 1L EGFRm NSCLC
    • 25. 25 On track to deliver on 2030 ambitions supported by strong growth and pipeline momentum The Financial Ambition Statements in this presentation are based on Q1 2024 exchange rates. 1. 2030 Total Revenue ambition is risk-adjusted and not dependent upon future M&A. Appendix: Glossary. Ambition to deliver $80bn in Total Revenue by 20301 Strong growth in 2025 with global medicines demand substantially offsetting anticipated headwinds On track to deliver mid-30s% Core operating margin by 2026 Growth in SG&A slower than Total Revenue R&D to remain low 20%s of Total Revenue Ambition to deliver at least 20 NMEs by 2030 9 NMEs launched to date First Phase III data for 5 NMEs in 2025 to date
    • 26. Q&A Session Pascal Soriot CHIEF EXECUTIVE OFFICER Aradhana Sarin CHIEF FINANCIAL OFFICER Marc Dunoyer CHIEF EXECUTIVE OFFICER, ALEXION Susan Galbraith EVP, ONCOLOGY HAEMATOLOGY R&D Dave Fredrickson EVP, ONCOLOGY HAEMATOLOGY BUSINESS Sharon Barr EVP, BIOPHARMACEUTICALS R&D Ruud Dobber EVP, BIOPHARMACEUTICALS BUSINESS Iskra Reic EVP, INTERNATIONAL
    • 27. Appendix
    • 28. 1. Partnered medicines include: Enhertu, Lynparza, Datroway, Beyfortus, Tezspire, Wainua. 2. 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. Appendix: Glossary. 28 AstraZeneca P&L reference table P&L line-item definitions P&L line-item definition Product Sales β€’ Recognises sales from territories where Group has lead commercialisation β€’ Recognises supply of Beyfortus to Sanofi Alliance Revenue β€’ Alliance Revenue comprises income arising from the ongoing operation of collaborative arrangements related to sales made by collaboration partners, where AstraZeneca is entitled to a share of gross profits, share of revenues or royalties, which are recurring in nature while the collaboration agreement remains in place1 Product Revenue β€’ The sum of Product Sales and Alliance Revenue Collaboration Revenue β€’ Recognises any development or sales-based milestone received on partnered medicines as well as any upfront payments associated with business development where AstraZeneca retains a significant ongoing economic interest in the product Total Revenue β€’ Sum of Product Sales, Alliance Revenue and Collaboration Revenue Gross Margin β€’ Calculated by dividing Gross Profit by Total Revenue Other operating income & expense β€’ Other operating income and expense is generated from activities outside of the Group’s normal course of business, which includes Other income from divestments of or full out-license of assets and businesses including royalties and milestones where the Group does not retain a significant continued interest Core2 Operating margin β€’ Defined as Core Operating profit as a percentage of Total Revenue APPENDIX | P&L definitions
    • 29. All numbers are approximate. Illustrative settings and populations, not to scale. Lung Cancer map reflects Phase III/pivotal trials. Collaboration partners: Daiichi Sankyo (Enhertu, Datroway), Hutchmed (Orpathys), Compugen (rilvegostomig). Appendix: Glossary. 29 Tagrisso ADAURA EGFRm ~16-19% IO sensitive ~70% Stg. I Metastatic 1L 2L Est. epi (G7, 2025) ~150K ~310K ~190K HER2m ~2% Other tumour drivers ~12% ~50K ~100K Stg. I-II Stg. III Resectable Unresectable Imfinzi AEGEAN Tagrisso neoADAURA rilvegostomig Β± Datroway TROPION-Lung12 SBRT β†’ Imfinzi / Tagrisso PACIFIC-4 Imfinzi combos PACIFIC-8, -9 improvements across PD-L1 spectrum CRT β†’ Tagrisso LAURA CRT β†’ Imfinzi PACIFIC CRT β†’ Imfinzi PACIFIC Enhertu DESTINY-Lung04 Imfinzi + Imjudo + CTx POSEIDON Tagrisso FLAURA volrustomig + CTx eVOLVE-Lung02 rilvegostomig Β± Datroway TROPION-Lung10 