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AstraZeneca AZN reported fourth-quarter 2025 core earnings of $2.12 per share, which missed the Zacks Consensus Estimate of $2.18 per share. Earnings rose 1% year over year on a reported basis but declined 2% on a constant exchange rate (CER).
Total revenues of $15.5 billion rose 4% on a reported basis and 2% at CER. Revenues, however, missed the Zacks Consensus Estimate of $15.78 billion.
All growth rates mentioned below are on a year-over-year basis and at CER.
AZN’s shares began trading on the NYSE on Feb. 2. Earlier, in the United States, investors traded AstraZeneca through a different structure called American Depositary Shares (ADS) on Nasdaq.
Product sales increased 7% to $14.54 billion.
Alliance revenues include royalties and profit share from partnered medicines, such as Enhertu and Tezspire, in geographies where its partner books product sales. Alliance revenues rose 33% to $959.0 million, driven by continued revenue growth from partnered medicines.
Here, we have discussed the total revenues of AstraZeneca’s drugs by including Alliance revenues and Collaboration revenues within each revenue figure.
In Oncology, Tagrisso recorded revenues of $1.9 billion, up 10% year over year, on strong demand for all indications and in all regions, which more than offset the impact of Medicare Part D redesign in the United States and pricing pressure in some European markets. Tagrisso sales beat the Zacks Consensus Estimate of $1.88 billion.
Lynparza's total revenues rose 1% to $878 million, driven by increased market share/demand growth for all approved indications and launches in breast and prostate cancers across Europe. The growth was partially offset by the impact of generic launches in China and by VBP-associated stock compensation costs and year-end hospital budget capping in China. The drug’s sales missed the Zacks Consensus Estimate of $881.0 million.
AstraZeneca markets Lynparza in partnership with Merck MRK. During the quarter, the company did not record any milestone payment from partner Merck related to the drug.
Imfinzi generated sales of $1.75 billion in the quarter, up 37%, driven by strong growth from launch in bladder and lung cancer indications, partially offset by mandatory price reductions in Japan. Imfinzi sales beat the Zacks Consensus Estimate of $1.67 billion.
Sales of Calquence rose 17% to $967 million in the quarter. New breast cancer drug Truqap recorded $233 million in revenues in the fourth quarter of 2025 compared with $193 million in the previous quarter.
Newly approved drug Datroway, for which it has a partnership with Daiichi Sankyo, recorded revenues of $40 million in the quarter compared with $24 million in the previous quarter.
In CVRM, Farxiga recorded product sales of $2.06 billion, up 2%, driven by continued demand growth across chronic kidney disease and heart failure indications and SGLT2 class growth. In emerging markets, Farxiga is witnessing solid growth despite generic competition in some markets and associated stock compensation costs in China. In Europe, the earlier-than-expected entry of generic competition in the United Kingdom hurt sales. Farxiga sales beat the Zacks Consensus Estimate of $2.0 billion.
Brilinta/Brilique sales totaled $158 million in the reported quarter, down 54%, due to the generic launch in Europe and the United States.
New drug Wainua recorded $69 million in product sales during the quarter compared with $59 million in the previous quarter, driven by strong launch momentum in the United States and first sales in ex-U.S. markets.
In R&I, Symbicort sales rose 2% to $704 million as demand for an authorized generic made up for brand price pressure, generic erosion in Europe and competition from FDC triple class (ICS/LABA/LAMA) on the ICS/LABA class of medicines like Symbicort in China. The drug’s sales beat the Zacks Consensus Estimate of $696.0 million.
Fasenra recorded sales of $530.0 million in the quarter, up 10% year over year, driven by strong demand growth and market share gains. The recent launch for the EGPA indication also benefited sales in some countries. The drug’s sales, however, missed the Zacks Consensus Estimate of $544.0 million.
Breztri recorded sales of $294.0 million, up 13% year over year, driven by a consistent share increase in a growing market.
Pulmicort sales declined 6% to $161.0 million due to continued generic competition in Emerging Markets.
New product Airsupra generated $51 million in product sales in the quarter, compared with $45 million in the previous quarter. The product’s U.S. launch momentum remains strong.
New lupus drug, Saphnelo, recorded sales of $203.0 million, up 37% year over year, driven by demand growth in the U.S. market and ongoing launches in Europe and Established RoW.
Tezspire recorded total revenues of $361.0 million, up 66% year over year, driven by demand growth and launch uptake in multiple markets. AstraZeneca has a partnership with Amgen AMGN for Tezspire. Amgen records product sales in the United States and AstraZeneca records its share of U.S. gross profits as Alliance revenues. AstraZeneca books product sales in markets outside the United States.
In the Rare Disease portfolio, Soliris sales fell 26% to $401 million due to conversion to Ultomiris and biosimilar erosion in Europe and the United States.
Ultomiris revenues amounted to $1.27 billion, up 15%, driven by demand growth across indications, geographic expansions in new markets and continued conversion from Soliris.
In Other Medicines, sales of Nexium declined 4% to $193.0 million.
In V&I Therapies, AstraZeneca recorded $229.0 million in revenues from Beyfortus, including alliance revenues received from partner Sanofi (SNY) and sales of the manufactured Beyfortus product to Sanofi. Revenues declined 22% year over year.
AstraZeneca issued fresh guidance for 2026.
It expects total revenues to grow by a mid-to-high single-digit percentage at CER.
Core EPS is expected to increase by a low double-digit percentage at CER.
AstraZeneca’s fourth-quarter results were rather weak as it missed estimates for both earnings and sales. While sales of some key drugs like Tagrisso, Imfinzi, Farxiga and Symbicort beat estimates, those of Lynparza and Fasenra missed. The prior year quarter’s revenues included some sales-based milestone payments, which were missing in the fourth quarter of 2025, which hurt revenues to an extent.
Nonetheless, AstraZeneca boasts 16 blockbuster medicines, which drove 8% top-line growth and 11% core EPS growth in 2025, backed by increasing demand trends. Newer drugs like Wainua, Airsupra, Saphnelo, Datroway (partnered with Daiichi Sankyo) and Truqap contributed to top-line growth in 2025, more than offsetting the loss of exclusivity of some mature brands like Brilinta, Pulmicort and Soliris. The rare disease business is also showing some improving trends.
Shares of the British drugmaker rose around 2% in pre-market trading on Tuesday despite missing fourth-quarter estimates. This was probably because its outlook for 2026 was in line with consensus. In 2026, AZN expects continued revenue and earnings growth similar to 2025 levels.
In the past year, the stock has risen 29.2% compared with the industry’s 21.3% increase.
AstraZeneca has set itself some visible targets for the next few years. It expects to generate $80 billion in total revenues by 2030. By the said time frame, AstraZeneca plans to launch 20 new medicines, with around half of these already launched/approved. It believes that many of these new medicines will have the potential to generate more than $5 billion in peak-year revenues. The company is also on track to achieve a mid-30s percentage core operating margin by 2026.
AstraZeneca also boasts a robust pipeline and expects results of more than 20 phase III studies this year.
Currently, AstraZeneca has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AstraZeneca PLC price-consensus-chart | AstraZeneca PLC Quote
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This article originally published on Zacks Investment Research (zacks.com).
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