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1、Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 1 29 April 2025 AstraZeneca results:Q1 2025 Growth momentum and pipeline delivery set AstraZeneca on a strong trajectory towards 2030 ambitionRevenue and EPS summary Q1 2025%Change$m Actual CER1 -

2、Product Sales 12,875 6 9 -Alliance Revenue 639 40 42 Product Revenue2 13,514 7 10 Collaboration Revenue 74 64 64 Total Revenue 13,588 7 10 Reported EPS($)1.88 34 32 Core3 EPS($)2.49 21 21 Key performance elements for Q1 2025(Growth numbers at constant exchange rates)Total Revenue up 10%to$13,588m,dr

3、iven by double-digitgrowth in Oncology and BioPharmaceuticals Growth in Total Revenue across all major geographic regions Core Operating profit increased 12%Core Tax rate of 16%in the quarter due to timing ofsettlements.Expectations for the full year Core tax rate are unchanged at 18-22%Core EPS inc

4、reased 21%to$2.49 Five positive Phase III readouts and 13 approvals in majorregions since the prior resultsPascal Soriot,Chief Executive Officer,AstraZeneca,said:Our strong growth momentum has continued into 2025 and we have now entered an unprecedented catalyst-rich period for our company.Already t

5、his year we have announced five positive Phase III study readouts,including most recently the highly anticipated DESTINY-Breast09 for Enhertu,as well as SERENA-6 for camizestrant and MATTERHORN for Imfinzi;the latter two of these will feature in the ASCO 2025 plenary sessions,reflecting the signific

6、ance of these data to the oncology community.Our company is firmly committed to investing and growing in the US and we continue to benefit from our broad-based source of revenue and global manufacturing footprint,including eleven production sites in the US covering small molecules,biologics as well

7、as cell therapy.Additionally,we have even greater US investment in manufacturing and R&D planned,leveraging our two large R&D sites in Gaithersburg MD and Cambridge MA.Overall,we are making excellent progress toward our ambition of eighty billion dollars in Total Revenue by 2030.”See Table 1 for det

8、ails of clinical trial results since the prior earnings announcement,including DESTINY-Breast09,MATTERHORN,and SERENA-6.See Note 4 for the locations of the eleven US manufacturing sites.Guidance AstraZeneca reiterates its Total Revenue and Core EPS guidance5 for FY 2025 at CER,based on the average f

9、oreign 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%If foreign exchange rates for April 2025 to December 2025 were to remain at t

10、he average rates seen in March 2025,it is anticipatedthat compared to the performance at CER,FY 2025 Total Revenue would incur a low single-digit percentage adverse impact(unchanged from prior guidance),and Core EPS would incur a low single-digit percentage adverse impact(previously mid single-digit

11、).Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 2 Navigation tips To navigate to a section or table,click the hyperlinked titles in this contents page,and in header at the top of every page.To return to the previous location after using a hyp

12、erlink,press +(Windows)or +(MacOS)Example:-To see the definition of an acronym,click Glossary at the top right of the page.-After reading the definition,press +or +to return to the previous location.Contents Results highlights.3 Revenue drivers.7 R&D progress.12 Sustainability.15 Operating and finan

13、cial review.16 Financial performance.17 Interim financial statements.22 Notes to the Interim financial statements.26 Other shareholder information.34 Glossary.36 Tables Table 1.Milestones achieved since the prior results announcement.3 Table 3:Product Revenue by medicine.7 Table 4:Collaboration Reve

14、nue.8 Table 5:Total Revenue by Therapy Area.8 Table 6:Total Revenue by region.8 Table 7:Reported Profit and Loss.17 Table 8:Reconciliation of Reported Profit before tax to EBITDA.17 Table 9:Reconciliation of Reported to Core financial measures:Q1 2025.17 Table 10:Cash Flow summary.19 Table 11:Net de

15、bt summary.19 Table 12:Obligor group summarised Statement of comprehensive income.20 Table 13:Obligor group summarised Statement of financial position.20 Table 14:Currency sensitivities.21 Table 15:Condensed consolidated statement of comprehensive income.22 Table 16:Condensed consolidated statement

16、of financial position.23 Table 17:Condensed consolidated statement of changes in equity.24 Table 18:Condensed consolidated statement of cash flows.25 Table 19:Net debt.27 Table 20:Contingent consideration.28 Table 21:Patent litigation.29 Table 22:Commercial litigation.30 Table 23:Government investig

17、ations and proceedings.31 Table 24:Q1 2025:Product Sales year-on-year analysis.32 Table 25:Alliance Revenue.33 Table 26:Collaboration Revenue.33 Table 27:Other operating income and expense.33 Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 3 Ta

18、ble 1.Milestones achieved since the prior results announcement Phase III and other registrational data readouts Medicine Trial Indication Event Enhertu DESTINY-Gastric04 HER2-positive gastric/GEJ cancer(2nd-line)Primary endpoint met Enhertu DESTINY-Breast09 HER2-positive metastatic breast cancer(1st

19、 line)Primary endpoint met for combination arm Imfinzi MATTERHORN Resectable gastric/GEJ cancer Primary endpoint met camizestrant SERENA-6 HR+HER2-metastatic breast cancer(1st line switch on emergence of ESR1m)Primary endpoint met eneboparatide CALYPSO Chronic hypoparathyroidism Primary endpoint met

20、,trial continues to 52 weeks Regulatory approvals Medicine Trial Indication Region Calquence ACE-LY-004 Relapsed/refractory MCL EU Calquence ChangE CLL/SLL CN Datroway TROPION-Breast01 HR+HER2-breast cancer(2nd-line)EU Enhertu DESTINY-Breast06 HER2-low and-ultralow HR+breast cancer(2nd-line+)EU Imfi

21、nzi AEGEAN Resectable early-stage(IIA-IIIB)NSCLC EU,CN Imfinzi NIAGARA MIBC US Imfinzi Imjudo ADRIATIC SCLC(limited-stage)EU,JP Truqap CAPItello-291 Biomarker-altered HR+HER2-metastatic breast cancer CN Wainzua NEURO-TTRansform ATTRv-PN EU Beyonttra(acoramidis)NCT04622046 ATTR-CM JP Ultomiris CHAMPI

22、ON-MG gMG CN Regulatory submissions or acceptances*in major regions Medicine Trial Indication Region Enhertu DESTINY-Breast06 HER2-low and-ultralow HR+breast cancer(2nd-line+)CN Imfinzi PACIFIC-5 Locally advanced NSCLC CN Imfinzi+Imjudo HIMALAYA Unresectable HCC CN Imfinzi HIMALAYA Unresectable HCC

23、CN Imfinzi DUO-E Primary advanced or recurrent endometrial cancer with mismatch repair deficiency CN Fasenra MANDARA EGPA CN Tezspire WAYPOINT CRSwNP US,EU,JP,CN Koselugo KOMET NF1-PN(adults)US,CN*US,EU and China regulatory submissions denotes filing acceptance Other pipeline updates For recent tria

24、l starts and anticipated timings of key trial readouts,please refer to the Clinical Trials Appendix,available on highlights Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 4 Table 2:Key elements of financial performance in Q1 2025 Item Reported

25、 Change Core Change$m Act CER$m Act CER Product Revenue 13,514 7 10 13,514 7 10 See Tables 3 and 24 for medicine details of Product Revenue,Alliance Revenue and Product Sales Collaboration Revenue 74 64 64 74 64 64 See Table 4 for details of Collaboration Revenue Total Revenue 13,588 7 10 13,588 7 1

26、0 See Tables 5 and 6 for Total Revenue by Therapy Area and by region Gross Margin(%)84 +1pp -84 +1pp -+Fluctuations in foreign exchange rates Pricing adjustments,for example to sales reimbursed by the Medicare Part D programme in the US See Reporting changes below for the definition of Gross Margin6

27、 Variations in Gross Margin can be expected between periods,due to fluctuations in foreign exchange rates,product seasonality,Colllaboration Revenue,and other effects R&D expense 3,159 13 15 3,088 14 16 Core R&D:23%of Total Revenue+Positive data read-outs for high value pipeline opportunities that h

28、ave ungated late-stage trials+Investment in platforms,new technology and capabilities to enhance R&D capabilities SG&A expense 4,492 -3 3,457 1 4 Core SG&A:25%of Total Revenue Other operating income and expense7 113 71 71 115 79 78 +Upfront receipt on a divestment Operating Margin(%)27 +2pp +2pp 35

29、+1pp -Net finance expense 265 (12)(11)215 (12)(11)+Debt issued in 2024 at higher interest rates Adjustment relating to tax settlements(see below)Tax rate(%)14 -8pp-8pp 16 -6pp-6pp Updates to estimates of prior period tax liabilities following settlements with tax authorities EPS($)1.88 34 32 2.49 21

30、 21 For monetary values the unit of change is percent;for Gross Margin,Operating Margin and Tax rate the unit of change is percentage points.In the expense commentary above,the plus and minus bullets denote the directional impact of the item being discussed,e.g.a+symbol beside an R&D expense comment

31、 indicates that the item resulted in an increase in the R&D spend relative to the prior year.China In April 2025,there are following developments in relation to the China investigations:First,in relation to the illegal drug importation allegations,AstraZeneca received an Appraisal Opinion from the S

32、henzhen City Customs Office regarding suspected unpaid importation taxes amounting to$1.6 million.To the best of AstraZenecas knowledge,the importation taxes referred to in the Appraisal Opinion relate to Enhertu.A fine of between one and five times the amount of unpaid importation taxes may also be

33、 levied if AstraZeneca is found liable.Second,in relation to the personal information infringement allegation,AstraZeneca received a Notice of Transfer to the Prosecutor from the Shenzhen Baoan District Public Security Bureau(the PSB)regarding suspected unlawful collection of personal information.Th

34、e Company has been informed that there was no illegal gain to the Company resulting from personal information infringement.AstraZeneca continues to fully cooperate with the Chinese authorities.Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 5 C

35、orporate and business developmentFibrogen In February 2025,FibroGen announced the sale of FibroGen China to AstraZeneca.Under the terms of the agreement,FibroGen will receive an enterprise value of$85m plus FibroGen net cash held in China at closing,estimated at the date of signing to be approximate

36、ly$75m,totalling approximately$160m.The transaction is expected to close by mid-2025,pending customary closing conditions,including regulatory review in China.Upon closing,AstraZeneca will obtain all rights to roxadustat in China,including manufacturing in China.EsoBiotec In March 2025,AstraZeneca e

37、ntered into a definitive agreement to acquire EsoBiotec,a biotechnology company pioneering in vivo cell therapies that has demonstrated promising early clinical activity.The EsoBiotec Engineered NanoBody Lentiviral(ENaBL)platform could offer many more patients access to transformative cell therapy t

38、reatments delivered in minutes rather than the current process which takes weeks.AstraZeneca will acquire all outstanding equity of EsoBiotec for a total consideration of up to$1bn,on a cash and debt-free basis.This will include an initial payment of$425m on deal closing,and up to$575m in contingent

39、 consideration based on development and regulatory milestones.The transaction is expected to close in the second quarter of 2025,subject to customary closing conditions and regulatory clearances.Alteogen Inc In March 2025,AstraZeneca and Alteogen Inc.entered into an exclusive license agreement for A

40、LT-B4,a novel hyaluronidase utilising Hybrozyme platform technology.Under the terms of the agreement,AstraZeneca has acquired worldwide rights to use ALT-B4 to develop and commercialise subcutaneous formulations of several oncology assets.Alteogen will be responsible for clinical and commercial supp

41、ly of ALT-B4 to AstraZeneca.AstraZeneca has made an upfront payment to Alteogen and may make additional payments,conditional on achievement of specific development,regulatory and sales-related milestones.Additionally,Alteogen will receive royalties on the sales of the commercialised products.Beijing

42、 R&D centre In March 2025,AstraZeneca announced it will establish its sixth global strategic R&D centre,to be located in Beijing,China.It will be AstraZenecas second R&D centre in China,following the opening of the Shanghai R&D centre,and will advance early-stage research and clinical development,en

