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29 April 2025

AstraZeneca results: Q1 2025

Growth momentum and pipeline delivery set AstraZeneca on a strong trajectory towards 2030 ambition

Revenue and EPS summary

Key performance elements for Q1 2025

(Growth numbers at constant exchange rates)

*   Total Revenue up 10% to $13,588m, driven by double-digit growth in Oncology and BioPharmaceuticals

*   Growth in Total Revenue across all major geographic regions

*   Core Operating profit increased 12%

*   Core Tax rate of 16% in the quarter due to timing of settlements. Expectations for the full year Core tax rate are unchanged at 18-22%

*   Core EPS increased 21% to $2.49

*   Five positive Phase III readouts and 13 approvals in major regions since the prior results

Pascal Soriot, Chief Executive Officer, AstraZeneca, said:

"Our strong growth momentum has continued into 2025 and we have now entered an unprecedented catalyst-rich period for our company.

Already this year we have announced five positive Phase III study readouts, including most recently the highly anticipated DESTINY-Breast09 for Enhertu, as well as SERENA-6 for camizestrant and MATTERHORN for Imfinzi; the latter two of these will feature in the ASCO 2025 plenary sessions, reflecting the significance of these data to the oncology community.

Our company is firmly committed to investing and growing in the US and we continue to benefit from our broad-based source of revenue and global manufacturing footprint, including eleven production sites in the US covering small molecules, biologics as well as cell therapy. Additionally, we have even greater US investment in manufacturing and R&D planned, leveraging our two large R&D sites in Gaithersburg MD and Cambridge MA.

Overall, we are making excellent progress toward our ambition of eighty billion dollars in Total Revenue by 2030."

See Table 1 for details of clinical trial results since the prior earnings announcement, including DESTINY-Breast09, MATTERHORN, and  SERENA-6.

See Note 4 for the locations of the eleven US manufacturing sites.

Guidance

AstraZeneca reiterates its Total Revenue and Core EPS guidance ⁵ for FY 2025 at CER, based on the average foreign exchange rates through 2024.

-  The Core Tax rate is expected to be between 18-22%

-  If foreign exchange rates for April 2025 to December 2025 were to remain at the average rates seen in March 2025, it is anticipated that compared to the performance at CER, FY 2025 Total Revenue would incur a low single-digit percentage adverse impact (unchanged from prior guidance), and Core EPS would incur a low single-digit percentage adverse impact (previously mid single-digit).

Results highlights

Table 1 . Milestones achieved since the prior results announcement

Phase III and other registrational data readouts

Regulatory approvals

Regulatory submissions or acceptances* in major regions

* US, EU and China regulatory submissions denotes filing acceptance

Other pipeline updates

For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix, available on www.astrazeneca.com/investor-relations.html .

Table 2 : Key elements of financial performance in Q1 2025

For monetary values the unit of change is percent; for Gross Margin, Operating Margin and Tax rate the unit of change is percentage points.

In the expense commentary above, the plus and minus bullets denote the directional impact of the item being discussed, e.g. a '+' symbol beside an R&D expense comment indicates that the item resulted in an increase in the R&D spend relative to the prior year.

China

In April 2025, there are following developments in relation to the China investigations:

First, in relation to the illegal drug importation allegations, AstraZeneca received an Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid importation taxes amounting to $1.6 million. To the best of AstraZeneca's knowledge, the importation taxes referred to in the Appraisal Opinion relate to Enhertu. A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is found liable.

Second, in relation to the personal information infringement allegation, AstraZeneca received a Notice of Transfer to the Prosecutor from the Shenzhen Bao'an District Public Security Bureau (the 'PSB') regarding suspected unlawful collection of personal information. The Company has been informed that there was no illegal gain to the Company resulting from personal information infringement.

AstraZeneca continues to fully cooperate with the Chinese authorities.

Corporate and business development

Fibrogen

In February 2025, FibroGen announced the sale of FibroGen China to AstraZeneca.

Under the terms of the agreement, FibroGen will receive an enterprise value of $85m plus FibroGen net cash held in China at closing, estimated at the date of signing to be approximately $75m, totalling approximately $160m. The transaction is expected to close by mid-2025, pending customary closing conditions, including regulatory review in China.

Upon closing, AstraZeneca will obtain all rights to roxadustat in China, including manufacturing in China.

EsoBiotec

In March 2025, AstraZeneca entered into a definitive agreement to acquire EsoBiotec, a biotechnology company pioneering in vivo cell therapies that has demonstrated promising early clinical activity. The EsoBiotec Engineered NanoBody Lentiviral (ENaBL) platform could offer many more patients access to transformative cell therapy treatments delivered in minutes rather than the current process which takes weeks.

AstraZeneca will acquire all outstanding equity of EsoBiotec for a total consideration of up to $1bn, on a cash and debt-free basis. This will include an initial payment of $425m on deal closing, and up to $575m in contingent consideration based on development and regulatory milestones. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory clearances.

Alteogen Inc

In March 2025, AstraZeneca and Alteogen Inc. entered into an exclusive license agreement for ALT-B4, a novel hyaluronidase utilising Hybrozyme™ platform technology. Under the terms of the agreement, AstraZeneca has acquired worldwide rights to use ALT-B4 to develop and commercialise subcutaneous formulations of several oncology assets. Alteogen will be responsible for clinical and commercial supply of ALT-B4 to AstraZeneca. AstraZeneca has made an upfront payment to Alteogen and may make additional payments, conditional on achievement of specific development, regulatory and sales-related milestones. Additionally, Alteogen will receive royalties on the sales of the commercialised products.

