AstraZeneca PLC (NASDAQ: AZN) — Company Research

Last Updated: 10 May 2026

AstraZeneca PLC is a Cambridge-headquartered biopharmaceutical group that discovers, develops, manufactures and commercialises prescription medicines across oncology, cardiovascular / renal / metabolism (CVRM), respiratory & immunology (R&I), vaccines & immune therapies, and rare diseases. The company is dual-listed: the underlying ordinary shares trade on the London Stock Exchange in pence (AZN.L), while the U.S.-listed American Depositary Shares trade on NASDAQ in U.S. dollars under the ticker AZN — the subject of this report. AstraZeneca reports its consolidated accounts in U.S. dollars; for the most recent full reporting year ended 31 December 2025 it produced revenue of $58,739 million, operating income of $13,327 million, net income of $10,225 million, free cash flow of $8,670 million and diluted earnings per share of $6.54 (per JSON). The ADS closed the most recent session on 9 May 2026 at $182.85, against a 52-week range of $132.32 to $212.71, capitalising the equity at $283.47 billion (per JSON price.market_cap) on shares outstanding of 1,550,283,527 (per JSON price.shares_outstanding). Recent newsflow over the trailing seven-day window has centred on AstraZeneca's positioning in the RNA-targeting small-molecule discovery market (Simply Wall St., 8 May 2026), Ken Fisher's 13F-disclosed portfolio additions (GuruFocus, 6 May 2026) and the broad sector debate over a possible 100% U.S. tariff on branded drugs (Reuters factbox, 4 May 2026). A note on filing coverage: the only annual filing in the dataset is AstraZeneca's Form 20-F filed with the SEC on 24 February 2026 (the foreign-private-issuer equivalent of the 10-K). The extracted version of that 20-F has clean text only for Item 7 (Major Shareholders / Related Party Transactions); Items 1A (Risk Factors) and 7A (Quantitative and Qualitative Disclosures About Market Risk) are empty in the extract, and Item 8 (Financial Statements) is flagged as suspect-bloat and is not used in this report. Therapy-area-level revenue splits, product-by-product revenue, geographic revenue mix, the R&D-vs-SG&A operating-expense split, FY2026 forward guidance and the formal MD&A narrative are therefore not quoted from the 10-K in this article — see Sections 3, 4, 7 and 10 for the explicit gap notices and the pointer to AstraZeneca's investor-relations page.

1. Company Snapshot

Name	AstraZeneca PLC
Ticker	AZN (NASDAQ — American Depositary Shares); also AZN.L (London Stock Exchange ordinary shares)
Sector / Industry	Healthcare / Drug Manufacturers - General
Country of incorporation	United Kingdom
Reporting currency	U.S. dollar (USD)
Trading currency (NASDAQ)	U.S. dollar (USD)
Market cap	$283.47 billion
Enterprise value	$309.64 billion
Latest fiscal-year revenue	$58,739 million (FY2025, ended 31 December 2025)
Latest fiscal-year net income	$10,225 million (FY2025)
Latest fiscal-year diluted EPS	$6.54 (FY2025)
Cash & equivalents (31 Dec 2025)	$5,711 million
Total debt (31 Dec 2025)	$29,149 million
Employees	96,100
CEO	Mr. Pascal Claude Roland Soriot, D.V.M., M.B.A.
Headquarters	1 Francis Crick Avenue, Cambridge, United Kingdom
Website	astrazeneca.com
Price (close 9 May 2026)	$182.85
Previous close	$182.52
52-week high	$212.71
52-week low	$132.32
Beta	0.223
Dividend yield (trailing)	1.73%
SEC CIK	0000901832
Incorporated	1992 (renamed from Zeneca Group PLC to AstraZeneca PLC in April 1999)

2. Bull Case vs Bear Case

Bull case

• Revenue growth has accelerated through the four-year window of disclosed data (per JSON): revenue rose from $44,351m in FY2022 to $45,811m in FY2023 (+3.29%), to $54,073m in FY2024 (+18.03%) and to $58,739m in FY2025 (+8.63%). Operating income tripled across the window from $4,512m in FY2022 to $13,327m in FY2025, and diluted EPS rose from $2.11 to $6.54 (+210%) — operating leverage on the larger revenue base has been substantial.
• FY2025 EPS growth of 45.33% year-on-year (per the dataset's eps_growth_yoy field) reflects the third consecutive year of double-digit EPS expansion, after +18.11% in FY2024 and +80.57% in FY2023.
• Free cash flow generation is strong in absolute terms: $8,670m in FY2025 against operating cash flow of $14,575m, on capex of $5,905m. The four-year FCF cadence is $7,237m → $6,567m → $7,275m → $8,670m, implying a re-acceleration after the FY2023 dip and consistent funding of the $4.97 billion FY2025 dividend.
• Headline gross margin of 81.9% and operating margin of 22.69% in FY2025 (per JSON ratios) reflect the structurally high contribution margin of patented prescription medicines. Net margin of 17.41% sits below the operating-margin level by virtue of $1,614m of interest expense and a 17.5% effective tax rate ($2,169m on $12,402m pretax income, both per JSON).
• Return on equity reached 21.01% in FY2025 (net income $10,225m / equity $48,667m), with return on assets of 8.96% on a $114.07 billion balance sheet (per JSON).
• Equity base has been rebuilding: total equity grew from $37,037m at end-FY2022 to $48,667m at end-FY2025 (+31.4% across the window) as retained earnings net of dividend distributions accreted to the balance sheet, taking debt-to-equity from 0.79× at end-FY2022 to 0.5989× at end-FY2025 (per JSON ratios.debt_to_equity).
• The most recent quarter (Q1 2026) printed Q1 revenue 12.5% above Q1 2025 ($15,288m vs $13,588m per JSON), operating income up 15.6% ($4,246m vs $3,674m), and diluted EPS up 5.3% ($1.97 vs $1.87) — a continued growth pattern relative to the prior-year comparable.
• The 4 May 2026 Insider Monkey item recorded that Baron Capital's Q1 2026 Health Care Fund letter discussed AstraZeneca under the headline "Strong Results and Improved Guidance Lifted AstraZeneca PLC (AZN)" (per the recent_news entry, Insider Monkey via Yahoo Finance, 4 May 2026). The article is a third-party investor-letter summary, but the headline characterisation is consistent with the FY2025 financial pattern visible in the source dataset.
• The 8 May 2026 Simply Wall St item identified AstraZeneca as "a key participant in the expanding RNA targeting small molecule drug discovery market," noting "the company's investments in this segment as part of a broader multi year trend in RNA focused therapeutics" (per the recent_news entry, Simply Wall St. via Yahoo Finance, 8 May 2026).

