Last Updated: 24 April 2026

AstraZeneca plc (LSE: AZN) is a FTSE 100 constituent and — at around £225bn market capitalisation — one of the largest companies on the London Stock Exchange. The group is a UK-headquartered global biopharmaceutical with four therapy-area franchises: Oncology, Cardiovascular/Renal/Metabolism (CVRM), Respiratory & Immunology (R&I) and Rare Disease (via Alexion). Reporting is in US dollars even though the primary listing, sterling dividend payment and most UK retail shareholder activity sit in London. FY2025 results (published 10 February 2026) delivered total revenue of $58.7bn (+8% actual, +9% constant-exchange-rate), Core EPS of $9.16 (+11% CER), Core operating profit of $18.5bn at a 31% margin, and a declared full-year dividend of $3.20 per share. Management reiterated its $80bn Total Revenue ambition for 2030 (and 20 new medicines by 2030), announced a $50bn US manufacturing/R&D build-out (July 2025), and closed an $18.5bn obesity deal with China’s CSPC (January 2026). This report covers business mix, finances, valuation, pipeline, the Leon Wang China investigation, the Trump MFN pricing deal, PDMR RNS activity and the 29 April 2026 Q1 trading update — entirely from AstraZeneca’s own announcements, RNS and investor materials. 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	LSE: AZN (FTSE 100 constituent, primary listing); NASDAQ ADR: AZN (1 ADR = 0.5 ordinary share); OMX Stockholm secondary listing; ISIN GB0009895292
Sector	Pharmaceuticals & Biotechnology
Headquarters	1 Francis Crick Avenue, Cambridge Biomedical Campus, Cambridge CB2 0AA, United Kingdom
Heritage	Merger of Sweden’s Astra AB (founded 1913) and the UK’s Zeneca Group plc (demerged from ICI in 1993) on 6 April 1999. Alexion Pharmaceuticals acquired 21 July 2021 for $39bn — created the Rare Disease franchise.
CEO	Sir Pascal Soriot (Chief Executive Officer and Executive Director since 1 October 2012; knighted 2022)
CFO	Aradhana Sarin (Executive Director and CFO since August 2021; previously Alexion CFO)
Chair	Michel Demaré (Non-Executive Chair since April 2023; previously Vice-Chair UBS, CFO ABB)
Employees	~90,000 globally (year-end 2025)
FY2025 total revenue	$58,739m (+8% actual / +9% CER)
FY2025 Core operating profit	$18.5bn at 31.5% Core operating margin
FY2025 Core EPS	$9.16 (+11% CER)
FY2025 declared dividend	$3.20 per share (1st interim $1.03; 2nd interim $2.17)
FY2026 dividend intent	$3.30 per share (announced at FY25 results)
Share price (22 Apr 2026)	14,536p (~$195 equivalent)
Market capitalisation	~£225bn / ~$300bn
Website	astrazeneca.com

2. Bull Case vs Bear Case

Bull Case

• Oncology franchise contributing ~43% of group revenue and growing +24% CER in FY2025 — anchored by Tagrisso (EGFR NSCLC), Imfinzi (checkpoint), Lynparza (PARP), Calquence (BTK) and Enhertu/Datroway (via the Daiichi Sankyo ADC JV).
• $80bn 2030 revenue ambition (vs $58.7bn FY25 base) with 20 new medicines targeted by 2030; CFO Sarin said at JPM 2026 the target is "within reach".
• Three near-term catalysts under FDA review / approval in 2026: baxdrostat (hypertension, PDUFA Q2 2026), camizestrant (ER+ breast cancer), Datroway TNBC 1L sBLA Priority Review (PDUFA Q2 2026), Enhertu post-neoadjuvant HER2+ early breast cancer Priority Review (PDUFA Q3 2026).
• $50bn US manufacturing & R&D build by 2030 (announced 21 July 2025) secured a three-year exemption from Trump’s 100% branded-pharma tariffs via the 10 October 2025 Most-Favored-Nation (MFN) drug pricing deal — one of the first in the sector.
• Elecoglipron (AZD5004) — oral once-daily GLP-1 licensed from Eccogene — hit Phase 2 primary endpoints in the Vista and Solstice studies; global Phase 3 planned for H2 2026. January 2026 CSPC deal (up to $18.5bn) added once-monthly injectable GLP-1R/GIPR pipeline.
• Alexion Rare Disease franchise growing +16% CER in FY2025; expansion of Ultomiris and Koselugo.
• Core operating margin 31.5% in FY2025; Core EPS +11% CER; operating cash flow $14.6bn (+23%); net debt/EBITDA 1.2x.

