AstraZeneca posted full-year 2025 total revenue of $58.7 billion (+8% at constant exchange rates), with core EPS of $9.16 (+11%) and reported EPS of $6.60 (+45%). Q4 revenue of $15.5 billion beat S&P Global consensus by 2.9%. The stock rose 2.8% on the day of the announcement (February 10, 2026), though it undershot the options market’s expected move of 6.4%.
About AstraZeneca
AstraZeneca plc (Ticker: AZN on NYSE, LSE, and Nasdaq Stockholm) is a British-Swedish multinational pharmaceutical and biotechnology company headquartered at the Cambridge Biomedical Campus in Cambridge, England. The company was formed in 1999 through the merger of Sweden’s Astra AB and the United Kingdom’s Zeneca Group PLC, a deal valued at roughly $67 billion at the time.
AstraZeneca focuses on the discovery, development, and commercialization of prescription medicines across three main therapy areas: Oncology, BioPharmaceuticals (which includes Cardiovascular, Renal and Metabolism, or CVRM, and Respiratory and Immunology, or R&I), and Rare Disease (operated under the Alexion brand following its $39 billion acquisition in 2021). The company employs approximately 89,900 people globally.
As of early March 2026, AstraZeneca carries a market capitalization of roughly $301 billion, making it the world’s 45th most valuable company. The trailing twelve-month price-to-earnings ratio stands at approximately 36.9, up from 28.0 at the end of 2024. The current dividend yield is about 1.57%.
Top Financial Highlights
- Full-year total revenue reached $58,739 million, a 9% increase on an actual basis and 8% at constant exchange rates (CER).
- Product revenue (product sales plus alliance revenue) totaled $58,640 million, up 10% on both an actual and CER basis.
- Product sales alone came to $55,573 million (+9%), while alliance revenue was $3,067 million (+39%).
- Core EPS for the full year grew 11% at CER to $9.16, while reported EPS surged 45% to $6.60.
- Full-year net income reached $10,225 million, compared to $7,035 million in FY 2024, a 45% increase.
- Operating cash flow climbed 23% to $14.6 billion.
- Core operating profit increased by 9% at CER.
- Gross margin for Q4 was 80%, down 2 percentage points year over year, partly due to a $235 million royalty buyout expense related to Saphnelo and rilvegostomig.
- Oncology remained the largest segment at $25.6 billion in FY 2025 revenue, with 17% growth excluding the prior-year Lynparza milestone.
- Rare Disease (Alexion) posted $9.1 billion, with Ultomiris growing 15%.
- The company now has 16 blockbuster medicines (each exceeding $1 billion in annual sales), with 17 medicines growing at double-digit rates.
- A total annual dividend of $3.20 per share was declared for FY 2025, a 3% increase over FY 2024. The FY 2026 dividend is guided at $3.30 per share.
- Cash and cash equivalents stood at $5.7 billion at quarter-end.
- Capital expenditure rose to $3.3 billion in 2025, with FY 2026 guidance of approximately $4.4 billion to fund US and China manufacturing expansion.
- AstraZeneca recorded 16 positive Phase 3 readouts and 43 regulatory approvals across major regions during 2025.
Beat or Miss?
| Metric | Reported | S&P Global Consensus | Zacks Consensus | Analysis |
| Q4 2025 Total Revenue | $15,503M | $14,800M | $15,780M | Beat S&P by 2.9%; missed Zacks by 1.8% |
| Q4 2025 Core EPS | $2.12 | N/A | $2.18 | Missed Zacks by $0.06 |
| FY 2025 Total Revenue | $58,739M | N/A | N/A | +8% CER, in line with high single-digit guidance |
| FY 2025 Core EPS | $9.16 | N/A | N/A | +11% CER, in line with low double-digit guidance |
| FY 2025 Net Income | $10,225M | N/A | N/A | +45% vs. FY 2024 |
What Leadership Is Saying?