43、abled by a state-of-the-art artificial intelligence and data science laboratory.The new R&D centre will be located near leading biotech companies,research hospitals,and the National Medical Products Administration in the Beijing International Pharmaceutical Innovation Park(BioPark).Harbour BioMed In

44、 March 2025,AstraZeneca executed a global strategic collaboration with Harbour BioMed to discover and develop next-generation multi-specific antibodies for immunology,oncology and beyond.The strategic collaboration includes an option to license multiple programs utilizing Harbour BioMeds proprietary

45、 fully human antibody technology platform in multiple therapeutic areas,together with an equity investment in Harbour BioMed,which closed in April 2025.Upfront payments for the collaboration and equity investment total$175m.AstraZeneca may incur additional fees and contingent milestones for each pro

46、gram it elects to license,along with tiered royalties on future net sales.BioKangtai In March 2025,BioKangtai and AstraZeneca entered into a strategic partnership to establish a joint venture that focus on researching,developing,and producing innovative vaccines.The joint venture will serve as Astra

47、Zenecas first and only vaccine production hub in China,with a registered capital of RMB 345m(approx.$50m)and a total investment of approx.$400m(RMB 2.76bn).BioKangtai and AstraZeneca will each hold 50%equity in the venture.Syneron Bio In March 2025,AstraZeneca executed a strategic collaboration with

48、 Syneron Bio to develop potential first-in-class macrocyclic peptides for the treatment of chronic diseases.Under this collaboration,AstraZeneca will gain access to Syneron Bios innovative macrocyclic peptide drug research and development platform to support research programmes exploring possible fu

49、ture treatments of chronic diseases,including rare,autoimmune,and metabolic disease.AstraZeneca will pay an upfront payment of$55m,with option exercise fees and contingent milestones of over$3bn if all programs are optioned,along with tiered royalties on future net sales.AstraZeneca will also make a

50、n equity investment in Syneron Bio.Tempus AI and Pathos AI In April 2025,AstraZeneca,Tempus AI,Inc.(Tempus)and Pathos AI,Inc.(Pathos)entered into a series of agreements regarding the development of a foundational large multimodal model in the field of oncology.The model will be used to gather biolog

51、ical and clinical insights,discover novel drug targets,and develop therapeutics.AstraZeneca will pay Tempus a fee,and a syndicate of investors,including AstraZeneca,will contemporaneously execute a stock purchase agreement with Pathos.Summary Revenue Drivers R&D Progress Sustainability Financial Per

52、formance Financial Statements Glossary 6 Sustainability highlights In preparation for new reporting regulations,AstraZeneca combined its 2024 sustainability and annual reporting into one integrated publication.Details of performance against targets can be found in the 2024 Sustainability Data Annex.

53、AstraZeneca published its first Taskforce on Nature-related Financial Disclosures report,and itsSustainable use and sourcing of raw materials report.Reporting calendar The Company intends to publish its H1 and Q2 2025 results on 29 July 2025.Conference call A conference call and webcast for investor

54、s and analysts will begin today,29 April 2025,at 11:45 UK time.Details can be accessed via .Reporting changes Product Revenue Effective 1 January 2025,the Group has updated the presentation of Total Revenue on the face of the Statement of Comprehensive Income to include a new subtotal Product Revenu

55、e representing the summation of Product Sales and Alliance Revenue.Product Revenue and Collaboration Revenue form Total Revenue.Product Sales and Alliance Revenue will continue to be presented separately,with the new subtotal providing additional aggregation of revenue types with similar characteris

56、tics,reflecting the growing importance of Alliance Revenue.Full descriptions of Product Sales,Alliance Revenue and Collaboration Revenue are included from page 152 of the Groups Annual Report and Form 20-F Information 2024.Gross Margin Effective 1 January 2025,the Group has replaced the measure of P

57、roduct Sales Gross Margin with the measure of Gross Margin.Previously,the measure excluded margin related to Alliance Revenue and Collaboration Revenue.The new measure is calculated using Gross profit as a percentage of Total Revenue,thereby encompassing all revenue categories,and is intended to pro

58、vide a more comprehensive measure of total performance.Notes 1.Constant exchange rates.The differences between Actual Change and CER Change are due to foreign exchange movements between periods in 2025 vs.2024.CER financial measures are not accounted for according to generally accepted accounting pr

59、inciples(GAAP)because they remove the effects of currency movements from Reported results.2.Effective Jan 1 2025,the Group has updated its presentation of Total Revenue,adding a new subtotal of Product Revenue,the sum of Product Sales and Alliance revenue.For further details,see Note 1:Basis of prep

60、aration and accounting policy in the Notes to the Interim Financial Statements.3.Core financial measures are adjusted to exclude certain items.The differences between Reported and Core measures are primarily due to costs relating to the amortisation of intangibles,impairments,legal settlements and r

61、estructuring charges.A full reconciliation between Reported EPS and Core EPS is provided in Table 9 in the Financial Performance section of this document.4.The eleven manufacturing sites in the US(or territories of the US)are:-Bogart,GA -Coppell,TX -Frederick,MD -Mt Vernon,IN -Newark,DE -Philadelphi

62、a,PA -Puerto Rico -Redwood City,CA -Rockville,MD*-Santa Monica,CA -Tarzana,CA*Opens in May 2025 5.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-re

63、lated 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.6.Effective Jan 1 2025,the Group has updated its presentation of Gross Margin.For further detai

64、ls,see Note 1:Basis of preparation and accounting policy in the Notes to the Interim Financial Statements 7.Income from disposals of assets and businesses,where the Group does not retain a significant ongoing economic interest,is recorded in Other operating income and expense in the Groups financial

65、 statements.Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 7 Table 3:Product Revenue by medicine Q1 2025%Change$m%Total Actual CER -Tagrisso 1,679 12 5 8 -Imfinzi 1,261 9 13 16 -Calquence 762 6 6 8 -Lynparza 726 5 3 5 -Enhertu 596 4 29 34 -Zol

66、adex 293 2 3 8 -Truqap 132 1 2x 2x -Imjudo 80 1 30 33 -Datroway 4 -n/m n/m -Other Oncology 110 1 (8)(4)Oncology 5,643 42 10 13 -Farxiga 2,058 15 11 16 -Crestor 317 2 7 10 -Brilinta 305 2 (6)(4)-Seloken 161 1 (2)3 -Lokelma 153 1 35 38 -roxadustat 79 1 2 4 -Wainua 39 -8x 8x -Other CVRM 136 1 (28)(25)C

67、VRM 3,248 24 8 12 -Symbicort 723 5 (6)(3)-Fasenra 418 3 17 19 -Breztri 300 2 37 39 -Tezspire 217 2 81 85 -Pulmicort 158 1 (30)(26)-Saphnelo 136 1 49 51 -Airsupra 28 -4x 4x -Other R&I 104 1 6 8 R&I 2,084 15 11 13 -Beyfortus 112 1 2x 2x -Synagis 112 1 (34)(32)-FluMist-(96)(96)-Other V&I 1 -(93)(93)V&I

68、 225 2 (3)(1)-Ultomiris 1,050 8 22 25 -Soliris 444 3 (40)(38)-Strensiq 352 3 12 14 -Koselugo 138 1 4 8 -Other Rare Disease 58 -9 15 Rare Disease 2,042 15 (3)-Nexium 233 2 (4)-Others 39 -(28)(26)Other Medicines 272 2 (8)(5)Total Medicines 13,514 100 7 10 Alliance Revenue included above:-Enhertu 398 3

69、 17 21 -Tezspire 130 1 70 70 -Beyfortus 82 1 4x 4x -Datroway 4 -n/m n/m -Other Alliance Revenue 25 -18 18 639 5 40 42 Revenue drivers Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 8 Table 4:Collaboration Revenue Q1 2025%Change$m Actual CER Fa

70、rxiga:sales milestones 74 64 64 Total 74 64 64 Table 5:Total Revenue by Therapy Area Q1 2025%Change$m%Total Actual CER Oncology 5,643 42 10 13 -CVRM 3,322 24 9 13 -R&I 2,084 15 11 13 -V&I 225 2 (3)(1)Biopharmaceuticals 5,631 41 9 12 Rare Disease 2,042 15 (3)-Other Medicines 272 2 (8)(5)Total 13,588

71、100 7 10 Table 6:Total Revenue by region Q1 2025%Change$m%Total Actual CER US 5,646 42 10 10 -Emerging Markets ex.China 2,138 16 8 17 -China 1,805 13 3 5 Emerging Markets 3,943 29 6 12 Europe 2,759 20 5 9 Established ROW 1,239 9 4 9 Total 13,588 100 7 10 Total Revenue by Medicine Oncology Oncology T

72、otal revenue grew 10%(13%at CER)in the quarter,supported by strong demand and new indication expansion.US sales for oral oncology medicines were affected by the implementation of new manufacturer discounts under Medicare Part D redesign which came into effect January 2025.This was partly offset by p

73、atient transitions from free goods programmes to paid supply due to improved patient affordability.This has led to an increase in the proportion of US sales in Q1 2025 coming from Medicare Part D versus the prior period.Tagrisso Q1 2025$m Total Revenue%Change Actual CER Strong demand growth across a

74、ll indications and key regions with encouraging uptake in Stage III unresectable(LAURA)in EGFRm NSCLC US 678 9 9 Underlying demand growth offset by Medicare Part D redesign Emerging Markets 519 7 12 Continued demand growth across key markets Europe 307 2 6 Demand growth impacted by government clawba

75、cks Established RoW 175 (4)1 Seasonal variablility in Japan ahead of fiscal year-end Total 1,679 5 8 Imfinzi Q1 2025$m Total Revenue%Change Actual CER Strong demand driven by HCC(HIMALAYA),BTC(TOPAZ-1),increased share and new launch growth in lung cancer(POSEIDON,CASPIAN,AEGEAN,ADRIATIC)US 728 25 25

76、 Further uptake of early NSCLC(AEGEAN)and limited-stage SCLC(ADRIATIC)Emerging Markets 142 10 20 Increased demand in GI,despite local competition in China Europe 252 8 13 Growth from GI indications and early momentum from lung cancer launches Established RoW 139 (18)(14)Mandatory price reductions in

77、 Japan in Feb 2024(25%),and Aug 2024(11%)Total 1,261 13 16 Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 9 Calquence Q1 2025$m Total Revenue%Change Actual CER Sustained BTKi leadership in front-line CLL(ELEVATE-TN)US 507 3 3 Market leader des

78、pite competition,accelerating 1L MCL(ECHO)launch momentum offset by Part D redesign Emerging Markets 54 37 54 Europe 170 11 15 Strong growth in front-line CLL,despite competitive environment Established RoW 31 (3)2 Total 762 6 8 Lynparza Q1 2025$m Total Revenue%Change Actual CER Sustained global PAR

79、P inhibitor market leadership across four tumour types(ovarian,breast,prostate,pancreatic)US 312 8 8 Continued leadership within competitive PARPi class impacted by Part D redesign Emerging Markets 161 (4)-Europe 196 3 6 Launches in breast and prostate cancers(OlympiA and PROpel)Established RoW 57 (

80、3)2 Total 726 3 5 Enhertu Combined sales of Enhertu,recorded by Daiichi Sankyo and AstraZeneca,amounted to$1,086m in Q1 2025(Q1 2024:$879m).US in-market sales,recorded by Daiichi Sankyo,amounted to$540m in Q1 2025(Q1 2024:$423m).AstraZenecas European revenue includes a mid single-digit percentage ro

81、yalty on Daiichi Sankyos sales in Japan,recorded as Alliance Revenue.Q1 2025$m Total Revenue%Change Actual CER Standard of care in HER2-positive(DESTINY-Breast03)and HER2-low(DESTINY-Breast04)metastatic breast cancer,early uptake in other cancers US 258 28 28 Encouraging launch uptake in chemotherap

