Delivering Shareholder Value

Aradhana Sarin, CFO

Forward looking statements

In order, among other things, to utilise the 'safe harbour' provisions of the US Private Securities Litigation Reform Act of 1995, AstraZeneca (hereafter 'the Group') provides the following cautionary statement: 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 or targeted revenues, margins, earnings per share or other financial or other measures (including the Financial Ambition Statements described in this presentation). Although the Group believes its expectations and targets are based on reasonable assumptions and has used customary forecasting methodologies used in the pharmaceutical industry and risk-adjusted projections for individual medicines (which take into account the probability of success of individual clinical trials, based on industry-wide data for relevant clinical trials at a similar stage of development), 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 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 regulatory or ethical expectations on environmental impact, including climate change; 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-related risks to the Group's products; the risk of failure to achieve strategic plans or meet targets or expectations; the risk of failure in financial control or the occurrence of fraud; the risk of unexpected deterioration in the Group's financial position; the impact that global and/or geopolitical events may have, or continue to have, on these risks, on the Group's ability to continue to mitigate these risks, and on the Group's operations, financial results or financial condition There can be no guarantees that the conditions to the closing of the proposed transaction with Fusion will be satisfied on the expected timetable, or at all, or that 'FPI-2265' (Ac225-PSMA I&T) or any combination product will receive the necessary regulatory approvals or prove to be commercially successful if approved. There can be no guarantees that the conditions to the closing of the proposed transaction with Amolyt Pharma will be satisfied on the expected timetable, or at all, or that eneboparatide ('AZP-3601') will receive the necessary regulatory approvals or prove to be commercially successful if approved.

This presentation includes references to new molecular entities and life-cycle management programmes that are being investigated in current or future clinical trials, and as such have not been approved by any regulatory agency. For a list of new molecular entities and indications in development, see pages 7-11 of the Clinical Trials Appendix that accompanied AstraZeneca's Q1 2024 results.

Basis of AstraZeneca ambitions, forecasts and targets

AstraZeneca ambitions, forecasts and targets in this presentation (the 'Financial Ambition Statements') are derived from AstraZeneca's most recent risk-adjusted mid- and long-term plans, adjusted for developments in the business since those plans were finalised. Financial Ambition Statements presented are based on management's risk-adjusted projections for individual medicines and individual clinical trials. Estimates for these probabilities are based on industry-wide data for relevant clinical trials in the pharmaceutical industry at a similar stage of development adjusted for management's view on the risk profile of the specific asset. The peak year revenue (PYR) potential for individual medicines referred to in this presentation are the maximum estimated Total Revenue to be recognised by AstraZeneca in a single calendar year, during the lifecycle of the medicine, and are based on management's latest non-risk adjusted forecast estimates. Estimates are based on customary forecasting methodologies used in the pharmaceutical industry. Peak year revenue may occur in different years for each NME depending on trial outcomes, approval label, competition, launch dates and exclusivity periods, amongst other variables. The peak year revenue figures are derived from net sales at nominal values and are not risk-adjusted or time-value discounted. The development of pharmaceutical products has inherent risks given scientific experimentation and there are a range of possible outcomes in clinical results, safety, efficacy and product labelling. Clinical results may not achieve the desired product profile and competitive environment, pricing and reimbursement may have material impact on commercial revenue forecasts. By their nature, forecasts are based on a multiplicity of assumptions and actual performance in future years may vary, significantly and materially, from these assumptions. The Financial Ambition Statements in this presentation are based on Q1 2024 exchange rates; AZ undertakes no obligation to update those statements based on future currency movements


Delivering on shareholder value


Ambition - $80bn Total Revenue by 2030 and sustained 2030+ growth



2023

Note: Ambition to achieve $80bn in Total Revenue by 2030 is risk-adjusted, based on latest long-range plan - see the 'Forward looking statements' slide.

2030

Medicines and assets listed reflect key contributors to 2030 Total Revenue ambition; however, this list is not exhaustive. Medicines and assets listed in alphabetical order and sorted by therapy area.

1. Amolyt Pharma acquisition remains subject to customary external clearances; all clinical development plans mentioned herein subject to deal closure.

Collaboration partners: Daiichi Sankyo (

Enhertu

, Dato-DXd), Amgen (

Tezspire

), Ionis (

Wainua

), Compugen (rilvegostomig), Merck & Co., Inc. (

Lynparza).

Acronym definitions can be found in Glossary.