Bear Case

• Patent cliffs: Farxiga (SGLT2, peak seller) loses key exclusivity 2027–2028; Tagrisso 2029; Lynparza US 2028. Management must launch ~20 new medicines to refill the top line before these erode.
• China investigation: former China head Leon Wang (Wang Lei / Ma Ji-duo) formally indicted February 2026 by Shenzhen prosecutors on charges including medical insurance fraud, unlawful collection of personal information and illegal trade; AstraZeneca Investment (China) Co., Ltd. also named. Alleged ~24m yuan ($3.5m) in unpaid taxes on Imfinzi, Imjudo and Enhertu imports.
• Trump pharma tariffs and IRA drug-price negotiation: the MFN deal mitigates tariff risk for three years but commits AstraZeneca to MFN prices for Medicaid and ~80% TrumpRx.gov discounts on certain chronic-disease drugs starting 2026.
• UK listing but USD reporting currency — creates FX translation noise for UK retail holders; dividend is declared in US$ then paid in sterling (default) or US$/SEK by election — sterling-holders bear GBP/USD swings on yield.
• Pipeline execution — 16 Phase 3 readouts positive in 2025, but any high-profile miss (e.g. camizestrant OS tail, Dato-DXd label expansion) could compress valuation materially.
• Soriot succession — CEO now 66; 14 years in post. No named successor; chair Demaré has begun formal succession planning per press reports.
• Daiichi Sankyo collaborates on Enhertu and Datroway via a 50/50 profit-share JV — upside is shared and any dispute or reformulation of the agreement would be material.

3. What Does AstraZeneca Actually Do?

AstraZeneca is a global research-based biopharmaceutical company that discovers, develops and commercialises prescription medicines. Revenue is split across four therapy areas plus Vaccines & Immune Therapies (V&I — the residual post-COVID FluMist / Synagis business):

• Oncology (~43% of FY2025 revenue; +24% CER). Tagrisso (osimertinib — EGFR NSCLC), Imfinzi (durvalumab — PD-L1), Lynparza (olaparib — PARP, with MSD), Calquence (acalabrutinib — BTK), Enhertu & Datroway (with Daiichi Sankyo ADC JV), Truqap (AKT inhibitor), Orpathys (in China with HUTCHMED). Largest and fastest-growing area.
• Biopharmaceuticals – CVRM (~23%; +20% CER). Farxiga (dapagliflozin — SGLT2 diabetes/CKD/HF), Brilinta/Brilique (antiplatelet), Crestor (rosuvastatin, genericised), Lokelma (hyperkalaemia), Wainua (ATTR-PN with Ionis), Evusheld (retired).
• Biopharmaceuticals – R&I (~15%; +25% CER). Symbicort (ICS/LABA), Fasenra (IL-5 eosinophilic asthma), Tezspire (tezepelumab — TSLP, with Amgen), Saphnelo (lupus), AirSupra, Breztri, Tozorakimab (IL-33 — positive COPD readouts 2026).
• Rare Disease – Alexion (~15%; +16% CER). Soliris (eculizumab), Ultomiris (ravulizumab — PNH, aHUS, gMG, NMOSD), Koselugo (selumetinib — NF1), Strensiq (asfotase alfa — HPP).
• Vaccines & Immune Therapies (~4%; +8% CER). Flumist, Synagis (RSV), Beyfortus (with Sanofi). Post-COVID the COVID-19 vaccine (Vaxzevria) is de facto wound down.

