AstraZeneca Plc is looking to expand its presence in emerging markets outside China as the size and diversity of its portfolio offer new opportunities for the years ahead. This was one of the messages delivered to journalists by Pascal Soriot, the chief executive, on 10 February following the publication of the company’s 2025 results. After a year of product launches and higher demand for key medicines, the company delivered revenue of $58.7 billion in 2025, up by 9% in actual exchange rates and by 8% at constant rates. The revenue figure includes product sales of $55.6 billion as well as income from alliances and collaborations. The company confirmed its target revenue for 2030 of $80 billion.
In 2026, it expects total revenue to increase by a mid-to-high single-digit percentage supported by the market entry of new products. Regulatory approvals were given in the US, EU and China in the three months from November 2025 to early January for Enhertu, an antibody-drug conjugate for breast, lung and gastric cancers. Jointly developed by AstraZeneca and Daiichi Sankyo Co Ltd, Enhertu already has multiple breast cancer indications. Recent approvals were also delivered for Imfinzi in lung, gastric and endometrial cancers, and for Wainua, an antisense oligonucleotide for the treatment of transthyretin-mediated amyloidosis, a rare disease affecting the heart and nerves.
In addition to the approvals, AstraZeneca announced positive readouts for 16 Phase 3 studies in 2025. Mr Soriot said the study results are a basis for future blockbuster drugs, namely, each with a potential of $1 billion or more in annual sales.
AstraZeneca spent $14.2 billion on research and development in 2025, or 24% of sales. Outlays for sales and administration were $19.9 billion, or 34% of sales. The latter percentage is declining, the company said. IFRS operating profit was $13.7 billion. Excluding amortisations and impairments, the core operating profit was $18.5 billion.
Geographically the US remained the company’s biggest market, contributing 43% of total revenue, followed by the emerging markets plus China at 26%. Minus China, the emerging markets still contributed 15%, and this geography remains promising, the executive said. By therapy category, oncology contributed 44% of total revenue. Biopharmaceuticals, which include cardiovascular and respiratory medicines as well as vaccines, were 39% of the total. Among investigative medicines, the hypertension drug baxdrostat has been accepted for a priority review by the US Food and Drug Administration.
AstraZeneca is increasing its investment in both China and the US. In China it plans to spend $15 billion on manufacturing and R&D through 2030 including developing cell therapies and radioconjugates. It has committed $50 billion to manufacturing and R&D in the US over the next five years. Separately, the company’s ordinary shares started trading on the New York Stock Exchange on 2 February. The shares are also listed in London and Stockholm.
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