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.
Luisa Hector
Berenberg
6 questions for AZN
Rajan Sharma
Goldman Sachs Group, Inc.
6 questions for AZN
Sachin Jain
Bank of America
6 questions for AZN
Matthew Weston
UBS Group AG
5 questions for AZN
Mattias Häggblom
Handelsbanken
5 questions for AZN
Peter Verdult
Citigroup Inc.
5 questions for AZN
Seamus Fernandez
Guggenheim Partners
5 questions for AZN
James Gordon
JPMorgan Chase & Co.
4 questions for AZN
Sarita Kapila
Morgan Stanley
4 questions for AZN
Simon Baker
Redburn Atlantic
4 questions for AZN
Steve Scala
Cowen
4 questions for AZN
Gonzalo Artiach
Danske Bank
3 questions for AZN
Justin Smith
Bernstein
3 questions for AZN
Michael Leuchten
Jefferies
3 questions for AZN
Gonzalo Artiach Castanon
Danske Bank
2 questions for AZN
Richard Vosser
JPMorgan Chase & Co.
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
Jo Walton
UBS
1 question for AZN
Justin Steven Smith
Bernstein
1 question for AZN
Mark Purcell
Morgan Stanley
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.
- AstraZeneca reported strong financial results for the first nine months of 2025, with total revenue growing by 11% and core EPS increasing by 15% at constant exchange rates, while reiterating its full-year guidance for high single-digit revenue growth and low double-digit core EPS growth.
- The company saw broad-based growth, including a 16% increase in its oncology franchise, and maintained a core operating margin of 33.3%, remaining on track for its mid-30s operating margin target for 2026 and $80 billion revenue ambition for 2030.
- AstraZeneca achieved 31 regulatory approvals and positive results from 16 phase three trials in 2025, with key pipeline assets like Baxdrostat and surovatamab having multi-billion dollar peak-year revenue potential, and secured a landmark agreement with the U.S. government providing a three-year exemption from tariffs.
- AstraZeneca reported strong financial performance for the first nine months of 2025, with total revenue growing by 11% and core EPS increasing by 15%. The core operating margin reached 33.3%.
- Growth was broad-based, with the oncology franchise up 16%, biopharmaceuticals up 8%, and rare disease up 6%. Revenues in the U.S. and emerging markets outside of China saw increases of 11% and 21%, respectively.
- The company achieved 31 regulatory approvals and announced positive results from 16 Phase III trials in 2025, including key readouts for DESTINY-Breast05, DESTINY-Breast11, ROPION-Breast02, BAXC24, and TULIP-SC.
- AstraZeneca reiterated its full-year guidance, anticipating total revenue to increase by high single-digit and core EPS by low double-digit % at constant exchange rates. The company remains on track for its 2026 margin target of mid-30s and $80 billion 2030 revenue ambition.
- A landmark agreement with the U.S. government provides clarity on pricing and a three-year exemption from tariffs, with the U.S. projected to account for around 50% of total revenue by 2030.
- AstraZeneca reported robust financial results for the first nine months of 2025, with total revenue growing by 11% and core EPS increasing by 15%.
- The company reiterated its full-year guidance, anticipating total revenue and core EPS to increase by high single-digit and low double-digit %, respectively, at constant exchange rates.
- Key franchises demonstrated strong growth, with Oncology revenue up 16% to $18.6 billion and Biopharmaceuticals revenue up 8% to $17.1 billion in the first nine months.
- AstraZeneca remains on track for its 2026 margin target of mid-30s and its $80 billion 2030 revenue ambition, supported by over $10 billion in risk-adjusted peak-year revenue opportunities from 2026 pipeline readouts.
- A landmark agreement with the U.S. government provides greater clarity on pricing and a three-year exemption from tariffs, with the U.S. projected to account for around 50% of total revenue by 2030.
- AstraZeneca reported Total Revenue of $15,191 million for Q3 2025, an increase of 12% (actual), and Core EPS of $2.38, up 14% (actual), with 9M 2025 Total Revenue reaching $43,236 million.
- The company reiterated its FY 2025 guidance for Total Revenue to increase by a high single-digit percentage and Core EPS by a low double-digit percentage at constant exchange rates.
- AstraZeneca achieved 16 positive Phase III readouts and 31 approvals in major regions during the first nine months of 2025.
