Q4 2025 AstraZeneca PLC Earnings Call Transcript
Key Points
- AstraZeneca PLC (AZN) reported an 8% increase in total revenue for 2025, with product revenue growing by 10%, driven by strong global demand for innovative medicines.
- The company achieved a core EPS growth of 11% and has 16 blockbuster medicines, with 17 medicines growing at double digits.
- AstraZeneca PLC (AZN) secured 43 approvals for its medicines across major regions in the last 12 months, supporting sustained growth into 2026.
- The company has more than 100 Phase III trials ongoing, with 20 Phase III readouts expected in 2026, potentially driving over $10 billion in peak revenue.
- AstraZeneca PLC (AZN) continues to invest in R&D, focusing on transformative technologies and new medicines to drive growth beyond 2030, with a goal of reaching $80 billion in revenue by 2030.
- The company faces headwinds in 2026, including VBP in China for Farxiga, Lynparza, and roxadustat, as well as the loss of exclusivity for Farxiga in the US.
- CVRM revenue was impacted by the patent expiry of Brilinta and Farxiga in the UK, with more expected in 2026, leading to a modest 2% growth in this segment.
- Despite strong performance, the profitability in China remains lower than the group average, due to lower prices in the region.
- AstraZeneca PLC (AZN) anticipates a step-up in core net finance expense for 2026, driven by higher lease expenses and lower interest income.
- The company acknowledges the risk of failures in its pipeline, despite recent successes, and emphasizes the inherent risk in the pharmaceutical industry.
All right. A warm welcome, everybody, to AstraZeneca's full year fourth quarter 2025 presentation conference call and webcast for investors and analysts. I'm Andy Barnett, Head of Investor Relations. And before I hand over to Pascal and the rest of the executive team, I'd like to cover some housekeeping items.
Firstly, all the materials presented today are already available on the AstraZeneca Investor Relations website. Next slide, please. This slide contains our forward-looking statements, including the safe harbor provisions, which I'd encourage you to take the time to read. We would be making comments on our performance using constant exchange rates, or CER, core financial numbers and other non-GAAP measures. A non-GAAP to GAAP reconciliation is contained within the results announcement and all numbers quoted today are in millions of US dollars unless stated otherwise.
Next slide, please. Here's the agenda for today's call. Following our prepared remarks, as usual, we'll open the line for questions. We will try and address as
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