Beijing R&D centre

In March 2025, AstraZeneca announced it will establish its sixth global strategic R&D centre, to be located in Beijing, China. It will be AstraZeneca's second R&D centre in China, following the opening of the Shanghai R&D centre, and will advance early-stage research and clinical development, enabled by a state-of-the-art artificial intelligence and data science laboratory. The new R&D centre will be located near leading biotech companies, research hospitals, and the National Medical Products Administration in the Beijing International Pharmaceutical Innovation Park (BioPark).

Harbour BioMed

In March 2025, AstraZeneca executed a global strategic collaboration with Harbour BioMed to discover and develop next-generation multi-specific antibodies for immunology, oncology and beyond. The strategic collaboration includes an option to license multiple programs utilizing Harbour BioMed's proprietary fully human antibody technology platform in multiple therapeutic areas, together with an equity investment in Harbour BioMed, which closed in April 2025. Upfront payments for the collaboration and equity investment total $175m.  AstraZeneca may incur additional fees and contingent milestones for each program it elects to license, along with tiered royalties on future net sales.

BioKangtai

In March 2025, BioKangtai and AstraZeneca entered into a strategic partnership to establish a joint venture that focus on researching, developing, and producing innovative vaccines.

The joint venture will serve as AstraZeneca's first and only vaccine production hub in China, with a registered capital of RMB 345m (approx. $50m) and a total investment of approx. $400m (RMB 2.76bn). BioKangtai and AstraZeneca will each hold 50% equity in the venture.

Syneron Bio

In March 2025, AstraZeneca executed a strategic collaboration with Syneron Bio to develop potential first-in-class macrocyclic peptides for the treatment of chronic diseases. Under this collaboration, AstraZeneca will gain access to Syneron Bio's innovative macrocyclic peptide drug research and development platform to support research programmes exploring possible future treatments of chronic diseases, including rare, autoimmune, and metabolic disease. AstraZeneca will pay an upfront payment of $55m, with option exercise fees and contingent milestones of over $3bn if all programs are optioned, along with tiered royalties on future net sales. AstraZeneca will also make an equity investment in Syneron Bio.

Tempus AI and Pathos AI

In April 2025, AstraZeneca, Tempus AI, Inc. (Tempus) and Pathos AI, Inc. (Pathos) entered into a series of agreements regarding the development of a foundational large multimodal model in the field of oncology. The model will be used to gather biological and clinical insights, discover novel drug targets, and develop therapeutics. AstraZeneca will pay Tempus a fee, and a syndicate of investors, including AstraZeneca, will contemporaneously execute a stock purchase agreement with Pathos.

Sustainability highlights

In preparation for new reporting regulations, AstraZeneca combined its 2024 sustainability and annual reporting into one integrated publication. Details of performance against targets can be found in the 2024 Sustainability Data Annex.

AstraZeneca published its first Taskforce on Nature-related Financial Disclosures report, and its   Sustainable use and sourcing of raw materials report.

Reporting calendar

The Company intends to publish its H1 and Q2 2025 results on 29 July 2025.

Conference call

A conference call and webcast for investors and analysts will begin today, 29 April 2025, at 11:45 UK time. Details can be accessed via astrazeneca.com.

Reporting changes

Product Revenue

Effective 1 January 2025, the Group has updated the presentation of Total Revenue on the face of the Statement of Comprehensive Income to include a new subtotal 'Product Revenue' representing the summation of Product Sales and Alliance Revenue.

Product Revenue and Collaboration Revenue form Total Revenue.

Product Sales and Alliance Revenue will continue to be presented separately, with the new subtotal providing additional aggregation of revenue types with similar characteristics, reflecting the growing importance of Alliance Revenue.

Full descriptions of Product Sales, Alliance Revenue and Collaboration Revenue are included from page 152 of the Group's Annual Report and Form 20-F Information 2024.

Gross Margin

Effective 1 January 2025, the Group has replaced the measure of 'Product Sales Gross Margin' with the measure of  'Gross Margin'. Previously, the measure excluded margin related to Alliance Revenue and Collaboration Revenue. The new measure is calculated using Gross profit as a percentage of Total Revenue, thereby encompassing all revenue categories, and is intended to provide a more comprehensive measure of total performance.

Notes

1.  Constant exchange rates. The differences between Actual Change and CER Change are due to foreign exchange movements between periods in 2025 vs. 2024. CER financial measures are not accounted for according to generally accepted accounting principles (GAAP) because they remove the effects of currency movements from Reported results.

2.  Effective Jan 1 2025, the Group has updated its presentation of Total Revenue, adding a new subtotal of Product Revenue, the sum of Product Sales and Alliance revenue. For further details, see Note 1: 'Basis of preparation and accounting policy' in the Notes to the Interim Financial Statements.

3.  Core financial measures are adjusted to exclude certain items. The differences between Reported and Core measures are primarily due to costs relating to the amortisation of intangibles, impairments, legal settlements and restructuring charges. A full reconciliation between Reported EPS and Core EPS is provided in Table 9 in the Financial Performance section of this document.

4.  The eleven manufacturing sites in the US (or territories of the US) are:
  - Bogart, GA
  - Coppell, TX
  - Frederick, MD
  - Mt Vernon, IN
  - Newark, DE
  - Philadelphia, PA
  - Puerto Rico
  - Redwood City, CA
  - Rockville, MD *
  - Santa Monica, CA
  - Tarzana, CA

* Opens in May 2025

5.  The Company is unable to provide guidance on a Reported basis because it cannot reliably forecast material elements of the Reported results, including any fair value adjustments arising on acquisition-related liabilities, intangible asset impairment charges and legal settlement provisions. Please refer to the cautionary statements section regarding forward-looking statements at the end of this announcement.

