AstraZeneca achieved 12.5% year-over-year revenue growth in 2026Q1 while maintaining a structural gross margin of 82.5% through its specialized biologic portfolio.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 60.44B | 58.74B | 54.07B | 45.81B | 44.35B | 37.42B | 26.62B | 24.38B | 22.09B | 22.46B | 23B | 24.71B | 26.55B | 25.81B | 27.97B | 33.59B | 33.27B | 32.8B | 31.6B | 29.56B | 26.48B | 23.95B | 21.43B | 18.85B | 17.84B | 16.48B | 18.12B | 15.13B | 11.32B | 8.59B | 9.18B |
| Revenue Growth % | 9.93% | 8.63% | 18.04% | 3.29% | 18.53% | 40.58% | 9.16% | 10.38% | -1.67% | -2.33% | -6.9% | -6.93% | 2.87% | -7.75% | -16.72% | 0.97% | 1.42% | 3.81% | 6.91% | 11.65% | 10.54% | 11.78% | 13.67% | 5.65% | 8.26% | -9.03% | 19.7% | 33.72% | 31.82% | -6.51% | 21.35% |
| Cost of Goods Sold | 11.07B | 10.63B | 10.21B | 8.27B | 12.39B | 12.44B | 5.3B | 4.92B | 4.94B | 4.32B | 4.13B | 4.65B | 5.84B | 5.26B | 5.39B | 6.03B | 6.39B | 5.78B | 6.6B | 6.42B | 5.56B | 5.36B | 5.19B | 4.46B | 4.52B | 4.46B | 0 | 3.25B | 2.03B | 0 | 0 |
| COGS % of Revenue | - | 18.1% | 18.88% | 18.05% | 27.94% | 33.24% | 19.91% | 20.18% | 22.35% | 19.22% | 17.94% | 18.8% | 22.01% | 20.39% | 19.28% | 17.94% | 19.2% | 17.6% | 20.88% | 21.72% | 21% | 22.36% | 24.24% | 23.68% | 25.33% | 27.04% | - | 21.46% | 17.94% | - | - |
| Gross Profit | 49.37B | 48.11B | 43.87B | 37.54B | 31.96B | 24.98B | 21.32B | 19.46B | 17.15B | 18.15B | 18.88B | 20.06B | 20.7B | 20.55B | 22.58B | 27.57B | 26.88B | 27.03B | 25B | 23.14B | 20.92B | 18.59B | 16.23B | 14.39B | 13.32B | 12.02B | 18.12B | 11.89B | 9.29B | 0 | 0 |
| Gross Margin % | 81.68% | 81.9% | 81.12% | 81.95% | 72.06% | 66.76% | 80.09% | 79.82% | 77.66% | 80.78% | 82.06% | 81.2% | 77.99% | 79.61% | 80.72% | 82.06% | 80.8% | 82.4% | 79.12% | 78.28% | 79% | 77.64% | 75.76% | 76.32% | 74.67% | 72.96% | 100% | 78.54% | 82.06% | - | - |
| Gross Profit Growth % | - | 9.67% | 16.84% | 17.47% | 27.94% | 17.18% | 9.53% | 13.46% | -5.47% | -3.86% | -5.91% | -3.11% | 0.78% | -9.01% | -18.08% | 2.55% | -0.55% | 8.1% | 8.05% | 10.63% | 12.49% | 14.54% | 12.84% | 7.99% | 10.79% | -33.63% | 52.41% | 27.99% | - | - | - |
| Operating Expenses | 35.05B | 34.36B | 33.86B | 29.35B | 28.2B | 23.92B | 16.16B | 16.54B | 13.77B | 14.47B | 13.97B | 15.95B | 18.57B | 16.83B | 14.43B | 14.77B | 15.39B | 15.49B | 15.86B | 15.05B | 12.7B | 12.09B | 11.69B | 10.38B | 9.31B | 7.87B | 14.45B | 8.46B | 6.86B | 6.8B | 7.4B |
| OpEx % of Revenue | - | 58.5% | 62.62% | 64.07% | 63.59% | 63.94% | 60.7% | 67.83% | 62.32% | 64.41% | 60.75% | 64.55% | 69.94% | 65.23% | 51.59% | 43.97% | 46.25% | 47.21% | 50.19% | 50.9% | 47.97% | 50.49% | 54.54% | 55.06% | 52.21% | 47.74% | 79.77% | 55.87% | 60.61% | 79.15% | 80.55% |
| Selling, General & Admin | 20.95B | 20.51B | 20.22B | 18.22B | 17.98B | 15.59B | 11.9B | 11.98B | 10.98B | 10.54B | 9.74B | 11.52B | 13.32B | 12.51B | 10.16B | 11.51B | 10.78B | 11.63B | 11.2B | 10.61B | 9.32B | 8.91B | 8.45B | 7.55B | 6.14B | 5.55B | 0 | 4.92B | 3.94B | 0 | 0 |
