February 10, 2026 — AstraZeneca reported its full-year and fourth-quarter 2025 financial results, showcasing resilient growth, expanding profitability, and a deepening innovation pipeline despite a complex global operating environment. The results reinforce the company’s position as one of the world’s most diversified and forward-looking biopharmaceutical leaders.
In 2025, AstraZeneca generated total revenue of $58.7 billion, representing an 8% year-on-year increase at constant exchange rates (CER). Product sales reached $58.6 billion, up 10% CER, highlighting the strength of the company’s underlying commercial engine.
Fourth-quarter revenue totaled $15.5 billion, growing 2% CER. The more modest quarterly growth reflected a high comparison base from the prior year, when milestone income from Lynparza, Beyfortus, and Koselugo boosted reported results. Excluding these non-recurring items, AstraZeneca’s core business maintained solid momentum.
Profitability continued to improve. Core earnings per share (EPS) rose 11% CER to $9.16, supported by disciplined cost management and operating leverage. Reported EPS surged 45% to $6.60, largely benefiting from significantly lower impairment charges compared with 2024. The company delivered a core operating margin of 31%, underscoring the quality of its earnings growth.
Reflecting confidence in future performance, the Board declared a second interim dividend of $2.17 per share, bringing the full-year dividend to $3.20, a 3% increase year on year. For 2026, AstraZeneca expects mid- to high-single-digit revenue growth and low-double-digit growth in core EPS.
Oncology remained AstraZeneca’s largest and fastest-growing business in 2025. The segment generated $25.6 billion in revenue, accounting for 44% of total company sales, with 14% growth CER.
Key oncology brands delivered strong performances:
Tagrisso recorded $7.25 billion in sales, growing 10%, supported by its leadership in EGFR-mutated lung cancer.
Imfinzi surged 28% to $6.06 billion, driven by expanding indications across lung and gastrointestinal cancers.
Calquence generated $3.52 billion, up 12%, while
Lynparza contributed $3.28 billion, growing 6%.
AstraZeneca’s oncology portfolio continues to benefit from a balanced mix of targeted therapies, immuno-oncology agents, and next-generation antibody–drug conjugates, reinforcing its competitive moat.
Beyond oncology, AstraZeneca’s BioPharmaceuticals business—covering cardiovascular, renal and metabolic (CVRM), respiratory & immunology (R&I), and vaccines & immune therapies—generated $23.0 billion, growing 5% CER.
Farxiga, the company’s SGLT2 inhibitor, once again stood out as the best-selling product of the year, achieving $8.4 billion in revenue, up 9%, reflecting continued adoption across heart failure, chronic kidney disease, and diabetes indications.
The Rare Disease segment delivered $9.1 billion in revenue, up 5%. Ultomiris grew an impressive 19% to $4.72 billion, driven by rising patient demand and ongoing transitions from Soliris, partially offsetting Soliris’s expected decline. Meanwhile, Strensiq and Koselugo provided additional growth tailwinds.
Regionally, AstraZeneca continued to see solid performance across major markets. China revenue reached $6.65 billion, rising 4% year on year and accounting for 11% of total company revenue, marking a new record.
The company reaffirmed China as a strategic growth pillar, supported by continued portfolio expansion, local manufacturing, and R&D investment. AstraZeneca has announced plans to invest $15 billion in China by 2030, further strengthening its long-term presence in the market.
Chief Executive Officer Pascal Soriot emphasized that 2025 marked a continuation of AstraZeneca’s “catalyst-rich” period. Over the past 12 months, the company reported 16 positive Phase III trial readouts and secured 43 regulatory approvals across major markets.
Notable pipeline and regulatory milestones included:
Enhertu, which gained multiple new indications across the US, EU, and China, including HER2-positive gastric cancer and first-line HER2-positive breast cancer.
Imfinzi, approved for additional indications in non-small cell lung cancer and resectable gastric and gastroesophageal junction cancers.
Baxdrostat, which achieved primary endpoints in Phase III trials for resistant hypertension and received Priority Review status in the US.
Elecoglipron (AZD5004), which delivered positive Phase IIb results in obesity and type 2 diabetes, supporting advancement into Phase III development.
As of year-end, AstraZeneca had more than 100 Phase III trials ongoing, many involving transformative technologies such as bispecific antibodies, cell therapies, and next-generation antibody–drug conjugates—key drivers of growth beyond 2030.
In parallel with commercial and R&D progress, AstraZeneca continued to execute on long-term strategic priorities. Recent initiatives included oncology pipeline partnerships, the acquisition of Modella AI to enhance AI-driven cancer research, and global collaborations in next-generation metabolic therapies.
The company also strengthened its capital markets profile with the launch of a harmonized listing structure across London, New York, and Stockholm, broadening investor access.
On sustainability, AstraZeneca was recognized for the tenth consecutive year by CDP as a leader in climate action and water stewardship and was named one of TIME magazine’s World’s Best Companies for Sustainable Growth 2026, highlighting its commitment to environmental and social responsibility.
