Financial Data and Key Metrics Changes - Total revenue increased by 8% in 2025, with product revenue growing by 10% driven by global demand for innovative medicines [7][18] - Core EPS grew by 11%, aligning with full-year guidance [18] - Operating profit increased by 9%, with a focus on operating leverage [20] - Cash flow from operating activities rose by 23% to $14.6 billion [21] - Core gross margin landed at 82%, consistent with expectations [18] Business Line Data and Key Metrics Changes - Oncology revenues reached $25.6 billion, up 14% year-over-year, with Tagrisso, Imfinzi, and Calquence showing significant growth [26][27] - BioPharmaceuticals revenue increased by 5% to $23 billion, with growth medicines outpacing the impact of generic entries [40] - Rare Disease revenue grew by 4% to $9.1 billion, driven by neurology indications and increased patient demand [52] Market Data and Key Metrics Changes - U.S. market saw a 10% growth, while emerging markets outside of China experienced a 22% increase [11] - Europe grew by 7%, and China grew by 4% despite losing Pulmicort to generics [11] - Alliance revenue surged by 38%, reflecting increased contributions from partnered products [18] Company Strategy and Development Direction - The company aims to reach $80 billion in revenue by 2030, with a focus on expanding its pipeline and diversifying its product offerings [7][13] - Significant investments are being made in R&D, particularly in areas like ADCs, cell therapy, and bispecifics [24][50] - The company is prioritizing technologies that will shape the future of medicine, including weight management and cardiovascular treatments [14][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth despite known headwinds, including patent expirations and market competition [22][23] - The company anticipates continued strong performance in 2026, with core EPS growth projected in the low double digits [22][25] - Management highlighted the importance of a diversified pipeline to mitigate risks associated with product concentration [10] Other Important Information - The company confirmed a second interim dividend of $2.17 per share, with plans to increase the annual declared dividend to $3.30 in 2026 [22] - The company has over 100 ongoing phase III trials, with significant revenue potential from upcoming readouts [12][59] - Management acknowledged the contributions of outgoing head of investor relations, Andy Barnett, and welcomed his successor, Joris [60][61] Q&A Session Summary Question: What are the expectations for growth in the oncology segment? - The oncology segment is expected to continue its strong momentum, with several key approvals and product launches anticipated in 2026 [30][31] Question: How is the company addressing the challenges posed by generic competition? - The company is focusing on expanding its product portfolio and enhancing its R&D efforts to mitigate the impact of generics [40][44] Question: What are the key catalysts for growth in the rare disease segment? - Key catalysts include the anticipated readouts for Ultomiris and Strensiq, as well as ongoing market expansion efforts [52][56]

