What were the key takeaways from Astrazeneca’s earnings call?

What is Astrazeneca's gross profit margin?

What guidance did Astrazeneca's management provide for the next earnings period?

What is the market's earnings forecast for Astrazeneca next quarter?

What is Astrazeneca's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Astrazeneca year over year?

Did Astrazeneca beat or miss consensus estimates last quarter?

What factors drove the changes in Astrazeneca's revenue and profit?

- **Revenue Growth**: 11% YoY driven by oncology (+16%), Biopharma (+8%), and Rare Disease (+6%).
- **Pipeline Success**: DESTINY-Breast05/02 trials demonstrate 53% survival benefit in early-stage breast cancer.
- **Financial Strength**: $12.2B free cash flow (9M), 15% EPS growth, and $80B 2030 target on track.
- **Strategic Moves**: U.S. government agreement, $5B+ baxdrostat potential, and 2026 $10B pipeline readouts.

**【CEO Summary Section】**
- Total revenue grew 11% YoY, driven by oncology (+16%), Biopharmaceuticals (+8%), and Rare Disease (+6%).
- Oncology leadership: Tagrisso (+10%), Calquence (+11%), and Enhertu (+39%) led growth. DESTINY-Breast05 and TROPION-Breast02 trials showed significant survival benefits in early-stage breast cancer.
- U.S. agreement with government provides pricing clarity, safeguarding innovation while lowering patient costs.
- 2030 $80 billion revenue target remains on track, with $10 billion+ pipeline readouts expected in 2026.

**【CFO Financial Commentary】**
- Core gross margin: 83% (Q3), with slight full-year decline due to Medicare Part D and biosimilar impacts.
- R&D expenses up 16% YoY, driven by pipeline investments (e.g., I/O bispecifics, weight management).
- Core EPS: $7.04 (9M), +15% YoY. Free cash flow: $12.2B (9M), +37% YoY.
- 2026 guidance: High single-digit revenue growth, low double-digit EPS growth, with $800M+ milestone revenue in Q4.

**【Q&A Highlights】**
- **U.S. Political Environment**: CEO confident agreement removes overhang, with global diversification mitigating risks.
- **Baxdrostat Potential**: Phase III data shows 8.7-9.8mmHg BP reduction, targeting $5B+ peak sales in resistant hypertension.
- **Enhertu Expansion**: DESTINY-Breast09 frontline metastatic trial and early-stage trials (DB05/11) position for $5B+ peak in breast cancer.
- **2026 Margin Outlook**: CFO expects mid-30s operating margin, with disciplined SG&A growth (3% YoY) offsetting R&D investments.

AstraZeneca PLC (AZN) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 11% H1 growth driven by oncology (+16%) and biopharma (+10%).
- **Pipeline Momentum**: 12 Phase III readouts, 5 NMEs advanced, $10+ billion peak potential from 2025 trials.
- **Key Products**: Enhertu (+42% Q2), Imfinzi (+26% Q2), Baxdrostat hypertension success.
- **Strategic Investments**: R&D up 17%, CapEx +50%, new US manufacturing facility for GLP-1.
- **2030 Ambition**: 9 new medicines launched, on track for $80 billion target.

**【CEO Opening Remarks】**
- Total revenue grew 11% YoY in H1 2025, driven by oncology (+16%) and biopharmaceuticals (+10%).
- Core EPS increased 17% to $4.66, reflecting strong operating leverage.
- 19 regulatory approvals and 12 Phase III readouts delivered in H1, with 5 new molecular entities advancing.
- 2030 $80 billion revenue target remains on track, with $10+ billion peak potential from 2025 Phase III trials.

**【CFO Financial Commentary】**
- Product sales grew 10%, with alliance revenue up 38% (Enhertu, Tezspire, Beyfortus).
- Gross margin 83% (H1), expected to decline 60-70bps YoY due to Medicare redesign and biosimilar competition.
- R&D expenses rose 17% (23% of revenue), driven by clinical trial recruitment (+56k patients) and transformative tech investments.
- SG&A up 3%, benefiting from AI/digital initiatives and shared services.
- Reiterate FY25 guidance: high single-digit revenue growth, low double-digit EPS growth.

**【Oncology Performance】**
- Tagrisso (+12% Q2), Calquence (+10%), Lynparza (+11%) lead growth.
- Enhertu (+42% Q2) expands in China, with DESTINY-Breast06 momentum in US.
- Imfinzi (+26% Q2) gains in bladder/gastric cancer, MATTERHORN trial shows 3-year PFS benefit.
- FLAURA2 trial confirms Tagrisso + chemo OS benefit in EGFR+ NSCLC.