Bear case

• Trailing P/E of 27.96× on USD basis (per JSON ratios.pe_trailing; yfinance trailing P/E 27.54×) is meaningfully above the long-run large-cap pharma trailing-multiple band, and the forward P/E of 30.97× (per JSON price.forward_pe_yfinance) implies the market is paying a premium for forward growth that has not yet been delivered. EV/Revenue of 5.27× and an EV-to-operating-income proxy of 23.23× (per JSON, with the JSON note flagging that the EBITDA proxy uses operating income because depreciation & amortisation is unavailable) are similarly at the high end of the large-cap pharma band.
• The U.S. tariff backdrop is currently a sector-level headwind. The Reuters factbox of 4 May 2026 reported that "Global drugmakers have been ramping up U.S. manufacturing and stockpiling inventory as the Trump administration moves to impose 100% tariffs on branded drugs unless companies cut" (per the recent_news entry, Reuters via Yahoo Finance, 4 May 2026). Branded drug imports into the U.S. are a material part of AstraZeneca's commercial footprint, and the regulatory direction of travel implies either incremental U.S. capex or pricing-side concession. The U.S.-listed ADR is the subject of this report, and U.S.-market policy risk is therefore directly relevant.
• The interest expense base is meaningful in absolute terms: $1,614m in FY2025 against operating income of $13,327m — interest cover of 8.26× on operating income, comfortable but reflecting $29.15 billion of total debt (per JSON). Approximately 84.8% of total debt ($24,715m of $29,149m) is long-term, so the absolute interest bill will roll over slowly as bonds refinance into the prevailing rate environment.
• The current ratio of 0.94× (current assets $28,723m vs current liabilities $30,617m, per JSON) is below 1× — typical for a global pharmaceutical with high accruals and rebate liabilities, but it does reduce near-term financial flexibility.
• The 52-week range is wide ($132.32 to $212.71, a range of 60.7% of the low) and the ADS closed 9 May 2026 at $182.85, 14.0% off the 52-week high. The position in the cycle therefore reflects a meaningful drawdown from the peak, against a backdrop in which press coverage explicitly raises an "RNA Research Push Meets Valuation Gap" framing (per the recent_news entry, Simply Wall St. via Yahoo Finance, 8 May 2026).
• Capital intensity has stepped up: capex rose from $2,571m in FY2022 to $3,778m in FY2023, $4,586m in FY2024 and $5,905m in FY2025 (per JSON), a 130% increase over three years and a $1.32bn step-up in the most recent year alone. The capex-to-OCF ratio rose from 26.2% in FY2022 to 40.5% in FY2025, narrowing the conversion of operating cash flow into free cash flow.
• Risk Factors content from the FY2025 20-F is not cleanly available from this filing's structure — the extract has Item 1A. Risk Factors empty (0 characters) and Item 8. Financial Statements flagged as suspect-bloat. Per Rule D of the research methodology, no content has been drawn from those sections; readers should consult AstraZeneca's 20-F directly at the SEC URL azn-20251231x20f.htm.

3. What Does This Company Actually Do?

AstraZeneca is a global biopharmaceutical company. The company's own description (per JSON company.description) is reproduced verbatim: "AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company offers Imjudo, Datroway, Iressa, Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Crestor, Andexxa, Onglyza, Symlin, XIGDUO XR, Atacand, Atacand HCT, Atacand Plus, Farxiga/Forxiga, Plendil, Modip, Splendil, Munobal, Flodil, Tenormin, Tenormine, Prenormine, Atenol, Zestril, Brilinta/Brilique, Komboglyze, Qtern, Wainua, Byetta, Lokelma, Seloken ZOK, Toprol-XL, Betaloc ZOK, XIGDUO, Accolate, Accoleit, Vanticon, Bricanyl Respules, Eklira Genuair/Tudorza/Bretaris, Pulmicort Turbuhaler, Symbicort Turbuhaler, Airsupra, Bricanyl Turbuhaler, Fasenra, Rhinocort, Tezspire, Bevespi Aerosphere, Daliresp/Daxas, Saphnelo, Breztri Aerosphere, Duaklir Genuair, Pulmicort Respules, and Symbicort pMDI. It also provides Beyfortus, Kavigale, Evusheld, Fluenz/FluMist, Synagis, Kanuma, Ultomiris, Koselugo, Voydeya, Soliris, Strensiq, Nexium, and other medicines. The company offers its products for ocology, cardiovascular, renal and metabolism, respiratory & immunology, vaccines and immune, and therapies rare diseases. It serves primary and specialty care physicians through distributors and local representative offices in the United Kingdom, the Americas, rest of Europe, Asia, Africa, and Australasia."

The product list groups into five therapy areas as the company itself names them (per JSON company.description):

• Oncology — Imjudo, Datroway, Iressa, Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex (and additional brands).
• Cardiovascular, Renal & Metabolism (CVRM) — Crestor, Andexxa, Onglyza, XIGDUO XR, Atacand family, Farxiga / Forxiga, Plendil family, Tenormin family, Zestril, Brilinta / Brilique, Komboglyze, Qtern, Wainua, Byetta, Lokelma, Seloken ZOK / Toprol-XL / Betaloc ZOK.
• Respiratory & Immunology (R&I) — Accolate family, Bricanyl Respules / Turbuhaler, Eklira Genuair / Tudorza / Bretaris, Pulmicort Turbuhaler / Respules, Symbicort Turbuhaler / pMDI, Airsupra, Fasenra, Rhinocort, Tezspire, Bevespi Aerosphere, Daliresp / Daxas, Saphnelo, Breztri Aerosphere, Duaklir Genuair.
• Vaccines & Immune Therapies — Beyfortus, Kavigale, Evusheld, Fluenz / FluMist, Synagis.
• Rare Disease (Alexion) — Kanuma, Ultomiris, Koselugo, Voydeya, Soliris, Strensiq.
• Other / specialty — Nexium and other specialty medicines.

Therapy-area-level revenue splits (Oncology / CVRM / R&I / Rare Disease / Vaccines & Immune) and product-by-product revenue with named percentages would normally be sourced from the FY2025 20-F's revenue note within Item 8 (Financial Statements), but Item 8 in the dataset's 20-F extract is flagged as suspect-bloat and is therefore not used in this report per Rule D of the research methodology. Those splits are accordingly not disclosed in this report's source data; readers should consult AstraZeneca's published Annual Report and quarterly results announcements on the company's investor-relations page for franchise-level growth, organic revenue ex-FX, and product-by-product sales. Because the data condition for the Section 3 Revenue Mix Donut chart (≥2 segment percentages quoted from primary disclosure) is therefore not met, that visual is intentionally not emitted in this section.

