global prescription medicines / biopharmaceuticals · global · high complexity
Deep-Dive · Company Intelligence
AstraZeneca turned £54bn in sales into £10.2bn net profit in FY2025, while operating cash hit £14.6bn.
Origin
AstraZeneca is one of the world's largest pharmaceutical companies, discovering, developing, and selling prescription medicines across oncology, cardiovascular, respiratory, and rare-disease therapy areas. It sells to hospitals, healthcare systems, and distributors globally, with the UK entity being the listed parent company that consolidates the entire global group.
At a glance
Timeline
Big year-on-year change
Profit after tax more than doubled — from £115.0m to £3.29bn in a single year (+2763%).
Big year-on-year change
Net assets more than doubled — from £15.64bn to £39.29bn in a single year (+151%).
Big year-on-year change
Profit after tax more than doubled — from £1.23bn to £3.14bn in a single year (+156%).
Where our data starts
Earliest analysed accounts: FY2018. 19 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.
Name changed
Previously incorporated as Zeneca Group PLC.
Name changed
Previously incorporated as Hackplimco (No. Five) Public Limited Company.
Company founded
AstraZeneca PLC was registered at Companies House on 1992-06-17.
02 · Financials
Scene 01 · Revenue
From £22.09bn in FY2018 to £58.74bn in FY2025 — a 166% increase. The most dramatic acceleration came in FY2021, when turnover surged 41% in a single year.
FY2018 – FY2025 · Companies House
Scene 02 · Metrics
Financial health
Computed from · cash · net assets · current ratio · debt to equity · total liabilities
Scene 03 · Trends
Eight years of revenue, profit and operating performance side-by-side. Hover any dot for the full year cross-section.
Revenue, profitability and operating growth over time
Scene 05 · Full detail
All metrics across FY2018–FY2025, now fully contextualised by the story above.
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | £22.09bn | £24.38bn | £26.62bn | £37.42bn | £44.35bn | £45.81bn | £54.07bn | £58.74bn | ▲ 9% |
| Cost of sales | -£4.94bn | -£4.92bn | -£5.30bn | -£12.44bn | -£12.39bn | -£8.27bn | -£10.21bn | -£10.63bn | ▼ 4% |
| Gross profit | £17.15bn | £19.46bn | £21.32bn | £24.98bn | £31.96bn | £37.54bn | £43.87bn | £48.11bn | ▲ 10% |
| Other operating income | £2.53bn | £1.54bn | £1.53bn | £1.49bn | £514.0m | £1.34bn | £252.0m | £381.0m | ▲ 51% |
| Administrative expenses | -£16.29bn | -£18.08bn | -£17.68bn | -£25.42bn | -£18.42bn | -£19.22bn | -£19.98bn | -£19.93bn | — 0% |
| Other operating costs derived | — | — | — | — | -£10.30bn | -£11.47bn | -£14.14bn | -£14.81bn | — |
| Operating profit | £3.39bn | £2.92bn | £5.16bn | £1.06bn | £3.76bn | £8.19bn | £10.00bn | £13.74bn | ▲ 37% |
| Finance income | £138.0m | £172.0m | £87.0m | £43.0m | £95.0m | £344.0m | £458.0m | £360.0m | ▼ 21% |
| Finance costs | -£1.42bn | -£1.43bn | -£1.31bn | -£1.30bn | -£1.35bn | -£1.63bn | -£1.74bn | -£1.69bn | ▲ 3% |
| Profit before tax | £1.99bn | £1.55bn | £3.92bn | -£265.0m | £2.50bn | £6.90bn | £8.69bn | £12.40bn | ▲ 43% |
| Tax | £57.0m | -£321.0m | -£772.0m | £380.0m | £792.0m | -£938.0m | -£1.65bn | -£2.17bn | ▼ 31% |
