AstraZeneca (AZN) is a global, science-led biopharmaceutical company headquartered in Cambridge, UK. The company focuses on the discovery, development, and commercialization of prescription medicines to address unmet medical needs. Its portfolio spans innovative treatments in oncology, rare diseases, and biopharmaceuticals, with a strong emphasis on improving patient outcomes through cutting-edge research and strategic collaborations.
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Oncology - Develops innovative cancer treatments, including targeted therapies like Tagrisso and Iressa for lung cancer, and immuno-oncology drugs such as Imfinzi and Imjudo. Collaborates on next-generation therapies like Enhertu and Orpathys.
- Tagrisso - Targets EGFR-mutated lung cancer.
- Imfinzi - Focuses on immuno-oncology applications.
- Enhertu - A HER2-directed antibody-drug conjugate developed with Daiichi Sankyo.
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Cardiovascular, Renal & Metabolism (CVRM) - Focuses on treatments for chronic cardiovascular diseases, renal conditions, and metabolic disorders. Key products include Farxiga for heart failure and Lokelma for hyperkalemia.
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Rare Diseases - Specializes in therapies for conditions driven by the complement cascade, such as Ultomiris for generalized myasthenia gravis and paroxysmal nocturnal hemoglobinuria. Operates through its Alexion Pharmaceuticals division.
- Ultomiris - A long-acting C5 complement inhibitor.
- Strensiq - Treats hypophosphatasia, a rare metabolic disorder.
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Respiratory & Immunology (R&I) - Develops therapies for respiratory diseases and immune system disorders, including Symbicort for asthma and COPD, and Tezspire for severe asthma.
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Vaccines & Immune Therapies (V&I) - Focuses on vaccines and treatments for infectious diseases, including Beyfortus for respiratory syncytial virus (RSV) and Synagis for pediatric RSV prevention.
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Other Medicines - Includes legacy products such as Nexium for acid reflux and other established medicines.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Aradhana Sarin ExecutiveBoard | CFO and Executive Director | Board Member of the American Red Cross; Independent Director of Anheuser-Busch InBev. | CFO since 2021, previously CFO at Alexion; trained as a medical doctor and holds an MBA from Stanford. | |
Pascal Soriot ExecutiveBoard | CEO and Executive Director | Board Member of the Sustainable Markets Initiative Limited. | CEO since 2012, led AZN's growth, including R&D advancements and COVID-19 response; knighted in 2022. | |
David Fredrickson Executive | EVP, Oncology Business Unit | None. | EVP since 2017, led oncology portfolio growth, including Tagrisso and Imfinzi. | |
Iskra Reic Executive | EVP, International | Board Member of myTomorrows; Steering Committee Member of PHSSR. | EVP since 2024, previously led Vaccines & Immune Therapies; drives growth in Emerging Markets. | |
Jeff Pott Executive | Chief HR Officer, Chief Compliance Officer, and General Counsel | None. | Joined AZN in 1995; oversees HR, compliance, and legal functions. | |
Leon Wang Executive | EVP, International and China President | None. | EVP since 2017, led AZN's growth in China and Emerging Markets; established Shanghai R&D center. | |
Marc Dunoyer Executive | CEO of Alexion, AstraZeneca Rare Disease; Chief Strategy Officer | None. | CEO of Alexion since 2021; led integration of Alexion into AZN and expanded rare disease pipeline. | |
Pam Cheng Executive | EVP, Global Operations and IT; Chief Sustainability Officer | None. | EVP since 2015, leads sustainability strategy; recognized on TIME100 Climate list. | |
Ruud Dobber Executive | EVP, BioPharmaceuticals Business Unit | None. | EVP since 2019, responsible for CVRM, R&I, and neuroscience; key driver of product growth like Farxiga. | |
Sharon Barr Executive | EVP, BioPharmaceuticals R&D | None. | EVP since 2023, previously SVP at Alexion; oversees CVRM and R&I R&D. | |