4. The Business Model

AstraZeneca's economics are the standard global-biopharma formula: a portfolio of patent-protected, regulator-approved prescription medicines distributed to primary-care and specialty physicians via distributors and local representative offices in the United Kingdom, the Americas, the rest of Europe, Asia, Africa and Australasia (per JSON company.description). Revenue equals units of branded medicine dispensed × realised net price after rebates and statutory deductions; unit cost is driven principally by API and excipient sourcing, sterile fill / finish manufacturing, packaging, distribution and quality assurance. The bulk of cost between gross profit and operating profit is research & development (clinical trials, regulatory submissions, internal discovery science) and selling, general & administrative spend (sales-force calls, medical education, brand marketing). The company reports its consolidated accounts in U.S. dollars, even though it is UK-incorporated, because the largest single end-market for its products is the United States and the dollar is the dominant transactional and pricing currency in global pharmaceuticals.

The FY2025 income statement quantifies the model at the group level (all figures in $m, per JSON financials_annual[0] unless stated):

• Revenue: $58,739m
• Cost of revenue: $10,633m → gross profit $48,106m → gross margin 81.9% (per JSON ratios.gross_margin = 0.819)
• Operating expenses: $34,779m → operating income $13,327m → operating margin 22.69% (per JSON ratios.operating_margin = 0.2269)
• Interest expense: $1,614m
• Pretax income: $12,402m; tax provision: $2,169m → effective tax rate 17.5%; net income: $10,225m → net margin 17.41% (per JSON ratios.net_margin = 0.1741)
• Diluted EPS: $6.54; basic EPS: $6.60; diluted shares: 1,562m
• Operating cash flow: $14,575m; capex: $5,905m → free cash flow $8,670m (FCF margin 14.8%)

The 81.9% gross margin and 22.69% operating margin are characteristic of a large-cap branded-pharma company: cost of revenue is dominated by API, fill / finish manufacturing and distribution, while the gap between gross and operating profit (some $34.78 billion of operating expense in FY2025) is overwhelmingly research & development plus selling, general & administrative spend. The split of that $34.78 billion between R&D and SG&A would normally be sourced from Item 8 of the 20-F's income statement detail; Item 8 is flagged as suspect-bloat in the dataset's extract and is therefore not quoted in this report per Rule D of the research methodology — the R&D-vs-SG&A split is not disclosed in this report's source data.

The 17.41% net margin sits below the operating margin by virtue of $1,614m of interest expense and the $2,169m tax provision (effective rate 17.5%, indicative of a globally distributed earnings base with material US, UK, EU and emerging-market jurisdictions in the mix).

Cash returns to shareholders: in FY2025, dividends paid totalled $4,971m on a diluted-share base of 1,562m, an implied per-share dividend of approximately $3.18 (per JSON, dividends_paid divided by diluted shares). The four-year dividend cadence (per JSON) is $4,364m (FY2022), $4,481m (FY2023), $4,629m (FY2024) and $4,971m (FY2025) — a 4–7% annualised dividend cash-out growth rate, with the FY2025 step-up the largest in the window. Share buybacks are listed as null (stock_buybacks field) in every year of the source dataset, consistent with AstraZeneca historically having favoured organic reinvestment and dividend distributions over open-market buybacks. The company's formal capital-return framework is presented in its UK Annual Report and is not separately quoted here.

Government-incentive, tax-credit and regulatory-credit dependency: the structure of pharmaceutical revenue in major markets is materially affected by national pricing systems (US Medicare / Medicaid, NHS-VPAS in the UK, statutory pricing in EU member states, NHIF in Japan), which act as effective price controls and rebate obligations rather than positive subsidies. The dollar amount and percentage of FY2025 revenue or profit attributable to government rebate / discount programs is not disclosed in this report's source data.

Because Item 8 of the 20-F is flagged as suspect-bloat and is not quoted in this report per Rule D, the dollar-and-percent contribution of therapy-area-level revenue, product-level gross-profit walk, the geography mix of FY2025 revenue, FX translational and transactional impact on the year, and any restructuring or integration charges are not disclosed in this report's source data.

5. Financial Health

Five-year annual trend ($m, group, fiscal years ending 31 December, per JSON financials_annual)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue ($m)	n/a	44,351	45,811	54,073	58,739
Gross profit ($m)	n/a	31,960	37,543	43,866	48,106
Operating income ($m)	n/a	4,512	8,722	10,251	13,327
Net income ($m)	n/a	3,288	5,955	7,035	10,225
Diluted EPS ($)	n/a	2.11	3.81	4.50	6.54
Operating cash flow ($m)	n/a	9,808	10,345	11,861	14,575
Capex ($m)	n/a	(2,571)	(3,778)	(4,586)	(5,905)
Free cash flow ($m)	n/a	7,237	6,567	7,275	8,670
Cash & equivalents ($m)	n/a	6,166	5,840	5,488	5,711
Total debt ($m)	n/a	29,143	28,407	30,114	29,149
Long-term debt ($m)	n/a	22,965	22,365	26,506	24,715
Total equity ($m)	n/a	37,037	39,143	40,786	48,667
Total assets ($m)	n/a	96,483	101,119	104,035	114,074
Diluted shares (m)	n/a	1,560	1,562	1,563	1,562
Dividends paid ($m)	n/a	(4,364)	(4,481)	(4,629)	(4,971)
Share buybacks ($m)	n/a	n/a	n/a	n/a	n/a

The data for FY2021 is not present in this report's source data (all metrics null). The four-year window FY2022–FY2025 shows a clear acceleration in the top line: revenue stepped from $44.35bn in FY2022 to $58.74bn in FY2025, a 32.4% cumulative increase (9.8% CAGR across the four-year window, weighted heavily toward FY2024's +18% step-up). Operating income tripled across the window, from $4,512m to $13,327m, on a gross-margin expansion from 72.1% in FY2022 (gross profit $31,960m / revenue $44,351m) to 81.9% in FY2025 — a roughly ten-percentage-point gross-margin re-rating across the four-year window, with the largest single-year step coming between FY2022 and FY2023 (cost of revenue fell from $12,391m to $8,268m on a similar revenue base).

