AstraZeneca’s fourth quarter product revenue grew by 8% to $15.5bn before exchange rate moves. Sales of Oncology, the largest product line, were up 20%, followed by 10% growth in Respiratory & Immunology, which more than offset declines elsewhere.
Underlying operating profit fell by 5% to $4.1bn, reflecting one-off payments of $235mn relating to changes in royalty agreements on certain products.
Full-year free cash flow grew 18% to $11.8bn, helped by improved profitability for the year-as a whole. AstraZeneca ended 2025 with net debt of $23.4bn.
The company declared a $2.17 dividend taking the annual total to $3.20 per share, growth of 3%.
In 2026 revenue is expected to grow by mid-to-high single digits (consensus 5.5%) with underlying earnings set to grow at a low double-digit rate.
The shares were flat in early trading.
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AstraZeneca key facts
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