Strong growth potential 2030+

Multiple NMEs with $5bn+ Peak Year Revenue potential launching by 2030 1

NMEs currently in Phase III

NMEs currently in Phase I/II


6

Significant growth in blockbuster portfolio by 2030

Existing blockbuster medicines 1

25+ potential blockbusters by 2030 2


7

Operational model drives organisation productivity



Robust process and aligned incentives

• · Annual planning process
• · Continual optimisation
• · Incentives aligned to R&D delivery

Continued focus on cash conversion

Net cash inflow from operating activities

Operating cash flow as % of Total Revenue


Capital allocation priorities remain unchanged


CapEx investments to support future growth

2024 CapEx investments building manufacturing capacity

Future CapEx - investment to support top-line growth



Investing and building capacity to support growth in disruptive categories


On track to achieve mid-30s% Core operating margin by 2026



Core R&D to remain at low-20s% of Total Revenue

Core SG&A % of Total Revenue to decrease

• · Greater speciality mix
• · LCMs leveraging existing commercial model
• · LOEs enabling resource redeployment
• · Optimising global footprint

Core operating margin beyond 2026

Investment in innovation to drive growth to 2030 and beyond

Investing in innovation to deliver 2030+ growth

• · Commercial launches in large market opportunities
• - Large new potential opportunities in primary care
• - Novel combinations and specialty areas
• - New indications in core therapeutic areas
• · Investing in new modalities, technologies and disruptive categories
• · Global access to innovative medicines


Core R&D to remain at low-20s% of Total Revenue sustaining scientific leadership into the next decade

Beyond 2026, Core operating margin will be influenced by portfolio evolution, and the Company will target at least mid-30s%


AstraZeneca set to deliver continued shareholder value

Therapy Area Leadership

Scientific Innovation

People and Planet

• · Ambition to launch 20 NMEs by 2030
• · 25+ potential blockbusters by 2030
• · Leverage depth and breadth of pipeline
• · Continued growth across geographies
• · Lead in new technologies and modalities
• · Leverage combinations in specialty areas
• · Accelerate innovation globally
• · Deliver $80bn in Total Revenue by 2030
• · Invest to drive next waves of growth 2030+
• · Mid-30s% Core operating margin by 2026
• · Beyond 2026 targeting at least mid-30s% Core operating margin
• · Smart capital allocation priorities
• · Expand access and build health system resilience
• · Reduce absolute Scope 1 and 2 emissions by 98% by 2026
• · Scope 3 emissions by 50% by 2030
• · Science led, entrepreneurial culture and exceptional talent


Financial Ambitions

Q&A session



Susan Galbraith EVP, ONCOLOGY R&D

Anas Younes SVP, GLOBAL HEAD OF HAEMATOLOGY R&D

Leora Horn LATE CLINICAL DEVELOPMENT AND GLOBAL CLINICAL STRATEGY LEAD LUNG CANCER

Rob Chen GLOBAL HEAD OF LYMPHOMA CLINICAL DEVELOPMENT

Aradhana Sarin CFO, ASTRAZENECA

Cristian Massacesi CHIEF MEDICAL OFFICER AND ONCOLOGY CHIEF DEVELOPMENT OFFICER

Matt Hellmann VP, HEAD OF CLINICAL GROUP, EARLY DEVELOPMENT ONCOLOGY R&D

Osama Rahma VP, GLOBAL CLINICAL

STRATEGY HEAD, GI CANCER

Puja Sapra SVP, BIOLOGICS ENGINEERING AND TARGETED DELIVERY

Dave Fredrickson EVP, ONCOLOGY

Sunil Verma SVP, GLOBAL HEAD OF ONCOLOGY, MEDICAL

Ingrid Mayer VP, BREAST AND

GYNECOLOGIC CANCERS, R&D

Nina Shah GLOBAL HEAD OF MULTIPLE

MYELOMA CLINICAL DEVELOPMENT AND STRATEGY

Mark Cobbold VP, IO DISCOVERY AND HEAD OF ONCOLOGY CELL THERAPY


Summary and Close

Pascal Soriot, CEO


16

Concluding remarks

AstraZeneca is a unique investment opportunity with a clear path to deliver sustained long-term growth

Note: Ambition to achieve $80bn in Total Revenue by 2030 is risk-adjusted, based on latest long-range plan - see slide 3 for details. non-risk adjusted Peak Year Revenue opportunities ($bn). Peak revenues could occur beyond 2030. Estimated launch dates are subject to change. Acronym definitions can be found in Glossary.

1

New ambition to deliver $80bn in Total Revenue by 2030, with sustained growth 2030+

2

3

Global commercial footprint provides substantial growth opportunity for our medicines

4

5

High value late-stage pipeline:

• · $20bn potential revenue in 2030 (non-risk adjusted) from 2024/2025 launches and Phase III readouts
• · Significant number of NMEs $5bn+ PYR expected to launch by 2030

Investment in disruptive categories to drive 2030+ growth

Investor Day

·

2024

Investor Day

·

2024

Mid-30s% Core operating margin by 2026. Beyond 2026, Core operating margin will be influenced by portfolio evolution and the Company will target at least mid-30s%

17

Appendix



Glossary - 1 of 2



Glossary - 2 of 2