Slide 1: FY and Q4 2025 Results
FY and Q4 2025 Results Conference call and webcast for investors and analysts 10 February 2026
Slide 2: Cautionary statements regarding forward-looking statements
Cautionary statements regarding 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 certai
Slide 3: Conference call agenda
FY and Q4 2025 Results Conference call agenda CEO Opening Remarks Pascal Soriot Chief Executive Officer Financial Results Aradhana Sarin Chief Financial Officer Oncology Haematology Dave Fredrickson Susan Galbraith EVP, Oncology Haematology Business EVP, Oncology Haematology R&D BioPharmaceuticals R
Slide 4: CEO Opening Remarks
CEO Opening Remarks Pascal Soriot CHIEF EXECUTIVE OFFICER 4
Slide 5: Strong commercial performance and excellent pipeline delivery in FY 2025
Strong commercial performance and excellent pipeline delivery in FY 2025 Delivered on FY 2025 $58.7bn Total Revenue 8% financial guidance $9.16 Core EPS 11% Strong demand for our medicines $58.6bn Product Revenue 10% 16 positive Phase III trial Multiple blockbuster opportunities and readouts in 2025
Slide 6: Growth powered by diverse global presence and sources of business
Growth powered by diverse global presence and sources of business FY 2025 | % Product Revenue by therapy area +17% +6% V&I: 1,268 -3% R&I: Oncology CVRM R&I V&I Other Rare Disease Strength across 8,866 +12% 44% 22% 15% 2% 2% 16% therapy areas +5% FY 2025 | Product Revenue ($m)1 CVRM: +2% 25,618 12,7
Slide 7: Deep and expanding pipeline targeting indications of increasing value
Deep and expanding pipeline targeting indications of increasing value Growing number of late-stage assets1 with increasing value per indication2 PYR ($m) 40 1,400 Phase III trials 100+ 35 1,200 ongoing 30 1,000 25 800 20 37 37 15 30 33 600 27 Phase III trial readouts 20+ 400 10 anticipated in 2026 5
Slide 8: Strategically investing to deliver growth beyond 2030
Strategically investing to deliver growth beyond 2030 Significant progress across our transformative technologies in FY 2025 NEXT WAVE OF INNOVATION Weight management – laroprovstat Phase III data 2027 – Ongoing trials targeting GLP-1-GCG & amylin and CV risk factors – elecoglipron Phase III initiat
Slide 9: Financial Results
Financial Results Aradhana Sarin CHIEF FINANCIAL OFFICER 9
Slide 10: FY and Q4 2025 – Reported profit and loss
FY and Q4 2025 – Reported profit and loss FY 2025 CER change % Total Q4 2025 CER change % Total $m % Revenue $m % Revenue - Product Sales 55,573 9 95 14,538 7 94 - Alliance Revenue 3,067 38 5 959 33 6 Product Revenue 58,640 10 100 15,497 8 100 - Collaboration Revenue 99 (89) - 6 (99) - Total Revenue
Slide 11: FY and Q4 2025 – Core profit and loss
FY and Q4 2025 – Core profit and loss FY 2025 CER change % Total Q4 2025 CER change % Total $m % Revenue $m % Revenue - Product Sales 55,573 9 95 14,538 7 94 - Alliance Revenue 3,067 38 5 959 33 6 Product Revenue 58,640 10 100 15,497 8 100 - Collaboration Revenue 99 (89) - 6 (99) - Total Revenue 58,
Slide 12: FY 2026 Guidance
FY 2026 Guidance Capital allocation priorities remain unchanged Net debt/EBITDA 1.2x FY 2026 Guidance (CER) $bn Total Anticipated to increase by a mid-to-high single-digit 5.0 1.0 Revenue percentage 14.6 4.2 24.6 3.3 23.4 Anticipated to increase by a Core EPS low double-digit percentage Net debt CFO
Slide 13: Investing to support our growth ambitions
Investing to support our growth ambitions Strategic investment to support launches and continued pipeline growth R&D broadly stable and SG&A declining Investing behind 3 NME launches in 20261 as a percentage of Total Revenue 70.0 40% baxdrostat hard-to-control hypertension 60.0 35% 50.0 camizestrant
Slide 14: Oncology
Oncology Dave Fredrickson ONCOLOGY HAEMATOLOGY BUSINESS Susan Galbraith ONCOLOGY HAEMATOLOGY R&D 14
Slide 15: Oncology – FY and Q4 2025
Oncology – FY and Q4 2025 Total Revenue +14% in 2025 driven by continued strong global demand across medicines Oncology Q4 2025: key dynamics FY 2025 $25.6bn, +14% 7,500 7,000 • Tagrisso +10%, robust demand across indications, leadership in 1L combo market 6,500 6,000 5,500 • Imfinzi +37%, Imjudo +2
