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"unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00700": { "value": "The Financial Statements from pages 148 to 218 were approved by the Board and were signed on its behalf by
Pascal Soriot
Aradhana Sarin
\n
Director
Director
\n6 February 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00319": { "value": "387000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00320": { "value": "35126000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00321": { "value": "153000000.0", "decimals": -6, 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"ConsolidatedStatementOfChangesInEquity_Label_00721": { "value": "-68000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00785": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00786": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00787": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00788": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00789": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00790": { "value": "660000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00791": { "value": "660000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00792": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00793": { "value": "660000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00820": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00819": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00818": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00817": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00816": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00815": { "value": "-621000000.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00814": { "value": "-621000000.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00813": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00812": { "value": "-621000000.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00853": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00852": { "value": "38000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00851": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00850": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00849": { "value": "-53000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00848": { "value": "1658000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00847": { "value": "1643000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00846": { "value": "62000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00845": { "value": "1705000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00754": { "value": "388000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00753": { "value": "35226000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00752": { "value": "153000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00751": { "value": "448000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00750": { "value": "1411000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00749": { "value": "3160000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00748": { "value": "40786000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00747": { "value": "85000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00746": { "value": "40871000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParentheticals_Label_00481": { "value": "-800000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParentheticals_Label_00482": { "value": "733000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParentheticals_Label_00483": { "value": "-878000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParentheticals_Label_00722": { "value": "-21000000.0", "decimals": -6, "dimensions": { "concept": "azn:GainsCostsOfHedgingBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParentheticals_Label_00723": { "value": "-19000000.0", "decimals": -6, "dimensions": { "concept": "azn:GainsCostsOfHedgingBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParentheticals_Label_00724": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "azn:GainsCostsOfHedgingBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "value": "Consolidated Statement of Cash Flows
for the year ended 31 December
2024
2023
2022
Notes
$m
$m
$m
Cash flows from operating activities
Profit before tax
8,691
6,899
2,501
Finance income and expense
3
1,284
1,282
1,251
Share of after tax losses of associates and joint ventures
11
28
12
5
Depreciation, amortisation and impairment
6,688
5,387
5,480
Increase in trade and other receivables
(1,624)
(1,425)
(1,349)
(Increase)/decrease in inventories
(131)
(669)
3,941
Increase in trade and other payables and provisions
862
2,394
1,165
Gains on disposal of intangible assets
2
(64)
(251)
(104)
Fair value movements on contingent consideration arising from business combinations
20
311
549
82
Non-cash and other movements
17
(121)
(386)
(692)
Cash generated from operations
15,924
13,792
12,280
Interest paid
(1,313)
(1,081)
(849)
Tax paid
(2,750)
(2,366)
(1,623)
Net cash inflow from operating activities
11,861
10,345
9,808
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired
27
(2,771)
(189)
(48)
Payments upon vesting of employee share awards attributable to business combinations
27
(3)
(84)
(215)
Payment of contingent consideration from business combinations
20
(1,008)
(826)
(772)
Purchase of property, plant and equipment
(1,924)
(1,361)
(1,091)
Disposal of property, plant and equipment
55
132
282
Purchase of intangible assets
(2,662)
(2,417)
(1,480)
Disposal of intangible assets
123
291
447
Movement in profit-participation liability
2
\u2013
190
\u2013
Purchase of non-current asset investments
(96)
(136)
(45)
Disposal of non-current asset investments
78
32
42
Movement in short-term investments, fixed deposits and other investing instruments
30
97
(114)
Payments to associates and joint ventures
11
(158)
(80)
(26)
Disposal of investments in associates and joint ventures
13
\u2013
\u2013
Interest received
343
287
60
Net cash outflow from investing activities
(7,980)
(4,064)
(2,960)
Net cash inflow before financing activities
3,881
6,281
6,848
Cash flows from financing activities
Proceeds from issue of share capital
38
33
29
Own shares purchased by Employee Benefit Trusts
(81)
\u2013
\u2013
Issue of loans and borrowings
6,492
3,816
\u2013
Repayment of loans and borrowings
(4,652)
(4,942)
(1,271)
Dividends paid
25
(4,629)
(4,481)
(4,364)
Hedge contracts relating to dividend payments
25
16
(19)
(127)
Repayment of obligations under leases
(316)
(268)
(244)
Movement in short-term borrowings
(31)
161
74
Payment of Acerta Pharma share purchase liability
(833)
(867)
(920)
Net cash outflow from financing activities
(3,996)
(6,567)
(6,823)
Net (decrease)/increase in Cash and cash equivalents in the period
(115)
(286)
25
Cash and cash equivalents at the beginning of the period
5,637
5,983
6,038
Exchange rate effects
(93)
(60)
(80)
Cash and cash equivalents at the end of the period
17
5,429
5,637
5,983Timing of cash flows and interest
The Group is currently under audit in several countries and the timing of any resolution of these audits is uncertain.
It is anticipated that tax payments may be required in relation to a number of significant disputes which may be resolved over the next one to
two years. AstraZeneca considers the tax liabilities set out above to appropriately reflect the expected value of any final settlement. Some
of the items discussed above are not currently within the scope of tax authority audits and may take longer to resolve.
Included within other payables is a net amount of interest arising on tax contingencies of $164m (2023: $184m; 2022: $106m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ConsolidatedStatementOfCashFlows_Label_00180": { "value": "8691000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00179": { "value": "6899000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00178": { "value": "2501000000.0", "decimals": -6, "dimensions": { "concept": 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"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00304": { "value": "-115000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00305": { "value": "-286000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00306": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00307": { "value": "5637000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00308": { "value": "5983000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00309": { "value": "6038000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00502": { "value": "-93000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00503": { "value": "-60000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00504": { "value": "-80000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00517": { "value": "5429000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00518": { "value": "5637000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00519": { "value": "5983000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "Group Accounting Policies
Basis of accounting and preparation
of financial information
The Consolidated Financial Statements
have been prepared under the historical
cost convention, modified to include
revaluation to fair value of certain financial
instruments and pension plan assets and
liabilities as described below, in accordance
with UK-adopted international accounting
standards and with the requirements of
the Companies Act 2006 as applicable to
companies reporting under those standards.
The Consolidated Financial Statements also
comply fully with IFRS Accounting Standards
as issued by the International Accounting
Standards Board (IASB) and International
Accounting Standards as adopted by the
European Union.
The Consolidated Financial Statements
are presented in US dollars, which is the
Company\u2019s functional currency.
In preparing their individual financial
statements, the accounting policies of some
overseas subsidiaries do not conform with
IASB-issued IFRSs. Therefore, where
appropriate, adjustments are made in order
to present the Consolidated Financial
Statements on a consistent basis.
New accounting requirements
The following amendments and interpretations
have been issued and adopted:
\u2022
amendments to IAS 1 \u2018Presentation
of Financial Statements\u2019, effective for
periods beginning on or after 1 January
2024 \u2013 endorsed by the United Kingdom
Endorsement Board (UKEB) on 21 July 2023
\u2022
amendments to IFRS 16 \u2018Leases\u2019,
effective for periods beginning on or
after 1 January 2024 \u2013 endorsed by the
UKEB on 11 May 2023
\u2022
amendments to IAS 7 \u2018Statement of Cash
Flows\u2019, effective for periods beginning on
or after 1 January 2024 \u2013 endorsed by the
UKEB on 28 November 2023
\u2022
amendments to IFRS 7 \u2018Financial
Instruments\u2019, effective for periods beginning
on or after 1 January 2024 \u2013 endorsed by
the UKEB on 28 November 2023.
The above amendments and interpretations
did not have a significant impact on the
Group\u2019s net results, net assets or disclosures.
Employee Benefit Trusts
Following an amendment to the Employee
Benefit Trust (EBT) Deed on 10 June 2024,
AstraZeneca obtained control and
commenced consolidation of the EBT
from June 2024. From that date, cash paid
on purchases of AstraZeneca Ordinary
shares or American Depository Receipts is
presented within Financing activities in the
Consolidated Statement of Cash Flows.
Basis for preparation of Financial
Statements on a going concern basis
The Group has considerable financial
resources available. As at 31 December 2024,
the Group has $10.4bn in financial resources
(cash and cash equivalent balances of $5.5bn
and undrawn committed bank facilities of
$4.9bn that were available until April 2029),
with $2.7bn of borrowings due within one
year. These facilities contain no financial
covenants, and in January 2025 their
maturity was extended to April 2030.
The Group has assessed the prospects of the
Group over a period longer than the required
12 months from the date of Board approval
of these Consolidated Financial Statements,
with no deterioration noted requiring a
further extension of this review. The Group\u2019s
revenues are largely derived from sales of
medicines covered by patents, which
provide a relatively high level of resilience
and predictability to cash inflows, although
government price interventions in response
to budgetary constraints are expected to
continue to adversely affect revenues in
some of our significant markets. The Group,
however, anticipates new revenue streams
from both recently launched medicines and
those in development, and the Group has a
wide diversity of customers and suppliers
across different geographic areas.
Consequently, the Directors believe that,
overall, the Group is well placed to manage
its business risks successfully. Accordingly,
they continue to adopt the going concern
basis in preparing the Annual Report and
Financial Statements.
Estimates and judgements
The preparation of the Financial Statements
in conformity with generally accepted
accounting principles requires management
to make estimates and judgements that
affect the reported amounts of assets and
liabilities at the date of the Financial
Statements and the reported amounts of
revenues and expenses during the reporting
period. Actual results could differ from
those estimates.
The accounting policy descriptions set out the
areas where judgements and estimates need
exercising, the most significant of which
include the following Key Judgements
KJ
and Significant Estimates
SE
:
\u2022
revenue recognition \u2013 see Revenue
accounting policy on page 153
KJ
and Note 1 on page 160
SE
\u2022
expensing of internal development
expenses \u2013 see Research and development
accounting policy on page 154
KJ
\u2022
impairment reviews of Intangible assets
\u2013 see Note 10 on page 173
SE
\u2022
useful economic life of Intangible assets
\u2013 see Research and development
accounting policy on page 154
KJ
\u2022
business combinations and Goodwill \u2013
see Business combinations and goodwill
accounting policy on page 157
KJ
\u2022
litigation liabilities \u2013 see Litigation and
Environmental Liabilities within Note 30
on page 205
KJ
\u2022
operating segments \u2013 see Note 6 on
page 166
KJ
\u2022
employee benefits \u2013 see Note 22 on
page 190
SE
\u2022
taxation \u2013 see Note 30 on page 211
KJ
.
The Group has assessed the impact of
sustainability topics on its financial reporting.
This includes an impact assessment on the
valuation and useful lives of Intangible assets
and the identification and measurement
of provisions and contingent liabilities in
response to climate and pollution risks.
Sustainability-related opportunities on
innovation are integral to the Financial
Statements with a key indicator of the Group\u2019s
investment being R&D expense. Business
conduct and patient safety are both
considered as part of our recognition and
measurement of provisions and contingent
liabilities, noted within sections of
Government investigations and proceedings
and Product liability litigation as relevant, of
Note 30. No material accounting impacts or
changes to judgements or other required
disclosures were noted.
KJ
Key Judgements are those judgements
made in applying the Group\u2019s accounting
policies that have a material effect on the
amounts of assets and liabilities recognised
in the Financial Statements.
SE
A Significant Estimate has a significant
risk of material adjustment to the carrying
amounts of assets and liabilities within the
next financial year.
Financial risk management policies are
detailed in Note 28 to the Financial
Statements from page 194.
AstraZeneca\u2019s management considers the
following to be the material accounting policies
in the context of the Group\u2019s operations.
Revenue
Revenue comprises Product Sales, Alliance
Revenue and Collaboration Revenue.
Revenue excludes inter-company revenues
and value-added taxes.
Product Sales
Product Sales represent net invoice value less
estimated rebates, returns and chargebacks,
which are considered to be variable
consideration and include significant
estimates. Sales are recognised when the
control of the goods has been transferred to
a third party. This is usually when title passes
to the customer, either on shipment or on
receipt of goods by the customer, depending
on local trading terms. Revenue is not
recognised in full until it is highly probable
that a significant reversal in the amount of
cumulative revenue recognised will not occur.
Rebates are amounts payable or credited to
a customer, usually based on the quantity or
value of Product Sales to the customer for
specific products in a certain period. Product
Sales rebates, which relate to Product Sales
that occur over a period of time, are normally
issued retrospectively.
At the time Product Sales are invoiced, rebates
and deductions that the Group expects to
pay are estimated based upon assumptions
developed using contractual terms, historical
experience and market-related information.
The rebates and deductions are recognised
as variable consideration and recorded as a
reduction to revenue with an accrual recorded.
These rebates typically arise from sales
contracts with government payers, third-
party managed care organisations, hospitals,
long-term care facilities, group purchasing
organisations and various state programmes.
In markets where returns are significant,
estimates of the quantity and value of
goods which may ultimately be returned
are accounted for at the point revenue is
recognised. Our returns accruals are based
on actual experience over the preceding
12 months for established products together
with market-related information such as
estimated stock levels at wholesalers and
competitor activity which we receive via
third-party information services. For newly
launched products, we use rates based on
our experience with similar products or a
predetermined percentage.
When a product faces generic competition,
particular attention is given to the possible
levels of returns and, in cases where the
circumstances are such that the level of
Product Sales are considered highly probable
to reverse, revenues are only recognised
when the right of return expires, which is
generally on ultimate prescription of the
product to patients.
The methodology and assumptions used to
estimate rebates and returns are monitored
and adjusted regularly in the light of
contractual and legal obligations, historical
trends, past experience and projected
market conditions. Once the uncertainty
associated with returns is resolved, revenue
is adjusted accordingly.
Under certain collaboration agreements
which include a profit sharing mechanism,
our recognition of Product Sales depends
on which party acts as principal in sales
to the end customer. In the cases where
AstraZeneca acts as principal, we record
100% of sales to the end customer. In the
cases where AstraZeneca does not act as
principal, we record the share of gross
profits received within Alliance Revenue.
Contracts relating to the supply of certain
Vaccines & Immune Therapies medicines
relating to the COVID-19 pandemic include
conditions whereby payments are receivable
from customers in advance of the delivery
of product. Such amounts are held on the
Statement of Financial Position as contract
liabilities until the related revenue is
recognised, generally upon product delivery.
Certain of these contracts contain further
provisions that restrict the use of inventory
manufactured in specified supply chains
to specified customers, resulting in an
enforceable right to payment as the activities
are performed. Under IFRS 15 \u2018Revenue from
Contracts with Customers\u2019, such contracts
require revenue to be recognised over time
using an appropriate and reasonably
measurable method to measure progress.
Revenue is recognised on these contracts
based on the proportion of product delivered
compared to the total contracted volumes.
Certain arrangements include bill-and-hold
arrangements under which the Group
invoices a customer for a product but retains
physical possession of the product until it is
transferred to the customer at a point in time
in the future. For these types of arrangements,
an assessment is made to determine when
the performance obligation has been
satisfied, which is when control of the product
is transferred to the customer. If the customer
has obtained control of the product even
though that product remains in the Group\u2019s
physical possession, the performance
obligation to transfer a product has been
satisfied and Product Sales are recognised.
Control is considered to have transferred
when the reason for the bill-and-hold
arrangement is substantive, the product can
be identified separately as belonging to the
customer, the product is ready for physical
transfer to the customer and AstraZeneca
is unable to use or sell the product to
another customer.
Alliance Revenue
Alliance Revenue comprises income arising
from the ongoing operation of collaborative
arrangements related to sales made by
collaboration partners, where AstraZeneca is
entitled to a share of gross profits, share of
revenues or royalties, which are recurring in
nature while the collaboration agreement
remains in place. Alliance Revenue does not
include Product Sales where AstraZeneca
is leading commercialisation in a territory,
or reimbursement for AstraZeneca-incurred
expenses such as R&D or promotion
costs, which arise from the license of
intellectual property.
The Group periodically enters into transactions
where it acquires part of the rights to a
product intangible (either on-market or
in-process R&D), but for commercial reasons
does not act as principal in selling the
product to the customer and therefore does
not recognise income from the product in
the form of Product Sales. This may occur
where, for example, a collaboration partner
retains the right to commercialise in a
specific territory, and has sufficient local
control over that commercialisation to book
Product Sales, while the Group instead
receives a proportion of the value generated
by those Product Sales, either in the form of
a share of gross profits, a share of revenues
or a royalty. This revenue is recognised
when the Group\u2019s right to receive the share
of the collaboration partner\u2019s income is
established and can be reliably measured.
Where an out-licensing arrangement meets
the definition of a licence agreement, sales
royalties are recognised when achieved by
applying the royalty exemption under IFRS 15.
Where the arrangement meets the definition
of a licence agreement, share of gross
profits, share of revenues and sales royalties
are recognised when achieved by applying
the royalty exemption under IFRS 15. All other
sales royalties are recognised when
considered it is highly probable there will not
be a significant reversal of cumulative
income. The determination requires estimates
to be made in relation to future Product Sales.
Collaboration Revenue
Collaboration Revenue includes income
arising from entering into collaborative
arrangements where the Group has
out-licensed (sold) certain rights associated
with products and where AstraZeneca
retains a significant ongoing economic
interest in the product. Significant interest
can include ongoing supply of finished
goods, profit sharing arrangements or being
principal in the sales of medicines. These
collaborations may include development,
manufacturing and/or commercialisation
arrangements with the collaborator. Income
from out-licences may take the form of
upfront fees and milestones.
KJ
Timing of recognition of clinical and
regulatory milestones is considered to be
a Key Judgement. There can be significant
uncertainty over whether it is highly probable
that there would not be a significant reversal
of revenue in respect of specific milestones
if these are recognised before they are
triggered due to them being subject to the
actions of third parties. In general, where
the triggering of a milestone is subject to
the decisions of third parties (e.g. the
acceptance or approval of a filing by a
regulatory authority), the Group does not
consider that the threshold for recognition
is met until that decision is made.
Where Collaboration Revenue arises from
the licensing of the Group\u2019s own intellectual
property, the licences we grant are typically
rights to use intellectual property which do
not change during the period of the licence
and therefore related non-conditional
revenue is recognised at the point the
licence is granted and variable consideration
as soon as recognition criteria are met.
Other performance obligations in the contract
might include the supply of product. These
arrangements typically involve the receipt
of an upfront payment, which the contract
attributes to the license of the intangible
assets, and ongoing receipts for supply,
which the contract attributes to the sale of
the product we manufacture. In cases where
the transaction has two or more components,
we account for the delivered item (for
example, the transfer of title to the intangible
asset) as a separate unit of account and
record revenue on delivery of that component.
Where practicable, consideration is allocated
to performance obligations on the basis of the
standalone selling price of each performance
obligation. However, where there is a licence
of intellectual property, it is not always
possible to establish a reliable estimate of
the standalone selling price of the licence
as they are unique. Therefore, in these rare
situations, the residual approach is used to
determine the consideration attributable
to the licence.
Where fixed amounts are payable over one
year from the effective date of a contract,
an assessment is made as to whether a
significant financing component exists,
and if so, the fair value of this component is
deferred and recognised as financing income
over the period to the expected date of receipt.
Where control of a right-to-use licence for an
intangible asset passes at the outset of an
arrangement, revenue is recognised at the
point in time control is transferred. Where
the substance of a licence arrangement is
that of a right-to-access rights attributable
to an intangible asset, revenue, in the form
of an upfront fee, is recognised over time,
normally on a straight-line basis over the life
of the contract. Where the Group provides
ongoing development services, revenue in
respect of this element is recognised over
the duration of those services.
Where Collaboration Revenue is recorded
and there is a related intangible asset that
is licensed as part of the arrangement, an
appropriate amount of that intangible asset
is charged to Cost of sales based on an
allocation of cost or value to the rights that
have been licensed.
Cost of sales
Cost of sales are recognised as the associated
revenue is recognised. Cost of sales include
manufacturing costs, royalties payable
on revenues recognised, movements in
provisions for inventories, inventory write-
offs and impairment charges in relation to
manufacturing assets. Cost of sales also
includes co-collaborator sharing of profit
arising from collaborations, and foreign
exchange gains and losses arising from
business trading activities.
Research and development
Research expenditure is charged to profit
and loss in the year in which it is incurred.
KJ
Internal development expenditure is
capitalised only if it meets the recognition
criteria of IAS 38 \u2018Intangible Assets\u2019. This
is considered a Key Judgement. Where
regulatory and other uncertainties are such
that the criteria are not met, the expenditure
is charged to profit and loss and this is
almost invariably the case prior to approval
of the drug by the relevant regulatory
authority. Where, however, recognition
criteria are met, Intangible assets are
capitalised and amortised on a straight-line
basis over their useful economic lives from
product launch. At 31 December 2024, no
amounts have met the recognition criteria.
Payments to in-license products and
compounds from third parties for new
research and development projects (in
process research and development) generally
take the form of upfront payments, milestones
and royalty payments. Where payments made
to third parties represent consideration for
future research and development activities,
an evaluation is made as to the nature of
the payments. Such payments are expensed
if they represent compensation for sub-
contracted research and development
services not resulting in a transfer of
intellectual property. By contrast, payments
are capitalised if they represent compensation
for the transfer of identifiable intellectual
property developed at the risk of the third
party. Such payments may be made once
development or regulatory milestones are
met and may also be made on the basis of
sales volumes once a product is launched.
Development and regulatory milestone
payments are capitalised as the milestone
is triggered. Sales-related payments are
accrued and capitalised with reference to
the latest Group sales forecasts for approved
indications at the present value of expected
future cash flows. Assets capitalised are
amortised, on a straight-line basis, over their
useful economic lives from product launch.
KJ
The determination of useful economic
life is considered to be a Key Judgement.
On product launch, the Group makes
a judgement as to the expected useful
economic life with reference to the expiry
of associated patents for the product,
expectation around the competitive
environment specific to the product and
our detailed long-term risk-adjusted sales
projections compiled annually across the
Group and approved by the Board.
The useful economic life can extend beyond
patent expiry dependent upon the nature
of the product and the complexity of the
development and manufacturing process.
Significant sales can often be achieved
post patent expiration.
Intangible assets
Intangible assets are stated at cost less
accumulated amortisation and impairments.
Intangible assets relating to products in
development are subject to impairment testing
annually. All Intangible assets are tested for
impairment when there are indications that
the carrying value may not be recoverable.
The determination of the recoverable
amounts includes key estimates which are
highly sensitive to, and depend upon, key
assumptions as detailed in Note 10 to the
Financial Statements from page 172.
Impairment reviews have been carried out on
all Intangible assets that are in development
(and not being amortised), all major intangible
assets acquired during the year and all other
intangible assets that have had indicators
of impairment during the year. Recoverable
amount is determined as the higher of
value-in-use or fair value less costs to sell
using a discounted cash flow calculation, with
the products\u2019 expected cash flows risk-
adjusted over their estimated remaining useful
economic life. Sales forecasts and specific
allocated costs (which have both been
subject to appropriate senior management
review and approval) are risk-adjusted and
discounted using appropriate rates based
on our post-tax weighted average cost of
capital or for fair value less costs to sell,
a required rate of return for a market
participant. Our weighted average cost of
capital reflects factors such as our capital
structure and our costs of debt and equity.
Any impairment losses are recognised
immediately in Operating profit. Intangible
assets relating to products which fail during
development (or for which development
ceases for other reasons) are also tested for
impairment and are written down to their
recoverable amount (which is usually nil).
If, subsequent to an impairment loss being
recognised, development restarts or other
facts and circumstances change indicating
that the impairment is less or no longer exists,
the value of the asset is re-estimated and its
carrying value is increased to the recoverable
amount, but not exceeding the original value,
by recognising an impairment reversal in
Operating profit.
Government grants
Government grants are recognised in the
Consolidated Statement of Comprehensive
Income so as to match with the related
expenses that they are intended to
compensate. Where grants are received
in advance of the related expenses, they
are initially recognised in the Consolidated
Statement of Financial Position under Trade
and other payables as deferred income
and released to net off against the related
expenditure when incurred.
Each contract is assessed to determine
whether there are both grant elements and
supply of product which need to be separated.
In each case, the contracts set out the
specified terms for the supply of the product
and the provisions for funding for certain
costs, primarily research and development
associated with the IP. It is considered
whether there are any conditions for the
funding to be refunded. The consideration in
the contract is allocated between the grant
and supply elements. The standalone selling
price for the supply of products is determined
by reference to observed prices with other
customers. The amount allocated as a
government grant is determined by reference
to the specific agreed costs and activities
identified in the contract as not directly
attributable to the supply of product.
Government grants are recorded as an offset
to the relevant expense in the Consolidated
Statement of Comprehensive Income and are
capped to match the relevant costs incurred.
Other operating income and expense
Other operating income and expense is
generated from activities outside of the
Group\u2019s normal course of business, which
includes Other income from divestments of
or full out-license of assets and businesses
including royalties and milestones where the
Group does not retain a significant continued
interest. Where the arrangement meets the
definition of a licence agreement, sales
milestones and sales royalties are recognised
when achieved by applying the royalty
exemption under IFRS 15 \u2018Revenue from
Contracts with Customers\u2019. All other
milestones and sales royalties are recognised
when it is considered highly probable that
there will not be a significant reversal of
cumulative income. The determination
requires estimates to be made in relation
to future Product Sales.
Joint arrangements and associates
The Group has arrangements over which it
has joint control and which qualify as joint
operations or joint ventures under IFRS 11
\u2018Joint Arrangements\u2019. For joint operations,
the Group recognises its share of revenue
that it earns from the joint operations and
its share of expenses incurred. The Group
also recognises the assets associated with
the joint operations that it controls and the
liabilities it incurs under the joint arrangement.
For joint ventures and associates, the Group
recognises its interest in the joint venture or
associate as an investment and uses the
equity method of accounting.
Employee benefits
The Group accounts for pensions and other
employee benefits (principally healthcare)
under IAS 19 \u2018Employee Benefits\u2019. In respect
of defined benefit plans, obligations are
determined using the projected unit credit
method and are discounted to present value
by reference to market yields on high-quality
corporate bonds, while plan assets are
measured at fair value. Given the extent of
the assumptions used to determine the value
of scheme assets and scheme liabilities,
these are considered to be significant
estimates. The operating and financing costs
of such plans are recognised separately
in profit and loss; current service costs
are spread systematically over the lives
of employees and financing costs are
recognised in full in the periods in which they
arise. Remeasurements of the net defined
benefit pension liability, including actuarial
gains and losses, are recognised immediately
in Other comprehensive income.
Where the calculation results in a surplus to
the Group, the recognised asset is limited
to the present value of any available future
refunds from the plan or reductions in
future contributions to the plan subject to
consideration of the effect any minimum
funding requirement for future service has
on the benefit available as a reduction in
future contributions.
Payments to defined contribution plans are
recognised in profit and loss as they fall due.
Taxation
The current tax payable is based on taxable
profit for the year. Taxable profit differs
from reported profit because taxable profit
excludes items that are either never taxable
or tax deductible or items that are taxable
or tax deductible in a different period. The
Group\u2019s current tax assets and liabilities
are calculated using tax rates that have
been enacted or substantively enacted
by the reporting date. Current tax includes
the Group\u2019s charge for any Pillar Two
income taxes.
Deferred tax is provided using the balance
sheet liability method, providing for temporary
differences between the carrying amounts of
assets and liabilities for financial reporting
purposes and the amounts used for taxation
purposes. Deferred tax liabilities are
recognised unless they arise from the initial
recognition (other than in a business
combination) of assets and liabilities in a
transaction that affects neither the taxable
profit nor the accounting profit. Deferred tax
liabilities are not recognised to the extent they
arise from the initial recognition of non-tax
deductible goodwill. Deferred tax assets are
recognised to the extent that there are future
taxable temporary differences or it is probable
that future taxable profit will be available
against which the asset can be utilised. This
requires judgements to be made in respect
of the availability of future taxable income.
The Group applies the exception to
recognising and disclosing information about
deferred tax assets and liabilities related to
Pillar Two income taxes, as provided in the
amendments to IAS 12 \u2018Income Taxes\u2019
issued in May 2023.
No deferred tax asset or liability is recognised
in respect of temporary differences
associated with investments in subsidiaries
and branches where the Group is able to
control the timing of reversal of the temporary
differences and it is probable that the
temporary differences will not reverse in the
foreseeable future.
The Group\u2019s deferred tax assets and liabilities
are calculated using tax rates that are
expected to apply in the period when the
liability is settled or the asset realised based
on tax rates that have been enacted or
substantively enacted by the reporting date.
Deferred tax liabilities relating to assets
recognised because of a business
combination which may qualify for intellectual
property incentives are measured at the
relevant statutory tax rate. Deferred tax assets
and liabilities are offset in the Consolidated
Statement of Financial Position if, and only if,
the taxable entity has a legally enforceable
right to set off current tax assets and
liabilities, and the Deferred tax assets and
liabilities relate to taxes levied by the same
taxation authority on the same taxable entity.
Liabilities for uncertain tax positions require
management to make judgements of potential
exposures in relation to tax audit issues.
Tax benefits are not recognised unless the
tax positions will probably be accepted by
the tax authorities. This is based upon
management\u2019s interpretation of applicable
laws and regulations and the expectation of
how the tax authority will resolve the matter.
Once considered probable of not being
accepted, management reviews each material
tax benefit and reflects the effect of the
uncertainty in determining the related
taxable result.
Liabilities for uncertain tax positions are
measured using either the most likely amount
or the expected value amount depending on
which method the entity expects to better
predict the resolution of the uncertainty.
Further details of the estimates and
assumptions made in determining our
recorded liability for transfer pricing
contingencies and other tax contingencies
are included in Note 30 to the Financial
Statements from page 211.
Share-based payments
All plans have been classified as equity
settled after assessment. The grant date
fair value of the market-based performance
elements of employee share plan awards is
calculated using a modified Monte Carlo
model, with other elements at market price.
In accordance with IFRS 2 \u2018Share-based
Payment\u2019, the resulting cost is recognised in
profit on a straight-line basis over the vesting
period of the awards. The value of the charge
is adjusted to reflect expected and actual
levels of awards vesting, except where the
failure to vest is as a result of not meeting
a market condition. Cancellations of equity
instruments are treated as an acceleration
of the vesting period and any outstanding
charge is recognised in profit immediately.
Cash outflows relating to the purchase of
shares by consolidated Employee Benefit
Trusts (EBTs) relating to the vesting of share
plans are recognised within financing
activities. Cash outflows relating to the
employer and employee taxes paid on
vesting of share plans are recognised in
operating activities as they relate to employee
remuneration. The cash flows relating to
replacement awards issued to employees as
part of the Alexion acquisition are classified
within investing activities, as they are part
of the aggregate cash flows arising from
obtaining control of the subsidiary.
Property, plant and equipment
The Group\u2019s policy is to depreciate the
difference between the cost of each item of
Property, plant and equipment and its residual
value over its estimated useful life on a
straight-line basis. Assets under construction
are not depreciated until the asset is
available for use, at which point the asset is
transferred into either Land and buildings or
Plant and equipment, and depreciated over
its estimated useful economic life.
Reviews are made annually of the estimated
remaining lives and residual values of
individual productive assets, taking
account of commercial and technological
obsolescence as well as normal wear and
tear. It is impractical to calculate average
asset lives exactly. However, the useful
economic lives range from approximately
10 to 50 years for buildings, and three to 15
years for plant and equipment. All items of
Property, plant and equipment are tested for
impairment when there are indications that
the carrying value may not be recoverable.
Any impairment losses are recognised
immediately in Operating profit.
Leases
The Group\u2019s lease arrangements are
principally for property, most notably
a portfolio of office premises and employee
accommodation, and for a global car
fleet, utilised primarily by our sales and
marketing teams.
The lease liability and corresponding
right-of-use asset arising from a lease are
initially measured on a present value basis.
Lease liabilities include the net present
value of the following lease payments:
\u2022
fixed payments, less any lease
incentives receivable
\u2022
variable lease payments that depend on an
index or a rate, initially measured using the
index or rate as at the commencement date
\u2022
the exercise price of a purchase option if
the Group is reasonably certain to exercise
that option
\u2022
payments of penalties for terminating the
lease, if the lease term reflects the Group
exercising that option, and
\u2022
amounts expected to be payable by the
Group under residual value guarantees.
Right-of-use assets are measured at cost
comprising the following:
\u2022
the amount of the initial measurement of
lease liability
\u2022
any lease payments made at or before
the commencement date less any lease
incentives received
\u2022
any initial direct costs, and
\u2022
restoration costs.
Judgements made in calculating the lease
liability include assessing whether
arrangements contain a lease and determining
the lease term. Lease terms are negotiated
on an individual basis and contain a wide
range of different terms and conditions.
Property leases will often include an early
termination or extension option to the lease
term. Fleet management policies vary by
jurisdiction and may include renewal of a
lease until a measurement threshold, such as
mileage, is reached. Extension and termination
options have been considered when
determining the lease term, along with all
facts and circumstances that may create an
economic incentive to exercise an extension
option, or not exercise a termination option.
Extension periods (or periods after
termination options) are only included in the
lease term if the lease is reasonably certain
to be extended (or not terminated).
The lease payments are discounted using
incremental borrowing rates, as in the
majority of leases held by the Group the
interest rate implicit in the lease is not readily
identifiable. Calculating the discount rate is
an estimate made in calculating the lease
liability. This rate is the rate that the Group
would have to pay to borrow the funds
necessary to obtain an asset of similar value
to the right-of-use asset in a similar economic
environment with similar terms, security and
conditions. To determine the incremental
borrowing rate, the Group uses a risk-free
interest rate adjusted for credit risk, adjusting
for terms specific to the lease including term,
country and currency.
The Group is exposed to potential future
increases in variable lease payments that
are based on an index or rate, which are
initially measured as at the commencement
date, with any future changes in the index
or rate excluded from the lease liability until
they take effect. When adjustments to lease
payments based on an index or rate take
effect, the lease liability is reassessed and
adjusted against the right-of-use asset.
Lease payments are allocated between
principal and finance cost. The finance cost
is charged to the Consolidated Statement
of Comprehensive Income over the lease
period so as to produce a constant periodic
rate of interest on the remaining balance of
the liability for each period.
Payments associated with short-term leases
of Property, plant and equipment and all
leases of low-value assets are recognised
on a straight-line basis as an expense in the
Consolidated Statement of Comprehensive
Income. Short-term leases are leases with
a lease term of 12 months or less. Low-value
leases are those where the underlying asset
value, when new, is $5,000 or less and
includes IT equipment and small items of
office furniture.
Contracts may contain both lease and
non-lease components. The Group allocates
the consideration in the contract to the lease
and non-lease components based on their
relative standalone prices.
Right-of-use assets are generally depreciated
over the shorter of the asset\u2019s useful life and
the lease term on a straight-line basis. If the
Group is reasonably certain to exercise a
purchase option, the right-of-use asset is
depreciated over the underlying asset\u2019s
useful life. It is impractical to calculate average
asset lives exactly. However, the total lives
range from approximately 10 to 50 years for
buildings, and three to 15 years for motor
vehicles and other assets.
There are no material lease agreements
under which the Group is a lessor.
Business combinations and goodwill
In assessing whether an acquired set of
assets and activities is a business or an asset,
management will first elect whether to apply
an optional concentration test to simplify the
assessment. Where the concentration test is
applied, the acquisition will be treated as the
acquisition of an asset if substantially all of
the fair value of the gross assets acquired
(excluding cash and cash equivalents,
deferred tax assets, and related goodwill)
is concentrated in a single asset or group
of similar identifiable assets.
Where the concentration test is not applied,
or is not met, a further assessment of
whether the acquired set of assets and
activities is a business will be performed.
KJ
The determination of whether an
acquired set of assets and activities is a
business or an asset can be judgemental,
particularly if the target is not producing
outputs. Management uses a number of
factors to make this determination, which are
primarily focused on whether the acquired
set of assets and activities include
substantive processes that mean the set is
capable of being managed for the purpose
of providing a return. Key determining
factors include the stage of development
of any assets acquired, the readiness and
ability of the acquired set to produce outputs
and the presence of key experienced
employees capable of conducting activities
required to develop or manufacture the
assets. Typically, the specialised nature
of many pharmaceutical assets and
processes is such that until assets are
substantively ready for production and
promotion, there are not the required
processes for a set of assets and activities
to meet the definition of a business in
IFRS 3 \u2018Business Combinations\u2019.
On the acquisition of a business, fair values
are attributed to the identifiable assets and
liabilities. Attributing fair values is a judgement.
Contingent liabilities are also recorded at
fair value unless the fair value cannot be
measured reliably, in which case the value
is subsumed into goodwill. Where fair values
of acquired contingent liabilities cannot be
measured reliably, the assumed contingent
liability is not recognised but is disclosed in the
same manner as other contingent liabilities.
Where not all of the equity of a subsidiary
is acquired, the non-controlling interest is
recognised either at fair value or at the
non-controlling interest\u2019s proportionate
share of the net assets of the subsidiary,
on a case-by-case basis. Put options over
non-controlling interests are recognised
as a financial liability, with a corresponding
entry in either Retained earnings or against
non-controlling interest reserves on a
case-by-case basis.
The timing and amount of future contingent
elements of consideration is an estimate.
Contingent consideration, which may include
development and launch milestones, revenue
threshold milestones and revenue-based
royalties, is fair valued at the date of
acquisition using decision-tree analysis with
key inputs including probability of success,
consideration of potential delays and revenue
projections based on the Group\u2019s internal
forecasts. Unsettled amounts of consideration
are held at fair value within payables with
changes in fair value recognised immediately
in profit.
Goodwill is the difference between the fair
value of the consideration and the fair value
of net assets acquired.
Goodwill arising on acquisitions is capitalised
and subject to an impairment review, both
annually and when there is an indication that
the carrying value may not be recoverable.
The Group\u2019s policy up to and including
1997 was to eliminate Goodwill arising upon
acquisitions against reserves. Under IFRS 1
\u2018First-time Adoption of International Financial
Reporting Standards\u2019 and IFRS 3 \u2018Business
Combinations\u2019, such Goodwill will remain
eliminated against reserves.
Subsidiaries
A subsidiary is an entity controlled, directly
or indirectly, by AstraZeneca PLC. Control is
regarded as the exposure or rights to the
variable returns of the entity when combined
with the power to affect those returns. Control
is normally evidenced by holding more than
50% of the share capital of the company,
however other agreements may be in
place that result in control where they give
AstraZeneca finance decision-making
authority over the relevant activities of
the company.
The financial results of subsidiaries are
consolidated from the date control is
obtained until the date that control ceases.
Inventories
Inventories are stated at the lower of cost
and net realisable value. The first in, first out
or an average method of valuation is used.
For finished goods and work in progress,
cost includes directly attributable costs
and certain overhead expenses (including
depreciation). Selling expenses and certain
other overhead expenses (principally central
administration costs) are excluded. Net
realisable value is determined as estimated
selling price less all estimated costs of
completion and costs to be incurred in
selling and distribution.
Write-downs of inventory occur in the general
course of business and are recognised in
Cost of sales for launched or approved
products and in Research and development
expense for products in development.
Assets held for sale
Non-current assets are classified as Assets
held for sale when their carrying amount
is to be recovered principally through a
sale transaction and a sale is considered
highly probable. A sale is considered highly
probable only when the appropriate level of
management has committed to the sale.
Assets held for sale are stated at the lower
of carrying amount and fair value less costs
to sell. Where there is a partial transfer of
a non-current asset to held for sale, an
allocation of value is made between the
current and non-current portions of the
asset based on the relative value of the two
portions, unless there is a methodology that
better reflects the asset to be disposed of.
Assets held for sale are neither depreciated
nor amortised.
Trade and other receivables
Financial assets included in Trade and other
receivables are recognised initially at fair
value. The Group holds the Trade receivables
with the objective to collect the contractual
cash flows and therefore measures them
subsequently at amortised cost using the
effective interest method, less any impairment,
based on expected credit losses.
Trade receivables that are subject to debt
factoring arrangements are derecognised if
they meet the conditions for derecognition
detailed in IFRS 9 \u2018Financial Instruments\u2019.
Trade and other payables
Financial liabilities included in Trade and
other payables are recognised initially at
fair value. Subsequent to initial recognition
they are measured at amortised cost using
the effective interest method. Contingent
consideration payables are held at fair value
within Level 3 of the fair value hierarchy as
defined in Note 12.
Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration and put options under business
combinations, and rights and obligations
under employee benefit plans which are
dealt with in specific accounting policies.
The Group\u2019s other financial
instruments include:
\u2022
Cash and cash equivalents
\u2022
Fixed deposits
\u2022
Other investments
\u2022
Bank and other borrowings
\u2022
Derivatives.
Cash and cash equivalents
Cash and cash equivalents comprise cash in
hand, current balances with banks and similar
institutions, and highly liquid investments
with maturities of three months or less when
acquired. They are readily convertible into
known amounts of cash and are held at
amortised cost under the hold to collect
classification, where they meet the hold to
collect \u2018solely payments of principal and
interest\u2019 test criteria under IFRS 9 \u2018Financial
Instruments\u2019. Those not meeting these
criteria are held at fair value through profit
or loss. Cash and cash equivalents in the
Consolidated Statement of Cash Flows include
unsecured bank overdrafts at the balance
sheet date where balances often fluctuate
between a cash and overdraft position.
