Astrazeneca Plc · LSE:AZN
Astrazeneca — Debt Investor Presentation (February 2025)
34 slides from Astrazeneca's debt investor presentation, Feb 6, 2025
Slide 1: Full year and Q4 2024 Results
Full year and Q4 2024 Results Fixed-income investor update 6 February 2025
Slide 2: Forward-looking statements
Forward-looking statements 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.
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 FY 2024: strong global growth across focus therapy areas Total revenue growth of 21% Pipeline: entering remarkably catalyst-rich 2025 Investing in new launches, near and mid-term pipeline On track to deliver on 2030 ambitions supported by strong momentum Revenue, margin and new molecula
Slide 5: Business update
Business update 5
Slide 6: Remarkable execution across key fundamentals in FY 2024
Remarkable execution across key fundamentals in FY 2024 +21% Total Revenue (vs FY 2023) Delivered on upgraded FY 2024 financial guidance +19% Core EPS (vs FY 2023) +14% OpEx (vs FY 2023) 9 positive high-value Phase III Multiple blockbuster opportunities trial readouts in 20241 with combined PYR >$5b
Slide 7: FY 2024 – strong global growth across focus therapy areas
FY 2024 – strong global growth across focus therapy areas Broad-based, diverse source +24% +21% V&I: 1,462 +8% of Total Revenue R&I: 7,876 +25% Strength across FY 2024 | % Total Revenue by therapy area therapy areas CVRM: 12,517 +16% V&I Other FY 2024 | Total Revenue +20% Oncology CVRM R&I Rare Dise
Slide 8: Sustained, durable growth across Emerging Markets
Sustained, durable growth across Emerging Markets Accelerating Emerging Markets growth1 Emerging Markets – 67% of global population2 22% 20% 16% Healthcare expenditure increasing and access improving3 10% AstraZeneca sustained presence is a competitive FY 2021 FY 2022 FY 2023 FY 2024 Emerging Market
Slide 9: Entering remarkably catalyst-rich 2025
Entering remarkably catalyst-rich 2025 Key indication expansion opportunities in high-value tumour types or diseases H1 2025 eneboparatide | hypoPT Breast cancer Enhertu Datroway camizestrant | HR+/HER2- BC HER2+ 1L and early-stage 1L TNBC ceralasertib | post-IO NSCLC Lung cancer Datroway 1L NSQ/NSQ
Slide 10: Oncology – FY and Q4 2024
Oncology – FY and Q4 2024 Multiple medicines achieved new multi-blockbuster levels in FY 2024 Oncology FY 2024 $22.4bn, +24% Q4 2024: key dynamics 7,000 • Tagrisso +21%, strong demand across indications, partly offset by hospital 6,000 ordering dynamic in CN • Calquence +20%, sustained BTKi leadersh
Slide 11: Oncology – key drivers in 2025
Oncology – key drivers in 2025 Strong Tagrisso, Enhertu, Imfinzi growth momentum STRATEGIC EXPANSION Ongoing trials build on Tagrisso as • Market leader in 1L, sustained FLAURA-2 growth backbone in EGFRm • Continued early-stage adoption with ADAURA, LAURA SAFFRON | TROPION-Lung14, -15 • DESTINY-Brea
Slide 12: Oncology – select Phase III readouts in 2025
Oncology – select Phase III readouts in 2025 Indication expansion and NME Phase III trials expand ambition in key tumour types camizestrant potential best-in-class next generation SERD with differentiated programme in HR+ HER2- breast cancer AVANZAR (NSCLC) TROPION-Breast02 (TNBC) • Improved PFS vs.
Slide 13: BioPharmaceuticals – FY and Q4 2024
BioPharmaceuticals – FY and Q4 2024 Total Revenue $21.9bn, +21%, strong momentum from multiple medicines CVRM R&I Q4 2024: key dynamics FY 2024 $12.5bn, +20% FY 2024 $7.9bn, +25% 3,500 2,500 • Farxiga +22%, global demand growth 3,000 • Lokelma +35%, market share leadership 2,000 2,500 • Fasenra +12%
Slide 14: BioPharma – key growth drivers in 2025
BioPharma – key growth drivers in 2025 Significant potential as more patients move onto guideline-based therapies STRATEGIC EXPANSION • Guidelines continue to drive SGLT2i class expansion Farxiga provides foundation for • Continued growth despite anticipated China VBP dapagliflozin FDCs in developme
Slide 15: BioPharma – select Phase III readouts in 2025
BioPharma – select Phase III readouts in 2025 Meaningful indication expansion and high-value NME opportunity Strengthening industry-leading COPD and asthma baxdrostat potential best-in-class novel medicine for the portfolio with indication expansion opportunities treatment of hard-to-treat hypertens
Slide 16: Rare Disease – FY and Q4 2024
Rare Disease – FY and Q4 2024 Total Revenue +16% in 2024 driven by growing demand for key medicines Rare Disease FY 2024 Total Revenues $8.8bn, +16% Q4 2024: key dynamics 2,500 C5 Franchise: continued sustainable growth 2,000 • Ultomiris +33%, driven by demand growth in neurology indications (gMG, N
Slide 17: Rare Disease – key growth drivers in 2025
Rare Disease – key growth drivers in 2025 Increasing momentum with Ultomiris, Strensiq and Koselugo STRATEGIC EXPANSION • Continued growth in neurology indications driven by new Indication expansion to unlock to branded medicines and Soliris switch patients new growth opportunities • Launches in new
Slide 18: Rare disease – Phase III readouts in 2025