6.  Effective Jan 1 2025, the Group has updated its presentation of Gross Margin. For further details, see Note 1: 'Basis of preparation and accounting policy' in the Notes to the Interim Financial Statements

7.  Income from disposals of assets and businesses, where the Group does not retain a significant ongoing economic interest, is recorded in Other operating income and expense in the Group's financial statements.

Revenue drivers

Table 3 : Product Revenue by medicine

Table 4 : Collaboration Revenue

Table 5 : Total Revenue by Therapy Area

Table 6 : Total Revenue by region

Total Revenue by Medicine

Oncology

Oncology Total revenue grew 10% (13% at CER) in the quarter, supported by strong demand and new indication expansion. US sales for oral oncology medicines were affected by the implementation of new manufacturer discounts under Medicare Part D redesign which came into effect January 2025. This was partly offset by patient transitions from free goods programmes to paid supply due to improved patient affordability. This has led to an increase in the proportion of US sales in Q1 2025 coming from Medicare Part D versus the prior period.

Tagrisso

Imfinzi

Calquence

Lynparza

Enhertu

Combined sales of Enhertu, recorded by Daiichi Sankyo and AstraZeneca, amounted to $1,086m in Q1 2025 (Q1 2024: $879m). US in-market sales, recorded by Daiichi Sankyo, amounted to $540m in Q1 2025 (Q1 2024: $423m). AstraZeneca's European revenue includes a mid single-digit percentage royalty on Daiichi Sankyo's sales in Japan, recorded as Alliance Revenue.

Other Oncology medicines

BioPharmaceuticals - CVRM

Farxiga

6ii

Other CVRM medicines

BioPharmaceuticals - R&I

Symbicort

Fasenra

Breztri

Tezspire

Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to $371m in Q1 2025 (Q1 2024: $216m).

Other R&I medicines

Biopharmaceuticals - V&I

Beyfortus Total Revenue reflects the sum of Product Sales from AstraZeneca's sales of manufactured Beyfortus product to Sanofi and Alliance Revenue from AstraZeneca's share of gross profits on sales of Beyfortus in major markets outside the US.

Rare Disease

Ultomiris

Ultomiris Total Revenue includes sales of Voydeya, which is approved as an add on treatment to Ultomiris and Soliris for the ~20-30% of PNH patients who experience clinically significant EVH.

Soliris

Strensiq

Other Rare Disease medicines

Other Medicines

R&D progress

This section covers R&D events and milestones that have occurred since the prior results announcement on 6 February 2025, up to and including events on 28 April 2025. A comprehensive view of AstraZeneca's pipeline of medicines in human trials can be found in the latest Clinical Trials Appendix, available on www.astrazeneca.com/investor-relations. The Clinical Trials Appendix includes tables with details of the ongoing clinical trials for AstraZeneca medicines and new molecular entities in the pipeline.

Oncology

AstraZeneca presented new data across its diverse portfolio of cancer medicines at two major medical congresses since the prior results announcement: the European Lung Cancer Congress 2025 and the American Association for Cancer Research Annual Meeting 2025. Across the two meetings, more than 100 abstracts were presented featuring 10 approved and potential new medicines including 14 oral presentations.

Calquence

Enhertu

Imfinzi

Truqap

camizestrant

BioPharmaceuticals - CVRM

AZD0780

Wainzua

BioPharmaceuticals - R&I

Tezspire

Rare Disease

Ultomiris 

Koselugo

Soliris

Beyonttra (acoramidis)

eneboparatide

Sustainability

In preparation for new new reporting regulations, AstraZeneca combined its 2024 sustainability and annual reporting into one integrated publication. The 2024 Annual Report detailed progress across the Company's sustainability priorities and key topics, including those identified in its double materiality assessment. Details of performance against targets can be found in the 2024 Sustainability Data Annex.

In 2024, the Company achieved a 77.5% reduction in its Scope 1 and 2 greenhouse gas emissions (sites and fleet), a 23% reduction in its water use and a 13% reduction in waste vs. the 2015 baseline. 63% of its fleet now comprises battery electric vehicles. As at year end, we had also reached more than 90 million people through our flagship access programmes and trained a cumulative total of over 156,000 people since 2015.

Access to Healthcare

On health equity:

-  AstraZeneca engaged on health equity at the World Economic Forum (WEF) Annual Meeting, including at a roundtable chaired by AstraZeneca Chair Michel Demaré which convened leaders from governments, NGOs and the private sector to discuss embedding health equity in healthcare design and delivery.

-  AstraZeneca held an in-person Global Health Equity Advisory Board meeting, convening 14 experts from 11 countries across all income groups to provide insights and input on the Company's health equity strategy.

-  The Company collaborated with 10 markets (Brazil, Canada, China, Japan, Italy, Kenya, UAE, Egypt, US and Vietnam) to localise its health equity priorities on science, healthcare delivery and community engagement.

-  AstraZeneca marked the 10-year anniversary of its flagship health equity programme Healthy Heart Africa (HHA) at the 4th Global NCD Alliance Forum in Kigali, Rwanda.

-  The Young Health Programme (YHP), the Company's partnership which empowers young people to call for the prevention of climate-related health challenges, was recognised in a UNICEF publication and was featured in The Times.

On health systems resilience:

-  The Partnership for Health System Sustainability & Resilience (PHSSR) was featured during the 'Health beyond Healthcare' panel discussion at the WEF Annual Meeting, with Michel Demaré speaking on the need for policy action to improve prevention and early detection of non-communicable diseases (NCDs).

-  PHSSR has launched a new collaboration with IQVIA to conduct research with academic centers across eight countries. This initiative aims to identify policies needed to enhance healthcare systems for more effective prevention, early detection, and treatment of chronic diseases.