Fixed deposits
Fixed deposits, principally comprising
funds held with banks and other financial
institutions, are initially measured at fair
value, plus direct transaction costs, and are
subsequently measured at amortised cost
using the effective interest method at each
reporting date. Changes in carrying value are
recognised in the Consolidated Statement
of Comprehensive Income.
Other investments
Investments are classified as fair value
through profit or loss (FVPL), unless the
Group makes an irrevocable election at
initial recognition for certain non-current
equity investments to present changes in
Other comprehensive income (FVOCI). If this
election is made, there is no subsequent
reclassification of fair value gains and losses
to profit and loss following the derecognition
of the investment.
Bank and other borrowings
The Group uses derivatives, principally
interest rate swaps, to hedge the interest
rate exposure inherent in a portion of its
fixed interest rate debt. In such cases the
Group will either designate the debt as
FVPL when certain criteria are met or as the
hedged item under a fair value hedge.
If the debt instrument is designated as FVPL,
the debt is initially measured at fair value
(with direct transaction costs being included
in profit and loss as an expense) and is
remeasured to fair value at each reporting
date with changes in carrying value being
recognised in profit and loss (along with
changes in the fair value of the related
derivative), with the exception of changes in
the fair value of the debt instrument relating
to own credit risk which are recorded in
Other comprehensive income in accordance
with IFRS 9 \u2018Financial Instruments\u2019. Such
a designation has been made where this
significantly reduces an accounting mismatch
which would result from recognising gains
and losses on different bases.
If the debt is designated as the hedged
item under a fair value hedge, the debt is
initially measured at fair value (with direct
transaction costs being amortised over the
life of the debt) and is remeasured for fair
value changes in respect of the hedged
risk at each reporting date with changes in
carrying value being recognised in profit
and loss (along with changes in the fair
value of the related derivative).
If the debt is designated in a cash flow
hedge, the debt is measured at amortised
cost (with gains or losses taken to profit
and loss and direct transaction costs being
amortised over the life of the debt). The
related derivative is remeasured for fair
value changes at each reporting date with the
portion of the gain or loss on the derivative
that is determined to be an effective hedge
recognised in Other comprehensive income.
The amounts that have been recognised in
Other comprehensive income are reclassified
to profit and loss in the same period that the
hedged forecast cash flows affect profit.
The reclassification adjustment is included
in Finance expense in the Consolidated
Statement of Comprehensive Income.
Other interest-bearing loans are initially
measured at fair value (with direct transaction
costs being amortised over the life of the loan)
and are subsequently measured at amortised
cost using the effective interest method at
each reporting date. Changes in carrying
value are recognised in the Consolidated
Statement of Comprehensive Income.
Derivatives
Derivatives are initially measured at fair
value (with direct transaction costs being
included in profit and loss as an expense)
and are subsequently remeasured to fair
value at each reporting date. Changes in
carrying value of derivatives not designated
in hedging relationships are recognised in
profit and loss.
The Group has agreements with some bank
counterparties whereby the parties agree
to post cash collateral, for the benefit of
the other, equivalent to the market valuation
of all of the derivative positions above a
predetermined threshold. Cash collateral
received from counterparties is included
within current Interest-bearing loans and
borrowings within the Consolidated Statement
of Financial Position. Cash collateral
pledged to counterparties is recognised as
a financial asset and is included in current
Other investments within the Consolidated
Statement of Financial Position. Cash
collateral received is included in Movement
in short-term borrowings within financing
activities in the Consolidated Statement of
Cash Flows. Cash collateral paid is included
in Movements in short-term investments
within investing activities in the Consolidated
Statement of Cash Flows. The cash flow
presentation of cash paid and received
follows the Consolidated Statement of
Financial Position presentation of the
financial asset and financial liability that
is recognised from posting the collateral.
Foreign currencies
Foreign currency transactions, being
transactions denominated in a currency
other than an individual Group entity\u2019s
functional currency, are translated into the
relevant functional currencies of individual
Group entities at average rates for the
relevant monthly accounting periods,
which approximate to actual rates.
Monetary assets and liabilities arising
from foreign currency transactions are
retranslated at exchange rates prevailing
at the reporting date. Exchange gains and
losses on loans and on short-term foreign
currency borrowings and deposits are
included within Finance expense. Exchange
differences on all other foreign currency
transactions are recognised in Operating
profit in the individual Group entity\u2019s
accounting records.
Non-monetary items arising from foreign
currency transactions are not retranslated
in the individual Group entity\u2019s
accounting records.
In the Consolidated Financial Statements,
income and expense items for Group entities
with a functional currency other than US
dollars are translated into US dollars at
average exchange rates, which approximate
to actual rates, for the relevant accounting
periods. Assets and liabilities are translated
at the US dollar exchange rates prevailing at
the reporting date. Exchange differences
arising on consolidation are recognised in
Other comprehensive income.
If certain criteria are met, non-US dollar-
denominated loans or derivatives are
designated as net investment hedges of
foreign operations. Exchange differences
arising on retranslation of net investments,
and of foreign currency loans which are
designated in an effective net investment
hedge relationship, are recognised in Other
comprehensive income in the Consolidated
Financial Statements. Foreign exchange
derivatives hedging net investments in
foreign operations are carried at fair value.
Effective fair value movements are recognised
in Other comprehensive income, with any
ineffectiveness taken to profit. Gains and
losses accumulated in the translation reserve
will be recycled to profit and loss when the
foreign operation is sold.
Provisions
Provisions are recognised when there
is either a legal or constructive present
obligation as a result of a past event, it is
probable that an outflow of economic
resources will be required to settle the
obligation and a reliable estimate can be
made of the amount of the obligation. If the
effect of the time value of money is material,
provisions are discounted at the relevant
pre-tax discount rate. Where provisions
are discounted, the increase in the
provision resulting from the passage of
time is recognised as a finance cost.
Litigation and environmental liabilities
AstraZeneca is involved in legal disputes, the
settlement of which may involve cost to the
Group. A provision is made where an adverse
outcome is probable and associated costs,
including related legal costs, can be estimated
reliably. Determining the timing of recognition
of when an adverse outcome is probable is
considered a Key Judgement, refer to Note 30
to the Financial Statements on page 205.
Where it is considered that the Group is
more likely than not to prevail, or in the
extremely rare circumstances where the
amount of the legal liability cannot be
estimated reliably, legal costs involved in
defending the claim are charged to the
Consolidated Statement of Comprehensive
Income as they are incurred.
Where it is considered that the Group has
a valid contract which provides the right to
reimbursement (from insurance or otherwise)
of legal costs and/or all or part of any loss
incurred or for which a provision has been
established, the amount expected to be
received is recognised as an asset only
when it is virtually certain.
AstraZeneca is exposed to environmental
liabilities relating to its past operations,
principally in respect of soil and groundwater
remediation costs. Provisions for these costs
are made when there is a present obligation
and where it is probable that expenditure on
remedial work will be required and a reliable
estimate can be made of the cost.
Restructuring
Restructuring costs are incurred in
programmes that are planned and controlled
by the Group which materially change either
the scope of a business undertaken by the
Group, or the manner in which that business
is conducted.
A provision for restructuring costs is
recognised when a detailed formal plan
is in place and has either been announced
to those affected or has started to be
implemented. The general recognition
criteria for provisions must also be met,
as described in the Provisions policy.
Impairment
The carrying values of non-financial assets,
other than Inventories and Deferred tax assets,
are reviewed at least annually to determine
whether there is any indication of impairment.
For Goodwill, Intangible assets under
development and for any other assets where
such indication exists, the asset\u2019s recoverable
amount is estimated based on the greater of
its value in use and its fair value less cost to
sell. In assessing the recoverable amount,
the estimated future cash flows, adjusted
for the risks associated with the probability
of success specific to each asset, as well as
inflationary impacts, are discounted to their
present value using a nominal discount rate
that reflects current market assessments
of the time value of money, the general
risks affecting the pharmaceutical industry
and other risks specific to each asset. For
the purpose of impairment testing, assets
are grouped together into the smallest
group of assets that generates cash
inflows from continuing use that are largely
independent of the cash flows of other
assets. Impairment losses are recognised
immediately in the Consolidated Statement
of Comprehensive Income.
Applicable accounting standards
and interpretations issued but not
yet adopted
At the date of authorisation of these Financial
Statements, certain new accounting standards
and amendments were in issue relating to
the following standards and interpretations
but not yet adopted by the Group:
\u2022
IFRS 18 \u2018Presentation and Disclosure in
Financial Statements\u2019 is effective for
accounting periods beginning on or after
1 January 2027 and will replace IAS 1
\u2018Presentation of Financial Statements\u2019.
IFRS 18 sets out new presentation
requirements for the Statement of
Comprehensive Income, as well as more
stringent and additional requirements
on the aggregation, disaggregation and
categorisation of income and expenses
within the Statement of Comprehensive
Income. Additionally, alternative
performance measures included within the
Annual Report which meet the definition
of Management-defined Performance
Measures are required to be disclosed
within the Notes to the Financial Statements.
\u2022
The Group is currently assessing the
impact of IFRS 18. It is expected that
IFRS 18 will have a significant impact
on the presentation of the Consolidated
Statement of Comprehensive Income,
and may require judgements around
aggregation and disaggregation of certain
balances, as well as requiring additional
disclosures relating to Management-defined
Performance Measures, aggregation and
disaggregation, and EPS. IFRS 18 is yet to
be endorsed by the UKEB and the Group
is not seeking to early adopt the standard.
In addition, the following amendment was
issued but not yet adopted:
\u2022
amendments to IAS 21 \u2018The Effects of
Changes in Foreign Exchange Rates\u2019,
effective for periods beginning on or
after 1 January 2025 \u2013 endorsed by the
UKEB on 15 July 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00628": { "value": "Basis of accounting and preparation
of financial information
The Consolidated Financial Statements
have been prepared under the historical
cost convention, modified to include
revaluation to fair value of certain financial
instruments and pension plan assets and
liabilities as described below, in accordance
with UK-adopted international accounting
standards and with the requirements of
the Companies Act 2006 as applicable to
companies reporting under those standards.
The Consolidated Financial Statements also
comply fully with IFRS Accounting Standards
as issued by the International Accounting
Standards Board (IASB) and International
Accounting Standards as adopted by the
European Union.
The Consolidated Financial Statements
are presented in US dollars, which is the
Company\u2019s functional currency.
In preparing their individual financial
statements, the accounting policies of some
overseas subsidiaries do not conform with
IASB-issued IFRSs. Therefore, where
appropriate, adjustments are made in order
to present the Consolidated Financial
Statements on a consistent basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00627": { "value": "Basis of accounting and preparation
of financial information
The Consolidated Financial Statements
have been prepared under the historical
cost convention, modified to include
revaluation to fair value of certain financial
instruments and pension plan assets and
liabilities as described below, in accordance
with UK-adopted international accounting
standards and with the requirements of
the Companies Act 2006 as applicable to
companies reporting under those standards.
The Consolidated Financial Statements also
comply fully with IFRS Accounting Standards
as issued by the International Accounting
Standards Board (IASB) and International
Accounting Standards as adopted by the
European Union.
The Consolidated Financial Statements
are presented in US dollars, which is the
Company\u2019s functional currency.
In preparing their individual financial
statements, the accounting policies of some
overseas subsidiaries do not conform with
IASB-issued IFRSs. Therefore, where
appropriate, adjustments are made in order
to present the Consolidated Financial
Statements on a consistent basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00626": { "value": "Basis of accounting and preparation
of financial information
The Consolidated Financial Statements
have been prepared under the historical
cost convention, modified to include
revaluation to fair value of certain financial
instruments and pension plan assets and
liabilities as described below, in accordance
with UK-adopted international accounting
standards and with the requirements of
the Companies Act 2006 as applicable to
companies reporting under those standards.
The Consolidated Financial Statements also
comply fully with IFRS Accounting Standards
as issued by the International Accounting
Standards Board (IASB) and International
Accounting Standards as adopted by the
European Union.
The Consolidated Financial Statements
are presented in US dollars, which is the
Company\u2019s functional currency.
In preparing their individual financial
statements, the accounting policies of some
overseas subsidiaries do not conform with
IASB-issued IFRSs. Therefore, where
appropriate, adjustments are made in order
to present the Consolidated Financial
Statements on a consistent basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "The Consolidated Financial Statements
have been prepared under the historical
cost convention, modified to include
revaluation to fair value of certain financial
instruments and pension plan assets and
liabilities as described below, in accordance
with UK-adopted international accounting
standards and with the requirements of
the Companies Act 2006 as applicable to
companies reporting under those standards.
The Consolidated Financial Statements also
comply fully with IFRS Accounting Standards
as issued by the International Accounting
Standards Board (IASB) and International
Accounting Standards as adopted by the
European Union.
The Consolidated Financial Statements
are presented in US dollars, which is the
Company\u2019s functional currency.
In preparing their individual financial
statements, the accounting policies of some
overseas subsidiaries do not conform with
IASB-issued IFRSs. Therefore, where
appropriate, adjustments are made in order
to present the Consolidated Financial
Statements on a consistent basis.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00629": { "value": "Basis for preparation of Financial
Statements on a going concern basis
The Group has considerable financial
resources available. As at 31 December 2024,
the Group has $10.4bn in financial resources
(cash and cash equivalent balances of $5.5bn
and undrawn committed bank facilities of
$4.9bn that were available until April 2029),
with $2.7bn of borrowings due within one
year. These facilities contain no financial
covenants, and in January 2025 their
maturity was extended to April 2030.
The Group has assessed the prospects of the
Group over a period longer than the required
12 months from the date of Board approval
of these Consolidated Financial Statements,
with no deterioration noted requiring a
further extension of this review. The Group\u2019s
revenues are largely derived from sales of
medicines covered by patents, which
provide a relatively high level of resilience
and predictability to cash inflows, although
government price interventions in response
to budgetary constraints are expected to
continue to adversely affect revenues in
some of our significant markets. The Group,
however, anticipates new revenue streams
from both recently launched medicines and
those in development, and the Group has a
wide diversity of customers and suppliers
across different geographic areas.
Consequently, the Directors believe that,
overall, the Group is well placed to manage
its business risks successfully. Accordingly,
they continue to adopt the going concern
basis in preparing the Annual Report and
Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00632": { "value": "Estimates and judgements
The preparation of the Financial Statements
in conformity with generally accepted
accounting principles requires management
to make estimates and judgements that
affect the reported amounts of assets and
liabilities at the date of the Financial
Statements and the reported amounts of
revenues and expenses during the reporting
period. Actual results could differ from
those estimates.
The accounting policy descriptions set out the
areas where judgements and estimates need
exercising, the most significant of which
include the following Key Judgements
KJ
and Significant Estimates
SE
:
\u2022
revenue recognition \u2013 see Revenue
accounting policy on page 153
KJ
and Note 1 on page 160
SE
\u2022
expensing of internal development
expenses \u2013 see Research and development
accounting policy on page 154
KJ
\u2022
impairment reviews of Intangible assets
\u2013 see Note 10 on page 173
SE
\u2022
useful economic life of Intangible assets
\u2013 see Research and development
accounting policy on page 154
KJ
\u2022
business combinations and Goodwill \u2013
see Business combinations and goodwill
accounting policy on page 157
KJ
\u2022
litigation liabilities \u2013 see Litigation and
Environmental Liabilities within Note 30
on page 205
KJ
\u2022
operating segments \u2013 see Note 6 on
page 166
KJ
\u2022
employee benefits \u2013 see Note 22 on
page 190
SE
\u2022
taxation \u2013 see Note 30 on page 211
KJ
.
The Group has assessed the impact of
sustainability topics on its financial reporting.
This includes an impact assessment on the
valuation and useful lives of Intangible assets
and the identification and measurement
of provisions and contingent liabilities in
response to climate and pollution risks.
Sustainability-related opportunities on
innovation are integral to the Financial
Statements with a key indicator of the Group\u2019s
investment being R&D expense. Business
conduct and patient safety are both
considered as part of our recognition and
measurement of provisions and contingent
liabilities, noted within sections of
Government investigations and proceedings
and Product liability litigation as relevant, of
Note 30. No material accounting impacts or
changes to judgements or other required
disclosures were noted.
KJ
Key Judgements are those judgements
made in applying the Group\u2019s accounting
policies that have a material effect on the
amounts of assets and liabilities recognised
in the Financial Statements.
SE
A Significant Estimate has a significant
risk of material adjustment to the carrying
amounts of assets and liabilities within the
next financial year.
Financial risk management policies are
detailed in Note 28 to the Financial
Statements from page 194.
AstraZeneca\u2019s management considers the
following to be the material accounting policies
in the context of the Group\u2019s operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00631": { "value": "Estimates and judgements
The preparation of the Financial Statements
in conformity with generally accepted
accounting principles requires management
to make estimates and judgements that
affect the reported amounts of assets and
liabilities at the date of the Financial
Statements and the reported amounts of
revenues and expenses during the reporting
period. Actual results could differ from
those estimates.
The accounting policy descriptions set out the
areas where judgements and estimates need
exercising, the most significant of which
include the following Key Judgements
KJ
and Significant Estimates
SE
:
\u2022
revenue recognition \u2013 see Revenue
accounting policy on page 153
KJ
and Note 1 on page 160
SE
\u2022
expensing of internal development
expenses \u2013 see Research and development
accounting policy on page 154
KJ
\u2022
impairment reviews of Intangible assets
\u2013 see Note 10 on page 173
SE
\u2022
useful economic life of Intangible assets
\u2013 see Research and development
accounting policy on page 154
KJ
\u2022
business combinations and Goodwill \u2013
see Business combinations and goodwill
accounting policy on page 157
KJ
\u2022
litigation liabilities \u2013 see Litigation and
Environmental Liabilities within Note 30
on page 205
KJ
\u2022
operating segments \u2013 see Note 6 on
page 166
KJ
\u2022
employee benefits \u2013 see Note 22 on
page 190
SE
\u2022
taxation \u2013 see Note 30 on page 211
KJ
.
The Group has assessed the impact of
sustainability topics on its financial reporting.
This includes an impact assessment on the
valuation and useful lives of Intangible assets
and the identification and measurement
of provisions and contingent liabilities in
response to climate and pollution risks.
Sustainability-related opportunities on
innovation are integral to the Financial
Statements with a key indicator of the Group\u2019s
investment being R&D expense. Business
conduct and patient safety are both
considered as part of our recognition and
measurement of provisions and contingent
liabilities, noted within sections of
Government investigations and proceedings
and Product liability litigation as relevant, of
Note 30. No material accounting impacts or
changes to judgements or other required
disclosures were noted.
KJ
Key Judgements are those judgements
made in applying the Group\u2019s accounting
policies that have a material effect on the
amounts of assets and liabilities recognised
in the Financial Statements.
SE
A Significant Estimate has a significant
risk of material adjustment to the carrying
amounts of assets and liabilities within the
next financial year.
Financial risk management policies are
detailed in Note 28 to the Financial
Statements from page 194.
AstraZeneca\u2019s management considers the
following to be the material accounting policies
in the context of the Group\u2019s operations.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00630": { "value": "Estimates and judgements
The preparation of the Financial Statements
in conformity with generally accepted
accounting principles requires management
to make estimates and judgements that
affect the reported amounts of assets and
liabilities at the date of the Financial
Statements and the reported amounts of
revenues and expenses during the reporting
period. Actual results could differ from
those estimates.
The accounting policy descriptions set out the
areas where judgements and estimates need
exercising, the most significant of which
include the following Key Judgements
KJ
and Significant Estimates
SE
:
\u2022
revenue recognition \u2013 see Revenue
accounting policy on page 153
KJ
and Note 1 on page 160
SE
\u2022
expensing of internal development
expenses \u2013 see Research and development
accounting policy on page 154
KJ
\u2022
impairment reviews of Intangible assets
\u2013 see Note 10 on page 173
SE
\u2022
useful economic life of Intangible assets
\u2013 see Research and development
accounting policy on page 154
KJ
\u2022
business combinations and Goodwill \u2013
see Business combinations and goodwill
accounting policy on page 157
KJ
\u2022
litigation liabilities \u2013 see Litigation and
Environmental Liabilities within Note 30
on page 205
KJ
\u2022
operating segments \u2013 see Note 6 on
page 166
KJ
\u2022
employee benefits \u2013 see Note 22 on
page 190
SE
\u2022
taxation \u2013 see Note 30 on page 211
KJ
.
The Group has assessed the impact of
sustainability topics on its financial reporting.
This includes an impact assessment on the
valuation and useful lives of Intangible assets
and the identification and measurement
of provisions and contingent liabilities in
response to climate and pollution risks.
Sustainability-related opportunities on
innovation are integral to the Financial
Statements with a key indicator of the Group\u2019s
investment being R&D expense. Business
conduct and patient safety are both
considered as part of our recognition and
measurement of provisions and contingent
liabilities, noted within sections of
Government investigations and proceedings
and Product liability litigation as relevant, of
Note 30. No material accounting impacts or
changes to judgements or other required
disclosures were noted.
KJ
Key Judgements are those judgements
made in applying the Group\u2019s accounting
policies that have a material effect on the
amounts of assets and liabilities recognised
in the Financial Statements.
SE
A Significant Estimate has a significant
risk of material adjustment to the carrying
amounts of assets and liabilities within the
next financial year.
Financial risk management policies are
detailed in Note 28 to the Financial
Statements from page 194.
AstraZeneca\u2019s management considers the
following to be the material accounting policies
in the context of the Group\u2019s operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00634": { "value": "Revenue
Revenue comprises Product Sales, Alliance
Revenue and Collaboration Revenue.
Revenue excludes inter-company revenues
and value-added taxes.
Product Sales
Product Sales represent net invoice value less
estimated rebates, returns and chargebacks,
which are considered to be variable
consideration and include significant
estimates. Sales are recognised when the
control of the goods has been transferred to
a third party. This is usually when title passes
to the customer, either on shipment or on
receipt of goods by the customer, depending
on local trading terms. Revenue is not
recognised in full until it is highly probable
that a significant reversal in the amount of
cumulative revenue recognised will not occur.
Rebates are amounts payable or credited to
a customer, usually based on the quantity or
value of Product Sales to the customer for
specific products in a certain period. Product
Sales rebates, which relate to Product Sales
that occur over a period of time, are normally
issued retrospectively.
At the time Product Sales are invoiced, rebates
and deductions that the Group expects to
pay are estimated based upon assumptions
developed using contractual terms, historical
experience and market-related information.
The rebates and deductions are recognised
as variable consideration and recorded as a
reduction to revenue with an accrual recorded.
These rebates typically arise from sales
contracts with government payers, third-
party managed care organisations, hospitals,
long-term care facilities, group purchasing
organisations and various state programmes.
In markets where returns are significant,
estimates of the quantity and value of
goods which may ultimately be returned
are accounted for at the point revenue is
recognised. Our returns accruals are based
on actual experience over the preceding
12 months for established products together
with market-related information such as
estimated stock levels at wholesalers and
competitor activity which we receive via
third-party information services. For newly
launched products, we use rates based on
our experience with similar products or a
predetermined percentage.
When a product faces generic competition,
particular attention is given to the possible
levels of returns and, in cases where the
circumstances are such that the level of
Product Sales are considered highly probable
to reverse, revenues are only recognised
when the right of return expires, which is
generally on ultimate prescription of the
product to patients.
The methodology and assumptions used to
estimate rebates and returns are monitored
and adjusted regularly in the light of
contractual and legal obligations, historical
trends, past experience and projected
market conditions. Once the uncertainty
associated with returns is resolved, revenue
is adjusted accordingly.
Under certain collaboration agreements
which include a profit sharing mechanism,
our recognition of Product Sales depends
on which party acts as principal in sales
to the end customer. In the cases where
AstraZeneca acts as principal, we record
100% of sales to the end customer. In the
cases where AstraZeneca does not act as
principal, we record the share of gross
profits received within Alliance Revenue.
Contracts relating to the supply of certain
Vaccines & Immune Therapies medicines
relating to the COVID-19 pandemic include
conditions whereby payments are receivable
from customers in advance of the delivery
of product. Such amounts are held on the
Statement of Financial Position as contract
liabilities until the related revenue is
recognised, generally upon product delivery.
Certain of these contracts contain further
provisions that restrict the use of inventory
manufactured in specified supply chains
to specified customers, resulting in an
enforceable right to payment as the activities
are performed. Under IFRS 15 \u2018Revenue from
Contracts with Customers\u2019, such contracts
require revenue to be recognised over time
using an appropriate and reasonably
measurable method to measure progress.
Revenue is recognised on these contracts
based on the proportion of product delivered
compared to the total contracted volumes.
Certain arrangements include bill-and-hold
arrangements under which the Group
invoices a customer for a product but retains
physical possession of the product until it is
transferred to the customer at a point in time
in the future. For these types of arrangements,
an assessment is made to determine when
the performance obligation has been
satisfied, which is when control of the product
is transferred to the customer. If the customer
has obtained control of the product even
though that product remains in the Group\u2019s
physical possession, the performance
obligation to transfer a product has been
satisfied and Product Sales are recognised.
Control is considered to have transferred
when the reason for the bill-and-hold
arrangement is substantive, the product can
be identified separately as belonging to the
customer, the product is ready for physical
transfer to the customer and AstraZeneca
is unable to use or sell the product to
another customer.
Alliance Revenue
Alliance Revenue comprises income arising
from the ongoing operation of collaborative
arrangements related to sales made by
collaboration partners, where AstraZeneca is
entitled to a share of gross profits, share of
revenues or royalties, which are recurring in
nature while the collaboration agreement
remains in place. Alliance Revenue does not
include Product Sales where AstraZeneca
is leading commercialisation in a territory,
or reimbursement for AstraZeneca-incurred
expenses such as R&D or promotion
costs, which arise from the license of
intellectual property.
The Group periodically enters into transactions
where it acquires part of the rights to a
product intangible (either on-market or
in-process R&D), but for commercial reasons
does not act as principal in selling the
product to the customer and therefore does
not recognise income from the product in
the form of Product Sales. This may occur
where, for example, a collaboration partner
retains the right to commercialise in a
specific territory, and has sufficient local
control over that commercialisation to book
Product Sales, while the Group instead
receives a proportion of the value generated
by those Product Sales, either in the form of
a share of gross profits, a share of revenues
or a royalty. This revenue is recognised
when the Group\u2019s right to receive the share
of the collaboration partner\u2019s income is
established and can be reliably measured.
Where an out-licensing arrangement meets
the definition of a licence agreement, sales
royalties are recognised when achieved by
applying the royalty exemption under IFRS 15.
Where the arrangement meets the definition
of a licence agreement, share of gross
profits, share of revenues and sales royalties
are recognised when achieved by applying
the royalty exemption under IFRS 15. All other
sales royalties are recognised when
considered it is highly probable there will not
be a significant reversal of cumulative
income. The determination requires estimates
to be made in relation to future Product Sales.
Collaboration Revenue
Collaboration Revenue includes income
arising from entering into collaborative
arrangements where the Group has
out-licensed (sold) certain rights associated
with products and where AstraZeneca
retains a significant ongoing economic
interest in the product. Significant interest
can include ongoing supply of finished
goods, profit sharing arrangements or being
principal in the sales of medicines. These
collaborations may include development,
manufacturing and/or commercialisation
arrangements with the collaborator. Income
from out-licences may take the form of
upfront fees and milestones.
KJ
Timing of recognition of clinical and
regulatory milestones is considered to be
a Key Judgement. There can be significant
uncertainty over whether it is highly probable
that there would not be a significant reversal
of revenue in respect of specific milestones
if these are recognised before they are
triggered due to them being subject to the
actions of third parties. In general, where
the triggering of a milestone is subject to
the decisions of third parties (e.g. the
acceptance or approval of a filing by a
regulatory authority), the Group does not
consider that the threshold for recognition
is met until that decision is made.
Where Collaboration Revenue arises from
the licensing of the Group\u2019s own intellectual
property, the licences we grant are typically
rights to use intellectual property which do
not change during the period of the licence
and therefore related non-conditional
revenue is recognised at the point the
licence is granted and variable consideration
as soon as recognition criteria are met.
Other performance obligations in the contract
might include the supply of product. These
arrangements typically involve the receipt
of an upfront payment, which the contract
attributes to the license of the intangible
assets, and ongoing receipts for supply,
which the contract attributes to the sale of
the product we manufacture. In cases where
the transaction has two or more components,
we account for the delivered item (for
example, the transfer of title to the intangible
asset) as a separate unit of account and
record revenue on delivery of that component.
Where practicable, consideration is allocated
to performance obligations on the basis of the
standalone selling price of each performance
obligation. However, where there is a licence
of intellectual property, it is not always
possible to establish a reliable estimate of
the standalone selling price of the licence
as they are unique. Therefore, in these rare
situations, the residual approach is used to
determine the consideration attributable
to the licence.
Where fixed amounts are payable over one
year from the effective date of a contract,
an assessment is made as to whether a
significant financing component exists,
and if so, the fair value of this component is
deferred and recognised as financing income
over the period to the expected date of receipt.
Where control of a right-to-use licence for an
intangible asset passes at the outset of an
arrangement, revenue is recognised at the
point in time control is transferred. Where
the substance of a licence arrangement is
that of a right-to-access rights attributable
to an intangible asset, revenue, in the form
of an upfront fee, is recognised over time,
normally on a straight-line basis over the life
of the contract. Where the Group provides
ongoing development services, revenue in
respect of this element is recognised over
the duration of those services.
Where Collaboration Revenue is recorded
and there is a related intangible asset that
is licensed as part of the arrangement, an
appropriate amount of that intangible asset
is charged to Cost of sales based on an
allocation of cost or value to the rights that
have been licensed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00633": { "value": "Revenue
Revenue comprises Product Sales, Alliance
Revenue and Collaboration Revenue.
Revenue excludes inter-company revenues
and value-added taxes.
Product Sales
Product Sales represent net invoice value less
estimated rebates, returns and chargebacks,
which are considered to be variable
consideration and include significant
estimates. Sales are recognised when the
control of the goods has been transferred to
a third party. This is usually when title passes
to the customer, either on shipment or on
receipt of goods by the customer, depending
on local trading terms. Revenue is not
recognised in full until it is highly probable
that a significant reversal in the amount of
cumulative revenue recognised will not occur.
Rebates are amounts payable or credited to
a customer, usually based on the quantity or
value of Product Sales to the customer for
specific products in a certain period. Product
Sales rebates, which relate to Product Sales
that occur over a period of time, are normally
issued retrospectively.
At the time Product Sales are invoiced, rebates
and deductions that the Group expects to
pay are estimated based upon assumptions
developed using contractual terms, historical
experience and market-related information.
The rebates and deductions are recognised
as variable consideration and recorded as a
reduction to revenue with an accrual recorded.
These rebates typically arise from sales
contracts with government payers, third-
party managed care organisations, hospitals,
long-term care facilities, group purchasing
organisations and various state programmes.
In markets where returns are significant,
estimates of the quantity and value of
goods which may ultimately be returned
are accounted for at the point revenue is
recognised. Our returns accruals are based
on actual experience over the preceding
12 months for established products together
with market-related information such as
estimated stock levels at wholesalers and
competitor activity which we receive via
third-party information services. For newly
launched products, we use rates based on
our experience with similar products or a
predetermined percentage.
When a product faces generic competition,
particular attention is given to the possible
levels of returns and, in cases where the
circumstances are such that the level of
Product Sales are considered highly probable
to reverse, revenues are only recognised
when the right of return expires, which is
generally on ultimate prescription of the
product to patients.
The methodology and assumptions used to
estimate rebates and returns are monitored
and adjusted regularly in the light of
contractual and legal obligations, historical
trends, past experience and projected
market conditions. Once the uncertainty
associated with returns is resolved, revenue
is adjusted accordingly.
Under certain collaboration agreements
which include a profit sharing mechanism,
our recognition of Product Sales depends
on which party acts as principal in sales
to the end customer. In the cases where
AstraZeneca acts as principal, we record
100% of sales to the end customer. In the
cases where AstraZeneca does not act as
principal, we record the share of gross
profits received within Alliance Revenue.
Contracts relating to the supply of certain
Vaccines & Immune Therapies medicines
relating to the COVID-19 pandemic include
conditions whereby payments are receivable
from customers in advance of the delivery
of product. Such amounts are held on the
Statement of Financial Position as contract
liabilities until the related revenue is
recognised, generally upon product delivery.
Certain of these contracts contain further
provisions that restrict the use of inventory
manufactured in specified supply chains
to specified customers, resulting in an
enforceable right to payment as the activities
are performed. Under IFRS 15 \u2018Revenue from
Contracts with Customers\u2019, such contracts
require revenue to be recognised over time
using an appropriate and reasonably
measurable method to measure progress.
Revenue is recognised on these contracts
based on the proportion of product delivered
compared to the total contracted volumes.
Certain arrangements include bill-and-hold
arrangements under which the Group
invoices a customer for a product but retains
physical possession of the product until it is
transferred to the customer at a point in time
in the future. For these types of arrangements,
an assessment is made to determine when
the performance obligation has been
satisfied, which is when control of the product
is transferred to the customer. If the customer
has obtained control of the product even
though that product remains in the Group\u2019s
physical possession, the performance
obligation to transfer a product has been
satisfied and Product Sales are recognised.
Control is considered to have transferred
when the reason for the bill-and-hold
arrangement is substantive, the product can
be identified separately as belonging to the
customer, the product is ready for physical
transfer to the customer and AstraZeneca
is unable to use or sell the product to
another customer.
Alliance Revenue
Alliance Revenue comprises income arising
from the ongoing operation of collaborative
arrangements related to sales made by
collaboration partners, where AstraZeneca is
entitled to a share of gross profits, share of
revenues or royalties, which are recurring in
nature while the collaboration agreement
remains in place. Alliance Revenue does not
include Product Sales where AstraZeneca
is leading commercialisation in a territory,
or reimbursement for AstraZeneca-incurred
expenses such as R&D or promotion
costs, which arise from the license of
intellectual property.
The Group periodically enters into transactions
where it acquires part of the rights to a
product intangible (either on-market or
in-process R&D), but for commercial reasons
does not act as principal in selling the
product to the customer and therefore does
not recognise income from the product in
the form of Product Sales. This may occur
where, for example, a collaboration partner
retains the right to commercialise in a
specific territory, and has sufficient local
control over that commercialisation to book
Product Sales, while the Group instead
receives a proportion of the value generated
by those Product Sales, either in the form of
a share of gross profits, a share of revenues
or a royalty. This revenue is recognised
when the Group\u2019s right to receive the share
of the collaboration partner\u2019s income is
established and can be reliably measured.
Where an out-licensing arrangement meets
the definition of a licence agreement, sales
royalties are recognised when achieved by
applying the royalty exemption under IFRS 15.
Where the arrangement meets the definition
of a licence agreement, share of gross
profits, share of revenues and sales royalties
are recognised when achieved by applying
the royalty exemption under IFRS 15. All other
sales royalties are recognised when
considered it is highly probable there will not
be a significant reversal of cumulative
income. The determination requires estimates
to be made in relation to future Product Sales.
Collaboration Revenue
Collaboration Revenue includes income
arising from entering into collaborative
arrangements where the Group has
out-licensed (sold) certain rights associated
with products and where AstraZeneca
retains a significant ongoing economic
interest in the product. Significant interest
can include ongoing supply of finished
goods, profit sharing arrangements or being
principal in the sales of medicines. These
collaborations may include development,
manufacturing and/or commercialisation
arrangements with the collaborator. Income
from out-licences may take the form of
upfront fees and milestones.
KJ
Timing of recognition of clinical and
regulatory milestones is considered to be
a Key Judgement. There can be significant
uncertainty over whether it is highly probable
that there would not be a significant reversal
of revenue in respect of specific milestones
if these are recognised before they are
triggered due to them being subject to the
actions of third parties. In general, where
the triggering of a milestone is subject to
the decisions of third parties (e.g. the
acceptance or approval of a filing by a
regulatory authority), the Group does not
consider that the threshold for recognition
is met until that decision is made.
Where Collaboration Revenue arises from
the licensing of the Group\u2019s own intellectual
property, the licences we grant are typically
rights to use intellectual property which do
not change during the period of the licence
and therefore related non-conditional
revenue is recognised at the point the
licence is granted and variable consideration
as soon as recognition criteria are met.
Other performance obligations in the contract
might include the supply of product. These
arrangements typically involve the receipt
of an upfront payment, which the contract
attributes to the license of the intangible
assets, and ongoing receipts for supply,
which the contract attributes to the sale of
the product we manufacture. In cases where
the transaction has two or more components,
we account for the delivered item (for
example, the transfer of title to the intangible
asset) as a separate unit of account and
record revenue on delivery of that component.
Where practicable, consideration is allocated
to performance obligations on the basis of the
standalone selling price of each performance
obligation. However, where there is a licence
of intellectual property, it is not always
possible to establish a reliable estimate of
the standalone selling price of the licence
as they are unique. Therefore, in these rare
situations, the residual approach is used to
determine the consideration attributable
to the licence.
Where fixed amounts are payable over one
year from the effective date of a contract,
an assessment is made as to whether a
significant financing component exists,
and if so, the fair value of this component is
deferred and recognised as financing income
over the period to the expected date of receipt.
Where control of a right-to-use licence for an
intangible asset passes at the outset of an
arrangement, revenue is recognised at the
point in time control is transferred. Where
the substance of a licence arrangement is
that of a right-to-access rights attributable
to an intangible asset, revenue, in the form
of an upfront fee, is recognised over time,
normally on a straight-line basis over the life
of the contract. Where the Group provides
ongoing development services, revenue in
respect of this element is recognised over
the duration of those services.
Where Collaboration Revenue is recorded
and there is a related intangible asset that
is licensed as part of the arrangement, an
appropriate amount of that intangible asset
is charged to Cost of sales based on an
allocation of cost or value to the rights that
have been licensed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00635": { "value": "Cost of sales
Cost of sales are recognised as the associated
revenue is recognised. Cost of sales include
manufacturing costs, royalties payable
on revenues recognised, movements in
provisions for inventories, inventory write-
offs and impairment charges in relation to
manufacturing assets. Cost of sales also
includes co-collaborator sharing of profit
arising from collaborations, and foreign
exchange gains and losses arising from
business trading activities.
Research and development
Research expenditure is charged to profit
and loss in the year in which it is incurred.
KJ
Internal development expenditure is
capitalised only if it meets the recognition
criteria of IAS 38 \u2018Intangible Assets\u2019. This
is considered a Key Judgement. Where
regulatory and other uncertainties are such
that the criteria are not met, the expenditure
is charged to profit and loss and this is
almost invariably the case prior to approval
of the drug by the relevant regulatory
authority. Where, however, recognition
criteria are met, Intangible assets are
capitalised and amortised on a straight-line
basis over their useful economic lives from
product launch. At 31 December 2024, no
amounts have met the recognition criteria.
Payments to in-license products and
compounds from third parties for new
research and development projects (in
process research and development) generally
take the form of upfront payments, milestones
and royalty payments. Where payments made
to third parties represent consideration for
future research and development activities,
an evaluation is made as to the nature of
the payments. Such payments are expensed
if they represent compensation for sub-
contracted research and development
services not resulting in a transfer of
intellectual property. By contrast, payments
are capitalised if they represent compensation
for the transfer of identifiable intellectual
property developed at the risk of the third
party. Such payments may be made once
development or regulatory milestones are
met and may also be made on the basis of
sales volumes once a product is launched.
Development and regulatory milestone
payments are capitalised as the milestone
is triggered. Sales-related payments are
accrued and capitalised with reference to
the latest Group sales forecasts for approved
indications at the present value of expected
future cash flows. Assets capitalised are
amortised, on a straight-line basis, over their
useful economic lives from product launch.
KJ
The determination of useful economic
life is considered to be a Key Judgement.
On product launch, the Group makes
a judgement as to the expected useful
economic life with reference to the expiry
of associated patents for the product,
expectation around the competitive
environment specific to the product and
our detailed long-term risk-adjusted sales
projections compiled annually across the
Group and approved by the Board.
The useful economic life can extend beyond
patent expiry dependent upon the nature
of the product and the complexity of the
development and manufacturing process.
Significant sales can often be achieved
post patent expiration.
Intangible assets
Intangible assets are stated at cost less
accumulated amortisation and impairments.
Intangible assets relating to products in
development are subject to impairment testing
annually. All Intangible assets are tested for
impairment when there are indications that
the carrying value may not be recoverable.
The determination of the recoverable
amounts includes key estimates which are
highly sensitive to, and depend upon, key
assumptions as detailed in Note 10 to the
Financial Statements from page 172.