Tagrisso + CTx FLAURA-2 Datroway + Tagrisso TROPION-Lung14 Imfinzi + ceralasertib LATIFY Datroway +/- Tagrisso TROPION-Lung15 Tagrisso + Orpathys SAFFRON/SAVANNAH Enhertu DESTINY-Lung02 Stg. II-III ~70K Tagrisso ADAURA2 3L+ ~70K Datroway TROPION-Lung05 rilvegostomig + CTx PDL1β‰₯1 SQ ARTEMIDE-Lung02 rilvegostomig + CTx PDL1β‰₯1 NSQ ARTEMIDE-Lung03 rilvegostomig PDL1β‰₯50 ARTEMIDE-Lung04 AstraZeneca in non-small cell lung cancer Datroway TROPION-Lung17 NSQ TROP2-NMR+ established SoC launched indication Key: DXd ADC IO TKI IO bispecific Datroway + IO Β± platinum TL08/TL07/AVANZAR APPENDIX | Oncology tumour maps
    • 30. 30 All numbers are approximate. Illustrative settings and populations, not to scale. Breast Cancer map reflects Phase III/pivotal trials. Collaboration partners: Daiichi Sankyo (Enhertu, Datroway), Merck & Co., Inc. (Lynparza). Appendix: Glossary. RECURRENCE gBRCAm 5% of HR-positive 15% of TNBC HER2-positive 15-20% HR-positive 65-75% TNBC 10-15% Est. epi (G7, 2025) 540k 135k 100k 75k 60k 1st line 2nd line 3rd line 4th line + Early Neoadjuvant Adjuvant Metastatic CTx β†’ Lynparza OlympiA Enhertu + THP DESTINY-Breast11 NST β†’ residual disease β†’ Datroway Β± Imfinzi TROPION-Breast03 CTx β†’ AI Β± CDK4/6i 2-5 yrs β†’ camizestrant CAMBRIA-1 Good outcomes with current SoC for low-risk patients CTx β†’ camizestrant Β± abemaciclib CAMBRIA-2 NSTβ†’ residual disease β†’ Enhertu DESTINY-Breast05 PD-L1- 60% PD-L1+ 40% Datroway + Imfinzi TROPION-Breast04 Lynparza OlympiAD camizestrant + palbociclib SERENA-4 AI + CDK4/6i β†’ camizestrant + CDK4/6i SERENA-6 ESR1m 35% Enhertu Β± pertuzumab DESTINY-Breast09 Datroway TROPION-Breast02 Datroway + Imfinzi TROPION-Breast05 Truqap + Faslodex + CDK4/6i CAPItello292 saruparib + camizestrant EvoPAR-Breast01 tBRCAm, PALB2m 9% Enhertu DESTINY-Breast03 Enhertu DESTINY-Breast01/02 Datroway TROPION-Breast01 Enhertu DESTINY-Breast06 HER2-low (1+, 2+) 60% HER2-ultralow (0-1+) 25% Truqap + Faslodex CAPItello291 PIK3CA, AKT1, PTEN alt.40% HER2-low (1+, 2+) 35% PD-L1- 60% DESTINY-Breast04 HER2-low (1+, 2+) 35% Enhertu DESTINY-Breast04 HER2-low (1+, 2+) 60% PD-L1+ 40% established SoC launched indication AstraZeneca in breast cancer Key: DXd ADC IO ngSERD AKTi PARPi APPENDIX | Oncology tumour maps
    • 31. 31 sonesitatug vedotin previously AZD0901. All numbers are approximate. Illustrative settings and populations, not to scale. Gastric cancer map reflects ongoing active Phase III/pivotal trials. Collaboration partners: Daiichi Sankyo (Enhertu), Compugen (rilvegostomig). Appendix: Glossary. RECURRENCE Other 20-25% HER2-positive 20% Est. epi (G7, 2025) 50k 90k 60k 30k 1st line 2nd line 3rd line Early Stage II/III Advanced/Metastatic Imfinzi + perioperative FLOT in resectable disease MATTERHORN Enhertu + rilvegostomig + FP ARTEMIDE-Gastric01 Enhertu + pembrolizumab + FP DESTINY-Gastric05 Enhertu DESTINY-Gastric02, 04 Enhertu DESTINY-Gastric01 sonesitatug vedotin CLARITY-Gastric01 established SoC launched indication AstraZeneca in gastric cancer Key: DXd ADC IO AZN ADC IO bispecific Claudin18.2- positive 45-50% sonesitatug vedotin Claudin18.2 ADC rilvegostomig PD-1/TIGIT bispecific Potential for new approaches with APPENDIX | Oncology tumour maps
    • 32. 32 Strengthening manufacturing and R&D footprint to support future growth Cambridge, UK Gothenburg, Sweden Gaithersburg, US Boston, US – Kendall Sq. Shanghai, China Beijing, China Existing site Increasing investment New site Legend Strategic R&D centre As of 29 July 2025. 1. 2030 Total Revenue ambition is risk-adjusted and not dependent upon future M&A; the Financial Ambition Statements in this presentation are based on Q1 2024 exchange rates. Appendix: Glossary. NEW INVESTMENT | Virginia State-of-the-art facility to support weight management and emerging metabolic portfolio Investments support $80bn 2030 Total Revenue1 ambition Six strategic R&D centres globally: APPENDIX | Geographic footprint