Financial Data and Key Metrics Changes - Total revenue increased by 8% in 2025, with product revenue growing by 10% driven by global demand for innovative medicines [7][18] - Core EPS grew by 11%, aligning with full-year guidance [18] - Operating profit increased by 9%, with a focus on operating leverage [20] - Cash flow from operating activities rose by 23% to $14.6 billion [21] - Core gross margin landed at 82%, consistent with expectations [18] Business Line Data and Key Metrics Changes - Oncology revenues reached $25.6 billion, up 14% year-on-year, with Tagrisso, Imfinzi, and Enhertu showing significant growth [26][27] - BioPharmaceuticals revenue increased by 5% to $23 billion, with growth medicines outpacing declines from generic competition [40] - Rare Disease revenue grew by 4% to $9.1 billion, driven by demand in neurology indications [52] Market Data and Key Metrics Changes - U.S. market growth was strong at 10%, while emerging markets outside of China saw a remarkable 22% growth [11] - China experienced a 4% growth despite losing Pulmicort to generics, maintaining its position as the largest pharma company in the region [11] - Europe grew by 7%, contributing to overall revenue growth [11] Company Strategy and Development Direction - The company aims to reach 25 blockbusters by 2030, having increased from 12 to 16 blockbusters in 2025 [7][8] - Continued investment in R&D is prioritized to drive growth beyond 2030, focusing on innovative technologies and new medicines [13][24] - The company is enhancing its manufacturing and R&D capabilities in the U.S. and China to support future growth [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the $80 billion revenue target by 2030, supported by a robust pipeline and diverse portfolio [59] - The company anticipates mid- to high-single-digit revenue growth in 2026, despite known headwinds such as patent expirations and market competition [22][23] - Management highlighted the importance of diversification in mitigating risks associated with product concentration [10] Other Important Information - The company confirmed a second interim dividend of $2.17 per share, with plans to increase the annual declared dividend to $3.30 in 2026 [22] - The company has over 100 ongoing phase 3 trials, with significant revenue potential from upcoming readouts [12][21] Q&A Session Summary Question: What are the expectations for oncology growth in 2026? - Oncology is expected to continue strong momentum, with new approvals and combination therapies driving growth [30][31] Question: How is the company addressing the challenges from generics? - The company is focusing on expanding its portfolio and enhancing market share in emerging markets to offset the impact of generics [40][44] Question: What are the key catalysts in the pipeline for 2026? - Key catalysts include several phase 3 readouts for innovative therapies in oncology and rare diseases, which could significantly impact future growth [34][46][50]

Financial Data and Key Metrics Changes - Total revenue increased by 8% in 2025, with product revenue growing by 10% driven by global demand for innovative medicines [5][18] - Core EPS grew by 11%, aligning with full-year guidance [19] - Operating profit increased by 9%, with a core gross margin of 82% [18][19] - Cash flow from operating activities rose by 23% to $14.6 billion [20] - Interest-bearing debt is close to $30 billion, with a net debt-to-EBITDA ratio of 1.2 times [21] Business Line Data and Key Metrics Changes - Oncology revenues reached $25.6 billion, up 14% year-on-year, with Tagrisso, Imfinzi, and Enhertu contributing significantly [25][26] - Biopharmaceuticals revenue increased by 5% to $23 billion, with growth medicines outpacing declines from generic competition [38] - Rare Disease revenue grew by 4% to $9.1 billion, driven by neurology indications and global expansion [50] Market Data and Key Metrics Changes - U.S. market saw a 10% growth, while emerging markets outside of China grew by 22% [10] - China experienced a 4% growth despite losing Pulmicort to generics, maintaining its position as the largest pharma company in the region [10] - Europe accounted for 35% of Farxiga's total revenue, with patent protections extending to 2028 [22] Company Strategy and Development Direction - The company aims to reach $80 billion in revenue by 2030, with a focus on R&D investments in innovative technologies and new medicines [12][57] - Plans to strengthen manufacturing and R&D footprints in the U.S. and China to support growth [8] - Emphasis on diversification to mitigate concentration risk and ensure resilience against regional disruptions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum into 2026 despite known headwinds, including patent expirations and market competition [21][22] - The company anticipates a mid- to high-single-digit percentage growth in total revenue for 2026, driven by strong underlying business momentum [21] - Management highlighted the importance of continued investment in R&D to drive long-term growth beyond 2030 [12][57] Other Important Information - The company secured 43 approvals for its medicines across major regions in the last 12 months [6] - A second interim dividend of $2.17 per share was declared, with plans to increase the annual dividend to $3.30 per share in 2026 [21] Q&A Session Summary Question: Growth beyond 2030 and readouts in 2026 - Inquiry about the $10 billion risk-adjusted peak sales potential and the mix of assets contributing to this figure, as well as expectations for higher success rates following strong performance in the previous year [61] Question: Update on China - Request for an update on the 2026 outlook for China, including new launches and profitability compared to historical performance [62]

Conference call agenda FY and Q4 2025 Results Conference call and webcast for investors and analysts 10 February 2026 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 contains certain forward-looking statements with respect to the operations, performance and financial conditi ...