| Profit after tax | £2.05bn | £1.23bn | £3.14bn | £115.0m | £3.29bn | £5.96bn | £7.04bn | £10.23bn | ▲ 45% |
| EBITDA (memo) | £7.14bn | £6.69bn | £8.31bn | £7.59bn | £9.24bn | £13.58bn | £16.69bn | £19.48bn | ▲ 17% |
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Intangible assets | £33.67bn | £32.50bn | £32.79bn | £62.38bn | £59.13bn | £58.14bn | £58.20bn | £59.09bn | ▲ 2% |
| Tangible assets | £7.42bn | £7.69bn | £8.25bn | £9.18bn | £8.51bn | £9.40bn | £10.25bn | £12.96bn | ▲ 26% |
| Investments | £922.0m | £1.46bn | £1.15bn | £1.24bn | £76.0m | £147.0m | £1.90bn | £2.52bn | ▲ 33% |
| Total fixed assets | £45.06bn | £45.81bn | £47.19bn | £79.12bn | £73.89bn | £76.06bn | £78.21bn | £85.35bn | ▲ 9% |
| Stocks | £2.89bn | £3.19bn | £4.02bn | £8.98bn | £4.70bn | £5.42bn | £5.29bn | £6.56bn | ▲ 24% |
| Debtors | £6.09bn | £6.50bn | £7.02bn | £9.64bn | £10.52bn | £12.13bn | £12.97bn | £15.18bn | ▲ 17% |
| Cash at bank | £4.83bn | £5.37bn | £7.83bn | £6.33bn | £6.17bn | £5.84bn | £5.49bn | £5.71bn | ▲ 4% |
| Total current assets | £15.59bn | £15.56bn | £19.54bn | £26.24bn | £22.59bn | £25.05bn | £25.83bn | £28.72bn | ▲ 11% |
| Trade creditors | -£12.84bn | -£13.99bn | -£15.79bn | -£18.94bn | -£19.04bn | -£22.37bn | -£22.46bn | -£25.28bn | ▼ 13% |
| Bank loans (current) | -£1.75bn | -£1.82bn | -£2.19bn | -£1.66bn | -£5.31bn | -£5.13bn | -£2.34bn | -£3.10bn | ▼ 33% |
| Total current liabilities | £16.29bn | £18.12bn | £20.31bn | £22.59bn | £26.29bn | £30.54bn | £27.87bn | £30.62bn | ▲ 10% |
| Net current assets | -£701.0m | -£2.55bn | -£763.0m | £3.65bn | -£3.70bn | -£5.49bn | -£2.04bn | -£1.89bn | ▲ 7% |
| Total assets less current liabilities | £44.36bn | £43.26bn | £46.42bn | £82.77bn | £70.19bn | £70.58bn | £76.17bn | £83.46bn | ▲ 10% |
| Bank loans (non-current) | -£17.36bn | -£15.73bn | -£17.50bn | -£28.13bn | -£22.96bn | -£22.36bn | -£26.51bn | -£24.71bn | ▲ 7% |
| Long-term liabilities | £30.32bn | £28.66bn | £30.78bn | £43.48bn | £33.13bn | £31.41bn | £35.30bn | £34.74bn | ▼ 2% |
| Provisions | £891.0m | £1.56bn | £1.56bn | £1.72bn | £1.62bn | £2.15bn | £2.19bn | £1.60bn | ▼ 27% |
| Net assets | £14.04bn | £14.60bn | £15.64bn | £39.29bn | £37.06bn | £39.17bn | £40.87bn | £48.72bn | ▲ 19% |
| Total equity | £14.04bn | £14.60bn | £15.64bn | £39.29bn | £37.06bn | £39.17bn | £40.87bn | £48.72bn | ▲ 19% |
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | £2.62bn | £2.97bn | £4.80bn | £5.96bn | £9.81bn | £10.35bn | £11.86bn | £14.57bn | ▲ 23% |
| Net cash used in investing activities | £963.0m | -£657.0m | -£285.0m | -£11.06bn | -£2.96bn | -£4.06bn | -£7.98bn | -£6.81bn | ▲ 15% |
| Net cash used in financing activities | -£2.04bn | -£1.76bn | -£2.20bn | £3.65bn | -£6.82bn | -£6.57bn | -£4.00bn | -£7.54bn | ▼ 89% |
| Net increase / (decrease) in cash | £1.54bn | £547.0m | £2.31bn | -£1.45bn | £25.0m | -£286.0m | -£115.0m | £223.0m | ▲ 294% |
| Cash at end of year | £4.67bn | £5.22bn | £7.55bn | £6.04bn | £5.98bn | £5.64bn | £5.43bn | £5.70bn | ▲ 5% |
Scene 04 · Waterfall
How each cost layer eats into the top-line on the way down to profit after tax. Cascade chart coming in the next release — for now the table below shows the same flow.