| SG&A % of Revenue | - | 34.92% | 37.4% | 39.78% | 40.55% | 41.67% | 44.69% | 49.15% | 49.71% | 46.93% | 42.34% | 46.61% | 50.19% | 48.48% | 36.32% | 34.26% | 32.4% | 35.45% | 35.45% | 35.9% | 35.21% | 37.19% | 39.41% | 40.08% | 34.41% | 33.67% | - | 32.48% | 34.78% | - | - |
| Research & Development | 14.56B | 14.23B | 13.58B | 10.94B | 9.76B | 9.74B | 5.99B | 6.06B | 5.93B | 5.76B | 5.89B | 6B | 5.58B | 4.82B | 5.24B | 5.52B | 5.32B | 4.41B | 5.18B | 5.16B | 3.9B | 3.38B | 3.47B | 3.01B | 3.07B | 2.69B | 2.89B | 2.47B | 2.1B | 1.08B | 1.03B |
| R&D % of Revenue | - | 24.23% | 25.12% | 23.87% | 22.01% | 26.02% | 22.51% | 24.85% | 26.85% | 25.63% | 25.61% | 24.27% | 21.02% | 18.68% | 18.74% | 16.44% | 15.98% | 13.44% | 16.39% | 17.46% | 14.74% | 14.11% | 16.18% | 15.98% | 17.2% | 16.3% | 15.98% | 16.33% | 18.58% | 12.57% | 11.23% |
| Other Operating Expenses | -4M | -381M | 56M | 193M | 457M | -1.4B | -1.73B | -1.5B | -3.15B | -1.83B | -1.66B | -1.56B | -335M | -500M | -970M | -2.26B | -712M | -553M | -524M | -728M | -524M | -193M | -226M | -188M | 107M | -368M | 11.56B | 1.07B | 821M | 5.72B | 6.37B |
| Operating Income | 14.31B | 13.74B | 10B | 8.19B | 3.76B | 1.06B | 5.16B | 2.92B | 3.39B | 3.68B | 4.9B | 4.11B | 2.14B | 3.71B | 8.15B | 12.79B | 11.49B | 11.54B | 9.14B | 8.09B | 8.22B | 6.5B | 4.55B | 4.01B | 4.01B | 4.16B | 3.67B | 3.43B | 2.43B | 1.79B | 1.79B |
| Operating Margin % | 23.69% | 23.4% | 18.5% | 17.88% | 8.47% | 2.82% | 19.39% | 11.99% | 15.33% | 16.37% | 21.31% | 16.65% | 8.05% | 14.38% | 29.13% | 38.09% | 34.55% | 35.19% | 28.94% | 27.38% | 31.03% | 27.15% | 21.22% | 21.26% | 22.45% | 25.22% | 20.23% | 22.66% | 21.44% | 20.85% | 19.45% |
| Operating Income Growth % | - | 37.39% | 22.09% | 118.07% | 255.78% | -79.54% | 76.54% | -13.67% | -7.89% | -24.99% | 19.15% | 92.51% | -42.43% | -54.44% | -36.32% | 11.32% | -0.42% | 26.24% | 12.97% | -1.48% | 26.36% | 43% | 13.48% | 0.03% | -3.61% | 13.39% | 6.86% | 41.33% | 35.56% | 0.23% | 39.44% |
| EBITDA | 20.13B | 19.48B | 15.07B | 13.13B | 9.01B | 5.16B | 8.06B | 6.69B | 7.14B | 6.71B | 7.26B | 6.97B | 5.42B | 8.29B | 10.67B | 15.35B | 14.23B | 13.63B | 11.76B | 9.95B | 9.56B | 7.83B | 5.82B | 5.3B | 4.97B | 5.02B | 4.59B | 4.5B | 3.25B | 2.15B | 2.16B |
| EBITDA Margin % | 33.31% | 33.16% | 27.87% | 28.65% | 20.32% | 13.79% | 30.27% | 27.42% | 32.32% | 29.88% | 31.56% | 28.19% | 20.41% | 32.14% | 38.13% | 45.68% | 42.79% | 41.55% | 37.23% | 33.66% | 36.11% | 32.69% | 27.14% | 28.12% | 27.83% | 30.44% | 25.36% | 29.73% | 28.7% | 25.01% | 23.49% |
| EBITDA Growth % | 28.58% | 29.25% | 14.79% | 45.68% | 74.7% | -35.99% | 20.52% | -6.36% | 6.36% | -7.52% | 4.21% | 28.55% | -34.67% | -22.23% | -30.49% | 7.8% | 4.44% | 15.86% | 18.23% | 4.07% | 22.12% | 34.63% | 9.72% | 6.73% | -1% | 9.18% | 2.12% | 38.52% | 51.25% | -0.48% | 36.5% |
| D&A (Non-Cash Add-back) | 5.82B | 5.73B | 5.07B | 4.93B | 5.25B | 4.1B | 2.9B | 3.76B | 3.75B | 3.04B | 2.36B | 2.85B | 3.28B | 4.58B | 2.52B | 2.55B | 2.74B | 2.09B | 2.62B | 1.86B | 1.34B | 1.33B | 1.27B | 1.29B | 960M | 860M | 929.02M | 1.07B | 821M | 357.07M | 371.61M |
