Revenue ($M)
YoY Growth
2021 - 37,417 | +40.6%
2022 - 44,351 | +18.5%
2023 - 45,811 | + 3.3%
2024 - 54,073 | +18.0%
2025 - 58,739 | +8.6%
TTM - 60,439 | + 9.9%
Source: StockAnalysis.com / Fiscal.ai, updated Apr 2026.
Underlying growth is \~9–12% — strong and consistent for a $60B-revenue pharma
Analyst consensus for FY2026: $63.3B (+7.8%),
FY2027: $67.2B (+6.1%). A pharma company of this scale sustaining \~8–10% annual revenue growth is exceptional.
Leverage has been reducing consistently as EBITDA grows. Net Debt/EBITDA of 1.23× is moderate and declining — AstraZeneca generates \~$11–12B of FCF and can service/retire its \~$24B net debt comfortably. AZN carries an investment-grade credit rating (A3/A-).
Institutional Ownership & Analyst Consensus
Analyst consensus (NYSE ADR): Strong Buy — 8 Buy / 1 Sell (Deutsche Bank) / 0 others (10 total)
Average price target: $224.49 (+26.20% upside from $177.89)
Goldman Sachs, Barclays, J.P. Morgan, Bank of America all with Buy at $214–$221 (Jun 2026)
Deutsche Bank is the lone dissenter (Sell, $154 target)
Revenue growing \~10% annually at $60B+ scale, EBITDA margins expanding toward 33%, net debt declining, and near-unanimous analyst Buy consensus. The only modest drag is leverage above 1× net debt/EBITDA (improving) and the below-1 current ratio.
Business Model & Competitive Position
Revenue by Therapeutic Area (FY2025 estimated)
Segment
Key Products
Est. Revenue
Growth Driver
Oncology
Tagrisso, Enhertu, Imfinzi, Calquence, Lynparza, Truqap
\~\~$27B (\~\~46%)
ADC leadership (Enhertu); multiple first-line approvals
CVRM
Farxiga, Brilinta, Roxadustat, Lokelma, Onglyza
\~\~$15B (\~\~26%)
Farxiga SGLT2i cardio/renal dominance
Rare Disease
Ultomiris, Soliris, Strensiq, Koselugo, Wainua
\~\~$9B (\~\~15%)
Ultomiris migration from Soliris; new indications
Vaccines & Immune
FluMist, COVID residual, AZ antibiotics
\~\~$3B (\~\~5%)
Declining post-COVID
Other / Emerging Markets
—
\~\~$5B (\~\~9%)
China largest single market (\~$5.5B)
Segment estimates derived from disclosed product-level data; AZ reports by BU rather than pure segment. Source: AZ FY2025 Annual Report/Q4 press release context.
Key Franchise Analysis
Tagrisso (osimertinib): The crown jewel — first/second-line EGFR-mutant non-small cell lung cancer. Global NSCLC market leader. Patent protection extends to \~2028 (core) with indications expanding. Annual sales: \~$5–6B.
Enhertu (trastuzumab deruxtecan / T-DXd): Co-developed and co-commercialised with Daiichi Sankyo. One of the most significant oncology breakthroughs of the decade — a "tumour-agnostic" ADC that has achieved approval across breast, lung, gastric, and colorectal HER2-expressing cancers. Accelerating rapidly; estimated $3–4B current sales, consensus sees $10B+ long-term peak.
Farxiga (dapagliflozin): SGLT2 inhibitor — approved for type 2 diabetes, heart failure (HFrEF and HFpEF), and chronic kidney disease. Farxiga's label now covers a trifecta of conditions creating a massive total addressable market. Annual sales: \~$4–5B and growing.
Ultomiris (ravulizumab): Long-acting C5 inhibitor for PNH, aHUS, NMOSD, and other rare diseases. Migrating patients from Soliris (shorter half-life predecessor) and growing new patient capture. Expanding indications — FDA Priority Review granted Jun 2026 for new application.
Calquence (acalabrutinib): BTK inhibitor competing with AbbVie's Ibrutinib. Increasingly preferred for CLL due to better cardiac safety profile.
Revenue Characteristics
Revenue Type
Description
Quality
Recurring branded Rx
Tagrisso, Farxiga, Ultomiris, Calquence — chronic/long-term treatment
Very High
Orphan disease (Rare Disease division)
Ultomiris, Strensiq, Soliris — high-cost, life-sustaining; payer inertia
Very High
ADC (Enhertu partnership)
Milestone + profit share with Daiichi Sankyo
High
New approvals (Truqap, new indications)
Growing launch curve
Med