FY2025 accounts · cascade view
03 · Risk
Working capital + cash
Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.
Principal risks
Geopolitical shifts, conflicts, trade tensions, economic nationalism and sustained US-China rivalry create supply chain disruption risks and volatile operating conditions.
Governments and payers applying downward pricing pressure, including US IRA Medicare negotiations and tariff/pricing agreements with the US administration, impacting revenue.
Significant disruption to IT systems, breaches of data security or cybersecurity, or failure to comply with applicable laws could harm reputation and materially affect financial condition.
Drug shortages, weather-related disruptions, quality challenges, geopolitical events and tariff uncertainty create supply chain risks; record drug shortage levels observed in 2025.
Drug development is inherently long, uncertain and costly with high failure rates; setbacks such as missed primary endpoints (e.g. RESOLUTE, LATIFY trials) illustrate this risk.
Screening status
Governance & subsequent events
Global listing harmonisation: from 2 February 2026, AstraZeneca Ordinary Shares became tradeable across all three exchanges in New York, London and Stockholm, following shareholder approval in November 2025.
CSPC Pharmaceuticals strategic collaboration: in January 2026, AstraZeneca announced a proposed strategic collaboration agreement with CSPC Pharmaceuticals to advance development of multiple next-generation therapies for obesity and type 2 diabetes across eight programmes.
Farxiga Maximum Fair Price for Medicare took effect in 2026 under the US Inflation Reduction Act, coinciding with expected US loss of market exclusivity.
Compliance signals
Individual 'RODGERS, Anthony Thomas George' returned an 0.85 confidence match against the ISIL (Da'esh) and Al-Qaida (United Nations Sanctions) (EU Exit) Regulations 2019; manual verification is required to confirm whether this is a true match.
Severity · high
51 director resignations against 12 currently active directors represents an elevated churn rate that may indicate underlying governance or structural instability.
Severity · medium
One outstanding charge is recorded at Companies House, consistent with standard secured lending arrangements but should be reviewed in the context of overall credit exposure.
Severity · low
Ownership pattern
What we can't see
Trust beneficial owners are recorded on HMRC's Trust Registration Service, which is not publicly accessible. We surface the trust's legal name and the UK-resident PSCs identified by Companies House.
These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.
04 · Market
Industry classification
Manufacturing
Companies House records the SIC2007 classification for this entity under 4 codes: 21100, 21200, 46460, 72110.
Sector context · thin
This filing doesn't carry segment reporting, concentration analysis, or a stated-priorities block — typical for small / micro-entity filings where the disclosure threshold is lower. The SIC classification above is the load-bearing market signal.
05 · People
Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.
