CAMBRIDGE, England--(
BUSINESS WIRE
)--AstraZeneca:
Revenue and EPS summary
FY 2024
% Change
Q4 2024
% Change
$m
Actual
CER
i
$m
Actual
CER
- Product Sales
50,938
16
19
13,362
18
19
- Alliance Revenue
2,212
55
55
714
68
69
- Collaboration Revenue
923
56
54
815
>2x
>2x
Total Revenue
54,073
18
21
14,891
24
25
Reported EPS
$4.54
18
29
$0.97
56
71
Core
ii
EPS
$8.21
13
19
$2.09
44
49
Financial performance for FY 2024
(Growth numbers at constant exchange rates)
Total Revenue up 21% to $54,073m, driven by a 19% increase in Product Sales, continued growth of partnered medicines (Alliance Revenue) and the achievement of sales-based milestones (Collaboration Revenue)
Total Revenue growth from Oncology was 24%, CVRM 20%, R&I 25%, V&I 8% and Rare Disease 16%
Core EPS increased 19% to $8.21
Second interim dividend declared of $2.10 per share, making a total annual dividend declared for FY 2024 of $3.10 per share, an increase of 7%. Dividend to be further increased in FY 2025
Guidance for FY 2025: Total Revenue is expected to increase by a high single-digit percentage and Core EPS is expected to increase by a low double-digit percentage, both at CER
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
“
Our company delivered a very strong performance in 2024 with Total Revenue and Core EPS up 21% and 19% respectively. We also delivered nine positive high value Phase III studies in the year, which coupled with increasing demand for our medicines in all key regions, will help sustain our growth momentum into 2025.
This year marks the beginning of an unprecedented, catalyst-rich period for our company, an important step on our Ambition 2030 journey to deliver $80 billion Total Revenue by the end of the decade. In 2025 alone, we anticipate the first Phase III data for seven new medicines, along with several important new indication opportunities for our existing medicines.
We are also investing in and making significant progress with transformative technologies that have the potential to drive our growth well beyond 2030, many of which have now entered pivotal trials.”
Key milestones achieved since the prior results announcement
Positive read-outs for
Truqap
in combination with abiraterone and androgen deprivation therapy in
PTEN
-deficient
de novo
metastatic hormone-sensitive prostate cancer (CAPItello-281) and
Tagrisso
with or without chemotherapy in resectable early-stage
EGFR
m NSCLC (NeoADAURA)
US approvals for
Imfinzi
in limited-stage small cell lung cancer (ADRIATIC),
Calquence
in combination with bendamustine and rituximab in mantle cell lymphoma (ECHO),
Datroway
(datopotamab deruxtecan) in HR+ HER2- metastatic breast cancer (TROPION-Breast01) and
Enhertu
in chemotherapy-naïve HER2-low and -ultralow metastatic breast cancer (DESTINY-Breast06). EU approvals for
Tagrisso
in unresectable
EGFR
m NSCLC (LAURA) and
Kavigale
for prevention of COVID-19 (SUPERNOVA). Japan approvals for
Imfinzi
in endometrial cancer (DUO-E),
Lynparza
plus
Imfinzi
in pMMR endometrial cancer (DUO-E),
Calquence
tablet formulation in chronic / small lymphocytic leukaemia,
Datroway
in HR+ HER2- metastatic breast cancer,
Fasenra
in EGPA (MANDARA) and
Kavigale
for prevention of COVID-19. China approvals for
Lynparza
in gBRCAm HER2- early breast cancer (OlympiA),
Orpathys
in locally advanced or metastatic MET Exon 14 NSCLC (NCT04923945)
Guidance
The Company issues its Total Revenue and Core EPS guidance for FY 2025 at CER, based on the average foreign 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%
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-related 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.
Currency impact
If foreign exchange rates for February 2025 to December 2025 were to remain at the average rates seen in January 2025, it is anticipated that Total Revenue in FY 2025 would incur a low single-digit percentage adverse impact compared to the performance at CER, and Core EPS would incur a mid-single-digit percentage adverse impact. The Company’s foreign exchange rate sensitivity analysis is provided in Table 17.
Capital allocation
In FY 2025, the Company intends to increase the annual dividend declared to $3.20 per share. The Company also expects to increase capital expenditure
iii
by approximately 50%, driven by manufacturing expansion projects and investment in IT systems, to support portfolio growth and build capacity for transformative technologies.