Impairment reviews have been carried out on
all Intangible assets that are in development
(and not being amortised), all major intangible
assets acquired during the year and all other
intangible assets that have had indicators
of impairment during the year. Recoverable
amount is determined as the higher of
value-in-use or fair value less costs to sell
using a discounted cash flow calculation, with
the products\u2019 expected cash flows risk-
adjusted over their estimated remaining useful
economic life. Sales forecasts and specific
allocated costs (which have both been
subject to appropriate senior management
review and approval) are risk-adjusted and
discounted using appropriate rates based
on our post-tax weighted average cost of
capital or for fair value less costs to sell,
a required rate of return for a market
participant. Our weighted average cost of
capital reflects factors such as our capital
structure and our costs of debt and equity.
Any impairment losses are recognised
immediately in Operating profit. Intangible
assets relating to products which fail during
development (or for which development
ceases for other reasons) are also tested for
impairment and are written down to their
recoverable amount (which is usually nil).
If, subsequent to an impairment loss being
recognised, development restarts or other
facts and circumstances change indicating
that the impairment is less or no longer exists,
the value of the asset is re-estimated and its
carrying value is increased to the recoverable
amount, but not exceeding the original value,
by recognising an impairment reversal in
Operating profit.
Government grants
Government grants are recognised in the
Consolidated Statement of Comprehensive
Income so as to match with the related
expenses that they are intended to
compensate. Where grants are received
in advance of the related expenses, they
are initially recognised in the Consolidated
Statement of Financial Position under Trade
and other payables as deferred income
and released to net off against the related
expenditure when incurred.
Each contract is assessed to determine
whether there are both grant elements and
supply of product which need to be separated.
In each case, the contracts set out the
specified terms for the supply of the product
and the provisions for funding for certain
costs, primarily research and development
associated with the IP. It is considered
whether there are any conditions for the
funding to be refunded. The consideration in
the contract is allocated between the grant
and supply elements. The standalone selling
price for the supply of products is determined
by reference to observed prices with other
customers. The amount allocated as a
government grant is determined by reference
to the specific agreed costs and activities
identified in the contract as not directly
attributable to the supply of product.
Government grants are recorded as an offset
to the relevant expense in the Consolidated
Statement of Comprehensive Income and are
capped to match the relevant costs incurred.
Other operating income and expense
Other operating income and expense is
generated from activities outside of the
Group\u2019s normal course of business, which
includes Other income from divestments of
or full out-license of assets and businesses
including royalties and milestones where the
Group does not retain a significant continued
interest. Where the arrangement meets the
definition of a licence agreement, sales
milestones and sales royalties are recognised
when achieved by applying the royalty
exemption under IFRS 15 \u2018Revenue from
Contracts with Customers\u2019. All other
milestones and sales royalties are recognised
when it is considered highly probable that
there will not be a significant reversal of
cumulative income. The determination
requires estimates to be made in relation
to future Product Sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00636": { "value": "Research and development
Research expenditure is charged to profit
and loss in the year in which it is incurred.
KJ
Internal development expenditure is
capitalised only if it meets the recognition
criteria of IAS 38 \u2018Intangible Assets\u2019. This
is considered a Key Judgement. Where
regulatory and other uncertainties are such
that the criteria are not met, the expenditure
is charged to profit and loss and this is
almost invariably the case prior to approval
of the drug by the relevant regulatory
authority. Where, however, recognition
criteria are met, Intangible assets are
capitalised and amortised on a straight-line
basis over their useful economic lives from
product launch. At 31 December 2024, no
amounts have met the recognition criteria.
Payments to in-license products and
compounds from third parties for new
research and development projects (in
process research and development) generally
take the form of upfront payments, milestones
and royalty payments. Where payments made
to third parties represent consideration for
future research and development activities,
an evaluation is made as to the nature of
the payments. Such payments are expensed
if they represent compensation for sub-
contracted research and development
services not resulting in a transfer of
intellectual property. By contrast, payments
are capitalised if they represent compensation
for the transfer of identifiable intellectual
property developed at the risk of the third
party. Such payments may be made once
development or regulatory milestones are
met and may also be made on the basis of
sales volumes once a product is launched.
Development and regulatory milestone
payments are capitalised as the milestone
is triggered. Sales-related payments are
accrued and capitalised with reference to
the latest Group sales forecasts for approved
indications at the present value of expected
future cash flows. Assets capitalised are
amortised, on a straight-line basis, over their
useful economic lives from product launch.
KJ
The determination of useful economic
life is considered to be a Key Judgement.
On product launch, the Group makes
a judgement as to the expected useful
economic life with reference to the expiry
of associated patents for the product,
expectation around the competitive
environment specific to the product and
our detailed long-term risk-adjusted sales
projections compiled annually across the
Group and approved by the Board.
The useful economic life can extend beyond
patent expiry dependent upon the nature
of the product and the complexity of the
development and manufacturing process.
Significant sales can often be achieved
post patent expiration.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00637": { "value": "Intangible assets
Intangible assets are stated at cost less
accumulated amortisation and impairments.
Intangible assets relating to products in
development are subject to impairment testing
annually. All Intangible assets are tested for
impairment when there are indications that
the carrying value may not be recoverable.
The determination of the recoverable
amounts includes key estimates which are
highly sensitive to, and depend upon, key
assumptions as detailed in Note 10 to the
Financial Statements from page 172.
Impairment reviews have been carried out on
all Intangible assets that are in development
(and not being amortised), all major intangible
assets acquired during the year and all other
intangible assets that have had indicators
of impairment during the year. Recoverable
amount is determined as the higher of
value-in-use or fair value less costs to sell
using a discounted cash flow calculation, with
the products\u2019 expected cash flows risk-
adjusted over their estimated remaining useful
economic life. Sales forecasts and specific
allocated costs (which have both been
subject to appropriate senior management
review and approval) are risk-adjusted and
discounted using appropriate rates based
on our post-tax weighted average cost of
capital or for fair value less costs to sell,
a required rate of return for a market
participant. Our weighted average cost of
capital reflects factors such as our capital
structure and our costs of debt and equity.
Any impairment losses are recognised
immediately in Operating profit. Intangible
assets relating to products which fail during
development (or for which development
ceases for other reasons) are also tested for
impairment and are written down to their
recoverable amount (which is usually nil).
If, subsequent to an impairment loss being
recognised, development restarts or other
facts and circumstances change indicating
that the impairment is less or no longer exists,
the value of the asset is re-estimated and its
carrying value is increased to the recoverable
amount, but not exceeding the original value,
by recognising an impairment reversal in
Operating profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00638": { "value": "Intangible assets
Intangible assets are stated at cost less
accumulated amortisation and impairments.
Intangible assets relating to products in
development are subject to impairment testing
annually. All Intangible assets are tested for
impairment when there are indications that
the carrying value may not be recoverable.
The determination of the recoverable
amounts includes key estimates which are
highly sensitive to, and depend upon, key
assumptions as detailed in Note 10 to the
Financial Statements from page 172.
Impairment reviews have been carried out on
all Intangible assets that are in development
(and not being amortised), all major intangible
assets acquired during the year and all other
intangible assets that have had indicators
of impairment during the year. Recoverable
amount is determined as the higher of
value-in-use or fair value less costs to sell
using a discounted cash flow calculation, with
the products\u2019 expected cash flows risk-
adjusted over their estimated remaining useful
economic life. Sales forecasts and specific
allocated costs (which have both been
subject to appropriate senior management
review and approval) are risk-adjusted and
discounted using appropriate rates based
on our post-tax weighted average cost of
capital or for fair value less costs to sell,
a required rate of return for a market
participant. Our weighted average cost of
capital reflects factors such as our capital
structure and our costs of debt and equity.
Any impairment losses are recognised
immediately in Operating profit. Intangible
assets relating to products which fail during
development (or for which development
ceases for other reasons) are also tested for
impairment and are written down to their
recoverable amount (which is usually nil).
If, subsequent to an impairment loss being
recognised, development restarts or other
facts and circumstances change indicating
that the impairment is less or no longer exists,
the value of the asset is re-estimated and its
carrying value is increased to the recoverable
amount, but not exceeding the original value,
by recognising an impairment reversal in
Operating profit.Business combinations and goodwill
In assessing whether an acquired set of
assets and activities is a business or an asset,
management will first elect whether to apply
an optional concentration test to simplify the
assessment. Where the concentration test is
applied, the acquisition will be treated as the
acquisition of an asset if substantially all of
the fair value of the gross assets acquired
(excluding cash and cash equivalents,
deferred tax assets, and related goodwill)
is concentrated in a single asset or group
of similar identifiable assets.
Where the concentration test is not applied,
or is not met, a further assessment of
whether the acquired set of assets and
activities is a business will be performed.
KJ
The determination of whether an
acquired set of assets and activities is a
business or an asset can be judgemental,
particularly if the target is not producing
outputs. Management uses a number of
factors to make this determination, which are
primarily focused on whether the acquired
set of assets and activities include
substantive processes that mean the set is
capable of being managed for the purpose
of providing a return. Key determining
factors include the stage of development
of any assets acquired, the readiness and
ability of the acquired set to produce outputs
and the presence of key experienced
employees capable of conducting activities
required to develop or manufacture the
assets. Typically, the specialised nature
of many pharmaceutical assets and
processes is such that until assets are
substantively ready for production and
promotion, there are not the required
processes for a set of assets and activities
to meet the definition of a business in
IFRS 3 \u2018Business Combinations\u2019.
On the acquisition of a business, fair values
are attributed to the identifiable assets and
liabilities. Attributing fair values is a judgement.
Contingent liabilities are also recorded at
fair value unless the fair value cannot be
measured reliably, in which case the value
is subsumed into goodwill. Where fair values
of acquired contingent liabilities cannot be
measured reliably, the assumed contingent
liability is not recognised but is disclosed in the
same manner as other contingent liabilities.
Where not all of the equity of a subsidiary
is acquired, the non-controlling interest is
recognised either at fair value or at the
non-controlling interest\u2019s proportionate
share of the net assets of the subsidiary,
on a case-by-case basis. Put options over
non-controlling interests are recognised
as a financial liability, with a corresponding
entry in either Retained earnings or against
non-controlling interest reserves on a
case-by-case basis.
The timing and amount of future contingent
elements of consideration is an estimate.
Contingent consideration, which may include
development and launch milestones, revenue
threshold milestones and revenue-based
royalties, is fair valued at the date of
acquisition using decision-tree analysis with
key inputs including probability of success,
consideration of potential delays and revenue
projections based on the Group\u2019s internal
forecasts. Unsettled amounts of consideration
are held at fair value within payables with
changes in fair value recognised immediately
in profit.
Goodwill is the difference between the fair
value of the consideration and the fair value
of net assets acquired.
Goodwill arising on acquisitions is capitalised
and subject to an impairment review, both
annually and when there is an indication that
the carrying value may not be recoverable.
The Group\u2019s policy up to and including
1997 was to eliminate Goodwill arising upon
acquisitions against reserves. Under IFRS 1
\u2018First-time Adoption of International Financial
Reporting Standards\u2019 and IFRS 3 \u2018Business
Combinations\u2019, such Goodwill will remain
eliminated against reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00639": { "value": "Government grants
Government grants are recognised in the
Consolidated Statement of Comprehensive
Income so as to match with the related
expenses that they are intended to
compensate. Where grants are received
in advance of the related expenses, they
are initially recognised in the Consolidated
Statement of Financial Position under Trade
and other payables as deferred income
and released to net off against the related
expenditure when incurred.
Each contract is assessed to determine
whether there are both grant elements and
supply of product which need to be separated.
In each case, the contracts set out the
specified terms for the supply of the product
and the provisions for funding for certain
costs, primarily research and development
associated with the IP. It is considered
whether there are any conditions for the
funding to be refunded. The consideration in
the contract is allocated between the grant
and supply elements. The standalone selling
price for the supply of products is determined
by reference to observed prices with other
customers. The amount allocated as a
government grant is determined by reference
to the specific agreed costs and activities
identified in the contract as not directly
attributable to the supply of product.
Government grants are recorded as an offset
to the relevant expense in the Consolidated
Statement of Comprehensive Income and are
capped to match the relevant costs incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00642": { "value": "Joint arrangements and associates
The Group has arrangements over which it
has joint control and which qualify as joint
operations or joint ventures under IFRS 11
\u2018Joint Arrangements\u2019. For joint operations,
the Group recognises its share of revenue
that it earns from the joint operations and
its share of expenses incurred. The Group
also recognises the assets associated with
the joint operations that it controls and the
liabilities it incurs under the joint arrangement.
For joint ventures and associates, the Group
recognises its interest in the joint venture or
associate as an investment and uses the
equity method of accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00641": { "value": "Joint arrangements and associates
The Group has arrangements over which it
has joint control and which qualify as joint
operations or joint ventures under IFRS 11
\u2018Joint Arrangements\u2019. For joint operations,
the Group recognises its share of revenue
that it earns from the joint operations and
its share of expenses incurred. The Group
also recognises the assets associated with
the joint operations that it controls and the
liabilities it incurs under the joint arrangement.
For joint ventures and associates, the Group
recognises its interest in the joint venture or
associate as an investment and uses the
equity method of accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00640": { "value": "Joint arrangements and associates
The Group has arrangements over which it
has joint control and which qualify as joint
operations or joint ventures under IFRS 11
\u2018Joint Arrangements\u2019. For joint operations,
the Group recognises its share of revenue
that it earns from the joint operations and
its share of expenses incurred. The Group
also recognises the assets associated with
the joint operations that it controls and the
liabilities it incurs under the joint arrangement.
For joint ventures and associates, the Group
recognises its interest in the joint venture or
associate as an investment and uses the
equity method of accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00643": { "value": "Employee benefits
The Group accounts for pensions and other
employee benefits (principally healthcare)
under IAS 19 \u2018Employee Benefits\u2019. In respect
of defined benefit plans, obligations are
determined using the projected unit credit
method and are discounted to present value
by reference to market yields on high-quality
corporate bonds, while plan assets are
measured at fair value. Given the extent of
the assumptions used to determine the value
of scheme assets and scheme liabilities,
these are considered to be significant
estimates. The operating and financing costs
of such plans are recognised separately
in profit and loss; current service costs
are spread systematically over the lives
of employees and financing costs are
recognised in full in the periods in which they
arise. Remeasurements of the net defined
benefit pension liability, including actuarial
gains and losses, are recognised immediately
in Other comprehensive income.
Where the calculation results in a surplus to
the Group, the recognised asset is limited
to the present value of any available future
refunds from the plan or reductions in
future contributions to the plan subject to
consideration of the effect any minimum
funding requirement for future service has
on the benefit available as a reduction in
future contributions.
Payments to defined contribution plans are
recognised in profit and loss as they fall due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00644": { "value": "Taxation
The current tax payable is based on taxable
profit for the year. Taxable profit differs
from reported profit because taxable profit
excludes items that are either never taxable
or tax deductible or items that are taxable
or tax deductible in a different period. The
Group\u2019s current tax assets and liabilities
are calculated using tax rates that have
been enacted or substantively enacted
by the reporting date. Current tax includes
the Group\u2019s charge for any Pillar Two
income taxes.
Deferred tax is provided using the balance
sheet liability method, providing for temporary
differences between the carrying amounts of
assets and liabilities for financial reporting
purposes and the amounts used for taxation
purposes. Deferred tax liabilities are
recognised unless they arise from the initial
recognition (other than in a business
combination) of assets and liabilities in a
transaction that affects neither the taxable
profit nor the accounting profit. Deferred tax
liabilities are not recognised to the extent they
arise from the initial recognition of non-tax
deductible goodwill. Deferred tax assets are
recognised to the extent that there are future
taxable temporary differences or it is probable
that future taxable profit will be available
against which the asset can be utilised. This
requires judgements to be made in respect
of the availability of future taxable income.
The Group applies the exception to
recognising and disclosing information about
deferred tax assets and liabilities related to
Pillar Two income taxes, as provided in the
amendments to IAS 12 \u2018Income Taxes\u2019
issued in May 2023.
No deferred tax asset or liability is recognised
in respect of temporary differences
associated with investments in subsidiaries
and branches where the Group is able to
control the timing of reversal of the temporary
differences and it is probable that the
temporary differences will not reverse in the
foreseeable future.
The Group\u2019s deferred tax assets and liabilities
are calculated using tax rates that are
expected to apply in the period when the
liability is settled or the asset realised based
on tax rates that have been enacted or
substantively enacted by the reporting date.
Deferred tax liabilities relating to assets
recognised because of a business
combination which may qualify for intellectual
property incentives are measured at the
relevant statutory tax rate. Deferred tax assets
and liabilities are offset in the Consolidated
Statement of Financial Position if, and only if,
the taxable entity has a legally enforceable
right to set off current tax assets and
liabilities, and the Deferred tax assets and
liabilities relate to taxes levied by the same
taxation authority on the same taxable entity.
Liabilities for uncertain tax positions require
management to make judgements of potential
exposures in relation to tax audit issues.
Tax benefits are not recognised unless the
tax positions will probably be accepted by
the tax authorities. This is based upon
management\u2019s interpretation of applicable
laws and regulations and the expectation of
how the tax authority will resolve the matter.
Once considered probable of not being
accepted, management reviews each material
tax benefit and reflects the effect of the
uncertainty in determining the related
taxable result.
Liabilities for uncertain tax positions are
measured using either the most likely amount
or the expected value amount depending on
which method the entity expects to better
predict the resolution of the uncertainty.
Further details of the estimates and
assumptions made in determining our
recorded liability for transfer pricing
contingencies and other tax contingencies
are included in Note 30 to the Financial
Statements from page 211.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00645": { "value": "Deferred tax is provided using the balance
sheet liability method, providing for temporary
differences between the carrying amounts of
assets and liabilities for financial reporting
purposes and the amounts used for taxation
purposes. Deferred tax liabilities are
recognised unless they arise from the initial
recognition (other than in a business
combination) of assets and liabilities in a
transaction that affects neither the taxable
profit nor the accounting profit. Deferred tax
liabilities are not recognised to the extent they
arise from the initial recognition of non-tax
deductible goodwill. Deferred tax assets are
recognised to the extent that there are future
taxable temporary differences or it is probable
that future taxable profit will be available
against which the asset can be utilised. This
requires judgements to be made in respect
of the availability of future taxable income.
The Group applies the exception to
recognising and disclosing information about
deferred tax assets and liabilities related to
Pillar Two income taxes, as provided in the
amendments to IAS 12 \u2018Income Taxes\u2019
issued in May 2023.
No deferred tax asset or liability is recognised
in respect of temporary differences
associated with investments in subsidiaries
and branches where the Group is able to
control the timing of reversal of the temporary
differences and it is probable that the
temporary differences will not reverse in the
foreseeable future.
The Group\u2019s deferred tax assets and liabilities
are calculated using tax rates that are
expected to apply in the period when the
liability is settled or the asset realised based
on tax rates that have been enacted or
substantively enacted by the reporting date.
Deferred tax liabilities relating to assets
recognised because of a business
combination which may qualify for intellectual
property incentives are measured at the
relevant statutory tax rate. Deferred tax assets
and liabilities are offset in the Consolidated
Statement of Financial Position if, and only if,
the taxable entity has a legally enforceable
right to set off current tax assets and
liabilities, and the Deferred tax assets and
liabilities relate to taxes levied by the same
taxation authority on the same taxable entity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00646": { "value": "Share-based payments
All plans have been classified as equity
settled after assessment. The grant date
fair value of the market-based performance
elements of employee share plan awards is
calculated using a modified Monte Carlo
model, with other elements at market price.
In accordance with IFRS 2 \u2018Share-based
Payment\u2019, the resulting cost is recognised in
profit on a straight-line basis over the vesting
period of the awards. The value of the charge
is adjusted to reflect expected and actual
levels of awards vesting, except where the
failure to vest is as a result of not meeting
a market condition. Cancellations of equity
instruments are treated as an acceleration
of the vesting period and any outstanding
charge is recognised in profit immediately.
Cash outflows relating to the purchase of
shares by consolidated Employee Benefit
Trusts (EBTs) relating to the vesting of share
plans are recognised within financing
activities. Cash outflows relating to the
employer and employee taxes paid on
vesting of share plans are recognised in
operating activities as they relate to employee
remuneration. The cash flows relating to
replacement awards issued to employees as
part of the Alexion acquisition are classified
within investing activities, as they are part
of the aggregate cash flows arising from
obtaining control of the subsidiary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00649": { "value": "Property, plant and equipment
The Group\u2019s policy is to depreciate the
difference between the cost of each item of
Property, plant and equipment and its residual
value over its estimated useful life on a
straight-line basis. Assets under construction
are not depreciated until the asset is
available for use, at which point the asset is
transferred into either Land and buildings or
Plant and equipment, and depreciated over
its estimated useful economic life.
Reviews are made annually of the estimated
remaining lives and residual values of
individual productive assets, taking
account of commercial and technological
obsolescence as well as normal wear and
tear. It is impractical to calculate average
asset lives exactly. However, the useful
economic lives range from approximately
10 to 50 years for buildings, and three to 15
years for plant and equipment. All items of
Property, plant and equipment are tested for
impairment when there are indications that
the carrying value may not be recoverable.
Any impairment losses are recognised
immediately in Operating profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00648": { "value": "Property, plant and equipment
The Group\u2019s policy is to depreciate the
difference between the cost of each item of
Property, plant and equipment and its residual
value over its estimated useful life on a
straight-line basis. Assets under construction
are not depreciated until the asset is
available for use, at which point the asset is
transferred into either Land and buildings or
Plant and equipment, and depreciated over
its estimated useful economic life.
Reviews are made annually of the estimated
remaining lives and residual values of
individual productive assets, taking
account of commercial and technological
obsolescence as well as normal wear and
tear. It is impractical to calculate average
asset lives exactly. However, the useful
economic lives range from approximately
10 to 50 years for buildings, and three to 15
years for plant and equipment. All items of
Property, plant and equipment are tested for
impairment when there are indications that
the carrying value may not be recoverable.
Any impairment losses are recognised
immediately in Operating profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00647": { "value": "Property, plant and equipment
The Group\u2019s policy is to depreciate the
difference between the cost of each item of
Property, plant and equipment and its residual
value over its estimated useful life on a
straight-line basis. Assets under construction
are not depreciated until the asset is
available for use, at which point the asset is
transferred into either Land and buildings or
Plant and equipment, and depreciated over
its estimated useful economic life.
Reviews are made annually of the estimated
remaining lives and residual values of
individual productive assets, taking
account of commercial and technological
obsolescence as well as normal wear and
tear. It is impractical to calculate average
asset lives exactly. However, the useful
economic lives range from approximately
10 to 50 years for buildings, and three to 15
years for plant and equipment. All items of
Property, plant and equipment are tested for
impairment when there are indications that
the carrying value may not be recoverable.
Any impairment losses are recognised
immediately in Operating profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00652": { "value": "Leases
The Group\u2019s lease arrangements are
principally for property, most notably
a portfolio of office premises and employee
accommodation, and for a global car
fleet, utilised primarily by our sales and
marketing teams.
The lease liability and corresponding
right-of-use asset arising from a lease are
initially measured on a present value basis.
Lease liabilities include the net present
value of the following lease payments:
\u2022
fixed payments, less any lease
incentives receivable
\u2022
variable lease payments that depend on an
index or a rate, initially measured using the
index or rate as at the commencement date
\u2022
the exercise price of a purchase option if
the Group is reasonably certain to exercise
that option
\u2022
payments of penalties for terminating the
lease, if the lease term reflects the Group
exercising that option, and
\u2022
amounts expected to be payable by the
Group under residual value guarantees.
Right-of-use assets are measured at cost
comprising the following:
\u2022
the amount of the initial measurement of
lease liability
\u2022
any lease payments made at or before
the commencement date less any lease
incentives received
\u2022
any initial direct costs, and
\u2022
restoration costs.
Judgements made in calculating the lease
liability include assessing whether
arrangements contain a lease and determining
the lease term. Lease terms are negotiated
on an individual basis and contain a wide
range of different terms and conditions.
Property leases will often include an early
termination or extension option to the lease
term. Fleet management policies vary by
jurisdiction and may include renewal of a
lease until a measurement threshold, such as
mileage, is reached. Extension and termination
options have been considered when
determining the lease term, along with all
facts and circumstances that may create an
economic incentive to exercise an extension
option, or not exercise a termination option.
Extension periods (or periods after
termination options) are only included in the
lease term if the lease is reasonably certain
to be extended (or not terminated).
The lease payments are discounted using
incremental borrowing rates, as in the
majority of leases held by the Group the
interest rate implicit in the lease is not readily
identifiable. Calculating the discount rate is
an estimate made in calculating the lease
liability. This rate is the rate that the Group
would have to pay to borrow the funds
necessary to obtain an asset of similar value
to the right-of-use asset in a similar economic
environment with similar terms, security and
conditions. To determine the incremental
borrowing rate, the Group uses a risk-free
interest rate adjusted for credit risk, adjusting
for terms specific to the lease including term,
country and currency.
The Group is exposed to potential future
increases in variable lease payments that
are based on an index or rate, which are
initially measured as at the commencement
date, with any future changes in the index
or rate excluded from the lease liability until
they take effect. When adjustments to lease
payments based on an index or rate take
effect, the lease liability is reassessed and
adjusted against the right-of-use asset.
Lease payments are allocated between
principal and finance cost. The finance cost
is charged to the Consolidated Statement
of Comprehensive Income over the lease
period so as to produce a constant periodic
rate of interest on the remaining balance of
the liability for each period.
Payments associated with short-term leases
of Property, plant and equipment and all
leases of low-value assets are recognised
on a straight-line basis as an expense in the
Consolidated Statement of Comprehensive
Income. Short-term leases are leases with
a lease term of 12 months or less. Low-value
leases are those where the underlying asset
value, when new, is $5,000 or less and
includes IT equipment and small items of
office furniture.
Contracts may contain both lease and
non-lease components. The Group allocates
the consideration in the contract to the lease
and non-lease components based on their
relative standalone prices.
Right-of-use assets are generally depreciated
over the shorter of the asset\u2019s useful life and
the lease term on a straight-line basis. If the
Group is reasonably certain to exercise a
purchase option, the right-of-use asset is
depreciated over the underlying asset\u2019s
useful life. It is impractical to calculate average
asset lives exactly. However, the total lives
range from approximately 10 to 50 years for
buildings, and three to 15 years for motor
vehicles and other assets.
There are no material lease agreements
under which the Group is a lessor.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00651": { "value": "Lease payments are allocated between
principal and finance cost. The finance cost
is charged to the Consolidated Statement
of Comprehensive Income over the lease
period so as to produce a constant periodic
rate of interest on the remaining balance of
the liability for each period. Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration and put options under business
combinations, and rights and obligations
under employee benefit plans which are
dealt with in specific accounting policies.
The Group\u2019s other financial
instruments include:
\u2022
Cash and cash equivalents
\u2022
Fixed deposits
\u2022
Other investments
\u2022
Bank and other borrowings
\u2022
Derivatives.
Cash and cash equivalents
Cash and cash equivalents comprise cash in
hand, current balances with banks and similar
institutions, and highly liquid investments
with maturities of three months or less when
acquired. They are readily convertible into
known amounts of cash and are held at
amortised cost under the hold to collect
classification, where they meet the hold to
collect \u2018solely payments of principal and
interest\u2019 test criteria under IFRS 9 \u2018Financial
Instruments\u2019. Those not meeting these
criteria are held at fair value through profit
or loss. Cash and cash equivalents in the
Consolidated Statement of Cash Flows include
unsecured bank overdrafts at the balance
sheet date where balances often fluctuate
between a cash and overdraft position.
Fixed deposits
Fixed deposits, principally comprising
funds held with banks and other financial
institutions, are initially measured at fair
value, plus direct transaction costs, and are
subsequently measured at amortised cost
using the effective interest method at each
reporting date. Changes in carrying value are
recognised in the Consolidated Statement
of Comprehensive Income.
Other investments
Investments are classified as fair value
through profit or loss (FVPL), unless the
Group makes an irrevocable election at
initial recognition for certain non-current
equity investments to present changes in
Other comprehensive income (FVOCI). If this
election is made, there is no subsequent
reclassification of fair value gains and losses
to profit and loss following the derecognition
of the investment.
Bank and other borrowings
The Group uses derivatives, principally
interest rate swaps, to hedge the interest
rate exposure inherent in a portion of its
fixed interest rate debt. In such cases the
Group will either designate the debt as
FVPL when certain criteria are met or as the
hedged item under a fair value hedge.
If the debt instrument is designated as FVPL,
the debt is initially measured at fair value
(with direct transaction costs being included
in profit and loss as an expense) and is
remeasured to fair value at each reporting
date with changes in carrying value being
recognised in profit and loss (along with
changes in the fair value of the related
derivative), with the exception of changes in
the fair value of the debt instrument relating
to own credit risk which are recorded in
Other comprehensive income in accordance
with IFRS 9 \u2018Financial Instruments\u2019. Such
a designation has been made where this
significantly reduces an accounting mismatch
which would result from recognising gains
and losses on different bases.
If the debt is designated as the hedged
item under a fair value hedge, the debt is
initially measured at fair value (with direct
transaction costs being amortised over the
life of the debt) and is remeasured for fair
value changes in respect of the hedged
risk at each reporting date with changes in
carrying value being recognised in profit
and loss (along with changes in the fair
value of the related derivative).
If the debt is designated in a cash flow
hedge, the debt is measured at amortised
cost (with gains or losses taken to profit
and loss and direct transaction costs being
amortised over the life of the debt). The
related derivative is remeasured for fair
value changes at each reporting date with the
portion of the gain or loss on the derivative
that is determined to be an effective hedge
recognised in Other comprehensive income.
The amounts that have been recognised in
Other comprehensive income are reclassified
to profit and loss in the same period that the
hedged forecast cash flows affect profit.
The reclassification adjustment is included
in Finance expense in the Consolidated
Statement of Comprehensive Income.
Other interest-bearing loans are initially
measured at fair value (with direct transaction
costs being amortised over the life of the loan)
and are subsequently measured at amortised
cost using the effective interest method at
each reporting date. Changes in carrying
value are recognised in the Consolidated
Statement of Comprehensive Income.
Derivatives
Derivatives are initially measured at fair
value (with direct transaction costs being
included in profit and loss as an expense)
and are subsequently remeasured to fair
value at each reporting date. Changes in
carrying value of derivatives not designated
in hedging relationships are recognised in
profit and loss.
The Group has agreements with some bank
counterparties whereby the parties agree
to post cash collateral, for the benefit of
the other, equivalent to the market valuation
of all of the derivative positions above a
predetermined threshold. Cash collateral
received from counterparties is included
within current Interest-bearing loans and
borrowings within the Consolidated Statement
of Financial Position. Cash collateral
pledged to counterparties is recognised as
a financial asset and is included in current
Other investments within the Consolidated
Statement of Financial Position. Cash
collateral received is included in Movement
in short-term borrowings within financing
activities in the Consolidated Statement of
Cash Flows. Cash collateral paid is included
in Movements in short-term investments
within investing activities in the Consolidated
Statement of Cash Flows. The cash flow
presentation of cash paid and received
follows the Consolidated Statement of
Financial Position presentation of the
financial asset and financial liability that
is recognised from posting the collateral.
Foreign currencies
Foreign currency transactions, being
transactions denominated in a currency
other than an individual Group entity\u2019s
functional currency, are translated into the
relevant functional currencies of individual
Group entities at average rates for the
relevant monthly accounting periods,
which approximate to actual rates.
Monetary assets and liabilities arising
from foreign currency transactions are
retranslated at exchange rates prevailing
at the reporting date. Exchange gains and
losses on loans and on short-term foreign
currency borrowings and deposits are
included within Finance expense. Exchange
differences on all other foreign currency
transactions are recognised in Operating
profit in the individual Group entity\u2019s
accounting records.
Non-monetary items arising from foreign
currency transactions are not retranslated
in the individual Group entity\u2019s
accounting records.
In the Consolidated Financial Statements,
income and expense items for Group entities
with a functional currency other than US
dollars are translated into US dollars at
average exchange rates, which approximate
to actual rates, for the relevant accounting
periods. Assets and liabilities are translated
at the US dollar exchange rates prevailing at
the reporting date. Exchange differences
arising on consolidation are recognised in
Other comprehensive income.
If certain criteria are met, non-US dollar-
denominated loans or derivatives are
designated as net investment hedges of
foreign operations. Exchange differences
arising on retranslation of net investments,
and of foreign currency loans which are
designated in an effective net investment
hedge relationship, are recognised in Other
comprehensive income in the Consolidated
Financial Statements. Foreign exchange
derivatives hedging net investments in
foreign operations are carried at fair value.
Effective fair value movements are recognised
in Other comprehensive income, with any
ineffectiveness taken to profit. Gains and
losses accumulated in the translation reserve
will be recycled to profit and loss when the
foreign operation is sold.
Provisions
Provisions are recognised when there
is either a legal or constructive present
obligation as a result of a past event, it is
probable that an outflow of economic
resources will be required to settle the
obligation and a reliable estimate can be
made of the amount of the obligation. If the
effect of the time value of money is material,
provisions are discounted at the relevant
pre-tax discount rate. Where provisions
are discounted, the increase in the
provision resulting from the passage of
time is recognised as a finance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00657": { "value": "Business combinations and goodwill
In assessing whether an acquired set of
assets and activities is a business or an asset,
management will first elect whether to apply
an optional concentration test to simplify the
assessment. Where the concentration test is
applied, the acquisition will be treated as the
acquisition of an asset if substantially all of
the fair value of the gross assets acquired
(excluding cash and cash equivalents,
deferred tax assets, and related goodwill)
is concentrated in a single asset or group
of similar identifiable assets.
Where the concentration test is not applied,
or is not met, a further assessment of
whether the acquired set of assets and
activities is a business will be performed.
KJ
The determination of whether an
acquired set of assets and activities is a
business or an asset can be judgemental,
particularly if the target is not producing
outputs. Management uses a number of
factors to make this determination, which are
primarily focused on whether the acquired
set of assets and activities include
substantive processes that mean the set is
capable of being managed for the purpose
of providing a return. Key determining
factors include the stage of development
of any assets acquired, the readiness and
ability of the acquired set to produce outputs
and the presence of key experienced
employees capable of conducting activities
required to develop or manufacture the
assets. Typically, the specialised nature
of many pharmaceutical assets and
processes is such that until assets are
substantively ready for production and
promotion, there are not the required
processes for a set of assets and activities
to meet the definition of a business in
IFRS 3 \u2018Business Combinations\u2019.
On the acquisition of a business, fair values
are attributed to the identifiable assets and
liabilities. Attributing fair values is a judgement.
Contingent liabilities are also recorded at
fair value unless the fair value cannot be
measured reliably, in which case the value
is subsumed into goodwill. Where fair values
of acquired contingent liabilities cannot be
measured reliably, the assumed contingent
liability is not recognised but is disclosed in the
same manner as other contingent liabilities.
Where not all of the equity of a subsidiary
is acquired, the non-controlling interest is
recognised either at fair value or at the
non-controlling interest\u2019s proportionate
share of the net assets of the subsidiary,
on a case-by-case basis. Put options over
non-controlling interests are recognised
as a financial liability, with a corresponding
entry in either Retained earnings or against
non-controlling interest reserves on a
case-by-case basis.
The timing and amount of future contingent
elements of consideration is an estimate.
Contingent consideration, which may include
development and launch milestones, revenue
threshold milestones and revenue-based
royalties, is fair valued at the date of
acquisition using decision-tree analysis with
key inputs including probability of success,
consideration of potential delays and revenue
projections based on the Group\u2019s internal
forecasts. Unsettled amounts of consideration
are held at fair value within payables with
changes in fair value recognised immediately
in profit.
Goodwill is the difference between the fair
value of the consideration and the fair value
of net assets acquired.
Goodwill arising on acquisitions is capitalised
and subject to an impairment review, both
annually and when there is an indication that
the carrying value may not be recoverable.
The Group\u2019s policy up to and including
1997 was to eliminate Goodwill arising upon
acquisitions against reserves. Under IFRS 1
\u2018First-time Adoption of International Financial
Reporting Standards\u2019 and IFRS 3 \u2018Business
Combinations\u2019, such Goodwill will remain
eliminated against reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00656": { "value": "Business combinations and goodwill
In assessing whether an acquired set of
assets and activities is a business or an asset,
management will first elect whether to apply
an optional concentration test to simplify the
assessment. Where the concentration test is
applied, the acquisition will be treated as the
acquisition of an asset if substantially all of
the fair value of the gross assets acquired
(excluding cash and cash equivalents,
deferred tax assets, and related goodwill)
is concentrated in a single asset or group
of similar identifiable assets.
Where the concentration test is not applied,
or is not met, a further assessment of
whether the acquired set of assets and
activities is a business will be performed.
KJ
The determination of whether an
acquired set of assets and activities is a
business or an asset can be judgemental,
particularly if the target is not producing
outputs. Management uses a number of
factors to make this determination, which are
primarily focused on whether the acquired
set of assets and activities include
substantive processes that mean the set is
capable of being managed for the purpose
of providing a return. Key determining
factors include the stage of development
of any assets acquired, the readiness and
ability of the acquired set to produce outputs
and the presence of key experienced
employees capable of conducting activities
required to develop or manufacture the
assets. Typically, the specialised nature
of many pharmaceutical assets and
processes is such that until assets are
substantively ready for production and
promotion, there are not the required
processes for a set of assets and activities
to meet the definition of a business in
IFRS 3 \u2018Business Combinations\u2019.
On the acquisition of a business, fair values
are attributed to the identifiable assets and
liabilities. Attributing fair values is a judgement.
Contingent liabilities are also recorded at
fair value unless the fair value cannot be
measured reliably, in which case the value
is subsumed into goodwill. Where fair values
of acquired contingent liabilities cannot be
measured reliably, the assumed contingent
liability is not recognised but is disclosed in the
same manner as other contingent liabilities.
Where not all of the equity of a subsidiary
is acquired, the non-controlling interest is
recognised either at fair value or at the
non-controlling interest\u2019s proportionate
share of the net assets of the subsidiary,
on a case-by-case basis. Put options over
non-controlling interests are recognised
as a financial liability, with a corresponding
entry in either Retained earnings or against
non-controlling interest reserves on a
case-by-case basis.
The timing and amount of future contingent
elements of consideration is an estimate.
Contingent consideration, which may include
development and launch milestones, revenue
threshold milestones and revenue-based
royalties, is fair valued at the date of
acquisition using decision-tree analysis with
key inputs including probability of success,
consideration of potential delays and revenue
projections based on the Group\u2019s internal
forecasts. Unsettled amounts of consideration
are held at fair value within payables with
changes in fair value recognised immediately
in profit.
Goodwill is the difference between the fair
value of the consideration and the fair value
of net assets acquired.
Goodwill arising on acquisitions is capitalised
and subject to an impairment review, both
annually and when there is an indication that
the carrying value may not be recoverable.
The Group\u2019s policy up to and including
1997 was to eliminate Goodwill arising upon
acquisitions against reserves. Under IFRS 1
\u2018First-time Adoption of International Financial
Reporting Standards\u2019 and IFRS 3 \u2018Business
Combinations\u2019, such Goodwill will remain
eliminated against reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00655": { "value": "Business combinations and goodwill
In assessing whether an acquired set of
assets and activities is a business or an asset,
management will first elect whether to apply
an optional concentration test to simplify the
assessment. Where the concentration test is
applied, the acquisition will be treated as the
acquisition of an asset if substantially all of
the fair value of the gross assets acquired
(excluding cash and cash equivalents,
deferred tax assets, and related goodwill)
is concentrated in a single asset or group
of similar identifiable assets.
Where the concentration test is not applied,
or is not met, a further assessment of
whether the acquired set of assets and
activities is a business will be performed.
KJ
The determination of whether an
acquired set of assets and activities is a
business or an asset can be judgemental,
particularly if the target is not producing
outputs. Management uses a number of
factors to make this determination, which are
primarily focused on whether the acquired
set of assets and activities include
substantive processes that mean the set is
capable of being managed for the purpose
of providing a return. Key determining
factors include the stage of development
of any assets acquired, the readiness and
ability of the acquired set to produce outputs
and the presence of key experienced
employees capable of conducting activities
required to develop or manufacture the
assets. Typically, the specialised nature
of many pharmaceutical assets and
processes is such that until assets are
substantively ready for production and
promotion, there are not the required
processes for a set of assets and activities
to meet the definition of a business in
IFRS 3 \u2018Business Combinations\u2019.
On the acquisition of a business, fair values
are attributed to the identifiable assets and
liabilities. Attributing fair values is a judgement.
Contingent liabilities are also recorded at
fair value unless the fair value cannot be
measured reliably, in which case the value
is subsumed into goodwill. Where fair values
of acquired contingent liabilities cannot be
measured reliably, the assumed contingent
liability is not recognised but is disclosed in the
same manner as other contingent liabilities.