4. The Business Model

AstraZeneca’s model is classical branded-pharma: discover and in-license molecules, run global Phase 1–3 clinical trials, file with FDA/EMA/MHRA/PMDA/NMPA, and commercialise through a direct salesforce in ~100 markets while the molecule enjoys patent exclusivity (typically 10–14 years from launch after regulatory and data exclusivity). The business is built on three cash flows:

1. Branded-drug revenue — net of gross-to-net rebates (US GPO/Medicaid/Medicare Part D), ex-works pricing in Europe, volume-based procurement pricing in China. FY2025: $58.7bn.
2. Collaboration & royalty income — notably the 50/50 Daiichi Sankyo ADC collaboration on Enhertu (trastuzumab deruxtecan) and Datroway (datopotamab deruxtecan), plus partnerships with Merck (Lynparza), Amgen (Tezspire), Ionis (Wainua), Sanofi (Beyfortus, Symbicort) and HUTCHMED (Orpathys).
3. Alliance & out-licensing fees — upfront and milestone payments (e.g. CSPC obesity deal, Jan 2026 — $1.2bn upfront / up to $18.5bn).

The capital cycle is R&D-heavy: AstraZeneca spent ~$14bn on R&D in 2025 (~24% of revenue). Core operating margin was 31.5% in FY2025 (Core op profit ~$18.5bn). Operating cash flow $14.6bn. The group carries ~$30bn of interest-bearing debt against net-debt/EBITDA of 1.2x — investment-grade, materially below the 2.0–2.5x level many pharma peers operate at.

UK-specific incentives. AstraZeneca’s Cambridge HQ, Macclesfield manufacturing site and Cambridge-Biomedical Campus R&D activity qualify for the UK Research & Development Expenditure Credit (RDEC, currently 20% above-the-line credit on qualifying R&D, replaced the SME RDEC from April 2024), and the Patent Box regime that taxes UK-derived patent profits at 10% (vs 25% UK headline CT). These subsidies are material but not quantified separately in the FY2025 results announcement; UK R&D tax credits are a high-single-digit % of UK R&D spend. The UK Life Sciences Plan and Medicines Patent Box remain structural positives. In the US, the Orphan Drug Tax Credit (25% of qualifying clinical costs for orphan indications) benefits the Alexion franchise directly.

Daiichi Sankyo ADC JV: Enhertu economics are a 50/50 profit-share worldwide (ex-Japan, where Daiichi books 100%). Datroway similarly shares economics — AstraZeneca recognises ~50% of the gross sales as net Collaboration Revenue rather than product sales, which flatters gross margin but caps operating-profit leverage.

5. Financial Health

Five-year revenue, profit, dividend and debt trend (US$ millions except per-share data, source: AstraZeneca annual/FY results announcements)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Total revenue ($m)	37,417	44,351	45,811	54,072	58,739
Product sales growth CER	+38%	+25%	+6%	+18%	+10%
Core operating profit ($m)	11,286	13,677	14,080	16,970	18,505
Core operating margin	30.2%	30.8%	30.7%	31.4%	31.5%
Core EPS ($)	5.29	6.66	7.26	8.21	9.16
Declared dividend / share ($)	2.87	2.90	2.95	3.10	3.20
Operating cash flow ($bn)	9.9	10.8	11.6	11.9	14.6
Net debt ($bn)	24.3	23.4	21.0	24.1	~26.8
R&D spend ($bn)	9.7	9.8	10.9	13.6	~14.0

Quarterly revenue and Core operating margin, Q1 2025 to Q4 2025 (Q1 2026 results scheduled 29 April 2026 — not yet released at time of writing):

Quarter	Revenue ($bn)	Core op margin
Q1 2025	13.59	32.1%
Q2 2025	14.46	31.3%
Q3 2025	15.18	31.6%
Q4 2025	15.50	31.2%

Note: AstraZeneca reports financials in US dollars. The FX translation to GBP for UK shareholders is primarily relevant for the dividend (paid in sterling by default with US$/SEK elections) and for market-cap comparisons to other FTSE 100 names.