**【Biopharmaceuticals】**
- Fasenra (+18%), Tezspire (+65%), Breztri (+20%) drive 10% growth.
- Farxiga (+10% Q2) faces China VBP impact, but global demand strong.
- Baxdrostat Phase III success in hypertension, with 24-hour BP control data.

**【Rare Disease】**
- Rare disease returns to growth (7% Q2), Ultomiris (+23%) offsets Soliris biosimilar decline.
- Gefurulimab Phase III success in gMG, with 75% patients achieving remission.
- Anselamimab shows mortality reduction in amyloidosis, awaiting regulatory review.

**【Q&A Highlights】**
- **Enhertu Strategy**: DB09 frontline trial expected to drive >$10B peak, treat-to-progression design preferred.
- **Imfinzi Expansion**: Bladder/gastric cancer trials (NIAGARA, MATTERHORN) target $10B+ opportunities.
- **Baxdrostat Potential**: 6 Phase III trials underway, with 20k+ patients enrolled.
- **Part D Impact**: Oncology sequential growth (Tagrisso +12%, Calquence +15%) offsets Part D redesign headwinds.
- **2030 Pipeline Confidence**: 9 new medicines launched, 5 NMEs advanced in 2025, reducing risk-adjusted 2030 target.

AstraZeneca PLC (AZN) Q2 2025 Earnings Call Transcript

- **10% Revenue Growth**: Core metrics beat expectations, with oncology and biopharma leading at +13% and +12%.
- **Phase III Success**: camizestrant (SERENA-6) and Enhertu (DB09) show clinical benefit, advancing 9/20 novel medicines.
- **China Recovery**: 9% ex-Pulmicort growth reflects NRDL-driven launches of Farxiga and Tagrisso.
- **$5B Oral PCSK9**: Phase IIb LDL reduction supports 70M+ addressable market, with Phase III trials starting Q2.
- **Tariff Mitigation**: 11 U.S. manufacturing sites reduce tariff risk, with 50% YoY CapEx increase.

**【CEO Summary Section】**
- Q1 2025 revenue grew 10% YoY, driven by oncology and biopharmaceuticals. Core operating profit increased 12%, with EPS up 21%.
- Secured 13 regulatory approvals across key regions, including Beyonttra (amyloid cardiomyopathy) in Japan.
- 5 Phase III readouts reported, including camizestrant (SERENA-6) and Enhertu (DESTINY-Breast09), with 9 novel medicines approved toward 2030 goal.
- China growth of 5% (9% ex-Pulmicort), reflecting strong launches of Farxiga and Tagrisso under NRDL.
- Global manufacturing network expanded to 31 sites, mitigating tariff risks through U.S. production shifts.

**【CFO Financial Commentary】**
- Total revenue $11.8B (10% YoY), product revenue $10.2B (10% YoY). Oncology ($5.6B, +13%) and Biopharma ($5.6B, +12%) led growth.
- Gross margin 84% (YoY +100bps), benefiting from product mix and FX. Full-year gross margin expected to decline 60-70bps due to Part D redesign and VBP in China.
- R&D spend $2.7B (16% YoY), driving cell therapy and ADC pipelines. SG&A up 4%, slower than revenue growth.
- Cash flow $3.7B, CapEx $500M (50% YoY increase). Net debt $26.1B, stable at 1.5x EBITDA.

**【Oncology Highlights】**
- Tagrisso (+8%) and Calquence (+8%) drove U.S. oral oncolytics growth, offsetting Part D gross-to-net impacts.
- Enhertu (+34%) led breast cancer portfolio, with DESTINY-Breast06 EU approval and Datroway 100% biomarker share.
- MATTERHORN trial showed Imfinzi benefit in gastric cancer, expanding GI oncology pipeline.

**【Biopharma Performance】**
- Farxiga (+20% China) and Lokelma (+35%) offset Pulmicort decline. R&I biologics (Fasenra, Tezspire) grew 40%.
- Oral PCSK9 (AZD0780) Phase IIb showed 50.7% LDL reduction, advancing to 3 Phase III trials.

**【Rare Disease Updates】**
- Ultomiris (+25%) expanded in neurology, while Soliris declined due to biosimilar competition.
- beyfortus doubled in volume, supported by capacity expansion.