“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. The momentum across our company is continuing in 2026 and we are looking forward to the results of more than 20 Phase 3 trial readouts this year. We have more than 100 Phase 3 studies ongoing, including a substantial and growing number of trials of our transformative technologies which have the potential to revolutionise outcomes for patients and drive our growth well beyond 2030.”– Pascal Soriot, Chief Executive Officer
“We hit record annual Total Revenue of $58.7 billion (+8%) with another standout quarter of over $15 billion in revenue in Q4 for the second quarter in a row. Core EPS increased 11% to $9.16. Our growth is coming from everywhere – our strong therapy areas, exceptional momentum in Emerging Markets and continued strength in the US. Sixteen of our medicines reached blockbuster status in 2025, with the potential for 25+ by 2030 as we remain on track to hit $80 billion in revenue.”- Aradhana Sarin, Chief Financial Officer
Historical Performance
AstraZeneca FY 2025 vs FY 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $58,739M | $54,073M | 9% |
| Product Sales | $55,573M | $50,938M | 9% |
| Net Income | $10,225M | $7,035M | 45% |
| Reported EPS | $6.60 | $4.54 | 45% |
| Core EPS | $9.16 | $8.21 | 12% |
| Operating Cash Flow | $14.6B | ~$11.9B (implied) | 23% |
| Dividend (per share) | $3.20 | $3.10 | 3% |
Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $15,503M | $14,891M | 4% |
| Product Revenue | $15,497M | N/A (metric introduced 2025) | N/A |
| Reported EPS | $1.50 | $0.97 | 55% |
| Core EPS | $2.12 | $2.09 | 1% |
| Operating Profit (Reported) | $2,978M | ~$2,039M (implied) | 46% |
The Q4 2024 total revenue of $14,891 million included $815 million in collaboration revenue from sales-based milestones on Lynparza, Beyfortus, and Koselugo, which did not recur in Q4 2025. Excluding that effect, the underlying product revenue growth was 8% at CER.
Competitor Comparison (FY 2025)
| Category | AstraZeneca | Pfizer | Novartis | Roche |
| FY 2025 Revenue | $58.7B | $62.6B | ~$54.5B | CHF 61.5B (~$68.5B) |
| Revenue Growth (CER) | +8% | -2% operational | +8% cc | +7% CER |
| FY 2025 Core/Adj. EPS | $9.16 | $3.22 adj. | $8.98 core | CHF 19.46 core |
| EPS Growth (CER/cc) | +11% | +4% (adj.) | +17% cc | +11% CER |
| FY Net Income | $10.2B | Reported loss in Q4; FY adj. positive | $14.0B | CHF 13.8B (IFRS) |
| 2026 Revenue Guidance | Mid-to-high single-digit | Reaffirmed ~$61-64B | Low single-digit cc | Mid single-digit CER |
| 2026 EPS Guidance | Low double-digit | N/A | N/A | High single-digit |
AstraZeneca’s 8% CER revenue growth stands out alongside Novartis (+8% cc) and Roche (+7% CER), while Pfizer experienced a 2% operational decline as COVID-19 product revenues continued to fall. For 2026, AstraZeneca’s guidance of mid-to-high single-digit revenue growth is among the most positive in the group, supported by its oncology pipeline strength and planned commercial launches.
How the Market Reacted?
AstraZeneca shares rose 2.8% on February 10, 2026, the day the results were published, though this move was less than half the 6.4% move that the options market had priced in. The stock gained another 2.9% the following day to close at $191.39. In the weeks since the announcement, AstraZeneca shares have traded in a range of roughly $197 to $210, drifting 5.3% higher from the post-earnings close and reaching approximately $201 as of early March 2026.
The overall market tone was cautiously positive: investors welcomed the revenue beat and pipeline progress but remained watchful of near-term headwinds, particularly the upcoming US loss of exclusivity for Farxiga (April 2026, with $1.7 billion in US revenue at risk) and China volume-based procurement implementation for several products in early 2026. AstraZeneca’s management guided for a FY 2026 dividend of $3.30 per share, underscoring confidence in ongoing cash generation.
Sources