Net income roughly tripled from $3,288m in FY2022 to $10,225m in FY2025, while diluted EPS rose from $2.11 to $6.54 (+210%) on an essentially flat diluted-share count (1,560m → 1,562m). The total-debt line has been stable at $28–30 billion across the window; equity has grown from $37,037m to $48,667m as retained earnings net of dividend distributions accreted to the balance sheet, taking debt-to-equity from 0.79× at end-FY2022 to 0.5989× at end-FY2025 (per JSON ratios.debt_to_equity).

The capital-intensity story is more nuanced: capex stepped from $2,571m in FY2022 to $5,905m in FY2025, a 130% increase over three years and a 28.8% step-up in FY2025 alone. The capex-to-operating-cash-flow ratio rose from 26.2% in FY2022 to 40.5% in FY2025, narrowing free cash flow conversion. Operating cash flow itself grew strongly across the window ($9,808m → $14,575m, +48.6%), so absolute FCF rose despite the stepped-up reinvestment.

Quarterly trend (USD $m, per JSON financials_quarterly). AstraZeneca's quarterly disclosures across the most recent five quarters in the source dataset are summarised below:

Quarter	Revenue ($m)	Gross profit ($m)	Gross margin	Operating income ($m)	Net income ($m)	Diluted EPS ($)	FCF ($m)
Q1 2025 (31 Mar 2025)	13,588	11,347	83.5%	3,674	2,916	1.87	2,744
Q2 2025 (30 Jun 2025)	14,457	11,984	82.9%	3,508	2,450	1.57	1,463
Q3 2025 (30 Sep 2025)	15,191	12,390	81.6%	3,583	2,533	n/a	3,408
Q4 2025 (31 Dec 2025)	15,503	12,385	79.9%	2,978	2,326	1.49	1,055
Q1 2026 (31 Mar 2026)	15,288	12,610	82.5%	4,246	3,080	1.97	1,821

The four FY2025 quarters sum to revenue of $58,739m, which reconciles to the FY2025 annual revenue line. Quarterly revenue stepped up sequentially from $13.59bn in Q1 2025 to a peak of $15.50bn in Q4 2025 before easing slightly to $15.29bn in Q1 2026. Gross margin oscillated in a narrow 79.9–83.5% band across the five quarters, with the lowest reading in Q4 2025 (79.9%) and the highest in Q1 2025 (83.5%). The most recent quarter (Q1 2026) printed Q1 revenue 12.5% above Q1 2025 ($15,288m vs $13,588m), operating income up 15.6% ($4,246m vs $3,674m), and diluted EPS up 5.3% ($1.97 vs $1.87) — a continued growth pattern relative to the prior-year comparable.

$13.6

$14.5

$15.2

$15.5

$15.3

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Revenue ($bn) Gross Margin (%) Revenue Gross Margin

6. Valuation & Market Data

Metric	Value	Source / note
Share price (close 9 May 2026)	$182.85	JSON `price.current`; trading currency USD on NASDAQ
Previous close	$182.52	Day change +0.18%
Day open	$182.71	JSON `price.day_open`
Day range (9 May 2026)	$181.58 – $183.55	JSON `price.day_low` / `price.day_high`
Volume	1,180,528 shares	10-day average 2,421,630 (JSON)
52-week high	$212.71	Stock 14.0% off high
52-week low	$132.32	Stock +38.2% off low
Market cap	$283.47 billion	JSON `price.market_cap`
Enterprise value	$309.64 billion	JSON `price.enterprise_value`
Shares outstanding	1,550,283,527	JSON `price.shares_outstanding`
Float	1,541,471,860 (99.4% of shares out)	JSON `price.float_shares`
P/E (trailing)	27.96×	JSON `ratios.pe_trailing`
P/E (trailing, yfinance)	27.54×	JSON `price.trailing_pe_yfinance`
P/E (forward, yfinance)	30.97×	JSON `price.forward_pe_yfinance`
P/B	5.82×	JSON `ratios.pb`
P/S (trailing)	4.83×	JSON `ratios.ps_trailing`
EV / Revenue	5.27×	JSON `ratios.ev_revenue`
EV / EBITDA proxy	23.23×	JSON `ratios.ev_ebitda_proxy` — EV / operating income (D&A unavailable; conservative proxy)
FCF yield	3.06%	JSON `ratios.fcf_yield` — FY2025 FCF / market cap
Gross margin	81.9%	FY2025 (JSON `ratios.gross_margin`)
Operating margin	22.69%	FY2025 (JSON `ratios.operating_margin`)
Net margin	17.41%	FY2025 (JSON `ratios.net_margin`)
Return on equity	21.01%	FY2025 (JSON `ratios.roe`)
Return on assets	8.96%	FY2025 (JSON `ratios.roa`)
Debt-to-equity	0.5989×	FY2025 (JSON `ratios.debt_to_equity`)
Current ratio	0.94×	FY2025 (JSON `ratios.current_ratio`)
Beta	0.223	JSON `price.beta`
Dividend yield (trailing)	1.73%	JSON `price.dividend_yield`
Most recent ex-dividend date	20 February 2026	JSON `calendar.ex_dividend_date`
Most recent dividend pay date	23 March 2026	JSON `calendar.dividend_date`
Next earnings release	27 July 2026	JSON `calendar.next_earnings_date`

Notes on the valuation table. Because the AZN ADR trades and reports in U.S. dollars, the JSON ratio block does not carry the GBP-vs-USD unit-mismatch artefacts that affect the AZN.L ordinary-share valuation table — the trailing P/E of 27.96× (ratios.pe_trailing) is consistent with the close-of-day price of $182.85 divided by FY2025 diluted EPS of $6.54 (= 27.96×). The yfinance trailing P/E of 27.54× (price.trailing_pe_yfinance) is computed on a slightly different EPS basis (likely the trailing-twelve-month EPS rather than the full-year FY2025 EPS) and the small 0.4× gap is explained by that timing difference. The forward P/E of 30.97× (price.forward_pe_yfinance) implies forward consensus diluted EPS of approximately $5.90 in the next-twelve-month window — a step-down on the FY2025 print that should be interpreted with the no-analyst-opinion rule in mind (this report does not separately quote or rely on the consensus-EPS number; the forward P/E is reproduced verbatim as a JSON field).

The EV/Revenue of 5.27× and EV/EBITDA-proxy of 23.23× use the conservative operating-income denominator because depreciation & amortisation is not separately disclosed in the JSON dataset (the ev_ebitda_proxy calc note explicitly states that operating income is sourced from yfinance because XBRL was unavailable). A true EV/EBITDA — which would add D&A back to operating income in the denominator — would be lower than the 23.23× proxy.

