AstraZeneca’s Full Year and Q4 2024 results

Rhea-AI Summary

AstraZeneca (AZN) reported strong financial results for FY 2024, with Total Revenue increasing 21% to $54,073m and Core EPS growing 19% to $8.21. The growth was driven by a 19% increase in Product Sales, along with significant growth in Alliance Revenue and Collaboration Revenue.

Revenue growth was robust across all segments: Oncology (24%), CVRM (20%), R&I (25%), V&I (8%), and Rare Disease (16%). The company declared a second interim dividend of $2.10 per share, bringing the total annual dividend for FY 2024 to $3.10, a 7% increase.

For FY 2025, AstraZeneca projects high single-digit percentage growth in Total Revenue and low double-digit percentage growth in Core EPS. The company achieved multiple regulatory approvals across major markets and reported positive clinical trial results, supporting their Ambition 2030 goal of reaching $80 billion Total Revenue by decade's end.

Positive

• Total Revenue increased 21% to $54,073m in FY 2024
• Core EPS grew 19% to $8.21
• Product Sales up 19% to $50,938m
• Dividend increased 7% to $3.10 per share
• Strong growth across all therapeutic areas, led by Oncology (+24%)
• Multiple regulatory approvals secured in US, EU, Japan, and China
• Positive guidance for FY 2025 with projected revenue and EPS growth

Negative

• None.

Insights

Financial Analyst

AstraZeneca's FY 2024 results showcase exceptional operational execution and portfolio strength. The 21% revenue growth to $54.07B significantly outperforms industry averages, driven by three key factors:

1. Core product portfolio strength: The 19% growth in Product Sales to $50.94B reflects robust market penetration across therapeutic areas. Oncology's 24% growth particularly stands out, indicating successful commercialization of key assets like Tagrisso, Imfinzi and Enhertu.

2. Partnership strategy success: The 55% surge in Alliance Revenue and 54% increase in Collaboration Revenue demonstrate effective partnership management and milestone achievement, contributing to a more diversified revenue stream.

3. Geographic expansion: Strong demand across key regions suggests successful market access strategies and adoption in major markets, particularly evident in recent China approvals.

The forward guidance for FY 2025 implies continued momentum, with high single-digit revenue growth and low double-digit EPS growth indicating operational leverage. The dividend increase of 7% to $3.10 per share, with plans for further increases in FY 2025, reflects management's confidence in sustainable cash flow generation.

The extensive regulatory approvals across US, EU, Japan and China markets in key therapeutic areas set the stage for continued growth. The company's ambitious $80B revenue target by 2030 appears increasingly achievable given the current trajectory and robust pipeline progression, with seven new medicines entering Phase III data readout in 2025 alone.

Strong momentum in FY 2024 with Total Revenue and Core EPS up 21% and 19% respectively

CAMBRIDGE, England--(BUSINESS WIRE)-- AstraZeneca:

Revenue and EPS summary

		FY 2024	% Change				Q4 2024	% Change
		$m	Actual	CERi			$m	Actual	CER
- Product Sales		50,938	16	19			13,362	18	19
- Alliance Revenue		2,212	55	55			714	68	69
- Collaboration Revenue		923	56	54			815	>2x	>2x
Total Revenue		54,073	18	21			14,891	24	25
Reported EPS		$4.54	18	29			$0.97	56	71
Coreii EPS		$8.21	13	19			$2.09	44	49

Financial performance for FY 2024 (Growth numbers at constant exchange rates)

Total Revenue up 21% to $54,073m, driven by a 19% increase in Product Sales, continued growth of partnered medicines (Alliance Revenue) and the achievement of sales-based milestones (Collaboration Revenue)

Total Revenue growth from Oncology was 24%, CVRM 20%, R&I 25%, V&I 8% and Rare Disease 16%

Core EPS increased 19% to $8.21

Second interim dividend declared of $2.10 per share, making a total annual dividend declared for FY 2024 of $3.10 per share, an increase of 7%. Dividend to be further increased in FY 2025

Guidance for FY 2025: Total Revenue is expected to increase by a high single-digit percentage and Core EPS is expected to increase by a low double-digit percentage, both at CER

Pascal Soriot, Chief Executive Officer, AstraZeneca, said:

“Our company delivered a very strong performance in 2024 with Total Revenue and Core EPS up 21% and 19% respectively. We also delivered nine positive high value Phase III studies in the year, which coupled with increasing demand for our medicines in all key regions, will help sustain our growth momentum into 2025.