Slide 16: Oncology – key revenue drivers in 2026
Oncology – key revenue drivers in 2026 Strong growth momentum continues for multi-blockbuster medicines 2026 DYNAMICS STRATEGIC EXPANSION 2027+ Strengthen leadership in GI, GU, lung • Broad-based growth across tumour types EMERALD-3 | VOLGA | • MATTERHORN gastric and POTOMAC bladder launches PACIFIC
Slide 17: Oncology – select key Phase III readouts in 2026
Oncology – select key Phase III readouts in 2026 Harnessing the breadth of the AstraZeneca portfolio across key tumour areas camizestrant Redefining treatment Pioneering in 1L NSCLC Moving earlier in HCC for 1L HR+ aBC AVANZAR EMERALD-3 + Imfinzi | + QCS technology H2 2026 + Imjudo H1 2026 SERENA-4
Slide 18: BioPharmaceuticals
BioPharmaceuticals Ruud Dobber BIOPHARMACEUTICALS BUSINESS Sharon Barr BIOPHARMACEUTICALS R&D 18
Slide 19: BioPharmaceuticals – FY and Q4 2025
BioPharmaceuticals – FY and Q4 2025 Total Revenue +5% to $23bn in 2025 driven by strong momentum in key medicines R&I CVRM Q4 2025: key dynamics FY 2025 $8.9bn, +12% FY 2025 $12.9bn, +2% 2,500 3,500 • Fasenra +10%, sustained IL-5 leadership in asthma, EGPA launch 2,000 3,000 • Breztri +13%, fastest
Slide 20: BioPharmaceuticals – key revenue drivers in 2026
BioPharmaceuticals – key revenue drivers in 2026 Momentum continues for established brands 2026 DYNAMICS STRATEGIC EXPANSION 2027+ • Continued severe asthma leadership of IL-5 class Increased biologics use, • Recent EGPA launch and China approval Emerging Markets growth • NBRx leader in severe asthm
Slide 21: BioPharmaceuticals – select key readouts in 2026
BioPharmaceuticals – select key readouts in 2026 Significant opportunities across CVRM and R&I, progressing elecoglipron into Phase III trials tozorakimab weight management Largest trial run in ATTR-CM Opportunity to redefine Multiple mechanisms to readout management of COPD Phase II data in 2026 VI
Slide 22: Rare Disease
Rare Disease Marc Dunoyer CHIEF EXECUTIVE OFFICER, ALEXION 22
Slide 23: Rare Disease – FY and Q4 2025
Rare Disease – FY and Q4 2025 Total Revenue +4% in 2025 driven by patient demand across the portfolio Rare Disease Q4 2025: key dynamics Meaningful progress with Rare FY 2025 $9.1bn, +4% Disease since Alexion acquisition 3,000 C5 Franchise • 2,500 Ultomiris +15%, demand growth across indications, in
Slide 24: Rare Disease – key revenue drivers
Rare Disease – key revenue drivers 2026 DYNAMICS STRATEGIC EXPANSION 2027+ • Continuing growth in neurology indications driven by new Indication expansion to unlock to brand patients and switching from Soliris new growth opportunities • Expanding reach through new market launches TMA-313 | ICANS | A
Slide 25: Rare Disease – Research and Development
Rare Disease – Research and Development Leading portfolio in antibody-based depletion for cardiac and systemic amyloidosis anselamimab NI009 cliramitug First depleter to show benefit in Expanded collaboration with Ongoing Phase III trial kappa light-chain patients lambda light chain targeting mAb in
Slide 26: CEO Closing Remarks
CEO Closing Remarks Pascal Soriot CHIEF EXECUTIVE OFFICER 26
Slide 27: Continuing our pipeline momentum with key Phase III readouts planned for 2026 and 2027
Continuing our pipeline momentum with key Phase III readouts planned for 2026 and 2027 H1 2026 H2 2026 2027 EMERALD-3 | Imfinzi + Imjudo AVANZAR | Datroway + Imfinzi TROPION-Breast03| Datroway + DAISY | Saphnelo locoregional HCC 1L NSQ/NSQ TROP2+ NSCLC Imfinzi post-neoadj. TNBC systemic sclerosis VO
Slide 28: Increasing confidence in Ambition 2030 and continued growth beyond
Increasing confidence in Ambition 2030 and continued growth beyond Continued commercial Advancing towards $80bn Investment in growth momentum in 2026 2030 Total Revenue ambition1 beyond 2030 Strong global demand Significant pipeline progress Strategic focus to fuel across medicines increases confide
Slide 29: New Head of Investor Relations, AstraZeneca
New Head of Investor Relations, AstraZeneca Andy Barnett Joris Silon New position as Incoming SVP, Head SVP, Japan Country of Investor President, Relations, AstraZeneca AstraZeneca 29 Appendix: Glossary.