Susan Galbraith Executive | EVP, Oncology R&D | None. | EVP since 2020, oversees oncology R&D; key contributor to Imfinzi and capivasertib development. | |
Andreas Rummelt Board | Non-Executive Director | Chair and Managing Partner of InterPharmaLink AG. | Director since 2021, former CEO of Sandoz and Novartis executive; extensive experience in generics and pharma. | |
Deborah DiSanzo Board | Non-Executive Director | President of Best Buy Health; teaches AI in Health at Harvard. | Director since 2017, over 30 years of experience in healthcare and technology; former GM of IBM Watson Health. | |
Diana Layfield Board | Non-Executive Director | Chair of British International Investment; Council Member of LSHTM. | Director since 2020, extensive global business experience; currently General Manager, International Search at Google. | |
Marcus Wallenberg Board | Non-Executive Director | Chair of SEB, Saab, and FAM AB; Vice-Chair of Investor AB and EQT AB. | Director since 1999, extensive international business experience across multiple industries. | |
Michel Demar\u00e9 Board | Non-Executive Chair of the Board | Non-Executive Director at Vodafone Group plc and Louis Dreyfus International; Chair of IMD. | Chair since 2023, previously Non-Executive Director; extensive experience in finance and governance. | |
Nazneen Rahman Board | Non-Executive Director | CEO of YewMaker; Director of Sustainable Medicines Partnership. | Director since 2017, expert in rare diseases and sustainable healthcare; former Professor of Genetics at ICR. | |
Philip Broadley Board | Senior Independent Non-Executive Director | Chair-designate of Lancashire Holdings; Senior Independent Director of Legal & General. | Director since 2017, extensive finance experience; previously Group Finance Director at Prudential and Old Mutual. | |
Sheri McCoy Board | Non-Executive Director | Chair of Dechra Pharmaceuticals; Board Member at Stryker, Kimberly-Clark, and Sail Biomedicines. | Director since 2017, former CEO of Avon and Vice-Chairman at J&J; extensive leadership in pharma and consumer health. | |
Tony Mok Board | Non-Executive Director | Non-Executive Director of HUTCHMED; Member of Prenetics Scientific Advisory Board. | Director since 2019, leading oncologist and researcher; Chair of Clinical Oncology at CUHK. |
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You have set a goal to reach mid-30s operating margins by 2026, but ended 2024 just above 31%, with guidance suggesting minimal leverage in 2025. How do you plan to achieve the remaining 400 basis points improvement in such a short timeframe?
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Airsupra was anticipated to be a multi-blockbuster drug, yet its launch has been relatively soft with little improvement in the fourth quarter. What strategies are you implementing to accelerate its growth and overcome the access challenges you've faced?
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Given the investigations and market pressures in China, including anticipated VBP inclusion for key products, how confident are you in your 2025 growth projections for the Chinese market, and what risks should investors be aware of?
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Can you discuss the potential financial impact of the customs duty issue in China, and clarify whether there is a risk of significant fines or liabilities that could affect your financial results?
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With the upcoming Part D redesign in 2025 affecting products like Calquence, how do you plan to mitigate the impact on your oncology portfolio and maintain the growth trajectory amid these legislative headwinds?
Research analysts who have asked questions during ASTRAZENECA earnings calls.
James Gordon
JPMorgan Chase & Co.
4 questions for AZN
Luisa Hector
Berenberg
4 questions for AZN
Rajan Sharma
Goldman Sachs Group, Inc.
4 questions for AZN
Sachin Jain
Bank of America
4 questions for AZN
Matthew Weston
UBS Group AG
3 questions for AZN
Mattias Häggblom
Handelsbanken
3 questions for AZN
Peter Verdult
Citigroup Inc.