    • 33. Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. Collaboration partner: Merck & Co., Inc. (Lynparza). Appendix: Glossary. 33 Oncology Tagrisso 10% growth at CER to $3,488m in H1 2025 Lynparza 9% growth at CER to $1,564m in H1 2025 APPENDIX | Product Revenue Performance Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 408 409 360 488 432 446 391 519 489 ERoW 218 198 163 182 191 186 201 175 209 Europe 284 281 299 302 327 328 344 307 351 US 581 577 597 623 658 714 767 678 761 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Product Revenue ($m) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 142 131 133 167 153 155 180 161 162 ERoW 77 71 65 59 66 62 66 57 69 Europe 187 178 191 191 206 214 220 196 229 US 311 322 352 288 319 347 378 312 378 0 100 200 300 400 500 600 700 800 900 Product Revenue ($m)
    • 34. 34 Oncology APPENDIX | Product Revenue Performance Imfinzi 21% growth at CER to $2,716m in H1 2025 Imjudo 25% growth at CER to $170m in H1 2025 Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. Appendix: Glossary. Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 101 86 87 129 117 120 113 142 152 ERoW 201 207 213 170 183 167 167 139 174 Europe 171 203 207 232 227 236 253 252 285 US 540 570 570 582 620 680 721 728 844 0 200 400 600 800 1,000 1,200 1,400 1,600 Product Revenue ($m) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 1 1 3 4 4 4 5 5 7 ERoW 22 14 12 11 13 12 13 11 13 Europe 5 5 5 8 8 10 10 11 12 US 36 40 38 39 49 46 45 53 57 0 10 20 30 40 50 60 70 80 90 100 Product Revenue ($m)
    • 35. Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. Collaboration partner: Daiichi Sankyo (Enhertu). Appendix: Glossary. 35 Oncology APPENDIX | Product Revenue Performance Calquence 9% growth at CER to $1,634m in H1 2025 Enhertu 38% growth at CER to $1,262m in H1 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 24 28 29 39 36 41 37 54 49 ERoW 27 30 28 32 33 33 31 31 42 Europe 117 128 140 153 167 169 167 170 198 US 485 468 478 494 554 570 573 507 583 0 100 200 300 400 500 600 700 800 900 1,000 Product Revenue ($m) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 69 72 74 112 112 128 125 172 192 ERoW 5 9 15 13 19 16 22 19 23 Europe 70 79 91 134 129 136 142 146 166 US 178 179 184 202 212 229 250 258 284 0 100 200 300 400 500 600 700 Product Revenue ($m)
    • 36. 36 BioPharmaceuticals: Cardiovascular, Renal & Metabolism APPENDIX | Product Revenue Performance Farxiga 13% growth at CER to $4,209m in H1 2025 Brilinta 21% decrease at CER to $520m in H1 2025 Lokelma 32% growth at CER to $328m in H1 2025 Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. Appendix: Glossary. Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 578 577 559 711 763 750 628 871 859 ERoW 135 104 72 109 104 108 103 121 107 Europe 456 506 525 553 680 670 731 683 765 US 339 366 451 473 394 411 472 383 420 0 500 1,000 1,500 2,000 2,500 Product Revenue ($m) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 79 64 61 88 78 66 62 74 63 ERoW 6 6 6 5 4 5 6 3 2 Europe 68 68 68 67 69 67 65 55 51 US 178 193 194 163 191 189 208 173 99 0 50 100 150 200 250 300 350 400 Product Revenue ($m) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 13 13 13 21 21 26 18 30 33 ERoW 24 22 24 23 28 26 31 28 37 Europe 14 16 17 18 23 25 26 26 30 US 49 51 58 52 64 66 75 69 75 0 20 40 60 80 100 120 140 160 180 200 Product Revenue ($m)