Environmental protection

-  In the UK, AstraZeneca and Future Biogas announced the launch of UK's first unsubsidised biomethane plant dedicated to fuelling the life sciences sector. Located in Lincolnshire, the plant will provide clean heat for AstraZeneca UK sites.

-  AstraZeneca published its first Taskforce on Nature-related Financial Disclosures report (TNFD) following its 2024 commitment to become an early adopter of the TNFD, its Sustainable use and sourcing of raw materials report.

-  The Company contributed to the World Business Council for Sustainable Development (WBCSD)'s recently published Roadmap to Nature Positive: Foundations for the pharmaceutical sector, which aims to support the industry's efforts to understand nature-related impacts and dependencies and identify key actions for nature-positive outcomes.

-  The Sustainable Markets Initiative (SMI) Health Systems Task Force announced an expansion of the China renewable power purchase agreement (PPA) launched in 2024 to collectively procure renewable power. AstraZeneca, Takeda and GSK expanded the initiative to enable suppliers in China to unlock access to renewables and decarbonise the value chain.

-  Through the SMI, CEO Pascal Soriot signed an open letter calling on the clinical research community to help tackle the climate crisis by measuring carbon emissions for all Phase II and III clinical trials.

-  CEO Pascal Soriot engaged with HM King Charles III, other private sector CEOs and global leaders at Hampton Court Palace on the economic case for the transition to a sustainable future and gave a keynote address on transitioning to sustainable health systems.

-  The Company achieved top 50 ranking in the FT Europe's Climate Leader listing of 600 companies and is the top pharma company ranking for the fourth consecutive year, with an overall score of 77.7/100.

Ethics and transparency

-  For the ninth year, AstraZeneca was included on the CDP Corporate A List for Climate, a gold standard in corporate environmental transparency, and achieved an A- for Water, in recognition of the Company's ongoing work to tackle the climate crisis and protect the environment.

-  The Company achieved fifth place overall, and second in the Health Care sector, in the FTSE Women Leaders Review 2024, as one of the top performers in both the FTSE 100 and FTSE 350 for representation of women across the organisation.

Operating and financial review

Reporting currency

All narrative on growth and results in this section is based on actual exchange rates, and financial figures are in US$ millions ($m), unless stated otherwise.

Reporting period

The performance shown in this announcement covers the three-month period to 31 March 2025 ('the quarter' or 'Q1 2025') compared to the three-month period to 31 March 2024 ('Q1 2024'), unless stated otherwise.

Core financial measures

Core financial measures, EBITDA, Net debt, Gross Margin, Operating Margin and CER are non-GAAP financial measures because they cannot be derived directly from the Group's Condensed consolidated financial statements.

Management believes that these non-GAAP financial measures, when provided in combination with Reported results, provide investors and analysts with helpful supplementary information to understand better the financial performance and position of the Group on a comparable basis from period to period.

These non-GAAP financial measures are not a substitute for, or superior to, financial measures prepared in accordance with GAAP.

Core financial measures (cont.)

Core financial measures are adjusted to exclude certain significant items:

-  Charges and provisions related to our global restructuring programmes, which includes charges that relate to the impact of restructuring programmes on our capitalised manufacturing assets and IT assets

-  Amortisation and impairment of intangible assets, including impairment reversals but excluding any charges relating to IT assets

-  Other specified items, principally comprising acquisition-related costs and credits, which include the imputed finance charges and fair value movements relating to contingent consideration on business combinations, imputed finance charges and remeasurement adjustments on certain Other payables arising from intangible asset acquisitions, remeasurement adjustments relating to certain Other payables and debt items assumed from the Alexion acquisition and legal settlements

-  The tax effects of the adjustments above are excluded from the Core Tax charge

Details on the nature of Core financial measures are provided on page 70 of the Annual Report and Form 20-F Information 2024.

Reference should be made to the Reconciliation of Reported to Core financial measures table included in the Financial Performance section in this announcement.

Definitions

Gross Margin is defined as Gross Profit as a percentage of Total Revenue.

EBITDA is defined as Reported Profit before tax after adding back Net finance expense, results from Joint ventures and associates and charges for Depreciation, amortisation and impairment. Reference should be made to the Reconciliation of Reported Profit before tax to EBITDA included in the Financial Performance section in this announcement.

Operating margin is defined as Operating profit as a percentage of Total Revenue.

Net debt is defined as Interest-bearing loans and borrowings and Lease liabilities, net of Cash and cash equivalents, Other investments, and Net derivative financial instruments. Reference should be made to Note 2 'Net debt', included in the Notes to the interim financial statements in this announcement.

The Company strongly encourages investors and analysts not to rely on any single financial measure, but to review AstraZeneca's financial statements, including the Notes thereto, and other available Company reports, carefully and in their entirety.

Due to rounding, the sum of a number of dollar values and percentages in this announcement may not agree to totals.

Financial performance

Table 7 : Reported Profit and Loss

Table 8 : Reconciliation of Reported Profit before tax to EBITDA

Table 9 : Reconciliation of Reported to Core financial measures: Q1 2025

Profit and Loss drivers

Gross profit

The change in Gross Margin (Reported and Core) in Q1 2025 was impacted by:

-  Positive effects from fluctuations in foreign exchange rates. Currency impacts may have a positive or negative impact in future quarters

-  Positive effects from changing product mix. The rising contribution of Product Sales with profit sharing arrangements (Lynparza, Enhertu, Tezspire, Koselugo) has a negative impact on Gross Margin because AstraZeneca records Product Sales in certain markets and pays away a share of the gross profits to its collaboration partners. The profit share paid to partners is recorded in AstraZeneca's Cost of sales line

-  Pricing adjustments, for example to sales reimbursed by the Medicare Part D programme in the US, diluted the gross margin in the first quarter. Some of these adjustments resulted in higher volumes, partially offsetting the overall impact on profits

Variations in Gross Margin performance between periods can continue to be expected due to product seasonality, foreign exchange fluctuations, and other effects.