6. Valuation & Market Data

Metric	Value	Notes / source date
Share price (LSE)	14,536p	Close 22 April 2026
Market cap	~£225bn / ~$300bn	£ market-cap = 1,550,988,781 shares × 14,536p
Enterprise value	~$326bn (~£245bn)	Mcap + net debt ~$26.8bn
Trailing P/E (Core, FY25 Core EPS $9.16)	~21.3x	$195 ADR-equiv / $9.16
Forward P/E (FY26 guidance, low-double-digit EPS CAGR)	~19x	Implied on ~$10.10 Core EPS
P/S (FY25)	~5.1x	EV $326bn / revenue $58.7bn
EV/EBITDA (FY25 Core)	~14.5x	EBITDA ~$22.4bn (Core op profit + D&A)
Dividend (FY25 declared)	$3.20/share (~241p at 1.33 USD/GBP)	Dividend paid in sterling by default; can elect USD or SEK
Dividend yield (trailing)	~1.7%	On 14,536p
FY26 intent dividend	$3.30/share	Announced at FY25 results
52-week range	9,651p – 15,730p	12-month high/low on LSE
Beta (5-year)	~0.45	Defensive pharma beta
Shares outstanding	1,550,988,781	Per most recent RNS
ADR ratio	1 ADR = 0.5 ordinary share	NASDAQ:AZN ADR program (sibling article)
DRIP availability	Yes	Dividend Reinvestment Plan via Equiniti (UK registrar)

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

• Baxdrostat — aldosterone synthase inhibitor for hard-to-control / treatment-resistant hypertension. FDA Priority Review, PDUFA Q2 2026. If approved, first-in-class. Potential $5bn+ peak.
• Camizestrant — next-gen oral SERD for ER+ breast cancer. Under regulatory review; late-2026 key readouts.
• Enhertu — Priority Review in US as post-neoadjuvant for HER2+ early breast cancer (PDUFA Q3 2026). Already approved front-line HER2+ mBC in combination with Perjeta.
• Datroway (Dato-DXd) — FDA Priority Review as 1L metastatic TNBC (PDUFA Q2 2026); already approved HR+/HER2- mBC and EGFR-mutated NSCLC (accelerated).
• Tezspire expansion — additional Phase 3 readouts in chronic rhinosinusitis with nasal polyps, EoE.
• Tozorakimab — anti-IL-33 mAb. Positive Phase 3 readouts MIRANDA, OBERON and TITANIA in COPD (announced March–April 2026).
• Elecoglipron (AZD5004) — oral once-daily GLP-1 receptor agonist from Eccogene. Hit Phase 2 Vista (weight loss) and Solstice (T2D) primary endpoints; global Phase 3 H2 2026.
• CSPC obesity deal (28 Jan 2026) — $1.2bn upfront / up to $18.5bn total for eight preclinical-to-Phase-1 obesity/T2D assets including SYH2082 (GLP-1R/GIPR long-acting once-monthly injectable) plus LiquidGel platform and AI peptide discovery.
• US $50bn manufacturing & R&D build-out (announced 21 July 2025):
  • $4.5bn Virginia drug-substance facility (Northern Virginia — largest single-site AZ investment globally; groundbreaking under way);
  • ~$2bn Maryland expansion — Gaithersburg R&D, Frederick biologics, Rockville cell therapy;
  • Mount Vernon, Indiana continuous manufacturing expansion; Coppell, Texas specialty manufacturing;
  • Cambridge, Massachusetts R&D centre (Kendall Square).
• China — $15bn (100bn yuan) investment through 2030 (announced January 2026) expanding R&D and production across multiple cities including Beijing, Shanghai, Qingdao.
• AI drug discovery — collaboration with CSPC’s AI peptide platform; internal use of generative chemistry in Cambridge Biomedical Campus.
• 20 new medicines by 2030 — roadmap stated at 2026 JPM; many with $5bn+ peak-sales potential per management.