- Strategic initiatives include breaking ground on a $4.5 billion US manufacturing facility in October 2025, part of a $50 billion investment in US manufacturing and R&D by 2030, and an agreement with the US government to lower medicine costs.
- Shareholders approved a listing harmonization plan on November 3, 2025, allowing trading on the London Stock Exchange, Nasdaq Stockholm, and New York Stock Exchange from February 2, 2026.
- AstraZeneca PLC adopted new Articles of Association by special resolution on November 3, 2025.
- The new Articles detail a Harmonised Listing Structure, which proposes a direct listing of Ordinary Shares on the NYSE.
- This structure will replace the company's existing United States equity listing of ADSs on Nasdaq, leading to the cancellation of ADSs upon implementation.
- The company's Ordinary Shares are valued at US$0.25 each.
- The Articles also include provisions for dividend declaration, interim dividends, and scrip dividends.
- AstraZeneca's Koselugo (selumetinib) received European Union (EU) approval in October 2025 for the treatment of symptomatic, inoperable plexiform neurofibromas (PN) in adult patients with neurofibromatosis type 1 (NF1).
- The approval was based on results from the KOMET Phase III trial, which demonstrated a 20% objective response rate in tumour size reduction.
- This milestone extends the treatment's availability to adults, addressing an unmet need in the rare disease community and providing continuity of care.
- Koselugo is part of a global strategic collaboration between AstraZeneca and MSD for co-development and co-commercialisation.
- AstraZeneca and Amgen's Tezspire (tezepelumab) has received approval in the European Union (EU) as an add-on therapy for adult patients with severe chronic rhinosinusitis with nasal polyps (CRSwNP) who have not adequately responded to standard treatment.
- The approval is based on positive WAYPOINT Phase III trial results, which demonstrated a statistically significant reduction in nasal polyp severity, near-elimination of the need for surgery, and significantly reduced systemic corticosteroid use versus placebo.
- This approval addresses a substantial unmet medical need, as CRSwNP affects approximately 320 million people worldwide, and nearly half of European patients remain uncontrolled with existing therapies.
- Tezspire is also approved for severe asthma in multiple regions, including the US, EU, and Japan, and is being explored in Phase III trials for chronic obstructive pulmonary disease (COPD) and eosinophilic esophagitis (EoE).
- The US FDA has approved AstraZeneca and Amgen's Tezspire (tezepelumab) for the add-on maintenance treatment of adult and paediatric patients aged 12 years and older with inadequately controlled chronic rhinosinusitis with nasal polyps (CRSwNP).
- This approval broadens Tezspire's indication, making it the first and only biologic targeting thymic stromal lymphopoietin (TSLP) approved for CRSwNP.
- The approval was supported by the WAYPOINT Phase III trial, which demonstrated a statistically significant and clinically meaningful reduction in nasal polyp severity, near-elimination of surgery, and significant reduction in systemic corticosteroid use.
- AstraZeneca and Amgen jointly commercialize Tezspire in the US, sharing costs and profits equally.
- The Committee for Medicinal Products for Human Use (CHMP) has issued a positive recommendation for AstraZeneca's Saphnelo (anifrolumab) for approval in the European Union (EU) as a self-administered once-weekly pre-filled pen for adult patients with systemic lupus erythematosus (SLE).
- This recommendation is based on interim Phase III TULIP-SC trial results, which demonstrated a statistically significant and clinically meaningful reduction in disease activity.
- The new subcutaneous administration option is expected to broaden patient access, given that approximately 70% of European patients on biologic therapy for SLE currently utilize subcutaneous administration.
- AstraZeneca will pay Bristol-Myers Squibb (BMS) a low to mid-teens royalty for sales of Saphnelo in certain geographies, as per a 2004 licensing agreement.
- AstraZeneca announced a historic agreement with the US Government to lower medicine costs for American patients, including providing Direct-to-Consumer (DTC) sales at a discount of up to 80% off list prices for eligible patients and participation in the TrumpRx.gov direct purchasing platform.
- As part of this agreement, AstraZeneca plans to invest $50 billion in US manufacturing and R&D over the next five years to support domestic sourcing.
- This investment is expected to help deliver $80 billion in Total Revenue by 2030, with 50% of that revenue projected to be generated in the US.
- AstraZeneca also secured a three-year delay on Section 232 tariffs from the US Department of Commerce, enabling the company to fully onshore medicines manufacturing.