82、y nave HER2-low and-ultralow breast cancer(DESTINY-Breast06)Emerging Markets 172 54 66 Rapid adoption post-NRDL enlistment of HER2-positive and HER2-low breast cancer from January 1 Europe 146 9 13 Established RoW 19 51 61 Total 596 29 34 Other Oncology medicines Q1 2025$m Total Revenue%Change Actua

83、l CER Zoladex 293 3 8 Strong growth in China Truqap 132 2x 2x Demand growth in second-line biomarker-altered,impact from Part D redesign and destocking in the US following inventory build of new blister pack in Q4 2024 Imjudo 80 30 33 Continued growth across markets Datroway 4 n/m n/m Encouraging ea

84、rly launch signals in US Other Oncology 110 (8)(4)Faslodex VBP implementation in March 2024 and generic erosion in Europe BioPharmaceuticals-CVRM Farxiga Q1 2025$m Total Revenue%Change Actual CER Growth driven by HF and CKD indications,SGLT2 class growth supported by cardiorenal guidelines US 383 (1

85、9)(19)Authorised generic stocking in Q1 2024 Emerging Markets 871 22 31 Continued strong growth despite entry of generic competitors in some markets Europe 683 24 28 Continued strong class growth and market share gains Established RoW 195 28 31 Sales milestone of$74m from partner in Japan Total 2,13

86、2 13 17 Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 10 Other CVRM medicines Q1 2025$m Total Revenue%Change Actual CER Crestor 317 7 10 Continued sales growth driven by Emerging Markets Brilinta 305 (6)(4)Decline driven by generic competitio

87、n in some Emerging Markets Seloken 161 (2)3 Growth driven by Emerging Markets Lokelma 153 35 38 Strong growth in all major regions roxadustat 79 2 4 Slower growth due to increased generic competition Wainua 39 8x 8x Continued strong launch momentum partly offset by Part D redesign Other CVRM 136 (28

88、)(25)BioPharmaceuticals-R&I Symbicort Q1 2025$m Total Revenue%Change Actual CER Global market leader in a stable ICS/LABA class,treating COPD and asthma US 279 (7)(7)Strong demand for authorised generic offset by channel mix Emerging Markets 232 (8)(4)Growth in EM Ex-China;China growth affected by I

89、CS/LABA class erosion in COPD in favour of triple therapy Europe 135 (5)(2)Continued generic erosion Established RoW 77 3 10 Total 723 (6)(3)Fasenra Q1 2025$m Total Revenue%Change Actual CER Expanded severe eosinophilic asthma market share leadership in IL-5 class,further fuelled by first wave marke

90、t launches for EGPA indication US 249 19 19 Sustained double-digit volume growth with expanded class leadership Emerging Markets 27 20 29 Launch momentum across key markets Europe 103 11 16 Sustained leadership in severe eosinophilic asthma Established RoW 39 17 23 Strong growth supported by recent

91、EGPA launch in Japan Total 418 17 19 Breztri Q1 2025$m Total Revenue%Change Actual CER Fastest growing medicine within the expanding FDC triple class(ICS/LABA/LAMA),treating COPD US 148 41 41 Consistent share growth within expanding FDC triple class Emerging Markets 90 29 32 Market share leadership

92、in China with strong FDC triple class penetration Europe 42 38 43 Sustained growth from market share gain and new launches Established RoW 20 39 47 Increasing market share in Japan Total 300 37 39 Tezspire Combined sales of Tezspire,recorded by Amgen and AstraZeneca,amounted to$371m in Q1 2025(Q1 20

93、24:$216m).Q1 2025$m Total Revenue%Change Actual CER Sustained demand growth in severe asthma with launch momentum across multiple markets US 130 70 70 Continued strong demand growth with majority of patients new to biologics Emerging Markets 7 3x 3x Strong continued launch uptake Europe 57 2x 2x Mai

94、ntained new-to-brand leadership across multiple markets and new launches Established RoW 23 62 73 Strong growth driven by Japan Total 217 81 85 Other R&I medicines Q1 2025$m Total Revenue%Change Actual CER Pulmicort 158 (30)(26)EM 80%of revenue.Continued weak China flu season and generic restock Sap

95、hnelo 136 49 51 Strong US demand growth,ongoing launches in Europe and Established RoW Airsupra 28 4x 4x Strong US launch momentum and volume uptake Other R&I 104 6 8 Favourable phasing of third party supply in the quarter Summary Revenue Drivers R&D Progress Sustainability Financial Performance Fin

96、ancial Statements Glossary 11 Biopharmaceuticals-V&I Beyfortus Total Revenue reflects the sum of Product Sales from AstraZenecas sales of manufactured Beyfortus product to Sanofi and Alliance Revenue from AstraZenecas share of gross profits on sales of Beyfortus in major markets outside the US.Q1 20

97、25$m Total Revenue%Change Actual CER Beyfortus 112 2x 2x Increased capacity and strong demand Synagis 112 (34)(32)Competition from Beyfortus FluMist-n/m n/m Normal seasonality Other V&I 1 n/m n/m Rare Disease Ultomiris Ultomiris Total Revenue includes sales of Voydeya,which is approved as an add on

98、treatment to Ultomiris and Soliris for the 20-30%of PNH patients who experience clinically significant EVH.Q1 2025$m Total Revenue%Change Actual CER Growth due to patient demand and conversion from Soliris in all indications(gMG,NMOSD,aHUS and PNH)US 604 25 25 Demand growth,offset by gMG and PNH com

99、petition and a smaller impact from Medicare Part D reform in neurology indications Emerging Markets 52 65 77 Expansion into new markets and growth in patient demand Europe 228 13 17 Strong demand growth following recent launches;competition in gMG Established RoW 166 16 22 Continued conversion and s

100、trong demand following new launches Total 1,050 22 25 Soliris Q1 2025$m Total Revenue%Change Actual CER Decline driven by conversion of patients to Ultomiris in all indications(gMG,NMOSD,aHUS,PNH)and regions,competition,and biosimilar pressure in Europe US 288 (30)(30)Competition in gMG and PNH Emer

101、ging Markets 65 (48)(42)Unfavourable order timing in tender markets Europe 56 (60)(59)Biosimilar competition in PNH and aHUS Established RoW 35 (43)(39)Total 444 (40)(38)Strensiq Q1 2025$m Total Revenue%Change Actual CER Growth driven by continued HPP patient demand and geographic expansion US 266 8

102、 8 Demand growth partially offset by Medicare Part D redesign Emerging Markets 34 59 71 Europe 26 9 13 Established RoW 26 21 26 Total 352 12 14 Other Rare Disease medicines Q1 2025$m Total Revenue%Change Actual CER Growth driven by continued patient demand and geographic expansion Koselugo 138 4 8 D

103、emand growth,unfavourable order timing in Emerging Markets Other Rare Disease 58 9 15 Other Medicines Q1 2025$m Total Revenue%Change Actual CER Nexium 233(4)-Growth in Emerging Markets,generic erosion elsewhere Others 39(28)(26)Generic erosion Summary Revenue Drivers R&D Progress Sustainability Fina

104、ncial Performance Financial Statements Glossary 12 This section covers R&D events and milestones that have occurred since the prior results announcement on 6 February 2025,up to and including events on 28 April 2025.A comprehensive view of AstraZenecas pipeline of medicines in human trials can be fo

105、und in the latest Clinical Trials Appendix,available on Clinical Trials Appendix includes tables with details of the ongoing clinical trials for AstraZeneca medicines and new molecular entities in the pipeline.Oncology AstraZeneca presented new data across its diverse portfolio of cancer medicines a

106、t two major medical congresses since the prior results announcement:the European Lung Cancer Congress 2025 and the American Association for Cancer Research Annual Meeting 2025.Across the two meetings,more than 100 abstracts were presented featuring 10 approved and potential new medicines including 1

107、4 oral presentations.Calquence CHMP opinion Europe ACE-LY-004 February 2025 New disclosure As monotherapy for relapsed or refractory mantle cell lymphoma.Approval China ChangE March 2025 New disclosure As monotherapy for the treatment of chronic lymphocytic leukaemia/small lymphocytic lymphoma.CHMP

108、opinion Europe AMPLIFY April 2025 New disclosure In combination with venetoclax with or without obinutuzumab is indicated for the treatment of adult patients with previously untreated chronic lymphocytic leukaemia.Enhertu Phase III readout DESTINY-Gastric04 March 2025 New disclosure Positive high-le

109、vel results demonstrated that Enhertu resulted in a statistically significant and clinically meaningful improvement in the primary endpoint of OS compared to ramucirumab and paclitaxel in patients with 2nd-line HER2 positive(IHC 3+or IHC 2+/ISH+)unresectable and/or metastatic gastric or gastroesopha

110、geal junction adenocarcinoma.Approval Europe DESTINY-Breast06 April 2025 As monotherapy for unresectable or metastatic HR-positive,HER2-low or HER2-ultralow breast cancer in patients who have received at least one endocrine therapy in the metastatic setting and who are not considered suitable for en

111、docrine therapy as the next line of treatment.Phase III readout DESTINY-Breast09 April 2025 Positive high-level results from a planned interim analysis of the DESTINY-Breast09 Phase III trial showed Enhertu in combination with pertuzumab demonstrated a highly statistically significant and clinically

112、 meaningful improvement in PFS compared to taxane,trastuzumab and pertuzumab as a 1st-line treatment for patients with HER2-positive metastatic breast cancer.The second arm,which compares Enhertu monotherapy versus THP,remains blinded to patients and investigators and will continue to the final PFS

113、analysis.Imfinzi Phase III readout MATTERHORN March 2025 Perioperative Imfinzi in combination with standard-of-care FLOT chemotherapy demonstrated a statistically significant and clinically meaningful improvement in the primary endpoint of event-free survival EFS.A strong trend was observed in favou

114、r of the Imfinzi-based regimen at this interim analysis.The trial will continue to follow OS,which will be formally assessed at the final analysis.Approval China AEGEAN March 2025 New disclosure Imfinzi in combination with platinum-containing chemotherapy as neoadjuvant treatment,followed by Imfinzi

115、 continued as a single agent as adjuvant treatment after surgery for the treatment of resectable(tumours 4 cm and/or node positive)NSCLC and no known EGFR mutations or ALK rearrangements.Approval Europe ADRIATIC March 2025 As monotherapy for the treatment of adults with limited-stage SCLC whose dise

116、ase has not progressed following platinum-based chemoradiation therapy.Approval US NIAGARA March 2025 Imfinzi in combination with gemcitabine and cisplatin as neoadjuvant treatment,followed by Imfinzi as adjuvant monotherapy after radical cystectomy for muscle-invasive bladder cancer.R&D progress Su

117、mmary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 13 Approval Europe AEGEAN April 2025 Imfinzi in combination with chemotherapy for the treatment of resectable NSCLC at high risk of recurrence and no EGFR mutations or ALK rearrangements.In this reg

118、imen,patients are treated with Imfinzi in combination with neoadjuvant chemotherapy before surgery and as adjuvant monotherapy after surgery.Truqap Approval China CAPItello-291 April 2025 New disclosure In combination with fulvestrant for the treatment of HR-positive,HER2-negative,locally advanced o

119、r metastatic breast cancer with one or more PIK3CA/AKT1/PTEN-alteration following progression on at least one endocrine-based regimen in the metastatic setting or recurrence on or within 12 months of completing adjuvant therapy.Phase III trial update CAPItello-280 April 2025 New disclosure AstraZene

120、ca is discontinuing the CAPItello-280 Phase III trial evaluating the efficacy and safety of Truqap in combination with docetaxel and androgen-deprivation therapy compared to docetaxel and ADT with placebo in patients with metastatic castration-resistant prostate cancer.This decision is based on the

121、recommendation of the Independent Data Monitoring Committee following their review of data from a pre-specified interim analysis,which concluded that the Truqap combination was unlikely to meet the dual primary endpoints of radiographic PFS and OS versus the comparator arm upon trial completion.The

122、safety profile for Truqap was consistent with previous trials.The Company will work with investigators to ensure the necessary follow up with patients.Data from the trial will inform ongoing research.camizestrant Phase III readout SERENA-6 February 2025 Positive high-level results from a planned int