R&D expense

The change in R&D expense (Reported and Core) in the period was impacted by:

-  Positive data read-outs for high value pipeline opportunities that have ungated late-stage trials

-  Investment in platforms, new technology and capabilities to enhance R&D capabilities

-  Addition of R&D projects following completion of previously announced business development activity

SG&A expense

-  The change in SG&A expense (Reported and Core) in the period was driven primarily by market development activities for launches and to support continued growth in existing brands

Other operating income and expense

Other operating income in Q1 2025 consisted primarily of royalties and an upfront fee on a divestment.

Net finance expense

Core Net finance expense decreased 12% (11% at CER) mainly driven by an adjustment of interest on tax, due to a reduction of tax liabilities relating to prior periods (see below).

Taxation

The effective Reported tax rate for the three months to 31 March 2025 was 14% (Q1 2024: 22%) and the effective Core Tax rate was 16% (Q1 2024: 21%).

The Q1 2025 tax rate benefited from a reduction of tax liabilities arising from updates to estimates of prior period tax liabilities following settlements with tax authorities.

The cash tax paid for the quarter ended 31 March 2025 was $363m (Q1 2024: $430m), representing 11% of Reported Profit before tax (Q1 2024: 15%).

Cash Flow

Table 10 : Cash Flow summary

Net cash flow

The change in Net cash inflow before financing activities of $2,387m is primarily driven by the reduction in cash outflow relating to the Acquisitions of subsidiaries, net of cash acquired of $726m, which in 2024 related to the acquisition of Gracell Biotechnologies Inc., and the reduction in cash outflow relating to Purchase of intangible assets which included an outflow of $639m relating to the acquisition of Icosavax in 2024.

The change in Net cash (outflow)/inflow from financing activities of $4,735m is primarily driven by the issue of new long-term loans of $4,976m in 2024, with no issuance in 2025.

Capital expenditure

Capital expenditure on tangible assets and Software-related intangible assets amounted to $493m in Q1 2025 (Q1 2024: $474m). The increase of capital expenditure in 2025 was driven by investment in several major manufacturing projects and continued investment in technology upgrades.

Net debt

Net debt increased by $1,497m in the three months to 31 March 2025 to $26,067m. Details of the committed undrawn bank facilities are disclosed within the going concern section of Note 1. Details of the Company's solicited credit ratings and further details on Net debt are disclosed in Note 2.

Net debt

Table 11 : Net debt summary

Summarised financial information for guarantee of securities of subsidiaries

AstraZeneca Finance LLC ("AstraZeneca Finance") is the issuer of 1.2% Notes due 2026, 4.8% Notes due 2027, 4.875% Notes due 2028, 1.75% Notes due 2028, 4.85% Notes due 2029, 4.9% Notes due 2030, 4.9% Notes due 2031, 2.25% Notes due 2031, 4.875% Notes due 2033 and 5% Notes due 2034 (the "AstraZeneca Finance USD Notes"). Each series of AstraZeneca Finance USD Notes has been fully and unconditionally guaranteed by AstraZeneca PLC. AstraZeneca Finance is 100% owned by AstraZeneca PLC and each of the guarantees issued by AstraZeneca PLC is full and unconditional and joint and several.

The AstraZeneca Finance USD Notes are senior unsecured obligations of AstraZeneca Finance and rank equally with all of AstraZeneca Finance's existing and future senior unsecured and unsubordinated indebtedness. The guarantee by AstraZeneca PLC of the AstraZeneca Finance USD Notes is the senior unsecured obligation of AstraZeneca PLC and ranks equally with all of AstraZeneca PLC's existing and future senior unsecured and unsubordinated indebtedness. Each guarantee by AstraZeneca PLC is effectively subordinated to any secured

indebtedness of AstraZeneca PLC to the extent of the value of the assets securing such indebtedness. The AstraZeneca Finance USD Notes are structurally subordinated to indebtedness and other liabilities of the subsidiaries of AstraZeneca PLC, none of which guarantee the AstraZeneca Finance USD Notes.

AstraZeneca PLC manages substantially all of its operations through divisions, branches and/or investments in subsidiaries and affiliates. Accordingly, the ability of AstraZeneca PLC to service its debt and guarantee obligations is also dependent upon the earnings of its subsidiaries, affiliates, branches and divisions, whether by dividends, distributions, loans or otherwise. Please refer to the Consolidated financial statements of AstraZeneca PLC in our Annual Report on Form 20-F as filed with the SEC and information contained herein for further financial information regarding AstraZeneca PLC and its consolidated subsidiaries. For further details, terms and conditions of the AstraZeneca Finance USD Notes please refer to AstraZeneca PLC's reports on Form 6-K furnished to the SEC on 22 February 2024, 3 March 2023 and 28 May 2021.

Pursuant to Rule 13-01 and Rule 3-10 of Regulation S-X under the Securities Act of 1933, as amended (the "Securities Act"), we present below the summary financial information for AstraZeneca PLC, as Guarantor, excluding its consolidated subsidiaries, and AstraZeneca Finance, as the issuer, excluding its consolidated subsidiaries. The following summary financial information of AstraZeneca PLC and AstraZeneca Finance is presented on a combined basis and transactions between the combining entities have been eliminated. Financial information for non-guarantor entities has been excluded. Intercompany balances and transactions between the obligor group and the non-obligor subsidiaries are presented on separate lines.