Where not all of the equity of a subsidiary
is acquired, the non-controlling interest is
recognised either at fair value or at the
non-controlling interest\u2019s proportionate
share of the net assets of the subsidiary,
on a case-by-case basis. Put options over
non-controlling interests are recognised
as a financial liability, with a corresponding
entry in either Retained earnings or against
non-controlling interest reserves on a
case-by-case basis.
The timing and amount of future contingent
elements of consideration is an estimate.
Contingent consideration, which may include
development and launch milestones, revenue
threshold milestones and revenue-based
royalties, is fair valued at the date of
acquisition using decision-tree analysis with
key inputs including probability of success,
consideration of potential delays and revenue
projections based on the Group\u2019s internal
forecasts. Unsettled amounts of consideration
are held at fair value within payables with
changes in fair value recognised immediately
in profit.
Goodwill is the difference between the fair
value of the consideration and the fair value
of net assets acquired.
Goodwill arising on acquisitions is capitalised
and subject to an impairment review, both
annually and when there is an indication that
the carrying value may not be recoverable.
The Group\u2019s policy up to and including
1997 was to eliminate Goodwill arising upon
acquisitions against reserves. Under IFRS 1
\u2018First-time Adoption of International Financial
Reporting Standards\u2019 and IFRS 3 \u2018Business
Combinations\u2019, such Goodwill will remain
eliminated against reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00654": { "value": "Business combinations and goodwill
In assessing whether an acquired set of
assets and activities is a business or an asset,
management will first elect whether to apply
an optional concentration test to simplify the
assessment. Where the concentration test is
applied, the acquisition will be treated as the
acquisition of an asset if substantially all of
the fair value of the gross assets acquired
(excluding cash and cash equivalents,
deferred tax assets, and related goodwill)
is concentrated in a single asset or group
of similar identifiable assets.
Where the concentration test is not applied,
or is not met, a further assessment of
whether the acquired set of assets and
activities is a business will be performed.
KJ
The determination of whether an
acquired set of assets and activities is a
business or an asset can be judgemental,
particularly if the target is not producing
outputs. Management uses a number of
factors to make this determination, which are
primarily focused on whether the acquired
set of assets and activities include
substantive processes that mean the set is
capable of being managed for the purpose
of providing a return. Key determining
factors include the stage of development
of any assets acquired, the readiness and
ability of the acquired set to produce outputs
and the presence of key experienced
employees capable of conducting activities
required to develop or manufacture the
assets. Typically, the specialised nature
of many pharmaceutical assets and
processes is such that until assets are
substantively ready for production and
promotion, there are not the required
processes for a set of assets and activities
to meet the definition of a business in
IFRS 3 \u2018Business Combinations\u2019.
On the acquisition of a business, fair values
are attributed to the identifiable assets and
liabilities. Attributing fair values is a judgement.
Contingent liabilities are also recorded at
fair value unless the fair value cannot be
measured reliably, in which case the value
is subsumed into goodwill. Where fair values
of acquired contingent liabilities cannot be
measured reliably, the assumed contingent
liability is not recognised but is disclosed in the
same manner as other contingent liabilities.
Where not all of the equity of a subsidiary
is acquired, the non-controlling interest is
recognised either at fair value or at the
non-controlling interest\u2019s proportionate
share of the net assets of the subsidiary,
on a case-by-case basis. Put options over
non-controlling interests are recognised
as a financial liability, with a corresponding
entry in either Retained earnings or against
non-controlling interest reserves on a
case-by-case basis.
The timing and amount of future contingent
elements of consideration is an estimate.
Contingent consideration, which may include
development and launch milestones, revenue
threshold milestones and revenue-based
royalties, is fair valued at the date of
acquisition using decision-tree analysis with
key inputs including probability of success,
consideration of potential delays and revenue
projections based on the Group\u2019s internal
forecasts. Unsettled amounts of consideration
are held at fair value within payables with
changes in fair value recognised immediately
in profit.
Goodwill is the difference between the fair
value of the consideration and the fair value
of net assets acquired.
Goodwill arising on acquisitions is capitalised
and subject to an impairment review, both
annually and when there is an indication that
the carrying value may not be recoverable.
The Group\u2019s policy up to and including
1997 was to eliminate Goodwill arising upon
acquisitions against reserves. Under IFRS 1
\u2018First-time Adoption of International Financial
Reporting Standards\u2019 and IFRS 3 \u2018Business
Combinations\u2019, such Goodwill will remain
eliminated against reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00653": { "value": "Business combinations and goodwill
In assessing whether an acquired set of
assets and activities is a business or an asset,
management will first elect whether to apply
an optional concentration test to simplify the
assessment. Where the concentration test is
applied, the acquisition will be treated as the
acquisition of an asset if substantially all of
the fair value of the gross assets acquired
(excluding cash and cash equivalents,
deferred tax assets, and related goodwill)
is concentrated in a single asset or group
of similar identifiable assets.
Where the concentration test is not applied,
or is not met, a further assessment of
whether the acquired set of assets and
activities is a business will be performed.
KJ
The determination of whether an
acquired set of assets and activities is a
business or an asset can be judgemental,
particularly if the target is not producing
outputs. Management uses a number of
factors to make this determination, which are
primarily focused on whether the acquired
set of assets and activities include
substantive processes that mean the set is
capable of being managed for the purpose
of providing a return. Key determining
factors include the stage of development
of any assets acquired, the readiness and
ability of the acquired set to produce outputs
and the presence of key experienced
employees capable of conducting activities
required to develop or manufacture the
assets. Typically, the specialised nature
of many pharmaceutical assets and
processes is such that until assets are
substantively ready for production and
promotion, there are not the required
processes for a set of assets and activities
to meet the definition of a business in
IFRS 3 \u2018Business Combinations\u2019.
On the acquisition of a business, fair values
are attributed to the identifiable assets and
liabilities. Attributing fair values is a judgement.
Contingent liabilities are also recorded at
fair value unless the fair value cannot be
measured reliably, in which case the value
is subsumed into goodwill. Where fair values
of acquired contingent liabilities cannot be
measured reliably, the assumed contingent
liability is not recognised but is disclosed in the
same manner as other contingent liabilities.
Where not all of the equity of a subsidiary
is acquired, the non-controlling interest is
recognised either at fair value or at the
non-controlling interest\u2019s proportionate
share of the net assets of the subsidiary,
on a case-by-case basis. Put options over
non-controlling interests are recognised
as a financial liability, with a corresponding
entry in either Retained earnings or against
non-controlling interest reserves on a
case-by-case basis.
The timing and amount of future contingent
elements of consideration is an estimate.
Contingent consideration, which may include
development and launch milestones, revenue
threshold milestones and revenue-based
royalties, is fair valued at the date of
acquisition using decision-tree analysis with
key inputs including probability of success,
consideration of potential delays and revenue
projections based on the Group\u2019s internal
forecasts. Unsettled amounts of consideration
are held at fair value within payables with
changes in fair value recognised immediately
in profit.
Goodwill is the difference between the fair
value of the consideration and the fair value
of net assets acquired.
Goodwill arising on acquisitions is capitalised
and subject to an impairment review, both
annually and when there is an indication that
the carrying value may not be recoverable.
The Group\u2019s policy up to and including
1997 was to eliminate Goodwill arising upon
acquisitions against reserves. Under IFRS 1
\u2018First-time Adoption of International Financial
Reporting Standards\u2019 and IFRS 3 \u2018Business
Combinations\u2019, such Goodwill will remain
eliminated against reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00658": { "value": "Subsidiaries
A subsidiary is an entity controlled, directly
or indirectly, by AstraZeneca PLC. Control is
regarded as the exposure or rights to the
variable returns of the entity when combined
with the power to affect those returns. Control
is normally evidenced by holding more than
50% of the share capital of the company,
however other agreements may be in
place that result in control where they give
AstraZeneca finance decision-making
authority over the relevant activities of
the company.
The financial results of subsidiaries are
consolidated from the date control is
obtained until the date that control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "AstraZeneca PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "AstraZeneca PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "AstraZeneca PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00659": { "value": "Inventories
Inventories are stated at the lower of cost
and net realisable value. The first in, first out
or an average method of valuation is used.
For finished goods and work in progress,
cost includes directly attributable costs
and certain overhead expenses (including
depreciation). Selling expenses and certain
other overhead expenses (principally central
administration costs) are excluded. Net
realisable value is determined as estimated
selling price less all estimated costs of
completion and costs to be incurred in
selling and distribution.
Write-downs of inventory occur in the general
course of business and are recognised in
Cost of sales for launched or approved
products and in Research and development
expense for products in development.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00660": { "value": "Assets held for sale
Non-current assets are classified as Assets
held for sale when their carrying amount
is to be recovered principally through a
sale transaction and a sale is considered
highly probable. A sale is considered highly
probable only when the appropriate level of
management has committed to the sale.
Assets held for sale are stated at the lower
of carrying amount and fair value less costs
to sell. Where there is a partial transfer of
a non-current asset to held for sale, an
allocation of value is made between the
current and non-current portions of the
asset based on the relative value of the two
portions, unless there is a methodology that
better reflects the asset to be disposed of.
Assets held for sale are neither depreciated
nor amortised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00664": { "value": "Trade and other receivables
Financial assets included in Trade and other
receivables are recognised initially at fair
value. The Group holds the Trade receivables
with the objective to collect the contractual
cash flows and therefore measures them
subsequently at amortised cost using the
effective interest method, less any impairment,
based on expected credit losses.
Trade receivables that are subject to debt
factoring arrangements are derecognised if
they meet the conditions for derecognition
detailed in IFRS 9 \u2018Financial Instruments\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00663": { "value": "Trade and other receivables
Financial assets included in Trade and other
receivables are recognised initially at fair
value. The Group holds the Trade receivables
with the objective to collect the contractual
cash flows and therefore measures them
subsequently at amortised cost using the
effective interest method, less any impairment,
based on expected credit losses.
Trade receivables that are subject to debt
factoring arrangements are derecognised if
they meet the conditions for derecognition
detailed in IFRS 9 \u2018Financial Instruments\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00662": { "value": "Trade and other receivables
Financial assets included in Trade and other
receivables are recognised initially at fair
value. The Group holds the Trade receivables
with the objective to collect the contractual
cash flows and therefore measures them
subsequently at amortised cost using the
effective interest method, less any impairment,
based on expected credit losses.
Trade receivables that are subject to debt
factoring arrangements are derecognised if
they meet the conditions for derecognition
detailed in IFRS 9 \u2018Financial Instruments\u2019.
Trade and other payables
Financial liabilities included in Trade and
other payables are recognised initially at
fair value. Subsequent to initial recognition
they are measured at amortised cost using
the effective interest method. Contingent
consideration payables are held at fair value
within Level 3 of the fair value hierarchy as
defined in Note 12.
Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration and put options under business
combinations, and rights and obligations
under employee benefit plans which are
dealt with in specific accounting policies.
The Group\u2019s other financial
instruments include:
\u2022
Cash and cash equivalents
\u2022
Fixed deposits
\u2022
Other investments
\u2022
Bank and other borrowings
\u2022
Derivatives.
Cash and cash equivalents
Cash and cash equivalents comprise cash in
hand, current balances with banks and similar
institutions, and highly liquid investments
with maturities of three months or less when
acquired. They are readily convertible into
known amounts of cash and are held at
amortised cost under the hold to collect
classification, where they meet the hold to
collect \u2018solely payments of principal and
interest\u2019 test criteria under IFRS 9 \u2018Financial
Instruments\u2019. Those not meeting these
criteria are held at fair value through profit
or loss. Cash and cash equivalents in the
Consolidated Statement of Cash Flows include
unsecured bank overdrafts at the balance
sheet date where balances often fluctuate
between a cash and overdraft position.
Fixed deposits
Fixed deposits, principally comprising
funds held with banks and other financial
institutions, are initially measured at fair
value, plus direct transaction costs, and are
subsequently measured at amortised cost
using the effective interest method at each
reporting date. Changes in carrying value are
recognised in the Consolidated Statement
of Comprehensive Income.
Other investments
Investments are classified as fair value
through profit or loss (FVPL), unless the
Group makes an irrevocable election at
initial recognition for certain non-current
equity investments to present changes in
Other comprehensive income (FVOCI). If this
election is made, there is no subsequent
reclassification of fair value gains and losses
to profit and loss following the derecognition
of the investment.
Bank and other borrowings
The Group uses derivatives, principally
interest rate swaps, to hedge the interest
rate exposure inherent in a portion of its
fixed interest rate debt. In such cases the
Group will either designate the debt as
FVPL when certain criteria are met or as the
hedged item under a fair value hedge.
If the debt instrument is designated as FVPL,
the debt is initially measured at fair value
(with direct transaction costs being included
in profit and loss as an expense) and is
remeasured to fair value at each reporting
date with changes in carrying value being
recognised in profit and loss (along with
changes in the fair value of the related
derivative), with the exception of changes in
the fair value of the debt instrument relating
to own credit risk which are recorded in
Other comprehensive income in accordance
with IFRS 9 \u2018Financial Instruments\u2019. Such
a designation has been made where this
significantly reduces an accounting mismatch
which would result from recognising gains
and losses on different bases.
If the debt is designated as the hedged
item under a fair value hedge, the debt is
initially measured at fair value (with direct
transaction costs being amortised over the
life of the debt) and is remeasured for fair
value changes in respect of the hedged
risk at each reporting date with changes in
carrying value being recognised in profit
and loss (along with changes in the fair
value of the related derivative).
If the debt is designated in a cash flow
hedge, the debt is measured at amortised
cost (with gains or losses taken to profit
and loss and direct transaction costs being
amortised over the life of the debt). The
related derivative is remeasured for fair
value changes at each reporting date with the
portion of the gain or loss on the derivative
that is determined to be an effective hedge
recognised in Other comprehensive income.
The amounts that have been recognised in
Other comprehensive income are reclassified
to profit and loss in the same period that the
hedged forecast cash flows affect profit.
The reclassification adjustment is included
in Finance expense in the Consolidated
Statement of Comprehensive Income.
Other interest-bearing loans are initially
measured at fair value (with direct transaction
costs being amortised over the life of the loan)
and are subsequently measured at amortised
cost using the effective interest method at
each reporting date. Changes in carrying
value are recognised in the Consolidated
Statement of Comprehensive Income.
Derivatives
Derivatives are initially measured at fair
value (with direct transaction costs being
included in profit and loss as an expense)
and are subsequently remeasured to fair
value at each reporting date. Changes in
carrying value of derivatives not designated
in hedging relationships are recognised in
profit and loss.
The Group has agreements with some bank
counterparties whereby the parties agree
to post cash collateral, for the benefit of
the other, equivalent to the market valuation
of all of the derivative positions above a
predetermined threshold. Cash collateral
received from counterparties is included
within current Interest-bearing loans and
borrowings within the Consolidated Statement
of Financial Position. Cash collateral
pledged to counterparties is recognised as
a financial asset and is included in current
Other investments within the Consolidated
Statement of Financial Position. Cash
collateral received is included in Movement
in short-term borrowings within financing
activities in the Consolidated Statement of
Cash Flows. Cash collateral paid is included
in Movements in short-term investments
within investing activities in the Consolidated
Statement of Cash Flows. The cash flow
presentation of cash paid and received
follows the Consolidated Statement of
Financial Position presentation of the
financial asset and financial liability that
is recognised from posting the collateral.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00661": { "value": "Trade and other receivables
Financial assets included in Trade and other
receivables are recognised initially at fair
value. The Group holds the Trade receivables
with the objective to collect the contractual
cash flows and therefore measures them
subsequently at amortised cost using the
effective interest method, less any impairment,
based on expected credit losses.
Trade receivables that are subject to debt
factoring arrangements are derecognised if
they meet the conditions for derecognition
detailed in IFRS 9 \u2018Financial Instruments\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00666": { "value": "Trade and other payables
Financial liabilities included in Trade and
other payables are recognised initially at
fair value. Subsequent to initial recognition
they are measured at amortised cost using
the effective interest method. Contingent
consideration payables are held at fair value
within Level 3 of the fair value hierarchy as
defined in Note 12.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00665": { "value": "Trade and other payables
Financial liabilities included in Trade and
other payables are recognised initially at
fair value. Subsequent to initial recognition
they are measured at amortised cost using
the effective interest method. Contingent
consideration payables are held at fair value
within Level 3 of the fair value hierarchy as
defined in Note 12.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00669": { "value": "Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration and put options under business
combinations, and rights and obligations
under employee benefit plans which are
dealt with in specific accounting policies.
The Group\u2019s other financial
instruments include:
\u2022
Cash and cash equivalents
\u2022
Fixed deposits
\u2022
Other investments
\u2022
Bank and other borrowings
\u2022
Derivatives.
Cash and cash equivalents
Cash and cash equivalents comprise cash in
hand, current balances with banks and similar
institutions, and highly liquid investments
with maturities of three months or less when
acquired. They are readily convertible into
known amounts of cash and are held at
amortised cost under the hold to collect
classification, where they meet the hold to
collect \u2018solely payments of principal and
interest\u2019 test criteria under IFRS 9 \u2018Financial
Instruments\u2019. Those not meeting these
criteria are held at fair value through profit
or loss. Cash and cash equivalents in the
Consolidated Statement of Cash Flows include
unsecured bank overdrafts at the balance
sheet date where balances often fluctuate
between a cash and overdraft position.
Fixed deposits
Fixed deposits, principally comprising
funds held with banks and other financial
institutions, are initially measured at fair
value, plus direct transaction costs, and are
subsequently measured at amortised cost
using the effective interest method at each
reporting date. Changes in carrying value are
recognised in the Consolidated Statement
of Comprehensive Income.
Other investments
Investments are classified as fair value
through profit or loss (FVPL), unless the
Group makes an irrevocable election at
initial recognition for certain non-current
equity investments to present changes in
Other comprehensive income (FVOCI). If this
election is made, there is no subsequent
reclassification of fair value gains and losses
to profit and loss following the derecognition
of the investment.
Bank and other borrowings
The Group uses derivatives, principally
interest rate swaps, to hedge the interest
rate exposure inherent in a portion of its
fixed interest rate debt. In such cases the
Group will either designate the debt as
FVPL when certain criteria are met or as the
hedged item under a fair value hedge.
If the debt instrument is designated as FVPL,
the debt is initially measured at fair value
(with direct transaction costs being included
in profit and loss as an expense) and is
remeasured to fair value at each reporting
date with changes in carrying value being
recognised in profit and loss (along with
changes in the fair value of the related
derivative), with the exception of changes in
the fair value of the debt instrument relating
to own credit risk which are recorded in
Other comprehensive income in accordance
with IFRS 9 \u2018Financial Instruments\u2019. Such
a designation has been made where this
significantly reduces an accounting mismatch
which would result from recognising gains
and losses on different bases.
If the debt is designated as the hedged
item under a fair value hedge, the debt is
initially measured at fair value (with direct
transaction costs being amortised over the
life of the debt) and is remeasured for fair
value changes in respect of the hedged
risk at each reporting date with changes in
carrying value being recognised in profit
and loss (along with changes in the fair
value of the related derivative).
If the debt is designated in a cash flow
hedge, the debt is measured at amortised
cost (with gains or losses taken to profit
and loss and direct transaction costs being
amortised over the life of the debt). The
related derivative is remeasured for fair
value changes at each reporting date with the
portion of the gain or loss on the derivative
that is determined to be an effective hedge
recognised in Other comprehensive income.
The amounts that have been recognised in
Other comprehensive income are reclassified
to profit and loss in the same period that the
hedged forecast cash flows affect profit.
The reclassification adjustment is included
in Finance expense in the Consolidated
Statement of Comprehensive Income.
Other interest-bearing loans are initially
measured at fair value (with direct transaction
costs being amortised over the life of the loan)
and are subsequently measured at amortised
cost using the effective interest method at
each reporting date. Changes in carrying
value are recognised in the Consolidated
Statement of Comprehensive Income.
Derivatives
Derivatives are initially measured at fair
value (with direct transaction costs being
included in profit and loss as an expense)
and are subsequently remeasured to fair
value at each reporting date. Changes in
carrying value of derivatives not designated
in hedging relationships are recognised in
profit and loss.
The Group has agreements with some bank
counterparties whereby the parties agree
to post cash collateral, for the benefit of
the other, equivalent to the market valuation
of all of the derivative positions above a
predetermined threshold. Cash collateral
received from counterparties is included
within current Interest-bearing loans and
borrowings within the Consolidated Statement
of Financial Position. Cash collateral
pledged to counterparties is recognised as
a financial asset and is included in current
Other investments within the Consolidated
Statement of Financial Position. Cash
collateral received is included in Movement
in short-term borrowings within financing
activities in the Consolidated Statement of
Cash Flows. Cash collateral paid is included
in Movements in short-term investments
within investing activities in the Consolidated
Statement of Cash Flows. The cash flow
presentation of cash paid and received
follows the Consolidated Statement of
Financial Position presentation of the
financial asset and financial liability that
is recognised from posting the collateral.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00668": { "value": "Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration and put options under business
combinations, and rights and obligations
under employee benefit plans which are
dealt with in specific accounting policies.
The Group\u2019s other financial
instruments include:
\u2022
Cash and cash equivalents
\u2022
Fixed deposits
\u2022
Other investments
\u2022
Bank and other borrowings
\u2022
Derivatives.
Cash and cash equivalents
Cash and cash equivalents comprise cash in
hand, current balances with banks and similar
institutions, and highly liquid investments
with maturities of three months or less when
acquired. They are readily convertible into
known amounts of cash and are held at
amortised cost under the hold to collect
classification, where they meet the hold to
collect \u2018solely payments of principal and
interest\u2019 test criteria under IFRS 9 \u2018Financial
Instruments\u2019. Those not meeting these
criteria are held at fair value through profit
or loss. Cash and cash equivalents in the
Consolidated Statement of Cash Flows include
unsecured bank overdrafts at the balance
sheet date where balances often fluctuate
between a cash and overdraft position.
Fixed deposits
Fixed deposits, principally comprising
funds held with banks and other financial
institutions, are initially measured at fair
value, plus direct transaction costs, and are
subsequently measured at amortised cost
using the effective interest method at each
reporting date. Changes in carrying value are
recognised in the Consolidated Statement
of Comprehensive Income.
Other investments
Investments are classified as fair value
through profit or loss (FVPL), unless the
Group makes an irrevocable election at
initial recognition for certain non-current
equity investments to present changes in
Other comprehensive income (FVOCI). If this
election is made, there is no subsequent
reclassification of fair value gains and losses
to profit and loss following the derecognition
of the investment.
Bank and other borrowings
The Group uses derivatives, principally
interest rate swaps, to hedge the interest
rate exposure inherent in a portion of its
fixed interest rate debt. In such cases the
Group will either designate the debt as
FVPL when certain criteria are met or as the
hedged item under a fair value hedge.
If the debt instrument is designated as FVPL,
the debt is initially measured at fair value
(with direct transaction costs being included
in profit and loss as an expense) and is
remeasured to fair value at each reporting
date with changes in carrying value being
recognised in profit and loss (along with
changes in the fair value of the related
derivative), with the exception of changes in
the fair value of the debt instrument relating
to own credit risk which are recorded in
Other comprehensive income in accordance
with IFRS 9 \u2018Financial Instruments\u2019. Such
a designation has been made where this
significantly reduces an accounting mismatch
which would result from recognising gains
and losses on different bases.
If the debt is designated as the hedged
item under a fair value hedge, the debt is
initially measured at fair value (with direct
transaction costs being amortised over the
life of the debt) and is remeasured for fair
value changes in respect of the hedged
risk at each reporting date with changes in
carrying value being recognised in profit
and loss (along with changes in the fair
value of the related derivative).
If the debt is designated in a cash flow
hedge, the debt is measured at amortised
cost (with gains or losses taken to profit
and loss and direct transaction costs being
amortised over the life of the debt). The
related derivative is remeasured for fair
value changes at each reporting date with the
portion of the gain or loss on the derivative
that is determined to be an effective hedge
recognised in Other comprehensive income.
The amounts that have been recognised in
Other comprehensive income are reclassified
to profit and loss in the same period that the
hedged forecast cash flows affect profit.
The reclassification adjustment is included
in Finance expense in the Consolidated
Statement of Comprehensive Income.
Other interest-bearing loans are initially
measured at fair value (with direct transaction
costs being amortised over the life of the loan)
and are subsequently measured at amortised
cost using the effective interest method at
each reporting date. Changes in carrying
value are recognised in the Consolidated
Statement of Comprehensive Income.
Derivatives
Derivatives are initially measured at fair
value (with direct transaction costs being
included in profit and loss as an expense)
and are subsequently remeasured to fair
value at each reporting date. Changes in
carrying value of derivatives not designated
in hedging relationships are recognised in
profit and loss.
The Group has agreements with some bank
counterparties whereby the parties agree
to post cash collateral, for the benefit of
the other, equivalent to the market valuation
of all of the derivative positions above a
predetermined threshold. Cash collateral
received from counterparties is included
within current Interest-bearing loans and
borrowings within the Consolidated Statement
of Financial Position. Cash collateral
pledged to counterparties is recognised as
a financial asset and is included in current
Other investments within the Consolidated
Statement of Financial Position. Cash
collateral received is included in Movement
in short-term borrowings within financing
activities in the Consolidated Statement of
Cash Flows. Cash collateral paid is included
in Movements in short-term investments
within investing activities in the Consolidated
Statement of Cash Flows. The cash flow
presentation of cash paid and received
follows the Consolidated Statement of
Financial Position presentation of the
financial asset and financial liability that
is recognised from posting the collateral.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00667": { "value": "Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration and put options under business
combinations, and rights and obligations
under employee benefit plans which are
dealt with in specific accounting policies.
The Group\u2019s other financial
instruments include:
\u2022
Cash and cash equivalents
\u2022
Fixed deposits
\u2022
Other investments
\u2022
Bank and other borrowings
\u2022
Derivatives.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00670": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash in
hand, current balances with banks and similar
institutions, and highly liquid investments
with maturities of three months or less when
acquired. They are readily convertible into
known amounts of cash and are held at
amortised cost under the hold to collect
classification, where they meet the hold to
collect \u2018solely payments of principal and
interest\u2019 test criteria under IFRS 9 \u2018Financial
Instruments\u2019. Those not meeting these
criteria are held at fair value through profit
or loss. Cash and cash equivalents in the
Consolidated Statement of Cash Flows include
unsecured bank overdrafts at the balance
sheet date where balances often fluctuate
between a cash and overdraft position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00671": { "value": "Fixed deposits
Fixed deposits, principally comprising
funds held with banks and other financial
institutions, are initially measured at fair
value, plus direct transaction costs, and are
subsequently measured at amortised cost
using the effective interest method at each
reporting date. Changes in carrying value are
recognised in the Consolidated Statement
of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00672": { "value": "Other investments
Investments are classified as fair value
through profit or loss (FVPL), unless the
Group makes an irrevocable election at
initial recognition for certain non-current
equity investments to present changes in
Other comprehensive income (FVOCI). If this
election is made, there is no subsequent
reclassification of fair value gains and losses
to profit and loss following the derecognition
of the investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00650": { "value": "Bank and other borrowings
The Group uses derivatives, principally
interest rate swaps, to hedge the interest
rate exposure inherent in a portion of its
fixed interest rate debt. In such cases the
Group will either designate the debt as
FVPL when certain criteria are met or as the
hedged item under a fair value hedge.
If the debt instrument is designated as FVPL,
the debt is initially measured at fair value
(with direct transaction costs being included
in profit and loss as an expense) and is
remeasured to fair value at each reporting
date with changes in carrying value being
recognised in profit and loss (along with
changes in the fair value of the related
derivative), with the exception of changes in
the fair value of the debt instrument relating
to own credit risk which are recorded in
Other comprehensive income in accordance
with IFRS 9 \u2018Financial Instruments\u2019. Such
a designation has been made where this
significantly reduces an accounting mismatch
which would result from recognising gains
and losses on different bases.
If the debt is designated as the hedged
item under a fair value hedge, the debt is
initially measured at fair value (with direct
transaction costs being amortised over the
life of the debt) and is remeasured for fair
value changes in respect of the hedged
risk at each reporting date with changes in
carrying value being recognised in profit
and loss (along with changes in the fair
value of the related derivative).
If the debt is designated in a cash flow
hedge, the debt is measured at amortised
cost (with gains or losses taken to profit
and loss and direct transaction costs being
amortised over the life of the debt). The
related derivative is remeasured for fair
value changes at each reporting date with the
portion of the gain or loss on the derivative
that is determined to be an effective hedge
recognised in Other comprehensive income.
The amounts that have been recognised in
Other comprehensive income are reclassified
to profit and loss in the same period that the
hedged forecast cash flows affect profit.
The reclassification adjustment is included
in Finance expense in the Consolidated
Statement of Comprehensive Income.
Other interest-bearing loans are initially
measured at fair value (with direct transaction
costs being amortised over the life of the loan)
and are subsequently measured at amortised
cost using the effective interest method at
each reporting date. Changes in carrying
value are recognised in the Consolidated
Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00673": { "value": "Bank and other borrowings
The Group uses derivatives, principally
interest rate swaps, to hedge the interest
rate exposure inherent in a portion of its
fixed interest rate debt. In such cases the
Group will either designate the debt as
FVPL when certain criteria are met or as the
hedged item under a fair value hedge.
If the debt instrument is designated as FVPL,
the debt is initially measured at fair value
(with direct transaction costs being included
in profit and loss as an expense) and is
remeasured to fair value at each reporting
date with changes in carrying value being
recognised in profit and loss (along with
changes in the fair value of the related
derivative), with the exception of changes in
the fair value of the debt instrument relating
to own credit risk which are recorded in
Other comprehensive income in accordance
with IFRS 9 \u2018Financial Instruments\u2019. Such
a designation has been made where this
significantly reduces an accounting mismatch
which would result from recognising gains
and losses on different bases.
If the debt is designated as the hedged
item under a fair value hedge, the debt is
initially measured at fair value (with direct
transaction costs being amortised over the
life of the debt) and is remeasured for fair
value changes in respect of the hedged
risk at each reporting date with changes in
carrying value being recognised in profit
and loss (along with changes in the fair
value of the related derivative).
If the debt is designated in a cash flow
hedge, the debt is measured at amortised
cost (with gains or losses taken to profit
and loss and direct transaction costs being
amortised over the life of the debt). The
related derivative is remeasured for fair
value changes at each reporting date with the
portion of the gain or loss on the derivative
that is determined to be an effective hedge
recognised in Other comprehensive income.
The amounts that have been recognised in
Other comprehensive income are reclassified
to profit and loss in the same period that the
hedged forecast cash flows affect profit.
The reclassification adjustment is included
in Finance expense in the Consolidated
Statement of Comprehensive Income.
Other interest-bearing loans are initially
measured at fair value (with direct transaction
costs being amortised over the life of the loan)
and are subsequently measured at amortised
cost using the effective interest method at
each reporting date. Changes in carrying
value are recognised in the Consolidated
Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00674": { "value": "Derivatives
Derivatives are initially measured at fair
value (with direct transaction costs being
included in profit and loss as an expense)
and are subsequently remeasured to fair
value at each reporting date. Changes in
carrying value of derivatives not designated
in hedging relationships are recognised in
profit and loss.
The Group has agreements with some bank
counterparties whereby the parties agree
to post cash collateral, for the benefit of
the other, equivalent to the market valuation
of all of the derivative positions above a
predetermined threshold. Cash collateral
received from counterparties is included
within current Interest-bearing loans and
borrowings within the Consolidated Statement
of Financial Position. Cash collateral
pledged to counterparties is recognised as
a financial asset and is included in current
Other investments within the Consolidated
Statement of Financial Position. Cash
collateral received is included in Movement
in short-term borrowings within financing
activities in the Consolidated Statement of
Cash Flows. Cash collateral paid is included
in Movements in short-term investments
within investing activities in the Consolidated
Statement of Cash Flows. The cash flow
presentation of cash paid and received
follows the Consolidated Statement of
Financial Position presentation of the
financial asset and financial liability that
is recognised from posting the collateral.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00675": { "value": "Derivatives
Derivatives are initially measured at fair
value (with direct transaction costs being
included in profit and loss as an expense)
and are subsequently remeasured to fair
value at each reporting date. Changes in
carrying value of derivatives not designated
in hedging relationships are recognised in
profit and loss.
The Group has agreements with some bank
counterparties whereby the parties agree
to post cash collateral, for the benefit of
the other, equivalent to the market valuation
of all of the derivative positions above a
predetermined threshold. Cash collateral
received from counterparties is included
within current Interest-bearing loans and
borrowings within the Consolidated Statement
of Financial Position. Cash collateral
pledged to counterparties is recognised as
a financial asset and is included in current
Other investments within the Consolidated
Statement of Financial Position. Cash
collateral received is included in Movement
in short-term borrowings within financing
activities in the Consolidated Statement of
Cash Flows. Cash collateral paid is included
in Movements in short-term investments
within investing activities in the Consolidated
Statement of Cash Flows. The cash flow
presentation of cash paid and received
follows the Consolidated Statement of
Financial Position presentation of the
financial asset and financial liability that
is recognised from posting the collateral.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00676": { "value": "Derivatives
Derivatives are initially measured at fair
value (with direct transaction costs being
included in profit and loss as an expense)
and are subsequently remeasured to fair
value at each reporting date. Changes in
carrying value of derivatives not designated
in hedging relationships are recognised in
profit and loss.
The Group has agreements with some bank
counterparties whereby the parties agree
to post cash collateral, for the benefit of
the other, equivalent to the market valuation
of all of the derivative positions above a
predetermined threshold. Cash collateral
received from counterparties is included
within current Interest-bearing loans and
borrowings within the Consolidated Statement
of Financial Position. Cash collateral
pledged to counterparties is recognised as
a financial asset and is included in current
Other investments within the Consolidated
Statement of Financial Position. Cash
collateral received is included in Movement
in short-term borrowings within financing
activities in the Consolidated Statement of
Cash Flows. Cash collateral paid is included
in Movements in short-term investments
within investing activities in the Consolidated
Statement of Cash Flows. The cash flow
presentation of cash paid and received
follows the Consolidated Statement of
Financial Position presentation of the
financial asset and financial liability that
is recognised from posting the collateral.28 Financial risk management objectives and policies
The Group\u2019s principal financial instruments, other than derivatives, comprise bank overdrafts, loans and other borrowings, lease liabilities,
current and non-current investments, cash and short-term deposits. The main purpose of these financial instruments is to manage the
Group\u2019s funding and liquidity requirements. The Group has other financial assets and liabilities such as trade receivables and trade payables,
which arise directly from its operations.
The principal financial risks to which the Group is exposed are those of liquidity, interest rate, foreign currency and credit. Each of these is
managed in accordance with Board-approved policies. These policies, together with the Group\u2019s approach to capital management, are set
out below.
Capital management
The capital structure of the Group consists of Shareholders\u2019 equity (Note 24), Debt (Note 19), Other current investments (Note 12) and Cash
(Note 17). For the foreseeable future, the Board will maintain a capital structure that supports the Group\u2019s strategic objectives through:
\u2022
managing funding and liquidity risk
\u2022
optimising shareholder return
\u2022
maintaining a strong, investment-grade credit rating.
The Group utilises factoring arrangements and bank acceptance drafts discounting for selected trade receivables. These arrangements qualify
for full derecognition of the associated trade receivables under IFRS 9 \u2018Financial Instruments\u2019. Amounts due on invoices that have not been
factored at year end, from customers that are subject to these arrangements, are disclosed in Note 16.
Funding and liquidity risk are reviewed regularly by the Board and managed in accordance with the policies described below.
The Board regularly reviews its shareholders\u2019 distribution policy, which comprises a regular cash dividend and potentially a share repurchase
component. No share repurchases have been made since 2012.
The Group\u2019s net debt position (loans and borrowings net of Cash and cash equivalents, Other investments and Derivative financial instruments)
has increased by $2,060m from a net debt position of $22,510m at the beginning of the year to a net debt position of $24,570m at 31 December
2024. Gross debt increased from $28,622m to $30,295m, principally due to the issuance of $6,492m debt offset by the repayment of
$4,652m debt.
Liquidity risk
The Board reviews the Group\u2019s ongoing liquidity risks annually as part of the planning process and on an ad hoc basis. The Board considers
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group
uses US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and
manages long-term liquidity by raising funds through the capital markets. At 31 December 2024, the Group was assigned short-term credit
ratings of P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A2 by Moody\u2019s and A+ by Standard
and Poor\u2019s.
In addition to Cash and cash equivalents of $5,488m, short-term fixed income investments of $37m, less overdrafts of $59m at 31 December
2024, the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial
covenants. The maturity of the $4,875m facilities was extended in January 2025 from April 2029 to April 2030. The Group regularly monitors
the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing on the committed facilities
should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured Overnight Financing
Rate (SOFR) plus a margin.
At 31 December 2024, the Group has $5,122m outstanding from debt issued under a Euro Medium Term Note programme and $23,350m
under an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate
purposes of the Group.
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \u00a0\n \n
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-derivative
financial
financial
derivative
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
365
5,777
249
19,065
25,456
(12,445)
12,478
33
25,489
In one to two years
\u2013
5,233
208
2,086
7,527
(1,012)
1,078
66
7,593
In two to three years
\u2013
2,608
172
872
3,652
(34)
38
4
3,656
In three to four years
\u2013
2,983
128
595
3,706
(103)
103
\u2013
3,706
In four to five years
\u2013
1,267
84
814
2,165
(32)
35
3
2,168
In more than five years
\u2013
18,156
184
3,177
21,517
(1,436)
1,378
(58)
21,459
365
36,024
1,025
26,609
64,023
(15,062)
15,110
48
64,071
Effect of interest
(15)
(7,982)
\u2013
\u2013
(7,997)
227
(249)
(22)
(8,019)
Effect of discounting, fair values and issue costs
\u2013
(113)
(72)
(3,299)
(3,484)
63
7
70
(3,414)
31 December 2022
350
27,929
953
23,310
52,542
(14,772)
14,868
96
52,638
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
542
5,469
313
22,401
28,725
(11,302)
11,366
64
28,789
In one to two years
\u2013
2,764
261
1,482
4,507
(100)
114
14
4,521
In two to three years
\u2013
3,137
208
788
4,133
(164)
179
15
4,148
In three to four years
\u2013
2,230
138
625
2,993
(924)
883
(41)
2,952
In four to five years
\u2013
3,822
88
12
3,922
(949)
971
22
3,944
In more than five years
\u2013
17,995
271
35
18,301
(1,507)
1,340
(167)
18,134
\u00a0
542
35,417
1,279
25,343
62,581
(14,946)
14,853
(93)
62,488
Effect of interest
(27)
(8,270)
\u2013
\u2013
(8,297)
589
(644)
(55)
(8,352)
Effect of discounting, fair values and issue costs
\u2013
(168)
(151)
(309)
(628)
44
(46)
(2)
(630)
31 December 2023
515
26,979
1,128
25,034
53,656
(14,313)
14,163
(150)
53,506
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
\u00a0
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
345
3,045
396
22,501
26,287
(16,227)
16,282
55
26,342
In one to two years
\u2013
3,437
345
1,086
4,868
(207)
250
43
4,911
In two to three years
\u2013
3,670
266
105
4,041
(917)
956
39
4,080
In three to four years
\u2013
3,978
170
750
4,898
(941)
1,044
103
5,001
In four to five years
\u2013
3,780
117
\u2013
3,897
(627)
489
(138)
3,759
In more than five years
\u2013
19,929
406
\u2013
20,335
(2,437)
2,583
146
20,481
\u00a0
345
37,839
1,700
24,442
64,326
(21,356)
21,604
248
64,574
Effect of interest
(15)
(9,173)
\u2013
\u2013
(9,188)
808
(1,068)
(260)
(9,448)
Effect of discounting, fair values and issue costs
\u2013
(153)
(248)
(207)
(608)
36
(95)
(59)
(667)
31 December 2024
330
28,513
1,452
24,235
54,530
(20,512)
20,441
(71)
54,459
\n
Where interest payments are on a floating rate basis, it is assumed that rates will remain unchanged from the last business day of each year
ended 31 December.
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
exception of $1,751m of Contingent consideration held within Trade and other payables (see Note 20).
Market risk
Interest rate risk
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
agreements to manage this mix.
The majority of surplus cash is currently invested in US dollar liquidity funds.
The interest rate profile of the Group\u2019s interest-bearing financial instruments is set out below. In the case of current and non-current financial
liabilities, the classification includes the impact of interest rate swaps which convert the debt to floating rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current
2,346
330
2,676
2,885
2,515
5,400
2,476
3,066
5,542
Non-current
26,151
1,468
27,619
23,222
\u2013
23,222
21,511
2,179
23,690
Total
28,497
1,798
30,295
26,107
2,515
28,622
23,987
5,245
29,232
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
Cash collateral pledged to counterparties
\u2013
129
129
\u2013
102
102
\u2013
162
162
Cash and cash equivalents
\u2013
5,488
5,488
\u2013
5,840
5,840
250
5,916
6,166
Total
\u2013
5,617
5,617
\u2013
5,942
5,942
314
6,078
6,392
\n
In addition to the financial assets above, there are $11,115m (2023: $11,288m; 2022: $9,546m) of other current and non-current asset investments
and other financial assets.