Each director, individually
| Role | Director | Career boards | Concurrent | Prior-failure rate | Joined | Other UK boards |
|---|---|---|---|---|---|---|
| Director · active |
Michel Roger Demare
Belgian, Swiss · Switzerland
|
1 | — | — | 2019-09-01 | — |
| Director · active |
Aradhana Sarin
American · United States
|
5 | 5 busy | 0.0% | 2021-08-01 | |
|
Aradhana Sarin 4 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. AstraZeneca UK Limited No. 03674842 AstraZeneca Intermediate Holdings Limited No. 06442028 Kudos Pharmaceuticals Limited No. 03479984 Medimmune Limited No. 02451177 |
||||||
| Director · active |
Birgit Conix
Belgian · Switzerland
|
1 | — | — | 2025-02-01 | — |
| Director · active |
Sabera Nazneen Rahman
British · United Kingdom
|
1 | — | — | 2017-06-01 | — |
| Director · active |
Marcus Wallenberg
Swedish
|
3 | 2 | 0.0% | 1999-04-05 | |
|
Marcus Wallenberg 1 other UK board they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Skandinaviska Enskilda Banken Ab (Publ) No. FC014326 |
||||||
| Director · active |
Euan Angus Ashley
British, American · United States
|
1 | — | — | 2020-10-01 | — |
| Director · active |
Karen Elizabeth Knudsen Costello
American · United States
|
1 | — | — | 2025-04-11 | — |
| Director · active |
Diana Louise Patricia Layfield
British · England
|
1 | — | — | 2020-11-01 | — |
| Director · active |
Philip Arthur John Broadley
British · United Kingdom
|
1 | — | — | 2017-04-27 | — |
Co-director network
People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Corporate hierarchy
Subsidiaries pulled from Companies House cross-references — entities AstraZeneca PLC directly controls.
Historical board
Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.
06 · AI Investigation
AI forensic pass across 100 Companies House filings. 35 page-cited signals from three specialist agents, 3 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.
AI Analyst commentary
Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.
Net assets grew £7.8bn to £48.7bn in a single year, almost entirely from retained profits. The balance sheet is large but over half the asset value sits in intangibles — patents and goodwill that depend on future drug revenues holding up.
15 directors currently registered at Companies House — a large board typical of a FTSE 100 listed plc with multiple committee structures. Board includes CEO Pascal Soriot and a broad international mix, consistent with a globally operating pharmaceutical group subject to the UK Corporate Governance Code.
AstraZeneca PLC is itself the listed ultimate parent — no single controlling shareholder; institutional ownership typical of FTSE 100 plcs. No PSC registration required — widely held listed company; governance oversight via UK Corporate Governance Code and LSE listing rules.
Case files · Chapter dossier
Each chapter resolves one signal cluster. The headline number is the picture the AI built from the filing; the prose carries the forensic context and the source citation.
Sales rose 9%, but profit after tax rose 45% — the gap between those two numbers is the story.
When revenue and profit grow at very different rates, it usually means fixed costs are being absorbed across a larger base. Operating profit moved from £10bn to £13.7bn — a 37% rise on a 9% revenue gain. That mechanical leverage is the single most consequential fact in this filing.
Source · Profit & Loss Account FY2024–FY2025
Operating cash flow of £14.6bn in FY2025 outpaces reported profit — a sign of strong cash conversion.
Operating cash flow
Operating cash of £14.6bn exceeds profit after tax of £10.2bn, which typically reflects non-cash charges — depreciation, amortisation — being added back. The investing outflow fell from £8bn to £6.8bn, suggesting the pace of acquisition or capital deployment eased slightly in FY2025.
Source · Cash Flow Statement FY2024–FY2025
Financing outflows nearly doubled in one year — from £4bn to £7.5bn.
Financing cash swung from an outflow of £4bn to £7.5bn — an 89% increase. This category typically captures dividends paid, debt repayment, and share buybacks. Long-term liabilities fell marginally from £35.3bn to £34.7bn, so debt repayment alone is unlikely to explain the full move.
Source · Cash Flow Statement FY2024–FY2025; Balance Sheet FY2025
Net assets rose 19%, but current liabilities exceed current assets by nearly £2bn.
Net assets grew from £40.9bn to £48.7bn, and fixed assets rose to £85.4bn — largely intangibles and long-term investments typical of a pharma group. The catch: current liabilities of £30.6bn sit above current assets of £28.7bn, meaning short-term obligations outpace short-term resources.
Source · Balance Sheet FY2024–FY2025
Twelve directors from eight nationalities; no person of significant control on record.
No PSC is registered, meaning no single individual or entity holds 25% or more of shares — or the holding is structured through nominees or fragmented across the market. The board spans British, American, Belgian, French, Swedish, Canadian, and Swiss-Belgian nationals, with Pascal Soriot as CEO since October 2012.