This year marks the beginning of an unprecedented, catalyst-rich period for our company, an important step on our Ambition 2030 journey to deliver $80 billion Total Revenue by the end of the decade. In 2025 alone, we anticipate the first Phase III data for seven new medicines, along with several important new indication opportunities for our existing medicines.

We are also investing in and making significant progress with transformative technologies that have the potential to drive our growth well beyond 2030, many of which have now entered pivotal trials.”

Key milestones achieved since the prior results announcement

Positive read-outs for Truqap in combination with abiraterone and androgen deprivation therapy in PTEN-deficient de novo metastatic hormone-sensitive prostate cancer (CAPItello-281) and Tagrisso with or without chemotherapy in resectable early-stage EGFRm NSCLC (NeoADAURA)

US approvals for Imfinzi in limited-stage small cell lung cancer (ADRIATIC), Calquence in combination with bendamustine and rituximab in mantle cell lymphoma (ECHO), Datroway (datopotamab deruxtecan) in HR+ HER2- metastatic breast cancer (TROPION-Breast01) and Enhertu in chemotherapy-naïve HER2-low and -ultralow metastatic breast cancer (DESTINY-Breast06). EU approvals for Tagrisso in unresectable EGFRm NSCLC (LAURA) and Kavigale for prevention of COVID-19 (SUPERNOVA). Japan approvals for Imfinzi in endometrial cancer (DUO-E), Lynparza plus Imfinzi in pMMR endometrial cancer (DUO-E), Calquence tablet formulation in chronic / small lymphocytic leukaemia, Datroway in HR+ HER2- metastatic breast cancer, Fasenra in EGPA (MANDARA) and Kavigale for prevention of COVID-19. China approvals for Lynparza in gBRCAm HER2- early breast cancer (OlympiA), Orpathys in locally advanced or metastatic MET Exon 14 NSCLC (NCT04923945)

Guidance

The Company issues its Total Revenue and Core EPS guidance for FY 2025 at CER, based on the average foreign exchange rates through 2024.

Total Revenue is expected to increase by a high single-digit percentage
Core EPS is expected to increase by a low double-digit percentage

The Core Tax rate is expected to be between 18-22%

The Company is unable to provide guidance on a Reported basis because it cannot reliably forecast material elements of the Reported results, including any fair value adjustments arising on acquisition-related liabilities, intangible asset impairment charges and legal settlement provisions. Please refer to the cautionary statements section regarding forward-looking statements at the end of this announcement.

Currency impact

If foreign exchange rates for February 2025 to December 2025 were to remain at the average rates seen in January 2025, it is anticipated that Total Revenue in FY 2025 would incur a low single-digit percentage adverse impact compared to the performance at CER, and Core EPS would incur a mid-single-digit percentage adverse impact. The Company’s foreign exchange rate sensitivity analysis is provided in Table 17.

Capital allocation

In FY 2025, the Company intends to increase the annual dividend declared to $3.20 per share. The Company also expects to increase capital expenditureⁱⁱⁱ by approximately 50%, driven by manufacturing expansion projects and investment in IT systems, to support portfolio growth and build capacity for transformative technologies.

China

In relation to the illegal drug importation allegations, in January 2025, AstraZeneca received a Notice of Transfer to the Prosecutor and an Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid importation taxes amounting to $0.9 million. To the best of AstraZeneca’s knowledge, the importation taxes referred to in the Appraisal Opinion relate to Imfinzi and Imjudo. A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is found liable. AstraZeneca continues to fully cooperate with the Chinese authorities.

In December 2024 AstraZeneca announced the appointment of Iskra Reic as Executive Vice President, International, which encompasses China, Asian and Eurasian markets, Middle East & Africa, Latin America, Australia & New Zealand. Iskra succeeds Leon Wang who is on extended leave from the Company while under investigation in China.

