Last Updated: 24 April 2026

AstraZeneca PLC (AZN) is a UK-headquartered, science-led global biopharmaceutical group with a primary listing on the London Stock Exchange and — as of 2 February 2026 — a direct listing of its ordinary shares on the New York Stock Exchange under the same ticker AZN (replacing the former Nasdaq ADR programme; the two-for-one ADR ratio ended on transition, so the nominal US price doubled overnight even though market cap was unchanged). FY2025 results (released 10 February 2026) delivered Total Revenue of $58,739m (+8% at constant rates) driven by Oncology $25,619m (44% of revenue, +14% CER), Rare Disease $9,126m, CVRM $12,861m, R&I $8,866m and V&I $1,268m; Core EPS rose 11% to $9.16; 16 positive Phase 3 readouts and 43 approvals in major regions last twelve months; the company now has 16 blockbuster medicines. Second interim dividend $2.17 takes total FY25 declared to $3.20 (+3%), with $3.30 guided for 2026. Q1 2026 results land on 29 April 2026; the digitally enabled 2026 AGM was held on 9 April 2026. This report pulls together what AstraZeneca actually does, how the portfolio is structured, the financial health, the pipeline (Camizestrant FDA ODAC 30 April 2026, Truqap/Zytiga prostate cancer, Enhertu+pertuzumab 1L HER2+ BC, Datroway, Baxdrostat, AZD5004 oral GLP-1), the competitive landscape, the $50bn US manufacturing pledge and the live China customs investigation — all drawn from AstraZeneca's own press releases, results announcements and SEC 6-K filings. No analyst opinions, no price targets. For live charts and watchlists see our live charts, the economic calendar, and the community forum.

1. Company Snapshot

Name	AstraZeneca PLC
Ticker	NYSE: AZN (US ordinary shares since 2 Feb 2026; previously Nasdaq ADR); LSE: AZN (primary); Nasdaq Stockholm: AZN; ISIN GB0009895292
Sector	Pharmaceuticals — Oncology, CVRM, Respiratory & Immunology, Rare Disease, Vaccines & Immune Therapies
Headquarters	The Discovery Centre, 1 Francis Crick Avenue, Cambridge Biomedical Campus, Cambridge CB2 0AA, UK
Heritage	Formed 6 April 1999 via merger of Astra AB (Sweden, founded 1913) and Zeneca Group PLC (UK, demerged from ICI 1993). Alexion acquired July 2021 ($39bn) adding Rare Disease franchise. HQ relocated from London to Cambridge 2016 (Discovery Centre opened Nov 2021).
CEO	Sir Pascal Soriot (since 1 October 2012; previously COO of Roche Pharmaceuticals; knighted 2024)
CFO	Aradhana Sarin (Board member and CFO since August 2021; previously CFO of Alexion)
Chair	Michel Demaré (independent non-executive Chair)
Employees	~94,300 globally at year-end 2024 (2025 annual report figure pending); ~12,000 in China field force
FY2025 Total Revenue	$58,739m (+8% CER)
FY2025 Core EPS	$9.16 (+11%)
FY2025 Core operating margin	~31%
FY2025 dividend declared	$3.20 per share (+3%); 2026 guided $3.30
Shares in issue (31 Dec 2025)	1,550,907,927 ordinary shares (post-transition share count basis; each ordinary = 2 prior ADRs)
Market cap (April 2026)	~$318bn (NYSE ordinary shares ~$205)
Website	astrazeneca.com

