Slide 1: H1 and Q2 2024 Results: Fixed-income investor update
H1 and Q2 2024 Results Fixed-income investor update 25 July 2024
Slide 2: Forward-looking statements
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 wit
Slide 3: Disclaimer
Disclaimer This presentation is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which an offer, solicitation, or sale is unlawful. Non-GAAP measures This presentation contains financial meas
Slide 4: Key messages
Key messages H1 2024 - Strong commercial performance Total revenue growth of 18% Strong pipeline momentum to date in H1 2024 Investing in new launches, near and mid-term pipeline Strong portfolio and pipeline supports 2030 ambition Multiple high-value medicines to drive leading grow Balanced and div
Slide 5: Business update
Business update 5
Slide 6: H1 2024 – strong underlying growth, Total Revenue +18%
H1 2024 – strong underlying growth, Total Revenue +18% Total Revenue | 18% CER Core Operating Profit | 7% CER Core EPS | 5% CER $8,237 $8,411 Core OOI $m $25,617 $125 Core OOI $1,102 $4.07 $4.03 $22,295 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 Upgraded FY 2024 guidance – Total Revenue and Cor
Slide 7: H1 2024 – very strong performance across diverse, broad-based business
H1 2024 – very strong performance across diverse, broad-based business Continued growth across key geographies Double-digit growth across key therapy areas H1 2024 Total Revenue, $m H1 2024 Total Revenue1, $m +18% +22% +17% V&I 350 (42%) R&I +22% +22% 3,791 China: +22% 10,695 3,378 +15% +15% +4% +22
Slide 8: Significant pipeline momentum in H1 2024
Significant pipeline momentum in H1 2024 ADRIATIC LAURA DESTINY-Breast06 ECHO NIAGARA Tagrisso expanding Enhertu moving into Calquence first BTKi Imfinzi potential first IO Imfinzi potential first Key positive in early-stage EGFRm CTx naïve mBC, benefit to show favourable regimen to extend IO therap
Slide 9: Oncology – H1 and Q2 2024
Oncology – H1 and Q2 2024 Total Revenue +22% in H1 2024 driven by global demand for key medicines Oncology Q2 2024: key dynamics H1 2024 $10.4bn, +22% 6,000 • Tagrisso +12%, ADAURA, FLAURA and FLAURA2 strong global demand 5,000 • Calquence +22%, sustained BTKi leadership in 1L CLL • Imfinzi +18%, de
Slide 10: Oncology – R&D highlights
Oncology – R&D highlights Positive readouts expand AstraZeneca presence across key tumour types Practice changing data at ASCO and EHA Expanding oncology leadership into bladder cancer NIAGARA – first IO regimen before and after surgery Tagrisso first targeted therapy to show to extend survival in m
Slide 11: BioPharmaceuticals – H1 and Q2 2024
BioPharmaceuticals – H1 and Q2 2024 Total Revenue $10.4bn, +17% – demand growth, accelerating new launch momentum CVRM R&I Q2 2024: key dynamics H1 2024 $6.2bn, +22% H1 2024 $3.8bn, +22% 2,000 3,000 • Farxiga +32%, strong global demand growth • Wainua n/m, accelerating new patient starts Total Reven
Slide 12: BioPharmaceuticals – R&D highlights
BioPharmaceuticals – R&D highlights Positive readouts build confidence in CVRM pipeline multi-blockbuster potential balcinrenone/dapagliflozin FDC AZD0780 (oPCSK9) | Phase I1 dyslipidaemia | Phase IIb MIRACLE2 HF with CKD rosuvastatin 20 mg + placebo rosuvastatin 20 mg + AZD0780 30 mg LDL-C calculat
Slide 13: Rare Disease – H1 and Q2 2024
Rare Disease – H1 and Q2 2024 Total Revenue +15% in H1 2024 driven by neurology Rare Disease Q2 2024: key dynamics H1 2024 $4.2bn, +15% 2,500 C5 Franchise: sustainable, durable growth 2,000 • Ultomiris +36%, driven by demand growth in neurology indications (gMG, NMOSD) Total Revenue ($m) 1,500 • Sol
Slide 14: Rare Disease – R&D highlights
Rare Disease – R&D highlights Amolyt Pharma acquisition completed, eneboparatide Phase III anticipated H1 2025 eneboparatide | hypoparathyroidism $1-3bn* A rare endocrine disorder characterised by deficient or absent parathyroid hormone Epidemiology US 80% Eneboparatide binds to PTH 1 receptor 106K
Slide 15: Delivering leading growth and long-term value creation
Delivering leading growth and long-term value creation Ambition to deliver $80bn in On track to deliver mid-30s% Ambition to deliver at least 20 Total Revenue by 20301 Core operating margin by 2026 NMEs by 2030 Beyond 2026, Core operating margin will be influenced by portfolio evolution and the Comp
Slide 16: Multiple high-value medicines to drive leading growth
Multiple high-value medicines to drive leading growth Existing medicines and NME opportunities with $5bn+ potential Wainua Tagrisso camizestrant saruparib dapa FDCs Dato-DXd AZD0486 baxdrostat Farxiga Enhertu rilvegostomig AZD0120 AZD0780 Imfinzi/ Imjudo Ultomiris volrustomig AZN ADCs weight managem
Slide 17: Rich catalyst path and confidence building news-flow
AstraZeneca – rich catalyst path and confidence building news-flow supports long-term growth ambition H2 2024 Phase III readouts Key Phase III readouts anticipated in 2025 and data presentations camizestrant – SERENA-6 – HR+/HER2- mBC Imfinzi – VOLGA – cis-ineligible MIBC Dato-DXd – TB02 – TNBC Dato