3 questions for AZN
Seamus Fernandez
Guggenheim Partners
3 questions for AZN
Gonzalo Artiach Castanon
Danske Bank
2 questions for AZN
Sarita Kapila
Morgan Stanley
2 questions for AZN
Simon Baker
Redburn Atlantic
2 questions for AZN
Steve Scala
Cowen
2 questions for AZN
Emily Field
Barclays
1 question for AZN
Emmanuel Papadakis
Deutsche Bank
1 question for AZN
Eric Le Berrigaud
Stifel
1 question for AZN
Gonzalo Artiach
Danske Bank
1 question for AZN
Jo Walton
UBS
1 question for AZN
Justin Smith
Bernstein
1 question for AZN
Justin Steven Smith
Bernstein
1 question for AZN
Mark Purcell
Morgan Stanley
1 question for AZN
Michael Leuchten
Jefferies
1 question for AZN
Peter Welford
Jefferies
1 question for AZN
Rajesh Kumar
HSBC
1 question for AZN
Richard Parkes
BNP Paribas Exane
1 question for AZN
Timothy Anderson
BofA Securities
1 question for AZN
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Gracell Biotechnologies, Inc. | 2024 | AstraZeneca acquired Gracell for an upfront cash payment of about $1.0 billion, with a total transaction value of approximately $1.2 billion that included additional contingent value; the deal brought in the clinical-stage FasTCAR-enabled BCMA/CD19 dual-targeting CAR‑T therapy (GC012F) along with $209 million in cash equivalents, strengthening its cell therapy pipeline. |
Icosavax, Inc. | 2024 | The acquisition was executed via a tender offer at $15.00 per share cash upfront plus a contingent value right up to $5.00 per share for a total potential value of around $1.1 billion; it bolsters AstraZeneca’s Vaccines & Immune Therapies portfolio with Icosavax’s Phase III-ready VLP vaccine candidate IVX-A12 targeting RSV and hMPV. |
Fusion Pharmaceuticals Inc. | 2024 | Completed for approximately $2.4 billion—$2.051 billion upfront and $144 million in contingent regulatory milestone payments—this deal adds next-generation radioconjugates (notably FPI-2265) to AstraZeneca’s oncology pipeline and accelerates its radiopharmaceutical manufacturing capabilities. |
Amolyt Pharma | 2024 | AstraZeneca acquired Amolyt Pharma for a total consideration of up to $1.05 billion (with $800 million upfront and up to $250 million contingent on milestones) to enhance its Rare Disease pipeline and expand its bone metabolism franchise with the Phase III candidate eneboparatide (AZP‑3601) for hypoparathyroidism. |
CinCor Pharma, Inc. | 2023 | The acquisition was structured as a tender offer with an upfront cash payment of about $1.3 billion (at $26 per share plus a $10 contingent per share), totaling approximately $1.8 billion, and included cash/marketable securities valued at $522 million; it adds the aldosterone synthase inhibitor baxdrostat (CIN‑107) to complement its cardiorenal strategy. |
Neogene Therapeutics, Inc. | 2023 | Completed for a total consideration of up to $320 million (with an initial $200 million cash payment and up to $120 million in contingent payments), the acquisition advances AstraZeneca’s cell therapy portfolio by adding next‑generation T‑cell receptor therapies targeting solid tumors along with significant intangible assets and goodwill. |
TeneoTwo, Inc. | 2022 | AstraZeneca acquired TeneoTwo, paying $100 million upfront and agreeing to up to $1.165 billion in milestone payments (combining R&D and commercial milestones), to secure its Phase I CD19/CD3 T‑cell engager TNB‑486 which is aimed at treating B‑cell hematologic malignancies without including transfer of people or facilities. |
Recent press releases and 8-K filings for AZN.
- On September 29, 2025, AstraZeneca announced that Enhertu demonstrated a highly statistically significant and clinically meaningful improvement in invasive disease-free survival (IDFS) in the DESTINY-Breast05 Phase III trial.
- The trial evaluated Enhertu against T-DM1 in patients with HER2-positive early breast cancer who had residual invasive disease after neoadjuvant treatment and a high risk of recurrence.
- This marks the second positive Phase III trial for Enhertu in the HER2-positive early breast cancer setting, reinforcing its potential as a foundational treatment option in curative-intent early breast cancer.
- The safety profile of Enhertu in DESTINY-Breast05 was consistent with its known profile, and the data will be presented at ESMO 2025 on October 18.
- AstraZeneca plans to harmonise its share listing structure across the London Stock Exchange (LSE), Nasdaq Stockholm (STO), and the New York Stock Exchange (NYSE).
- This will involve a direct listing of AstraZeneca ordinary shares on the NYSE, replacing the existing US listing of AstraZeneca ADRs on Nasdaq.
- The company will remain headquartered and tax resident in the UK and continue to be included in the FTSE 100 and OMX Stockholm 30 indices.
- A General Meeting is scheduled for Monday, November 3, 2025, at 2:30 p.m. (GMT) for shareholders to vote on the proposed Harmonised Listing Structure.
- AstraZeneca PLC is proposing a Harmonised Listing Structure that includes a direct listing of its shares on the NYSE, replacing its current US listing of American Depositary Shares (ADSs) on Nasdaq.
- This strategic move aims to widen the investor pool, especially among US domestic institutional and retail investors, as the US market represented 43% of total revenue in 2024 and is expected to reach 50% by 2030.
- Shareholder approval for amendments to the company's articles of association is required at a General Meeting on November 3, 2025, with the new structure anticipated to be effective by February 2, 2026, if approved.