Source · PSC Register; Directors Register (Companies House)
Accounts filed on time; but the filing currency is undetected and must be verified.
The most recent accounts were filed on 25 April 2026 — current and in order. The TrustScore sits at 65 out of 100 (Good Trust), with Financial scoring the lowest dimension at 60. Critically: the filing currency was not detected by the system; all figures above are rendered in GBP by default and must be confirmed against the source document before being used in any financial comparison.
Source · Companies House filing history; Verif-AI TrustScore dimensions
Cross-signal intelligence
Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.
The near-doubling of financing outflows in [chapter 3] consumed most of the additional operating cash generated in [chapter 2], leaving the cash balance barely changed — up just £223m to £5.7bn despite a record trading year.
The current liabilities gap flagged in [chapter 4] sits against a cash position of £5.7bn — visible in [chapter 2] — meaning the shortfall between current assets and current liabilities is not covered by cash alone.
↔ Cross-reference
The 45% profit surge in [chapter 1] lifted the tax charge 31% to £2.2bn in FY2025, making tax the fastest-growing cost line after financing — a connection the headline profit figure obscures.
Deep signals
Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.
Consistent with the rare-disease and oncology portfolio (historically commanding premium pricing) now making up a larger share of total sales. The Alexion acquisition initially diluted margins through amortisation and integration costs; the margin recovery since FY2022 appears to reflect those costs normalising and the acquired drugs contributing at full run-rate.
In most businesses you owe less than you are owed. Here the reverse is true by a wide margin. This is consistent with AstraZeneca making large upfront milestone payments to biotech partners, licensors, and contract manufacturers — standard practice in large pharma deal-making, but it means the group is a net early payer to its ecosystem, not a late one.
The loss in FY2021 appears directly linked to the Alexion acquisition closing: acquisition costs, fair-value adjustments, and the first full year of amortisation on ~$39bn of acquired intangibles are the likely drivers. The business returned to profit (£2.5bn PBT) in FY2022 and has accelerated each year since. Readers should treat FY2021 as a structural accounting event, not an operational failure.
Forensic investigation · 35 signals
Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.
Segmental Analysis
US Total Revenue 2025: $23,970m (2024: $21,806m), representing 40.8% of group total $58,739m. Year-on-year growth of $2,164m (+9.9%).
p.147 · 7 more from this specialist
Strategic KPIs
Total Revenue rose 9% (8% at constant exchange rates) to $58,739m in 2025, up from $54,073m in 2024.
p.3, p.51 · 14 more from this specialist
Capital Structure & Borrowings
Total interest-bearing loans and borrowings at 31 December 2025 were $29,622m, down from $30,295m in 2024. The vast majority is fixed-rate callable bonds spread across 2026–2051.
p.157 · 11 more from this specialist
US Total Revenue 2025: $23,970m (2024: $21,806m), representing 40.8% of group total $58,739m. Year-on-year growth of $2,164m (+9.9%).
Why it matters: The US generates more revenue than all of Europe and Asia combined, so any policy change (e.g. drug pricing reform) or market access issue in the US would hit the whole group hard.
p.147 critical conf 97%
The Americas reported an operating profit of $440m in 2025 (2024: $423m; 2023: $1,495m) but a Profit before tax of -$213m in 2025 (2024: $318m; 2023: $1,328m). This is a swing from profit to loss at the pre-tax level.
Why it matters: Despite the Americas being the biggest revenue region ($27,557m), it is now loss-making before tax, meaning the group's profitability is being driven elsewhere — mainly Europe and the UK.
p.148 critical conf 95%
UK operating profit 2025: $7,066m; Rest of Europe: $5,233m. Together $12,299m out of group total $13,743m — about 89.5% of total operating profit. UK profit before tax 2025: $6,152m vs 2024: $1,349m, a massive jump.
Why it matters: Nearly all of the group's operating profit comes from UK and European entities, which reflects where IP and profit-booking structures are held — this is a concentration risk and also relevant for tax and regulatory scrutiny.
p.148 critical conf 96%
UK Profit before tax jumped from $1,349m in 2024 to $6,152m in 2025, a rise of $4,803m or +356%. This is against UK Total Revenue of $4,359m in 2025 — meaning profit exceeds reported revenue for the UK entity.
