AstraZeneca Earnings Signal Next-Year Growth
AstraZeneca earnings showed $58.7 billion in annual revenue and issued guidance that gives traders a peg for positioning around oncology readouts.
KEY TAKEAWAYS
- FY 2025 revenue was $58.7 billion, up 8% at CER.
- 2026 guidance called for mid-to-high single-digit revenue growth and low double-digit core EPS growth at CER.
- Oncology sales reached $7.0 billion, up 20%, supporting pipeline momentum and near-term readouts.
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AstraZeneca PLC (AZN) reported stronger operating results for 2025 and issued growth guidance for 2026, driven by rising oncology demand, extensive Phase 3 trial activity, and recent regulatory approvals.
FY 2025 Results and Q4 Drivers
AstraZeneca’s full-year 2025 revenue reached $58.7 billion, up 8.0% at constant exchange rates (CER). Product sales rose 9.0% to $55.6 billion, while alliance revenue increased 38.0% to $3.1 billion. Core earnings per share (EPS) grew 11.0% at CER to $9.16, supported by a 9.0% rise in core operating profit.
In the fourth quarter, total revenue was $15.5 billion, up 2.0% at CER, with product revenue increasing 8.0%. Core EPS declined 2.0% at CER to $2.12. Oncology led growth with sales of $7.0 billion, up 20.0%, while cardiovascular, renal, and metabolism (CVRM) revenue fell 6.0% to $3.1 billion due to generic competition. Over the past 12 months, the company reported 16 positive Phase 3 readouts and secured 43 regulatory approvals across major regions.
Free cash flow for 2025 rose 18.0% to $11.8 billion. Year-end net debt stood at $23.4 billion. The board declared a second interim dividend of $2.17 per share, bringing the total payout for the year to $3.20, up 3.0%.
2026 Guidance and Strategic Outlook
AstraZeneca’s 2026 guidance projects total revenue growth in the mid-to-high single-digit percentage range at CER and core EPS growth in the low double-digit range at CER. The company expects a core tax rate between 18% and 22%. Based on average foreign exchange rates through 2025, currency fluctuations should have limited impact; if rates from February to December 2026 match January’s average, revenue would see a low single-digit percentage positive effect versus CER, with core EPS growth similarly stable on a reported basis.
Management linked the outlook to sustained oncology demand and pipeline momentum, setting a long-term target of $80.0 billion in annual sales by 2030. More than 20 Phase 3 trial readouts are scheduled for 2026, which the company views as key to near-term growth.
Strategic expansion supports this plan. AstraZeneca’s ordinary shares began trading on the New York Stock Exchange on Feb. 2, 2026, aligning with listings in London and Stockholm. The company completed a $50.0 billion U.S. manufacturing agreement in 2025 and plans a $15.0 billion investment in China through 2030, including a $1.2 billion collaboration with CSPC Pharmaceuticals on weight-loss medicines.