    • 37. 37 BioPharmaceuticals: Respiratory & Immunology APPENDIX | Product Revenue Performance Fasenra 18% growth at CER to $920m in H1 2025 Tezspire 73% growth at CER to $483m in H1 2025 Saphnelo 49% growth at CER to $304m in H1 2025 Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. Collaboration partner: Amgen (Tezspire). Appendix: Glossary. Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 14 19 16 22 19 27 23 27 26 ERoW 36 35 36 33 37 36 39 39 44 Europe 89 86 93 93 99 102 110 103 125 US 267 249 275 210 268 271 299 249 307 0 100 200 300 400 500 600 Product Revenue ($m) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 0 0 1 2 3 3 4 7 9 ERoW 8 10 14 14 19 22 25 23 31 Europe 11 11 17 27 35 43 51 57 72 US 62 74 83 77 104 123 133 130 155 0 50 100 150 200 250 300 Product Revenue ($m) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 1 0 1 1 1 3 2 3 4 ERoW 2 3 3 3 4 4 5 4 6 Europe 1 2 3 4 6 7 9 9 12 US 64 71 82 83 101 110 131 120 145 0 20 40 60 80 100 120 140 160 180 Product Revenue ($m)
    • 38. 38 BioPharmaceuticals: Respiratory & Immunology APPENDIX | Product Revenue Performance Breztri 29% growth at CER to $583m in H1 2025 Symbicort 2% decrease at CER to $1,438m in H1 2025 Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. Appendix: Glossary. Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 43 42 38 70 61 68 45 90 65 ERoW 15 12 15 14 19 19 21 20 25 Europe 21 19 26 30 35 37 42 42 46 US 84 98 120 105 120 142 149 148 147 0 50 100 150 200 250 300 350 Product Revenue ($m) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 177 195 153 253 197 203 153 232 168 ERoW 86 81 88 75 83 83 88 77 91 Europe 137 123 142 142 143 130 144 135 137 US 200 156 137 299 299 289 299 279 319 0 100 200 300 400 500 600 700 800 900 Product Revenue ($m)
    • 39. Due to rounding, the sum of a number of dollar values and percentages may not agree to totals. Collaboration partner: Merck & Co., Inc. (Koselugo). Appendix: Glossary. 39 Rare Disease APPENDIX | Product Revenue Performance Ultomiris 24% growth at CER to $2,228m in H1 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 17 17 24 32 35 26 49 52 61 ERoW 110 131 138 143 152 170 173 166 179 Europe 152 184 173 202 209 238 235 228 270 US 434 445 490 482 550 597 632 604 667 0 200 400 600 800 1,000 1,200 1,400 Product Revenue ($m) Strensiq 15% growth at CER to $746m in H1 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 9 5 11 21 10 8 15 34 16 ERoW 22 21 22 22 23 24 27 26 29 Europe 21 22 25 24 24 25 26 26 31 US 248 237 247 246 283 286 352 266 319 0 50 100 150 200 250 300 350 400 450 Product Revenue ($m) Koselugo 13% growth at CER to $275m in H1 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EM 14 11 10 59 24 25 69 40 36 ERoW 6 7 9 9 9 10 11 11 12 Europe 12 15 15 18 26 29 29 34 37 US 48 54 51 46 55 55 56 53 52 0 20 40 60 80 100 120 140 160 180 Product Revenue ($m)
    • 40. 40 Glossary 1L, 2L, 3L first-, second-, third-line AAV adeno-associated virus ADC antibody-drug conjugate adv. advanced AI aromatase inhibitor AKT1 AKT serine/threonine kinase 1 ASCO American Society of Clinical Oncology ASI aldosterone synthase inhibitor BC breast cancer BCG Bacillus Calmette-GuΓ©rin BCMA B-cell maturation antigen BTKi Bruton's tyrosine kinase C5 complement component 5 CapEx capital expenditure CD19 cluster of differentiation 19 CD3 cluster of differentiation 3 CDK4/6i cyclin-dependent kinase 4/6 inhibitor CER constant exchange rates CFO net cash inflow from operating activities CKD chronic kidney disease CLDN18.2 Claudin-18.2 CLL chronic lymphocytic leukaemia CN China COPD chronic obstructive pulmonary