Group 1 - Dow futures rose by 0.09%, S&P 500 futures increased by 0.10%, and Nasdaq futures gained 0.07% [1] - Philips reported Q4 2025 earnings with a 1% year-over-year sales increase to €5.1 billion and an adjusted EBITA of €770 million, exceeding market expectations, leading to a 6.89% stock increase [2] - Cisco launched a new AI network chip, "Silicon One G300," expected to enhance AI computing task speeds by 28%, utilizing TSMC's 3nm process technology [2] Group 2 - Alphabet, Google's parent company, initiated its first issuance of Swiss franc bonds and British pound bonds, with maturities ranging from 3 to 100 years [2] - TSMC reported January sales of NT$401.26 billion, a 36.8% year-over-year increase and a 19.8% month-over-month rise, leading to a 3.09% stock increase [2] - BP's Q4 earnings showed a benchmark replacement cost profit of $1.54 billion, aligning with analyst expectations, but the full-year net profit of $7.49 billion fell short of the $7.58 billion forecast, resulting in a 4.9% stock decline [2] Group 3 - AstraZeneca's 2025 total revenue reached $58.739 billion, an 8% year-over-year increase, with growth in biopharmaceuticals, oncology, and rare diseases, and plans for significant investment in China [3] - AppLovin's stock rose by 3.5% after a short-seller retracted allegations against a major shareholder, ensuring the protection of legal rights [3] Group 4 - Eli Lilly announced a $2.4 billion acquisition of Orna Therapeutics to gain CAR-T therapy technology, aiming to produce cells in vivo rather than in the lab [4] Group 5 - Optical communication stocks saw a pre-market surge, with Redo Technology up over 17%, Astera Labs rising over 5%, and Corning increasing by over 1% [5]

阿斯利康：2025财年宣布的总股息提高3%，至每股3.20美元。 来源：滚动播报 ...

Core Insights - AstraZeneca reported a total revenue of $58.739 billion for FY 2025, reflecting an 8% increase year-over-year, with China contributing $6.654 billion, a 4% increase, representing 11% of AstraZeneca's global market share [2][5]. Financial Performance - The five major business segments contributed as follows: Oncology ($25.619 billion, +14%), CVRM ($12.861 billion, +2%), Rare Diseases ($9.126 billion, +4%), Respiratory & Immunology ($8.866 billion, +12%), and Vaccines & Immune Therapies ($1.268 billion, -14%) [5][6]. - Notable products in the oncology segment included Tagrisso ($7.254 billion, +10%), Imfinzi ($6.063 billion, +28%), Calquence ($3.518 billion, +12%), and Lynparza ($3.279 billion, +6%) [6][7]. Strategic Developments in China - AstraZeneca announced plans to invest over 100 billion RMB in China by 2030, marking its largest investment in the country, aimed at enhancing drug R&D, manufacturing, and commercial innovation [12]. - The company has been actively expanding its investment in China, including a recent agreement to invest in respiratory drug production in Qingdao, bringing total investments in the area to $886 million [13]. - AstraZeneca's R&D pipeline in China has achieved a 100% synchronization rate with global efforts, with the Chinese team leading nearly 20 global clinical trials [13][14]. Collaborations and Partnerships - AstraZeneca has entered into significant collaborations, including a $12 billion strategic R&D partnership with CSPC Pharmaceutical Group, setting a record for upfront payments in China [13]. - Additional agreements include a global licensing deal for the KRAS inhibitor JAB-23E73 worth over $2 billion and a partnership with Hengrui Medicine to develop innovative therapies [14]. Market Positioning - AstraZeneca's strategic shift reflects a broader trend in the pharmaceutical industry, where China is increasingly viewed as a hub for innovation rather than just a market for sales and manufacturing [14].