Short interest (shares short, % of float, days to cover) and put/call ratio are not disclosed in this report's source data.

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

Active commercial franchises (per JSON company.description):

• Oncology — Imjudo, Datroway, Iressa, Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex (and additional brands).
• Cardiovascular, Renal & Metabolism (CVRM) — Crestor, Andexxa, Onglyza, XIGDUO XR, Atacand family, Farxiga / Forxiga, Plendil family, Tenormin family, Zestril, Brilinta / Brilique, Komboglyze, Qtern, Wainua, Byetta, Lokelma, Seloken ZOK / Toprol-XL / Betaloc ZOK.
• Respiratory & Immunology (R&I) — Accolate family, Bricanyl Respules / Turbuhaler, Eklira Genuair / Tudorza / Bretaris, Pulmicort Turbuhaler / Respules, Symbicort Turbuhaler / pMDI, Airsupra, Fasenra, Rhinocort, Tezspire, Bevespi Aerosphere, Daliresp / Daxas, Saphnelo, Breztri Aerosphere, Duaklir Genuair.
• Vaccines & Immune Therapies — Beyfortus, Kavigale, Evusheld, Fluenz / FluMist, Synagis.
• Rare Disease (Alexion) — Kanuma, Ultomiris, Koselugo, Voydeya, Soliris, Strensiq.
• Other / specialty — Nexium and other specialty medicines.

Disclosed strategic collaborations (per JSON company.description):

• Tempus and Pathos AI partnership — described in the company's own description as "a strategic agreement with Tempus and Pathos to develop the largest multimodal foundation model in oncology." The AI infrastructure / data-centre buildout, capex commitment and project milestones underpinning that collaboration are not disclosed in this report's source data.
• CSPC Pharmaceutical Group Limited — described as "a strategic research collaboration with CSPC Pharmaceutical Group Limited to advance the discovery and development of novel oral candidates, with the potential to treat diseases across multiple indications." Indication-by-indication asset detail and the financial structure of the deal are not disclosed in this report's source data.

RNA-targeting small-molecule discovery programme. The 8 May 2026 Simply Wall St. item identified AstraZeneca as "a key participant in the expanding RNA targeting small molecule drug discovery market," noting that "Recent industry analysis highlights the company's investments in this segment as part of a broader multi year trend in RNA focused therapeutics. This development relates to AstraZeneca's drug discovery activities and is separate from recent headlines about approvals, regulatory decisions, or single product updates" (per the recent_news entry, Simply Wall St. via Yahoo Finance, 8 May 2026).

FY2026 forward guidance, pipeline detail and capex commitments. Specific FY2026 revenue or core EPS guidance, asset-by-asset pipeline timelines, expected regulatory submission and approval dates, U.S. manufacturing capex commitments in response to the Trump tariff threat referenced in the news flow, and brand-by-brand launch schedules would normally be sourced from the FY2025 20-F's MD&A and forward-looking-statements language. Item 8 of the 20-F is flagged as suspect-bloat and is not used in this report per Rule D; the standard MD&A items in the FY2025 20-F extract are not separately populated as clean text. Those quantitative product-pipeline details are therefore not disclosed in this report's source data. AstraZeneca publishes its formal FY2026 guidance and pipeline disclosure on its investor-relations website at astrazeneca.com, and the underlying 20-F is available directly at azn-20251231x20f.htm.

8. Competitive Landscape

AstraZeneca competes globally with the world's other large-cap branded biopharma companies. By therapy area:

• Oncology — Roche, Merck & Co (Keytruda), Bristol-Myers Squibb (Opdivo), Pfizer, Johnson & Johnson, Novartis, Eli Lilly, Daiichi Sankyo (its Enhertu collaboration partner), Gilead and Amgen.
• CVRM — Eli Lilly, Novo Nordisk (in diabetes / cardiometabolic), Boehringer Ingelheim (Jardiance, the closest in-class peer to Farxiga / Forxiga), Bayer, Pfizer and Merck & Co.
• Respiratory & Immunology — GSK (the largest single peer in inhaled respiratory), Sanofi-Regeneron (Dupixent), Novartis and Vertex (in cystic fibrosis adjacencies).
• Vaccines & Immune Therapies — Sanofi (the Beyfortus development partner), GSK, Pfizer, Moderna and Merck & Co.
• Rare Disease (Alexion) — Sanofi-Genzyme, BioMarin, Ultragenyx, Apellis (in complement therapies, a direct competitor for Soliris / Ultomiris) and several mid-cap rare-disease specialists.

Two recent peer items captured in the source dataset are directly relevant to the competitive read:

• The 7 May 2026 Zacks item on Johnson & Johnson reported "Darzalex and new launches fuel J&J's 17.8% oncology sales growth in Q1 as the company targets $50B in cancer sales by 2030" (per the recent_news entry, Zacks via Yahoo Finance, 7 May 2026). J&J is a direct competitor in oncology and the cited 17.8% Q1 oncology growth and $50bn 2030 ambition are J&J statements (i.e. competitor, not AstraZeneca, disclosure) but they frame the size and pace of the global oncology end market that AstraZeneca's Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu and Truqap franchise also competes for.
• The 4 May 2026 Zacks item on AbbVie reported "ABBV jumps 5% after a Q1 beat and higher 2026 guidance, but Skyrizi, Rinvoq and a deep pipeline may matter more for its post-earnings outlook" (per the recent_news entry, Zacks via Yahoo Finance, 4 May 2026). AbbVie is a peer in immunology and oncology and the Skyrizi / Rinvoq products are direct competitors to AstraZeneca's Tezspire and other R&I assets.

Named market-share percentages (e.g., AstraZeneca's % of the global oncology drug market, % of the global SGLT2 inhibitor market, % of the global PD-L1 / PD-1 market) are not disclosed in this report's source data and would normally be sourced from IQVIA or each company's own annual report. Because the data condition for the Section 8 Competitor Share chart (≥3 competitors with named share percentages from primary disclosure) is therefore not met, that visual is intentionally not emitted in this section.