China
In relation to the illegal drug importation allegations, in January 2025, AstraZeneca received a Notice of Transfer to the Prosecutor and an Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid importation taxes amounting to $0.9 million. To the best of AstraZeneca’s knowledge, the importation taxes referred to in the Appraisal Opinion relate to
Imfinzi
and
Imjudo
. A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is found liable. AstraZeneca continues to fully cooperate with the Chinese authorities.
In December 2024 AstraZeneca announced the appointment of Iskra Reic as Executive Vice President, International, which encompasses China, Asian and Eurasian markets, Middle East & Africa, Latin America, Australia & New Zealand. Iskra succeeds Leon Wang who is on extended leave from the Company while under investigation in China.
Table 1: Key elements of Total Revenue performance in Q4 2024
% Change
Revenue type
$m
Actual %
CER %
Product Sales
13,362
18
19
Alliance Revenue
714
68
69
$392m
Enhertu
(Q4 2023: $281m)
$133m
Tezspire
(Q4 2023: $80m)
$161m
Beyfortus
(Q4 2023: $41m)
Collaboration Revenue
815
>2x
>2x
$600m
Lynparza
(Q4 2023: $245m)
$111m
Beyfortus
(Q4 2023: $27m)
$100m
Koselugo
(Q4 2023: nil)
Total Revenue
14,891
24
25
Therapy areas
$m
Actual %
CER %
Oncology
6,344
27
29
Tagrisso
up 20% (21% at CER),
Calquence
up 20%,
Enhertu
up 48% (54% at CER)
CVRM
3,138
16
17
Farxiga
up 21% (22% at CER)
,
Lokelma
up
35%
R&I
2,127
27
28
Breztri
up 29%.
Saphnelo
up 65%,
Tezspire
up 86% (85% at CER),
Symbicort
up 31% (33% CER)
V&I
651
58
55
Beyfortus
Total Revenue up >3x
Rare Disease
2,377
21
22
Ultomiris
up 32% (33% at CER), partially offset by decline in
Soliris
of 24% (22% at CER),
Strensiq
up 38% (37% at CER) and
Koselugo
up >3x
Other Medicines
254
(7)
(6)
Total Revenue
14,891
24
25
Regions
$m
Actual %
CER %
US
6,532
28
28
Product Sales up 25%
Emerging Markets
3,134
13
19
- China
1,364
(1)
(3)
Decline primarily due to low rates of seasonal respiratory viral infections, and impact from year-end hospital budget dynamics
- Ex-China Emerging Markets
1,770
26
42
Europe
3,948
37
35
Product Sales up 20% (18% at CER)
Established RoW
1,277
1
2
Total Revenue
14,891
24
25
Key alliance medicines
Combined sales of
Enhertu
, recorded by Daiichi Sankyo Company Limited (Daiichi Sankyo) and AstraZeneca, amounted to $3,754m in FY 2024 (FY 2023: $2,566m)
Combined sales of
Tezspire
, recorded by Amgen and AstraZeneca, amounted to $1,219m in FY 2024 (FY 2023: $653m)
Table 2: Key elements of financial performance in Q4 2024
Metric
Reported
Reported
change
Core
Core
change
Comments
iv
Total Revenue
$14,891m
24% Actual
25% CER
$14,891m
24% Actual
25% CER
See Table 1 and the Total Revenue section of this document for further details
Product Sales Gross Margin
80%
Stable Actual
+1pp CER
79%
-1pp Actual
Stable CER
Variations in Product Sales Gross Margin can be expected between periods, due to product seasonality, foreign exchange fluctuations and other effects
R&D
expense
$4,677m
52% Actual
52% CER
$3,573m
23% Actual
22% CER
Increased investment in the pipeline
Core R&D-to-Total Revenue ratio of 24%
(Q4 2023: 24%)
Reported R&D includes $753m impairment recorded against the vemircopan (ALXN2050) intangible asset
SG&A expense
$5,410m
1% Actual
1% CER
$4,275m
6% Actual
7% CER
Market development for recent launches and pre-launch activities
Core SG&A-to-Total Revenue ratio of 29%
(Q4 2023: 34%)
Other operating income and expense
v
$100m
-7% Actual
-6% CER
$101m
-7% Actual
-6% CER
Operating Margin
14%
+3pp Actual
+4pp CER
28%