阿斯利康今年预计还将公布超过20项三期试验结果，且还有100多项三期临床试验正在进行中，包括多种创新技术疗法。 2月10日，阿斯利康公布2025年第四季度及全年财报。2025年，阿斯利康全球总营收达587.39亿美元，同比增长8%，其中阿斯利康中国 2025年总营收达66.54亿美元，同比增长4%，占总收入比约11%，生物制药、肿瘤、罕见病三大业务领域均实现增长。 阿斯利康预测，2026年利润和销售将继续增长，这主要得益于癌症治疗和新药的需求。去年第四季度，阿斯利康肿瘤药业务增长20% 至70.3亿美元，但心血管业务受仿制药竞争影响下跌6%至30.5亿美元。 阿斯利康近期还调整了上市架构，普通股于2月2日在纽约证券交易所开始交易。 阿斯利康的目标是到2030年，年度销售额达到800亿美元，这一目标的实现将通过开发新药物和进行投资来实现。公司计划到2030年推 出20款全球创新药。 为此，阿斯利康正在推动在美国和中国的扩张。上个月，阿斯利康宣布从现在到2030年将在中国投资超1000亿元人民币，以扩大在药 品生产与研发领域的布局。这也是阿斯利康史上最大规模对华投资计划。 过去几年来，阿斯利康不断加大与中国领先生 ...

| AZN 阿斯利康 | | | | --- | --- | --- | | 188 010 L -5.020 -2.60% | | 收盘价 02/09 16:00 美东 | | 192.200↑ 4.190 +2.23% | | 盘前价 02/10 04:05 美东 | | 三 24 S m 9 目 ♥ 自选 | | ● 快捷交易 | | 最高价 192.760 | 开盘价 191.800 | 成交量 303.08万 | | 最低价 187.060 | 昨收价 193.030 | 成交额 5.74亿 | | 平均价 189.232 | 市盈率 IM 31.23 | 总市值 2915.93亿(…) | | 振 幅 2.95% | 市密率(静) 41.78 | 总股本 15.51亿 | | 换手率 0.20% | 市净率 6.354 | 流通值 2902.05亿 | | 52周景高 193.970 | 委 比 -- | 流通股 15.44亿 | | 52周最低 121.634 | 量 比 0.93 | 色 手 1股 | | 历史最高 193.970 | 股息TTM 3.133 | | | 历史最低 10.525 ...

Core Insights - AstraZeneca reported a core earnings per share of $2.12 for Q4, with total revenue increasing by 2% to $15.5 billion, aligning with consensus expectations of $2.12 billion and $15.4 billion [1] - The company forecasts steady profit growth by 2026, with sales growth expected to slow down, focusing on the demand for its cancer drugs while increasing R&D investments and addressing geopolitical pressures and patent expirations [1] - AstraZeneca aims for total revenue growth in the mid-single digits and core profit growth in the low double digits by 2026, despite the impact of a major diabetes drug's patent expiration [1] Revenue Breakdown - Q4 cancer drug sales rose by 20% to $7.03 billion, while cardiovascular drug revenue fell by 6% to $3.05 billion, partly due to competition from generics, including diabetes and heart failure drug Farxiga [1] - The company is on track to achieve its ambitious goal of $80 billion in annual sales by 2030 under the leadership of CEO Pascal Soriot, driven by new drugs and investments despite unstable U.S. tariffs and healthcare policies [1] Future Plans - AstraZeneca reiterated its goal of achieving $80 billion in revenue by the end of the decade and plans to announce results from up to 20 advanced clinical trials this year [4] - Upcoming new drugs will target obesity, lung cancer, and chronic obstructive pulmonary disease [4] - The company plans to increase its annual dividend by approximately 3% to $3.30, reflecting confidence in its long-term plans [4] Market Strategies - AstraZeneca has taken significant steps to achieve growth in the U.S. and China, including a $50 billion manufacturing agreement in the U.S. and a $15 billion investment in China [4] - The experimental obesity drug, elecoglipron, is entering the final stages of clinical trials [4] - Despite potential impacts from U.S. drug pricing agreements, the company believes it can withstand the effects of these transactions [4]