2. Bull Case vs Bear Case

Bull Case

• Oncology franchise of industry-leading scale: $25.6bn in FY25 (+14% CER, 44% of group); Tagrisso $7.3bn, Imfinzi $6.1bn, Calquence $3.5bn, Lynparza $3.3bn, Enhertu $2.8bn. 16 blockbusters; 16 positive Phase 3 readouts and 43 major-region approvals in the last 12 months.
• Near-term US regulatory catalysts: FDA ODAC review of Camizestrant (SERENA-6, 56% PFS improvement) and Truqap (in mHSPC with J&J's Zytiga) set for 30 April 2026. Enhertu + pertuzumab already approved 1L HER2+ metastatic breast cancer. Datroway (datopotamab deruxtecan) accelerated approval EGFR-mutated NSCLC and HR+/HER2- breast cancer in 2025.
• “20 new medicines by 2030 / $80bn revenue by 2030” plan (set May 2024) — CEO Soriot sees multiple $5bn+ peak-sales potential assets in the stack.
• $50bn US manufacturing & R&D pledge through 2030 (announced 22 July 2025) positions the group as a US-domestic producer ahead of Trump pharma tariff implementation; new Virginia pharma factory, Rockville (MD) $300m cell therapy facility opened May 2025, $2bn Maryland expansion across Frederick & Gaithersburg (2,600 jobs).
• Rare Disease (Alexion) posted $9.1bn in 2025, Ultomiris growing double-digit with >70% PNH patients converted from Soliris in major markets.
• Pipeline breadth: AZD5004 oral GLP-1 elecoglipron (Eccogene licence, Phase 2b VISTA/SOLSTICE readouts), Baxdrostat hypertension, saruparib, tezepelumab label expansion, cell therapies.
• Dividend progressive: $3.20 for FY25, guided to $3.30 in 2026.

Bear Case

• Patent cliff late-decade: Farxiga US loss of exclusivity April 2026 (first generics already approved by FDA); Tagrisso composition-of-matter patent expiries 2029; Soliris biosimilars; Brilinta already −38% YoY in 2025 post-generic entry.
• China investigation risk: former China head Leon Wang and others indicted Nov 2025 on data, medical-insurance fraud and trade charges. 24m yuan (~$3.5m) unpaid-tax assessment prepaid with potential 5x fine; additional ~$900k Shenzhen customs matter with up to $4.5m fine. China VBP (volume-based procurement) hitting Farxiga, Lynparza and roxadustat in Q1 2026.
• Trump pharma tariffs: threats of up to 200% pharma import duties with 12-18 month grace period; dependence on Ireland/Sweden/UK manufacturing for US-market drugs. $50bn US spend is partly a hedge but not a complete shield until build-out completes.
• IRA/Medicare drug price negotiation: Farxiga negotiated price $178.50 vs $556 list (-68%); SCOTUS appeal remains. Tagrisso a likely future candidate.
• Soriot compensation controversy: 2025 package hit $23.9m / ~£17m (a 68% boost from prior year), drawing shareholder rebellions in recent AGM votes; successor planning watched closely.
• Daiichi Sankyo JV economics (Enhertu, Datroway) share 50% of net profits/losses globally ex-Japan — both success and spend are shared.
• R&I and V&I: V&I $1.3bn and −14% CER as COVID/FluMist franchises contract; reliance on Fasenra, Tezspire and Symbicort for R&I growth.

3. What Does AstraZeneca Actually Do?

AstraZeneca is a science-led biopharmaceutical company that discovers, develops and commercialises prescription medicines, with a heavy weighting towards Oncology and a growing Rare Disease franchise following the 2021 Alexion acquisition. FY2025 revenue of $58.7bn was generated across five therapy areas plus a small “Other Medicines” tail:

• Oncology — $25,619m / 44% of revenue (+14% CER). Tagrisso (osimertinib, EGFR-mutated NSCLC) $7,254m, Imfinzi (durvalumab, PD-L1) $6,063m, Calquence (acalabrutinib, BTK inhibitor, CLL) $3,518m, Lynparza (olaparib, PARP inhibitor, partnered with MSD) $3,279m, Enhertu (trastuzumab deruxtecan, HER2 ADC, partnered with Daiichi Sankyo) $2,775m, plus Truqap, Koselugo, Orpathys, Ultipol, Datroway.
• CVRM (Cardiovascular, Renal, Metabolism) — $12,861m / 22% (+2% CER). Farxiga $8.5bn (heart failure, CKD, T2D), Brilinta −38% post US/EU generic entry Q2 2025, roxadustat, Wainua (eplontersen), Lokelma.
• Rare Disease (Alexion) — $9,126m / 16% (+4% CER). Ultomiris (ravulizumab, PNH, aHUS, gMG) growing 15-17%, Soliris (eculizumab, being converted to Ultomiris — >70% PNH conversion in major markets), Koselugo, Strensiq, Ultragen, Kanuma, Voydeya.
• Respiratory & Immunology — $8,866m / 15% (+12% CER). Symbicort, Fasenra (benralizumab), Tezspire (tezepelumab, partnered with Amgen), Breztri, Saphnelo.
• Vaccines & Immune Therapies — $1,268m / 2% (−14% CER). FluMist (now self-administered US), Beyfortus royalty stream, legacy Vaxzevria/Evusheld.
• Other Medicines — $999m / 2% (−8% CER). Legacy tail.

