Key Takeaways Pfizer's COVID sales fell sharply, while non-COVID revenues rose 6% operationally in 2025.PFE's new and acquired drugs generated $10.2B in 2025, up about 14% year over year.Pfizer faces a 2026-2030 LOE cliff as Eliquis and other key drugs near patent expiry.Sales of Pfizer’s (PFE) COVID products, Comirnaty and Paxlovid, declined from their peak with the end of the pandemic. Their sales came down to around $11 billion in 2024 and $6.7 billion in 2025 from $56.7 billion in 2022. In addition to l ...

Key Takeaways AstraZeneca posted Q4 core EPS of $2.12 and revenues of $15.5B, missing consensus estimates on both lines.AZN saw strong oncology demand, with Tagrisso up 10% and Imfinzi surging 37%, helping offset pricing.AstraZeneca guided 2026 mid-to-high single-digit revenue growth and low double-digit core EPS growth.AstraZeneca (AZN) reported fourth-quarter 2025 core earnings of $2.12 per share, which missed the Zacks Consensus Estimate of $2.18 per share. Earnings rose 1% year over year on a reported b ...

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]

AstraZeneca (NasdaqGS:AZN) Q4 2025 Earnings call February 10, 2026 06:45 AM ET Company ParticipantsAndy Barnett - Head of Investor RelationsAradhana Sarin - CFODave Fredrickson - EVP, Oncology Business UnitGraham Parry - Head of Healthcare Equity ResearchIskra Reic - EVP, Europe & CanadaMarc Dunoyer - CEO, AlexionPascal Soriot - CEORajan Sharma - Executive Director, Pharma and Biotech Equity ResearchRuud Dobber - EVP, BioPharmaceuticals Business UnitSharon Barr - EVP, BioPharmaceuticals R&DSusan Galbraith - ...

AstraZeneca (NasdaqGS:AZN) Q4 2025 Earnings call February 10, 2026 06:45 AM ET Speaker6Good morning to those joining from the U.K. and the U.S. Good afternoon to those in Central Europe, and good evening to those listening in Asia. Welcome, ladies and gentlemen, to AstraZeneca's full-year and Q4 2025 results conference call for investors and analysts. Before I hand over to AstraZeneca, I'd like to read the Safe Harbor statement. The company intends to utilize the Safe Harbor provisions of the United States ...

Core Insights - AstraZeneca PLC demonstrated strong operational performance in a challenging comparison period, with a commitment to long-term growth [1] - The company reported fourth-quarter revenue of $15.5 billion, exceeding consensus by just over 1% [1] Financial Performance - Core earnings per share were $2.12, with underlying earnings growth estimated at 16% for the year after excluding non-repeating collaboration revenue [2] - Oncology sales increased by 19% to $6.47 billion, driven by strong contributions from Imfinzi and Calquence [2] - Cardiovascular, renal, and metabolism (CVRM) sales also exceeded forecasts, although Farxiga is expected to face generic competition starting in Q2 2026 [3] Expenses and Profitability - Core operating profit fell short of consensus by 8% due to higher-than-expected R&D and SG&A expenses, with R&D accounting for 24% of total revenue [4] - The company is investing in late-stage trials and next-generation technologies, including GLP-1s and bispecifics [4] Future Guidance - AstraZeneca provided guidance for mid- to high-single-digit revenue growth in 2026 and low double-digit EPS growth, both at constant exchange rates [4] - ShoreCap's forecast for 2026 includes 11% revenue growth and 19% EPS growth, which may be revised due to higher finance costs [5] Long-term Ambitions - AstraZeneca aims to achieve $80 billion in annual revenue by 2030, with projections suggesting this target may be beatable at $82 billion [5] Valuation - The stock trades at a forward price-to-earnings ratio of 18–19 times for 2026, a premium to peers, justified by a strong pipeline and multiple phase III catalysts expected [6] - Following a sluggish start, shares increased by 1% to 14,044p [6]

（来源：新康界） 转自：新康界 2月10日，阿斯利康发布2025年业绩，全年总营收587.39亿美元（+8%）。其中中国区收入66.54亿美元 （+4%），占据阿斯利康全球市场份额的11%。在已披露中国区业绩的跨国药企中，阿斯利康排名第 一。 | | FY 2025 | | % Change | | Q4 2025 | | % Change | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Sm | % Total | Actual | CER | Sm | % Total | Actual | CER | | ાટ | 25,450 | 43 | 10 | 10 | 6,932 | 45 | | ଚ | | Emeraing Markets ex. China | 8,649 | 15 | 19 | 22 | 2,271 | 15 | 28 | 24 | | China | 6,654 | 11 | 1 | | 1,375 | 9 | | 1 | | Emerging Markets | 上海咖 | | D | -14 | 3,6 ...

