AstraZeneca's Full Year and Q4 2024 results
Strong momentum in FY 2024 with Total Revenue and Core EPS up 21% and 19% respectively
CAMBRIDGE, England--(BUSINESS WIRE)--February 06, 2025--
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 EGFRm 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 EGFRm 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
$392m Enhertu (Q4
2023: $281m) $133m
Tezspire (Q4 2023:
$80m) $161m Beyfortus
Alliance Revenue 714 68 69 (Q4 2023: $41m)
$600m Lynparza (Q4
2023: $245m) $111m
Beyfortus (Q4 2023:
$27m) $100m Koselugo
Collaboration Revenue 815 >2x >2x (Q4 2023: nil)
Total Revenue 14,891 24 25
------------------------- ------ -------- ----- ----------------------
Therapy areas $m Actual % CER %
------------------------ ------ -------- ----- ----------------------
Tagrisso up 20% (21%
at CER), Calquence up
20%, Enhertu up 48%
Oncology 6,344 27 29 (54% at CER)
Farxiga up 21% (22% at
CVRM 3,138 16 17 CER), Lokelma up 35%
Breztri up 29%.
Saphnelo up 65%,
Tezspire up 86% (85%
at CER), Symbicort up
R&I 2,127 27 28 31% (33% CER)
Beyfortus Total
V&I 651 58 55 Revenue up >3x
Ultomiris up 32% (33%
at CER), partially
offset by decline in
Soliris of 24% (22% at
CER), Strensiq up 38%
(37% at CER) and
Rare Disease 2,377 21 22 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
------------------------- ------ -------- -----
Decline primarily due
to low rates of
seasonal respiratory
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