123、erim analysis of the SERENA-6 Phase III trial showed that camizestrant in combination with a CDK4/6 inhibitor demonstrated a highly statistically significant and clinically meaningful improvement in the primary endpoint of PFS.The trial evaluated switching to the camizestrant combination versus cont

124、inuing standard-of-care treatment with akin aromatase inhibitor in combination with a CDK4/6 inhibitor in the 1st-line treatment of patients with HR-positive,HER2-negative advanced breast cancer whose tumours have an emergent ESR1 mutation.BioPharmaceuticals CVRM AZD0780 Phase II presentation ACC PU

125、RSUIT March 2025 At 12 weeks,AZD0780 30mg taken once-daily(when added to the standard-of-care statin therapy and administered without any fasting or food restrictions)led to a 50.7%reduction in LDL-C.Similar efficacy was observed regardless of whether trial participants received moderate-or high-int

126、ensity statin doses at baseline.Wainzua Approval EU NEURO-TTRansform March 2025 For the treatment of hereditary transthyretin-mediated amyloidosis in adult patients with stage 1 or stage 2 polyneuropathy,commonly referred to as hATTR-PN or ATTRv-PN.BioPharmaceuticals R&I Tezspire Phase III presentat

127、ion AAAAI WAYPOINT March 2025 Treatment with Tezspire significantly reduced nasal polyp severity measured by the co-primary endpoints;Nasal Polyp Score by-2.065(95%CI:-2.389,-1.742;p0.0001)and nasal congestion(measured by participant-reported Nasal Congestion Score)by-1.028(95%CI:-1.201,-0.855;p0.00

128、01)at week 52 compared to placebo.Tezspire significantly reduced the need for subsequent nasal polyp surgery by 98%(p0.0001)and the need for systemic corticosteroid treatment by 88%(p0.0001)compared to placebo.Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statem

129、ents Glossary 14 Rare Disease Ultomiris Phase III readout ALXN1210-TMA-314 April 2025 New disclosure High-level results from the ALXN1210-TM-314 Phase III,single-arm,open label trial evaluating Ultomiris in paediatric patients with severe HSCT-TMA demonstrated clinically meaningful improvements in t

130、he individual components of TMA response(platelets,LDH and urinary protein/creatinine ratio)at 26 weeks.Additionally,results showed a clinically meaningful improvement in the secondary endpoint of overall survival at six months.Further analyses anticipated in H2 2025 to assess the statistical signif

131、icance of the single-arm trial,and separately,the high-level results from the randomised,double-blind,placebo-controlled,Phase III trial in adults and adolescents.Safety profile was consistent with that observed in other approved indications.Approval CN CHAMPION-MG April 2025 New disclosure For adul

132、t patients with anti-acetylcholine receptor antibody-positive gMG Koselugo Priority Review US SPRINKLE February 2025 New disclosure For paediatric patients aged between one and seven years with NF1 who have symptomatic,inoperable PN.Soliris Approval US NCT03759366 March 2025 New disclosure For paedi

133、atric patients six years of age and older with anti-acetylcholine receptor antibody-positive gMG.Beyonttra(acoramidis)Approval JP NCT04622046 March 2025 New disclosure For adults with ATTR-CM.eneboparatide Phase III readout CALYPSO March 2025 eneboparatide(AZP-3601),an investigational parathyroid ho

134、rmone receptor 1 agonist,met its primary composite endpoint in adults with chronic hypoparathyroidism at 24 weeks.eneboparatide demonstrated a statistically significant benefit by normalising albumin-adjuskted serum calcium levels and achieving independence from active vitamin D and oral calcium the

135、rapy compared to placebo.The trial will continue to 52 weeks to fully characterise the risk-benefit profile.Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 15 In preparation for new new reporting regulations,AstraZeneca combined its 2024 sustai

136、nability and annual reporting into one integrated publication.The 2024 Annual Report detailed progress across the Companys sustainability priorities and key topics,including those identified in its double materiality assessment.Details of performance against targets can be found in the 2024 Sustaina

137、bility Data Annex.In 2024,the Company achieved a 77.5%reduction in its Scope 1 and 2 greenhouse gas emissions(sites and fleet),a 23%reduction in its water use and a 13%reduction in waste vs.the 2015 baseline.63%of its fleet now comprises battery electric vehicles.As at year end,we had also reached m

138、ore than 90 million people through our flagship access programmes and trained a cumulative total of over 156,000 people since 2015.Access to Healthcare On health equity:AstraZeneca engaged on health equity at the World Economic Forum(WEF)Annual Meeting,including at a roundtable chaired by AstraZenec

139、a Chair Michel Demar which convened leaders from governments,NGOs and the private sector to discuss embedding health equity in healthcare design and delivery.AstraZeneca held an in-person Global Health Equity Advisory Board meeting,convening 14 experts from 11 countries across all income groups to p

140、rovide insights and input on the Companys health equity strategy.The Company collaborated with 10 markets(Brazil,Canada,China,Japan,Italy,Kenya,UAE,Egypt,US and Vietnam)to localise its health equity priorities on science,healthcare delivery and community engagement.AstraZeneca marked the 10-year ann

141、iversary of its flagship health equity programme Healthy Heart Africa(HHA)at the 4th Global NCD Alliance Forum in Kigali,Rwanda.The Young Health Programme(YHP),the Companys partnership which empowers young people to call for the prevention of climate-related health challenges,was recognised in a UNI

142、CEF publication and was featured in The Times.On health systems resilience:The Partnership for Health System Sustainability&Resilience(PHSSR)was featured during the Health beyond Healthcare panel discussion at the WEF Annual Meeting,with Michel Demar speaking on the need for policy action to improve

143、 prevention and early detection of non-communicable diseases(NCDs).PHSSR has launched a new collaboration with IQVIA to conduct research with academic centers across eight countries.This initiative aims to identify policies needed to enhance healthcare systems for more effective prevention,early det

144、ection,and treatment of chronic diseases.Environmental protection In the UK,AstraZeneca and Future Biogas announced the launch of UKs first unsubsidised biomethane plant dedicated to fuelling the life sciences sector.Located in Lincolnshire,the plant will provide clean heat for AstraZeneca UK sites.

145、AstraZeneca published its first Taskforce on Nature-related Financial Disclosures report(TNFD)following its 2024 commitment to become an early adopter of the TNFD,itsSustainable use and sourcing of raw materials report.The Company contributed to the World Business Council for Sustainable Development

146、(WBCSD)s recently published Roadmap to Nature Positive:Foundations for the pharmaceutical sector,which aims to support the industrys efforts to understand nature-related impacts and dependencies and identify key actions for nature-positive outcomes.The Sustainable Markets Initiative(SMI)Health Syste

147、ms Task Force announced an expansion of theChina renewable power purchase agreement(PPA)launched in 2024 to collectively procure renewable power.AstraZeneca,Takeda and GSK expanded the initiative to enable suppliers in China to unlock access to renewables and decarbonise the value chain.Through the

148、SMI,CEO Pascal Soriot signed an open letter calling on the clinical research community to help tackle the climate crisis by measuring carbon emissions for all Phase II and III clinical trials.CEO Pascal Soriot engaged with HM King Charles III,other private sector CEOs and global leaders at Hampton C

149、ourt Palace on the economic case for the transition to a sustainable future and gave a keynote address on transitioning tosustainablehealth systems.The Company achieved top 50 ranking in the FT Europes Climate Leader listing of 600 companies and is the top pharma company ranking for the fourth conse

150、cutive year,with an overall score of 77.7/100.Ethics and transparency For the ninth year,AstraZeneca was included on the CDP Corporate A List for Climate,a gold standard in corporate environmental transparency,and achieved an A-for Water,in recognition of the Companys ongoing work to tackle the clim

151、ate crisis and protect the environment.The Company achieved fifth place overall,and second in the Health Care sector,in the FTSE Women Leaders Review 2024,as one of the top performers in both the FTSE 100 and FTSE 350 for representation of women across the organisation.Sustainability Summary Revenue

152、 Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 16 Reporting currency All narrative on growth and results in this section is based on actual exchange rates,and financial figures are in US$millions($m),unless stated otherwise.Reporting period The performance s

153、hown in this announcement covers the three-month period to 31 March 2025(the quarter or Q1 2025)compared to the three-month period to 31 March 2024(Q1 2024),unless stated otherwise.Core financial measures Core financial measures,EBITDA,Net debt,Gross Margin,Operating Margin and CER are non-GAAP fina

154、ncial measures because they cannot be derived directly from the Groups Condensed consolidated financial statements.Management believes that these non-GAAP financial measures,when provided in combination with Reported results,provide investors and analysts with helpful supplementary information to un

155、derstand better the financial performance and position of the Group on a comparable basis from period to period.These non-GAAP financial measures are not a substitute for,or superior to,financial measures prepared in accordance with GAAP.Core financial measures(cont.)Core financial measures are adju

156、sted to exclude certain significant items:Charges and provisions related to our global restructuring programmes,which includes charges that relate to the impact of restructuring programmes on our capitalised manufacturing assets and IT assets Amortisation and impairment of intangible assets,includin

157、g impairment reversals but excluding any charges relating to IT assets Other specified items,principally comprising acquisition-related costs and credits,which include the imputed finance charges and fair value movements relating to contingent consideration on business combinations,imputed finance c

158、harges and remeasurement adjustments on certain Other payables arising from intangible asset acquisitions,remeasurement adjustments relating to certain Other payables and debt items assumed from the Alexion acquisition and legal settlements The tax effects of the adjustments above are excluded from

159、the Core Tax charge Details on the nature of Core financial measures are provided on page 70 of the Annual Report and Form 20-F Information 2024.Reference should be made to the Reconciliation of Reported to Core financial measures table included in the Financial Performance section in this announcem

160、ent.Definitions Gross Margin is defined as Gross Profit as a percentage of Total Revenue.EBITDA is defined as Reported Profit before tax after adding back Net finance expense,results from Joint ventures and associates and charges for Depreciation,amortisation and impairment.Reference should be made

161、to the Reconciliation of Reported Profit before tax to EBITDA included in the Financial Performance section in this announcement.Operating margin is defined as Operating profit as a percentage of Total Revenue.Net debt is defined as Interest-bearing loans and borrowings and Lease liabilities,net of

162、Cash and cash equivalents,Other investments,and Net derivative financial instruments.Reference should be made to Note 2 Net debt,included in the Notes to the interim financial statements in this announcement.The Company strongly encourages investors and analysts not to rely on any single financial m

163、easure,but to review AstraZenecas financial statements,including the Notes thereto,and other available Company reports,carefully and in their entirety.Due to rounding,the sum of a number of dollar values and percentages in this announcement may not agree to totals.Operating and financial review Summ

164、ary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 17 Table 7:Reported Profit and Loss Q1 2025 Q1 2024%Change$m$m Actual CER -Product Sales 12,875 12,177 6 9 -Alliance Revenue 639 457 40 42 -Product Revenue 13,514 12,634 7 10 -Collaboration Revenue 74

165、 45 64 64 Total Revenue 13,588 12,679 7 10 Cost of sales(2,241)(2,218)1 12 Gross profit 11,347 10,461 8 10 Distribution expense(135)(135)-4 R&D expense(3,159)(2,783)13 15 SG&A expense(4,492)(4,495)-3 Other operating income&expense 113 67 71 71 Operating profit 3,674 3,115 18 17 Net finance expense(2

166、65)(302)(12)(11)Joint ventures and associates(7)(13)(50)(48)Profit before tax 3,402 2,800 21 20 Taxation(481)(620)(23)(23)Tax rate 14%22%Profit after tax 2,921 2,180 34 33 Earnings per share$1.88$1.41 34 32 Table 8:Reconciliation of Reported Profit before tax to EBITDA Q1 2025 Q1 2024%Change$m$m Act