4. The Business Model

AstraZeneca's business model is the classic innovator biopharma chain: internal and in-licensed research → multi-phase clinical trials → FDA/EMA/NMPA/PMDA regulatory approvals → global commercial infrastructure selling patent-protected medicines at premium prices → managing biosimilar/generic cliffs through successor molecules, new indications and lifecycle management.

Core P&L shape (FY2025): Total Revenue $58.7bn → Core Gross Margin mid-80%s range typical of large-cap innovator pharma → Core R&D ~22% of revenue → Core SG&A ~30%+ → Core operating margin ~31%. Core EPS $9.16 (+11% CER), free cash flow $11.8bn, operating cash flow $13.4bn. Net debt $24.0bn at September 2025 (declining from $24.6bn at YE24).

Collaboration economics. Three of AstraZeneca's biggest oncology assets are partnered:

• Daiichi Sankyo JV — global co-development/co-commercialisation of Enhertu (trastuzumab deruxtecan, 2019) and Datroway (datopotamab deruxtecan, 2020) ex-Japan where Daiichi has exclusive rights; Daiichi manufactures. Net profits/losses shared ~50:50.
• Merck & Co. (MSD) on Lynparza — global co-commercialisation (since 2017); shared R&D, commercial profits.
• Amgen on Tezspire — jointly developed tezepelumab for severe asthma.

Subsidy / regulatory credit dependency. AstraZeneca does not receive meaningful direct government subsidies in the way EV or renewable companies do. Tax-credit exposure is concentrated in (a) the UK R&D Expenditure Credit (RDEC) regime — quantified in group effective tax rate disclosure rather than as explicit subsidy; (b) the US Orphan Drug Tax Credit, relevant to many Alexion rare-disease assets (Soliris, Ultomiris, Koselugo, Strensiq); (c) Ireland's favourable manufacturing tax regime, which is a long-standing fixture for European-domiciled pharma. The single biggest policy-driven headwind is now IRA Medicare drug-price negotiation — Farxiga negotiated price $178.50 vs $556 list (−68%) effective 2026 — not a subsidy clawback but a direct revenue cut. Company has an active SCOTUS constitutional challenge.

Moat. Composition-of-matter patents (typically ~20 years from filing, effectively 10-14 years post-launch), regulatory exclusivity (5-12 years depending on jurisdiction), biologic manufacturing complexity (4-5 year biosimilar delay vs small-molecule generics), and increasingly scale of data and commercial footprint in oncology where AZN now rivals Merck in breadth.

5. Financial Health

Five-year revenue, profit and cash trend ($ millions; source: AstraZeneca annual results announcements and financial statements)

Metric ($m unless stated)	FY21	FY22	FY23	FY24	FY25
Total Revenue	37,417	44,351	45,811	54,073	58,739
Reported net income	112	3,288	5,955	7,035	~8,400e
Core EPS ($)	5.29	6.66	7.26	8.21	9.16
Operating cash flow	5,963	9,808	10,345	11,861	13,389
Free cash flow	4,879	8,999	9,116	9,992	11,780
Net debt (YE)	23,974	24,339	22,510	24,570	~23,900e
Dividend/share ($)	2.87	2.90	2.95	3.10	3.20
Oncology revenue	13,632	14,805	17,153	22,356	25,619

2025 quarterly cadence (Total Revenue / Core operating margin, per AstraZeneca results releases):

Quarter	Total Revenue ($bn)	Core operating margin	Notable
Q1 2025	13.59 (+10% CER)	~31%	Oncology +13%, CVRM +5%
Q2 2025	14.46 (+12% CER)	~31%	Enhertu +19%, Tagrisso +8%
Q3 2025	15.19 (+9% CER)	~31%	Datroway US launch, Enhertu 1L HER2+ BC approval
Q4 2025	15.50 (+2% CER)	~31%	Farxiga US generic preparations; FY Core EPS $9.16 (+11%)
FY2025	58.74 (+8% CER)	~31%	Core EPS $9.16; FCF $11.78bn; 43 approvals

Core operating margin held around 31% through 2025 per company commentary; Q1 2026 results due 29 April 2026.