| EBIT | 14.65B | 14.1B | 10.37B | 8.49B | 3.83B | 1.01B | 5.19B | 2.95B | 3.36B | 3.59B | 4.92B | 4.11B | 2.21B | 3.76B | 8.16B | 12.84B | 12B | 11.86B | 10B | 8.09B | 8.22B | 6.5B | 4.55B | 4.01B | 4.01B | 4.16B | 3.98B | 3.43B | 2.43B | 1.89B | 1.78B |
| Net Interest Income | -1.39B | -1.33B | -1.34B | -1.29B | -1.25B | -1.23B | -1.19B | -1.24B | -1.23B | -1.25B | -1.31B | -1B | -930M | -460M | -477M | -508M | -529M | -591M | -463M | 0 | 0 | 0 | 0 | 0 | 0 | 149.32M | 137.41M | -2M | -69.72M | -24.8M | -37.68M |
| Interest Income | 349M | 360M | 345M | 301M | 81M | 43M | 83M | 165M | 138M | 109M | 59M | 36M | 33M | 32M | 42M | 46M | 42M | 462M | 854M | 0 | 0 | 0 | 0 | 0 | 0 | 284.13M | 268.85M | 164.92M | 36.52M | 76.04M | 71.93M |
| Interest Expense | 1.74B | 1.69B | 1.68B | 1.59B | 1.33B | 1.28B | 1.27B | 1.4B | 1.37B | 1.36B | 1.37B | 1.04B | 963M | 492M | 519M | 554M | 1.02B | 1.05B | 1.32B | 0 | 0 | 0 | 0 | 0 | 0 | 134.81M | 131.44M | 166.92M | 106.23M | 100.84M | 109.6M |
| Other Income/Expense | -1.4B | -1.34B | -1.31B | -1.29B | -1.26B | -1.32B | -1.25B | -1.38B | -1.39B | -1.45B | -1.35B | -1.04B | -891M | -445M | -502M | -512M | -517M | -736M | -463M | -111M | 327M | 165M | 297M | 70M | 357M | 102M | 185.21M | 126M | 697M | -3.31M | -116.45M |
| Pretax Income | 12.91B | 12.4B | 8.69B | 6.9B | 2.5B | -265M | 3.92B | 1.55B | 1.99B | 2.23B | 3.55B | 3.07B | 1.25B | 3.27B | 7.65B | 12.28B | 10.98B | 10.81B | 8.68B | 7.98B | 8.54B | 6.67B | 4.84B | 4.08B | 4.36B | 4.26B | 3.85B | 3.56B | 3.12B | 1.79B | 1.67B |
| Pretax Margin % | 21.37% | 21.11% | 16.07% | 15.06% | 5.64% | -0.71% | 14.71% | 6.35% | 9.02% | 9.91% | 15.44% | 12.42% | 4.69% | 12.66% | 27.33% | 36.57% | 32.99% | 32.94% | 27.47% | 27.01% | 32.27% | 27.84% | 22.61% | 21.63% | 24.45% | 25.84% | 21.25% | 23.5% | 27.6% | 20.81% | 18.18% |
| Income Tax | 2.52B | 2.17B | 1.65B | 938M | -792M | -380M | 772M | 321M | -57M | -641M | 146M | 243M | 11M | 696M | 1.38B | 2.33B | 2.9B | 3.26B | 2.55B | 2.36B | 2.48B | 1.94B | 1.16B | 1.03B | 1.18B | 1.15B | 1.3B | 1.05B | 903M | 570.32M | 548M |
| Effective Tax Rate % | 19.52% | 17.49% | 18.99% | 13.6% | -31.67% | 143.4% | 19.71% | 20.74% | -2.86% | -28.78% | 4.11% | 7.92% | 0.88% | 21.3% | 18% | 18.99% | 26.38% | 30.19% | 29.39% | 29.51% | 29.03% | 29.14% | 23.97% | 25.34% | 26.98% | 27.08% | 33.75% | 29.47% | 28.91% | 31.91% | 32.82% |
| Net Income | 10.39B | 10.26B | 7.04B | 5.96B | 3.29B | 112M | 3.2B | 1.33B | 2.15B | 3B | 3.5B | 2.83B | 1.23B | 2.56B | 6.24B | 9.92B | 8.05B | 7.52B | 6.1B | 5.59B | 6.04B | 4.71B | 3.66B | 3.04B | 2.84B | 4.16B | 2.54B | 1.14B | 1.19B | 1.21B | 1.1B |
| Net Margin % | 17.19% | 17.46% | 13.01% | 13% | 7.41% | 0.3% | 12.01% | 5.47% | 9.76% | 13.36% | 15.21% | 11.43% | 4.64% | 9.9% | 22.31% | 29.52% | 24.21% | 22.93% | 19.31% | 18.93% | 22.83% | 19.65% | 17.1% | 16.11% | 15.9% | 25.22% | 14.02% | 7.55% | 10.47% | 14.05% | 11.99% |
| Net Income Growth % | 33.67% | 45.77% | 18.14% | 81.11% | 2835.71% | -96.5% | 139.4% | -38.05% | -28.19% | -14.23% | 23.86% | 129.12% | -51.76% | -59.04% | -37.08% | 23.15% | 7.07% | 23.27% | 9.04% | -7.41% | 28.41% | 28.44% | 20.69% | 7% | -31.73% | 63.59% | 122.39% | -3.6% | -1.79% | 9.59% | 112.09% |