167、ual CER Reported Profit before tax 3,402 2,800 21 20 Net finance expense 265 302 (12)(11)Joint ventures and associates 7 13 (50)(48)Depreciation,amortisation and impairment 1,284 1,255 2 3 EBITDA 4,958 4,370 13 13 Table 9:Reconciliation of Reported to Core financial measures:Q1 2025 Reported Restruc

168、turing Intangible Asset Amortisation&Impairments Other Core%Change$m$m$m$m$m Actual CER Gross profit 11,347 8 8 2 11,365 8 10 -Gross Margin 84%84%+1pp -Distribution expense(135)3 -(132)(2)2 R&D expense(3,159)60 10 1 (3,088)14 16 -R&D%of Total Revenue 23%23%-1pp -1pp SG&A expense(4,492)50 957 28 (3,4

169、57)1 4 -SG&A%of Total Revenue 33%25%+1pp +2pp Total operating expense(7,786)113 967 29 (6,677)7 9 Other operating income&expense 113 1 -1 115 79 78 Operating profit 3,674 122 975 32 4,803 11 12 -Operating Margin 27%35%+1pp -Net finance expense(265)-50 (215)(12)(11)Taxation(481)(28)(187)(18)(714)(18)

170、(18)EPS$1.88$0.06$0.51$0.04$2.49 21 21 Financial performance Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 18 Profit and Loss drivers Gross profit The change in Gross Margin(Reported and Core)in Q1 2025 was impacted by:Positive effects from f

171、luctuations in foreign exchange rates.Currency impacts may have a positive or negative impact in future quarters Positive effects from changing product mix.The rising contribution of Product Sales with profit sharing arrangements(Lynparza,Enhertu,Tezspire,Koselugo)has a negative impact on Gross Marg

172、in because AstraZeneca records Product Sales in certain markets and pays away a share of the gross profits to its collaboration partners.The profit share paid to partners is recorded in AstraZenecas Cost of sales line Pricing adjustments,for example to sales reimbursed by the Medicare Part D program

173、me in the US,diluted the gross margin in the first quarter.Some of these adjustments resulted in higher volumes,partially offsetting the overall impact on profits Variations in Gross Margin performance between periods can continue to be expected due to product seasonality,foreign exchange fluctuatio

174、ns,and other effects.R&D expense The change in R&D expense(Reported and Core)in the period was impacted by:Positive data read-outs for high value pipeline opportunities that have ungated late-stage trials Investment in platforms,new technology and capabilities to enhance R&D capabilities Addition of

175、 R&D projects following completion of previously announced business development activity SG&A expense The change in SG&A expense(Reported and Core)in the period was driven primarily by market development activities for launches and to support continued growth in existing brands Other operating incom

176、e and expense Other operating income in Q1 2025 consisted primarily of royalties and an upfront fee on a divestment.Net finance expense Core Net finance expense decreased 12%(11%at CER)mainly driven by an adjustment of interest on tax,due to a reduction of tax liabilities relating to prior periods(s

177、ee below).Taxation The effective Reported tax rate for the three months to 31 March 2025 was 14%(Q1 2024:22%)and the effective Core Tax rate was 16%(Q1 2024:21%).The Q1 2025 tax rate benefited from a reduction of tax liabilities arising from updates to estimates of prior period tax liabilities follo

178、wing settlements with tax authorities.The cash tax paid for the quarter ended 31 March 2025 was$363m(Q1 2024:$430m),representing 11%of Reported Profit before tax(Q1 2024:15%).Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 19 Cash Flow Table 10

179、:Cash Flow summary Q1 2025$m Q1 2024$m Change$m Reported Operating profit 3,674 3,115 559 Depreciation,amortisation and impairment 1,284 1,255 29 Movement in working capital and short-term provisions (426)(455)29 Gains on disposal of intangible assets (66)-(66)Fair value movements on contingent cons

180、ideration arising from business combinations 1 16 (15)Non-cash and other movements 31 (674)705 Interest paid (422)(341)(81)Taxation paid (363)(430)67 Net cash inflow from operating activities 3,713 2,486 1,227 Net cash inflow before financing activities 2,460 73 2,387 Net cash(outflow)/inflow from f

181、inancing activities (2,707)2,028 (4,735)Net cash flow The change in Net cash inflow before financing activities of$2,387m is primarily driven by the reduction in cash outflow relating to the Acquisitions of subsidiaries,net of cash acquired of$726m,which in 2024 related to the acquisition of Gracell

182、 Biotechnologies Inc.,and the reduction in cash outflow relating to Purchase of intangible assets which included an outflow of$639m relating to the acquisition of Icosavax in 2024.The change in Net cash(outflow)/inflow from financing activities of$4,735m is primarily driven by the issue of new long-

183、term loans of$4,976m in 2024,with no issuance in 2025.Capital expenditure Capital expenditure on tangible assets and Software-related intangible assets amounted to$493m in Q1 2025(Q1 2024:$474m).The increase of capital expenditure in 2025 was driven by investment in several major manufacturing proje

184、cts and continued investment in technology upgrades.Net debt Net debt increased by$1,497m in the three months to 31 March 2025 to$26,067m.Details of the committed undrawn bank facilities are disclosed within the going concern section of Note 1.Details of the Companys solicited credit ratings and fur

185、ther details on Net debt are disclosed in Note 2.Net debt Table 11:Net debt summary At 31 Mar 2025$m At 31 Dec 2024$m At 31 Mar 2024$m Cash and cash equivalents 5,230 5,488 7,841 Other investments 165 166 180 Cash and investments 5,395 5,654 8,021 Overdrafts and short-term borrowings(445)(330)(477)C

186、ommercial paper(948)-(980)Lease liabilities(1,551)(1,452)(1,242)Current instalments of loans(2,010)(2,007)(4,593)Non-current instalments of loans(26,692)(26,506)(27,259)Interest-bearing loans and borrowings(Gross debt)(31,646)(30,295)(34,551)Net derivatives 184 71 81 Net Debt(26,067)(24,570)(26,449)

187、Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 20 Summarised financial information for guarantee of securities of subsidiariesAstraZeneca Finance LLC(AstraZeneca Finance)is the issuer of 1.2%Notes due 2026,4.8%Notes due 2027,4.875%Notes due 20

188、28,1.75%Notes due 2028,4.85%Notes due 2029,4.9%Notes due 2030,4.9%Notes due 2031,2.25%Notes due 2031,4.875%Notes due 2033 and 5%Notes due 2034(the AstraZeneca Finance USD Notes).Each series of AstraZeneca Finance USD Notes has been fully and unconditionally guaranteed by AstraZeneca PLC.AstraZeneca

189、Finance is 100%owned by AstraZeneca PLC and each of the guarantees issued by AstraZeneca PLC is full and unconditional and joint and several.The AstraZeneca Finance USD Notes are senior unsecured obligations of AstraZeneca Finance and rank equally with all of AstraZeneca Finances existing and future

190、 senior unsecured and unsubordinated indebtedness.The guarantee by AstraZeneca PLC of the AstraZeneca Finance USD Notes is the senior unsecured obligation of AstraZeneca PLC and ranks equally with all of AstraZeneca PLCs existing and future senior unsecured and unsubordinated indebtedness.Each guara

191、ntee by AstraZeneca PLC is effectively subordinated to any secured indebtedness of AstraZeneca PLC to the extent of the value of the assets securing such indebtedness.The AstraZeneca Finance USD Notes are structurally subordinated to indebtedness and other liabilities of the subsidiaries of AstraZen

192、eca PLC,none of which guarantee the AstraZeneca Finance USD Notes.AstraZeneca PLC manages substantially all of its operations through divisions,branches and/or investments in subsidiaries and affiliates.Accordingly,the ability of AstraZeneca PLC to service its debt and guarantee obligations is also

193、dependent upon the earnings of its subsidiaries,affiliates,branches and divisions,whether by dividends,distributions,loans or otherwise.Please refer to the Consolidated financial statements of AstraZeneca PLC in our Annual Report on Form 20-F as filed with the SEC and information contained herein fo

194、r further financial information regarding AstraZeneca PLC and its consolidated subsidiaries.For further details,terms and conditions of the AstraZeneca Finance USD Notes please refer to AstraZeneca PLCs reports on Form 6-K furnished to the SEC on 22 February 2024,3 March 2023 and 28 May 2021.Pursuan

195、t to Rule 13-01 and Rule 3-10 of Regulation S-X under the Securities Act of 1933,as amended(the Securities Act),we present below the summary financial information for AstraZeneca PLC,as Guarantor,excluding its consolidated subsidiaries,and AstraZeneca Finance,as the issuer,excluding its consolidated

196、 subsidiaries.The following summary financial information of AstraZeneca PLC and AstraZeneca Finance is presented on a combined basis and transactions between the combining entities have been eliminated.Financial information for non-guarantor entities has been excluded.Intercompany balances and tran

197、sactions between the obligor group and the non-obligor subsidiaries are presented on separate lines.Obligor group summarised statements Table 12:Obligor group summarised Statement of comprehensive income Q1 2025$m Q1 2024$m Total Revenue-Gross profit -Operating loss-Loss for the period(302)(234)Tran

198、sactions with subsidiaries that are not issuers or guarantors 5,807 588 Table 13:Obligor group summarised Statement of financial position At 31 Mar 2025$m At 31 Mar 2024$m Current assets 68 12 Non-current assets-Current liabilities(3,201)(5,778)Non-current liabilities(26,748)(27,161)Amounts due from

199、 subsidiaries that are not issuers or guarantors 20,922 21,242 Amounts due to subsidiaries that are not issuers or guarantors-Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 21 Capital allocation The Groups capital allocation priorities include

200、:investing in the business and pipeline;maintaining a strong,investment-grade credit rating;potential value-enhancing business development opportunities;and supporting the progressive dividend policy.In approving the declaration of dividends,the Board considers both the liquidity of the company and

201、the level of reserves legally available for distribution.In FY 2025,the Company intends to increase the annual dividend per share declared to$3.20 per share.Dividends are paid to shareholders from AstraZeneca PLC,a Group holding company with no direct operations.The ability of AstraZeneca PLC to mak

202、e shareholder distributions is dependent on the creation of profits for distribution and the receipt of funds from subsidiary companies.The consolidated Group reserves set out in the Condensed consolidated statement of financial position do not reflect the profit available for distribution to the sh

203、areholders of AstraZeneca PLC.In FY 2024,capital expenditure on tangible assets and Software-related intangible assets amounted to$2,218m.In FY 2025 the Group expects to increase expenditure on tangible assets and Software-related intangible assets by approximately 50%,driven by manufacturing expans

204、ion projects and investments in systems and technology.Foreign exchange The Companys transactional currency exposures on working capital balances,which typically extend for up to three months,are hedged where practicable using forward foreign exchange contracts against the individual companies repor

205、ting currency.In addition,the Companys external dividend payments,paid principally in pound sterling and Swedish krona,are fully hedged from the time of their announcement to the payment date.Foreign exchange gains and losses on forward contracts transacted for transactional hedging are taken to pro

206、fit or to Other comprehensive income if the contract is in a designated cashflow hedge.Table 14:Currency sensitivities Currency Primary Relevance Exchange rate vs USD(average rate in period)Annual impact of 5%weakening vs USD1($m)FY 20242 YTD 20253 Change (%)Mar 20254 Change (%)Total Revenue Core Op

207、erating Profit EUR Total Revenue 0.92 0.95 (3)0.93(0)(461)(232)CNY Total Revenue 7.21 7.29 (1)7.26(1)(313)(171)JPY Total Revenue 151.46 152.59 (1)149.11 2 (179)(121)GBP Operating expense 0.78 0.79 (2)0.78 1 (68)124 SEK Operating expense 10.57 10.69 (1)10.16 4 (9)69 Other (557)(289)1.Assumes the aver

208、age exchange rate vs USD in FY 2025 is 5%lower than the average rate in FY 2024.The impact data are estimates,based on best prevailing assumptions around currency profiles.2.Based on average daily spot rates 1 Jan 2024 to 31 Dec 2024.3.Based on average daily spot rates 1 Jan 2025 to 31 Mar 2025.4.Ba