6. Valuation & Market Data

Metric	Value	Notes / source date
Share price (NYSE: AZN)	~$205	Circa 9 April 2026 reference; ordinary shares basis (post-transition, 2 Feb 2026)
Market cap	~$318bn	9 April 2026
Enterprise value	~$341bn	Market cap + net debt ~$24bn
Trailing P/E (reported)	~38x	Reported EPS basis FY25
Trailing P/E (Core EPS)	~22x	Core EPS $9.16 FY25 (company-preferred metric)
Forward P/E (Core)	~20x	2026 guided low-double-digit Core EPS growth off $9.16
P/S (TTM)	~5.4x	FY25 revenue $58.74bn
EV/EBITDA (TTM)	~17x	Based on reported EBITDA ~$20bn
P/FCF	~27x	FY25 FCF $11.78bn
Dividend (FY25 declared)	$3.20 / share	Interim $1.03 (Sep 2025); second interim $2.17 ex 20 Feb 2026, paid 23 Mar 2026
Dividend yield (trailing)	~1.6%	$3.20 / $205
2026 guided dividend	$3.30 / share	+3%
52-week range	$132.32 – $212.71	52w high 17 Feb 2026 (post NYSE-listing); low prior to transition. Note: prices doubled on 2 Feb 2026 ADR-to-ordinary transition.
Beta (5Y)	~0.45	Defensive pharma beta
Shares in issue	1,550,907,927	31 Dec 2025, ordinary shares
Short interest (NYSE: AZN)	~3.88m shares / ~0.3% of float	30 Jan 2026; down 68% from 15 Jan. Short ratio 0.48.
Next results	Q1 2026 — 29 April 2026	07:00 UK time webcast

7. What Are They Building / What's Coming?

• Camizestrant (oral SERD). FDA ODAC meeting 30 April 2026. Combination with CDK4/6 inhibitor in HR+/HER2- metastatic breast cancer on ESR1 mutation emergence (SERENA-6); 56% PFS improvement. First FDA advisory committee review of 2026. Potential blockbuster.
• Truqap (capivasertib). ODAC 30 April 2026 also reviewing Truqap+Zytiga (J&J abiraterone) in PTEN-deficient mHSPC. Existing breast-cancer indication from Nov 2023.
• Enhertu + pertuzumab — 2025 US approval for 1st-line HER2+ metastatic breast cancer (Priority Review, Breakthrough Therapy). Based on DESTINY-Breast09. First new 1L option in a decade.
• Datroway (datopotamab deruxtecan, Dato-DXd). 2025 accelerated approval in EGFR-mutated NSCLC (US); HR+/HER2- breast cancer US & EU. Partnered with Daiichi Sankyo.
• AZD5004 / elecoglipron (oral GLP-1 RA). Licensed from Eccogene (Nov 2023). Phase 2b VISTA (obesity) and SOLSTICE (T2D) running; Phase 1b China data (Eccogene, Feb 2026) positive. Once-daily oral GLP-1 without food restrictions — directly targets Lilly oral orforglipron and Novo Rybelsus territory.
• Baxdrostat. Aldosterone synthase inhibitor for resistant hypertension, AZ-internal, Phase 3.
• Saruparib. Next-gen PARP1-selective inhibitor.
• Tezspire (tezepelumab). Label expansion beyond severe asthma (COPD, nasal polyposis, eosinophilic esophagitis trials).
• Vision 2030. 20 new medicines by 2030, $80bn revenue target (vs $58.7bn FY25). Set at investor day May 2024.
• $50bn US investment pledge (22 July 2025). Virginia pharma factory ($4bn), Rockville MD cell therapy facility opened May 2025 ($300m), $2bn Maryland expansion (Frederick + Gaithersburg, 2,600 jobs), R&D expansion Cambridge MA and Gaithersburg MD, Tarzana CA cell therapy. Includes R&D spend through 2030.
• $2.5bn China investment (21 March 2025). New global strategic R&D centre in Beijing (AstraZeneca's 6th R&D centre globally, 2nd in China); partnerships with Syneron (macrocyclic peptides) and BioKangtai (vaccines JV). Headcount in Beijing to grow to 1,700.
• $3.5bn US R&D & manufacturing announced Nov 2024 — Rockville MD and other sites.
• AI / ML in drug discovery. Long-standing AstraZeneca AI programme including partnerships with BenevolentAI (kidney and heart failure), in-house AI engine for target identification.