| Net Income (Continuing) | 10.39B | 10.23B | 7.04B | 5.96B | 3.29B | 115M | 3.14B | 1.23B | 2.05B | 2.87B | 3.41B | 2.83B | 1.24B | 2.57B | 6.27B | 9.95B | 8.08B | 7.54B | 6.13B | 5.59B | 6.04B | 4.71B | 3.66B | 3.02B | 3.19B | 3.1B | 2.55B | 2.51B | 2.22B | 1.22B | 1.12B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 51M | 52M | 85M | 23M | 21M | 19M | 16M | 1.47B | 1.58B | 1.68B | 1.81B | 19M | 19M | 29M | 215M | 226M | 197M | 161M | 148M | 137M | 112M | 94M | 93M | 79M | 54M | 51.85M | 20.91M | 39.98M | 53.12M | 52.9M | 178.1M |
| EPS (Diluted) | 6.66 | 6.54 | 2.25 | 3.81 | 2.11 | 0.08 | 2.44 | 1.03 | 1.70 | 2.37 | 2.76 | 2.23 | 0.98 | 2.04 | 4.93 | 7.30 | 5.57 | 5.19 | 4.20 | 3.73 | 3.85 | 2.91 | 218.00 | 178.00 | 1.64 | 1.65 | 1.43 | 0.64 | 1.46 | 1.27 | 1.16 |
| EPS Growth % | 33.07% | 190.67% | -40.94% | 80.57% | 2537.5% | -96.72% | 136.89% | -39.41% | -28.27% | -14.13% | 23.77% | 127.55% | -51.96% | -58.62% | -32.47% | 31.06% | 7.32% | 23.57% | 12.6% | -3.12% | 32.3% | -98.67% | 22.47% | 10753.66% | -0.61% | 15.38% | 123.44% | -56.16% | 14.96% | 9.48% | 110.91% |
| EPS (Basic) | - | 6.60 | 2.27 | 3.81 | 2.12 | 0.08 | 2.44 | 1.03 | 1.70 | 2.37 | 2.77 | 2.23 | 0.98 | 2.04 | 4.99 | 7.33 | 5.60 | 5.19 | 4.20 | 3.74 | 3.86 | 2.91 | 218.00 | 178.00 | 1.64 | 1.65 | 1.43 | 0.64 | 1.47 | 1.27 | 1.16 |
| Diluted Shares Outstanding | 1.56B | 1.56B | 1.56B | 1.56B | 1.56B | 1.43B | 1.31B | 1.3B | 1.27B | 1.27B | 1.27B | 1.26B | 1.26B | 1.25B | 1.26B | 1.37B | 1.45B | 1.45B | 1.45B | 1.5B | 1.57B | 1.62B | 1.67B | 1.71B | 1.74B | 1.76B | 1.77B | 1.78B | 933.6M | 951M | 947M |
| Basic Shares Outstanding | 1.55B | 1.55B | 1.55B | 1.56B | 1.55B | 1.42B | 1.31B | 1.3B | 1.27B | 1.27B | 1.26B | 1.26B | 1.26B | 1.25B | 1.26B | 1.36B | 1.44B | 1.45B | 1.45B | 1.5B | 1.56B | 1.62B | 1.67B | 1.71B | 1.73B | 1.76B | 1.77B | 1.78B | 933.6M | 948M | 947M |
| Dividend Payout Ratio | - | 49.55% | 65.8% | 75.25% | 132.73% | 3442.86% | 111.76% | 269.06% | 161.67% | 117.26% | 101.77% | 123.4% | 285.56% | 135.41% | 58.73% | 37.95% | 41.74% | 39.58% | 44.89% | 47.2% | 36.74% | 36.49% | 37.61% | 40.25% | 43.49% | 29.74% | - | - | 83.95% | - | - |
Regulatory and Geopolitical Exposure
According to recent financial disclosures, AstraZeneca achieved a 12.5% year-over-year revenue growth in 2026Q1, reaching $15.3 billion, which underscores the sustained momentum of its oncology and rare disease franchises despite the inherent volatility associated with global pharmaceutical market cycles and regional regulatory shifts in China.
The revenue trajectory appears supported by the successful commercialization of high-value oncology assets, which continue to offset the potential maturation of legacy primary care products. Investors should monitor whether this growth remains organic or if it becomes increasingly reliant on milestone-heavy collaboration revenue, which can mask underlying demand trends.
As reported in quarterly filings, AstraZeneca maintained a robust gross margin of 82.5% in 2026Q1, reflecting the high-value nature of its biologic and specialty medicine portfolio, which remains a key differentiator compared to peers with higher exposure to genericized or primary care drug segments.