Slide 18: Financial update
Financial update 18
Slide 19: H1 and Q2 2024 – Reported profit and loss
H1 and Q2 2024 – Reported profit and loss H1 2024 CER change % Total Q2 2024 CER change % Total $m % Revenue $m % Revenue Total Revenue 25,617 18 100 12,938 17 100 - Product Sales 24,629 18 96 12,452 18 96 - Alliance Revenue 939 50 4 482 42 4 - Collaboration Revenue 49 (78) - 4 (98) - Product Sales
Slide 20: H1 and Q2 2024 – Core profit and loss
H1 and Q2 2024 – Core profit and loss H1 2024 CER change % Total Q2 2024 CER change % Total $m % Revenue $m % Revenue Total Revenue 25,617 18 100 12,938 17 100 - Product Sales 24,629 18 96 12,452 18 96 - Alliance Revenue 939 50 4 482 42 4 - Collaboration Revenue 49 (78) - 4 (98) - Product Sales Gros
Slide 21: Net debt and capital expenditure
Net debt and capital expenditure Net cash inflow from operating activities increased 15% in H1 2024 Net debt bridge Capital expenditure $bn • Anticipate ~50% increase in tangible capex in 2024, due to investment in capacity and capabilities • Tangible capex $799m in H1 2024, reflects BIBP BIBP maint
Slide 22: Global demand growth across leading medicines
Global demand growth across leading medicines Top medicines by H1 2024 Total Revenue BIBP Strong underlying growth supports upgraded FY 2024 guidance 22 Collaboration partners: Daiichi Sankyo (Enhertu), Merck & Co., Inc. (Lynparza). Appendix: Glossary.
Slide 23: FY 2024 guidance
FY 2024 guidance Upgraded FY 2024 guidance at CER reflecting strong underlying performance Total Revenue Core EPS • Mid teens percentage increase • Mid teens percentage increase (previously low double-digit to low teens) (previously low double-digit to low teens) Other guidance indications BIBP • An
Slide 24: Net debt position
Net debt position 30-Jun-24 31-Dec-23 $m $m Gross debt (33,533) (28,622) Cash & cash equivalents 6,916 5,840 Other investments 160 122 Net derivative financial instruments 133 150 Closing net debt 1 (26,324) (22,510) 1. Net debt is a non-GAAP measure. The equivalent GAAP measure to Net debt is ‘liab
Slide 25: Liquidity, debt and rating summary
Liquidity, debt and rating summary • Strong liquidity at 30 June 2024: • Group cash and investments of $7.1bn • Undrawn $6.9bn committed bank facilities: $2bn mature in February 2025 and $4.9bn mature in April 2029 • Access to diverse sources of funding through US and European term debt and commerci
Slide 26: Smooth debt maturity profile with seven-year average life
Smooth debt maturity profile with seven-year average life Debt Maturity Profile at 30 June 2024 1 6,000 5,000 4,000 $m 3,000 2,000 1,000 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2037 2042 2045 2048 2050 2051 USD Commercial Paper Overdrafts, finance leases & bank collateral EUR New is
Slide 27: Appendix & Glossary
Appendix & Glossary • Glossary • Oncology tumour maps • Reported to Core reconciliation • Treasury policy
Slide 28: Glossary – abbreviations
GL O S S A RY Glossary – abbreviations ADC antibody conjugate EM Emerging Markets K+ Potassium PTH parathyroid hormone API active pharmaceutical ingredient EPS Earnings per share LA long-acting QCS quantitative continuous scoring ASCO American society of clinical oncology EPS earnings per share LDL-
Slide 29: AstraZeneca in Lung Cancer
A PPE N D I X | Oncology tumour maps AstraZeneca in Lung Cancer Ambition for >50% of lung cancer patients to be eligible for AZN medicine by 2030 resectable unresectable metastatic Leading the future of Stg. I-III Stg. I-II Stg. III 1L 2L+ ~350K lung cancer treatment Est. epi (G7) ~200K ~30K ~70K ~2
Slide 30: AstraZeneca in Breast Cancer
A PPE N D I X | Oncology tumour maps AstraZeneca in Breast Cancer Ambition to eliminate breast cancer as a cause of death All numbers are approximate. Illustrative settings and populations, not to scale. 30 Collaboration partners: Daiichi Sankyo (Enhertu, Dato-DXd), Merck & Co., Inc. (Lynparza). App
Slide 31: Q2 2024 Reconciliation of Reported to Core Financial Measures
A PPE N D I X | Reported to Core reconciliation Q2 2024 Reconciliation of Reported to Core Financial Measures Intangible Asset Reported Restructuring Amortisation & Other1 Core2 Impairments $m $m $m $m $m Gross Profit 10,755 16 9 - 10,780 Distribution Expense (132) - - - (132) R&D Expense (3,008) 97
Slide 32: H1 2024 Reconciliation of Reported to Core Financial Measures
A PPE N D I X | Reported to Core reconciliation H1 2024 Reconciliation of Reported to Core Financial Measures Intangible Asset Reported Restructuring Amortisation & Other1 Core2 Impairments $m $m $m $m $m Gross Profit 21,216 36 19 - 21,271 Distribution Expense (267) - - - (267) R&D Expense (5,791) 1
Slide 33: Prudent treasury risk-management policies
A PPE N D I X | Treasury Policy Prudent treasury risk-management policies The Company operates with a centralised Treasury structure so that key Treasury risks are managed at a Group level. Liquidity Policy • Prudent level of available cash and unutilised credit facilities • Group funding centrally