8. Competitive Landscape

AstraZeneca competes across five therapy areas. The most commercially significant is Oncology, where AZN has become a top-three global player (behind MSD and Bristol Myers Squibb by revenue) alongside Roche, J&J and Pfizer.

Oncology competitor	2025 oncology revenue (approx)	% of group	Notes
Merck & Co. (MSD)	~$31.7bn (Keytruda alone)	~46% of Merck	Keytruda (pembrolizumab) is the world's best-selling drug; US LoE 2028
Bristol Myers Squibb	~$28bn	~55%	Opdivo, Yervoy, Revlimid (declining)
Johnson & Johnson	~$25.4bn	~27%	Darzalex, Carvykti, Imbruvica, Rybrevant
Roche	~$25bn	~27%	Tecentriq, Phesgo, Polivy, Alecensa
AstraZeneca	$25.6bn	~44%	Tagrisso, Imfinzi, Calquence, Lynparza, Enhertu; +14% CER 2025
Pfizer	~$15bn	~24%	Seagen-powered ADCs; Ibrance, Xtandi, Padcev
Novartis	~$14bn	~28%	Kisqali, Pluvicto, Tafinlar/Mekinist
Daiichi Sankyo (partner)	~$6bn	~60%	ADC partnership on Enhertu, Datroway with AZN

Outside oncology:

• CVRM (obesity/diabetes). Eli Lilly (Mounjaro/Zepbound ~$16.5bn combined in 2024) and Novo Nordisk (Ozempic/Wegovy ~$24bn+) dominate GLP-1. Farxiga competes with J&J Invokana and Boehringer Ingelheim/Lilly Jardiance (SGLT2); AZN's AZD5004 oral GLP-1 aims at the oral segment where Lilly's orforglipron and Novo's Rybelsus are the frontrunners.
• Rare Disease. Alexion C5 franchise competes with Novartis's iptacopan (Fabhalta) and Apellis's Empaveli in PNH. Sanofi, Vertex, Ultragenyx also operate in overlapping rare-disease niches.
• R&I. Severe asthma/IL-5: GSK (Nucala), Sanofi-Regeneron (Dupixent).

9. Leadership and Ownership

Executive team:

• Sir Pascal Soriot — CEO since 1 October 2012. Previously COO of Roche Pharmaceuticals and CEO of Genentech. Soriot is widely credited with rebuilding AstraZeneca's late-stage oncology pipeline, rejecting Pfizer's unsolicited ~$120bn approach in May 2014, and growing revenue from ~$26bn in 2013 towards the $80bn 2030 ambition. LSE AZN share price ~£27 at appointment vs ~£120+ recent years (more than 4x over his tenure). Knighted 2024. FY2025 compensation ~$23.9m / ~£17m (up ~68% on prior year) — has drawn shareholder rebellion at successive AGMs.
• Aradhana Sarin — Board member and CFO since August 2021. Previously CFO of Alexion; she became AZN CFO following the Alexion acquisition. 20+ years global healthcare finance experience.
• Michel Demaré — independent non-executive Chair.
• Susan Galbraith — EVP Oncology R&D. Iskra Reic — EVP International (including China; appointed Dec 2024 after Leon Wang put on extended leave). Ruud Dobber — EVP BioPharmaceuticals Business Unit. Marc Dunoyer — CEO of Alexion.
• Rene Haas — non-executive director stepping down 30 April 2026 after taking on CEO role at SoftBank Group International in addition to his existing CEO role at Arm Holdings.

