AstraZeneca PLC reported full‑year 2025 results on February 10 2026, delivering total revenue of $58.7 billion—an 8 % increase at constant exchange rates—and core earnings per share of $9.16, up 11 % from the prior year. Operating margin rose to 33.3 % and gross margin held at 82 %, reflecting continued pricing power across oncology, rare‑disease and biopharmaceutical segments. Management reiterated a mid‑ to high‑single‑digit revenue growth outlook and low‑double‑digit core EPS growth for 2026, while confirming a $2.17 per‑share dividend.
Revenue growth was driven largely by oncology, which generated $25.6 billion—up 14 % from 2024—thanks to new approvals and expanding market share. Rare‑disease and biopharmaceutical segments also contributed, with modest gains that offset modest headwinds in legacy products. The mix shift toward higher‑margin oncology and rare‑disease therapies helped support the 82 % gross‑margin figure, even as royalty buy‑out costs applied pressure in the fourth quarter.
Operating margin expansion to 33.3 % was a result of disciplined cost management and operational leverage. The company maintained a strong cost‑control program while scaling its high‑margin pipeline, which offset the impact of increased manufacturing and R&D spend. Core operating profit increased 9 % year‑over‑year, driven by the combined effect of higher revenue, improved gross margin, and efficient allocation of capital to high‑return projects.
Guidance for 2026 remains unchanged: revenue is expected to grow mid‑ to high‑single‑digit, and core EPS is projected to rise in the low‑double‑digit range. The company reiterated its $80 billion revenue target for 2030, underpinned by a pipeline that includes 16 positive Phase III readouts in 2025 and more than 20 Phase III trials slated for 2026. Strategic investments—$15 billion in China manufacturing and R&D and a $50 billion U.S. commitment to support its antibody‑drug conjugate platform—are expected to reinforce the company’s global footprint and accelerate product commercialization.
CEO Pascal Soriot highlighted the company’s “catalyst‑rich” period, noting that the 16 blockbuster medicines and the expanding Phase III portfolio position AstraZeneca to sustain growth beyond 2030. He also acknowledged ongoing Medicare Part D headwinds and China VBP pricing pressures, emphasizing that the company’s diversified portfolio and geographic reach mitigate these risks while the pipeline continues to deliver new therapies.
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