AstraZeneca PLC (AZN)

AstraZeneca discovers, develops and sells prescription medicines. It describes itself as a global, science-led, patient-focused pharmaceutical business, and states that it is committed to excellence in the research, development and commercialisation of prescription medicines. Its stated purpose is to push the boundaries of science to deliver life-changing medicines. It reports in US dollars.

Three therapy areas

Oncology was 44% of total revenue in 2025 and the filing describes its aim there as transforming cancer care. BioPharmaceuticals was 39%, covering chronic diseases and long-lasting immunity. Rare Disease was 16%. Other medicines made up the remaining 2%. The portfolio spans primary care, specialty care and rare diseases, sold through what the company calls a broad-based global network.

Where it sells

The company reports four regions. The United States was 43% of total revenue in 2025, emerging markets 26%, Europe 22% and the established rest of the world 9%. Growth over the year ran 12% in emerging markets, 10% in the United States and 5% in each of Europe and the established rest of the world, at actual rates of exchange.

The pipeline

There were 197 projects in the development pipeline, counting new molecular entities and major life-cycle management projects up to launch in all applicable markets. Twenty new molecular entities sat in the late-stage pipeline, and 125 new molecular entity or major life-cycle management projects were in Phase II and Phase III. More than 100 Phase III studies were running. The company put $14.2 billion into its science during the year. The Form 20-F itself sets out the sponsored or directed trial new molecular entities and their significant indications, with anticipated data timing and submission status given for assets in Phase III or beyond; it notes that information on some compounds has not been disclosed, because disclosure is balanced against the business need for confidentiality.

The strategy

The filing states that the strategy is called Growth Through Innovation and that it rests on three priorities: science and innovation, growth and therapy area leadership, and people and sustainability. On the first, the company says it invests in new technologies and modalities to deliver the next wave of pipeline work. The filing states that the company played a role in negotiating an agreement with the US administration to lower the cost of medicines for American patients. It also records an access gap it considers material to the industry: over the five years to 2025, about 40% of medicines launched in the United States did not launch in key European countries, while only 7% of medicines launched in Europe did not reach the United States.

Shareholders and the listing

A second interim dividend of $2.17 per share was declared for 2025, equal to 159.5 pence or 19.49 Swedish krona, taking the full-year dividend to $3.20 per share, up 3% from $3.10. In November 2025 shareholders approved plans for what the company calls a global listing for global investors, with 99.36% of votes in favour at a General Meeting, and from 2 February 2026 shareholders have been able to trade their interests on the new basis.

Beyond the medicines

The company reports that 320 million people have been positively impacted by its work, on a methodology set out in the sustainability statement, and that Scope 1 and 2 greenhouse gas emissions are down 88.1% since 2015. Brand names shown in italics in the annual report are trade marks owned by or licensed to the group, and detailed information on the development pipeline, patent expiries of key marketed products and risk is published separately on the company's website rather than in the report itself.

From AstraZeneca's annual report on Form 20-F for the year ended 31 December 2025. Items 4 and 5 of that form answer largely with page references to the company's own Annual Report, attached to the same filing as Exhibit 15.1, and the detail above is read from that document. The filing