+5pp Actual
+6pp CER
See commentary above on Gross Margin, R&D, SG&A and Other operating income and expense
Net finance expense
$365m
9% Actual
8% CER
$310m
20% Actual
20% CER
Recent debt issued at higher interest rates
Decrease in interest income
Higher level of Net debt
Tax rate
10%
+17pp Actual
+15pp CER
16%
+7pp Actual
+7pp CER
Variations in the tax rate can be expected between periods
EPS
$0.97
56% Actual
71% CER
$2.09
44% Actual
49% CER
Further details of differences between Reported and Core are shown in Table 12
Table 3: Pipeline highlights since prior results announcement
Event
Medicine
Indication / Trial
Event
Regulatory approvals and other regulatory actions
Tagrisso
EGFR
m NSCLC (Stage III
unresectable) (LAURA)
Regulatory approval (EU, CN)
Imfinzi
Limited-stage SCLC (ADRIATIC)
Regulatory approval (EU)
Imfinzi
Advanced endometrial cancer
Regulatory approval (JP)
Calquence
Tablets for chronic lymphocytic leukaemia
Regulatory approval (JP)
Calquence
Mantle cell lymphoma (1st-line) (ECHO)
Regulatory approval (US)
Lynparza + Imfinzi
Advanced endometrial cancer with mismatch repair proficiency
(DUO-E)
Regulatory approval (JP)
Lynparza
gBRCAm HER2- eBC (OlympiA)
Regulatory approval (CN)
Enhertu
HR+ HER2-low and -ultralow mBC
(DESTINY-Breast06)
Regulatory approval (US)
Datroway
HR+ HER2- mBC (TROPION-Breast01)
Regulatory approval (JP, US)
Orpathys
MET exon 14 skipping altered NSCLC (NCT04923945)
Regulatory approval (CN)
Fasenra
EGPA (MANDARA)
Regulatory approval (JP)
Kavigale
Prevention of COVID-19 (SUPERNOVA)
Regulatory approval (EU, JP)
Regulatory submissions or acceptances*
Imfinzi
Muscle-invasive bladder
cancer (NIAGARA)
Regulatory submission (US, JP)
Imfinzi + Imjudo
NSCLC (1st-line) (POSEIDON)
Regulatory submission (CN)
Calquence
Chronic lymphocytic leukaemia (1st-line) (AMPLIFY)
Regulatory submission (EU)
Datroway
EGFR
m NSCLC (later line) (TROPION-Lung05)
Regulatory submission (US)
Tezspire
Severe uncontrolled asthma (NAVIGATOR/
DIRECTION)
Regulatory submission (CN)
Koselugo
Neurofibromatosis type 1 adult (KOMET)
Regulatory submission (EU, JP)
Phase III / registrational data readouts and other developments
Tagrisso
Resectable early-stage
EGFR
m NSCLC
(NeoADAURA)
Primary endpoint met
Truqap
PTEN
-deficient de novo metastatic hormone-sensitive prostate cancer (CAPItello-281)
Primary endpoint met
*US, EU and China regulatory submission denotes filing acceptance
Other pipeline updates
In January 2025, the vemircopan (ALXN2050) Phase II development programme was terminated. The decision was based on safety and efficacy data from Phase II trials.
Upcoming pipeline catalysts
For recent trial starts and anticipated timings of key trial readouts, please refer to the Clinical Trials Appendix, available on
www.astrazeneca.com/investor-relations.html
.
Sustainability highlights
The Company convened an event on health equity for investors and analysts in November that detailed AstraZeneca’s health equity strategy, which is embedded from the Company’s science through to healthcare delivery and community engagement.
At the end of 2024, the Company’s cumulative reduction in Scope 1 and 2 greenhouse gas (GHG) emissions was 77.5% from the 2015 baseline.
Conference call
A conference call and webcast for investors and analysts will begin today, 6 February 2025, at 11:00 UK time. Details can be accessed via
astrazeneca.com
.
Reporting calendar
The Company intends to publish its Q1 2025 results on 29 April 2025.
To read AstraZeneca's Full Year and Q4 2024 Financial Results press release in full, click
here
.