Obligor group summarised statements

Table 12 : Obligor group summarised Statement of comprehensive income

Table 13 : Obligor group summarised Statement of financial position

Capital allocation

The Group's capital allocation priorities include: investing in the business and pipeline; maintaining a strong, investment-grade credit rating; potential value-enhancing business development opportunities; and supporting the progressive dividend policy.

In approving the declaration of dividends, the Board considers both the liquidity of the company and the level of reserves legally available for distribution.

In FY 2025, the Company intends to increase the annual dividend per share declared to $3.20 per share. Dividends are paid to shareholders from AstraZeneca PLC, a Group holding company with no direct operations. The ability of AstraZeneca PLC to make shareholder distributions is dependent on the creation of profits for distribution and the receipt of funds from subsidiary companies.

The consolidated Group reserves set out in the Condensed consolidated statement of financial position do not reflect the profit available for distribution to the shareholders of AstraZeneca PLC.

In FY 2024, capital expenditure on tangible assets and Software-related intangible assets amounted to $2,218m. In FY 2025 the Group expects to increase expenditure on tangible assets and Software-related intangible assets by approximately 50%, driven by manufacturing expansion projects and investments in systems and technology.

Foreign exchange

The Company's transactional currency exposures on working capital balances, which typically extend for up to three months, are hedged where practicable using forward foreign exchange contracts against the individual companies' reporting currency.

In addition, the Company's external dividend payments, paid principally in pound sterling and Swedish krona, are fully hedged from the time of their announcement to the payment date.Foreign exchange gains and losses on forward contracts transacted for transactional hedging are taken to profit or to Other comprehensive income if the contract is in a designated cashflow hedge.

Table 14 : Currency sensitivities

1.   Assumes the average exchange rate vs USD in FY 2025 is 5% lower than the average rate in FY 2024. The impact data are estimates, based on best prevailing assumptions around currency profiles.

2.   Based on average daily spot rates 1 Jan 2024 to 31 Dec 2024.

3.   Based on average daily spot rates 1 Jan 2025 to 31 Mar 2025.

4.   Based on average daily spot rates 1 Mar 2025 to 31 Mar 2025.

Table 15 : Condensed consolidated statement of comprehensive income

Table 16 : Condensed consolidated statement of financial position

Table 17 : Condensed consolidated statement of changes in equity

Transfer to other reserves includes $70m in respect of the opening balance on the Cash flow hedge reserve. The cash flow hedge reserve was previously disclosed within Retained earnings but from 2025 is disclosed within Other reserves.

Table 18 : Condensed consolidated statement of cash flows

Notes to the Interim financial statements

Note 1: Basis of preparation and accounting policies

These unaudited Interim financial statements for the three months ended 31 March 2025 have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' (IAS 34), as issued by the International Accounting Standards Board (IASB), IAS 34 as adopted by the European Union, UK-adopted IAS 34 and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

The unaudited Interim financial statements for the three months ended 31 March 2025 were approved by the Board of Directors for publication on 29 April 2025.

This results announcement does not constitute statutory accounts of the Group within the meaning of sections 434(3) and 435(3) of the Companies Act 2006. The annual financial statements of the Group for the year ended 31 December 2024 were prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006. The annual financial statements also comply fully with IFRS Accounting Standards as issued by the IASB and International Accounting Standards as adopted by the European Union. Except for the estimation of the interim income tax charge, the Interim financial statements have been prepared applying the accounting policies that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 December 2024.

The comparative figures for the financial year ended 31 December 2024 are not the Group's statutory accounts for that financial year. Those accounts have been reported on by the Group's auditors and will be delivered to the Registrar of Companies; their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

Product Revenue

 Effective 1 January 2025, the Group has updated the presentation of Total Revenue on the face of the Statement of Comprehensive Income to include a new subtotal 'Product Revenue' representing the summation of Product Sales and Alliance Revenue .

Product Revenue and Collaboration Revenue form Total Revenue.

Product Sales and Alliance Revenue will continue to be presented separately, with the new subtotal providing additional aggregation of revenue types with similar characteristics, reflecting the growing importance of Alliance Revenue.

Full descriptions of Product Sales, Alliance Revenue and Collaboration Revenue are included from page 152 of the Group's Annual Report and Form 20-F Information 2024.

There are no changes to the Revenue accounting policy regarding the types of transactions recorded in each revenue category. The comparative period has been retrospectively adjusted to reflect the additional subtotal, resulting in total Product Revenue being reported for the quarter ending 31 March 2024 of $12,634m.

Going concern

The Group has considerable financial resources available. As at 31 March 2025, the Group has $10.1bn in financial resources (cash and cash equivalent balances of $5.2bn and undrawn committed bank facilities of $4.9bn that are available until April 2030), with $3.8bn of borrowings due within one year. These facilities contain no financial covenants.

The Group has assessed the prospects of the Group over a period longer than the required 12 months from the date of Board approval of these consolidated financial statements, with no deterioration noted requiring a further extension of this review. The Group's revenues are largely derived from sales of medicines covered by patents, which provide a relatively high level of resilience and predictability to cash inflows, although government price interventions in response to budgetary constraints are expected to continue to adversely affect revenues in some of our significant markets. The Group, however, anticipates new revenue streams from both recently launched medicines and those in development, and the Group has a wide diversity of customers and suppliers across different geographic areas.

Consequently, the Directors believe that, overall, the Group is well placed to manage its business risks successfully. Accordingly, they continue to adopt the going concern basis in preparing the Interim financial statements.

Legal proceedings

The information contained in Note 4 updates the disclosures concerning legal proceedings and contingent liabilities in the Group's Annual Report and Form 20-F Information 2024 .