Institutional ownership (~72% of shares outstanding):

Holder	Stake	Notes
Capital Research & Management	~8.8%	Largest institutional holder
BlackRock, Inc.	~8.5%	Index + active
The Vanguard Group	~4.6%	Index heavy
Wellington Management	~3-4%
Norges Bank	~3%	Norwegian SWF
Baillie Gifford	~2%
Other institutional	~42%	Long-only + passive

Insider / PDMR activity (last 6 months): routine PDMR filings covered dividend reinvestment (second interim dividend $2.17 paid 23 Mar 2026, ex 20 Feb 2026), long-term incentive vestings tied to FY25 results publication 10 Feb 2026, and routine share plan activity. US Form 4 activity on the NYSE listing (from 2 Feb 2026) remains light. No major discretionary sells flagged on LSE RNS over the period. Soriot's 2025 pay package ($23.9m / ~£17m) was the subject of commentary at the 9 April 2026 digital AGM.

Source: AstraZeneca PLC is a UK foreign private issuer on Nasdaq. Section 16 does not apply; directors and PDMRs (persons discharging managerial responsibilities) file under UK Market Abuse Regulation Article 19 via RNS rather than SEC Form 4. Please refer to the LSE-listed research page for the 12-month UK PDMR dealings history.

Name	Date	Type	Shares	Price	Value	Plan Type
No reportable open-market dealings	12 months to Apr 2026	—	—	—	—	See regulatory note above

10. Risks and Challenges

• Trump administration pharma tariffs. Trump has floated levies of up to 200% on pharma imports with a 12-18 month grace period. AstraZeneca's $50bn US manufacturing and R&D pledge (July 2025) is a strategic hedge but does not cover all current US-bound supply; any interim tariffs would compress margins on products manufactured in Ireland, Sweden and the UK. Competitors including Novartis, Sanofi, Roche, Lilly and J&J have made similar US investment pledges.
• China investigations. Former China head Leon Wang and other executives indicted November 2025 on unlawful collection of personal information, illegal trade and medical insurance fraud charges. Authorities assessed ~24m yuan (~$3.5m) in unpaid taxes on alleged illegally imported Imfinzi, Imjudo and Enhertu from Hong Kong; AZN prepaid, but faces potential 5× fine. Separate ~$900k Shenzhen customs matter could attract up to $4.5m fine. Reputational and operational impact in the world's second-largest pharma market; China VBP (volume-based procurement) hits Farxiga, Lynparza, roxadustat Q1 2026.
• Patent cliffs.
  • Farxiga — first US generic dapagliflozin approvals April 2026 (14 manufacturers cleared 5mg/10mg). Global Farxiga revenue $8.5bn in 2025; US $1.7bn.
  • Tagrisso — composition-of-matter expiries ~2029. 2025 sales $7.3bn.
  • Soliris — biosimilar pressure, partially mitigated by Ultomiris conversion (>70% PNH conversion achieved).
  • Brilinta — already −38% in 2025 post US/EU generic entry Q2 2025.
• IRA Medicare drug price negotiation. Farxiga negotiated price $178.50 vs $556 list (−68%) effective 2026. AZN lost district court and 3rd Circuit appeals; SCOTUS petition live. Further AZN products (Tagrisso, Calquence) could be selected in future IRA rounds.
• Pipeline trial-readout risk. 20-new-medicines-by-2030 plan depends on consistent Phase 3 wins. Any high-profile failure (Dato-DXd first-line lung cancer, Camizestrant ODAC outcome, Baxdrostat combinations) could reset valuation.
• Daiichi Sankyo JV cost-share. 50/50 profit share ex-Japan on Enhertu and Datroway means scale comes with shared upside; a Daiichi supply or manufacturing issue would ripple through AZ.
• Currency translation. Reports in USD but significant UK, EU, China and Japan revenue — weaker USD improves reported numbers, stronger USD compresses them. CER (constant exchange rates) vs actual divergence typically 1-3pp.
• Soriot succession / compensation risk. Long-tenured CEO (since 2012). Controversial pay rises to $23.9m have drawn shareholder rebellion; board must manage succession without disrupting strategy.
• Litigation. Investor lawsuit filed 2025 (Hagens Berman) relating to China probes. IRA constitutional challenge ongoing.