AstraZeneca's competitive position can be characterised qualitatively from what is available in this dataset:

• Scale. Group revenue of $58.74bn in FY2025 with a 22.69% operating margin places AstraZeneca among the top six or seven global pharmaceutical companies by revenue; the 81.9% gross margin is at the high end of the large-cap pharma cohort.
• Therapeutic breadth. The company description lists products across oncology, CVRM, respiratory & immunology, vaccines & immune therapies and rare diseases — a genuinely diversified five-area portfolio that reduces single-asset / single-indication concentration risk.
• Growth trajectory. The four-year revenue CAGR is approximately 9.8% (from $44,351m in FY2022 to $58,739m in FY2025) and operating-income CAGR is approximately 43.4% across the same window; both compare favourably to the typical large-cap branded-pharma growth rate and reflect the launch and ramp of the post-2020 oncology and rare-disease portfolios.

9. Leadership and Ownership

CEO. Mr. Pascal Claude Roland Soriot, D.V.M., M.B.A. (per JSON company.ceo). Mr. Soriot's age, prior-role history and remuneration data are not disclosed in this report's source data and are not asserted in this article. The company's UK Annual Report carries the formal Directors' Remuneration Report and the Chief Executive's biographical disclosure for readers requiring those details.

Headcount. 96,100 employees (per JSON company.employees).

Board, executive committee and chairman. Detailed leadership-team biographies, board-of-directors composition and chairman identification are not disclosed in this report's source data — AstraZeneca publishes that material in its UK Annual Report and on its corporate-website "Board and Senior Executive Team" pages.

Share-register structure. Per the FY2025 10-K (Item 7, filed 2026-02-24): at 31 December 2025 the company had 61,133 registered holders of its Ordinary Shares, with 174,889 holders held under the Euroclear Services Agreement representing 9.9% of the issued share capital and 4,598 registered holders of American Depositary Shares representing 18.3% of the issued share capital. The U.S.-listed ADR (the subject of this report) therefore corresponds to nearly one-fifth of the issued share capital. Per the FY2025 10-K (Item 7, filed 2026-02-24): 85.7% of the issued share capital at 31 December 2025 was held in blocks of more than 1,000,000 shares, consistent with a heavily institutional ownership base. Per the FY2025 10-K (Item 7, filed 2026-02-24): the Ordinary Share price on the London Stock Exchange ranged between a high of 14,148 pence and a low of 9,667 pence during 2025, with a year-end closing price of 13,790 pence (versus 10,468 pence at end-2024 and 10,600 pence at end-2023).

Top institutional holders (per JSON holders.institutional_top):

Holder	Shares	% of shares out	As-of date
Price (T. Rowe) Associates Inc	24,321,914	1.57%	31 Dec 2025
Primecap Management Company	18,457,631	1.19%	31 Dec 2025
Bank of America Corporation	13,178,177	0.85%	31 Dec 2025
Deutsche Bank AG	12,129,724	0.78%	31 Mar 2026
Wellington Management Group, LLP	11,414,126	0.74%	31 Dec 2025
FMR, LLC (Fidelity)	10,924,430	0.70%	31 Dec 2025
Fisher Asset Management, LLC	10,845,708	0.70%	31 Mar 2026
Royal London Asset Management Ltd	10,299,563	0.66%	31 Mar 2026
Franklin Resources, Inc.	10,078,876	0.65%	31 Dec 2025
Capital International Investors	7,260,539	0.47%	31 Dec 2025

The top-ten reported institutional holders together hold approximately 7.61% of shares outstanding, with no single holder above 1.6% — consistent with the diffuse ownership pattern typical of a FTSE 100 mega-cap with a parallel U.S. ADR listing. The 6 May 2026 GuruFocus item reported "Ken Fisher's Strategic Moves: AstraZeneca PLC Leads the Portfolio Additions" (per the recent_news entry, GuruFocus.com via Yahoo Finance, 6 May 2026), discussing the latest 13F filing of Ken Fisher's firm; Fisher Asset Management appears in the institutional-holders register above with 10,845,708 shares as of 31 March 2026, consistent with the 13F-driven "portfolio additions" framing.

Insider / large-shareholder filings (per JSON holders.insider_transactions):

Date	Filer	Shares	Notes
5 Mar 2026	Soriot (Pascal)	101,495	Transaction-type, position and value fields are empty in source dataset
4 Mar 2026	Soriot (Pascal)	14,967	Transaction-type, position and value fields are empty in source dataset
4 Mar 2026	Sarin (Aradhana, M.D.)	4,863	Transaction-type, position and value fields are empty in source dataset
31 Jan 2026	Investor AB	0	Holdings filing — appears to be a position update, share-count delta zero in dataset
31 Jan 2026	BlackRock Financial Management, Inc.	0	Holdings filing — appears to be a position update, share-count delta zero in dataset
31 Jan 2026	The Capital Group Companies, Inc.	0	Holdings filing — appears to be a position update, share-count delta zero in dataset
31 Jan 2026	Wellington Management Company, L.L.P.	0	Holdings filing — appears to be a position update, share-count delta zero in dataset
31 Dec 2025	Wallenberg (Marcus)	0	Holdings filing — appears to be a position update, share-count delta zero in dataset
31 Dec 2025	Wellington Management Company, L.L.P.	0	Holdings filing — appears to be a position update, share-count delta zero in dataset
31 Dec 2025	Rahman (Nazneen)	0	Holdings filing — appears to be a position update, share-count delta zero in dataset

The dataset does not carry a buy/sell/transaction-type tag for these filings — every transaction and position field is empty in the source dataset. The 4–5 March 2026 line items naming Mr. Pascal Soriot (101,495 + 14,967 = 116,462 shares) and Dr. Aradhana Sarin (4,863 shares) appear in close date proximity to AstraZeneca's typical March remuneration / vesting cycle for FTSE 100 directors. Without the formal transaction-type tag, the source dataset does not allow the article to characterise these movements as discretionary purchases, vested-award acquisitions, scheduled 10b5-1-style sales, or any other specific category; readers requiring the formal classification should consult the corresponding RNS notifications on AstraZeneca's investor-relations page. The 31 December 2025 and 31 January 2026 rows naming Investor AB, BlackRock, Capital Group, Wellington, Marcus Wallenberg and Nazneen Rahman with share counts of zero appear to be quarter-end or month-end position updates rather than transactions in the period.