209、sed on average daily spot rates 1 Mar 2025 to 31 Mar 2025.Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 22 Table 15:Condensed consolidated statement of comprehensive income Q1 2025$m Q1 2024$m -Product Sales 12,875 12,177 -Alliance Revenue 63

210、9 457 Product Revenue 13,514 12,634 Collaboration Revenue 74 45 Total Revenue 13,588 12,679 Cost of sales(2,241)(2,218)Gross profit 11,347 10,461 Distribution expense(135)(135)Research and development expense(3,159)(2,783)Selling,general and administrative expense(4,492)(4,495)Other operating income

211、 and expense 113 67 Operating profit 3,674 3,115 Finance income 84 111 Finance expense(349)(413)Share of after tax losses in associates and joint ventures(7)(13)Profit before tax 3,402 2,800 Taxation(481)(620)Profit for the period 2,921 2,180 Other comprehensive income Items that will not be reclass

212、ified to profit or loss:Remeasurement of the defined benefit pension liability 51 144 Net(losses)/gains on equity investments measured at fair value through other comprehensive income(58)35 Tax on items that will not be reclassified to profit or loss(17)(39)(24)140 Items that may be reclassified sub

213、sequently to profit or loss:Foreign exchange arising on consolidation 1,152 (515)Foreign exchange arising on designated liabilities in net investment hedges 53 (98)Fair value movements on cash flow hedges 72 (86)Fair value movements on cash flow hedges transferred to profit and loss(102)70 Fair valu

214、e movements on derivatives designated in net investment hedges(10)22 Costs of hedging(8)15 Tax on items that may be reclassified subsequently to profit or loss(30)35 1,127 (557)Other comprehensive income/(expense),net of tax 1,103 (417)Total comprehensive income for the period 4,024 1,763 Profit att

215、ributable to:Owners of the Parent 2,916 2,179 Non-controlling interests 5 1 2,921 2,180 Total comprehensive income attributable to:Owners of the Parent 4,017 1,762 Non-controlling interests 7 1 4,024 1,763 Earnings per share Basic earnings per$0.25 Ordinary Share$1.88$1.41 Diluted earnings per$0.25

216、Ordinary Share$1.87$1.40 Weighted average number of Ordinary Shares in issue(millions)1,550 1,549 Diluted weighted average number of Ordinary Shares in issue(millions)1,561 1,560 Interim financial statements Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statemen

217、ts Glossary 23 Table 16:Condensed consolidated statement of financial position At 31 Mar 2025$m At 31 Dec 2024$m At 31 Mar 2024$m Assets Non-current assets Property,plant and equipment 10,819 10,252 9,411 Right-of-use assets 1,484 1,395 1,205 Goodwill 21,130 21,025 19,978 Intangible assets 37,550 37

218、,177 38,834 Investments in associates and joint ventures 270 268 130 Other investments 1,630 1,632 1,565 Derivative financial instruments 210 182 213 Other receivables 926 930 745 Deferred tax assets 6,095 5,347 4,618 80,114 78,208 76,699 Current assets Inventories 5,884 5,288 5,337 Trade and other

219、receivables 13,250 12,972 11,072 Other investments 165 166 180 Derivative financial instruments 45 54 11 Income tax receivable 1,565 1,859 1,153 Cash and cash equivalents 5,230 5,488 7,841 26,139 25,827 25,594 Total assets 106,253 104,035 102,293 Liabilities Current liabilities Interest-bearing loan

220、s and borrowings(3,403)(2,337)(6,050)Lease liabilities(355)(339)(281)Trade and other payables(22,544)(22,465)(19,699)Derivative financial instruments(22)(50)(92)Provisions(1,149)(1,269)(1,148)Income tax payable(1,656)(1,406)(1,631)(29,129)(27,866)(28,901)Non-current liabilities Interest-bearing loan

221、s and borrowings(26,692)(26,506)(27,259)Lease liabilities(1,196)(1,113)(961)Derivative financial instruments(49)(115)(51)Deferred tax liabilities(3,553)(3,305)(2,621)Retirement benefit obligations(1,279)(1,330)(1,280)Provisions(922)(921)(1,123)Income tax payable(264)(238)-Other payables(2,038)(1,770

222、)(2,596)(35,993)(35,298)(35,891)Total liabilities(65,122)(63,164)(64,792)Net assets 41,131 40,871 37,501 Equity Share capital 388 388 388 Share premium account 35,233 35,226 35,194 Other reserves 2,054 2,012 2,075 Retained earnings 3,364 3,160 (212)Capital and reserves attributable to equity holders

223、 of the Parent 41,039 40,786 37,445 Non-controlling interests 92 85 56 Total equity 41,131 40,871 37,501 Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 24 Table 17:Condensed consolidated statement of changes in equity Share capital Share premi

224、um account Other reserves Retained earnings Total attributable to owners of the parent Non-controlling interests Total equity$m$m$m$m$m$m$m At 1 Jan 2024 388 35,188 2,065 1,502 39,143 23 39,166 Profit for the period-2,179 2,179 1 2,180 Other comprehensive expense -(417)(417)-(417)Transfer to other r

225、eserves-10 (10)-Transactions with owners Dividends-(3,052)(3,052)-(3,052)Issue of Ordinary Shares-6 -6 -6 Changes in non-controlling interests-32 32 Share-based payments charge for the period-159 159 -159 Settlement of share plan awards-(573)(573)-(573)Net movement-6 10 (1,714)(1,698)33 (1,665)At 31

226、 Mar 2024 388 35,194 2,075 (212)37,445 56 37,501 At 1 Jan 2025 388 35,226 2,012 3,160 40,786 85 40,871 Profit for the period-2,916 2,916 5 2,921 Other comprehensive income -(42)1,143 1,101 2 1,103 Transfer to other reserves-58 (58)-Transactions with owners Dividends-(3,249)(3,249)-(3,249)Issue of Or

227、dinary Shares-7 -7 -7 Movement in shares held by Employee Benefit Trusts-26 -26 -26 Share-based payments charge for the period-174 174 -174 Settlement of share plan awards-(722)(722)-(722)Net movement-7 42 204 253 7 260 At 31 Mar 2025 388 35,233 2,054 3,364 41,039 92 41,131 Transfer to other reserve

228、s includes$70m in respect of the opening balance on the Cash flow hedge reserve.The cash flow hedge reserve was previously disclosed within Retained earnings but from 2025 is disclosed within Other reserves.Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statement

229、s Glossary 25 Table 18:Condensed consolidated statement of cash flows Q1 2025$m Q1 2024$m Cash flows from operating activities Profit before tax 3,402 2,800 Finance income and expense 265 302 Share of after tax losses of associates and joint ventures 7 13 Depreciation,amortisation and impairment 1,2

230、84 1,255 Movement in working capital and short-term provisions(426)(455)Gains on disposal of intangible assets(66)-Fair value movements on contingent consideration arising from business combinations 1 16 Non-cash and other movements 31 (674)Cash generated from operations 4,498 3,257 Interest paid(42

231、2)(341)Tax paid(363)(430)Net cash inflow from operating activities 3,713 2,486 Cash flows from investing activities Acquisition of subsidiaries,net of cash acquired-(726)Payment of contingent consideration from business combinations(362)(222)Purchase of property,plant and equipment(429)(417)Disposal

232、 of property,plant and equipment 1 53 Purchase of intangible assets(540)(1,188)Disposal of intangible assets 9 75 Purchase of non-current asset investments-(41)Disposal of non-current asset investments-9 Movement in short-term investments,fixed deposits and other investing instruments 1 (57)Disposal

233、 of investments in associates and joint ventures-8 Interest received 67 93 Net cash outflow from investing activities(1,253)(2,413)Net cash inflow before financing activities 2,460 73 Cash flows from financing activities Proceeds from issue of share capital 8 6 Own shares purchased by Employee Benef

234、it Trust(486)-Issue of loans and borrowings -4,976 Repayment of loans and borrowings(4)(7)Dividends paid(3,347)(3,033)Hedge contracts relating to dividend payments 104 (8)Repayment of obligations under leases(81)(74)Movement in short-term borrowings 1,099 1,001 Payment of Acerta Pharma share purchas

235、e liability-(833)Net cash(outflow)/inflow from financing activities(2,707)2,028 Net(decrease)/increase in Cash and cash equivalents in the period(247)2,101 Cash and cash equivalents at the beginning of the period 5,429 5,637 Exchange rate effects 25 (46)Cash and cash equivalents at the end of the pe

236、riod 5,207 7,692 Cash and cash equivalents consist of:Cash and cash equivalents 5,230 7,841 Overdrafts(23)(149)5,207 7,692 Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 26 Note 1:Basis of preparation and accounting policiesThese unaudited Int

237、erim financial statements for the three months ended 31 March 2025 have been prepared in accordance with International Accounting Standard 34,Interim Financial Reporting(IAS 34),as issued by the International Accounting Standards Board(IASB),IAS 34 as adopted by the European Union,UK-adopted IAS 34

238、and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdoms Financial Conduct Authority and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.The unaudited Interim financial statements for the three months ended 31 Mar

239、ch 2025 were approved by the Board of Directors for publication on 29 April 2025.This results announcement does not constitute statutory accounts of the Group within the meaning of sections 434(3)and 435(3)of the Companies Act 2006.The annual financial statements of the Group for the year ended 31 D

240、ecember 2024 were prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006.The annual financial statements also comply fully with IFRS Accounting Standards as issued by the IASB and International Accounting Standards as adopted by

241、the European Union.Except for the estimation of the interim income tax charge,the Interim financial statements have been prepared applying the accounting policies that were applied in the preparation of the Groups published consolidated financial statements for the year ended 31 December 2024.The co

242、mparative figures for the financial year ended 31 December 2024 are not the Groups statutory accounts for that financial year.Those accounts have been reported on by the Groups auditors and will be delivered to the Registrar of Companies;their report was(i)unqualified,(ii)did not include a reference

243、 to any matters to which the auditors drew attention by way of emphasis without qualifying their report,and(iii)did not contain a statement under section 498(2)or(3)of the Companies Act 2006.Product Revenue Effective 1 January 2025,the Group has updated the presentation of Total Revenue on the face

244、of the Statement of Comprehensive Income to include a new subtotal Product Revenue representing the summation of Product Sales and Alliance Revenue.Product Revenue and Collaboration Revenue form Total Revenue.Product Sales and Alliance Revenue will continue to be presented separately,with the new su

245、btotal providing additional aggregation of revenue types with similar characteristics,reflecting the growing importance of Alliance Revenue.Full descriptions of Product Sales,Alliance Revenue and Collaboration Revenue are included from page 152 of the Groups Annual Report and Form 20-F Information 2

246、024.There are no changes to the Revenue accounting policy regarding the types of transactions recorded in each revenue category.The comparative period has been retrospectively adjusted to reflect the additional subtotal,resulting in total Product Revenue being reported for the quarter ending 31 Marc

247、h 2024 of$12,634m.Going concern The Group has considerable financial resources available.As at 31 March 2025,the Group has$10.1bn in financial resources(cash and cash equivalent balances of$5.2bn and undrawn committed bank facilities of$4.9bn that are available until April 2030),with$3.8bn of borrow

248、ings due within one year.These facilities contain no financial covenants.The Group has assessed the prospects of the Group over a period longer than the required 12 months from the date of Board approval of these consolidated financial statements,with no deterioration noted requiring a further exten

249、sion of this review.The Groups revenues are largely derived from sales of medicines covered by patents,which provide a relatively high level of resilience and predictability to cash inflows,although government price interventions in response to budgetary constraints are expected to continue to adver

250、sely affect revenues in some of our significant markets.The Group,however,anticipates new revenue streams from both recently launched medicines and those in development,and the Group has a wide diversity of customers and suppliers across different geographic areas.Consequently,the Directors believe

251、that,overall,the Group is well placed to manage its business risks successfully.Accordingly,they continue to adopt the going concern basis in preparing the Interim financial statements.Legal proceedings The information contained in Note 4 updates the disclosures concerning legal proceedings and cont