Table 1: Key elements of Total Revenue performance in Q4 2024

		% Change
Revenue type		$m	Actual %	CER %
Product Sales		13,362	18	19
Alliance Revenue		714	68	69		$392m Enhertu (Q4 2023: $281m) $133m Tezspire (Q4 2023: $80m) $161m Beyfortus (Q4 2023: $41m)
Collaboration Revenue		815	>2x	>2x		$600m Lynparza (Q4 2023: $245m) $111m Beyfortus (Q4 2023: $27m) $100m Koselugo (Q4 2023: nil)
Total Revenue		14,891	24	25
Therapy areas		$m	Actual %	CER %
Oncology		6,344	27	29		Tagrisso up 20% (21% at CER), Calquence up 20%, Enhertu up 48% (54% at CER)
CVRM		3,138	16	17		Farxiga up 21% (22% at CER), Lokelma up 35%
R&I		2,127	27	28		Breztri up 29%. Saphnelo up 65%, Tezspire up 86% (85% at CER), Symbicort up 31% (33% CER)
V&I		651	58	55		Beyfortus Total Revenue up >3x
Rare Disease		2,377	21	22		Ultomiris up 32% (33% at CER), partially offset by decline in Soliris of 24% (22% at CER), Strensiq up 38% (37% at CER) and Koselugo up >3x
Other Medicines		254	(7)	(6)
Total Revenue		14,891	24	25
Regions		$m	Actual %	CER %
US		6,532	28	28		Product Sales up 25%
Emerging Markets		3,134	13	19
- China		1,364	(1)	(3)		Decline primarily due to low rates of seasonal respiratory viral infections, and impact from year-end hospital budget dynamics
- Ex-China Emerging Markets		1,770	26	42
Europe		3,948	37	35		Product Sales up 20% (18% at CER)
Established RoW		1,277	1	2
Total Revenue		14,891	24	25

Key alliance medicines

Combined sales of Enhertu, recorded by Daiichi Sankyo Company Limited (Daiichi Sankyo) and AstraZeneca, amounted to $3,754m in FY 2024 (FY 2023: $2,566m)

Combined sales of Tezspire, recorded by Amgen and AstraZeneca, amounted to $1,219m in FY 2024 (FY 2023: $653m)

Table 2: Key elements of financial performance in Q4 2024

Metric	Reported	Reported change	Core	Core change		Commentsiv
Total Revenue	$14,891m	24% Actual 25% CER	$14,891m	24% Actual 25% CER		See Table 1 and the Total Revenue section of this document for further details
Product Sales Gross Margin	80%	Stable Actual +1pp CER	79%	-1pp Actual Stable CER		Variations in Product Sales Gross Margin can be expected between periods, due to product seasonality, foreign exchange fluctuations and other effects
R&D expense	$4,677m	52% Actual 52% CER	$3,573m	23% Actual 22% CER		Increased investment in the pipeline Core R&D-to-Total Revenue ratio of 24% (Q4 2023: 24%) Reported R&D includes $753m impairment recorded against the vemircopan (ALXN2050) intangible asset
SG&A expense	$5,410m	1% Actual 1% CER	$4,275m	6% Actual 7% CER		Market development for recent launches and pre-launch activities Core SG&A-to-Total Revenue ratio of 29% (Q4 2023: 34%)
Other operating income and expensev	$100m	-7% Actual -6% CER	$101m	-7% Actual -6% CER
Operating Margin	14%	+3pp Actual +4pp CER	28%	+5pp Actual +6pp CER		See commentary above on Gross Margin, R&D, SG&A and Other operating income and expense
Net finance expense	$365m	9% Actual 8% CER	$310m	20% Actual 20% CER		Recent debt issued at higher interest rates Decrease in interest income Higher level of Net debt
Tax rate	10%	+17pp Actual +15pp CER	16%	+7pp Actual +7pp CER		Variations in the tax rate can be expected between periods
EPS	$0.97	56% Actual 71% CER	$2.09	44% Actual 49% CER		Further details of differences between Reported and Core are shown in Table 12