10. Risks and Challenges

• U.S. tariff risk on branded drugs. The 4 May 2026 Reuters factbox reported that "Global drugmakers have been ramping up U.S. manufacturing and stockpiling inventory as the Trump administration moves to impose 100% tariffs on branded drugs unless companies cut" (per the recent_news entry, Reuters via Yahoo Finance, 4 May 2026). The United States is the single largest end-market for AstraZeneca's products and any imposition of branded-drug import tariffs at the headline 100% rate would be a direct margin and pricing event. Because the U.S.-listed ADR is the subject of this report, U.S.-market policy risk is structurally relevant to the share-price proxy in question. The company-specific dollar exposure and U.S. manufacturing footprint disclosure that would normally support a quantitative tariff-impact estimate are not disclosed in this report's source data.
• Patent-cliff risk on the in-line portfolio. Tagrisso, Imfinzi, Lynparza, Calquence, Symbicort, Farxiga / Forxiga and Brilinta / Brilique each have an underlying patent expiry timeline that drives their revenue trajectory; once composition-of-matter patents expire, generic and biosimilar entry typically erodes revenue rapidly. The product-level expiry timetable, U.S. and ex-U.S. exclusivity coverage, and management's mitigation plan for each major franchise are not disclosed in this report's source data; readers should consult AstraZeneca's UK Annual Report and 20-F for the asset-by-asset patent disclosure.
• R&D-pipeline execution risk. The transition from in-line products approaching loss-of-exclusivity to next-generation assets (including the antibody-drug-conjugate franchise centred on Enhertu and Datroway, the Tempus-and-Pathos AI oncology foundation-model collaboration, and the CSPC Pharmaceutical research collaboration on novel oral candidates referenced in the company's own description) requires sustained successful Phase 2 and Phase 3 trial readouts. Specific FY2026 trial-readout expectations and probability-of-success disclosures are not present in this report's source data.
• Manufacturing-and-supply concentration risk. The company description (per JSON) notes manufacturing and commercialisation activities across the United Kingdom, the Americas, the rest of Europe, Asia, Africa and Australasia, but the geographic concentration of API and finished-product manufacturing capacity is not disclosed in this report's source data. A single-site outage event in a node such as Macclesfield (UK), Frederick (US), Wuxi (China) or any other production hub would have non-trivial supply implications that the dataset cannot quantify.
• Litigation and product-liability risk. Pharmaceutical litigation — including class-action product liability, patent challenges from generic and biosimilar entrants, government investigations into pricing or marketing practices, and antitrust actions in Europe and the U.S. — is a structural background cost. Detailed disclosure of pending or threatened proceedings would normally be sourced from the Contingent Liabilities note within Item 8 of the 20-F; that section is flagged as suspect-bloat in the dataset's extract and is not used per Rule D, so this content is not disclosed in this report's source data.
• Regulatory / pricing risk. The U.S. Inflation Reduction Act drug-price-negotiation mechanism, NHS-VPAS in the UK, statutory pricing in major EU member states, the ongoing implementation of the new EU pharmaceutical-legislation package, and the Chinese National Reimbursement Drug List negotiation cycle each act as direct revenue-modulating mechanisms on AstraZeneca's products. None of the company-specific exposure to these mechanisms is disclosed in this report's source data.
• Foreign-exchange translation risk. AstraZeneca reports in U.S. dollars but generates revenue and incurs cost in dozens of operating-country currency pairs (sterling, euro, yen, Chinese yuan, Brazilian real, Mexican peso, Korean won and many emerging-market crosses). Translational FX therefore directly modulates reported revenue and operating profit independently of underlying organic performance. The FX-impact split of the FY2025 +8.63% revenue print (per JSON financials_annual[0].revenue_growth_yoy) is not disclosed in this report's source data.
• Capital-structure and refinancing risk. Total debt of $29.15bn at end-FY2025 represents 0.5989× equity (per JSON) and 2.19× FY2025 operating income. Interest expense of $1,614m absorbs 12.1% of operating income; a sustained rise in refinancing rates as the $24,715m long-term debt stack rolls would compress reported interest cover.
• Capital-allocation discipline on capex. Capex stepped up from $2,571m in FY2022 to $5,905m in FY2025 (per JSON) — a 130% three-year increase. The product-by-product allocation of that capex (manufacturing build-out for Beyfortus / Datroway / Enhertu / Wainua launches, AI infrastructure for the Tempus-and-Pathos collaboration, etc.) is not disclosed in this report's source data, which limits the article's ability to assess return-on-incremental-capex.
• Valuation re-rating risk. Trailing P/E of 27.96× and forward P/E of 30.97× (per JSON) sit above the long-run large-cap pharma trailing-multiple band; any disappointment relative to the implied forward earnings ramp would compress the multiple from the current premium back toward sector-median levels. Press coverage explicitly framed the gap with the headline "AstraZeneca's RNA Research Push Meets Valuation Gap In Investor Focus" (per the recent_news entry, Simply Wall St. via Yahoo Finance, 8 May 2026).
• Filing-coverage gap on Risk Factors. The Risk Factors section of the FY2025 20-F (Item 1A) and the Quantitative and Qualitative Disclosures About Market Risk section (Item 7A) are both empty in the dataset's 20-F extract; Item 8 is flagged as suspect-bloat and is not used per Rule D. The formal company-disclosed risk-factors content is therefore not cleanly available from this filing's structure — readers should consult AstraZeneca's 20-F directly at azn-20251231x20f.htm.

11. Recent Developments

The most recent items first; URLs are reproduced byte-for-byte from the source dataset's recent_news[] field.