The Group is also exposed to market risk on other investments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Equity securities at fair value through Other comprehensive income (Note 12)
1,632
1,530
1,056
Non-current fixed income securities at fair value through profit or loss (Note 12)
\u2013
\u2013
10
Total
1,632
1,530
1,066
\n
Foreign currency risk
The US dollar is the Group\u2019s most significant currency. As a consequence, the Group results are presented in US dollars and exposures are
managed against US dollars accordingly.
Translational
Approximately 60% of Group external sales in 2024 were denominated in currencies other than the US dollar, while a significant proportion
of manufacturing, and research and development costs were denominated in pound sterling and Swedish krona. Surplus cash generated
by business units is substantially converted to, and held centrally in, US dollars. As a result, operating profit and total cash flow in US dollars
will be affected by movements in exchange rates. This currency exposure is managed centrally, based on forecast cash flows. The impact
of movements in exchange rates is mitigated significantly by the correlations which exist between the major currencies to which the Group
is exposed and the US dollar. Monitoring of currency exposures and correlations is undertaken on a regular basis and hedging is subject to
pre-execution approval.
As at 31 December 2024, before the impact of derivatives or other forms of hedging, the Group held $548m of interest-bearing loans and
borrowings denominated in pound sterling and $4,876m denominated in euros.
$438m of the pound sterling loan and $829m of the euro loans balances are designated in a net investment hedge where they hedge an
underlying net investment of that amount in the same currency. $2,387m of the euro loans are designated in cashflow hedges, where they are
hedged with cross-currency swaps. Exchange differences on the retranslation of debt designated in a net investment hedge or a cashflow
hedge are recognised in Other comprehensive income to the extent the hedge is effective. $1,468m of the euro loans are designated in fair
value hedges, hedged with cross-currency swaps. Exchange difference on the retranslation of debt designated in a fair value hedge is
recognised within Finance income and expense.
For further details of all designated hedging relationships please refer to the Hedge accounting section within this Note 28, from page 199.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy and the Foreign
currencies accounting policy on page 158 within Group Accounting Policies.
As at 31 December 2024, the Group operates in three countries designated as hyperinflationary, being Argentina, Venezuela and Turkey.
The foreign exchange risk of these markets has been assessed and deemed to be immaterial.
Transactional
The Group aims to hedge all its forecasted major transactional currency exposures on working capital balances, which typically extend for up
to three months. Where practicable, these are hedged using forward foreign exchange contracts. In addition, external dividend payments in
pound sterling to UK shareholders and in Swedish krona to Swedish shareholders are fully hedged from announcement date to payment date.
Foreign exchange gains and losses on forward contracts transacted for transactional hedging are taken to profit and loss or to Other
comprehensive income if the contract is in a designated cash flow hedge.
Sensitivity analysis
The sensitivity analysis set out below summarises the sensitivity of the market value of our financial instruments to hypothetical changes in
market rates and prices. The range of variables chosen for the sensitivity analysis reflects our view of changes which are reasonably possible
over a one-year period. Market values are the present value of future cash flows based on market rates and prices at the valuation date. For
long-term debt, an increase in interest rates results in a decline in the fair value of debt.
The sensitivity analysis assumes an instantaneous 100 basis point change in interest rates in all currencies from their levels at 31 December
2024, with all other variables held constant. Based on the composition of our long-term debt portfolio and cash reserves as at 31 December
2024, a 1% increase in interest rates would result in an additional $18m in interest expense on the debt and an additional $56m interest income
on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at
31 December 2024, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other
currencies and the -10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed
in the table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the
table below.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2022
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,317
(1,490)
81
(89)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
26
(15)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
55
(74)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2023
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,361
(1,534)
196
(212)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
134
(128)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
62
(83)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,407
(1,561)
11
(20)
Impact on profit: (loss)/gain ($m)
\u2013
\u2013
(117)
133
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
128
(152)
\n
Credit risk
The Group is exposed to credit risk on financial assets, such as cash investments, derivative instruments, and Trade and other receivables.
The Group was also exposed in its Net asset position to its own credit risk in respect of the 2023 debentures which were accounted for at
FVPL. Under IFRS 9, the effect of the losses and gains arising from own credit risk on the fair value of bonds designated at FVPL are recorded
in Other comprehensive income.
Financial counterparty credit risk
The majority of the Group\u2019s cash is centralised within the Group treasury entity and is subject to counterparty risk on the principal invested.
The level of the Group\u2019s cash investments and hence credit risk will depend on the cash flow generated by the Group and the timing of the
use of that cash. The credit risk is mitigated through a policy of prioritising security and liquidity over return and, as such, cash is only invested
in high credit-quality investments. Counterparty limits are set according to the assessed risk of each counterparty and exposures are monitored
against these limits on a regular basis.
The Group\u2019s principal financial counterparty credit risks at 31 December were as follows:
Current assets
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Money market liquidity funds
4,177
4,425
4,486
Other short-term cash equivalents
96
90
269
Total Cash and cash equivalents (Note 17)
5,488
5,840
6,166
Fixed income securities at fair value through profit or loss (Note 12)
37
20
13
Cash collateral pledged to counterparties (Note 12)
129
102
162
Fixed deposits (Note 12)
\u2013
\u2013
64
Total derivative financial instruments (Note 13)
54
116
87
Current assets subject to credit risk
5,708
6,078
6,492
\n\n \n
Non-current assets
2024
2023
2022
$m
$m
$m
Derivative financial instruments (Note 13)
182
228
74
Non-current assets subject to credit risk
182
228
74
The majority of the Group\u2019s cash is invested in US dollar AAA-rated money market liquidity funds. The money market liquidity fund portfolios
are managed by six external third-party fund managers to maintain an AAA rating. The Group\u2019s investments represent no more than 10% of
each overall fund value. There were no other significant concentrations of financial credit risk at the reporting date.
All financial derivatives are transacted with commercial banks, in line with standard market practice. The Group has agreements with some
bank counterparties whereby the parties agree to post cash collateral, for the benefit of the other, equivalent to the market valuation of the
derivative positions above a predetermined threshold. The carrying value of such cash collateral held by the Group at 31 December 2024
was $181m (2023: $215m; 2022: $89m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m
(2023: $102m; 2022: $162m).
The impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: immaterial).
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position where there is both
a legally enforceable right and an intention to settle the balances on a net basis. There are also arrangements that would not normally meet
the requirement for offsetting but may be offset in certain circumstances such as the termination of a contract or bankruptcy.
The tables below show the impact on the Consolidated Statement of Financial Position if all offset rights were exercised by the Group or its
financial counterparties.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2022
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
161
(29)
(61)
71
Other investments
1
162
\u2013
(161)
1
Total assets
323
(29)
(222)
72
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(257)
29
161
(67)
Other payables
1
(89)
\u2013
61
(28)
Total liabilities
(346)
29
222
(95)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2023
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
344
(107)
(203)
34
Other investments
1
102
\u2013
(65)
37
Total assets
446
(107)
(268)
71
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(194)
107
65
(22)
Other payables
1
(215)
\u2013
203
(12)
Total liabilities
(409)
107
268
(34)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2024
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours
to minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days
past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2024, 31 December 2023, or
31 December 2022 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customer to settle
the receivables.
On that basis, the loss allowance was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2022
Current
past due
past due
past due
Total
Expected loss rate
0.03%
0.3%
32.0%
40.6%
\u00a0
Gross carrying amount ($m)
6,791
331
50
99
7,271
Loss allowance ($m)
2
1
16
40
59
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2023
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.3%
0.8%
15.0%
\u00a0
Gross carrying amount ($m)
7,709
342
121
280
8,452
Loss allowance ($m)
1
1
1
42
45
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
\u00a0
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n
Trade receivables are written off where there is no reasonable expectation of recovery.
Impairment losses on Trade receivables are presented as net impairment losses within Operating profit, any subsequent recoveries are
credited against the same line.
In the US, sales to three wholesalers accounted for approximately 74% (2023: 80%; 2022: 73%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
45
59
23
Net movement recognised in the Consolidated Statement of Comprehensive Income
(3)
(14)
37
Amounts utilised, exchange and other movements
(9)
\u2013
(1)
At 31 December
33
45
59
\n
Given the profile of our customers, including large wholesalers and government-backed agencies, no further credit risk has been identified
with the Trade receivables not past due other than those balances for which an allowance has been made.
Hedge accounting
The Group uses foreign currency borrowings, foreign currency forwards and swaps, currency options, interest rate swaps and cross-currency
interest rate swaps for the purpose of hedging its foreign currency and interest rate risks. The Group may designate certain financial instruments
as fair value hedges, cash flow hedges or net investment hedges in accordance with IFRS 9. Hedge effectiveness is determined at the
inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship
exists between the hedged item and hedging instrument. Sources of hedge effectiveness will depend on the hedge relationship designation
but may include:
\u2022
a significant change in the credit risk of either party to the hedging relationship
\u2022
a timing mismatch between the hedging instrument and the hedged item
\u2022
movements in foreign currency basis spread for derivatives in a fair value hedge
\u2022
a significant change in the value of the foreign currency-denominated net assets of the Group in a net investment hedge.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged
item to determine their relative weighting, for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
Designated hedges are expected to be effective and therefore the impact of ineffectiveness on profit and loss not expected to be material.
The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting
policy in the Group accounting policies section on page 158.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
\n\n \n
2022
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2022
to OCI
statement
2022
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 1,700m
(160)
27
118
(111)
34
2026
1.14
USD 2.85%
FX Forwards \u2013 short-term FX risk
USD 1,126m
(12)
(12)
(14)
38
12
2023
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2022
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
55
(62)
7
\u2013
(55)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(4)
2
2
\u2013
4
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
420
(238)
(50)
\u2013
(288)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
846
(50)
(52)
\u2013
(102)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 2,093m
(2,093)
1,832
384
\u2013
2,216
\u2013
\u2013
\u2013
\n\n \n
2023
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2023
to OCI
statement
2023
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2013 short-term FX risk
USD 2,009m
15
12
(33)
6
(15)
2024
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2023
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
100
(55)
(45)
\u2013
(100)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(1)
4
(3)
\u2013
1
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
444
(288)
24
\u2013
(264)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
881
(102)
33
\u2013
(69)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,937m
(1,937)
2,216
(81)
\u2013
2,135
\u2013
\u2013
\u2013
\n\n \n
2024
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2024
to OCI
statement
2024
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2013 short-term FX risk
USD 2,252m
4
(15)
8
3
(4)
2025
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2024
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
146
(100)
(45)
\u2013
(145)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
1
(4)
\u2013
(3)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
438
(264)
(7)
\u2013
(271)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
829
(69)
(52)
\u2013
(121)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,367m
(1,367)
2,135
181
\u2013
2,316
\u2013
\u2013
\u2013
\n
1
\n
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
2
\n
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
3
\n
Fair value movements on cross-currency interest rate swaps in cash flow hedge and net investment hedge relationships are shown inclusive of the impact of costs of hedging.
\n
4
\n
Nominal amount of FX forwards in a cash flow hedge of $2,252m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792m
\n
at FX rate 10.9999, JPY 31,013m at 156.195, GBP 168m at 0.7962 and EUR 375m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2025.
\n
5
\n
The EUR 800m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated
\n
net assets.
Key controls applied to transactions in derivative financial instruments are to use only instruments where good market liquidity exists, to
revalue all financial instruments regularly using current market rates and to sell options only to offset previously purchased options or as part
of a risk management strategy. The Group is not a net seller of options, and does not use derivative financial instruments for speculative
purposes. The Group held no options during the reporting period.
The table below summarises the change in the fair value of hedging instruments and the hedged item designated in a fair value hedging
relationship used to calculate ineffectiveness in the period. The hedge relates to the EUR 2030 and EUR 2033 bonds issued during 2024,
consequently there are no prior year comparatives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Change in fair value
Change in fair value
Hedge
\u00a0
Nominal
of hedging instrument
of hedged item
ineffectiveness
\u00a0
amounts in
used to calculate
used to calculate
recognised in
As at 31 December 2024
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
(56)
54
(2)
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00677": { "value": "Foreign currencies
Foreign currency transactions, being
transactions denominated in a currency
other than an individual Group entity\u2019s
functional currency, are translated into the
relevant functional currencies of individual
Group entities at average rates for the
relevant monthly accounting periods,
which approximate to actual rates.
Monetary assets and liabilities arising
from foreign currency transactions are
retranslated at exchange rates prevailing
at the reporting date. Exchange gains and
losses on loans and on short-term foreign
currency borrowings and deposits are
included within Finance expense. Exchange
differences on all other foreign currency
transactions are recognised in Operating
profit in the individual Group entity\u2019s
accounting records.
Non-monetary items arising from foreign
currency transactions are not retranslated
in the individual Group entity\u2019s
accounting records.
In the Consolidated Financial Statements,
income and expense items for Group entities
with a functional currency other than US
dollars are translated into US dollars at
average exchange rates, which approximate
to actual rates, for the relevant accounting
periods. Assets and liabilities are translated
at the US dollar exchange rates prevailing at
the reporting date. Exchange differences
arising on consolidation are recognised in
Other comprehensive income.
If certain criteria are met, non-US dollar-
denominated loans or derivatives are
designated as net investment hedges of
foreign operations. Exchange differences
arising on retranslation of net investments,
and of foreign currency loans which are
designated in an effective net investment
hedge relationship, are recognised in Other
comprehensive income in the Consolidated
Financial Statements. Foreign exchange
derivatives hedging net investments in
foreign operations are carried at fair value.
Effective fair value movements are recognised
in Other comprehensive income, with any
ineffectiveness taken to profit. Gains and
losses accumulated in the translation reserve
will be recycled to profit and loss when the
foreign operation is sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00678": { "value": "Foreign currencies
Foreign currency transactions, being
transactions denominated in a currency
other than an individual Group entity\u2019s
functional currency, are translated into the
relevant functional currencies of individual
Group entities at average rates for the
relevant monthly accounting periods,
which approximate to actual rates.
Monetary assets and liabilities arising
from foreign currency transactions are
retranslated at exchange rates prevailing
at the reporting date. Exchange gains and
losses on loans and on short-term foreign
currency borrowings and deposits are
included within Finance expense. Exchange
differences on all other foreign currency
transactions are recognised in Operating
profit in the individual Group entity\u2019s
accounting records.
Non-monetary items arising from foreign
currency transactions are not retranslated
in the individual Group entity\u2019s
accounting records.
In the Consolidated Financial Statements,
income and expense items for Group entities
with a functional currency other than US
dollars are translated into US dollars at
average exchange rates, which approximate
to actual rates, for the relevant accounting
periods. Assets and liabilities are translated
at the US dollar exchange rates prevailing at
the reporting date. Exchange differences
arising on consolidation are recognised in
Other comprehensive income.
If certain criteria are met, non-US dollar-
denominated loans or derivatives are
designated as net investment hedges of
foreign operations. Exchange differences
arising on retranslation of net investments,
and of foreign currency loans which are
designated in an effective net investment
hedge relationship, are recognised in Other
comprehensive income in the Consolidated
Financial Statements. Foreign exchange
derivatives hedging net investments in
foreign operations are carried at fair value.
Effective fair value movements are recognised
in Other comprehensive income, with any
ineffectiveness taken to profit. Gains and
losses accumulated in the translation reserve
will be recycled to profit and loss when the
foreign operation is sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00679": { "value": "Provisions
Provisions are recognised when there
is either a legal or constructive present
obligation as a result of a past event, it is
probable that an outflow of economic
resources will be required to settle the
obligation and a reliable estimate can be
made of the amount of the obligation. If the
effect of the time value of money is material,
provisions are discounted at the relevant
pre-tax discount rate. Where provisions
are discounted, the increase in the
provision resulting from the passage of
time is recognised as a finance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00684": { "value": "Impairment
The carrying values of non-financial assets,
other than Inventories and Deferred tax assets,
are reviewed at least annually to determine
whether there is any indication of impairment.
For Goodwill, Intangible assets under
development and for any other assets where
such indication exists, the asset\u2019s recoverable
amount is estimated based on the greater of
its value in use and its fair value less cost to
sell. In assessing the recoverable amount,
the estimated future cash flows, adjusted
for the risks associated with the probability
of success specific to each asset, as well as
inflationary impacts, are discounted to their
present value using a nominal discount rate
that reflects current market assessments
of the time value of money, the general
risks affecting the pharmaceutical industry
and other risks specific to each asset. For
the purpose of impairment testing, assets
are grouped together into the smallest
group of assets that generates cash
inflows from continuing use that are largely
independent of the cash flows of other
assets. Impairment losses are recognised
immediately in the Consolidated Statement
of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00680": { "value": "Impairment
The carrying values of non-financial assets,
other than Inventories and Deferred tax assets,
are reviewed at least annually to determine
whether there is any indication of impairment.
For Goodwill, Intangible assets under
development and for any other assets where
such indication exists, the asset\u2019s recoverable
amount is estimated based on the greater of
its value in use and its fair value less cost to
sell. In assessing the recoverable amount,
the estimated future cash flows, adjusted
for the risks associated with the probability
of success specific to each asset, as well as
inflationary impacts, are discounted to their
present value using a nominal discount rate
that reflects current market assessments
of the time value of money, the general
risks affecting the pharmaceutical industry
and other risks specific to each asset. For
the purpose of impairment testing, assets
are grouped together into the smallest
group of assets that generates cash
inflows from continuing use that are largely
independent of the cash flows of other
assets. Impairment losses are recognised
immediately in the Consolidated Statement
of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "1 Revenue \n \n
Product Sales
2024
2023
2022
Emerging
Rest of
Emerging
Rest of
Emerging
Rest of
US
Markets
Europe
World
Total
US
Markets
Europe
World
Total
US
Markets
Europe
World
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Oncology:
Tagrisso
2,763
1,755
1,301
761
6,580
2,276
1,621
1,120
782
5,799
2,007
1,567
1,023
847
5,444
Imfinzi
2,603
479
948
687
4,717
2,171
355
742
751
4,019
1,539
287
544
401
2,771
Calquence
2,190
153
656
130
3,129
1,815
98
493
108
2,514
1,657
45
286
69
2,057
Lynparza
1,332
655
832
253
3,072
1,254
542
734
281
2,811
1,226
488
655
269
2,638
Enhertu
\u2013
350
126
69
545
\u2013
169
60
32
261
\u2013
51
21
7
79
Zoladex
16
795
148
99
1,058
14
687
133
118
952
15
657
133
122
927
Imjudo
180
16
36
49
281
146
5
16
51
218
13
\u2013
\u2013
\u2013
13
Truqap
408
2
12
8
430
6
\u2013
\u2013
\u2013
6
\u2013
\u2013
\u2013
\u2013
\u2013
Orpathys
\u2013
44
\u2013
\u2013
44
\u2013
44
\u2013
\u2013
44
\u2013
33
\u2013
\u2013
33
Others
18
253
23
125
419
37
307
34
143
521
27
409
64
169
669
9,510
4,502
4,082
2,181
20,275
7,719
3,828
3,332
2,266
17,145
6,484
3,537
2,726
1,884
14,631
Cardiovascular, Renal & Metabolism:
Farxiga
1,750
2,853
2,634
419
7,656
1,451
2,211
1,881
420
5,963
1,071
1,665
1,297
348
4,381
Brilinta
751
294
268
20
1,333
744
285
271
24
1,324
744
286
282
46
1,358
Crestor
46
934
37
136
1,153
55
862
52
138
1,107
65
794
41
148
1,048
Seloken
/
Toprol-XL
\u2013
589
13
3
605
1
621
11
7
640
\u2013
839
14
9
862
Lokelma
256
86
92
108
542
214
50
58
90
412
170
20
30
69
289
Roxadustat
\u2013
331
\u2013
\u2013
331
\u2013
271
\u2013
\u2013
271
\u2013
197
\u2013
\u2013
197
Andexxa
81
3
80
55
219
75
\u2013
62
45
182
77
\u2013
41
32
150
Wainua
85
\u2013
\u2013
\u2013
85
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Others
106
249
146
23
524
212
286
168
20
686
352
318
201
32
903
3,075
5,339
3,270
764
12,448
2,752
4,586
2,503
744
10,585
2,479
4,119
1,906
684
9,188
Respiratory & Immunology:
Symbicort
1,187
805
559
328
2,879
726
753
549
334
2,362
973
608
582
375
2,538
Fasenra
1,049
92
404
144
1,689
992
64
355
142
1,553
906
43
305
142
1,396
Pulmicort
6
568
71
37
682
28
575
68
42
713
65
462
69
49
645
Breztri
516
245
143
74
978
383
161
81
52
677
239
92
33
34
398
Tezspire
\u2013
11
156
81
248
\u2013
1
48
37
86
\u2013
\u2013
2
2
4
Saphnelo
425
7
26
16
474
260
2
8
10
280
111
\u2013
2
3
116
Airsupra
66
\u2013
\u2013
\u2013
66
2
\u2013
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
Others
167
169
57
7
400
156
215
55
8
434
361
238
61
8
668
3,416
1,897
1,416
687
7,416
2,547
1,771
1,164
625
6,107
2,655
1,443
1,054
613
5,765
Vaccines & Immune Therapies:
Synagis
(8)
210
116
129
447
(1)
195
175
177
546
1
173
213
191
578
Beyfortus
232
\u2013
84
2
318
87
\u2013
19
\u2013
106
\u2013
\u2013
\u2013
\u2013
\u2013
FluMist
28
1
204
25
258
23
1
188
4
216
21
1
151
2
175
COVID-19 mAbs
28
\u2013
3
\u2013
31
\u2013
6
12
114
132
1,067
413
298
407
2,185
Others
\u2013
2
2
\u2013
4
\u2013
10
2
\u2013
12
79
729
365
625
1,798
280
213
409
156
1,058
109
212
396
295
1,012
1,168
1,316
1,027
1,225
4,736
Rare Disease:
Ultomiris
2,261
141
884
638
3,924
1,750
71
668
476
2,965
1,136
38
481
310
1,965
Soliris
1,523
443
416
206
2,588
1,734
424
670
317
3,145
2,180
301
805
476
3,762
Strensiq
1,167
54
99
96
1,416
937
40
89
86
1,152
769
35
78
76
958
Koselugo
212
177
103
39
531
195
59
53
24
331
162
26
20
\u2013
208
Kanuma
100
34
66
9
209
85
29
49
8
171
77
31
44
8
160
5,263
849
1,568
988
8,668
4,701
623
1,529
911
7,764
4,324
431
1,428
870
7,053
Other:
Nexium
96
591
60
120
867
115
578
53
199
945
120
568
46
551
1,285
Others
15
144
43
4
206
18
153
52
8
231
24
220
77
19
340
111
735
103
124
1,073
133
731
105
207
1,176
144
788
123
570
1,625
Product Sales
21,655
13,535
10,848
4,900
50,938
17,961
11,751
9,029
5,048
43,789
17,254
11,634
8,264
5,846
42,998
\n
SE
Rebates and chargebacks in the US
The major market where estimates are seen as significant is the US. When invoicing Product Sales in the US, we estimate the rebates and
chargebacks we expect to pay and we consider there to be a significant estimate associated with the rebates for Managed Care, Medicaid
and Medicare Part D. The total adjustment in respect of prior year net US Product Sales in 2024 was 0.6% (2023: 1.0%; 2022: 1.3%); this
represents the difference between our prior year estimates for rebates and chargebacks against actual amounts paid for the US business.
The most significant of these relate to the Medicaid and state programmes with an adjustment in respect of prior year net US Product Sales
in 2024 of 0.1% (2023: 0.3%; 2022: 0.5%) and Managed Care and Medicare of 0.6% (2023: 0.5%; 2022: 0.8%).
The adjustment in respect of the prior year net US Product Sales, excluding the Rare Disease therapy area in 2024, was 0.8% (2023: 1.4%;
2022: 1.6%), with Medicaid and state programmes of 0.1% (2023: 0.4%; 2022: 0.6%) and Managed Care and Medicare of 0.7% (2023: 0.7%;
2022: 1.1%).
These values demonstrate the level of sensitivity; further meaningful sensitivity is not able to be provided due to the large volume of variables
that contribute to the overall rebates, chargebacks, returns and other revenue accruals. These variables include assumptions in respect of
aggregate future sales levels, segment mix and customers\u2019 contractual performance, and in addition for Managed Care, US Medicaid and
Medicare Part D, the channel inventory levels, and assumptions related to lag time. These assumptions are built up on a product-by-product
and customer-by-customer basis, taking into account specific contract provisions coupled with expected performance, and are then aggregated
into a weighted average rebate accrual rate for each of our products. Accrual rates are reviewed and adjusted on an as-needed basis. There
may be further adjustments when actual rebates are invoiced based on utilisation information submitted to AstraZeneca (in the case of
contractual rebates) and claims/invoices are received (in the case of regulatory rebates and chargebacks).
Alliance Revenue
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Enhertu
1,437
1,022
523
Tezspire
436
259
79
Beyfortus
237
57
\u2013
Vaxzevria
: royalties
\u2013
\u2013
76
Other royalty income
91
81
68
Other Alliance Revenue
11
9
9
\u00a0
2,212
1,428
755
\n
Collaboration Revenue
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Lynparza
: sales milestones
600
\u2013
\u2013
Beyfortus
: sales milestones
167
27
\u2013
Koselugo
: sales milestones
100
\u2013
\u2013
Farxiga
: sales milestones
56
29
\u2013
Lynparza
: regulatory milestones
\u2013
245
355
COVID-19 mAbs: licence fees
\u2013
180
\u2013
Beyfortus
: regulatory milestones
\u2013
71
25
tralokinumab: sales milestones
\u2013
20
110
Nexium
: sale of rights
\u2013
\u2013
62
Other Collaboration Revenue
\u2013
22
46
\u00a0
923
594
598
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00534": { "value": "1 Revenue \n \n
Product Sales
2024
2023
2022
Emerging
Rest of
Emerging
Rest of
Emerging
Rest of
US
Markets
Europe
World
Total
US
Markets
Europe
World
Total
US
Markets
Europe
World
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Oncology:
Tagrisso
2,763
1,755
1,301
761
6,580
2,276
1,621
1,120
782
5,799
2,007
1,567
1,023
847
5,444
Imfinzi
2,603
479
948
687
4,717
2,171
355
742
751
4,019
1,539
287
544
401
2,771
Calquence
2,190
153
656
130
3,129
1,815
98
493
108
2,514
1,657
45
286
69
2,057
Lynparza
1,332
655
832
253
3,072
1,254
542
734
281
2,811
1,226
488
655
269
2,638
Enhertu
\u2013
350
126
69
545
\u2013
169
60
32
261
\u2013
51
21
7
79
Zoladex
16
795
148
99
1,058
14
687
133
118
952
15
657
133
122
927
Imjudo
180
16
36
49
281
146
5
16
51
218
13
\u2013
\u2013
\u2013
13
Truqap
408
2
12
8
430
6
\u2013
\u2013
\u2013
6
\u2013
\u2013
\u2013
\u2013
\u2013
Orpathys
\u2013
44
\u2013
\u2013
44
\u2013
44
\u2013
\u2013
44
\u2013
33
\u2013
\u2013
33
Others
18
253
23
125
419
37
307
34
143
521
27
409
64
169
669
9,510
4,502
4,082
2,181
20,275
7,719
3,828
3,332
2,266
17,145
6,484
3,537
2,726
1,884
14,631
Cardiovascular, Renal & Metabolism:
Farxiga
1,750
2,853
2,634
419
7,656
1,451
2,211
1,881
420
5,963
1,071
1,665
1,297
348
4,381
Brilinta
751
294
268
20
1,333
744
285
271
24
1,324
744
286
282
46
1,358
Crestor
46
934
37
136
1,153
55
862
52
138
1,107
65
794
41
148
1,048
Seloken
/
Toprol-XL
\u2013
589
13
3
605
1
621
11
7
640
\u2013
839
14
9
862
Lokelma
256
86
92
108
542
214
50
58
90
412
170
20
30
69
289
Roxadustat
\u2013
331
\u2013
\u2013
331
\u2013
271
\u2013
\u2013
271
\u2013
197
\u2013
\u2013
197
Andexxa
81
3
80
55
219
75
\u2013
62
45
182
77
\u2013
41
32
150
Wainua
85
\u2013
\u2013
\u2013
85
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Others
106
249
146
23
524
212
286
168
20
686
352
318
201
32
903
3,075
5,339
3,270
764
12,448
2,752
4,586
2,503
744
10,585
2,479
4,119
1,906
684
9,188
Respiratory & Immunology:
Symbicort
1,187
805
559
328
2,879
726
753
549
334
2,362
973
608
582
375
2,538
Fasenra
1,049
92
404
144
1,689
992
64
355
142
1,553
906
43
305
142
1,396
Pulmicort
6
568
71
37
682
28
575
68
42
713
65
462
69
49
645
Breztri
516
245
143
74
978
383
161
81
52
677
239
92
33
34
398
Tezspire
\u2013
11
156
81
248
\u2013
1
48
37
86
\u2013
\u2013
2
2
4
Saphnelo
425
7
26
16
474
260
2
8
10
280
111
\u2013
2
3
116
Airsupra
66
\u2013
\u2013
\u2013
66
2
\u2013
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
Others
167
169
57
7
400
156
215
55
8
434
361
238
61
8
668
3,416
1,897
1,416
687
7,416
2,547
1,771
1,164
625
6,107
2,655
1,443
1,054
613
5,765
Vaccines & Immune Therapies:
Synagis
(8)
210
116
129
447
(1)
195
175
177
546
1
173
213
191
578
Beyfortus
232
\u2013
84
2
318
87
\u2013
19
\u2013
106
\u2013
\u2013
\u2013
\u2013
\u2013
FluMist
28
1
204
25
258
23
1
188
4
216
21
1
151
2
175
COVID-19 mAbs
28
\u2013
3
\u2013
31
\u2013
6
12
114
132
1,067
413
298
407
2,185
Others
\u2013
2
2
\u2013
4
\u2013
10
2
\u2013
12
79
729
365
625
1,798
280
213
409
156
1,058
109
212
396
295
1,012
1,168
1,316
1,027
1,225
4,736
Rare Disease:
Ultomiris
2,261
141
884
638
3,924
1,750
71
668
476
2,965
1,136
38
481
310
1,965
Soliris
1,523
443
416
206
2,588
1,734
424
670
317
3,145
2,180
301
805
476
3,762
Strensiq
1,167
54
99
96
1,416
937
40
89
86
1,152
769
35
78
76
958
Koselugo
212
177
103
39
531
195
59
53
24
331
162
26
20
\u2013
208
Kanuma
100
34
66
9
209
85
29
49
8
171
77
31
44
8
160
5,263
849
1,568
988
8,668
4,701
623
1,529
911
7,764
4,324
431
1,428
870
7,053
Other:
Nexium
96
591
60
120
867
115
578
53
199
945
120
568
46
551
1,285
Others
15
144
43
4
206
18
153
52
8
231
24
220
77
19
340
111
735
103
124
1,073
133
731
105
207
1,176
144
788
123
570
1,625
Product Sales
21,655
13,535
10,848
4,900
50,938
17,961
11,751
9,029
5,048
43,789
17,254
11,634
8,264
5,846
42,998
\n
SE
Rebates and chargebacks in the US
The major market where estimates are seen as significant is the US. When invoicing Product Sales in the US, we estimate the rebates and
chargebacks we expect to pay and we consider there to be a significant estimate associated with the rebates for Managed Care, Medicaid
and Medicare Part D. The total adjustment in respect of prior year net US Product Sales in 2024 was 0.6% (2023: 1.0%; 2022: 1.3%); this
represents the difference between our prior year estimates for rebates and chargebacks against actual amounts paid for the US business.
The most significant of these relate to the Medicaid and state programmes with an adjustment in respect of prior year net US Product Sales
in 2024 of 0.1% (2023: 0.3%; 2022: 0.5%) and Managed Care and Medicare of 0.6% (2023: 0.5%; 2022: 0.8%).
The adjustment in respect of the prior year net US Product Sales, excluding the Rare Disease therapy area in 2024, was 0.8% (2023: 1.4%;
2022: 1.6%), with Medicaid and state programmes of 0.1% (2023: 0.4%; 2022: 0.6%) and Managed Care and Medicare of 0.7% (2023: 0.7%;
2022: 1.1%).
These values demonstrate the level of sensitivity; further meaningful sensitivity is not able to be provided due to the large volume of variables
that contribute to the overall rebates, chargebacks, returns and other revenue accruals. These variables include assumptions in respect of
aggregate future sales levels, segment mix and customers\u2019 contractual performance, and in addition for Managed Care, US Medicaid and
Medicare Part D, the channel inventory levels, and assumptions related to lag time. These assumptions are built up on a product-by-product
and customer-by-customer basis, taking into account specific contract provisions coupled with expected performance, and are then aggregated
into a weighted average rebate accrual rate for each of our products. Accrual rates are reviewed and adjusted on an as-needed basis. There
may be further adjustments when actual rebates are invoiced based on utilisation information submitted to AstraZeneca (in the case of
contractual rebates) and claims/invoices are received (in the case of regulatory rebates and chargebacks).
Alliance Revenue
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Enhertu
1,437
1,022
523
Tezspire
436
259
79
Beyfortus
237
57
\u2013
Vaxzevria
: royalties
\u2013
\u2013
76
Other royalty income
91
81
68
Other Alliance Revenue
11
9
9
\u00a0
2,212
1,428
755
\n
Collaboration Revenue
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Lynparza
: sales milestones
600
\u2013
\u2013
Beyfortus
: sales milestones
167
27
\u2013
Koselugo
: sales milestones
100
\u2013
\u2013
Farxiga
: sales milestones
56
29
\u2013
Lynparza
: regulatory milestones
\u2013
245
355
COVID-19 mAbs: licence fees
\u2013
180
\u2013
Beyfortus
: regulatory milestones
\u2013
71
25
tralokinumab: sales milestones
\u2013
20
110
Nexium
: sale of rights
\u2013
\u2013
62
Other Collaboration Revenue
\u2013
22
46
\u00a0
923
594
598
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "2 Operating profit
Operating profit includes the following significant items:
Cost of sales
In 2024, Cost of sales includes a charge of $nil (2023: $114m; 2022: $3,484m) in relation to the release, in line with sales, of fair value uplift
to inventory that was recognised under IFRS 3 \u2018Business Combinations\u2019 upon the acquisition of Alexion.
Selling, general and administrative expense
In 2024, Selling, general and administrative expense includes a charge of $260m (2023: $520m; 2022: $182m) resulting from changes in
the fair value of contingent consideration arising from the acquisition of the diabetes alliance from BMS. These adjustments reflect revised
estimates for future sales performance for the products acquired and, as a result, revised estimates for future royalties payable.
In 2024, Selling, general and administrative expense also includes a charge of $48m (2023: $1,013m; 2022: $789m) relating to a number of
legal proceedings, including settlements in various jurisdictions in relation to several marketed products (see Note 30).
Research and development expense: Government grants
During the year $nil (2023: $74m; 2022: $113m) of government grants were recognised within Research and development expense. The grants
recognised relate to funding for Research and development and related expenses for COVID-19 mAbs of $nil (2023: $nil; 2022: $112m) and
Vaxzevria
of $nil (2023: $74m; 2022: $1m).
Other operating income and expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Royalty income
103
107
59
Gains on disposal of intangible assets
64
251
104
Net (losses)/gains on disposal of other non-current assets
(4)
41
112
Update to the contractual relationships for
Beyfortus
\u2013
712
\u2013
Other income
1
210
393
439
Other expense
(121)
(164)
(200)
Other operating income and expense
252
1,340
514
\n
1
Other income in 2024 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2023: $75m; 2022: $138m).
Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to
Pulmicort
Flexhaler to Cheplapharm in the US.
Net (losses)/gains on disposal of other non-current assets in 2022 includes a $125m gain in respect of the Waltham R&D site sale and
leaseback in MA, US (see Note 8).
As part of the total consideration received in respect of the agreement to sell US rights to
Synagis
in 2019, $400m in total has been received
related to the rights to participate in the future cash flows from the US profits or losses for
Beyfortus
, with $190m cash inflows in 2023
primarily relating to a cash receipt from Sobi following achievement of a regulatory milestone. At 31 December 2022, the full amount of
$522m was recognised as a financial liability within non-current Other payables (the Profit Participation Liability) as the Group had not fully
transferred the risks and rewards of the underlying cash flows arising from
Beyfortus
to Sobi. All associated cash flows have been presented
within investing activities as the Group has received the cash in exchange for agreeing to transfer future cash flows relating to an intangible
asset. In 2023, the contractual relationship between AstraZeneca and Sobi relating to future sales of
Beyfortus
in the US was replaced by
a royalty relationship between Sanofi and Sobi. As a result, the Profit Participation Liability was extinguished and derecognised from the
Consolidated Statement of Financial Position, with a gain of $712m recorded in Other operating income and expense.
Restructuring costs
In conjunction with the acquisition of Alexion in 2021, the enlarged Group initiated the Post Alexion Acquisition Group Review (PAAGR);
a global restructuring programme aimed at integrating systems, structure and processes, optimising the global footprint and prioritising
resource allocations and investments. During 2023, the Group identified all remaining activities and finalised the scope of the programme.
During 2024, the Group has undertaken a further assessment of those planned activities. This included the commencement of work on the
planned upgrade of the Group\u2019s Enterprise Resource Planning IT systems (Axial Project), which is expected to be substantially complete by
the end of 2030. The Group has also continued to progress other legacy restructuring programmes.
During 2024, the Group has incurred $1,154m of restructuring costs, of which $1,115m resulted from activities that are part of the PAAGR,
bringing the cumulative charges under this programme to $3,182m. Costs in 2024 included $529m within Cost of sales primarily due to
inventory and related product provisions related to
Andexxa
following the decision to cease promotional activities, $312m within Selling,
general and administrative expense in relation to severance, HR, Finance, IT and other integration costs and $275m within Research and
development expense in relation to the transformation of clinical, regulatory and other R&D data and systems.
Total restructuring costs in 2024 includes a net impairment charge to Property, plant and equipment of $43m (2023: charge of $7m; 2022:
reversal of $4m), a $7m impairment charge to Right-of-use assets (2023: $13m; 2022: $nil) and no impairment of Intangible assets (2023: $nil;
2022: reversal of $17m relating to software development costs).
The tables below show the costs that have been charged in respect of restructuring programmes by cost category and type. Severance
provisions are detailed in Note 21.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cost of sales
569
109
266
Distribution expense
\u2013
\u2013
2
Research and development expense
275
212
111
Selling, general and administrative expense
312
207
405
Other operating income and expense
(2)
(61)
(67)
Total charge
1,154
467
717
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Severance costs
213
57
187
Accelerated depreciation and impairment charges
64
68
135
Other
1
877
342
395
Total charge
1,154
467
717
\n
1
Other costs are those incurred in designing and implementing the Group\u2019s various restructuring initiatives. In 2024, Other costs included $480m for inventory and related product
provisions related to
Andexxa
following the decision to cease promotional activities. Other costs also include the costs of integrating systems, structure and processes as part of the
PAAGR, costs relating to the Alexion acquisition, internal project costs and external service fees.
Financial instruments
Included within Operating profit are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
(Losses)/gains on forward foreign exchange contracts
(81)
42
150
Losses on receivables and payables
(143)
(260)
(203)
Total
(224)
(218)
(53)
\n
Impairment charges
Details of impairment charges for 2024, 2023 and 2022 are included in Notes 7, 8 and 10.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "2 Operating profit
Operating profit includes the following significant items:
Cost of sales
In 2024, Cost of sales includes a charge of $nil (2023: $114m; 2022: $3,484m) in relation to the release, in line with sales, of fair value uplift
to inventory that was recognised under IFRS 3 \u2018Business Combinations\u2019 upon the acquisition of Alexion.
Selling, general and administrative expense
In 2024, Selling, general and administrative expense includes a charge of $260m (2023: $520m; 2022: $182m) resulting from changes in
the fair value of contingent consideration arising from the acquisition of the diabetes alliance from BMS. These adjustments reflect revised
estimates for future sales performance for the products acquired and, as a result, revised estimates for future royalties payable.
In 2024, Selling, general and administrative expense also includes a charge of $48m (2023: $1,013m; 2022: $789m) relating to a number of
legal proceedings, including settlements in various jurisdictions in relation to several marketed products (see Note 30).
Research and development expense: Government grants
During the year $nil (2023: $74m; 2022: $113m) of government grants were recognised within Research and development expense. The grants
recognised relate to funding for Research and development and related expenses for COVID-19 mAbs of $nil (2023: $nil; 2022: $112m) and
Vaxzevria
of $nil (2023: $74m; 2022: $1m).
Other operating income and expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Royalty income
103
107
59
Gains on disposal of intangible assets
64
251
104
Net (losses)/gains on disposal of other non-current assets
(4)
41
112
Update to the contractual relationships for
Beyfortus
\u2013
712
\u2013
Other income
1
210
393
439
Other expense
(121)
(164)
(200)
Other operating income and expense
252
1,340
514
\n
1
Other income in 2024 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2023: $75m; 2022: $138m).
Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to
Pulmicort
Flexhaler to Cheplapharm in the US.
Net (losses)/gains on disposal of other non-current assets in 2022 includes a $125m gain in respect of the Waltham R&D site sale and
leaseback in MA, US (see Note 8).
As part of the total consideration received in respect of the agreement to sell US rights to
Synagis
in 2019, $400m in total has been received
related to the rights to participate in the future cash flows from the US profits or losses for
Beyfortus
, with $190m cash inflows in 2023
primarily relating to a cash receipt from Sobi following achievement of a regulatory milestone. At 31 December 2022, the full amount of
$522m was recognised as a financial liability within non-current Other payables (the Profit Participation Liability) as the Group had not fully
transferred the risks and rewards of the underlying cash flows arising from
Beyfortus
to Sobi. All associated cash flows have been presented
within investing activities as the Group has received the cash in exchange for agreeing to transfer future cash flows relating to an intangible
asset. In 2023, the contractual relationship between AstraZeneca and Sobi relating to future sales of
Beyfortus
in the US was replaced by
a royalty relationship between Sanofi and Sobi. As a result, the Profit Participation Liability was extinguished and derecognised from the
Consolidated Statement of Financial Position, with a gain of $712m recorded in Other operating income and expense.
Restructuring costs
In conjunction with the acquisition of Alexion in 2021, the enlarged Group initiated the Post Alexion Acquisition Group Review (PAAGR);
a global restructuring programme aimed at integrating systems, structure and processes, optimising the global footprint and prioritising
resource allocations and investments. During 2023, the Group identified all remaining activities and finalised the scope of the programme.
During 2024, the Group has undertaken a further assessment of those planned activities. This included the commencement of work on the
planned upgrade of the Group\u2019s Enterprise Resource Planning IT systems (Axial Project), which is expected to be substantially complete by
the end of 2030. The Group has also continued to progress other legacy restructuring programmes.
During 2024, the Group has incurred $1,154m of restructuring costs, of which $1,115m resulted from activities that are part of the PAAGR,
bringing the cumulative charges under this programme to $3,182m. Costs in 2024 included $529m within Cost of sales primarily due to
inventory and related product provisions related to
Andexxa
following the decision to cease promotional activities, $312m within Selling,
general and administrative expense in relation to severance, HR, Finance, IT and other integration costs and $275m within Research and
development expense in relation to the transformation of clinical, regulatory and other R&D data and systems.
Total restructuring costs in 2024 includes a net impairment charge to Property, plant and equipment of $43m (2023: charge of $7m; 2022:
reversal of $4m), a $7m impairment charge to Right-of-use assets (2023: $13m; 2022: $nil) and no impairment of Intangible assets (2023: $nil;
2022: reversal of $17m relating to software development costs).
The tables below show the costs that have been charged in respect of restructuring programmes by cost category and type. Severance
provisions are detailed in Note 21.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cost of sales
569
109
266
Distribution expense
\u2013
\u2013
2
Research and development expense
275
212
111
Selling, general and administrative expense
312
207
405
Other operating income and expense
(2)
(61)
(67)
Total charge
1,154
467
717
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Severance costs
213
57
187
Accelerated depreciation and impairment charges
64
68
135
Other
1
877
342
395
Total charge
1,154
467
717
\n
1
Other costs are those incurred in designing and implementing the Group\u2019s various restructuring initiatives. In 2024, Other costs included $480m for inventory and related product
provisions related to
Andexxa
following the decision to cease promotional activities. Other costs also include the costs of integrating systems, structure and processes as part of the
PAAGR, costs relating to the Alexion acquisition, internal project costs and external service fees.
Financial instruments
Included within Operating profit are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
(Losses)/gains on forward foreign exchange contracts
(81)
42
150
Losses on receivables and payables
(143)
(260)
(203)
Total
(224)
(218)
(53)
\n
Impairment charges
Details of impairment charges for 2024, 2023 and 2022 are included in Notes 7, 8 and 10.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "2 Operating profit
Operating profit includes the following significant items:
Cost of sales
In 2024, Cost of sales includes a charge of $nil (2023: $114m; 2022: $3,484m) in relation to the release, in line with sales, of fair value uplift
to inventory that was recognised under IFRS 3 \u2018Business Combinations\u2019 upon the acquisition of Alexion.
Selling, general and administrative expense
In 2024, Selling, general and administrative expense includes a charge of $260m (2023: $520m; 2022: $182m) resulting from changes in
the fair value of contingent consideration arising from the acquisition of the diabetes alliance from BMS. These adjustments reflect revised
estimates for future sales performance for the products acquired and, as a result, revised estimates for future royalties payable.
In 2024, Selling, general and administrative expense also includes a charge of $48m (2023: $1,013m; 2022: $789m) relating to a number of
legal proceedings, including settlements in various jurisdictions in relation to several marketed products (see Note 30).Financial instruments
Included within Operating profit are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
(Losses)/gains on forward foreign exchange contracts
(81)
42
150
Losses on receivables and payables
(143)
(260)
(203)
Total
(224)
(218)
(53)
\nFinancial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
107
13
(9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(38)
\u2013
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
306
177
54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,251)
(1,004)
(837)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives
and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss,
net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m);
debt $nil (2023: gain of $7m; 2022: gain of $26m).12 Other investments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Non-current investments
\u00a0 \u00a0 \u00a0
Equity securities at fair value through Other comprehensive income
1,632
1,530
1,056
Fixed income securities at fair value through profit or loss
\u2013
\u2013
10
Total
1,632
1,530
1,066
Current investments
\u00a0 \u00a0 \u00a0
Fixed income securities at fair value through profit or loss
37
20
13
Cash collateral pledged to counterparties
129
102
162
Fixed deposits
\u2013
\u2013
64
Total
166
122
239
\n
Other investments held at FVOCI include equity securities which are not held for trading and which the Group has irrevocably elected at initial
recognition to recognise in this category. Other investments held at FVPL mainly comprise fixed income securities that the Group holds to sell.
The fair value of listed investments is based on year end quoted market prices. Fixed deposits and Cash collateral pledged to counterparties
are held at amortised cost with carrying value being a reasonable approximation of fair value given their short-term nature.
Cash collateral pledged to counterparties relates to collateral pledged on derivatives entered into to hedge the Group\u2019s risk exposures.
Fair value hierarchy
The table below analyses equity securities and bonds, contained within Other investments and carried at fair value, by valuation method.
The different levels have been defined as follows:
\u2022
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)
\u2022
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
Level 1
37
1,279
20
1,217
13
880
Level 2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3
\u2013
353
\u2013
313
10
176
Total
37
1,632
20
1,530
23
1,056
\n
Assets are transferred in or out of each Level on the date of the event or change in circumstances that caused the transfer.
Equity securities that are analysed at Level 3 include investments in private biotech companies. In the absence of specific market data, these
unlisted investments are held at fair value based on the cost of investment and adjusting as necessary for impairments and revaluations on
new funding rounds, which approximates to fair value. Movements in Level 3 investments are detailed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
At 1 January
\u2013
313
10
176
\u2013
104
Additions
\u2013
56
\u2013
127
10
32
Revaluations
\u2013
(9)
3
14
\u2013
50
Net transfers out from Level 3 to Level 1
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
Disposals
\u2013
\u2013
(13)
(8)
\u2013
(5)
Impairments and exchange adjustments
\u2013
(7)
\u2013
4
\u2013
(1)
At 31 December
\u2013
353
\u2013
313
10
176
\n13 Derivative financial instruments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Interest rate swaps related to instruments designated
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
at fair value through profit or loss
1
\u2013
1
\u2013
\u2013
1
Cross-currency swaps designated in a net investment hedge
55
\u2013
\u2013
(4)
51
Cross-currency swaps designated in a cash flow hedge
\u2013
\u2013
\u2013
(160)
(160)
Forward FX designated in a cash flow hedge
2
\u2013
1
(13)
\u2013
(12)
Other derivatives
19
85
(80)
\u2013
24
31 December 2022
74
87
(93)
(164)
(96)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
100
\u2013
\u2013
(1)
99
Cross-currency swaps designated in a cash flow hedge
116
\u2013
(30)
(37)
49
Forward FX designated in a cash flow hedge
2
\u2013
19
(4)
\u2013
15
Other derivatives
12
97
(122)
\u2013
(13)
31 December 2023
228
116
(156)
(38)
150
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
148
\u2013
\u2013
\u2013
148
Cross-currency swaps designated in a cash flow hedge
34
\u2013
\u2013
(71)
(37)
Cross-currency swaps designated in a fair value hedge
\u2013
\u2013
\u2013
(44)
(44)
Forward FX designated in a cash flow hedge
2
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
\n
1
Interest rate swaps related to instruments designated at fair value through profit or loss matured in 2023.
2
Forward FX designated in a cash flow hedge relates to contracts hedging anticipated CNY, EUR, GBP, JPY and SEK transactions occurring in the quarter immediately after the balance
sheet date.
All derivatives are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 12, except for an equity warrant which
falls within Level 3 (valued at $nil
(2023: $12m; 2022: $19m), held within Non-current assets). None of the derivatives have been reclassified
in the year. The equity warrant expired on 31 December 2024. Its value at that date was recorded as zero.
The fair value of interest rate swaps and cross-currency swaps is estimated using appropriate zero coupon curve valuation techniques to
discount future contractual cash flows based on rates at the current year end.
The fair value of forward foreign exchange contracts and currency options are estimated by cash flow accounting models using appropriate
yield curves based on market forward foreign exchange rates at the year end. The majority of forward foreign exchange contracts for existing
transactions had maturities of less than one month from year end.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Derivatives
0.6% to 4.1%
0.1% to 5.3%
0.1% to 4.7%
\nSensitivity analysis
The sensitivity analysis set out below summarises the sensitivity of the market value of our financial instruments to hypothetical changes in
market rates and prices. The range of variables chosen for the sensitivity analysis reflects our view of changes which are reasonably possible
over a one-year period. Market values are the present value of future cash flows based on market rates and prices at the valuation date. For
long-term debt, an increase in interest rates results in a decline in the fair value of debt.
The sensitivity analysis assumes an instantaneous 100 basis point change in interest rates in all currencies from their levels at 31 December
2024, with all other variables held constant. Based on the composition of our long-term debt portfolio and cash reserves as at 31 December
2024, a 1% increase in interest rates would result in an additional $18m in interest expense on the debt and an additional $56m interest income
on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at
31 December 2024, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other
currencies and the -10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed
in the table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the
table below.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2022
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,317
(1,490)
81
(89)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
26
(15)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
55
(74)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2023
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,361
(1,534)
196
(212)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
134
(128)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
62
(83)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,407
(1,561)
11
(20)
Impact on profit: (loss)/gain ($m)
\u2013
\u2013
(117)
133
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
128
(152)
\nHedge accounting
The Group uses foreign currency borrowings, foreign currency forwards and swaps, currency options, interest rate swaps and cross-currency
interest rate swaps for the purpose of hedging its foreign currency and interest rate risks. The Group may designate certain financial instruments
as fair value hedges, cash flow hedges or net investment hedges in accordance with IFRS 9. Hedge effectiveness is determined at the
inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship
exists between the hedged item and hedging instrument. Sources of hedge effectiveness will depend on the hedge relationship designation
but may include:
\u2022
a significant change in the credit risk of either party to the hedging relationship
\u2022
a timing mismatch between the hedging instrument and the hedged item
\u2022
movements in foreign currency basis spread for derivatives in a fair value hedge
\u2022
a significant change in the value of the foreign currency-denominated net assets of the Group in a net investment hedge.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged
item to determine their relative weighting, for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
Designated hedges are expected to be effective and therefore the impact of ineffectiveness on profit and loss not expected to be material.
The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting
policy in the Group accounting policies section on page 158.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
\n\n \n
2022
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2022
to OCI
statement
2022
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 1,700m
(160)
27
118
(111)
34
2026
1.14
USD 2.85%
FX Forwards \u2013 short-term FX risk
USD 1,126m
(12)
(12)
(14)
38
12
2023
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2022
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
55
(62)
7
\u2013
(55)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(4)
2
2
\u2013
4
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
420
(238)
(50)
\u2013
(288)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
846
(50)
(52)
\u2013
(102)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 2,093m
(2,093)
1,832
384
\u2013
2,216
\u2013
\u2013
\u2013
\n\n \n
2023
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2023
to OCI
statement
2023
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2013 short-term FX risk
USD 2,009m
15
12
(33)
6
(15)
2024
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2023
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
100
(55)
(45)
\u2013
(100)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(1)
4
(3)
\u2013
1
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
444
(288)
24
\u2013
(264)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
881
(102)
33
\u2013
(69)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,937m
(1,937)
2,216
(81)
\u2013
2,135
\u2013
\u2013
\u2013
\n\n \n
2024
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2024
to OCI
statement
2024
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2013 short-term FX risk
USD 2,252m
4
(15)
8
3
(4)
2025
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2024
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
146
(100)
(45)
\u2013
(145)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
1
(4)
\u2013
(3)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
438
(264)
(7)
\u2013
(271)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
829
(69)
(52)
\u2013
(121)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,367m
(1,367)
2,135
181
\u2013
2,316
\u2013
\u2013
\u2013
\n
1
\n
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
2
\n
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
3
\n
Fair value movements on cross-currency interest rate swaps in cash flow hedge and net investment hedge relationships are shown inclusive of the impact of costs of hedging.
\n
4
\n
Nominal amount of FX forwards in a cash flow hedge of $2,252m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792m
\n
at FX rate 10.9999, JPY 31,013m at 156.195, GBP 168m at 0.7962 and EUR 375m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2025.
\n
5
\n
The EUR 800m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated
\n
net assets.
Key controls applied to transactions in derivative financial instruments are to use only instruments where good market liquidity exists, to
revalue all financial instruments regularly using current market rates and to sell options only to offset previously purchased options or as part
of a risk management strategy. The Group is not a net seller of options, and does not use derivative financial instruments for speculative
purposes. The Group held no options during the reporting period.
The table below summarises the change in the fair value of hedging instruments and the hedged item designated in a fair value hedging
relationship used to calculate ineffectiveness in the period. The hedge relates to the EUR 2030 and EUR 2033 bonds issued during 2024,
consequently there are no prior year comparatives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Change in fair value
Change in fair value
Hedge
\u00a0
Nominal
of hedging instrument
of hedged item
ineffectiveness
\u00a0
amounts in
used to calculate
used to calculate
recognised in
As at 31 December 2024
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
(56)
54
(2)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "2 Operating profit
Operating profit includes the following significant items:
Cost of sales
In 2024, Cost of sales includes a charge of $nil (2023: $114m; 2022: $3,484m) in relation to the release, in line with sales, of fair value uplift
to inventory that was recognised under IFRS 3 \u2018Business Combinations\u2019 upon the acquisition of Alexion.
Selling, general and administrative expense
In 2024, Selling, general and administrative expense includes a charge of $260m (2023: $520m; 2022: $182m) resulting from changes in
the fair value of contingent consideration arising from the acquisition of the diabetes alliance from BMS. These adjustments reflect revised
estimates for future sales performance for the products acquired and, as a result, revised estimates for future royalties payable.
In 2024, Selling, general and administrative expense also includes a charge of $48m (2023: $1,013m; 2022: $789m) relating to a number of
legal proceedings, including settlements in various jurisdictions in relation to several marketed products (see Note 30).Financial instruments
Included within Operating profit are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
(Losses)/gains on forward foreign exchange contracts
(81)
42
150
Losses on receivables and payables
(143)
(260)
(203)
Total
(224)
(218)
(53)
\nFinancial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
107
13
(9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(38)
\u2013
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
306
177
54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,251)
(1,004)
(837)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives
and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss,
net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m);
debt $nil (2023: gain of $7m; 2022: gain of $26m).12 Other investments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Non-current investments
\u00a0 \u00a0 \u00a0
Equity securities at fair value through Other comprehensive income
1,632
1,530
1,056
Fixed income securities at fair value through profit or loss
\u2013
\u2013
10
Total
1,632
1,530
1,066
Current investments
\u00a0 \u00a0 \u00a0
Fixed income securities at fair value through profit or loss
37
20
13
Cash collateral pledged to counterparties
129
102
162
Fixed deposits
\u2013
\u2013
64
Total
166
122
239
\n
Other investments held at FVOCI include equity securities which are not held for trading and which the Group has irrevocably elected at initial
recognition to recognise in this category. Other investments held at FVPL mainly comprise fixed income securities that the Group holds to sell.
The fair value of listed investments is based on year end quoted market prices. Fixed deposits and Cash collateral pledged to counterparties
are held at amortised cost with carrying value being a reasonable approximation of fair value given their short-term nature.
Cash collateral pledged to counterparties relates to collateral pledged on derivatives entered into to hedge the Group\u2019s risk exposures.
Fair value hierarchy
The table below analyses equity securities and bonds, contained within Other investments and carried at fair value, by valuation method.
The different levels have been defined as follows:
\u2022
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)
\u2022
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
Level 1
37
1,279
20
1,217
13
880
Level 2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3
\u2013
353
\u2013
313
10
176
Total
37
1,632
20
1,530
23
1,056
\n
Assets are transferred in or out of each Level on the date of the event or change in circumstances that caused the transfer.
Equity securities that are analysed at Level 3 include investments in private biotech companies. In the absence of specific market data, these
unlisted investments are held at fair value based on the cost of investment and adjusting as necessary for impairments and revaluations on
new funding rounds, which approximates to fair value. Movements in Level 3 investments are detailed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
At 1 January
\u2013
313
10
176
\u2013
104
Additions
\u2013
56
\u2013
127
10
32
Revaluations
\u2013
(9)
3
14
\u2013
50
Net transfers out from Level 3 to Level 1
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
Disposals
\u2013
\u2013
(13)
(8)
\u2013
(5)
Impairments and exchange adjustments
\u2013
(7)
\u2013
4
\u2013
(1)
At 31 December
\u2013
353
\u2013
313
10
176
\n
13 Derivative financial instruments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Interest rate swaps related to instruments designated
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
at fair value through profit or loss
1
\u2013
1
\u2013
\u2013
1
Cross-currency swaps designated in a net investment hedge
55
\u2013
\u2013
(4)
51
Cross-currency swaps designated in a cash flow hedge
\u2013
\u2013
\u2013
(160)
(160)
Forward FX designated in a cash flow hedge
2
\u2013
1
(13)
\u2013
(12)
Other derivatives
19
85
(80)
\u2013
24
31 December 2022
74
87
(93)
(164)
(96)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
100
\u2013
\u2013
(1)
99
Cross-currency swaps designated in a cash flow hedge
116
\u2013
(30)
(37)
49
Forward FX designated in a cash flow hedge
2
\u2013
19
(4)
\u2013
15
Other derivatives
12
97
(122)
\u2013
(13)
31 December 2023
228
116
(156)
(38)
150
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
148
\u2013
\u2013
\u2013
148
Cross-currency swaps designated in a cash flow hedge
34
\u2013
\u2013
(71)
(37)
Cross-currency swaps designated in a fair value hedge
\u2013
\u2013
\u2013
(44)
(44)
Forward FX designated in a cash flow hedge
2
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
\n
1
Interest rate swaps related to instruments designated at fair value through profit or loss matured in 2023.
2
Forward FX designated in a cash flow hedge relates to contracts hedging anticipated CNY, EUR, GBP, JPY and SEK transactions occurring in the quarter immediately after the balance
sheet date.
All derivatives are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 12, except for an equity warrant which
falls within Level 3 (valued at $nil
(2023: $12m; 2022: $19m), held within Non-current assets). None of the derivatives have been reclassified
in the year. The equity warrant expired on 31 December 2024. Its value at that date was recorded as zero.
The fair value of interest rate swaps and cross-currency swaps is estimated using appropriate zero coupon curve valuation techniques to
discount future contractual cash flows based on rates at the current year end.
The fair value of forward foreign exchange contracts and currency options are estimated by cash flow accounting models using appropriate
yield curves based on market forward foreign exchange rates at the year end. The majority of forward foreign exchange contracts for existing
transactions had maturities of less than one month from year end.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Derivatives
0.6% to 4.1%
0.1% to 5.3%
0.1% to 4.7%
\n19 Interest-bearing loans and borrowings \n \n
Repayment
2024
2023
2022
dates
$m
$m
$m
Current liabilities
Bank overdrafts
On demand
59
203
183
Other short-term borrowings excluding overdrafts
90
97
78
Collateral received from derivative counterparties
181
215
89
Lease liabilities
339
271
228
0.3% Callable bond
US dollars
2023
\u2013
\u2013
1,399
2023 Floating bank loan
US dollars
2023
\u2013
\u2013
2,000
Floating rate notes
US dollars
2023
\u2013
\u2013
400
3.5% Callable bond
US dollars
2023
\u2013
\u2013
849
7% Guaranteed debentures
US dollars
2023
\u2013
\u2013
294
0.75% Callable bond
euros
2024
\u2013
995
\u2013
0.7% Callable bond
US dollars
2024
\u2013
1,600
\u2013
2024 Floating rate bank loans
US dollars
2024
\u2013
2,000
\u2013
3.375% Callable bond
US dollars
2025
1,997
\u2013
\u2013
Other loans
Within one year
10
19
22
Total
2,676
5,400
5,542
\n \n
Non-current liabilities
Lease liabilities
1,113
857
725
0.75% Callable bond
euros
2024
\u2013
\u2013
957
0.7% Callable bond
US dollars
2024
\u2013
\u2013
1,598
2024 Floating bank loans
US dollars
2024
\u2013
\u2013
1,998
3.375% Callable bond
US dollars
2025
\u2013
1,994
1,992
0.7% Callable bond
US dollars
2026
1,198
1,196
1,195
1.2% Callable bond
US dollars
2026
1,249
1,248
1,246
4.8% Callable bond
US dollars
2027
1,247
\u2013
\u2013
3.625% Callable bond
euros
2027
780
829
\u2013
3.125% Callable bond
US dollars
2027
748
747
746
4.875% Callable bond
US dollars
2028
1,096
1,095
\u2013
1.25% Callable bond
euros
2028
829
879
845
1.75% Callable bond
US dollars
2028
1,247
1,246
1,245
4% Callable bond
US dollars
2029
996
995
995
4.85% Callable bond
US dollars
2029
1,246
\u2013
\u2013
0.375% Callable bond
euros
2029
829
881
846
4.9% Callable bond
US dollars
2030
646
645
\u2013
3.121% Callable bond
euros
2030
682
\u2013
\u2013
1.375% Callable bond
US dollars
2030
1,295
1,294
1,293
4.9% Callable bond
US dollars
2031
994
\u2013
\u2013
2.25% Callable bond
US dollars
2031
747
747
747
5.75% Non-callable bond
pound sterling
2031
438
444
420
3.75% Callable bond
euros
2032
778
827
\u2013
4.875% Callable bond
US dollars
2033
497
497
\u2013
3.278% Callable bond
euros
2033
786
\u2013
\u2013
5% Callable bond
US dollars
2034
1,489
\u2013
\u2013
6.45% Callable bond
US dollars
2037
2,727
2,725
2,724
4% Callable bond
US dollars
2042
989
989
988
4.375% Callable bond
US dollars
2045
982
981
981
4.375% Callable bond
US dollars
2048
738
738
737
2.125% Callable bond
US dollars
2050
487
487
487
3% Callable bond
US dollars
2051
735
735
735
Other loans
US dollars
31
146
190
Total
27,619
23,222
23,690
Total interest-bearing loans and borrowings
1
30,295
28,622
29,232
\n
1
All loans and borrowings above are unsecured. In previous years, there were current (2023: $nil; 2022: $22m) and non-current (2023: $nil; 2022: $181m) secured loans, both included
within Other loans.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
Total
Total
\u00a0
loans and
loans and
loans and
\u00a0
borrowings
borrowings
borrowings
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
28,622
29,232
30,781
Changes from financing cash flows
\u00a0 \u00a0 \u00a0
Issue of loans and borrowings
6,492
3,816
\u2013
Repayment of loans and borrowings
(4,652)
(4,942)
(1,271)
Movement in short-term borrowings
(31)
161
74
Repayment of obligations under leases
(316)
(268)
(244)
Total changes in cash flows arising on financing activities from borrowings
1,493
(1,233)
(1,441)
Movement in overdrafts
(144)
20
(85)
New lease liabilities
710
444
253
Additions through business combinations
12
\u2013
5
Exchange
(361)
187
(287)
Other movements
(37)
(28)
6
At 31 December
30,295
28,622
29,232
\n
Also included within Cash flows from financing activities within the Consolidated Statement of Cash Flows is a $833m cash outflow (2023: $867m;
2022: $920m) related to the Acerta Pharma share purchase liability which has a closing liability at 31 December 2024 of $nil (2023: $833m;
2022: $1,646m) within Trade and other payables (see Note 20
).
Set out below is a comparison by category of carrying values and fair values of all the Group\u2019s interest-bearing loans and borrowings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Instruments
Instruments
Instruments
\u00a0
Total
\u00a0
\u00a0
designated
designated in
designated in
Amortised
carrying
Fair
\u00a0
at fair value
1
cash flow hedge
2
fair value hedge
3
cost
value
value
\u00a0
$m
$m
$m
$m
$m
$m
2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
183
183
183
Lease liabilities due within one year
\u2013
\u2013
\u2013
228
228
228
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
725
725
725
Loans and borrowings due within one year
294
\u2013
\u2013
4,837
5,131
5,105
Loans and borrowings due after more than one year
\u2013
1,802
\u2013
21,163
22,965
21,657
Total at 31 December 2022
294
1,802
\u2013
27,136
29,232
27,898
2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
203
203
203
Lease liabilities due within one year
\u2013
\u2013
\u2013
271
271
271
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
857
857
857
Loans and borrowings due within one year
\u2013
995
\u2013
3,931
4,926
4,887
Loans and borrowings due after more than one year
\u2013
2,535
\u2013
19,830
22,365
21,769
Total at 31 December 2023
\u2013
3,530
\u2013
25,092
28,622
27,987
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
59
59
59
Lease liabilities due within one year
\u2013
\u2013
\u2013
339
339
339
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
1,113
1,113
1,113
Loans and borrowings due within one year
\u2013
\u2013
\u2013
2,278
2,278
2,263
Loans and borrowings due after more than one year
\u2013
2,387
1,468
22,651
26,506
25,405
Total at 31 December 2024\u00b3
\u2013
2,387
1,468
26,440
30,295
29,179
\n
1
Instruments designated at FVPL include the US dollar 7% guaranteed debentures which matured on 15 November 2023.
2
Instruments designated in cash flow hedges are our euro 900m 0.75% 2024 Callable bond which matured in 2024, our euro 750m 3.625% 2027 Callable bond, our euro 800m
1.25% 2028 Callable bond, and our euro 750m 3.75% 2032 Callable bond.
3
Instruments designated in fair value hedges are our euro 650m 3.121% 2030 Callable bond, and our euro 750m 3.278% 2033 Callable bond.
The fair value of fixed-rate publicly traded debt is based on year end quoted market prices; the fair value of floating rate debt is nominal value,
as mark-to-market differences would be minimal given the frequency of resets. The carrying value of loans designated at FVPL is the fair
value; this falls within the Level 1 valuation method as defined in Note 12. For loans designated in a fair value hedge relationship, carrying
value is initially measured at fair value and remeasured for fair value changes in respect of the hedged risk at each reporting date. All other
loans are held at amortised cost. Fair values, as disclosed in the table above, are all determined using the Level 1 valuation method as defined
in Note 12, with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
The cumulative adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was an increase in the
liability of $16m. A loss of $2m was made during the year on the fair value of bonds designated in a fair value hedge, due to increased credit
risk. Under IFRS 9 \u2018Financial Instruments\u2019, the Group records the component of fair value changes relating to the component of own credit
risk through Other comprehensive income. Changes in credit risk had no material effect on any other financial assets and liabilities recognised
at fair value in the Group Financial Statements. The change in fair value attributable to changes in credit risk is calculated as the change in
fair value not attributable to market risk.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Loans and borrowings
2.0% to 2.9%
n/a to n/a
1
4.3% to 4.9%
\n
1
All bonds designated as FVPL in 2023 matured prior to the reporting date.28 Financial risk management objectives and policies
The Group\u2019s principal financial instruments, other than derivatives, comprise bank overdrafts, loans and other borrowings, lease liabilities,
current and non-current investments, cash and short-term deposits. The main purpose of these financial instruments is to manage the
Group\u2019s funding and liquidity requirements. The Group has other financial assets and liabilities such as trade receivables and trade payables,
which arise directly from its operations.
The principal financial risks to which the Group is exposed are those of liquidity, interest rate, foreign currency and credit. Each of these is
managed in accordance with Board-approved policies. These policies, together with the Group\u2019s approach to capital management, are set
out below.
Capital management
The capital structure of the Group consists of Shareholders\u2019 equity (Note 24), Debt (Note 19), Other current investments (Note 12) and Cash
(Note 17). For the foreseeable future, the Board will maintain a capital structure that supports the Group\u2019s strategic objectives through:
\u2022
managing funding and liquidity risk
\u2022
optimising shareholder return
\u2022
maintaining a strong, investment-grade credit rating.
The Group utilises factoring arrangements and bank acceptance drafts discounting for selected trade receivables. These arrangements qualify
for full derecognition of the associated trade receivables under IFRS 9 \u2018Financial Instruments\u2019. Amounts due on invoices that have not been
factored at year end, from customers that are subject to these arrangements, are disclosed in Note 16.
Funding and liquidity risk are reviewed regularly by the Board and managed in accordance with the policies described below.
The Board regularly reviews its shareholders\u2019 distribution policy, which comprises a regular cash dividend and potentially a share repurchase
component. No share repurchases have been made since 2012.
The Group\u2019s net debt position (loans and borrowings net of Cash and cash equivalents, Other investments and Derivative financial instruments)
has increased by $2,060m from a net debt position of $22,510m at the beginning of the year to a net debt position of $24,570m at 31 December
2024. Gross debt increased from $28,622m to $30,295m, principally due to the issuance of $6,492m debt offset by the repayment of
$4,652m debt.
Liquidity risk
The Board reviews the Group\u2019s ongoing liquidity risks annually as part of the planning process and on an ad hoc basis. The Board considers
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group
uses US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and
manages long-term liquidity by raising funds through the capital markets. At 31 December 2024, the Group was assigned short-term credit
ratings of P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A2 by Moody\u2019s and A+ by Standard
and Poor\u2019s.
In addition to Cash and cash equivalents of $5,488m, short-term fixed income investments of $37m, less overdrafts of $59m at 31 December
2024, the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial
covenants. The maturity of the $4,875m facilities was extended in January 2025 from April 2029 to April 2030. The Group regularly monitors
the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing on the committed facilities
should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured Overnight Financing
Rate (SOFR) plus a margin.
At 31 December 2024, the Group has $5,122m outstanding from debt issued under a Euro Medium Term Note programme and $23,350m
under an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate
purposes of the Group.
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \u00a0\n \n
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-derivative
financial
financial
derivative
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
365
5,777
249
19,065
25,456
(12,445)
12,478
33
25,489
In one to two years
\u2013
5,233
208
2,086
7,527
(1,012)
1,078
66
7,593
In two to three years
\u2013
2,608
172
872
3,652
(34)
38
4
3,656
In three to four years
\u2013
2,983
128
595
3,706
(103)
103
\u2013
3,706
In four to five years
\u2013
1,267
84
814
2,165
(32)
35
3
2,168
In more than five years
\u2013
18,156
184
3,177
21,517
(1,436)
1,378
(58)
21,459
365
36,024
1,025
26,609
64,023
(15,062)
15,110
48
64,071
Effect of interest
(15)
(7,982)
\u2013
\u2013
(7,997)
227
(249)
(22)
(8,019)
Effect of discounting, fair values and issue costs
\u2013
(113)
(72)
(3,299)
(3,484)
63
7
70
(3,414)
31 December 2022
350
27,929
953
23,310
52,542
(14,772)
14,868
96
52,638
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
542
5,469
313
22,401
28,725
(11,302)
11,366
64
28,789
In one to two years
\u2013
2,764
261
1,482
4,507
(100)
114
14
4,521
In two to three years
\u2013
3,137
208
788
4,133
(164)
179
15
4,148
In three to four years
\u2013
2,230
138
625
2,993
(924)
883
(41)
2,952
In four to five years
\u2013
3,822
88
12
3,922
(949)
971
22
3,944
In more than five years
\u2013
17,995
271
35
18,301
(1,507)
1,340
(167)
18,134
\u00a0
542
35,417
1,279
25,343
62,581
(14,946)
14,853
(93)
62,488
Effect of interest
(27)
(8,270)
\u2013
\u2013
(8,297)
589
(644)
(55)
(8,352)
Effect of discounting, fair values and issue costs
\u2013
(168)
(151)
(309)
(628)
44
(46)
(2)
(630)
31 December 2023
515
26,979
1,128
25,034
53,656
(14,313)
14,163
(150)
53,506
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
\u00a0
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
345
3,045
396
22,501
26,287
(16,227)
16,282
55
26,342
In one to two years
\u2013
3,437
345
1,086
4,868
(207)
250
43
4,911
In two to three years
\u2013
3,670
266
105
4,041
(917)
956
39
4,080
In three to four years
\u2013
3,978
170
750
4,898
(941)
1,044
103
5,001
In four to five years
\u2013
3,780
117
\u2013
3,897
(627)
489
(138)
3,759
In more than five years
\u2013
19,929
406
\u2013
20,335
(2,437)
2,583
146
20,481
\u00a0
345
37,839
1,700
24,442
64,326
(21,356)
21,604
248
64,574
Effect of interest
(15)
(9,173)
\u2013
\u2013
(9,188)
808
(1,068)
(260)
(9,448)
Effect of discounting, fair values and issue costs
\u2013
(153)
(248)
(207)
(608)
36
(95)
(59)
(667)
31 December 2024
330
28,513
1,452
24,235
54,530
(20,512)
20,441
(71)
54,459
\n
Where interest payments are on a floating rate basis, it is assumed that rates will remain unchanged from the last business day of each year
ended 31 December.
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
exception of $1,751m of Contingent consideration held within Trade and other payables (see Note 20).
Market risk
Interest rate risk
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
agreements to manage this mix.
The majority of surplus cash is currently invested in US dollar liquidity funds.
The interest rate profile of the Group\u2019s interest-bearing financial instruments is set out below. In the case of current and non-current financial
liabilities, the classification includes the impact of interest rate swaps which convert the debt to floating rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current
2,346
330
2,676
2,885
2,515
5,400
2,476
3,066
5,542
Non-current
26,151
1,468
27,619
23,222
\u2013
23,222
21,511
2,179
23,690
Total
28,497
1,798
30,295
26,107
2,515
28,622
23,987
5,245
29,232
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
Cash collateral pledged to counterparties
\u2013
129
129
\u2013
102
102
\u2013
162
162
Cash and cash equivalents
\u2013
5,488
5,488
\u2013
5,840
5,840
250
5,916
6,166
Total
\u2013
5,617
5,617
\u2013
5,942
5,942
314
6,078
6,392
\n
In addition to the financial assets above, there are $11,115m (2023: $11,288m; 2022: $9,546m) of other current and non-current asset investments
and other financial assets.
The Group is also exposed to market risk on other investments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Equity securities at fair value through Other comprehensive income (Note 12)
1,632
1,530
1,056
Non-current fixed income securities at fair value through profit or loss (Note 12)
\u2013
\u2013
10
Total
1,632
1,530
1,066
\n
Foreign currency risk
The US dollar is the Group\u2019s most significant currency. As a consequence, the Group results are presented in US dollars and exposures are
managed against US dollars accordingly.
Translational
Approximately 60% of Group external sales in 2024 were denominated in currencies other than the US dollar, while a significant proportion
of manufacturing, and research and development costs were denominated in pound sterling and Swedish krona. Surplus cash generated
by business units is substantially converted to, and held centrally in, US dollars. As a result, operating profit and total cash flow in US dollars
will be affected by movements in exchange rates. This currency exposure is managed centrally, based on forecast cash flows. The impact
of movements in exchange rates is mitigated significantly by the correlations which exist between the major currencies to which the Group
is exposed and the US dollar. Monitoring of currency exposures and correlations is undertaken on a regular basis and hedging is subject to
pre-execution approval.
As at 31 December 2024, before the impact of derivatives or other forms of hedging, the Group held $548m of interest-bearing loans and
borrowings denominated in pound sterling and $4,876m denominated in euros.
$438m of the pound sterling loan and $829m of the euro loans balances are designated in a net investment hedge where they hedge an
underlying net investment of that amount in the same currency. $2,387m of the euro loans are designated in cashflow hedges, where they are
hedged with cross-currency swaps. Exchange differences on the retranslation of debt designated in a net investment hedge or a cashflow
hedge are recognised in Other comprehensive income to the extent the hedge is effective. $1,468m of the euro loans are designated in fair
value hedges, hedged with cross-currency swaps. Exchange difference on the retranslation of debt designated in a fair value hedge is
recognised within Finance income and expense.
For further details of all designated hedging relationships please refer to the Hedge accounting section within this Note 28, from page 199.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy and the Foreign
currencies accounting policy on page 158 within Group Accounting Policies.
As at 31 December 2024, the Group operates in three countries designated as hyperinflationary, being Argentina, Venezuela and Turkey.
The foreign exchange risk of these markets has been assessed and deemed to be immaterial.
Transactional
The Group aims to hedge all its forecasted major transactional currency exposures on working capital balances, which typically extend for up
to three months. Where practicable, these are hedged using forward foreign exchange contracts. In addition, external dividend payments in
pound sterling to UK shareholders and in Swedish krona to Swedish shareholders are fully hedged from announcement date to payment date.
Foreign exchange gains and losses on forward contracts transacted for transactional hedging are taken to profit and loss or to Other
comprehensive income if the contract is in a designated cash flow hedge.
Sensitivity analysis
The sensitivity analysis set out below summarises the sensitivity of the market value of our financial instruments to hypothetical changes in
market rates and prices. The range of variables chosen for the sensitivity analysis reflects our view of changes which are reasonably possible
over a one-year period. Market values are the present value of future cash flows based on market rates and prices at the valuation date. For
long-term debt, an increase in interest rates results in a decline in the fair value of debt.
The sensitivity analysis assumes an instantaneous 100 basis point change in interest rates in all currencies from their levels at 31 December
2024, with all other variables held constant. Based on the composition of our long-term debt portfolio and cash reserves as at 31 December
2024, a 1% increase in interest rates would result in an additional $18m in interest expense on the debt and an additional $56m interest income
on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at
31 December 2024, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other
currencies and the -10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed
in the table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the
table below.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2022
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,317
(1,490)
81
(89)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
26
(15)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
55
(74)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2023
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,361
(1,534)
196
(212)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
134
(128)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
62
(83)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,407
(1,561)
11
(20)
Impact on profit: (loss)/gain ($m)
\u2013
\u2013
(117)
133
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
128
(152)
\n
Credit risk
The Group is exposed to credit risk on financial assets, such as cash investments, derivative instruments, and Trade and other receivables.
The Group was also exposed in its Net asset position to its own credit risk in respect of the 2023 debentures which were accounted for at
FVPL. Under IFRS 9, the effect of the losses and gains arising from own credit risk on the fair value of bonds designated at FVPL are recorded
in Other comprehensive income.
Financial counterparty credit risk
The majority of the Group\u2019s cash is centralised within the Group treasury entity and is subject to counterparty risk on the principal invested.
The level of the Group\u2019s cash investments and hence credit risk will depend on the cash flow generated by the Group and the timing of the
use of that cash. The credit risk is mitigated through a policy of prioritising security and liquidity over return and, as such, cash is only invested
in high credit-quality investments. Counterparty limits are set according to the assessed risk of each counterparty and exposures are monitored
against these limits on a regular basis.
The Group\u2019s principal financial counterparty credit risks at 31 December were as follows:
Current assets
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Money market liquidity funds
4,177
4,425
4,486
Other short-term cash equivalents
96
90
269
Total Cash and cash equivalents (Note 17)
5,488
5,840
6,166
Fixed income securities at fair value through profit or loss (Note 12)
37
20
13
Cash collateral pledged to counterparties (Note 12)
129
102
162
Fixed deposits (Note 12)
\u2013
\u2013
64
Total derivative financial instruments (Note 13)
54
116
87
Current assets subject to credit risk
5,708
6,078
6,492
\n\n \n
Non-current assets
2024
2023
2022
$m
$m
$m
Derivative financial instruments (Note 13)
182
228
74
Non-current assets subject to credit risk
182
228
74
The majority of the Group\u2019s cash is invested in US dollar AAA-rated money market liquidity funds. The money market liquidity fund portfolios
are managed by six external third-party fund managers to maintain an AAA rating. The Group\u2019s investments represent no more than 10% of
each overall fund value. There were no other significant concentrations of financial credit risk at the reporting date.