8. Competitive Landscape

AstraZeneca competes in four therapy areas against different sets of rivals. The single biggest competitive arena is oncology — where the global revenue leader is Merck’s Keytruda (pembrolizumab). Immuno-oncology market positioning (PD-1/PD-L1 share of FY2025 global sales; approximate):

PD-1/PD-L1 drug / owner	FY2025 global revenue	Approx share
Keytruda — Merck & Co	~$32bn	~66%
Opdivo — BMS (incl. Opdualag)	~$10bn	~21%
Imfinzi — AstraZeneca	~$5.3bn	~11%
Tecentriq — Roche	~$1.1bn	~2%

Other therapy areas:

• Diabetes / Obesity GLP-1. Market is still dominated by Eli Lilly (Mounjaro/Zepbound — tirzepatide) and Novo Nordisk (Ozempic/Wegovy — semaglutide) with combined >90% global revenue share. AstraZeneca is a late entrant — elecoglipron (oral) into Phase 3 H2 2026; CSPC once-monthly injectable asset SYH2082 entering Phase 1. Pfizer, Roche, Amgen, Viking and Structure Therapeutics also in the race.
• Rare Disease. Alexion competes with Sanofi (rare-disease & Dupixent-adjacent), Vertex, BioMarin, Ultragenyx. Complement inhibitors (Soliris/Ultomiris) face competition from Novartis’ Fabhalta (iptacopan) in PNH and IgAN.
• CVRM / SGLT2. Farxiga competes with Boehringer/Lilly’s Jardiance (empagliflozin) — arguably the category leader on HF/CKD labels; Eli Lilly trumped Farxiga in type 2 diabetes more recently.
• Respiratory. GSK (Trelegy, Nucala), Sanofi/Regeneron (Dupixent) and Chiesi compete in severe asthma/COPD.
• UK pharma peer. GSK plc (LSE: GSK) — the other FTSE 100 big-pharma, roughly £70bn market cap vs AZN ~£225bn. Smaller FTSE pharma: Hikma (specialty/generics), Indivior.

9. Leadership and Ownership

Executive team. Sir Pascal Soriot (CEO since 1 October 2012) — French-born veterinarian turned biopharma executive; previously Roche Chief Operating Officer Pharmaceuticals Division. In May 2014 Soriot led the board’s rejection of Pfizer’s £69bn hostile approach valued at 5,500p/share — a pivotal decision that defined his tenure; the share has since compounded more than 2.5x. Aradhana Sarin (CFO since August 2021) — trained as a physician, Alexion CFO pre-merger, CFO at Ariad Pharmaceuticals previously. Michel Demaré (Chair since April 2023) — Swiss national; previously Vice-Chair UBS Group, CFO and interim CEO ABB.

Other Executive Directors / PDMRs active in recent RNS: Susan Galbraith (EVP, Oncology R&D), Sharon Barr (EVP, BioPharmaceuticals R&D), Marc Dunoyer (CEO, Alexion & Chief Strategy Officer), Dave Fredrickson (EVP, Oncology), Ruud Dobber (EVP, BioPharmaceuticals Business Unit), Iskra Reic (EVP, Vaccines & Immune Therapies), Leon Wang (former, now indicted in China).

LSE-disclosed major holders (as per latest TR-1 / 13F RNS disclosures, approx share of ordinary share capital):

Holder	Approx stake	Notes
Capital Research & Management	~8.8%	Largest disclosed holder (Capital Group)
BlackRock, Inc.	~8.5%	Passive & active UK/US funds
Norges Bank (Government Pension Fund Global)	~3.0%	Norwegian sovereign wealth fund
The Vanguard Group	~4.6%	Passive index funds
Wellington Management	~2.5%	Active US fund manager
Baillie Gifford & Co	~1.5%	Edinburgh growth investor
M&G Investments	~1.2%	UK asset manager
Legal & General IM	~1.0%	UK passive index exposure
AstraZeneca ESOP / All-Employee Share Plans	<1%	Employee Share Ownership Plan, UK SAYE & international plans
Insiders (directors, PDMRs)	<1%	Soriot & ExCom holdings together <0.5% of issued share capital

Recent PDMR RNS activity (last 6 months — all notifications via LSE RNS under MAR Art.19): Soriot, Sarin and other ExCom members received share awards under the Performance Share Plan (PSP) vesting cycles and elections under the UK SAYE / All-Employee Share Ownership Plan through 2025–2026; typical monthly cadence of purchase notifications. No material discretionary open-market selling by Soriot has been reported in the past six months; routine vesting-to-tax-cover sales are disclosed via RNS (not SEC Form 4 — that is used for the ADR parallel disclosure). Rene Haas (Arm Holdings CEO) stepped down as a Non-Executive Director effective 30 April 2026. Tony Mok and Deborah DiSanzo continue as NEDs; chair Demaré stands for re-election at the 9 April 2026 AGM (already held and passed per the Board’s RNS).