252、ingent liabilities in the Groups Annual Report and Form 20-F Information 2024.Notes to the Interim financial statements Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 27 Note 2:Net debt Table 19:Net debt At 1 Jan 2025 Cash flow Non-cash and ot

253、her Exchange movements At 31 Mar 2025$m$m$m$m$m Non-current instalments of loans(26,506)-19 (205)(26,692)Non-current instalments of leases(1,113)-(64)(19)(1,196)Total long-term debt(27,619)-(45)(224)(27,888)Current instalments of loans(2,007)4 (7)-(2,010)Current instalments of leases(339)97 (104)(9)

254、(355)Commercial paper-(948)-(948)Collateral received from derivative counterparties(181)(171)-(352)Other short-term borrowings excluding overdrafts(90)20 -(70)Overdrafts(59)36 -(23)Total current debt(2,676)(962)(111)(9)(3,758)Gross borrowings(30,295)(962)(156)(233)(31,646)Net derivative financial in

255、struments 71 (104)217 -184 Net borrowings(30,224)(1,066)61 (233)(31,462)Cash and cash equivalents 5,488 (283)-25 5,230 Other investments-current 166 (1)-165 Cash and investments 5,654 (284)-25 5,395 Net debt(24,570)(1,350)61 (208)(26,067)The table above provides an analysis of Net debt and a reconci

256、liation of Net cash flow to the movement in Net debt.The Group monitors Net debt as part of its capital management policy as described in Note 28 of the Annual Report and Form 20-F Information 2024.Net debt is a non-GAAP financial measure.Net debt increased by$1,497m in the three months to 31 March

257、2025 to$26,067m.Details of the committed undrawn bank facilities are disclosed within the going concern section of Note 1.Non-cash movements in the period include fair value adjustments under IFRS 9 Financial Instruments.The Group has agreements with some bank counterparties whereby the parties agre

258、e to post cash collateral on financial derivatives,for the benefit of the other,equivalent to the market valuation of the derivative positions above a predetermined threshold.The carrying value of such cash collateral held by the Group at 31 March 2025 was$352m(31 December 2024:$181m)and the carryin

259、g value of such cash collateral posted by the Group at 31 March 2025 was$102m(31 December 2024:$129m).The equivalent GAAP measure to Net debt is liabilities arising from financing activities,which excludes the amounts for cash and overdrafts,other investments and non-financing derivatives shown.Duri

260、ng the quarter ended 31 March 2025,Moodys upgraded the Groups solicited long term credit rating to A1 from A2.The short term rating remained at P-1.There were no changes to Standard and Poors credit ratings(long term:A+;short term:A-1).Summary Revenue Drivers R&D Progress Sustainability Financial Pe

261、rformance Financial Statements Glossary 28 Note 3:Financial InstrumentsAs detailed in the Groups most recent annual financial statements,the principal financial instruments consist of derivative financial instruments,other investments,trade and other receivables,cash and cash equivalents,trade and o

262、ther payables,lease liabilities and interest-bearing loans and borrowings.The Group has certain equity investments that are categorised as Level 3 in the fair value hierarchy that are held at$361m(31 December 2024:$353m)and for which a fair value gain/loss of$nil has been recognised in the three mon

263、ths ended 31 March 2025(Q1 2024:fair value loss of$1m).In the absence of specific market data,these unlisted investments are held at fair value based on the cost of investment and adjusted as necessary for impairments and revaluations on new funding rounds,which are seen to approximate the fair valu

264、e.All other fair value gains and/or losses that are presented in Net gains on equity investments measured at fair value through other comprehensive income,in the Condensed consolidated statement of comprehensive income for the three months ended 31 March 2025,are Level 1 fair value measurements,valu

265、ed based on quoted prices in active markets.Financial instruments measured at fair value include$1,693m of other investments,$3,969m held in money-market funds and$184m of derivatives as at 31 March 2025.With the exception of derivatives being Level 2 fair valued,and certain equity instruments of$36

266、1m categorised as Level 3,the aforementioned balances are Level 1 fair valued.Financial instruments measured at amortised cost include$102m of cash collateral pledged to counterparties.The total fair value of Interest-bearing loans and borrowings as at 31 March 2025,which have a carrying value of$31

267、,646m in the Condensed consolidated statement of financial position,was$30,853m.Contingent consideration arising from business combinations is fair valued using decision-tree analysis,with key inputs including the probability of success,consideration of potential delays and the expected levels of fu

268、ture revenues.The contingent consideration balance relating to BMSs share of the global diabetes alliance of$1,058m(31 December 2024:$1,309m)would increase/decrease by$106m with an increase/decrease in sales of 10%,as compared with the current estimates.Table 20:Contingent consideration 2025 2024 Di

269、abetes alliance$m Other$m Total$m Total$m At 1 January 1,309 442 1,751 2,137 Additions through business combinations-54 Settlements(261)(101)(362)(222)Revaluations-1 1 16 Discount unwind 10 9 19 28 At 31 March 1,058 351 1,409 2,013 Note 4:Legal proceedings and contingent liabilitiesAstraZeneca is in

270、volved in various legal proceedings considered typical to its business,including litigation and investigations,including Government investigations,relating to product liability,commercial disputes,infringement of intellectual property(IP)rights,the validity of certain patents,anti-trust law and sale

271、s and marketing practices.The matters discussed below constitute the more significant developments since publication of the disclosures concerning legal proceedings in AstraZenecas Annual Report and Form 20-F Information 2024(the Disclosures).Information about the nature and facts of the cases is di

272、sclosed in accordance with IAS 37.As discussed in the Disclosures,the majority of claims involve highly complex issues.Often these issues are subject to substantial uncertainties and,therefore,the probability of a loss,if any,being sustained and/or an estimate of the amount of any loss is difficult

273、to ascertain.In cases that have been settled or adjudicated,or where quantifiable fines and penalties have been assessed and which are not subject to appeal,or where a loss is probable and we are able to make a reasonable estimate of the loss,AstraZeneca records the loss absorbed or makes a provisio

274、n for its best estimate of the expected loss.The position could change over time and the estimates that the Group made,and upon which the Group have relied in calculating these provisions are inherently imprecise.There can,therefore,be no assurance that any losses that result from the outcome of any

275、 legal proceedings will not exceed the amount of the provisions that have been booked in the accounts.The major factors causing this uncertainty are described more fully in the Disclosures and herein.AstraZeneca has full confidence in,and will vigorously defend and enforce,its IP.Summary Revenue Dri

276、vers R&D Progress Sustainability Financial Performance Financial Statements Glossary 29 Matters disclosed in respect of the first quarter of 2025 and to 29 April 2025 Table 21:Patent litigation Legal proceedings brought against AstraZeneca Forxiga Patent Proceedings,UK Considered to be a contingent

277、liability In the UK,one of AstraZenecas patents relating to Forxiga is being challenged by Generics(UK)Limited,Teva Pharmaceutical Industries Limited,and Glenmark Pharmaceuticals Europe Limited.In March 2025,AstraZeneca applied for an interim injunction against Glenmarks proposed at-risk sale of its

278、 dapaglifozin product in the UK.AstraZenecas request for injunction was denied at first instance.AstraZeneca prevailed in its appeal,and the interim injunction was granted.In April 2025,after trial in March 2025,the first instance court held AstraZenecas patent invalid for lack of plausibility.Astra

279、Zeneca intends to seek permission to appeal to the UK Court of Appeal.Legal proceedings brought by AstraZeneca Lokelma Patent Proceedings,US Considered to be a contingent asset In August 2022,in response to Paragraph IV notices,AstraZeneca initiated ANDA litigation against five generic filers in the

280、 US District Court for the District of Delaware(District Court).AstraZeneca alleged that a generic version of Lokelma would infringe patents that are owned or licensed by AstraZeneca.As previously disclosed,AstraZeneca has entered into separate settlement agreements with four generic manufacturers w

281、hich resulted in dismissal of the corresponding litigations.AstraZeneca has reached a settlement in principle with the last generic manufacturer.Soliris Patent Proceedings,Canada Considered to be a contingent asset In May 2023,AstraZeneca initiated patent litigation in Canada alleging that Amgen Pha

282、rmaceuticals,Inc.s(Amgen)biosimilar eculizumab product will infringe AstraZenecas patents.In September 2023,AstraZeneca initiated patent litigations in Canada alleging that Samsung Bioepis Co.Ltd.s(Samsung)biosimilar eculizumab product will infringe AstraZenecas patents.The filing of the litigation

283、triggered an automatic 24-month stay of the approval of each defendants biosimilar eculizumab product.Trial against Amgen occurred in January 2025.No decision has been issued.Trial against Samsung is scheduled to begin in June 2025.In July and August 2023,in Canada,both Amgen and Samsung brought act

284、ions challenging the validity of AstraZenecas patent relating to the use of eculizumab in treating aHUS.Trial is scheduled for November 2025.Soliris Patent Proceedings,UK Considered to be a contingent asset In May 2024,Alexion initiated patent infringement proceedings against Amgen Ltd and Samsung B

285、ioepis UK Ltd(Samsung UK)in the UK High Court of Justice alleging that their respective biosimilar eculizumab products infringe an Alexion patent;on the same day,Samsung UK initiated a revocation action for the same patent.Trial was held in March 2025.The parties are awaiting a decision.Summary Reve

286、nue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 30 Table 22:Commercial litigation Legal proceedings brought against AstraZeneca Definiens,Germany Considered to be a contingent liability In Germany,in July 2020,AstraZeneca received a notice of arbitration f

287、iled with the German Institution of Arbitration from the sellers of Definiens AG(the Sellers)regarding the 2014 Share Purchase Agreement(SPA)between AstraZeneca and the Sellers.The Sellers claim that they are owed approximately$140m in earn-outs under the SPA.In December 2023,after an arbitration he

288、aring,the arbitration panel made a final award of$46.43m in favour of the Sellers.In March 2024,AstraZeneca filed an application with the Bavarian Supreme Court to set aside the arbitration award.In April 2025,the Bavarian Supreme Court ruled in favour of AstraZeneca and annulled the arbitration awa

289、rd.The Bavarian Supreme Court referred the dispute back to the same arbitration panel for a second determination.Seroquel XR Antitrust Litigation,US Considered to be a contingent liability In 2019,AstraZeneca was named in several related complaints now proceeding in US District Court in Delaware(Dis

290、trict Court),including several putative class action lawsuits that were purportedly brought on behalf of classes of direct purchasers or end payors of Seroquel XR,that allege AstraZeneca and generic drug manufacturers violated US antitrust laws when settling patent litigation related to Seroquel XR.

