AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) delivered strong full-year results for 2025, driven by solid commercial performance across all major regions and sustained pipeline momentum, as the Anglo-Swedish pharmaceutical group continued what it called a “catalyst-rich period.”
Total revenue for the year rose 8% at constant exchange rates to $58.7 billion, with product sales contributing $55.6 billion, up 9%. Core earnings per share rose 11% to $9.16, while reported EPS surged 43% to $6.60.
For the fourth quarter, core EPS held at $2.12 and total revenue rose 2% to $15.5 billion.
Chief executive Pascal Soriot said: “In 2025 we saw strong commercial performance across our therapy areas and excellent pipeline delivery. We announced the results of 16 positive Phase 3 studies during the year and now have 16 blockbuster medicines.”
AstraZeneca declared a second interim dividend of $2.17 per share, taking the total for the year to $3.20, up 3% on 2024.
Sales growth was led by oncology, cardiovascular, renal and metabolism (CVRM), respiratory and immunology (R&I), and rare disease.
Core operating profit increased 9% as cost discipline was maintained alongside investment in late-stage trials and new technologies, including cell therapy and antibody drug conjugates.
Fourth-quarter results included a $235 million expense related to royalty buyouts, contributing to a 2 percentage point drop in gross margin to 80%.
Reported R&D spend declined on lower impairment charges, while core research and development expense rose due to accelerated trial activity and new assets added via acquisitions.
Milestones included 43 regulatory approvals and 16 Phase 3 trial successes. Enhertu, Imfinzi and Fasenra saw expanded approvals across the US, EU and China, while new submissions were accepted in indications such as metastatic breast cancer and treatment-resistant hypertension.
The pipeline was further bolstered by the acquisition of Modella AI and agreements with Jacobio Pharma, Compugen and AbelZeta.
AstraZeneca also entered a major strategic collaboration with CSPC Pharmaceuticals, gaining global rights outside China to a once-monthly injectable obesity therapy in development. CSPC will receive up to $4.7 billion in upfront and milestone payments.
Looking ahead, AstraZeneca guided for mid- to high-single-digit revenue growth and low double-digit EPS growth in 2026 at constant exchange rates. More than 20 Phase 3 readouts are expected this year, with over 100 studies currently underway.
In a move to broaden investor access, AstraZeneca began trading ordinary shares on the New York Stock Exchange on 2 February, ending its American Depositary Shares listing on Nasdaq. The harmonised listing structure now spans London, New York and Stockholm.
The company also announced plans to invest $15 billion in China through 2030 to expand manufacturing and R&D.
Sustainability remained a focus, with AstraZeneca awarded an 'A' rating by CDP for climate action. The company also led the development of the world’s first global standard to assess the environmental impact of pharmaceutical products.
Soriot said: “The momentum across our company is continuing in 2026… We are building a foundation to drive our growth well beyond 2030.”