A British-Swedish pharmaceutical giant that develops and sells prescription medicines for cancer, heart disease, respiratory illness and other conditions, including drugs used by doctors and hospitals worldwide. It was born in 1999 when Sweden's Astra AB merged with Zeneca, the drug and agrochemical arm that Britain's Imperial Chemical Industries had spun off six years earlier. Its name is simply the two companies' names glued together—"Astra" plus "Zeneca."
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
AstraZeneca 2025 operating income rose 42.7% to $12.4B as revenue reached $58.7B
rose 42.7% to $12.4B, the highest in the company's reported history. rose 8.6% to $58.7B and rose 45.3% to $6.54 as grew 9% to $55.6B across all therapy areas, with the US contributing $23.4B. The business has moved past the Alexion-charge years into sustained double-digit profit growth.
Key takeaways
rose 42.7% to $12.4B and widened 5.0 points to 21.1%, its highest level since at least 2016, as rose 8.6% to $58.7B.
rose 45.3% to $6.54 and rose 45.3% to $10.2B, both matching the gain.
grew 9% to $55.6B in 2025 driven by all therapy areas, with the US at $23.4B (42% of total) and Tagrisso generating $7.3B in worldwide product sales.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
The information (including graphs and tabular data) set forth under the headings “Strategic Report—Financial Review—Financial risk management” on page 64 and “Financial Statements—Notes to the Group Financial Statements—Note 28—Financial risk management objectives and policies”…
⌄
The information (including graphs and tabular data) set forth under the headings “Strategic Report—Financial Review—Financial risk management” on page 64 and “Financial Statements—Notes to the Group Financial Statements—Note 28—Financial risk management objectives and policies” on pages 171 to 177, in each case of AstraZeneca’s “Annual Report and Form 20-F Information 2025” included as exhibit 15.1 to this Form 20-F dated February 24, 2026 is incorporated by reference.
AstraZeneca faces material risks across pipeline delivery, pricing pressures, supply chain, IT/AI, IP, and global economic volatility.
⌄
rose 22.9% to $14.6B while cash and equivalents rose 4.1% to $5,711M and total assets rose 9.6% to $114.1B.
Risk factors newly emphasize AI-related risks and retain Inflation Reduction Act price-setting, cyber threats, and geopolitical volatility flagged in prior years.
What changed
Soliris biosimilar entry in the US in March 2025 was flagged to watch from the 2024 filing; Rare Disease remains a reported via the Alexion portfolio but the 2025 filing does not state its sales figure.
US under Inflation Reduction Act price-setting rose to $23.4B (42% of total) in 2025 from $21.7B in 2024, continuing the prior-year trend.
2025 growth of 8.6% followed the 18.0% rise in 2024 and came as the company lapped that increase and faces Farxiga (2026) and Lynparza (2027) patent expiries.
trajectory continued widening, from 16.1% in 2024 to 21.1% in 2025, extending the recovery from the 5.6% 2022 level.
Rare Disease sales from the Alexion portfolio were not reported as a 2025 figure; prior years showed $7.8B in 2023 and 16% of sales in 2022.
What to watch
Lynparza US composition of matter patent expiry in 2027 and Farxiga expiry in 2026 and their effect on sales
Rare Disease sales trajectory after Soliris biosimilar entry in the US in March 2025
US under Inflation Reduction Act price-setting after reaching $23.4B in 2025
sustainability at 21.1% as patent expiries approach
Failure or delay in developing and launching new drugs could damage the R&D pipeline and erode , especially in immuno-oncology where speed to market is critical.
Global pricing and access pressures are intensifying from cost-containment measures, the US Inflation Reduction Act, EU Joint Clinical Assessment, and health equalization initiatives.
Supply chain disruptions, manufacturing quality failures, or regulatory non-compliance could cause product shortages and materially harm and reputation.
Cybersecurity breaches and AI-related risks are growing, with sophisticated attacks and new AI regulations in the EU, China, and US threatening operations, data integrity, and strategic investments.
Intellectual property challenges, including patent litigation, , and policies accelerating generic entry, threaten from key products.
Geopolitical volatility, macroeconomic downturns, and foreign exchange fluctuations could weaken demand, disrupt supply, and increase costs across the company's 80+ country presence.
AstraZeneca is a global biopharmaceutical company with marketed products and a pipeline spanning Oncology, CVRM, Respiratory & Immunology, and Rare Disease.
⌄
The company operates through five main therapy areas: Oncology, Cardiovascular, Renal and Metabolism (CVRM), Respiratory & Immunology, Vaccines & Immune Therapies, and Rare Disease.
Key marketed products include Tagrisso, Imfinzi, Calquence, Farxiga, Ultomiris, and Fasenra, with Tagrisso generating $7.3B in worldwide product sales in 2025.
Total product sales grew 9% to $55.6B in 2025, driven by strong performance across all therapy areas, with the US contributing $23.4B (42% of total).
The development pipeline features numerous assets across all phases, with multiple Phase III programs for bispecific antibodies like volrustomig and rilvegostomig, and next-generation ADCs.
Patent expiries for key products are approaching, with Lynparza's US composition of matter patent expiring in 2027 and Farxiga's in 2026, while Soliris faces competition.
The company's competitive position is supported by a broad portfolio of targeted therapies and a strategy of lifecycle management through new indications and combinations.
AstraZeneca's MD&A incorporates by reference detailed financial reviews and notes from its 2025 Annual Report, with management deeming working capital sufficient.
⌄
The Operating Results section for 2025 vs. 2024 and 2024 vs. 2023 incorporates by reference the Strategic Report—Financial Review from the respective year's Annual Report.
Liquidity and capital resources discussion incorporates cash flow, financial position, capitalization, and notes on borrowings and commitments from the 2025 Annual Report.
Management states the Group's is sufficient for its present requirements.
Research and development, patent protection, and licenses information is incorporated by reference from the 2025 Annual Report's Business Review and Science and Innovation sections.
Trend information and critical accounting estimates are incorporated by reference from the 2025 Annual Report's Strategic Report and Financial Statements notes.