All financial derivatives are transacted with commercial banks, in line with standard market practice. The Group has agreements with some
bank counterparties whereby the parties agree to post cash collateral, for the benefit of the other, equivalent to the market valuation of the
derivative positions above a predetermined threshold. The carrying value of such cash collateral held by the Group at 31 December 2024
was $181m (2023: $215m; 2022: $89m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m
(2023: $102m; 2022: $162m).
The impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: immaterial).
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position where there is both
a legally enforceable right and an intention to settle the balances on a net basis. There are also arrangements that would not normally meet
the requirement for offsetting but may be offset in certain circumstances such as the termination of a contract or bankruptcy.
The tables below show the impact on the Consolidated Statement of Financial Position if all offset rights were exercised by the Group or its
financial counterparties.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2022
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
161
(29)
(61)
71
Other investments
1
162
\u2013
(161)
1
Total assets
323
(29)
(222)
72
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(257)
29
161
(67)
Other payables
1
(89)
\u2013
61
(28)
Total liabilities
(346)
29
222
(95)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2023
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
344
(107)
(203)
34
Other investments
1
102
\u2013
(65)
37
Total assets
446
(107)
(268)
71
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(194)
107
65
(22)
Other payables
1
(215)
\u2013
203
(12)
Total liabilities
(409)
107
268
(34)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2024
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours
to minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days
past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2024, 31 December 2023, or
31 December 2022 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customer to settle
the receivables.
On that basis, the loss allowance was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2022
Current
past due
past due
past due
Total
Expected loss rate
0.03%
0.3%
32.0%
40.6%
\u00a0
Gross carrying amount ($m)
6,791
331
50
99
7,271
Loss allowance ($m)
2
1
16
40
59
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2023
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.3%
0.8%
15.0%
\u00a0
Gross carrying amount ($m)
7,709
342
121
280
8,452
Loss allowance ($m)
1
1
1
42
45
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
\u00a0
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n
Trade receivables are written off where there is no reasonable expectation of recovery.
Impairment losses on Trade receivables are presented as net impairment losses within Operating profit, any subsequent recoveries are
credited against the same line.
In the US, sales to three wholesalers accounted for approximately 74% (2023: 80%; 2022: 73%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
45
59
23
Net movement recognised in the Consolidated Statement of Comprehensive Income
(3)
(14)
37
Amounts utilised, exchange and other movements
(9)
\u2013
(1)
At 31 December
33
45
59
\n
Given the profile of our customers, including large wholesalers and government-backed agencies, no further credit risk has been identified
with the Trade receivables not past due other than those balances for which an allowance has been made.
Hedge accounting
The Group uses foreign currency borrowings, foreign currency forwards and swaps, currency options, interest rate swaps and cross-currency
interest rate swaps for the purpose of hedging its foreign currency and interest rate risks. The Group may designate certain financial instruments
as fair value hedges, cash flow hedges or net investment hedges in accordance with IFRS 9. Hedge effectiveness is determined at the
inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship
exists between the hedged item and hedging instrument. Sources of hedge effectiveness will depend on the hedge relationship designation
but may include:
\u2022
a significant change in the credit risk of either party to the hedging relationship
\u2022
a timing mismatch between the hedging instrument and the hedged item
\u2022
movements in foreign currency basis spread for derivatives in a fair value hedge
\u2022
a significant change in the value of the foreign currency-denominated net assets of the Group in a net investment hedge.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged
item to determine their relative weighting, for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
Designated hedges are expected to be effective and therefore the impact of ineffectiveness on profit and loss not expected to be material.
The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting
policy in the Group accounting policies section on page 158.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
\n\n \n
2022
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2022
to OCI
statement
2022
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 1,700m
(160)
27
118
(111)
34
2026
1.14
USD 2.85%
FX Forwards \u2013 short-term FX risk
USD 1,126m
(12)
(12)
(14)
38
12
2023
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2022
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
55
(62)
7
\u2013
(55)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(4)
2
2
\u2013
4
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
420
(238)
(50)
\u2013
(288)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
846
(50)
(52)
\u2013
(102)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 2,093m
(2,093)
1,832
384
\u2013
2,216
\u2013
\u2013
\u2013
\n\n \n
2023
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2023
to OCI
statement
2023
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2013 short-term FX risk
USD 2,009m
15
12
(33)
6
(15)
2024
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2023
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
100
(55)
(45)
\u2013
(100)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(1)
4
(3)
\u2013
1
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
444
(288)
24
\u2013
(264)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
881
(102)
33
\u2013
(69)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,937m
(1,937)
2,216
(81)
\u2013
2,135
\u2013
\u2013
\u2013
\n\n \n
2024
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2024
to OCI
statement
2024
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2013 short-term FX risk
USD 2,252m
4
(15)
8
3
(4)
2025
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2024
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
146
(100)
(45)
\u2013
(145)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
1
(4)
\u2013
(3)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
438
(264)
(7)
\u2013
(271)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
829
(69)
(52)
\u2013
(121)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,367m
(1,367)
2,135
181
\u2013
2,316
\u2013
\u2013
\u2013
\n
1
\n
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
2
\n
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
3
\n
Fair value movements on cross-currency interest rate swaps in cash flow hedge and net investment hedge relationships are shown inclusive of the impact of costs of hedging.
\n
4
\n
Nominal amount of FX forwards in a cash flow hedge of $2,252m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792m
\n
at FX rate 10.9999, JPY 31,013m at 156.195, GBP 168m at 0.7962 and EUR 375m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2025.
\n
5
\n
The EUR 800m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated
\n
net assets.
Key controls applied to transactions in derivative financial instruments are to use only instruments where good market liquidity exists, to
revalue all financial instruments regularly using current market rates and to sell options only to offset previously purchased options or as part
of a risk management strategy. The Group is not a net seller of options, and does not use derivative financial instruments for speculative
purposes. The Group held no options during the reporting period.
The table below summarises the change in the fair value of hedging instruments and the hedged item designated in a fair value hedging
relationship used to calculate ineffectiveness in the period. The hedge relates to the EUR 2030 and EUR 2033 bonds issued during 2024,
consequently there are no prior year comparatives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Change in fair value
Change in fair value
Hedge
\u00a0
Nominal
of hedging instrument
of hedged item
ineffectiveness
\u00a0
amounts in
used to calculate
used to calculate
recognised in
As at 31 December 2024
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
(56)
54
(2)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "Cost of sales
In 2024, Cost of sales includes a charge of $nil (2023: $114m; 2022: $3,484m) in relation to the release, in line with sales, of fair value uplift
to inventory that was recognised under IFRS 3 \u2018Business Combinations\u2019 upon the acquisition of Alexion.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "Selling, general and administrative expense
In 2024, Selling, general and administrative expense includes a charge of $260m (2023: $520m; 2022: $182m) resulting from changes in
the fair value of contingent consideration arising from the acquisition of the diabetes alliance from BMS. These adjustments reflect revised
estimates for future sales performance for the products acquired and, as a result, revised estimates for future royalties payable.
In 2024, Selling, general and administrative expense also includes a charge of $48m (2023: $1,013m; 2022: $789m) relating to a number of
legal proceedings, including settlements in various jurisdictions in relation to several marketed products (see Note 30).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00542": { "value": "Research and development expense: Government grants
During the year $nil (2023: $74m; 2022: $113m) of government grants were recognised within Research and development expense. The grants
recognised relate to funding for Research and development and related expenses for COVID-19 mAbs of $nil (2023: $nil; 2022: $112m) and
Vaxzevria
of $nil (2023: $74m; 2022: $1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "Research and development expense: Government grants
During the year $nil (2023: $74m; 2022: $113m) of government grants were recognised within Research and development expense. The grants
recognised relate to funding for Research and development and related expenses for COVID-19 mAbs of $nil (2023: $nil; 2022: $112m) and
Vaxzevria
of $nil (2023: $74m; 2022: $1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00545": { "value": "Other operating income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Royalty income
103
107
59
Gains on disposal of intangible assets
64
251
104
Net (losses)/gains on disposal of other non-current assets
(4)
41
112
Update to the contractual relationships for
Beyfortus
\u2013
712
\u2013
Other income
1
210
393
439
Other expense
(121)
(164)
(200)
Other operating income and expense
252
1,340
514
\n
1
Other income in 2024 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2023: $75m; 2022: $138m).
Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to
Pulmicort
Flexhaler to Cheplapharm in the US.
Net (losses)/gains on disposal of other non-current assets in 2022 includes a $125m gain in respect of the Waltham R&D site sale and
leaseback in MA, US (see Note 8).
As part of the total consideration received in respect of the agreement to sell US rights to
Synagis
in 2019, $400m in total has been received
related to the rights to participate in the future cash flows from the US profits or losses for
Beyfortus
, with $190m cash inflows in 2023
primarily relating to a cash receipt from Sobi following achievement of a regulatory milestone. At 31 December 2022, the full amount of
$522m was recognised as a financial liability within non-current Other payables (the Profit Participation Liability) as the Group had not fully
transferred the risks and rewards of the underlying cash flows arising from
Beyfortus
to Sobi. All associated cash flows have been presented
within investing activities as the Group has received the cash in exchange for agreeing to transfer future cash flows relating to an intangible
asset. In 2023, the contractual relationship between AstraZeneca and Sobi relating to future sales of
Beyfortus
in the US was replaced by
a royalty relationship between Sanofi and Sobi. As a result, the Profit Participation Liability was extinguished and derecognised from the
Consolidated Statement of Financial Position, with a gain of $712m recorded in Other operating income and expense. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00544": { "value": "Other operating income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Royalty income
103
107
59
Gains on disposal of intangible assets
64
251
104
Net (losses)/gains on disposal of other non-current assets
(4)
41
112
Update to the contractual relationships for
Beyfortus
\u2013
712
\u2013
Other income
1
210
393
439
Other expense
(121)
(164)
(200)
Other operating income and expense
252
1,340
514
\n
1
Other income in 2024 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2023: $75m; 2022: $138m).
Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to
Pulmicort
Flexhaler to Cheplapharm in the US.
Net (losses)/gains on disposal of other non-current assets in 2022 includes a $125m gain in respect of the Waltham R&D site sale and
leaseback in MA, US (see Note 8).
As part of the total consideration received in respect of the agreement to sell US rights to
Synagis
in 2019, $400m in total has been received
related to the rights to participate in the future cash flows from the US profits or losses for
Beyfortus
, with $190m cash inflows in 2023
primarily relating to a cash receipt from Sobi following achievement of a regulatory milestone. At 31 December 2022, the full amount of
$522m was recognised as a financial liability within non-current Other payables (the Profit Participation Liability) as the Group had not fully
transferred the risks and rewards of the underlying cash flows arising from
Beyfortus
to Sobi. All associated cash flows have been presented
within investing activities as the Group has received the cash in exchange for agreeing to transfer future cash flows relating to an intangible
asset. In 2023, the contractual relationship between AstraZeneca and Sobi relating to future sales of
Beyfortus
in the US was replaced by
a royalty relationship between Sanofi and Sobi. As a result, the Profit Participation Liability was extinguished and derecognised from the
Consolidated Statement of Financial Position, with a gain of $712m recorded in Other operating income and expense. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00543": { "value": "Other operating income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Royalty income
103
107
59
Gains on disposal of intangible assets
64
251
104
Net (losses)/gains on disposal of other non-current assets
(4)
41
112
Update to the contractual relationships for
Beyfortus
\u2013
712
\u2013
Other income
1
210
393
439
Other expense
(121)
(164)
(200)
Other operating income and expense
252
1,340
514
\n
1
Other income in 2024 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2023: $75m; 2022: $138m).
Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to
Pulmicort
Flexhaler to Cheplapharm in the US.
Net (losses)/gains on disposal of other non-current assets in 2022 includes a $125m gain in respect of the Waltham R&D site sale and
leaseback in MA, US (see Note 8).
As part of the total consideration received in respect of the agreement to sell US rights to
Synagis
in 2019, $400m in total has been received
related to the rights to participate in the future cash flows from the US profits or losses for
Beyfortus
, with $190m cash inflows in 2023
primarily relating to a cash receipt from Sobi following achievement of a regulatory milestone. At 31 December 2022, the full amount of
$522m was recognised as a financial liability within non-current Other payables (the Profit Participation Liability) as the Group had not fully
transferred the risks and rewards of the underlying cash flows arising from
Beyfortus
to Sobi. All associated cash flows have been presented
within investing activities as the Group has received the cash in exchange for agreeing to transfer future cash flows relating to an intangible
asset. In 2023, the contractual relationship between AstraZeneca and Sobi relating to future sales of
Beyfortus
in the US was replaced by
a royalty relationship between Sanofi and Sobi. As a result, the Profit Participation Liability was extinguished and derecognised from the
Consolidated Statement of Financial Position, with a gain of $712m recorded in Other operating income and expense. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00562": { "value": "Total restructuring costs in 2024 includes a net impairment charge to Property, plant and equipment of $43m (2023: charge of $7m; 2022:
reversal of $4m), a $7m impairment charge to Right-of-use assets (2023: $13m; 2022: $nil) and no impairment of Intangible assets (2023: $nil;
2022: reversal of $17m relating to software development costs). Impairment charges Details of impairment charges for 2024, 2023 and 2022 are included in Notes 7, 8 and 10.\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Assets in
Total Property,
\u00a0
Land and
Plant and
course of
plant and
\u00a0
buildings
equipment
construction
equipment
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
6,377
7,903
2,728
17,008
Capital expenditure
5
19
1,042
1,066
Transfer of assets into use
226
683
(909)
\u2013
Transfer of Assets held for sale (Note 18)
(434)
(293)
\u2013
(727)
Disposals and other movements
(425)
(146)
28
(543)
Exchange adjustments
(309)
(610)
(236)
(1,155)
At 31 December 2022
5,440
7,556
2,653
15,649
Additions through business combinations (Note 27)
2
10
\u2013
12
Capital expenditure
9
43
1,402
1,454
Transfer of assets into use
959
1,158
(2,117)
\u2013
Disposals and other movements
(6)
(255)
(11)
(272)
Exchange adjustments
65
192
118
375
At 31 December 2023
6,469
8,704
2,045
17,218
Additions through business combinations (Note 27)
1
15
2
18
Capital expenditure
27
63
1,905
1,995
Transfer of assets into use
312
729
(1,041)
\u2013
Disposals and other movements
(44)
(271)
(40)
(355)
Exchange adjustments
(185)
(386)
(82)
(653)
At 31 December 2024
6,580
8,854
2,789
18,223
Depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
2,877
4,948
\u2013
7,825
Depreciation charge for the year
286
566
\u2013
852
Impairment charge/(reversal)
20
8
(28)
\u2013
Transferred to Assets held for sale (Note 18)
(300)
(277)
\u2013
(577)
Disposals and other movements
(227)
(188)
28
(387)
Exchange adjustments
(167)
(404)
\u2013
(571)
At 31 December 2022
2,489
4,653
\u2013
7,142
Depreciation charge for the year
241
492
\u2013
733
Impairment charge
4
4
\u2013
8
Disposals and other movements
(13)
(220)
\u2013
(233)
Exchange adjustments
44
122
\u2013
166
At 31 December 2023
2,765
5,051
\u2013
7,816
Depreciation charge for the year
231
568
\u2013
799
Impairment charge
\u2013
(7)
49
42
Disposals and other movements
(39)
(252)
(49)
(340)
Exchange adjustments
(101)
(245)
\u2013
(346)
At 31 December 2024
2,856
5,115
\u2013
7,971
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
2,951
2,903
2,653
8,507
At 31 December 2023
3,704
3,653
2,045
9,402
At 31 December 2024
3,724
3,739
2,789
10,252
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
Land and
Motor
\u00a0
Right-of-use
\u00a0
buildings
vehicles
Other
assets
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
1,133
321
33
1,487
Additions through business combinations (Note 27)
4
\u2013
\u2013
4
Additions \u2013 separately acquired
140
81
14
235
Disposals and other movements
(33)
(58)
(13)
(104)
Exchange adjustments
(62)
(15)
(2)
(79)
At 31 December 2022
1,182
329
32
1,543
Additions through business combinations (Note 27)
8
\u2013
\u2013
8
Additions \u2013 separately acquired
220
219
5
444
Disposals and other movements
(71)
(57)
(2)
(130)
Exchange adjustments
13
4
1
18
At 31 December 2023
1,352
495
36
1,883
Additions through business combinations (Note 27)
20
\u2013
\u2013
20
Additions \u2013 separately acquired
332
342
18
692
Disposals and other movements
(73)
(140)
(5)
(218)
Exchange adjustments
(43)
(33)
(2)
(78)
At 31 December 2024
1,588
664
47
2,299
Depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
326
154
19
499
Depreciation charge for the year
160
80
6
246
Impairment charge
2
\u2013
\u2013
2
Disposals and other movements
(54)
(50)
(10)
(114)
Exchange adjustments
(23)
(8)
(1)
(32)
At 31 December 2022
411
176
14
601
Depreciation charge for the year
170
98
7
275
Impairment charge
14
\u2013
\u2013
14
Disposals and other movements
(53)
(61)
(2)
(116)
Exchange adjustments
7
2
\u2013
9
At 31 December 2023
549
215
19
783
Depreciation charge for the year
183
151
9
343
Impairment charge
7
\u2013
\u2013
7
Disposals and other movements
(71)
(115)
(6)
(192)
Exchange adjustments
(22)
(14)
(1)
(37)
At 31 December 2024
646
237
21
904
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
771
153
18
942
At 31 December 2023
803
280
17
1,100
At 31 December 2024
942
427
26
1,395
\n9 Goodwill \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0
At 1 January
20,361
20,131
20,311
Additions through business combinations (Note 27)
1,083
158
15
Exchange and other adjustments
(109)
72
(195)
At 31 December
21,335
20,361
20,131
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0
At 1 January
313
311
314
Exchange and other adjustments
(3)
2
(3)
At 31 December
310
313
311
Net book value
\u00a0 \u00a0 \u00a0
At 31 December
21,025
20,048
19,820
\n
Goodwill is tested for impairment at the operating segment level, this being the level at which goodwill is monitored for internal
management purposes. As detailed in Note 6, the Group does not have multiple operating segments and is engaged in a single business
activity of pharmaceuticals.
Recoverable amount is determined on a fair value less costs to sell basis using the market value of the Company\u2019s outstanding Ordinary Shares.
Our market capitalisation is compared to the book value of the Group\u2019s net assets and this indicates a significant surplus at 31 December 2024
(and 31 December 2023 and 31 December 2022). No goodwill impairment was identified.
10 Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
66,590
2,611
1,432
70,633
Additions through business combinations (Note 27)
\u2013
46
\u2013
46
Additions \u2013 separately acquired
2,051
12
105
2,168
Disposals
(57)
(105)
(36)
(198)
Exchange and other adjustments
(1,799)
(122)
(106)
(2,027)
At 31 December 2022
66,785
2,442
1,395
70,622
Additions through business combinations (Note 27)
65
35
\u2013
100
Additions \u2013 separately acquired
2,530
200
170
2,900
Disposals
(669)
\u2013
(14)
(683)
Exchange and other adjustments
496
30
24
550
At 31 December 2023
69,207
2,707
1,575
73,489
Additions through business combinations (Note 27)
2,308
56
\u2013
2,364
Additions \u2013 separately acquired
2,226
150
290
2,666
Disposals
(294)
\u2013
(285)
(579)
Exchange and other adjustments
(964)
(13)
(50)
(1,027)
At 31 December 2024
72,483
2,900
1,530
76,913
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
25,276
1,863
1,002
28,141
Amortisation for year
3,899
181
76
4,156
Impairment charges
236
82
\u2013
318
Impairment reversals
(77)
\u2013
(17)
(94)
Disposals
(55)
(105)
(20)
(180)
Exchange and other adjustments
(887)
(76)
(63)
(1,026)
At 31 December 2022
28,392
1,945
978
31,315
Amortisation for year
3,771
75
80
3,926
Impairment charges
434
\u2013
\u2013
434
Disposals
(667)
\u2013
(12)
(679)
Exchange and other adjustments
336
41
27
404
At 31 December 2023
32,266
2,061
1,073
35,400
Amortisation for year
3,761
78
84
3,923
Impairment charges
1,577
3
2
1,582
Impairment reversals
(8)
\u2013
\u2013
(8)
Disposals
(286)
\u2013
(283)
(569)
Exchange and other adjustments
(561)
(13)
(18)
(592)
At 31 December 2024
36,749
2,129
858
39,736
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
38,393
497
417
39,307
At 31 December 2023
36,941
646
502
38,089
At 31 December 2024
35,734
771
672
37,177
\nAmortisation charges are recognised in the Consolidated Statement of Comprehensive Income as follows: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Year ended 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
\u2013
\u2013
32
Research and development expense
\u2013
30
\u2013
30
Selling, general and administrative expense
3,867
151
76
4,094
Total
3,899
181
76
4,156
Year ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
\u2013
\u2013
32
Research and development expense
\u2013
28
\u2013
28
Selling, general and administrative expense
3,739
47
80
3,866
Total
3,771
75
80
3,926
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
1
\u2013
33
Research and development expense
3
22
\u2013
25
Selling, general and administrative expense
3,726
55
84
3,865
Total
3,761
78
84
3,923
\n
Net impairment charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Year ended 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
95
\u2013
\u2013
95
Selling, general and administrative expense
64
82
(17)
129
Total
159
82
(17)
224
Year ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
417
\u2013
\u2013
417
Selling, general and administrative expense
17
\u2013
\u2013
17
Total
434
\u2013
\u2013
434
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
1,065
\u2013
\u2013
1,065
Selling, general and administrative expense
504
3
2
509
Total
1,569
3
2
1,574
\n
Impairment charges and reversals
We perform a rigorous impairment trigger assessment for all our intangible assets. Intangible assets under development and not available
for use are tested annually for impairment and other intangible assets are tested when there is an indication of impairment loss or reversal.
Where testing is required, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss or
reversal. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of
the Cash Generating Unit (CGU) to which it belongs. The Group considers that as the intangible assets are linked to individual products and
that product cash flows are considered to be largely independent of other product cash flows, the CGU for intangibles is at the product level.
Group-level budgets and forecasts include forecast capital investment and operational impacts related to sustainability projects, as well as
inflationary impacts, and form the basis for the value in use models used for impairment testing.
An asset\u2019s recoverable amount is determined as the higher of an asset\u2019s or CGU\u2019s fair value less costs to sell or value in use, in both cases
using discounted cash flow calculations where the asset\u2019s expected post-tax cash flows are risk-adjusted over their estimated remaining
period of expected economic benefit. Where the value in use approach is used, the post-tax risk-adjusted cash flows are discounted using
AstraZeneca\u2019s post-tax weighted average cost of capital (7.5% for 2024, 7.5% for 2023 and 7% for 2022) which is a nominal rate. There is
no material difference in the approach taken to using pre-tax cash flows and a pre-tax rate compared to post-tax cash flows and a post-tax
rate, as required by IAS 36 \u2018Impairment of Assets\u2019. Where fair value less costs to sell is used to determine recoverable value, the discount
rate is assessed with reference to a market participant, this is not usually materially different to the AstraZeneca post-tax weighted average
cost of capital of 7.5%. Intangible assets have been tested for impairment under the value in use basis at risk-adjusted post-tax discount
rates ranging between 7.5% to 9.5%.
SE
Key assumptions and significant estimates used in calculating the recoverable amounts are highly sensitive and specific to the nature of
the Group\u2019s activities including:
\u2022
outcome of R&D activities
\u2022
probability of technical and regulatory success
\u2022
market volume, share and pricing (to derive peak year sales)
\u2022
amount and timing of projected future cash flows
\u2022
sales erosion curves following patent expiry.
Whilst the intangible assets portfolio is generally exposed to significant impairment risk within the next financial year, no sensitivities have been
disclosed since no specific asset has been identified as having a significant risk of a material impairment arising from reasonably possible
changes in key assumptions.
For assets held at fair value less costs to sell, we make appropriate adjustments to reflect market participant assessments.
In 2024, the Group recorded impairment charges of $504m in respect of launched products. Following a strategic review of our portfolio
priorities, a business decision was made to cease promotional activity for
Andexxa
resulting in impairment charges of $504m recorded
against the
Andexxa
intangible asset under a value-in-use model applying a discount rate of 7.5% (revised carrying amount: $nil).
Impairment charges recorded against products in development totalled $1,073m. This included full impairments of vemircopan (ALXN2050)
($753m, acquired as part of the Alexion business combination in 2021), following outcome of research activities, and FPI-2059 ($165m, acquired
as part of the Fusion business combination in 2024) due to portfolio prioritisation decisions. The remaining impairments of $155m relate to
impairments of various products in development, due to either management\u2019s decision to discontinue development as part of Group-wide
portfolio prioritisation decisions, or due to the outcome of research activities.
In 2023, the Group recorded impairment charges of $17m in respect of launched products. Impairment charges recorded against products in
development totalled $417m, including $244m related to ALXN1840 which was fully impaired following the decision to discontinue development.
In 2022, the Group recorded impairment charges of $146m in respect of launched products. Impairment charges recorded against products
in development totalled $172m due to decisions made to terminate the related activities.
The Group has performed an assessment on assets which have had impairments recorded in previous periods to determine if any reversals of
impairments were required. Impairment reversals of $8m were recorded in 2024 against products in development. No impairment reversals
were recorded in 2023. Impairment reversals of $94m were recorded in 2022, including $77m in respect of products in development.
When launched products are partially impaired, the carrying values of these assets in future periods are particularly sensitive to changes in
forecast assumptions, including those assumptions set out above, as the asset is impaired down to its recoverable amount.\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
At 1 January
\u2013
313
10
176
\u2013
104
Additions
\u2013
56
\u2013
127
10
32
Revaluations
\u2013
(9)
3
14
\u2013
50
Net transfers out from Level 3 to Level 1
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
Disposals
\u2013
\u2013
(13)
(8)
\u2013
(5)
Impairments and exchange adjustments
\u2013
(7)
\u2013
4
\u2013
(1)
At 31 December
\u2013
353
\u2013
313
10
176
\nThe impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: immaterial).Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours
to minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days
past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2024, 31 December 2023, or
31 December 2022 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customer to settle
the receivables.
On that basis, the loss allowance was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2022
Current
past due
past due
past due
Total
Expected loss rate
0.03%
0.3%
32.0%
40.6%
\u00a0
Gross carrying amount ($m)
6,791
331
50
99
7,271
Loss allowance ($m)
2
1
16
40
59
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2023
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.3%
0.8%
15.0%
\u00a0
Gross carrying amount ($m)
7,709
342
121
280
8,452
Loss allowance ($m)
1
1
1
42
45
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
\u00a0
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n
Trade receivables are written off where there is no reasonable expectation of recovery.
Impairment losses on Trade receivables are presented as net impairment losses within Operating profit, any subsequent recoveries are
credited against the same line.
In the US, sales to three wholesalers accounted for approximately 74% (2023: 80%; 2022: 73%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
45
59
23
Net movement recognised in the Consolidated Statement of Comprehensive Income
(3)
(14)
37
Amounts utilised, exchange and other movements
(9)
\u2013
(1)
At 31 December
33
45
59
\n
Given the profile of our customers, including large wholesalers and government-backed agencies, no further credit risk has been identified
with the Trade receivables not past due other than those balances for which an allowance has been made.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00546": { "value": "Financial instruments
Included within Operating profit are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
(Losses)/gains on forward foreign exchange contracts
(81)
42
150
Losses on receivables and payables
(143)
(260)
(203)
Total
(224)
(218)
(53)
\n13 Derivative financial instruments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Interest rate swaps related to instruments designated
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
at fair value through profit or loss
1
\u2013
1
\u2013
\u2013
1
Cross-currency swaps designated in a net investment hedge
55
\u2013
\u2013
(4)
51
Cross-currency swaps designated in a cash flow hedge
\u2013
\u2013
\u2013
(160)
(160)
Forward FX designated in a cash flow hedge
2
\u2013
1
(13)
\u2013
(12)
Other derivatives
19
85
(80)
\u2013
24
31 December 2022
74
87
(93)
(164)
(96)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
100
\u2013
\u2013
(1)
99
Cross-currency swaps designated in a cash flow hedge
116
\u2013
(30)
(37)
49
Forward FX designated in a cash flow hedge
2
\u2013
19
(4)
\u2013
15
Other derivatives
12
97
(122)
\u2013
(13)
31 December 2023
228
116
(156)
(38)
150
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
148
\u2013
\u2013
\u2013
148
Cross-currency swaps designated in a cash flow hedge
34
\u2013
\u2013
(71)
(37)
Cross-currency swaps designated in a fair value hedge
\u2013
\u2013
\u2013
(44)
(44)
Forward FX designated in a cash flow hedge
2
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
\n
1
Interest rate swaps related to instruments designated at fair value through profit or loss matured in 2023.
2
Forward FX designated in a cash flow hedge relates to contracts hedging anticipated CNY, EUR, GBP, JPY and SEK transactions occurring in the quarter immediately after the balance
sheet date.
All derivatives are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 12, except for an equity warrant which
falls within Level 3 (valued at $nil
(2023: $12m; 2022: $19m), held within Non-current assets). None of the derivatives have been reclassified
in the year. The equity warrant expired on 31 December 2024. Its value at that date was recorded as zero.
The fair value of interest rate swaps and cross-currency swaps is estimated using appropriate zero coupon curve valuation techniques to
discount future contractual cash flows based on rates at the current year end.
The fair value of forward foreign exchange contracts and currency options are estimated by cash flow accounting models using appropriate
yield curves based on market forward foreign exchange rates at the year end. The majority of forward foreign exchange contracts for existing
transactions had maturities of less than one month from year end.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Derivatives
0.6% to 4.1%
0.1% to 5.3%
0.1% to 4.7%
\n16 Current trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Trade receivables
8,335
8,452
7,271
Less: Expected credit loss provision (Note 28)
(33)
(45)
(59)
\u00a0
8,302
8,407
7,212
Other receivables
1,579
1,639
1,659
Prepayments
1,737
1,617
1,329
Government grants receivable
25
11
25
Accrued income
1,329
452
296
Trade and other receivables
12,972
12,126
10,521
\n
Trade receivables include $667m (2023: $1,977m; 2022: $2,470m) measured at FVOCI classified \u2018hold to collect and sell\u2019 as they are due
from customers that the Group has the option to factor, or relate to bank acceptance drafts received in settlement of trade receivables per
common practice in China.
All other financial assets included within Current trade and other receivables are held at amortised cost with carrying value being a reasonable
approximation of fair value.
17 Cash and cash equivalents
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Short-term deposits
4,273
4,515
4,755
Cash and cash equivalents
5,488
5,840
6,166
Unsecured bank overdrafts
(59)
(203)
(183)
Cash and cash equivalents in the Consolidated Statement of Cash Flows
5,429
5,637
5,983
\n
AstraZeneca invests in constant net asset value funds, low-volatility net asset value funds and short-term variable net asset value funds with
same day access for subscription and redemption. These investments fail the \u2018solely payments of principal and interest\u2019 test criteria under
IFRS 9 \u2018Financial Instruments\u2019. They are therefore measured at FVPL, although the fair value is materially the same as amortised cost.
Non-cash and other movements, within operating activities in the Consolidated Statement of Cash Flows, includes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Share-based payments charge for the period
660
579
619
Settlement of share plan awards
(618)
(650)
(592)
Pension contributions
(166)
(188)
(205)
Pension charges recorded in operating profit
86
55
101
Long-term provision charges recorded in operating profit
106
460
87
Loss/(gain) on disposal of tangible assets
4
(41)
(112)
Update to the contractual relationships for
Beyfortus
\u2013
(729)
\u2013
Foreign exchange and other
1
(193)
128
(590)
Total operating activities non-cash and other movements
(121)
(386)
(692)
\n
1
Foreign exchange and other includes, among other items, the foreign exchange of inter-company transactions, including dividends, across Group entities and the related impact
from hedging those transactions.19 Interest-bearing loans and borrowings \n \n
Repayment
2024
2023
2022
dates
$m
$m
$m
Current liabilities
Bank overdrafts
On demand
59
203
183
Other short-term borrowings excluding overdrafts
90
97
78
Collateral received from derivative counterparties
181
215
89
Lease liabilities
339
271
228
0.3% Callable bond
US dollars
2023
\u2013
\u2013
1,399
2023 Floating bank loan
US dollars
2023
\u2013
\u2013
2,000
Floating rate notes
US dollars
2023
\u2013
\u2013
400
3.5% Callable bond
US dollars
2023
\u2013
\u2013
849
7% Guaranteed debentures
US dollars
2023
\u2013
\u2013
294
0.75% Callable bond
euros
2024
\u2013
995
\u2013
0.7% Callable bond
US dollars
2024
\u2013
1,600
\u2013
2024 Floating rate bank loans
US dollars
2024
\u2013
2,000
\u2013
3.375% Callable bond
US dollars
2025
1,997
\u2013
\u2013
Other loans
Within one year
10
19
22
Total
2,676
5,400
5,542
\n \n
Non-current liabilities
Lease liabilities
1,113
857
725
0.75% Callable bond
euros
2024
\u2013
\u2013
957
0.7% Callable bond
US dollars
2024
\u2013
\u2013
1,598
2024 Floating bank loans
US dollars
2024
\u2013
\u2013
1,998
3.375% Callable bond
US dollars
2025
\u2013
1,994
1,992
0.7% Callable bond
US dollars
2026
1,198
1,196
1,195
1.2% Callable bond
US dollars
2026
1,249
1,248
1,246
4.8% Callable bond
US dollars
2027
1,247
\u2013
\u2013
3.625% Callable bond
euros
2027
780
829
\u2013
3.125% Callable bond
US dollars
2027
748
747
746
4.875% Callable bond
US dollars
2028
1,096
1,095
\u2013
1.25% Callable bond
euros
2028
829
879
845
1.75% Callable bond
US dollars
2028
1,247
1,246
1,245
4% Callable bond
US dollars
2029
996
995
995
4.85% Callable bond
US dollars
2029
1,246
\u2013
\u2013
0.375% Callable bond
euros
2029
829
881
846
4.9% Callable bond
US dollars
2030
646
645
\u2013
3.121% Callable bond
euros
2030
682
\u2013
\u2013
1.375% Callable bond
US dollars
2030
1,295
1,294
1,293
4.9% Callable bond
US dollars
2031
994
\u2013
\u2013
2.25% Callable bond
US dollars
2031
747
747
747
5.75% Non-callable bond
pound sterling
2031
438
444
420
3.75% Callable bond
euros
2032
778
827
\u2013
4.875% Callable bond
US dollars
2033
497
497
\u2013
3.278% Callable bond
euros
2033
786
\u2013
\u2013
5% Callable bond
US dollars
2034
1,489
\u2013
\u2013
6.45% Callable bond
US dollars
2037
2,727
2,725
2,724
4% Callable bond
US dollars
2042
989
989
988
4.375% Callable bond
US dollars
2045
982
981
981
4.375% Callable bond
US dollars
2048
738
738
737
2.125% Callable bond
US dollars
2050
487
487
487
3% Callable bond
US dollars
2051
735
735
735
Other loans
US dollars
31
146
190
Total
27,619
23,222
23,690
Total interest-bearing loans and borrowings
1
30,295
28,622
29,232
\n
1
All loans and borrowings above are unsecured. In previous years, there were current (2023: $nil; 2022: $22m) and non-current (2023: $nil; 2022: $181m) secured loans, both included
within Other loans.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
Total
Total
\u00a0
loans and
loans and
loans and
\u00a0
borrowings
borrowings
borrowings
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
28,622
29,232
30,781
Changes from financing cash flows
\u00a0 \u00a0 \u00a0
Issue of loans and borrowings
6,492
3,816
\u2013
Repayment of loans and borrowings
(4,652)
(4,942)
(1,271)
Movement in short-term borrowings
(31)
161
74
Repayment of obligations under leases
(316)
(268)
(244)
Total changes in cash flows arising on financing activities from borrowings
1,493
(1,233)
(1,441)
Movement in overdrafts
(144)
20
(85)
New lease liabilities
710
444
253
Additions through business combinations
12
\u2013
5
Exchange
(361)
187
(287)
Other movements
(37)
(28)
6
At 31 December
30,295
28,622
29,232
\n
Also included within Cash flows from financing activities within the Consolidated Statement of Cash Flows is a $833m cash outflow (2023: $867m;
2022: $920m) related to the Acerta Pharma share purchase liability which has a closing liability at 31 December 2024 of $nil (2023: $833m;
2022: $1,646m) within Trade and other payables (see Note 20
).
Set out below is a comparison by category of carrying values and fair values of all the Group\u2019s interest-bearing loans and borrowings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Instruments
Instruments
Instruments
\u00a0
Total
\u00a0
\u00a0
designated
designated in
designated in
Amortised
carrying
Fair
\u00a0
at fair value
1
cash flow hedge
2
fair value hedge
3
cost
value
value
\u00a0
$m
$m
$m
$m
$m
$m
2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
183
183
183
Lease liabilities due within one year
\u2013
\u2013
\u2013
228
228
228
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
725
725
725
Loans and borrowings due within one year
294
\u2013
\u2013
4,837
5,131
5,105
Loans and borrowings due after more than one year
\u2013
1,802
\u2013
21,163
22,965
21,657
Total at 31 December 2022
294
1,802
\u2013
27,136
29,232
27,898
2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
203
203
203
Lease liabilities due within one year
\u2013
\u2013
\u2013
271
271
271
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
857
857
857
Loans and borrowings due within one year
\u2013
995
\u2013
3,931
4,926
4,887
Loans and borrowings due after more than one year
\u2013
2,535
\u2013
19,830
22,365
21,769
Total at 31 December 2023
\u2013
3,530
\u2013
25,092
28,622
27,987
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
59
59
59
Lease liabilities due within one year
\u2013
\u2013
\u2013
339
339
339
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
1,113
1,113
1,113
Loans and borrowings due within one year
\u2013
\u2013
\u2013
2,278
2,278
2,263
Loans and borrowings due after more than one year
\u2013
2,387
1,468
22,651
26,506
25,405
Total at 31 December 2024\u00b3
\u2013
2,387
1,468
26,440
30,295
29,179
\n
1
Instruments designated at FVPL include the US dollar 7% guaranteed debentures which matured on 15 November 2023.
2
Instruments designated in cash flow hedges are our euro 900m 0.75% 2024 Callable bond which matured in 2024, our euro 750m 3.625% 2027 Callable bond, our euro 800m
1.25% 2028 Callable bond, and our euro 750m 3.75% 2032 Callable bond.
3
Instruments designated in fair value hedges are our euro 650m 3.121% 2030 Callable bond, and our euro 750m 3.278% 2033 Callable bond.
The fair value of fixed-rate publicly traded debt is based on year end quoted market prices; the fair value of floating rate debt is nominal value,
as mark-to-market differences would be minimal given the frequency of resets. The carrying value of loans designated at FVPL is the fair
value; this falls within the Level 1 valuation method as defined in Note 12. For loans designated in a fair value hedge relationship, carrying
value is initially measured at fair value and remeasured for fair value changes in respect of the hedged risk at each reporting date. All other
loans are held at amortised cost. Fair values, as disclosed in the table above, are all determined using the Level 1 valuation method as defined
in Note 12, with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
The cumulative adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was an increase in the
liability of $16m. A loss of $2m was made during the year on the fair value of bonds designated in a fair value hedge, due to increased credit
risk. Under IFRS 9 \u2018Financial Instruments\u2019, the Group records the component of fair value changes relating to the component of own credit
risk through Other comprehensive income. Changes in credit risk had no material effect on any other financial assets and liabilities recognised
at fair value in the Group Financial Statements. The change in fair value attributable to changes in credit risk is calculated as the change in
fair value not attributable to market risk.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Loans and borrowings
2.0% to 2.9%
n/a to n/a
1
4.3% to 4.9%
\n
1
All bonds designated as FVPL in 2023 matured prior to the reporting date.
20 Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Current liabilities
\u00a0 \u00a0 \u00a0
Trade payables
3,640
3,267
2,550
Value-added and payroll taxes and social security
401
492
468
Rebates, chargebacks, returns and other revenue accruals
7,805
7,817
6,078
Clinical trial accruals
1,419
1,424
1,417
Other accruals
6,463
6,112
5,551
Collaboration Revenue contract liabilities
7
7
12
Vaccine contract liabilities
119
142
169
Deferred government grant income
\u2013
\u2013
1
Contingent consideration
1,170
966
757
Acerta Pharma share purchase liability
\u2013
833
867
Other payables
1,441
1,314
1,170
Total
22,465
22,374
19,040
Non-current liabilities
\u00a0 \u00a0 \u00a0
Accruals
65
36
37
Collaboration Revenue contract liabilities
\u2013
7
14
Contingent consideration
581
1,171
1,465
Acerta Pharma share purchase liability
\u2013
\u2013
779
Other payables
1,124
1,446
1,975
Total
1,770
2,660
4,270
\n
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $114m (2023: $102m; 2022: $87m).