11. Recent Developments

• 22–24 April 2026. Pre-results blackout; AstraZeneca's Q1 2026 results land 29 April 2026 (07:00 UK webcast). EU Reporter coverage 22 Apr 2026 noted AZN warning that German pricing reforms could push pharma launches and investment out of Europe.
• 22 April 2026 (approx). Board change RNS: Rene Haas to step down from AstraZeneca Board 30 April 2026 following appointment as CEO of SoftBank Group International (additional to Arm Holdings CEO role); receives only standard NED fees, no loss-of-office payment.
• 17 April 2026. FDA announcement: Oncologic Drugs Advisory Committee meeting scheduled 30 April 2026 to review AZ's Camizestrant NDA and a new Truqap indication — first ADAC of 2026.
• 9 April 2026 — 2026 AGM. Digitally-enabled meeting at 14:30 BST. 13 items of business including accounts, director re-elections, auditor, capital authorities.
• April 2026 — FDA Farxiga generics. 14 manufacturers approved to produce dapagliflozin 5mg and 10mg generics — first generic competition for the $8.5bn global CVRM cornerstone.
• Feb-Mar 2026. Second interim dividend $2.17 per share ex 20 Feb, paid 23 Mar 2026.
• 10 February 2026 — FY2025 results. Total Revenue $58,739m (+8% CER); Core EPS $9.16 (+11%); 16 Phase 3 readouts and 43 approvals in last 12 months; 16 blockbusters; declared dividend $3.20 (+3%); guided 2026 mid-to-high single-digit revenue growth, low-double-digit Core EPS growth, $3.30 dividend.
• 2 February 2026 — NYSE direct listing. Ordinary shares of AstraZeneca PLC began trading on NYSE under AZN, completing transition from the Nasdaq ADR programme (ADSs delisted 30 Jan 2026). Nominal US price doubled (ADR 2:1 ratio); underlying market cap unchanged at ~$294bn on transition day. Now trades NYSE + LSE + Nasdaq Stockholm.
• November 2025. China indictments — Leon Wang and former execs charged with data/trade offences. 9M 2025 results (5 Nov) showed Oncology +15%, Rare Disease +4%, group revenue +9% YTD.
• July 2025. Datroway accelerated FDA approval in previously-treated locally advanced/metastatic EGFR-mutated NSCLC. Enhertu + pertuzumab approved 1L HER2+ metastatic breast cancer.
• 22 July 2025. $50bn US manufacturing & R&D pledge through 2030 announced; CEO Soriot signed Virginia agreement with Governor Youngkin for new drug factory ($4bn).
• May 2025. Rockville MD $300m cell therapy facility opened (first AZ cell therapy facility in the US).
• 21 March 2025. $2.5bn Beijing investment announced — new global strategic R&D centre (AZN's 6th global, 2nd in China), Syneron (macrocyclic peptides) and BioKangtai (vaccines) partnerships.
• January 2025. Datroway first US approval (HR+/HER2- breast cancer).

12. Key Dates Coming Up

• 29 April 2026 — Q1 2026 results (07:00 UK webcast).
• 30 April 2026 — FDA ODAC meeting reviewing Camizestrant (SERENA-6) and Truqap (PTEN-deficient mHSPC with Zytiga).
• 30 April 2026 — Rene Haas Board departure effective.
• Q2 2026 (late July, est.) — H1 / Q2 2026 results.
• 6 August 2026 — first interim dividend 2026 ex-date (est.); payment early September 2026. FY2026 dividend guided $3.30.
• November 2026 (est.) — 9M / Q3 2026 results.
• H2 2026 — ongoing pipeline readouts: SERENA-6 full data, Dato-DXd combination data, Baxdrostat BaxHTN Phase 3 readouts, AZD5004 Phase 2b VISTA / SOLSTICE obesity and T2D data.
• Early February 2027 (est.) — FY2026 results.

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Disclaimer: Research only. This article is for information and discussion purposes. It is not investment advice, not a recommendation to buy or sell any security, and does not take your personal circumstances into account. All financial figures come from AstraZeneca PLC results announcements, SEC 6-K filings, press releases and shareholder disclosures; market data is as of the dates stated. Always do your own research and consult a qualified adviser before making investment decisions.