The stability of these margins suggests significant pricing power within the rare disease and oncology segments, where clinical differentiation remains high. However, the company must navigate potential margin compression from US price negotiations under the Inflation Reduction Act, which may impact the profitability of high-volume assets like Farxiga.
Based on the provided income statement data, operating margins reached 27.8% in 2026Q1, demonstrating an ability to scale operating income effectively even as the company continues to commit substantial capital toward its intensive R&D pipeline to sustain long-term competitive advantages in the ADC space.
The fluctuation in operating margins across the observed periods suggests that management prioritizes pipeline investment over short-term margin maximization. This strategy appears to be a calculated trade-off, as the company seeks to maintain its leadership in DNA damage response and antibody drug conjugate platforms.
Analysis of the income statement reveals that net income reached $3.1 billion in 2026Q1, though investors should note that reported figures are frequently impacted by lumpy externalization revenue and the amortization of intangible assets related to the significant Alexion acquisition, which can distort underlying cash earnings.
The absence of stock-based compensation in recent quarters simplifies the earnings profile, yet the reliance on milestone payments warrants further investigation into the sustainability of net income growth. Analysts should focus on cash flow generation as a more reliable indicator of operational health than headline EPS, which remains sensitive to accounting adjustments.
While the company exhibits strong growth, short-sellers may focus on the 2026Q1 operating margin sensitivity and the potential for significant revenue headwinds stemming from the inclusion of key assets in US Medicare price negotiations, which could fundamentally alter the terminal value of the CVRM franchise.
The heavy reliance on a few blockbuster oncology drugs creates a concentration risk that may be underappreciated by the market. Furthermore, the company's significant exposure to the Chinese market introduces geopolitical and regulatory risks that could lead to abrupt, non-linear impacts on future earnings performance.
Quick answers to the most common questions about buying AZN stock.
For fiscal year 2025, AstraZeneca PLC (AZN) reported total revenue of $58.74B. This represents a 539.6% increase compared to $9.18B in 1996.
AstraZeneca PLC (AZN) is profitable, generating $10.26B in net income for the fiscal year ending 2025 with a net profit margin of 17.5%.
AstraZeneca PLC (AZN) reported an operating income of $13.74B, resulting in an operating profit margin of 23.4%. This margin reflects the operational efficiency of the business before interest and taxes.
AstraZeneca PLC (AZN) generated $48.11B in gross profit for the year, representing a gross profit margin of 81.9%. This demonstrates the company's core pricing power and production efficiency.