Chief Financial Officer Aradhana Sarin reported that AstraZeneca achieved an 11% increase in total revenue and a 15% rise in core EPS over the first nine months of 2025. Oncology grew 16%, biopharmaceuticals 8% and rare disease 6%, driven by newer medicines that offset losses of exclusivity for several mature brands. U.S. revenue climbed 11% and emerging markets outside China delivered 21% growth. The company reaffirmed its four-year guidance of high single-digit revenue expansion and low double-digit core EPS growth at constant exchange rates. Sarin cautioned that fourth-quarter results will reflect China volume-based procurement headwinds, timing of tenders in select emerging markets and the absence of more than $800 million in sales-based milestones recorded in Q4 2024. Full-year results will be reported on February 10.

During 2025, AstraZeneca delivered 16 positive Phase III readouts with peak revenue opportunities exceeding $10 billion. Late-year FDA approvals included Imfinzi for perioperative gastric cancer and Enhertu in first-line HER2-positive breast cancer, while baxdrostat in hypertension was accepted for priority review. The company expects to launch baxdrostat, camizestrant and garadacimab in 2026, all under regulatory review, positioning these assets as key growth drivers next year.

AstraZeneca’s governance model ranks projects across therapy areas using a science-driven decision framework, with full-year 2026 R&D spend forecast at the upper end of 20–24% of revenue to support 104 ongoing Phase III trials. Patient enrollment is set to rise significantly in cardiovascular, renal and metabolism outcome studies. AI initiatives include IDA, which may halve time-to-scale in synthetic manufacturing, and QCS for computational pathology to identify responsive patients in the ADC pipeline. The acquisition of Modela AI will strengthen the company’s pathology foundation models.

Management reiterated confidence in achieving $80 billion in revenue by 2030, noting consensus forecasts have risen from $67 billion to roughly $80 billion since the target’s introduction. Oncology remains a core driver, with growth engines such as AZD0120 (dual CD19/BCMA CAR-T) and the PD-1/TIGIT bispecific rilvegostomig. Key catalysts for 2026 include Phase III readouts for datopotamab deruxtecan in NSCLC, further Imfinzi data in bladder cancer and early HCC, camizestrant in first-line HR+ breast cancer, Wainua in ATTR cardiomyopathy, tozorakimab for COPD and rare-disease expansions for Ultomiris and asfotase alfa. The company also expects the phased implementation of the U.S. Most Favored Nation policy to affect only a low single-digit percentage of global sales next year.