Why it matters: Profit exceeding revenue in the UK suggests significant intragroup royalties, IP income or other items booked in UK entities. This is unusual and may attract attention from tax authorities or investors questioning the sustainability of this profit level.
p.148 critical conf 93%
China Total Revenue 2025: $6,636m (2024: $6,419m), up 3.4% YoY. It represents 11.3% of group total revenue.
Why it matters: China's slower growth (3.4%) versus the group average (8.6%) suggests some headwinds in that market, and its size makes it a meaningful risk if conditions deteriorate further.
p.147 important conf 95%
Rest of Europe Total Revenue 2025: $13,455m (2024: $11,703m), up 15.0%. Germany: $2,890m; Sweden: $2,623m are the largest. Growth of $1,752m year on year.
Why it matters: European revenue is growing faster than the group average, reducing dependence on the US market and spreading risk more evenly across geographies.
p.147 important conf 95%
Asia, Africa & Australasia Total Revenue 2025: $13,368m (2024: $12,641m), up 5.8%. Operating profit: $1,004m (2024: $976m), up only 2.9%. Profit before tax: $995m (2024: $967m).
Why it matters: Revenue is growing in this region but profit is barely moving, which suggests rising costs or pricing pressure — particularly relevant given China's slower growth within this region.
p.147, p.148 useful conf 93%
Note 7 states the Group has one reportable segment under IFRS 8. There is no split of revenue or profit by business division. Total Revenue 2025: $58,739m vs 2024: $54,073m.
Why it matters: Investors cannot compare performance across different drug divisions or therapy areas, so all analysis relies on geographic breakdowns and product-level disclosures elsewhere.
p.147 low conf 99%
Total Revenue rose 9% (8% at constant exchange rates) to $58,739m in 2025, up from $54,073m in 2024.
Why it matters: AstraZeneca is well on its way to its $80bn revenue goal by 2030, so sustained double-digit-ish growth means the business is a reliable, growing trading partner.
p.3, p.51 important conf 99%
AstraZeneca had 16 medicines each generating over $1bn in annual sales in 2025, up from prior years, including Tagrisso ($7.3bn), Farxiga ($8.4bn), and Imfinzi ($6.1bn).
Why it matters: Having 16 billion-dollar products spread across therapy areas means the company is not dangerously dependent on one drug, which lowers the risk of a sudden revenue collapse.
p.6, p.51 important conf 95%
AstraZeneca has 197 projects in its development pipeline, including 20 new molecular entities (NMEs) in late-stage and 125 Phase II/III projects.
Why it matters: A very large and late-stage pipeline means future revenue is much more likely to keep growing, even if some individual drugs fail.
p.4 important conf 97%
AstraZeneca has 125 NME or major life-cycle management projects in Phase II and Phase III trials as at the 2025 report date.
Why it matters: Late-stage trials are the last step before drugs can be sold — 125 projects this far along means there is a large pipeline of potential new revenue streams coming in the next few years.
p.4 important conf 97%
AstraZeneca invested $14.2bn in science (R&D) in 2025, representing approximately 24% of Total Revenue of $58.7bn.
Why it matters: Spending nearly a quarter of all sales on R&D is very high even for big pharma — it shows the company is betting heavily on future growth rather than just protecting today's profits.
p.4, p.3 important conf 92%
AstraZeneca recorded 97 regulatory submissions or approvals in major markets in 2025, up from 74 in 2024 (a 31% rise).
Why it matters: More approvals mean more products reaching patients and generating revenue sooner — this sharp jump shows the pipeline is converting into real medicines faster than last year.
p.6, p.11, p.13 important conf 96%
AstraZeneca has delivered 9 new medicines against its ambition to launch at least 20 new medicines by 2030 (counting from October 2022).