Slide 30: Q&A Session
Q&A Session Pascal Soriot Aradhana Sarin CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER Marc Dunoyer Susan Galbraith CHIEF EXECUTIVE EVP, ONCOLOGY HAEMATOLOGY R&D OFFICER, ALEXION Dave Fredrickson Sharon Barr EVP, ONCOLOGY EVP, BIOPHARMACEUTICALS R&D HAEMATOLOGY BUSINESS Ruud Dobber Iskra Reic EVP,
Slide 31: Appendix
Appendix
Slide 32: AstraZeneca P&L reference table
APPEN DI X | P&L definitions 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 ari
Slide 33: Non-risk adjusted peak-year revenue guidance
APPEN DI X | PYR Revenue Guidance Non-risk adjusted peak-year revenue guidance Approved medicines Phase III pipeline Earlier pipeline camizestrant (next generation oral SERD) AZD0120 (BCMA/CD19 CAR-T) rilvegostomig (PD-1/TIGIT bispecific mAb) AZN ADCs saruparib (PARP1 inhibitor) weight management (o
Slide 34: AstraZeneca in non-small cell lung cancer
APPEN DI 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 CRT → Imfinzi Imfinzi + Imjudo + CTx POSEIDON PACIFIC Datroway + IO ± platinum TL0
Slide 35: AstraZeneca in breast cancer
APPEN DI 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-Breast
Slide 36: AstraZeneca in gastric cancer
APPEN DI 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 + pe
Slide 37: Oncology product revenue: Tagrisso, Lynparza
APPEN DI X | Product Revenue Performance Oncology Tagrisso Lynparza 10% growth at CER to $7,254m in FY 2025 6% growth at CER to $3,279m in FY 2025 2,000 1,000 1,800 900 1,600 800 1,400 700 Product Revenue ($m) Product Revenue ($m) 1,200 600 1,000 500 800 400 600 300 400 200 200 100 0 0 Q4 Q1 Q2 Q3 Q
Slide 38: Oncology product revenue: Imfinzi, Imjudo
APPEN DI X | Product Revenue Performance Oncology Imfinzi Imjudo 28% growth at CER to $6,063m in FY 2025 23% growth at CER to $346m in FY 2025 2,000 100 1,800 90 1,600 80 1,400 70 Product Revenue ($m) Product Revenue ($m) 1,200 60 1,000 50 800 40 600 30 400 20 200 10 0 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 39: Oncology product revenue: Calquence, Enhertu
APPEN DI X | Product Revenue Performance Oncology Calquence Enhertu 12% growth at CER to $3,518m in FY 2025 40% growth at CER to $2,775m in FY 2025 1,200 900 800 1,000 700 800 600 Product Revenue ($m) Product Revenue ($m) 500 600 400 400 300 200 200 100 0 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4
Slide 40: BioPharmaceuticals: Respiratory & Immunology
APPEN DI X | Product Revenue Performance BioPharmaceuticals: Respiratory & Immunology Fasenra Tezspire Saphnelo 16% growth at CER to $1,981m in FY 2025 64% growth at CER to $1,131m in FY 2025 44% growth at CER to $686m in FY 2025 600 400 250 350 500 200 300 400 Product Revenue ($m) Product Revenue (
Slide 41: BioPharmaceuticals: Respiratory & Immunology
APPEN DI X | Product Revenue Performance BioPharmaceuticals: Respiratory & Immunology Breztri Symbicort 22% growth at CER to $1,199m in FY 2025 0% growth at CER to $2,885m in FY 2025 350 900 800 300 700 250 600 Product Revenue ($m) Product Revenue ($m) 200 500 150 400 300 100 200 50 100 0 0 Q4 Q1 Q2
Slide 42: BioPharmaceuticals: Cardiovascular, Renal & Metabolism
APPEN DI X | Product Revenue Performance BioPharmaceuticals: Cardiovascular, Renal & Metabolism Farxiga Brilinta Lokelma 9% growth at CER to $8,405m in FY 2025 38% decrease at CER to $823m in FY 2025 28% growth at CER to $698m in FY 2025 2,500 400 200 180 350 2,000 160 300 140 Product Revenue ($m) P
Slide 43: Rare Disease
APPEN DI X | Product Revenue Performance Rare Disease Ultomiris Strensiq Koselugo 19% growth at CER to $4,718m in FY 2025 18% growth at CER to $1,678m in FY 2025 22% growth at CER to $662m in FY 2025 1,400 600 250 1,200 500 200 1,000 400 Product Revenue ($m) Product Revenue ($m) Product Revenue ($m)
Slide 44: Glossary
APPEN DI X | Glossary Glossary 1L, 2L, 3L first-, second-, third-line EPS earnings per share NMR+ normalised membrane ratio positive aBC advanced breast cancer ERoW Established Rest of World NSCLC non-small cell lung cancer ADC antibody-drug conjugate ESR1m estrogen receptor alpha-mutated NSQ non-sq
Slide 45: Confidentiality Notice
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