Table 3: Pipeline highlights since prior results announcement

Event	Medicine	Indication / Trial	Event
Regulatory approvals and other regulatory actions	Tagrisso	EGFRm NSCLC (Stage III unresectable) (LAURA)	Regulatory approval (EU, CN)
	Imfinzi	Limited-stage SCLC (ADRIATIC)	Regulatory approval (EU)
	Imfinzi	Advanced endometrial cancer	Regulatory approval (JP)
	Calquence	Tablets for chronic lymphocytic leukaemia	Regulatory approval (JP)
	Calquence	Mantle cell lymphoma (1st-line) (ECHO)	Regulatory approval (US)
	Lynparza + Imfinzi	Advanced endometrial cancer with mismatch repair proficiency (DUO-E)	Regulatory approval (JP)
	Lynparza	gBRCAm HER2- eBC (OlympiA)	Regulatory approval (CN)
	Enhertu	HR+ HER2-low and -ultralow mBC (DESTINY-Breast06)	Regulatory approval (US)
	Datroway	HR+ HER2- mBC (TROPION-Breast01)	Regulatory approval (JP, US)
	Orpathys	MET exon 14 skipping altered NSCLC (NCT04923945)	Regulatory approval (CN)
	Fasenra	EGPA (MANDARA)	Regulatory approval (JP)
	Kavigale	Prevention of COVID-19 (SUPERNOVA)	Regulatory approval (EU, JP)
Regulatory submissions or acceptances*	Imfinzi	Muscle-invasive bladder cancer (NIAGARA)	Regulatory submission (US, JP)
	Imfinzi + Imjudo	NSCLC (1st-line) (POSEIDON)	Regulatory submission (CN)
	Calquence	Chronic lymphocytic leukaemia (1st-line) (AMPLIFY)	Regulatory submission (EU)
	Datroway	EGFRm NSCLC (later line) (TROPION-Lung05)	Regulatory submission (US)
	Tezspire	Severe uncontrolled asthma (NAVIGATOR/ DIRECTION)	Regulatory submission (CN)
	Koselugo	Neurofibromatosis type 1 adult (KOMET)	Regulatory submission (EU, JP)
Phase III / registrational data readouts and other developments	Tagrisso	Resectable early-stage EGFRm NSCLC (NeoADAURA)	Primary endpoint met
	Truqap	PTEN-deficient de novo metastatic hormone-sensitive prostate cancer (CAPItello-281)	Primary endpoint met
*US, EU and China regulatory submission denotes filing acceptance

Other pipeline updates

In January 2025, the vemircopan (ALXN2050) Phase II development programme was terminated. The decision was based on safety and efficacy data from Phase II trials.

Upcoming pipeline catalysts

For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix, available on www.astrazeneca.com/investor-relations.html.

Sustainability highlights

The Company convened an event on health equity for investors and analysts in November that detailed AstraZeneca’s health equity strategy, which is embedded from the Company’s science through to healthcare delivery and community engagement.

At the end of 2024, the Company’s cumulative reduction in Scope 1 and 2 greenhouse gas (GHG) emissions was 77.5% from the 2015 baseline.

Conference call

A conference call and webcast for investors and analysts will begin today, 6 February 2025, at 11:00 UK time. Details can be accessed via astrazeneca.com.

Reporting calendar

The Company intends to publish its Q1 2025 results on 29 April 2025.

To read AstraZeneca's Full Year and Q4 2024 Financial Results press release in full, click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250205200649/en/

Global Media Relations team

global-mediateam@astrazeneca.com

+44 (0)1223 344 800

Source: AstraZeneca

FAQ

What was AstraZeneca's (AZN) total revenue for FY 2024?

AstraZeneca's total revenue for FY 2024 was $54,073 million, representing a 21% increase at constant exchange rates.

How much did AZN's Core EPS grow in FY 2024?

AstraZeneca's Core EPS grew by 19% to $8.21 in FY 2024.

What is AstraZeneca's dividend payment for FY 2024?

AstraZeneca declared a total annual dividend of $3.10 per share for FY 2024, representing a 7% increase.

What is AZN's revenue guidance for FY 2025?

AstraZeneca expects Total Revenue to increase by a high single-digit percentage in FY 2025.

What was AZN's oncology revenue growth in 2024?

AstraZeneca's oncology revenue grew by 24% in FY 2024.

What is AstraZeneca's Ambition 2030 revenue target?

AstraZeneca aims to achieve $80 billion in Total Revenue by the end of the decade under its Ambition 2030 plan.