Why it matters: Getting to 9 out of 20 in roughly 3 years puts the company ahead of the halfway mark with 5 years still to go, suggesting the 2030 target is achievable.
p.12 important conf 95%
Oncology Total Revenue grew 15% (14% at CER) to $25.6bn in 2025, making it 44% of all company revenue.
Why it matters: Oncology is the company's biggest earner and it is still growing fast — this is the engine driving the whole business, and its continued strength reduces risk for anyone trading with AstraZeneca.
p.4, p.6, p.51 important conf 98%
V&I (Vaccines & Immune Therapies) Total Revenue fell 13% (14% at CER) in 2025.
Why it matters: This is the one therapy area declining sharply, but it is a small part of total revenue, so it does not threaten the overall business — though it is worth watching.
p.51 important conf 95%
Core EPS (earnings per share, stripping out one-off costs) rose 12% (11% at CER) to $9.16 in 2025 from $8.21 in 2024.
Why it matters: Growing profits per share, not just total sales, means AstraZeneca is not just getting bigger — it is also becoming more profitable, which is a healthy sign for long-term stability.
p.3, p.12, p.51 important conf 99%
Reported Operating Profit rose 37% (36% at CER) to $13,743m in 2025, up from $10,003m in 2024.
Why it matters: A 37% jump in reported profit is much bigger than the 9% revenue growth — mainly because of lower one-off write-downs on intangible assets in 2025 compared with 2024.
p.3, p.51 important conf 98%
Pipeline progression events (key development milestones) rose to 38 in 2025, up from 24 in 2024 — a 58% increase.
Why it matters: More drugs moving through to later trial stages means there will be more products ready to launch in future years, giving confidence that growth can continue beyond current blockbusters.
p.13 important conf 95%
AstraZeneca reduced its combined Scope 1 and 2 greenhouse gas emissions by 88.1% versus its 2015 baseline, up from 77.5% in 2024.
Why it matters: Near-elimination of direct carbon emissions is increasingly important to large institutional buyers and investors — and being this close to zero ahead of schedule adds to the company's reputation.
p.4, p.13 useful conf 95%
86% of employees said AstraZeneca is a great place to work in the 2025 Pulse survey, unchanged from 86% in 2023 and up slightly from 84% in 2024.
Why it matters: Consistent high employee engagement in a talent-driven industry suggests AstraZeneca can keep attracting and retaining the scientists and commercial staff it needs to hit its growth targets.
p.13 useful conf 93%
Collaboration Revenue dropped 89% (89% at CER) from $923m in 2024 to just $99m in 2025.
Why it matters: This looks alarming but Collaboration Revenue was only 1.7% of total 2024 revenue and the drop was expected — it does not threaten the overall business.
p.3, p.51 useful conf 92%
Total interest-bearing loans and borrowings at 31 December 2025 were $29,622m, down from $30,295m in 2024. The vast majority is fixed-rate callable bonds spread across 2026–2051.
Why it matters: The debt load is large but well-spread over many years, so there is no immediate cliff-edge of repayments that could threaten the business.
p.157 important conf 98%
Net debt at 31 December 2025 was $23,374m (2024: $24,570m). Cash and investments totalled $5,741m against gross debt of $29,622m.
Why it matters: Net debt is falling as strong operating cash flows outpace investment spending, which is a good sign for anyone thinking about trading with this company.
p.61, p.157 important conf 98%
At 31 December 2025, AstraZeneca held $4,875m of undrawn committed bank facilities maturing April 2030 (extended to 2031 in January 2026). These facilities contain no financial covenants.
Why it matters: Having nearly $5bn of backup borrowing with no loan limits attached gives the company a large safety net if markets become difficult.
p.61 important conf 97%
Current debt liabilities total $3,486m at end-2025, including two bonds (0.7% and 1.2% USD callable) maturing in 2026 totalling $2,450m book value.
Why it matters: The short-term repayment need is manageable relative to the $14.6bn operating cash the company generated in 2025.
p.61, p.157 useful conf 95%
Payments due by period (bank loans and borrowings including interest): less than 1 year $4,164m, 1-3 years $7,881m, 3-5 years $7,266m, over 5 years $16,906m, total $36,217m.