Note 2: Net debt

Table 19 : Net debt

The table above provides an analysis of Net debt and a reconciliation of Net cash flow to the movement in Net debt. The Group monitors Net debt as part of its capital management policy as described in Note 28 of the Annual Report and Form 20-F Information 2024. Net debt is a non-GAAP financial measure.

Net debt increased by $1,497m in the three months to 31 March 2025 to $26,067m.

Details of the committed undrawn bank facilities are disclosed within the going concern section of Note 1. Non-cash movements in the period include fair value adjustments under IFRS 9 'Financial Instruments'.

The Group has agreements with some bank counterparties whereby the parties agree to post cash collateral on financial derivatives, for the benefit of the other, equivalent to the market valuation of the derivative positions above a predetermined threshold. The carrying value of such cash collateral held by the Group at 31 March 2025 was $352m (31 December 2024: $181m) and the carrying value of such cash collateral posted by the Group at 31 March 2025 was $102m (31 December 2024: $129m).

The equivalent GAAP measure to Net debt is 'liabilities arising from financing activities', which excludes the amounts for cash and overdrafts, other investments and non-financing derivatives shown.

During the quarter ended 31 March 2025, Moody's upgraded the Group's solicited long term credit rating to A1 from A2. The short term rating remained at P-1. There were no changes to Standard and Poor's credit ratings (long term: A+; short term: A-1).

Note 3: Financial Instruments

As detailed in the Group's most recent annual financial statements, the principal financial instruments consist of derivative financial instruments, other investments, trade and other receivables, cash and cash equivalents, trade and other payables, lease liabilities and interest-bearing loans and borrowings.

The Group has certain equity investments that are categorised as Level 3 in the fair value hierarchy that are held at $361m (31 December 2024: $353m) and for which a fair value gain/loss of $nil has been recognised in the three months ended 31 March 2025 (Q1 2024: fair value loss of $1m). In the absence of specific market data, these unlisted investments are held at fair value based on the cost of investment and adjusted as necessary for impairments and revaluations on new funding rounds, which are seen to approximate the fair value. All other fair value gains and/or losses that are presented in Net gains on equity investments measured at fair value through other comprehensive income, in the Condensed consolidated statement of comprehensive income for the three months ended 31 March 2025, are Level 1 fair value measurements, valued based on quoted prices in active markets.

Financial instruments measured at fair value include $1,693m of other investments, $3,969m held in money-market funds and $184m of derivatives as at 31 March 2025. With the exception of derivatives being Level 2 fair valued, and certain equity instruments of $361m categorised as Level 3, the aforementioned balances are Level 1 fair valued. Financial instruments measured at amortised cost include $102m of cash collateral pledged to counterparties. The total fair value of Interest-bearing loans and borrowings as at 31 March 2025, which have a carrying value of $31,646m in the Condensed consolidated statement of financial position, was $30,853m.

Contingent consideration arising from business combinations is fair valued using decision-tree analysis, with key inputs including the probability of success, consideration of potential delays and the expected levels of future revenues.

The contingent consideration balance relating to BMS's share of the global diabetes alliance of $1,058m (31 December 2024: $1,309m) would increase/decrease by $106m with an increase/decrease in sales of 10%, as compared with the current estimates.

Table 20 : Contingent consideration

Note 4: Legal proceedings and contingent liabilities

AstraZeneca is involved in various legal proceedings considered typical to its business, including litigation and investigations, including Government investigations, relating to product liability, commercial disputes, infringement of intellectual property (IP) rights, the validity of certain patents, anti-trust law and sales and marketing practices. The matters discussed below constitute the more significant developments since publication of the disclosures concerning legal proceedings in AstraZeneca's Annual Report and Form 20-F Information 2024 (the Disclosures). Information about the nature and facts of the cases is disclosed in accordance with IAS 37.

As discussed in the Disclosures, the majority of claims involve highly complex issues. Often these issues are subject to substantial uncertainties and, therefore, the probability of a loss, if any, being sustained and/or an estimate of the amount of any loss is difficult to ascertain.

In cases that have been settled or adjudicated, or where quantifiable fines and penalties have been assessed and which are not subject to appeal, or where a loss is probable and we are able to make a reasonable estimate of the loss, AstraZeneca records the loss absorbed or makes a provision for its best estimate of the expected loss. The position could change over time and the estimates that the Group made, and upon which the Group have relied in calculating these provisions are inherently imprecise. There can, therefore, be no assurance that any losses that result from the outcome of any legal proceedings will not exceed the amount of the provisions that have been booked in the accounts. The major factors causing this uncertainty are described more fully in the Disclosures and herein.

AstraZeneca has full confidence in, and will vigorously defend and enforce, its IP.

Matters disclosed in respect of the first quarter of 2025 and to 29 April 2025

Table 21 : Patent litigation

Legal proceedings brought against AstraZeneca

Legal proceedings brought by AstraZeneca

Table 22 : Commercial litigation

Legal proceedings brought against AstraZeneca

Table 23 : Government investigations and proceedings

Legal proceedings brought against AstraZeneca

Legal proceedings brought by AstraZeneca

Other

Additional government inquiries

As is true for most, if not all, major prescription pharmaceutical companies, AstraZeneca is currently involved in multiple inquiries into drug marketing and pricing practices. In addition to the investigations described above, various law enforcement offices have, from time to time, requested information from the Group. There have been no material developments in those matters.

Note 5: Analysis of Revenue and Other operating income and expense

Table 24 : Q1 2025: Product Sales year-on-year analysis

The table provides an analysis of year-on-year Product Sales, with Actual and CER growth rates reflecting year-on-year growth.