Core Insights - The fourth-quarter earnings season is ongoing, with major pharmaceutical companies set to announce their results, including AstraZeneca, Incyte, Gilead Sciences, Vertex Pharmaceuticals, and Moderna [1] Industry Overview - Several large pharmaceutical companies such as Johnson & Johnson, Lilly, AbbVie, Biogen, Merck, and Amgen reported better-than-expected fourth-quarter results, surpassing estimates for both earnings and revenues. In contrast, Novartis and Sanofi had mixed results, with earnings exceeding estimates but revenues falling short [2] - As of February 4, 40% of companies in the Medical sector, representing 73.9% of the sector's market capitalization, reported quarterly earnings. Among these, 87.5% exceeded earnings estimates, and 75% surpassed revenue estimates. Year-over-year, earnings increased by 3.3%, while revenues rose by 9.5%. Overall, fourth-quarter earnings for the Medical sector are expected to decline by 1.5%, while sales are projected to increase by 9.1% compared to the previous year [3] Company-Specific Insights AstraZeneca - AstraZeneca's performance has been mixed, with earnings beating estimates in two of the last four quarters, meeting once, and missing once, resulting in an average surprise of 3.81%. The consensus estimate for fourth-quarter sales is $15.78 billion, with earnings expected at $2.18 per share [5] - Key medicines, particularly cancer drugs and diabetes medicine, are expected to drive fourth-quarter sales, supported by strong demand trends [7] - AstraZeneca is scheduled to report its fourth-quarter and full-year 2025 results on February 10 [8] Incyte - Incyte has a mixed history of earnings surprises, beating estimates in three of the last four quarters, with an average surprise of 14.35%. The consensus estimate for fourth-quarter sales is $1.35 billion, with earnings expected at $1.94 per share [9] - Strong sales of Jakafi and expected growth in Opzelura sales are likely to contribute to revenue growth in the fourth quarter [11][12] - Incyte is also set to report its fourth-quarter and full-year 2025 earnings on February 10 [12] Gilead Sciences - Gilead Sciences has a mixed earnings surprise history, beating estimates in three of the last four quarters, with an average surprise of 7.80%. The consensus estimate for fourth-quarter sales is $7.57 billion, with earnings expected at $1.83 per share [13] - Increased sales from Biktarvy and Descovy, along with growth in the Liver Disease portfolio, are anticipated to drive top-line growth [14] - Gilead is scheduled to report its fourth-quarter and full-year 2025 results on February 10 [15] Vertex Pharmaceuticals - Vertex has a mixed earnings surprise history, beating estimates in two of the last four quarters, with an average surprise of 2.01%. The consensus estimate for fourth-quarter sales is $3.17 billion, with earnings expected at $5.07 per share [16] - Revenue growth is likely to be driven by higher sales of its cystic fibrosis medicine, Trikafta, and contributions from newer drugs [18] - Vertex is set to report its fourth-quarter and full-year 2025 results on February 12 [19] Moderna - Moderna has a strong earnings surprise history, beating estimates in all of the last four quarters, with an average surprise of 31.45%. The consensus estimate for fourth-quarter sales is $661.4 million, with expected earnings showing a loss of $2.60 per share [20] - Revenue is expected to be primarily driven by sales of COVID-19 vaccines, although demand has declined recently [22] - Moderna is scheduled to report its fourth-quarter and full-year 2025 earnings on February 13 [23]

Key Takeaways AZN will report Q4 results on Feb. 10, with consensus estimates of $15.71B in sales and $2.18 EPS.Key oncology drugs Calquence, Lynparza, Tagrisso and Imfinzi, plus Farxiga, are expected to lead sales.AZN's rare disease portfolio and alliance revenues are seen supporting growth, even as operating costs rise.AstraZeneca (AZN) is scheduled to report fourth-quarter and full-year 2025 results on Feb. 10, before the opening bell. In the last reported quarter, the company delivered an earnings surpr ...

Core Insights - A significant portion of AbbVie's revenues is derived from its oncology franchise, which has expanded from blood cancer drugs to include therapies for solid tumors, contributing over 11% to total revenues in the first nine months of 2025 with a year-over-year growth of 3% [1][7] Oncology Segment Performance - Fourth-quarter 2025 sales for AbbVie's oncology segment are estimated at $1.75 billion, reflecting nearly 4% year-over-year growth, driven by Venclexta, Epkinly, and Elahere, although this growth may be partially offset by declining sales of Imbruvica due to increased competition [2][7] - AbbVie's oncology portfolio includes five therapies, with the latest additions being Epkinly, Elahere, and Emrelis, which was approved in May 2025 [1][2] Competitive Landscape - Major competitors in the oncology space include AstraZeneca, Merck, and Pfizer, with AstraZeneca's oncology sales accounting for 43% of total revenues and growing 16% year-over-year in the first nine months of 2025 [4] - Merck's Keytruda accounted for approximately 48% of its total revenues, while Pfizer's oncology revenues grew by 7%, driven by several key drugs [5] Investor Focus and Valuation - Investor attention is primarily on AbbVie's immunology franchise, which includes Humira, Rinvoq, and Skyrizi, as the company prepares to report fourth-quarter and full-year 2025 results [3][7] - AbbVie is currently trading at a price/earnings (P/E) ratio of 15.19, which is below the industry average of 17.56, indicating a potential valuation opportunity [8]