Source: RNS director/PDMR dealings filings, 12 months to April 2026. AstraZeneca PLC PDMRs file under UK MAR Article 19. Insider activity in the window was dominated by plan-driven transactions: Long-Term Incentive Plan (LTIP) vestings for CEO Pascal Soriot and senior executives with sell-to-cover elements for tax withholding, monthly Share Incentive Plan partnership purchases, and Performance Share Plan allocations. No material discretionary open-market purchases by individual directors were disclosed.

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 pharma tariffs. The 10 October 2025 MFN / TrumpRx.gov deal secured a 3-year exemption from the threatened 100% branded-pharma import tariffs, but committed AstraZeneca to MFN-priced Medicaid contracts and ~80% discounts on certain chronic-disease drugs via the TrumpRx.gov portal from 2026. Net margin effect disclosed only qualitatively; management describes as “manageable”.
• China Leon Wang / Ma Ji-duo investigation. Former China head indicted February 2026 by Shenzhen prosecutors on charges including medical insurance fraud, unlawful collection of personal information and illegal trade. AstraZeneca Investment (China) Co., Ltd. named separately. ~24m yuan ($3.5m) in alleged unpaid taxes on Imfinzi, Imjudo and Enhertu imports. Case consolidated into one proceeding; no trial date set. Despite the case, AZN remains the largest foreign pharma in China ($5.5bn 2025 sales) and committed $15bn of China investment through 2030.
• Patent cliffs. Farxiga core SGLT2 exclusivity 2027–2028; Tagrisso 2029; Lynparza US 2028; Brilinta 2026 (US composition-of-matter already lost; further salt/form patents remain). Management roadmap is to launch 20 new medicines by 2030 to refill.
• Pipeline failures. 16 positive Phase 3 readouts in 2025 is strong, but single-trial misses for baxdrostat (PDUFA Q2 26), camizestrant (late-26 OS readout) or Datroway TNBC 1L would materially compress the $80bn/2030 path.
• FX and reporting currency. USD functional currency with LSE primary listing: sterling-based UK retail shareholders face FX translation noise on earnings and a USD-declared / GBP-paid dividend. A 10% GBP appreciation vs USD reduces sterling earnings per share ~10% on translation, independent of underlying business performance.
• UK NHS pricing (VPAG / Voluntary Scheme for Branded Medicines Pricing Access & Growth). Industry-wide rebate levy rose to ~22.9% in 2025 under the new scheme. Applies to all branded NHS sales.
• US IRA drug-price negotiation. Farxiga was selected in the first wave of CMS Medicare Part D negotiated drugs (effective 2026); other AZN drugs are candidates for the next waves. Maximum Fair Price haircuts typically 38–79% from list.
• Daiichi Sankyo JV structure. 50/50 profit share on Enhertu / Datroway caps AstraZeneca’s direct operating leverage on two of the most strategically important oncology assets. Any renegotiation, co-operation dispute or loss of co-promotion rights would be material.
• Soriot succession risk. CEO age 66, 14 years in post; no public successor named. Change-of-CEO at a major pharma historically causes ~6–12 months of strategic drift. Soriot remuneration has been a recurring AGM flashpoint.
• Regulatory / reputational. Ongoing COVID-19 vaccine (Vaxzevria) UK High Court litigation over adverse events; class-action US investor litigation related to China disclosures (Hagens Berman).