Why it matters: The debt is spread over many decades, which means the company is not under pressure to refinance a big chunk of debt all at once.
p.61 useful conf 95%
Operating profit was $13,743m and net finance costs were approximately $1,694m, giving interest cover of roughly 8.1x.
Why it matters: A ratio above 8x means the company earns more than eight times what it needs to pay its interest bill, so there is very little risk of it being unable to service its debt.
p.61 useful conf 90%
All loans and borrowings are described as unsecured. The committed bank facilities explicitly contain no covenants. No covenant waiver or breach is mentioned anywhere in the document.
Why it matters: There is no risk of a technical default triggered by a financial limit being breached, which removes a key risk for trade creditors and investors.
p.61, p.157 useful conf 93%
Dividends paid to shareholders were $4,971m in 2025 versus $4,629m in 2024, a 7.4% increase.
Why it matters: Growing dividends show the board is confident in future cash generation, though they do consume cash that could otherwise reduce debt faster.
p.60 useful conf 97%
Total lease liabilities at 31 December 2025 were $1,803m ($382m current, $1,421m non-current), up from $1,452m in 2024. Lease repayments due: less than 1 year $382m, 1-3 years $657m, 3-5 years $334m, over 5 years $430m.
Why it matters: Lease obligations are a small proportion of total debt and the maturity profile is well spread, so they do not add meaningful financial stress.
p.61, p.157 useful conf 97%
In November 2025, AstraZeneca repaid a 3.375% fixed-rate bond of $2,000m. No new bonds were issued in 2025.
Why it matters: Repaying debt without needing to issue new debt signals strong cash generation and reduces the overall interest burden going forward.
p.61 useful conf 98%
Net cash from operating activities was $14,575m in 2025. Interest paid was $1,316m and dividends paid were $4,971m, leaving approximately $8.3bn for investment and debt reduction.
Why it matters: The business generates far more cash than it needs to pay its bills, meaning it is not reliant on external funding to keep running.
p.60 useful conf 97%
Own shares purchased by the Employee Benefit Trust cost $521m in 2025, up sharply from $81m in 2024.
Why it matters: The jump in share purchases uses more cash than before, but it remains a small fraction of total cash generated and does not affect financial stability.
p.60 useful conf 95%
Specialist deep panels · Structured price capture
Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.
Segmental analysis
Top-segment revenue concentration: 46.9% · Segment totals reconcile to the group P&L
Strategic KPIs
Capital structure
Management questions · Open inquiry
Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.
Verification gaps
High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the verdict needs management or independent verification.
No segment-level cash flow or capital expenditure breakdown was provided by the agents, so it is not possible to assess how efficiently each geographic region converts revenue into cash.
07 · Documents
Filing pattern + upcoming windows
Due at Companies House by 2027-06-30 for the period ending 2026-12-31.
Annual confirmation due by 2026-05-29 (made up to 2026-05-15).
Final chapter — The verdict
Good Trust
One of the most profitable companies on the London Stock Exchange, with a balance sheet built on patents that are worth everything today and must keep delivering tomorrow.
FY2025 accounts
Signal Radar
Decisive findings
The hard-hit facts that drove the score. Full breakdown — chapters, between-the-lines, all specialist findings — sits on AI Insights.
UK operating profit 2025: $7,066m; Rest of Europe: $5,233m. Together $12,299m out of group total $13,743m — about 89.5% of total operating profit. UK profit before tax 2025: $6,152m vs 2024: $1,349m, a massive jump.
Why it matters: Nearly all of the group's operating profit comes from UK and European entities, which reflects where IP and profit-booking structures are held — this is a concentration risk and also relevant for tax and regulatory scrutiny.
p.148
09 · Verification
What we read
Who we cross-checked
Screening status
Steps we ran
Each step in detail
Limits and caveats
No sector-cohort comparison was generated for this filing — the benchmarking pipeline either skipped this SIC code or this report predates that block.
No PSCs are recorded against this entity — typical for listed PLCs (widely held by institutional investors) and for dormant / micro-entity filings.
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