disease CR Collaboration Revenue CRT chemoradiotherapy CTx chemotherapy CVRM Cardiovascular, Renal and Metabolism Dxd deruxtecan EBITDA earnings before interest, tax, depreciation and amortisation EFS event-free survival EGFRm epidermal growth factor receptor-mutant EGPA eosinophilic granulomatosis with polyangiitis epi epidemiology EPS earnings per share ERoW Established Rest of World ESC European Society of Cardiology ESR1m estrogen receptor alpha-mutated EU Europe PARPi poly-ADP ribose polymerase inhibitor PDL1 programmed death-ligand 1 PD-L1 programmed cell death ligand 1 PFS progression free survival PFS pre-filled syringe PFS2 second progression-free survival PIK3CA phosphatidylinositol-4,5-biphosphate 3-kinase catalytic subunit PNH paroxysmal nocturnal haemoglobinuria PR Product Revenue PSMA prostate-specific membrane antigen PTEN phosphatase and TENsin homolog deleted on chromosome 10 PYR Peak-Year Revenue QoL quality of life QW once weekly R&D Research & Development R&I Respiratory & Immunology RC radioconjugate s.c. subcutaneous SARA selective amylin receptor agonist SBP systolic blood pressure SBRT stereotactic brain radiotherapy self-admin. self-administered SG&A Selling, General & Administrative SLE systemic lupus erythematosus SoC standard-of-care Stg. stage tBRCAm tumor BRCA mutation TCE T-cell engager THP docetaxel, trastuzumab and pertuzumab TIGIT T-cell immunoreceptor with immunoglobulin and ITIM domains TKI tyrosine kinase inhibitor TL07 TROPION-Lung07 TL08 TROPION-Lung08 TNBC triple negative breast cancer u/r HTN uncontrolled/resistant hypertension US United States V&I Vaccines & Immune Therapies YTD year-to-date FDC fixed-dose combination FLOT luorouracil, leucovorin, oxaliplatin and docetaxel FP fluoropyrimidine FX foreign exchange gBRCAm germline BRCA-mutated breast cancer GC gastric cancer GEJ gastroesophageal junction GEJA gastroesophageal junction adenocarcinoma GEJC gastroesophageal junction cancer gMG generalised myasthenia gravis HER2-/negative human epidermal growth factor receptor 2-negative HER2-low human epidermal growth factor receptor 2-low HER2m human epidermal growth factor receptor 2-mutant HER2+/positive human epidermal growth factor receptor 2-positive HER2-ultralow human epidermal growth factor receptor 2-ultralow HF heart failure HR hazard ratio HR+/positive hormone receptor-positive HSCT-TMA hematopoietic stem cell transplantation-associated thrombotic microangiopathy HTN hypertension i.v. intravenous IL-5 interleukin-5 IO immuno-oncology JP Japan mAb monoclonal antibody mBC metastatic breast cancer mCRPC metastatic castration-resistant prostate cancer mg milligram MG-ADL Myasthenia Gravis Activities of Daily Living NME new molecular entity NMIBC non-muscle invasive bladder cancer NMR+ nuclear magnetic resonance-positive NRDL national reimbursement drug list NSCLC non-small cell lung cancer NSQ non-squamous NST neoadjuvant systemic treatment oGLP-1 oral glucagon-like peptide-1 oPCSK9 oral protein convertase subtilisin/kexin type 9 OS overall survival APPENDIX | Glossary
    • 41. Confidentiality Notice This file is private and may contain confidential and proprietary information. If you have received this file in error, please notify us and remove it from your system and note that you must not copy, distribute or take any action in reliance on it. Any unauthorized use or disclosure of the contents of this file is not permitted and may be unlawful. AstraZeneca PLC, 1 Francis Crick Avenue, Cambridge Biomedical Campus, Cambridge, CB2 0AA, UK +44(0)203 749 5000 www.astrazeneca.com 41


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