- The implementation will involve the termination of the existing ADR Programme and a migration of the primary settlement system from CREST to DTC.
- AstraZeneca's Koselugo (selumetinib) has received a positive recommendation for approval in the European Union (EU) from the Committee for Medicinal Products for Human Use (CHMP).
- The recommendation is for the treatment of symptomatic, inoperable plexiform neurofibromas (PN) in adult patients with neurofibromatosis type 1 (NF1).
- This positive opinion is based on results from the KOMET Phase III trial, which showed a statistically significant objective response rate (ORR) of 20% for Koselugo compared to 5% with placebo by cycle 16.
- Koselugo is already approved for this indication in adults in Japan and other countries, and for paediatric patients in the US, EU, Japan, and China.
- AstraZeneca and Amgen's Tezspire (tezepelumab) has received a positive recommendation for approval in the European Union (EU) by the Committee for Medicinal Products for Human Use (CHMP) for the treatment of adult patients with chronic rhinosinusitis with nasal polyps (CRSwNP).
- The recommendation is based on results from the WAYPOINT Phase III trial, which showed Tezspire significantly reduced nasal polyp severity and nasal congestion, nearly eliminated the need for surgery (98%), and significantly reduced systemic corticosteroid use (89%) compared to placebo.
- Regulatory applications for Tezspire in CRSwNP are also currently under review in the US, China, Japan, and several other countries.
- Tezspire is already approved for the treatment of severe asthma in the US, EU, Japan, and more than 60 countries, having treated over 100,000 patients since 2021.
- AstraZeneca's Saphnelo (anifrolumab) self-administration TULIP-SC Phase III trial met its primary endpoint in patients with systemic lupus erythematosus (SLE) based on an interim analysis.
- The subcutaneous administration of Saphnelo demonstrated a statistically significant and clinically meaningful reduction in disease activity compared to placebo, with a safety profile consistent with the known intravenous infusion.
- The interim results are under regulatory review and will be presented at the American College of Rheumatology (ACR) Convergence 2025 annual meeting, October 24-29, 2025.
- AstraZeneca is actively working with regulatory authorities to bring this new, more flexible administration option to patients.
- The RESOLUTE Phase III trial of AstraZeneca's Fasenra (benralizumab) for chronic obstructive pulmonary disease (COPD) did not achieve statistical significance in its primary endpoint, despite showing numerical improvement.
- AstraZeneca plans to analyse the full data set from RESOLUTE to further understand the results, which will be shared with the scientific community.
- Fasenra is currently approved as an add-on maintenance treatment for severe eosinophilic asthma (SEA) in over 80 countries and for eosinophilic granulomatosis with polyangiitis (EGPA) in over 60 countries.
- Separately, the NATRON Phase III trial evaluating Fasenra in hypereosinophilic syndrome (HES) successfully met its primary endpoint.
- AstraZeneca presented positive Phase III data for Baxdrostat, a potential first-in-class aldosterone inhibitor for hard-to-control hypertension, demonstrating significant blood pressure reduction and a favorable tolerability profile.
- In the Bax HTN trial, Baxdrostat reduced seated office systolic blood pressure by 8.7 mmHg (1mg dose) and 9.8 mmHg (2mg dose) placebo-corrected from baseline to week 12.
- The company anticipates Baxdrostat to be a $5 billion plus opportunity, with roughly a fifty-fifty split between monotherapy and fixed-dose combinations.
- AstraZeneca has ongoing Phase III trials for Baxdrostat in combination with dapagliflozin for chronic kidney disease and heart failure prevention, with data expected beyond 2026.
- Former President Donald Trump announced plans to implement tariffs on imported drugs, starting small and potentially increasing to 150% within 18 months and then to 250%.
- The initiative aims to incentivize drug manufacturers to increase domestic production in the United States.
- AstraZeneca has committed to investing $50 billion to expand its operations in the US, aligning with the push for increased domestic manufacturing.
- A framework agreement between the US and EU currently sets tariffs on drugs at zero, but specifies a cap of 15% if Washington raises them following an import investigation.
- AstraZeneca plans to invest $50 billion in the United States by 2030 for medicines manufacturing and R&D.
- The cornerstone of this investment is a proposed new multi-billion dollar drug substance manufacturing centre in the Commonwealth of Virginia, which will be the company's largest single manufacturing investment globally.
- This investment supports AstraZeneca's ambition to reach $80 billion in total revenue by 2030, with 50% of that revenue generated in the US.