291、In July 2022,the District Court dismissed claims relating to one of the generic manufacturers while allowing claims relating to the second generic manufacturer to proceed.In September 2024,AstraZeneca reached a settlement agreement with one of the plaintiff classes which the court has approved.The C

292、ourt denied summary judgment and set trial with the remaining plaintiffs to begin in May 2025.Soliris Antitrust Class Action,US Considered to be a contingent liability In April 2025,AstraZeneca was named in a lawsuit filed in the US District Court for the District of Massachusetts alleging antitrust

293、 claims on behalf of a potential class of end payors for Soliris from March 2022.The plaintiff alleges that AstraZeneca violated federal and state antitrust and business practices laws by obtaining improper patents for Soliris,delaying biosimilar entry and improperly extending Soliris market exclusi

294、vity.Viela Bio,Inc.Shareholder Litigation,US Matter concluded In February 2023,AstraZeneca was served with a lawsuit filed in the Delaware state court against AstraZeneca and certain officers(collectively,Defendants),on behalf of a putative class of Viela Bio,Inc.(Viela)shareholders.The complaint al

295、leged that the Defendants breached their fiduciary duty to Viela shareholders in the course of Vielas 2021 merger with Horizon Therapeutics,plc.In July 2024,the Court granted with prejudice AstraZenecas motion to dismiss.In August 2024,plaintiffs appealed the dismissal.In March 2025,the Delaware Sup

296、reme Court affirmed the dismissal.This matter is now concluded.Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 31 Table 23:Government investigations and proceedings Legal proceedings brought against AstraZeneca Beyfortus Civil Investigative Dem

297、and,US Considered to be a contingent liability In March 2025,AstraZeneca received a subpoena from the US Attorneys Office seeking certain records relating to Beyfortus.The subpoena requests that the Company produce various documents from January 2020 to present,including communications related to sp

298、ecific batches of Beyfortus,customer complaints,and FDA inspection reports.Shenzhen City Customs Office Considered to be a contingent liability In relation to the illegal drug importation allegations,in April 2025,AstraZeneca received a second Appraisal Opinion from the Shenzhen City Customs Office

299、regarding suspected unpaid importation taxes amounting to$1.6m.To the best of AstraZenecas knowledge,the importation taxes referred to in the Appraisal Opinion relate to Enhertu.A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is found lia

300、ble.China Personal Information Infringement Considered to be a contingent liability In relation to the personal information infringement allegation,in April 2025,AstraZeneca received a Notice of Transfer to the Prosecutor from the Shenzhen Baoan District Public Security Bureau(the PSB)regarding susp

301、ected unlawful collection of personal information.The Company has been informed that there was no illegal gain to the Company resulting from personal information infringement.Legal proceedings brought by AstraZeneca 340B State Litigation,US Considered to be a contingent asset AstraZeneca has filed l

302、awsuits against Arkansas,Kansas,Louisiana,Maryland,Minnesota,Mississippi,Missouri,and West Virginia challenging the constitutionality of each states 340B statute.In the Arkansas matter,trial is scheduled for September 2025 and the state has moved to dismiss AstraZenecas complaint.In the Arkansas adm

303、inistrative proceeding,the commissioner issued a cease-and-desist order in April 2025 requiring AstraZeneca to pause its 340B policy in Arkansas.In Kansas,after obtaining a stipulation from the state that AstraZenecas policy does not violate the Kansas 340B statute,AstraZeneca agreed to dismiss its

304、complaint.In Louisiana,the court granted the states motion for summary judgment.AstraZeneca has filed an appeal.In Maryland,the state has moved to dismiss AstraZenecas complaint and the court has denied AstraZenecas preliminary injunction motion.In Minnesota,the court found that the defendant govern

305、ment officials do not have authority to enforce the law and accordingly dismissed AstraZenecas complaint for lack of standing.In Missouri,the court granted in part and denied in part the states motion to dismiss.In Mississippi,the court denied AstraZenecas preliminary injunction motion.In West Virgi

306、nia,the matter is stayed pending an appeal of a related West Virginia litigation.Other Additional government inquiries As is true for most,if not all,major prescription pharmaceutical companies,AstraZeneca is currently involved in multiple inquiries into drug marketing and pricing practices.In addit

307、ion to the investigations described above,various law enforcement offices have,from time to time,requested information from the Group.There have been no material developments in those matters.Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 32 N

308、ote 5:Analysis of Revenue and Other operating income and expense Table 24:Q1 2025:Product Sales year-on-year analysis World US Emerging Markets Europe Established RoW Change Change Change Change Change$m Act%CER%$m Act%$m Act%CER%$m Act%CER%$m Act%CER%-Tagrisso 1,679 5 8 678 9 519 7 12 307 2 6 175 (

309、4)1 -Imfinzi 1,261 13 16 728 25 142 10 20 252 8 13 139 (18)(14)-Calquence 762 6 8 507 3 54 37 54 170 11 15 31 (3)2 -Lynparza 726 3 5 312 8 161 (4)-196 3 6 57 (3)2 -Enhertu 198 63 71 -n/m 136 64 72 43 67 72 19 51 61 -Zoladex 283 3 7 5 53 223 5 10 34 (5)(2)21 (12)(7)-Truqap 132 n/m n/m 111 n/m 2 n/m n

310、/m 14 n/m n/m 5 n/m n/m -Imjudo 80 30 33 53 37 5 24 52 11 46 53 11 (3)1 -Other Oncology 110 (8)(4)3 (48)76 (4)-5 (4)-26 (12)(8)Oncology 5,231 10 13 2,397 15 1,318 10 16 1,032 8 12 484 (7)(2)-Farxiga 2,057 11 16 383 (19)871 22 31 683 24 28 120 11 15 -Crestor 316 7 10 12 20 272 13 17 -n/m n/m 32 (7)(3

311、)-Brilinta 305 (6)(4)173 6 74 (16)(13)55 (17)(14)3 (34)(30)-Seloken 161 (2)3 -n/m 155 (4)2 5 70 70 1 (12)(7)-Lokelma 153 35 38 69 33 30 47 54 26 40 44 28 22 28 -roxadustat 78 3 4 -78 3 4 -Wainua 39 n/m n/m 39 n/m -Other CVRM 136 (28)(25)11 (76)72 6 9 38 (39)(37)15 31 37 CVRM 3,245 8 12 687 (8)1,552

312、14 20 807 13 17 199 9 13 -Symbicort 723 (6)(3)279 (7)232 (8)(4)135 (5)(2)77 3 10 -Fasenra 418 17 19 249 19 27 20 29 103 11 16 39 17 23 -Breztri 300 37 39 148 41 90 29 32 42 38 43 20 39 47 -Tezspire 87 n/m n/m -7 n/m n/m 57 n/m n/m 23 62 73 -Pulmicort 158 (30)(26)2 (56)127 (34)(30)19 (2)2 10 14 21 -S

313、aphnelo 136 49 51 120 45 3 n/m n/m 9 n/m n/m 4 51 67 -Airsupra 28 n/m n/m 28 n/m -Other R&I 97 4 6 39 37 43 (12)(10)13 (7)(3)2 1 8 R&I 1,947 8 11 865 17 529 (10)(6)378 14 19 175 17 24 -Beyfortus 30 15 16 28 9 -n/m n/m 2 n/m n/m -Synagis 112 (34)(32)(1)3 83 (8)(3)25 (59)(58)5 (74)(74)-FluMist-n/m n/m

314、 -n/m -n/m n/m -Other V&I 1 (93)(93)-1 (93)(93)-V&I 143 (32)(30)27 2 83 (8)(3)26 (65)(64)7 (67)(67)-Ultomiris 1,050 22 25 604 25 52 65 77 228 13 17 166 16 22 -Soliris 444 (40)(38)288 (30)65 (48)(42)56 (60)(59)35 (43)(39)-Strensiq 352 12 14 266 8 34 59 71 26 9 13 26 21 26 -Koselugo 138 4 8 53 16 40 (

315、32)(27)34 82 90 11 23 29 -Other Rare Disease 58 9 15 26 19 14 3 21 16 4 8 2 (15)(10)Rare Disease 2,042 (3)-1,237 3 205 (18)(10)360 (10)(7)240 1 6 -Nexium 228 (5)(1)19 (10)176 3 7 11 (22)(15)22 (34)(30)-Other 39 (26)(24)-n/m 30 (12)(11)8 (46)(43)1 12 20 Other Medicines 267 (9)(5)19 (20)206 -4 19 (35)

316、(30)23 (32)(29)Total Medicines 12,875 6 9 5,232 8 3,893 5 11 2,622 5 9 1,128 (1)3 The table provides an analysis of year-on-year Product Sales,with Actual and CER growth rates reflecting year-on-year growth.Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statement

317、s Glossary 33 Table 25:Alliance Revenue Q1 2025$m Q1 2024$m Enhertu 398 339 Tezspire 130 77 Beyfortus 82 20 Datroway 4-Other Alliance Revenue 25 21 Total 639 457 Table 26:Collaboration Revenue Q1 2025$m Q1 2024$m Farxiga:sales milestones 74 45 Total 74 45 Table 27:Other operating income and expense

318、Q1 2025$m Q1 2024$m Total 113 67 Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 34 Financial calendar Announcement of H1 and Q2 2025 results:29 July 2025 Announcement of 9M and Q3 2025 results:6 November 2025 Dividend payment dates Dividends a

319、re normally paid as follows:First interim:Announced with the half year results and paid in September Second interim:Announced with the full year results and paid in March The ex-dividend dates shown below are for ordinary shares listed on the London Stock Exchange(LSE).Proposed dividend dates Announ

320、ced Ex-dividend date(LSE)Record date Payment date FY 2025 First interim*29 Jul 2025 7 Aug 2025 8 Aug 2025 8 Sep 2025*Provisional dates,subject to Board approval.For the ex-dividend dates of ordinary shares listed on the Stockholm Stock Exchange,and for American Depositary Receipts listed on NASDAQ,p

321、lease check with the relevant exchange.Contact details For Investor Relations contacts,click here.For Media contacts,click here.Addresses for correspondence Registered office Registrar and transfer office Swedish Central Securities Depository US depositary 1 Francis Crick Avenue Cambridge Biomedical

322、 Campus Cambridge CB2 0AA Equiniti Limited Aspect House Spencer Road Lancing West Sussex BN99 6DA Euroclear Sweden AB PO Box 191 SE-101 23 Stockholm J.P.Morgan Chase Bank N.A.EQ Shareowner Services P.O.Box 64504 St.Paul MN 55164-0504 UK UK Sweden US+44(0)20 3749 5000 0800 389 1580+46(0)8 402 9000+1(

323、888)697 8018(US only)+44(0)121 415 7033 +1(651)453 2128 Trademarks Trademarks of the AstraZeneca group of companies appear throughout this document in italics.Medical publications also appear throughout the document in italics.AstraZeneca,the AstraZeneca logotype and the AstraZeneca symbol are all t

324、rademarks of the AstraZeneca group of companies.Trademarks of companies other than AstraZeneca that appear in this document include:Beyfortus,a trademark of Sanofi Pasteur Inc.;Enhertu and Datroway,trademarks of Daiichi Sankyo;Seloken,owned by AstraZeneca or Taiyo Pharma Co.,Ltd(depending on geograp

325、hy);Synagis,owned by AstraZeneca or Sobi aka Swedish Orphan Biovitrum AB(publ).(depending on geography);and Tezspire,a trademark of Amgen,Inc.Information on or accessible through AstraZenecas websites,including ,does not form part of and is not incorporated into this announcement.Other shareholder i

326、nformation Summary Revenue Drivers R&D Progress Sustainability Financial Performance Financial Statements Glossary 35 AstraZeneca AstraZeneca(LSE/STO/Nasdaq:AZN)is a global,science-led biopharmaceutical company that focuses on the discovery,development,and commercialisation of prescription medicines

327、 in Oncology,Rare Disease,and BioPharmaceuticals,including Cardiovascular,Renal&Metabolism,and Respiratory&Immunology.Based in Cambridge,UK,AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide.Please visit and follow the Company on Social

328、 Media AstraZeneca.Cautionary statements regarding forward-looking statements In order,among other things,to utilise the safe harbour provisions of the US Private Securities Litigation Reform Act of 1995,AstraZeneca(hereafter the Group)provides the following cautionary statement:This document contai

329、ns certain forward-looking statements with respect to the operations,performance and financial condition of the Group,including,among other things,statements about expected revenues,margins,earnings per share or other financial or other measures.Although the Group believes its expectations are based

330、 on reasonable assumptions,any forward-looking statements,by their very nature,involve risks and uncertainties and may be influenced by factors that could cause actual outcomes and results to be materially different from those predicted.The forward-looking statements reflect knowledge and informatio

331、n available at the date of preparation of this document and the Group undertakes no obligation to update these forward-looking statements.The Group identifies the forward-looking statements by using the words anticipates,believes,expects,intends and similar expressions in such statements.Important f

332、actors that could cause actual results to differ materially from those contained in forward-looking statements,certain of which are beyond the Groups control,include,among other things:the risk of failure or delay in delivery of pipeline or launch of new medicines;the risk of failure to meet regulat

333、ory or ethical requirements for medicine development or approval;the risk of failures or delays in the quality or execution of the Groups commercial strategies;the risk of pricing,affordability,access and competitive pressures;the risk of failure to maintain supply of compliant,quality medicines;the risk of illegal trade in the Groups medicines;the impact of reliance on third-party goods and servi