Rare disease – Phase III readouts in 2025 First Phase III data for 4 potential NMEs ACCELERATED ACCELERATED eneboparatide anselamimab efzimfotase alfa gefurulimab Ultomiris CALYPSO | HypoPT CAEL-301/2 | AL-A HICKORY/CHESTNUT | HPP PREVAIL | gMG TMA-313/4 | HSCT-TMA PTH1 receptor Enzyme replacement N
Slide 19: Diverse global manufacturing footprint
Diverse global manufacturing footprint CapEx investment to support sustained long-term growth Södertälje, Sweden Existing site Biologics filling capabilities Legend New site Increasing Dublin, Ireland investment New API facility Rockville, Maryland Next-generation cell therapy manufacturing Coppell,
Slide 20: 2025 outlook supports delivery of strategic ambitions
2025 outlook supports delivery of strategic ambitions Sustained commercial Broad-based global Pipeline execution momentum business • Growing demand for • Growth momentum across key medicines substantially offsets • First Phase III data for 7 NMEs regions, notably US IRA and China VBP • Multiple high
Slide 21: Significant progress with transformative technologies to drive 2030+ growth
Significant progress with transformative technologies to drive 2030+ growth Weight management ADCs and Cell therapy and Gene therapy and Next-gen IO bispecifics and risk factors Radioconjugates T-cell engagers gene editing Establish and Develop scalable cell Replace systemic Make cure possible lead
Slide 22: On track to deliver on 2030 ambitions
On track to deliver on 2030 ambitions supported by strong momentum and catalyst-rich 2025 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 Strong growth in 2025 with global Growth in SG&A slowe
Slide 23: Financial update
Financial update 23
Slide 24: FY and Q4 2024 – Reported profit and loss
FY and Q4 2024 – Reported profit and loss FY 2024 CER change % Total Q4 2024 CER change % Total $m % Revenue $m % Revenue Total Revenue 54,073 21 100 14,891 25 100 - Product Sales 50,938 19 94 13,362 19 90 - Alliance Revenue 2,212 55 4 714 69 5 - Collaboration Revenue 923 54 2 815 >2x 5 Product Sale
Slide 25: FY and Q4 2024 – Core profit and loss
FY and Q4 2024 – Core profit and loss FY 2024 CER change % Total Q4 2024 CER change % Total $m % Revenue $m % Revenue Total Revenue 54,073 21 100 14,891 25 100 - Product Sales 50,938 19 94 13,362 19 90 - Alliance Revenue 2,212 55 4 714 69 5 - Collaboration Revenue 923 54 2 815 2x 5 Product Sales Gro
Slide 26: FY 2025 guidance
FY 2025 guidance Net cash inflow from operating activities increased by 15% in 2024 Net debt/Adjusted EBITDA 1.5x FY 2025 guidance (CER) $bn 0.1 4.6 Total Revenue anticipated to increase by a high single-digit percentage 11.9 7.0 24.6 Core EPS 22.5 2.2 anticipated to increase by a low double-digit p
Slide 27: Net debt position
Net debt position 31-Dec-24 31-Dec-23 $m $m Gross debt (30,295) (28,622) Cash & cash equivalents 5,488 5,840 Other investments 166 122 Net derivative financial instruments 71 150 Closing net debt 1 (24,570) (22,510) 1. Net debt is a non-GAAP measure. The equivalent GAAP measure to Net debt is ‘liabi
Slide 28: Liquidity, debt and rating summary
Liquidity, debt and rating summary • Strong liquidity at 31 December 2024: • Group cash and investments of $5.7bn • Undrawn $4.9bn committed bank facilities available until April 2030 • Access to diverse sources of funding through US and European term debt and commercial paper programmes Rating (Moo
Slide 29: Smooth debt maturity profile with eight-year average life
Smooth debt maturity profile with eight-year average life Debt Maturity Profile at 31 December 2024 1 3,500 3,000 2,500 2,000 $m 1,500 1,000 500 0 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 GBP
Slide 30: Appendix & Glossary
Appendix & Glossary • Glossary • Reported to Core reconciliation • Treasury policy
Slide 31: Glossary
GLOSSARY Glossary 1L, 2L, 3L first-, second-, third-line ESR1m estrogen receptor alpha-mutated NMOSD neuromyelitis optica spectrum disorder AAV adeno-associated virus ET endocrine therapy NRDL national reimbursement drug list abema abemaciclib EU Europe NSCLC non-small cell lung cancer ACC American
Slide 32: Q4 2024 Reconciliation of Reported to Core Financial Measures
A P P E N D I X | Reported to Core reconciliation Q4 2024 Reconciliation of Reported to Core Financial Measures Intangible Asset Reported Restructuring Amortisation & Other1 Core2 Impairments $m $m $m $m $m Gross Profit 12,166 (86) 8 1 12,089 Distribution Expense (143) - - - (143) R&D Expense (4,677
Slide 33: FY 2024 Reconciliation of Reported to Core Financial Measures
A P P E N D I X | Reported to Core reconciliation FY 2024 Reconciliation of Reported to Core Financial Measures Intangible Asset Reported Restructuring Amortisation & Other1 Core2 Impairments $m $m $m $m $m Gross Profit 43,866 569 32 5 44,472 Distribution Expense (555) - - - (555) R&D Expense (13,58
Slide 34: Prudent treasury risk-management policies
A P P E 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 centrall
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