11. Recent Developments

• 22–24 April 2026 (last 48 hours). No company-initiated material RNS in the past 48 hours ahead of the 29 April 2026 Q1 2026 trading update. Routine PDMR notifications and standard Form 8.3 Takeover-Code disclosures only. @AstraZeneca on X: recent posts on World Hemophilia Day, rare-disease advocacy and Cambridge biomedical campus activity — no material financial news in the 48-hour window.
• 10 April 2026 — Alexion data at 2026 AAN Annual Meeting reflecting industry-leading rare-disease portfolio.
• 9 April 2026 — 2026 AGM held digitally-enabled; strong shareholder backing on remuneration and director re-election. All resolutions passed.
• 2 April 2026 — Imfinzi + Imjudo + lenvatinib + TACE showed statistically significant PFS improvement in embolisation-eligible unresectable liver cancer (EMERALD-3 Phase 3).
• Late March–April 2026 — Tozorakimab (anti-IL-33) met primary endpoints in OBERON, TITANIA and MIRANDA Phase 3 COPD trials — three positive Phase 3s in a row.
• 11 February 2026 — Bloomberg reports Shenzhen prosecutors formally charge former China head Leon Wang with medical insurance fraud, unlawful data collection and illegal trade; AstraZeneca Investment (China) Co. Ltd. named in the consolidated proceeding.
• 10 February 2026 — FY2025 Full-Year and Q4 Results. Total revenue $58.7bn (+8%); Core EPS $9.16 (+11% CER); Core op profit $18.5bn at 31.5% margin; 2nd interim dividend $2.17/share, FY25 total $3.20; FY26 intended dividend $3.30; operating cash flow $14.6bn; net-debt/EBITDA 1.2x; FY26 guidance — mid-to-high single-digit revenue growth CER, low-double-digit Core EPS growth CER.
• 28 January 2026 — CSPC obesity deal. Up to $18.5bn collaboration (including $1.2bn upfront and up to $3.5bn milestones + royalties) for eight obesity and T2D programmes, including SYH2082 (once-monthly GLP-1R/GIPR) and LiquidGel delivery platform.
• January 2026 — $15bn (100bn yuan) China investment commitment through 2030.
• 15–16 January 2026 — JPM Healthcare Conference presentations (Soriot, Sarin) reiterated $80bn/2030 ambition and detailed 20-medicine launch wave.
• 5 November 2025 — 9M/Q3 2025 Results. Revenue +11% CER YTD; all four therapy areas double-digit growth; guidance upgraded.
• 10 October 2025 — Trump MFN drug pricing deal. Three-year tariff exemption in exchange for MFN Medicaid pricing and TrumpRx.gov DTC discounts up to 80% on chronic-disease drugs from 2026.
• 21 July 2025 — $50bn US manufacturing & R&D commitment by 2030 (Virginia $4.5bn drug substance flagship; Maryland R&D & biologics; Massachusetts Cambridge R&D; Indiana & Texas specialty/continuous manufacturing).
• Earlier 2025 — Datroway (Dato-DXd) FDA approvals: HR+/HER2- mBC (Jan 2025) and EGFR-mutated NSCLC (accelerated approval).

12. Key Dates Coming Up

• 29 April 2026 — Q1 2026 Trading Update / Results. Webcast 07:00 UK time. First results under FY26 guidance.
• Q2 2026 — FDA PDUFA Baxdrostat (hypertension).
• Q2 2026 — FDA PDUFA Datroway 1L mTNBC (Priority Review).
• Q3 2026 — FDA PDUFA Enhertu post-neoadjuvant HER2+ early breast cancer.
• H2 2026 — Elecoglipron (AZD5004) Phase 3 global start.
• Late-2026 — Camizestrant OS readouts.
• 6 August 2026 — 1st Interim Dividend FY26 ex-date (estimated; 2025 comparator $1.03/share); payment ~8 September 2026.
• Late July 2026 — H1 2026 / Q2 2026 Results (provisional calendar).
• November 2026 — 9M / Q3 2026 Results.
• February 2027 — FY2026 / Q4 2026 Results. 2nd interim dividend declared.
• April 2027 — 2027 AGM.

Related

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Disclaimer: Research only — not investment advice. All figures from AstraZeneca RNS/results announcements. Always do your own research.