**【Q&A Key Themes】**
- **Tariffs & U.S. Pricing**: 11 U.S. manufacturing sites mitigate tariff risks. Europe must increase R&D funding to 8% of healthcare spend.
- **Oral PCSK9**: $5B+ peak sales potential via 70M+ untreated patients, with Phase III trials starting Q2.
- **China Recovery**: 9% ex-Pulmicort growth driven by NRDL inclusions, with Farxiga and Tagrisso leading.
- **Pipeline Catalysts**: 10+ 2025 readouts include camizestrant (SERENA-6), DB09, and baxdrostat.

AstraZeneca PLC (AZN) Q1 2025 Earnings Conference Call Transcript

- **2024 Growth**: 21% revenue rise to $51.3B, 19% EPS growth to $8.21. Oncology (Tagrisso, Lynparza) and BioPharmaceuticals (Farxiga, Tezspire) lead.
- **Pipeline Momentum**: 9 high-value trials ($5B+ peak) and 8 new medicines approved. 2025 Phase 3 readouts for camizestrant, baxdrostat, and Datroway.
- **China Strategy**: 11% full-year growth despite Q4 decline. VBP headwinds offset by NRDL inclusions and rare disease expansion.
- **Financial Discipline**: 14% OpEx growth vs. 21% revenue. 2025 CapEx $3.3B for manufacturing and AI/tech upgrades.
- **U.S. Market**: IRA (~70bp margin impact) balanced by adherence gains. Calquence maintains BTK share, Truqap leads second-line NSCLC.
- **Emerging Markets**: 32% ex-China growth, targeting 13% of global revenue. Breztri, Enhertu, and Ultomiris drive expansion.


**【CEO Summary Section】**
- Total revenue grew 21% in 2024, driven by oncology and BioPharmaceuticals. Core EPS increased 19% to $8.21, with operating expenses growing 14% below top-line growth.
- Pipeline advancements include 9 high-value pivotal trials with $5B+ peak potential. 8 new medicines approved, including Datroway, with 20 by 2030 goal on track.
- China revenue declined 3% Q4 due to hospital budgeting, but 11% full-year growth. Emerging markets (ex-China) grew 32%, with strong demand in Latin America and Asia.

**【CFO Financial Commentary】**
- Q4 revenue $13.3B (25% YoY), full-year $51.3B (21% YoY). Product sales up 19%, alliance/collaboration revenue +55%.
- Core R&D expenses 19% YoY, SG&A 11% YoY. Gross margin 81.2%, stable vs. 2023. 2025 guidance: high-single-digit revenue growth, low-double-digit EPS growth.
- CapEx $2.2B in 2024, +50% YoY for manufacturing and tech upgrades. 2025 CapEx ~$3.3B, supporting pipeline expansion.

**【Oncology Highlights】**
- Tagrisso ($6.5B) maintains 75% global frontline NSCLC share. Lynparza ($3B) milestone hit $600M. Imfinzi/Imjudo ($5B) expand in lung and liver. Enhertu ($2B) poised for HER2+ breast cancer expansion.
- 2025 catalysts: AVANZAR (Datroway in NSCLC), TROP2-Breast02, and camizestrant Phase 3 readouts.

**【BioPharmaceuticals Performance】**
- Farxiga (+22%) and Tezspire ($1B+ combo) drive CVRM growth. Breztri ($250M Q4) targets COPD. Lokelma ($500M) benefits from CKD/HF hyperkalemia management.
- 2025 focus: Wainua (ATTR amyloidosis), Airsupra (asthma) access expansion, and Fasenra COPD trials.

**【Rare Disease Progress】**
- Ultomiris ($1.3B) grows 33% in neurology. Strensiq (+37%) and Koselugo (+97%) expand in rare metabolic disorders. 2025 pipeline: eneboparatide (hypoparathyroidism), efzimfotase alfa (hypophosphatasia).

**【Q&A Key Takeaways】**
- China risks: VBP inclusions (Farxiga, Lynparza) offset by NRDL inclusions and emerging market growth. 2025 guidance assumes 1-5x $0.9M fine for customs investigation, but no material impact expected.
- U.S. Part D: IRA headwinds (~70bp gross margin) offset by adherence improvements. Calquence maintains BTK leadership despite competition.
- Pipeline confidence: camizestrant Phase 3 readouts (SERENA-4/6), baxdrostat hypertension trials, and ADC bispecific expansion.


AZN

AZN fundamentals

Earnings Call

You can ask Aime