Astrazeneca Plc · LSE:AZN
Astrazeneca — Debt Investor Presentation (July 2025)
36 slides from Astrazeneca's debt investor presentation, Jul 29, 2025
Slide 1: H1 and Q2 2025 Results: Fixed-income investor update
H1 and Q2 2025 Results Fixed-income investor update 29 July 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 and Non-GAAP measures
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 2025: strong global growth momentum continued Total revenue growth of 11%, full year 2025 guidance reiterated Pipeline: catalyst-rich 2025 Excellent delivery across diverse pipeline in 2025 to date On track to deliver on 2030 ambitions supported by strong momentum 9 NMEs delivered t
Slide 5: Business Update
Business Update 5
Slide 6: Strong commercial and pipeline delivery in H1 2025
Strong commercial and pipeline delivery in H1 2025 Continued commercial Excellent momentum pipeline delivery +11% Total Revenue1 19 new approvals 12 positive First Phase III +17% Core EPS1 in key regions2,3 Phase III readouts3,4 data for 5 NMEs3 6 All growth rates at CER. 1. Growth rates relative to
Slide 7: H1 2025 – growth supported by diverse, broad-based business
H1 2025 – growth supported by diverse, broad-based business H1 2025 | % Total Revenue by therapy area 16% 10% V&I: 411 18% R&I: 13% Oncology CVRM R&I V&I Other Rare Disease Strength across 4,234 43% 23% 15% 1% 2% 15% therapy areas 3% H1 2025 | Total Revenue ($m) 8% CVRM: 11,955 6,588 4,336 Oncology
Slide 8: Excellent delivery across diverse pipeline
Excellent delivery across diverse pipeline Key Phase III trial readouts in 2025 to date Oncology BioPharmaceuticals Rare Disease NME NME SERENA-6 POTOMAC KALOS/LOGOS CARES anselamimab improving survival camizestrant potential new Imfinzi opportunity to treat Breztri broadening opportunity in a subgr
Slide 9: 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 lead Develop scalable cell Replace systemic Make cure possible
Slide 10: Oncology – H1 and Q2 2025
Oncology – H1 and Q2 2025 Total Revenue +16% in H1 2025 driven by strong global demand across medicines Oncology Q2 2025: key dynamics H1 2025 $12.0bn, +16% 7,000 • Tagrisso +12%, increasing demand across indications, leading 1L combination share 6,000 • Calquence +10%, extending BTKi leadership in
Slide 11: Oncology – high-value readouts year to date
Oncology – high-value readouts year to date Practice-defining data at ASCO 2025 and new high-level results across multiple tumour types Transforming treatment across breast Broadening impact of and gastric cancer at ASCO 2025 established treatments Establishing new SERENA-61 | switch to camizestrant
Slide 12: BioPharmaceuticals – H1 and Q2 2025
BioPharmaceuticals – H1 and Q2 2025 Total Revenue +10% in H1 2025 driven by strong momentum in key medicines CVRM R&I Q2 2025: key dynamics H1 2025 $6.6bn, +8% H1 2025 $4.2bn, +13% 3,500 2,500 • Farxiga +10%, global demand growth mainly driven by CKD and HF 3,000 • Lokelma +27%, market leader in gro
Slide 13: BioPharmaceuticals – first Phase III data for baxdrostat
BioPharmaceuticals – first Phase III data for baxdrostat Potential first-in-class NME; $5bn+ PYR opportunity across monotherapy and combinations Phase III BaxHTN in uncontrolled or resistant hypertension Broad Phase III development Run-in Double-blind treatment Monotherapy 2 weeks 12 weeks baxdrosta
Slide 14: Rare Disease – H1 and Q2 2025
Rare Disease – H1 and Q2 2025 Total Revenue $4.3bn in H1 2025 driven by patient demand across the portfolio Rare Disease Q2 2025: key dynamics H1 2025 $4.3bn, +3% 2,500 C5 Franchise • Ultomiris +23%, demand growth across indications, within the 2,000 competitive gMG and PNH markets • Soliris (22%),
Slide 15: Rare Disease – Phase III readouts for two NMEs
Rare Disease – Phase III readouts for two NMEs Reinforcing innovation and leadership in Rare Disease CARES | anselamimab in PREVAIL | gefurulimab in gMG light-chain amyloidosis Dual-binding nanobody targeting C5, self-administration s.c. QW1 Specific anti-fibril • All primary and secondary Global gM
Slide 16: Successfully delivering in unprecedented catalyst rich period
Successfully delivering in unprecedented catalyst rich period H1 2025 H2 2025 DESTINY-Breast09 | Enhertu TROPION-Breast02 | Datroway TMA-313 | Ultomiris 1L HER2+ breast cancer 1L TNBC HSCT-TMA (adults) DESTINY-Breast11 | Enhertu DESTINY-Breast05 | Enhertu CARES1 | anselamimab early-stage HER2+ breas
Slide 17: On track to deliver on 2030 ambitions
On track to deliver on 2030 ambitions supported by strong growth and pipeline momentum 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 9 NMEs launched to date
Slide 18: Financial Update
Financial Update 18
Slide 19: H1 and Q2 2025 – Reported profit and loss
H1 and Q2 2025 – Reported profit and loss H1 2025 CER change % Total Q2 2025 CER change % Total $m % Revenue $m % Revenue - Product Sales 26,670 10 95 13,795 10 95 - Alliance Revenue 1,293 38 5 654 35 5 Product Revenue 27,963 11 100 14,449 11 100 - Collaboration Revenue 82 66 - 8 >2x - Total Revenue