Table 25 : Alliance Revenue

Table 26 : Collaboration Revenue

Table 27 : Other operating income and expense

Other shareholder information

Financial calendar

Announcement of H1 and Q2 2025 results:                          29 July 2025

Announcement of 9M and Q3 2025 results:               6 November 2025

Dividend payment dates

Dividends are normally paid as follows:

-  First interim:      Announced with the half year results and paid in September

-  Second interim:        Announced with the full year results and paid in March

The ex-dividend dates shown below are for ordinary shares listed on the London Stock Exchange (LSE).

Proposed dividend dates

*Provisional dates, subject to Board approval.

For the ex-dividend dates of ordinary shares listed on the Stockholm Stock Exchange, and for American Depositary Receipts listed on NASDAQ, please check with the relevant exchange.

Contact details

For Investor Relations contacts, click here . For Media contacts, click here .

Addresses for correspondence

Trademarks

Trademarks of the AstraZeneca group of companies appear throughout this document in italics. Medical publications also appear throughout the document in italics. AstraZeneca, the AstraZeneca logotype and the AstraZeneca symbol are all trademarks of the AstraZeneca group of companies. Trademarks of companies other than AstraZeneca that appear in this document include: Beyfortus, a trademark of Sanofi Pasteur Inc.; Enhertu and Datroway, trademarks of Daiichi Sankyo; Seloken, owned by AstraZeneca or Taiyo Pharma Co., Ltd (depending on geography); Synagis, owned by AstraZeneca or Sobi aka Swedish Orphan Biovitrum AB (publ). (depending on geography); and Tezspire, a trademark of Amgen, Inc .

Information on or accessible through AstraZeneca's websites, including astrazeneca.com , does not form part of and is not incorporated into this announcement.

AstraZeneca

AstraZeneca (LSE/STO/Nasdaq: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, and commercialisation of prescription medicines in Oncology, Rare Disease, and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. Please visit astrazeneca.com and follow the Company on Social Media @AstraZeneca .

Cautionary statements regarding 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 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;

-  the risk of unexpected deterioration in the Group's financial position;

-  the risk of foreign exchange rate movements impacting our financial condition or results of operations; and

-  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.

Glossary

1L, 2L, etc                        First line, second line, etc

AAAAI                              American Academy of Allergy, Asthma, and Immunology

ACC                                  American College of Cardiology

aHUS                               Atypical haemolytic uraemic syndrome

AKT                                  Serine/threonine protein kinase

ALK                                   Anaplastic lymphoma kinase gene

ASCO                               American Society of Clinical Oncology

ATTR / -CM / -PN            Transthyretin-mediated amyloid / cardiomyopathy / polyneuropathy

ATTRv / -CM / -PN          Hereditary transthyretin-mediated amyloid / cardiomyopathy / polyneuropathy

BTC                                  Biliary tract cancer

BTKi                                 Bruton tyrosine kinase inhibitor

CDK4                                Cyclin-dependent kinase 4

CER                                  Constant exchange rates

CHMP                              Committee for Medicinal Products for Human Use (EU)

CI                                     Confidence interval

CLL                                   Chronic lymphocytic leukaemia

CN                                    China

CRSwNP                          Chronic rhinosinusitis with nasal polyps

CVRM                              Cardiovascular, Renal and Metabolism

EBITDA                            Earnings before interest, tax, depreciation and amortisation

EFS                                  Event free survival

EGFR / m                        Epidermal growth factor receptor gene / mutation

EGPA                               Eosinophilic granulomatosis with polyangiitis

EM                                   Emerging Markets

EPS                                  Earnings per share

ESR1 / m                         Oestrogen Receptor 1 gene / mutation

EVH                                 Extravascular haemolysis

FDC                                  Fixed dose combination

FLOT                                A treatment regimen: fluorouracil, oxaliplatin and docetaxel

GAAP                               Generally Accepted Accounting Principles

GEJ                                  Gastro oesophageal junction

GI                                     Gastrointestinal

gMG                                Generalised myasthenia gravis

GU                                   Genito-urinary

HCC                                  Hepatocellular carcinoma

HER2 / +/- /low /m        Human epidermal growth factor receptor 2 / positive / negative / low expression / gene mutation

HR / + / -                         Hormone receptor / positive / negative

HSCT-TMA                       Hematopoietic stem cell transplantation-associated thrombotic microangiopathy

ICS                                   Inhaled corticosteroid

IHC                                   Immunohistochemistry

IL-5                                  Interleukin-5

ISH                                   In situ hybridisation

JP                                     Japan

LABA                                Long-acting beta-agonist

LDH                                  Lactic dehydrogenase

LDL-C                               Low-density lipoprotein cholesterol

MCL                                 Mantle cell lymphoma

MIBC                                Muscle-invasive bladder cancer

n/m                                 Growth rate not meaningful

NF1-PN                            Neurofibromatosis type 1 with plexiform neurofibromas

NRDL                               National reimbursement drug list

NSCLC                              Non-small cell lung cancer

OS                                    Overall survival

PARP                                Poly ADP ribose polymerase

pCR                                  Pathologic complete response

PFS                                  Progression free survival

PIK3CA                              Phosphatidylinositol-4,5-bisphosphate 3-kinase, catalytic subunit alpha gene

PNH                                 Paroxysmal nocturnal haemoglobinuria

PTEN                                 Phosphatase and tensin homologue gene

R&D                                 Research and development

ROW                                Rest of world

SCLC                                 Small cell lung cancer

SG&A                               Sales, general and administration

SGLT2                              Sodium-glucose cotransporter 2

SLL                                   Small lymphocytic lymphoma

THP                                  A treatment regimen: docetaxel, trastuzumab and pertuzumab

VBP                                  Value based procurement