• 8 May 2026 — Simply Wall St. via Yahoo Finance, "AstraZeneca's RNA Research Push Meets Valuation Gap In Investor Focus". "AstraZeneca (LSE:AZN) has been identified as a key participant in the expanding RNA targeting small molecule drug discovery market. Recent industry analysis highlights the company's investments in this segment as part of a broader multi year trend in RNA focused therapeutics. This development relates to AstraZeneca's drug discovery activities and is separate from recent headlines about approvals, regulatory decisions, or single product updates." URL: https://finance.yahoo.com/sectors/healthcare/articles/astrazeneca-rna-research-push-meets-171818444.html
• 8 May 2026 — Zacks via Yahoo Finance, "Ironwood Stock Down Despite Q1 Earnings and Revenue Beat". Sector-context item discussing Ironwood Pharmaceuticals' Q1 results — included for sector backdrop only and not a direct AstraZeneca corporate event. URL: https://finance.yahoo.com/markets/stocks/articles/ironwood-stock-down-despite-q1-173100913.html
• 7 May 2026 — Zacks via Yahoo Finance, "Darzalex, Erleada & New Drugs Keep J&J's Oncology Engine Charged in Q1". Peer-context item: "Darzalex and new launches fuel J&J's 17.8% oncology sales growth in Q1 as the company targets $50B in cancer sales by 2030." Relevant for the size and pace of the global oncology end market that AstraZeneca's oncology franchise also competes for. URL: https://finance.yahoo.com/sectors/healthcare/articles/darzalex-erleada-drugs-keep-j-154200922.html
• 7 May 2026 — Barron's, "Why This Income Pro Likes Banks, Chip-Equipment Companies, and More". Includes commentary on dividend-paying equities; the article's core focus is the Columbia Dividend Income Fund manager's stylistic preference for "dividend growers over high yields." Reproduced for completeness but no AstraZeneca-specific corporate event. URL: https://www.barrons.com/articles/columbia-dividend-income-fund-stocks-ae6106d1?siteid=yhoof2&yptr=yahoo
• 6 May 2026 — GuruFocus.com via Yahoo Finance, "Ken Fisher's Strategic Moves: AstraZeneca PLC Leads the Portfolio Additions". "Exploring the Latest 13F Filing and Investment Shifts" — Fisher Asset Management, LLC appears in the institutional-holders register with 10,845,708 shares as of 31 March 2026, consistent with the 13F-driven "portfolio additions" framing. URL: https://finance.yahoo.com/markets/stocks/articles/ken-fishers-strategic-moves-astrazeneca-230707333.html
• 6 May 2026 — 24/7 Wall St., "6 Pharma Dividend Stocks Yielding Up to 6.44% — and They've Survived Every Market Crash". Sector roundup item on pharma dividend stocks, included for completeness. URL: https://247wallst.com/investing/2026/05/06/6-pharma-dividend-stocks-yielding-up-to-6-44-and-theyve-survived-every-market-crash/
• 5 May 2026 — MarketBeat, "SOPHiA GENETICS Q1 Earnings Call Highlights". Sector-context item on a small-cap clinical-genomics platform; no direct AstraZeneca event. URL: https://www.marketbeat.com/instant-alerts/sophia-genetics-q1-earnings-call-highlights-2026-05-05/?utm_source=yahoofinance&utm_medium=yahoofinance
• 4 May 2026 — Zacks via Yahoo Finance, "ABBV Stock Up 5% on Robust Q1 Performance: Time to Buy, Sell or Hold?". Peer-context item: "ABBV jumps 5% after a Q1 beat and higher 2026 guidance, but Skyrizi, Rinvoq and a deep pipeline may matter more for its post-earnings outlook." Skyrizi and Rinvoq are direct competitors to elements of AstraZeneca's R&I and immunology portfolio. URL: https://finance.yahoo.com/markets/stocks/articles/abbv-stock-5-robust-q1-175100971.html
• 4 May 2026 — Reuters via Yahoo Finance, "Factbox-Global drugmakers rush to boost US presence as tariff threat looms". "May 4 (Reuters) - Global drugmakers have been ramping up U.S. manufacturing and stockpiling inventory as the Trump administration moves to impose 100% tariffs on branded drugs unless companies cut" — material sector-policy context for AstraZeneca's largest end-market. The article does not separately quote any direct AstraZeneca statement in the source dataset. URL: https://finance.yahoo.com/news/factbox-global-drugmakers-rush-boost-174250083.html
• 4 May 2026 — Insider Monkey via Yahoo Finance, "Strong Results and Improved Guidance Lifted AstraZeneca PLC (AZN)". Discusses Baron Capital's Q1 2026 Health Care Fund letter, including reference to AstraZeneca; the article notes "Baron Health Care Fund (the Fund) declined 6.97% (Institutional Shares) in the quarter, compared to the 4.88% decline for the Russell 3000 Health Care Index (the Benchmark)." The article's substantive content is investor-letter coverage rather than a direct AstraZeneca corporate event, and its headline characterisation is a third-party investor-letter framing rather than an AstraZeneca management statement. URL: https://finance.yahoo.com/sectors/healthcare/articles/strong-results-improved-guidance-lifted-125437016.html

The most material directly-AstraZeneca items visible in the trailing seven-day dataset are (i) the 8 May 2026 Simply Wall St. piece on the company's positioning in the RNA-targeting small-molecule discovery market, (ii) the 6 May 2026 GuruFocus 13F item on Ken Fisher's net additions to the AstraZeneca position, and (iii) the 4 May 2026 Insider Monkey piece referencing Baron Health Care Fund's Q1 2026 letter. The 4 May 2026 Reuters tariff factbox is the most material industry-level item and is directly relevant to AstraZeneca's U.S. manufacturing footprint and pricing environment. No further AstraZeneca-specific primary corporate events (regulatory approvals, named clinical-trial readouts, executive appointments, M&A or partnership announcements beyond those already disclosed in the company description) appear in the recent_news list within the trailing seven-day, 30-day or 90-day windows.

12. Key Dates Coming Up

Event	Date	Source
Next earnings release	27 July 2026	JSON `calendar.next_earnings_date` — typically AstraZeneca's H1 / Q2 2026 results announcement
Most recent ex-dividend date	20 February 2026	JSON `calendar.ex_dividend_date` — already passed, refers to the most recent FY2025-final-dividend ex-date
Most recent dividend pay date	23 March 2026	JSON `calendar.dividend_date` — already passed, refers to the most recent dividend payment
Next interim dividend ex-date	Not disclosed in this report's source data	AstraZeneca typically pays a first-interim dividend in March / April and a second-interim in September / October; consult IR website
FY2025 20-F filing date (already filed)	24 February 2026	JSON `sec_filings[0].filing_date`; SEC URL: azn-20251231x20f.htm
AGM	Not disclosed in this report's source data	Investors should consult the IR website for the FY2026 AGM date
Pipeline / regulatory milestones	Not disclosed in this report's source data	Asset-by-asset readout dates are typically calendared on the company's investor-relations page

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Disclaimer: This research note is sourced from primary company filings and the dataset's recent_news[] field; it contains no analyst opinions, price targets or third-party ratings. All numerical figures trace to the JSON dataset, with sourced fields cited inline. 10-K-derived material is prefixed "Per the FY2025 10-K (Item N, filed 2026-02-24)" and refers to AstraZeneca's Form 20-F, the foreign-private-issuer equivalent of a U.S. 10-K. Items 1A (Risk Factors) and 7A (Quantitative and Qualitative Disclosures About Market Risk) are empty in the extract; Item 8 (Financial Statements) is flagged as suspect-bloat and not used per Rule D. Nothing in this note is investment advice. Readers should perform their own due diligence and consult AstraZeneca's published Annual Report, the FY2025 20-F at the SEC URL above, and the company's investor-relations website at astrazeneca.com before making any investment decision.