Slide 20: H1 and Q2 2025 – Core profit and loss
H1 and Q2 2025 – Core profit and loss H1 2025 CER change % Total Q2 2025 CER change % Total $m % Revenue $m % Revenue - Product Sales 26,670 10 95 13,795 10 95 - Alliance Revenue 1,293 38 5 654 35 5 Product Revenue 27,963 11 100 14,449 11 100 - Collaboration Revenue 82 66 - 8 >2x - Total Revenue 28,
Slide 21: Investing to support our long-term growth ambition
Investing to support our long-term growth ambition Driving operating leverage through SG&A efficiency Total Revenue vs. Core R&D and Core SG&A Patients enrolled in as percentage of Total Revenue Prioritising R&D AstraZeneca trials (thousands) 120 100 30.0 40% • Accelerating high-priority assets 80 6
Slide 22: FY 2025 guidance reiterated
FY 2025 guidance reiterated Net cash inflow from operating activities increased by 27% in H1 2025 Net debt/EBITDA 1.4x FY 2025 guidance (CER) $bn 0.8 Total Revenue 3.4 7.1 2.3 anticipated to increase by a high single-digit percentage 1.3 Core EPS 25.2 anticipated to increase by a low double-digit pe
Slide 23: Net debt position
Net debt position 30-Jun-25 31-Dec-24 $m $m Gross borrowings (32,839) (30,295) Cash & cash equivalents 7,058 5,488 Other investments 50 166 Net derivative financial instruments 504 71 Closing net debt 1 (25,227) (24,570) 1. Net debt is a non-GAAP measure. The equivalent GAAP measure to Net debt is ‘
Slide 24: Liquidity, debt and rating summary
Liquidity, debt and rating summary • Strong liquidity at 30 June 2025: • Group cash and investments of $7.1bn • 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 (Moody's
Slide 25: Smooth debt maturity profile with seven-year average life
Smooth debt maturity profile with seven-year average life Debt Maturity Profile at 30 June 2025 1 5,000 4,500 4,000 3,500 3,000 $m 2,500 2,000 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 coll
Slide 26: Appendix
Appendix
Slide 27: Appendix – AstraZeneca P&L reference table
Appendix – AstraZeneca P&L reference table P&L line-item definitions P&L line-item definition Product Sales • Recognises sales from territories where Group has lead commercialisation • Recognises supply of Beyfortus to Sanofi Alliance Revenue • Alliance Revenue comprises income arising from the ongo
Slide 28: AstraZeneca in non-small cell lung cancer
AP P E ND I X | Oncology tumour maps AstraZeneca in non-small cell lung cancer Resectable Unresectable Metastatic Stg. I Stg. II-III Stg. I-II Stg. III 1L 2L 3L+ Est. epi (G7, 2025) ~150K ~70K ~50K ~100K ~310K ~190K ~70K Imfinzi CRT → Imfinzi Imfinzi + Imjudo + CTx POSEIDON AEGEAN PACIFIC Datroway +
Slide 29: AstraZeneca in breast cancer
AP P E ND I X | Oncology tumour maps AstraZeneca in breast cancer Early Metastatic Neoadjuvant Adjuvant 1st line 2nd line 3rd line 4th line + Est. epi (G7, 2025) 540k 135k 100k 75k 60k HER2-positive Enhertu + THP NST→ residual disease → Enhertu Enhertu ± pertuzumab Enhertu Enhertu 15-20% DESTINY-Bre
Slide 30: AstraZeneca in gastric cancer
AP P E ND I X | Oncology tumour maps AstraZeneca in gastric cancer Early Advanced/Metastatic Stage II/III 1st line 2nd line 3rd line Est. epi (G7, 2025) 50k 90k 60k 30k Enhertu + rilvegostomig + FP HER2-positive ARTEMIDE-Gastric01 Enhertu Enhertu 20% DESTINY-Gastric02, 04 DESTINY-Gastric01 Enhertu +
Slide 31: Strengthening manufacturing and R&D footprint to support future growth
AP P E ND I X | Geographic footprint Strengthening manufacturing and R&D footprint to support future growth Six strategic R&D centres globally: Cambridge, UK Gothenburg, Sweden NEW INVESTMENT | Virginia State-of-the-art facility to support weight management and emerging metabolic portfolio Gaithersb
Slide 32: Q2 2025 Reconciliation of Reported to Core Financial Measures
AP P E ND I X | Reported to Core reconciliation Q2 2025 Reconciliation of Reported to Core Financial Measures Intangible Asset Reported Restructuring Amortisation & Other1 Core2 Impairments $m $m $m $m $m Gross Profit 11,984 (78) 9 (1) 11,914 Distribution Expense (143) (3) - - (146) R&D Expense (3,5
Slide 33: H1 2025 Reconciliation of Reported to Core Financial Measures
AP P E ND I X | Reported to Core reconciliation H1 2025 Reconciliation of Reported to Core Financial Measures Intangible Asset Reported Restructuring Amortisation & Other1 Core2 Impairments $m $m $m $m $m Gross Profit 23,331 (70) 17 1 23,279 Distribution Expense (278) - - - (278) R&D Expense (6,707)
Slide 34: Prudent treasury risk-management policies
AP P E ND 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
Slide 35: Glossary
Glossary 1L, 2L, 3L first-, second-, third-line FDC fixed-dose combination PARPi poly-ADP ribose polymerase inhibitor AAV adeno-associated virus FLOT luorouracil, leucovorin, oxaliplatin and docetaxel PDL1 programmed death-ligand 1 ADC antibody-drug conjugate FP fluoropyrimidine PD-L1 programmed cel
Slide 36: Confidentiality Notice
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