The revenue recognised in the year from opening contract liabilities is $96m, comprising $89m relating to other revenue accruals and $7m
Collaboration Revenue contract liabilities. The major markets with Rebates, chargebacks, returns and other revenue accruals are the US
where the liability at 31 December 2024 amounted to $4,978m (2023: $5,116m; 2022: $3,961m), of which Rare Disease comprises $240m
(2023: $190m; 2022: $139m), and China where the liability at 31 December 2024 amounted to $532m (2023: $567m; 2022: $579m).
Trade payables includes $105m (2023: $123m; 2022: $67m) due to suppliers that have signed up to a supply chain financing programme,
under which the suppliers can elect on an invoice-by-invoice basis to receive a discounted early payment from the relationship bank rather
than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to be due to
the relationship bank rather than the supplier. The value of the liability payable by the Group remains unchanged. The Group assesses the
arrangement against indicators to assess if debts which vendors have sold to the funder under the supplier financing scheme continue to
meet the definition of trade payables or should be classified as borrowings. At 31 December 2024, the payables met the criteria of Trade
payables. The supply chain financing programme operates in the US, UK, Sweden, China and Germany, and as at 31 December 2024, the
programme had 458 suppliers enrolled across these countries.
Vaccine contract liabilities relate to amounts received from customers, primarily government bodies, in advance of supply of product.
Included within current Other payables are liabilities to Daiichi Sankyo totalling $377m (2023: $199m; 2022: $100m) resulting from the
collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other payables are
liabilities totalling $456m (2023: $774m; 2022: $1,125m) as a result of the
Enhertu
collaboration agreement and $462m (2023: $464m;
2022: $nil) owed to Avillion as a result of the
Airsupra
collaboration agreement entered into in March 2018.
In November 2020,
Calquence
received marketing approval in the EU, which removed all remaining conditionality in respect of the Acerta
Pharma put and call options regarding the non-controlling interest; the option was exercised in April 2021. The payments were made in
similar annual instalments in 2022 through to 2024, with the first payment of $920m made in 2022, the second payment of $867m made in
2023 and the final payment of $833m made in 2024, with a closing liability as at 31 December 2024 of $nil (2023: $833m; 2022: $1,646m).
Interest arising from amortising the liability is included within Finance expense (see Note 3). The associated cash flows were disclosed as
financing activities within the Consolidated Statement of Cash Flows.
With the exception of Contingent consideration payables of $1,751m (2023: $2,137m; 2022: $2,222m) which are held at fair value within
Level 3 of the fair value hierarchy as defined in Note 12, all other financial liabilities are held at amortised cost with carrying value being a
reasonable approximation of fair value.
\n \n
Contingent consideration
2024
2023
2022
$m
$m
$m
At 1 January
2,137
2,222
2,865
Additions through business combinations
198
60
\u2013
Settlements
(1,008)
(826)
(772)
Disposals
\u2013
\u2013
(121)
Revaluations
311
549
82
Discount unwind (Note 3)
113
132
168
At 31 December
1,751
2,137
2,222
\n
Contingent consideration arising from business combinations is fair valued using decision-tree analysis, with key inputs including the probability
of success, consideration of potential delays and the expected levels of future revenues.
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include an increase of $260m in
2024 (2023: $520m; 2022: $182m) based on revised milestone probabilities, and revenue and royalty forecasts, relating to the acquisition of
BMS\u2019s share of the Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 3).
The discount rate used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration
balance is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful
trial results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may
cause the calculated fair value of the above contingent consideration to vary materially in future years.
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $1,309m (2023: $1,945m; 2022: $2,124m) would
increase/decrease by $131m with an increase/decrease in sales of 10% as compared with the current estimates.
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
combinations are as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall
2014
Milestones and royalties
345
Neogene
2023
Milestones
110
Fusion
2024
Milestones
304
Gracell
2024
Milestones
149
\n
The amount of royalties payable under the arrangements is inherently uncertain and difficult to predict, given the direct link to future sales
and the range of outcomes. The maximum amount of royalties payable in each year is with reference to net sales.28 Financial risk management objectives and policies
The Group\u2019s principal financial instruments, other than derivatives, comprise bank overdrafts, loans and other borrowings, lease liabilities,
current and non-current investments, cash and short-term deposits. The main purpose of these financial instruments is to manage the
Group\u2019s funding and liquidity requirements. The Group has other financial assets and liabilities such as trade receivables and trade payables,
which arise directly from its operations.
The principal financial risks to which the Group is exposed are those of liquidity, interest rate, foreign currency and credit. Each of these is
managed in accordance with Board-approved policies. These policies, together with the Group\u2019s approach to capital management, are set
out below.
Capital management
The capital structure of the Group consists of Shareholders\u2019 equity (Note 24), Debt (Note 19), Other current investments (Note 12) and Cash
(Note 17). For the foreseeable future, the Board will maintain a capital structure that supports the Group\u2019s strategic objectives through:
\u2022
managing funding and liquidity risk
\u2022
optimising shareholder return
\u2022
maintaining a strong, investment-grade credit rating.
The Group utilises factoring arrangements and bank acceptance drafts discounting for selected trade receivables. These arrangements qualify
for full derecognition of the associated trade receivables under IFRS 9 \u2018Financial Instruments\u2019. Amounts due on invoices that have not been
factored at year end, from customers that are subject to these arrangements, are disclosed in Note 16.
Funding and liquidity risk are reviewed regularly by the Board and managed in accordance with the policies described below.
The Board regularly reviews its shareholders\u2019 distribution policy, which comprises a regular cash dividend and potentially a share repurchase
component. No share repurchases have been made since 2012.
The Group\u2019s net debt position (loans and borrowings net of Cash and cash equivalents, Other investments and Derivative financial instruments)
has increased by $2,060m from a net debt position of $22,510m at the beginning of the year to a net debt position of $24,570m at 31 December
2024. Gross debt increased from $28,622m to $30,295m, principally due to the issuance of $6,492m debt offset by the repayment of
$4,652m debt.
Liquidity risk
The Board reviews the Group\u2019s ongoing liquidity risks annually as part of the planning process and on an ad hoc basis. The Board considers
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group
uses US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and
manages long-term liquidity by raising funds through the capital markets. At 31 December 2024, the Group was assigned short-term credit
ratings of P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A2 by Moody\u2019s and A+ by Standard
and Poor\u2019s.
In addition to Cash and cash equivalents of $5,488m, short-term fixed income investments of $37m, less overdrafts of $59m at 31 December
2024, the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial
covenants. The maturity of the $4,875m facilities was extended in January 2025 from April 2029 to April 2030. The Group regularly monitors
the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing on the committed facilities
should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured Overnight Financing
Rate (SOFR) plus a margin.
At 31 December 2024, the Group has $5,122m outstanding from debt issued under a Euro Medium Term Note programme and $23,350m
under an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate
purposes of the Group.
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \u00a0\n \n
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-derivative
financial
financial
derivative
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
365
5,777
249
19,065
25,456
(12,445)
12,478
33
25,489
In one to two years
\u2013
5,233
208
2,086
7,527
(1,012)
1,078
66
7,593
In two to three years
\u2013
2,608
172
872
3,652
(34)
38
4
3,656
In three to four years
\u2013
2,983
128
595
3,706
(103)
103
\u2013
3,706
In four to five years
\u2013
1,267
84
814
2,165
(32)
35
3
2,168
In more than five years
\u2013
18,156
184
3,177
21,517
(1,436)
1,378
(58)
21,459
365
36,024
1,025
26,609
64,023
(15,062)
15,110
48
64,071
Effect of interest
(15)
(7,982)
\u2013
\u2013
(7,997)
227
(249)
(22)
(8,019)
Effect of discounting, fair values and issue costs
\u2013
(113)
(72)
(3,299)
(3,484)
63
7
70
(3,414)
31 December 2022
350
27,929
953
23,310
52,542
(14,772)
14,868
96
52,638
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
542
5,469
313
22,401
28,725
(11,302)
11,366
64
28,789
In one to two years
\u2013
2,764
261
1,482
4,507
(100)
114
14
4,521
In two to three years
\u2013
3,137
208
788
4,133
(164)
179
15
4,148
In three to four years
\u2013
2,230
138
625
2,993
(924)
883
(41)
2,952
In four to five years
\u2013
3,822
88
12
3,922
(949)
971
22
3,944
In more than five years
\u2013
17,995
271
35
18,301
(1,507)
1,340
(167)
18,134
\u00a0
542
35,417
1,279
25,343
62,581
(14,946)
14,853
(93)
62,488
Effect of interest
(27)
(8,270)
\u2013
\u2013
(8,297)
589
(644)
(55)
(8,352)
Effect of discounting, fair values and issue costs
\u2013
(168)
(151)
(309)
(628)
44
(46)
(2)
(630)
31 December 2023
515
26,979
1,128
25,034
53,656
(14,313)
14,163
(150)
53,506
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
\u00a0
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
345
3,045
396
22,501
26,287
(16,227)
16,282
55
26,342
In one to two years
\u2013
3,437
345
1,086
4,868
(207)
250
43
4,911
In two to three years
\u2013
3,670
266
105
4,041
(917)
956
39
4,080
In three to four years
\u2013
3,978
170
750
4,898
(941)
1,044
103
5,001
In four to five years
\u2013
3,780
117
\u2013
3,897
(627)
489
(138)
3,759
In more than five years
\u2013
19,929
406
\u2013
20,335
(2,437)
2,583
146
20,481
\u00a0
345
37,839
1,700
24,442
64,326
(21,356)
21,604
248
64,574
Effect of interest
(15)
(9,173)
\u2013
\u2013
(9,188)
808
(1,068)
(260)
(9,448)
Effect of discounting, fair values and issue costs
\u2013
(153)
(248)
(207)
(608)
36
(95)
(59)
(667)
31 December 2024
330
28,513
1,452
24,235
54,530
(20,512)
20,441
(71)
54,459
\n
Where interest payments are on a floating rate basis, it is assumed that rates will remain unchanged from the last business day of each year
ended 31 December.
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
exception of $1,751m of Contingent consideration held within Trade and other payables (see Note 20).
Market risk
Interest rate risk
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
agreements to manage this mix.
The majority of surplus cash is currently invested in US dollar liquidity funds.
The interest rate profile of the Group\u2019s interest-bearing financial instruments is set out below. In the case of current and non-current financial
liabilities, the classification includes the impact of interest rate swaps which convert the debt to floating rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current
2,346
330
2,676
2,885
2,515
5,400
2,476
3,066
5,542
Non-current
26,151
1,468
27,619
23,222
\u2013
23,222
21,511
2,179
23,690
Total
28,497
1,798
30,295
26,107
2,515
28,622
23,987
5,245
29,232
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
Cash collateral pledged to counterparties
\u2013
129
129
\u2013
102
102
\u2013
162
162
Cash and cash equivalents
\u2013
5,488
5,488
\u2013
5,840
5,840
250
5,916
6,166
Total
\u2013
5,617
5,617
\u2013
5,942
5,942
314
6,078
6,392
\n
In addition to the financial assets above, there are $11,115m (2023: $11,288m; 2022: $9,546m) of other current and non-current asset investments
and other financial assets.
The Group is also exposed to market risk on other investments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Equity securities at fair value through Other comprehensive income (Note 12)
1,632
1,530
1,056
Non-current fixed income securities at fair value through profit or loss (Note 12)
\u2013
\u2013
10
Total
1,632
1,530
1,066
\n
Foreign currency risk
The US dollar is the Group\u2019s most significant currency. As a consequence, the Group results are presented in US dollars and exposures are
managed against US dollars accordingly.
Translational
Approximately 60% of Group external sales in 2024 were denominated in currencies other than the US dollar, while a significant proportion
of manufacturing, and research and development costs were denominated in pound sterling and Swedish krona. Surplus cash generated
by business units is substantially converted to, and held centrally in, US dollars. As a result, operating profit and total cash flow in US dollars
will be affected by movements in exchange rates. This currency exposure is managed centrally, based on forecast cash flows. The impact
of movements in exchange rates is mitigated significantly by the correlations which exist between the major currencies to which the Group
is exposed and the US dollar. Monitoring of currency exposures and correlations is undertaken on a regular basis and hedging is subject to
pre-execution approval.
As at 31 December 2024, before the impact of derivatives or other forms of hedging, the Group held $548m of interest-bearing loans and
borrowings denominated in pound sterling and $4,876m denominated in euros.
$438m of the pound sterling loan and $829m of the euro loans balances are designated in a net investment hedge where they hedge an
underlying net investment of that amount in the same currency. $2,387m of the euro loans are designated in cashflow hedges, where they are
hedged with cross-currency swaps. Exchange differences on the retranslation of debt designated in a net investment hedge or a cashflow
hedge are recognised in Other comprehensive income to the extent the hedge is effective. $1,468m of the euro loans are designated in fair
value hedges, hedged with cross-currency swaps. Exchange difference on the retranslation of debt designated in a fair value hedge is
recognised within Finance income and expense.
For further details of all designated hedging relationships please refer to the Hedge accounting section within this Note 28, from page 199.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy and the Foreign
currencies accounting policy on page 158 within Group Accounting Policies.
As at 31 December 2024, the Group operates in three countries designated as hyperinflationary, being Argentina, Venezuela and Turkey.
The foreign exchange risk of these markets has been assessed and deemed to be immaterial.
Transactional
The Group aims to hedge all its forecasted major transactional currency exposures on working capital balances, which typically extend for up
to three months. Where practicable, these are hedged using forward foreign exchange contracts. In addition, external dividend payments in
pound sterling to UK shareholders and in Swedish krona to Swedish shareholders are fully hedged from announcement date to payment date.
Foreign exchange gains and losses on forward contracts transacted for transactional hedging are taken to profit and loss or to Other
comprehensive income if the contract is in a designated cash flow hedge.
Sensitivity analysis
The sensitivity analysis set out below summarises the sensitivity of the market value of our financial instruments to hypothetical changes in
market rates and prices. The range of variables chosen for the sensitivity analysis reflects our view of changes which are reasonably possible
over a one-year period. Market values are the present value of future cash flows based on market rates and prices at the valuation date. For
long-term debt, an increase in interest rates results in a decline in the fair value of debt.
The sensitivity analysis assumes an instantaneous 100 basis point change in interest rates in all currencies from their levels at 31 December
2024, with all other variables held constant. Based on the composition of our long-term debt portfolio and cash reserves as at 31 December
2024, a 1% increase in interest rates would result in an additional $18m in interest expense on the debt and an additional $56m interest income
on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at
31 December 2024, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other
currencies and the -10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed
in the table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the
table below.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2022
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,317
(1,490)
81
(89)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
26
(15)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
55
(74)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2023
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,361
(1,534)
196
(212)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
134
(128)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
62
(83)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,407
(1,561)
11
(20)
Impact on profit: (loss)/gain ($m)
\u2013
\u2013
(117)
133
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
128
(152)
\n
Credit risk
The Group is exposed to credit risk on financial assets, such as cash investments, derivative instruments, and Trade and other receivables.
The Group was also exposed in its Net asset position to its own credit risk in respect of the 2023 debentures which were accounted for at
FVPL. Under IFRS 9, the effect of the losses and gains arising from own credit risk on the fair value of bonds designated at FVPL are recorded
in Other comprehensive income.
Financial counterparty credit risk
The majority of the Group\u2019s cash is centralised within the Group treasury entity and is subject to counterparty risk on the principal invested.
The level of the Group\u2019s cash investments and hence credit risk will depend on the cash flow generated by the Group and the timing of the
use of that cash. The credit risk is mitigated through a policy of prioritising security and liquidity over return and, as such, cash is only invested
in high credit-quality investments. Counterparty limits are set according to the assessed risk of each counterparty and exposures are monitored
against these limits on a regular basis.
The Group\u2019s principal financial counterparty credit risks at 31 December were as follows:
Current assets
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Money market liquidity funds
4,177
4,425
4,486
Other short-term cash equivalents
96
90
269
Total Cash and cash equivalents (Note 17)
5,488
5,840
6,166
Fixed income securities at fair value through profit or loss (Note 12)
37
20
13
Cash collateral pledged to counterparties (Note 12)
129
102
162
Fixed deposits (Note 12)
\u2013
\u2013
64
Total derivative financial instruments (Note 13)
54
116
87
Current assets subject to credit risk
5,708
6,078
6,492
\n\n \n
Non-current assets
2024
2023
2022
$m
$m
$m
Derivative financial instruments (Note 13)
182
228
74
Non-current assets subject to credit risk
182
228
74
The majority of the Group\u2019s cash is invested in US dollar AAA-rated money market liquidity funds. The money market liquidity fund portfolios
are managed by six external third-party fund managers to maintain an AAA rating. The Group\u2019s investments represent no more than 10% of
each overall fund value. There were no other significant concentrations of financial credit risk at the reporting date.
All financial derivatives are transacted with commercial banks, in line with standard market practice. The Group has agreements with some
bank counterparties whereby the parties agree to post cash collateral, for the benefit of the other, equivalent to the market valuation of the
derivative positions above a predetermined threshold. The carrying value of such cash collateral held by the Group at 31 December 2024
was $181m (2023: $215m; 2022: $89m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m
(2023: $102m; 2022: $162m).
The impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: immaterial).
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position where there is both
a legally enforceable right and an intention to settle the balances on a net basis. There are also arrangements that would not normally meet
the requirement for offsetting but may be offset in certain circumstances such as the termination of a contract or bankruptcy.
The tables below show the impact on the Consolidated Statement of Financial Position if all offset rights were exercised by the Group or its
financial counterparties.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2022
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
161
(29)
(61)
71
Other investments
1
162
\u2013
(161)
1
Total assets
323
(29)
(222)
72
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(257)
29
161
(67)
Other payables
1
(89)
\u2013
61
(28)
Total liabilities
(346)
29
222
(95)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2023
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
344
(107)
(203)
34
Other investments
1
102
\u2013
(65)
37
Total assets
446
(107)
(268)
71
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(194)
107
65
(22)
Other payables
1
(215)
\u2013
203
(12)
Total liabilities
(409)
107
268
(34)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2024
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours
to minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days
past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2024, 31 December 2023, or
31 December 2022 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customer to settle
the receivables.
On that basis, the loss allowance was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2022
Current
past due
past due
past due
Total
Expected loss rate
0.03%
0.3%
32.0%
40.6%
\u00a0
Gross carrying amount ($m)
6,791
331
50
99
7,271
Loss allowance ($m)
2
1
16
40
59
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2023
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.3%
0.8%
15.0%
\u00a0
Gross carrying amount ($m)
7,709
342
121
280
8,452
Loss allowance ($m)
1
1
1
42
45
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
\u00a0
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n
Trade receivables are written off where there is no reasonable expectation of recovery.
Impairment losses on Trade receivables are presented as net impairment losses within Operating profit, any subsequent recoveries are
credited against the same line.
In the US, sales to three wholesalers accounted for approximately 74% (2023: 80%; 2022: 73%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
45
59
23
Net movement recognised in the Consolidated Statement of Comprehensive Income
(3)
(14)
37
Amounts utilised, exchange and other movements
(9)
\u2013
(1)
At 31 December
33
45
59
\n
Given the profile of our customers, including large wholesalers and government-backed agencies, no further credit risk has been identified
with the Trade receivables not past due other than those balances for which an allowance has been made.
Hedge accounting
The Group uses foreign currency borrowings, foreign currency forwards and swaps, currency options, interest rate swaps and cross-currency
interest rate swaps for the purpose of hedging its foreign currency and interest rate risks. The Group may designate certain financial instruments
as fair value hedges, cash flow hedges or net investment hedges in accordance with IFRS 9. Hedge effectiveness is determined at the
inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship
exists between the hedged item and hedging instrument. Sources of hedge effectiveness will depend on the hedge relationship designation
but may include:
\u2022
a significant change in the credit risk of either party to the hedging relationship
\u2022
a timing mismatch between the hedging instrument and the hedged item
\u2022
movements in foreign currency basis spread for derivatives in a fair value hedge
\u2022
a significant change in the value of the foreign currency-denominated net assets of the Group in a net investment hedge.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged
item to determine their relative weighting, for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
Designated hedges are expected to be effective and therefore the impact of ineffectiveness on profit and loss not expected to be material.
The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting
policy in the Group accounting policies section on page 158.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
\n\n \n
2022
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2022
to OCI
statement
2022
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 1,700m
(160)
27
118
(111)
34
2026
1.14
USD 2.85%
FX Forwards \u2013 short-term FX risk
USD 1,126m
(12)
(12)
(14)
38
12
2023
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2022
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
55
(62)
7
\u2013
(55)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(4)
2
2
\u2013
4
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
420
(238)
(50)
\u2013
(288)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
846
(50)
(52)
\u2013
(102)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 2,093m
(2,093)
1,832
384
\u2013
2,216
\u2013
\u2013
\u2013
\n\n \n
2023
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2023
to OCI
statement
2023
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2013 short-term FX risk
USD 2,009m
15
12
(33)
6
(15)
2024
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2023
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
100
(55)
(45)
\u2013
(100)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(1)
4
(3)
\u2013
1
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
444
(288)
24
\u2013
(264)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
881
(102)
33
\u2013
(69)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,937m
(1,937)
2,216
(81)
\u2013
2,135
\u2013
\u2013
\u2013
\n\n \n
2024
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2024
to OCI
statement
2024
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2013 short-term FX risk
USD 2,252m
4
(15)
8
3
(4)
2025
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2024
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
146
(100)
(45)
\u2013
(145)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
1
(4)
\u2013
(3)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
438
(264)
(7)
\u2013
(271)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
829
(69)
(52)
\u2013
(121)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,367m
(1,367)
2,135
181
\u2013
2,316
\u2013
\u2013
\u2013
\n
1
\n
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
2
\n
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
3
\n
Fair value movements on cross-currency interest rate swaps in cash flow hedge and net investment hedge relationships are shown inclusive of the impact of costs of hedging.
\n
4
\n
Nominal amount of FX forwards in a cash flow hedge of $2,252m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792m
\n
at FX rate 10.9999, JPY 31,013m at 156.195, GBP 168m at 0.7962 and EUR 375m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2025.
\n
5
\n
The EUR 800m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated
\n
net assets.
Key controls applied to transactions in derivative financial instruments are to use only instruments where good market liquidity exists, to
revalue all financial instruments regularly using current market rates and to sell options only to offset previously purchased options or as part
of a risk management strategy. The Group is not a net seller of options, and does not use derivative financial instruments for speculative
purposes. The Group held no options during the reporting period.
The table below summarises the change in the fair value of hedging instruments and the hedged item designated in a fair value hedging
relationship used to calculate ineffectiveness in the period. The hedge relates to the EUR 2030 and EUR 2033 bonds issued during 2024,
consequently there are no prior year comparatives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Change in fair value
Change in fair value
Hedge
\u00a0
Nominal
of hedging instrument
of hedged item
ineffectiveness
\u00a0
amounts in
used to calculate
used to calculate
recognised in
As at 31 December 2024
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
(56)
54
(2)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00553": { "value": "3 Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Finance income
\u00a0 \u00a0 \u00a0
Returns on deposits and equity securities
339
291
78
Fair value gains on debt and interest rate swaps
113
43
14
Interest income on income tax balances
6
10
3
Total
458
344
95
Finance expense
\u00a0 \u00a0 \u00a0
Interest on debt, leases and other financing costs
(1,391)
(1,132)
(889)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(50)
(38)
(29)
Net exchange losses
(42)
(34)
(16)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(113)
(132)
(168)
Discount unwind on other long-term liabilities
1
(116)
(200)
(216)
Fair value losses on debt and interest rate swaps
(18)
(3)
\u2013
Interest expense on income tax balances
(12)
(87)
(28)
Total
(1,742)
(1,626)
(1,346)
Net finance expense
(1,284)
(1,282)
(1,251)
\n
1
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma share purchase liability (2023: $55m; 2022: $108m) and the discount unwind of
other payables of $91m (2023: $100m; 2022: $nil) that have arisen from intangible asset additions, see Note 20 for further details.
There was no interest capitalised during the year.
Financial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
107
13
(9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(38)
\u2013
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
306
177
54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,251)
(1,004)
(837)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives
and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss,
net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m);
debt $nil (2023: gain of $7m; 2022: gain of $26m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00552": { "value": "3 Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Finance income
\u00a0 \u00a0 \u00a0
Returns on deposits and equity securities
339
291
78
Fair value gains on debt and interest rate swaps
113
43
14
Interest income on income tax balances
6
10
3
Total
458
344
95
Finance expense
\u00a0 \u00a0 \u00a0
Interest on debt, leases and other financing costs
(1,391)
(1,132)
(889)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(50)
(38)
(29)
Net exchange losses
(42)
(34)
(16)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(113)
(132)
(168)
Discount unwind on other long-term liabilities
1
(116)
(200)
(216)
Fair value losses on debt and interest rate swaps
(18)
(3)
\u2013
Interest expense on income tax balances
(12)
(87)
(28)
Total
(1,742)
(1,626)
(1,346)
Net finance expense
(1,284)
(1,282)
(1,251)
\n
1
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma share purchase liability (2023: $55m; 2022: $108m) and the discount unwind of
other payables of $91m (2023: $100m; 2022: $nil) that have arisen from intangible asset additions, see Note 20 for further details.
There was no interest capitalised during the year.
Financial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
107
13
(9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(38)
\u2013
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
306
177
54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,251)
(1,004)
(837)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives
and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss,
net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m);
debt $nil (2023: gain of $7m; 2022: gain of $26m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00551": { "value": "3 Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Finance income
\u00a0 \u00a0 \u00a0
Returns on deposits and equity securities
339
291
78
Fair value gains on debt and interest rate swaps
113
43
14
Interest income on income tax balances
6
10
3
Total
458
344
95
Finance expense
\u00a0 \u00a0 \u00a0
Interest on debt, leases and other financing costs
(1,391)
(1,132)
(889)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(50)
(38)
(29)
Net exchange losses
(42)
(34)
(16)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(113)
(132)
(168)
Discount unwind on other long-term liabilities
1
(116)
(200)
(216)
Fair value losses on debt and interest rate swaps
(18)
(3)
\u2013
Interest expense on income tax balances
(12)
(87)
(28)
Total
(1,742)
(1,626)
(1,346)
Net finance expense
(1,284)
(1,282)
(1,251)
\n
1
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma share purchase liability (2023: $55m; 2022: $108m) and the discount unwind of
other payables of $91m (2023: $100m; 2022: $nil) that have arisen from intangible asset additions, see Note 20 for further details.
There was no interest capitalised during the year.
Financial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
107
13
(9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(38)
\u2013
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
306
177
54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,251)
(1,004)
(837)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives
and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss,
net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m);
debt $nil (2023: gain of $7m; 2022: gain of $26m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00550": { "value": "3 Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Finance income
\u00a0 \u00a0 \u00a0
Returns on deposits and equity securities
339
291
78
Fair value gains on debt and interest rate swaps
113
43
14
Interest income on income tax balances
6
10
3
Total
458
344
95
Finance expense
\u00a0 \u00a0 \u00a0
Interest on debt, leases and other financing costs
(1,391)
(1,132)
(889)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(50)
(38)
(29)
Net exchange losses
(42)
(34)
(16)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(113)
(132)
(168)
Discount unwind on other long-term liabilities
1
(116)
(200)
(216)
Fair value losses on debt and interest rate swaps
(18)
(3)
\u2013
Interest expense on income tax balances
(12)
(87)
(28)
Total
(1,742)
(1,626)
(1,346)
Net finance expense
(1,284)
(1,282)
(1,251)
\n
1
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma share purchase liability (2023: $55m; 2022: $108m) and the discount unwind of
other payables of $91m (2023: $100m; 2022: $nil) that have arisen from intangible asset additions, see Note 20 for further details.
There was no interest capitalised during the year.
Financial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
107
13
(9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(38)
\u2013
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
306
177
54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,251)
(1,004)
(837)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives
and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss,
net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m);
debt $nil (2023: gain of $7m; 2022: gain of $26m).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00549": { "value": "3 Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Finance income
\u00a0 \u00a0 \u00a0
Returns on deposits and equity securities
339
291
78
Fair value gains on debt and interest rate swaps
113
43
14
Interest income on income tax balances
6
10
3
Total
458
344
95
Finance expense
\u00a0 \u00a0 \u00a0
Interest on debt, leases and other financing costs
(1,391)
(1,132)
(889)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(50)
(38)
(29)
Net exchange losses
(42)
(34)
(16)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(113)
(132)
(168)
Discount unwind on other long-term liabilities
1
(116)
(200)
(216)
Fair value losses on debt and interest rate swaps
(18)
(3)
\u2013
Interest expense on income tax balances
(12)
(87)
(28)
Total
(1,742)
(1,626)
(1,346)
Net finance expense
(1,284)
(1,282)
(1,251)
\n
1
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma share purchase liability (2023: $55m; 2022: $108m) and the discount unwind of
other payables of $91m (2023: $100m; 2022: $nil) that have arisen from intangible asset additions, see Note 20 for further details.
There was no interest capitalised during the year.
Financial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
107
13
(9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(38)
\u2013
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
306
177
54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,251)
(1,004)
(837)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives
and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss,
net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m);
debt $nil (2023: gain of $7m; 2022: gain of $26m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "3 Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Finance income
\u00a0 \u00a0 \u00a0
Returns on deposits and equity securities
339
291
78
Fair value gains on debt and interest rate swaps
113
43
14
Interest income on income tax balances
6
10
3
Total
458
344
95
Finance expense
\u00a0 \u00a0 \u00a0
Interest on debt, leases and other financing costs
(1,391)
(1,132)
(889)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(50)
(38)
(29)
Net exchange losses
(42)
(34)
(16)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(113)
(132)
(168)
Discount unwind on other long-term liabilities
1
(116)
(200)
(216)
Fair value losses on debt and interest rate swaps
(18)
(3)
\u2013
Interest expense on income tax balances
(12)
(87)
(28)
Total
(1,742)
(1,626)
(1,346)
Net finance expense
(1,284)
(1,282)
(1,251)
\n
1
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma share purchase liability (2023: $55m; 2022: $108m) and the discount unwind of
other payables of $91m (2023: $100m; 2022: $nil) that have arisen from intangible asset additions, see Note 20 for further details.
There was no interest capitalised during the year.
Financial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
107
13
(9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(38)
\u2013
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
306
177
54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,251)
(1,004)
(837)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives
and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss,
net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m);
debt $nil (2023: gain of $7m; 2022: gain of $26m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00547": { "value": "3 Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Finance income
\u00a0 \u00a0 \u00a0
Returns on deposits and equity securities
339
291
78
Fair value gains on debt and interest rate swaps
113
43
14
Interest income on income tax balances
6
10
3
Total
458
344
95
Finance expense
\u00a0 \u00a0 \u00a0
Interest on debt, leases and other financing costs
(1,391)
(1,132)
(889)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(50)
(38)
(29)
Net exchange losses
(42)
(34)
(16)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(113)
(132)
(168)
Discount unwind on other long-term liabilities
1
(116)
(200)
(216)
Fair value losses on debt and interest rate swaps
(18)
(3)
\u2013
Interest expense on income tax balances
(12)
(87)
(28)
Total
(1,742)
(1,626)
(1,346)
Net finance expense
(1,284)
(1,282)
(1,251)
\n
1
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma share purchase liability (2023: $55m; 2022: $108m) and the discount unwind of
other payables of $91m (2023: $100m; 2022: $nil) that have arisen from intangible asset additions, see Note 20 for further details.
There was no interest capitalised during the year.
Financial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
107
13
(9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(38)
\u2013
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
306
177
54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,251)
(1,004)
(837)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives
and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss,
net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m);
debt $nil (2023: gain of $7m; 2022: gain of $26m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00555": { "value": "4 Taxation
Taxation charge/(credit) recognised in the Consolidated Statement of Comprehensive Income is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Current tax
\u00a0 \u00a0 \u00a0
Current year
2,314
2,417
1,823
Pillar Two income tax charge
238
\u2013
\u2013
Adjustment to prior years
(107)
28
(187)
Total
2,445
2,445
1,636
Deferred tax
\u00a0 \u00a0 \u00a0
Origination and reversal of temporary differences
(818)
(1,473)
(2,563)
Adjustment to prior years
23
(34)
135
Total
(795)
(1,507)
(2,428)
Taxation charge/(credit) recognised in the profit for the year
1,650
938
(792)
\n
Taxation (charge)/credit recognised in Other comprehensive income is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Current and deferred tax
\u00a0 \u00a0 \u00a0
Items that will not be reclassified to profit and loss:
\u00a0 \u00a0 \u00a0
Remeasurement of the defined benefit liability
(23)
102
(231)
Equity investments measured at fair value through Other comprehensive income
(20)
(1)
15
Total
(43)
101
(216)
Items that may be reclassified subsequently to profit and loss:
\u00a0 \u00a0 \u00a0
Foreign exchange arising on designated liabilities in net investment hedges
28
(24)
73
Fair value movement on cash flow hedges
(3)
12
\u2013
Total
25
(12)
73
Taxation (charge)/credit recognised in Other comprehensive income
(18)
89
(143)
The reported tax rate in the year was 19%.
The income tax paid for the year was $2,750m.
Taxation has been provided at current rates on the profits earned for the years covered by the Group Financial Statements. The 2024, 2023 and
2022 prior year current tax adjustments relate mainly to tax accrual to tax return adjustments and updates to provisions for tax contingencies.
The 2024 prior year deferred tax adjustment relates mainly to tax accrual to tax return adjustments and updates to provisions for tax
contingencies. The 2023 prior year deferred tax adjustment relates mainly to tax accrual to tax return adjustments and adjustments to the
recognition of deferred tax assets. The 2022 prior year deferred tax adjustments relate mainly to tax accrual to tax return adjustments and
updates to provisions for tax contingencies.
To the extent that dividends remitted from overseas subsidiaries, joint ventures and associates are expected to result in additional taxes,
appropriate amounts have been provided for. Unremitted earnings or differences in the carrying value and tax basis of investments may be
liable to additional taxes if distributed as dividends or on a liquidation event. Deferred tax is provided for such differences in relation to Group
entities where management is intending to remit earnings in the foreseeable future. The aggregate amount of gross temporary differences
associated with investments in subsidiaries, partnerships and branches for which deferred tax liabilities have not been recognised totalled
approximately $7,586m at 31 December 2024, $3,585m of which has a corresponding deductible temporary difference of the same gross
value which is not recognised as it is not probable of reversing in the foreseeable future but on which different tax rates apply.
Factors affecting future tax charges
As a group with worldwide operations, AstraZeneca is subject to several factors that may affect future tax charges, principally the levels and
mix of profitability in different jurisdictions, transfer pricing regulations, tax rates imposed and tax regime reforms.
Tax reconciliation to UK statutory rate
The table below reconciles the UK statutory tax charge to the Group\u2019s total tax charge/(credit):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Profit before tax
8,691
6,899
2,501
Notional taxation charge at UK corporation tax rate of 25% (2023: 23.5%; 2022: 19%)
2,173
1,621
475
Differences in effective overseas tax rates
1
(60)
(224)
(59)
Deferred tax credit relating to change in tax rates
2
(24)
(66)
(108)
Unrecognised deferred tax asset
3
104
341
68
Items not deductible for tax purposes
64
46
90
Intellectual Property incentive regimes
(561)
(367)
(265)
Pillar Two income taxes
238
\u2013
\u2013
Other items
4
(200)
(406)
(941)
Adjustments to prior periods
5
(84)
(7)
(52)
Total tax charge/(credit) for the year
1,650
938
(792)
\n
1
Includes the impact of the reversal of a $1.9bn deferred tax liability that was recognised in a previous business combination (31 December 2024: $0.5bn) and originated in goodwill.
Some of this liability reverses in an intellectual property incentive regime and gives rise to a post-acquisition benefit to the tax charge that is not material year-on-year. Determining
the cumulative post-acquisition benefit over the life of the asset involves estimates and judgements as the amount of income that qualifies for the intellectual property incentive
regime varies. The actual tax rates applied over the life of the asset are expected to be a blend between the Dutch statutory tax rate and intellectual property incentive regime rate.
2
The 2023 item relates to the impact of the difference in the UK current and deferred tax rates during 2023. The 2022 item relates to the impact of the US state tax rate change and
the impact of the difference in the UK current tax and deferred tax rates during 2022.
3
This includes the derecognition of deferred tax assets where it is no longer probable that there will be sufficient forecast future profits to utilise the assets.
4
Other items in 2024 includes a net credit following internal transfers of assets. Other items in 2023 include a favourable adjustment of $828m to deferred taxes arising from a UK
company undertaking an intragroup purchase of certain intellectual property offset by a charge of $422m mainly relating to updates to tax liabilities following progress of reviews
by tax authorities, administrative appeal processes and adjustments arising on expiry of the relevant statute of limitations (see Note 30 for more details). Other items in 2022 includes
a one-time favourable net adjustment of $876m to deferred taxes arising from an internal reorganisation to integrate the Alexion organisation which took place in 2022 and a credit
of $65m relating to the reduction of tax liabilities arising from adjustments on expiry of the relevant statute of limitations.
5
Further details explaining the adjustments in respect of prior years are set out above.
AstraZeneca is domiciled in the UK but operates in other countries where the tax rates and laws are different to those in the UK. The impact
on differences in effective overseas tax rates on the Group\u2019s overall tax charge is noted above. Profits arising from our manufacturing operation
in Puerto Rico are granted special status and are taxed at a reduced rate compared with the normal rate of tax in that territory under a tax
incentive grant continuing until 2031. The Group receives intellectual property incentives in certain jurisdictions, resulting in a reduction to
the tax charge in the Consolidated Statement of Comprehensive Income of $561m in 2024.
Deferred tax
The total movement in the net deferred tax balance in the year was $168m. The movements are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Intangibles,
Elimination of
\u00a0
Losses and
\u00a0 \u00a0 \u00a0
\u00a0
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
\u00a0 \u00a0
\u00a0
and equipment
on inventory
reserves
1
carried forward
expenses
Other
2
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Net deferred tax balance at 1 January 2022
(5,480)
1,861
(862)
1,518
85
1,002
(1,876)
Income statement
3
1,414
274
38
(126)
778
50
2,428
Other comprehensive income
72
\u2013
\u2013
\u2013
\u2013
(215)
(143)
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
38
38
Exchange
63
(111)
108
(134)
17
(71)
(128)
Net deferred tax balance at 31 December 2022
(3,931)
2,024
(716)
1,258
880
804
319
Income statement
3
1,518
426
96
(308)
(23)
(202)
1,507
Other comprehensive income
(16)
\u2013
\u2013
\u2013
\u2013
83
67
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
(21)
(21)
Additions and disposals
(24)
\u2013
\u2013
50
\u2013
(1)
25
Exchange
(38)
(64)
(40)
106
32
(19)
(23)
Net deferred tax balance at 31 December 2023
(2,491)
2,386
(660)
1,106
889
644
1,874
Income statement
803
238
(186)
36
74
(170)
795
Other comprehensive income
34
\u2013
\u2013
\u2013
\u2013
(42)
(8)
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
(28)
(28)
Additions and disposals
(605)
\u2013
\u2013
127
2
(1)
(477)
Exchange
93
(152)
68
(70)
(40)
(13)
(114)
Net deferred tax balance at 31 December 2024\u2074
(2,166)
5
2,472
(778)
1,199
925
390
2,042
\n
1
Untaxed reserves relate to taxable profits where the tax liability is deferred to later periods.
2
The Group revised its presentation of deferred taxes on pension and post-retirement benefits in 2024 to present this within Other.
3
The Income statement movement in 2023 includes $828m arising from a UK company undertaking an intragroup purchase of certain intellectual property. The Income statement
movement in 2022 includes the aforementioned net adjustment to deferred taxes of $876m arising on the internal legal entity reorganisation to integrate the Alexion organisation,
the majority of which arises on Intangibles, Property, plant and equipment.
4
The Group recognises deferred tax assets to the extent that there are either taxable temporary differences or that it is probable that sufficient future taxable profits will arise, against
which these deductible temporary differences can be utilised. The US includes a net deferred tax asset of $122m and the UK includes a net deferred tax asset of $1,597m as at
31 December 2024 which includes tax losses and other deductible temporary differences. The Group has performed an assessment of recovery of deferred tax assets and for these
respective entities, the Group has forecasted future taxable profits and considers that it is probable that sufficient future taxable profits will arise against which these deductible
temporary differences can be utilised. In arriving at these forecasts, the Group has reviewed the Group-level budgets and forecasts and the ability of those entities to generate future
income from developing and commercialising products, including local tax laws and the scheduling of reversal of deductible temporary differences. Deferred tax assets are recognised
on the basis there is sufficient forecast future taxable profits arising from the performance of on-market products and pipeline assets, including
Imfinzi
. For the UK, losses are forecast
to be utilised within five years. For the US, recognised deferred taxes on losses and other items are forecast to be utilised within 10 years. It is considered that these sources of income
are sufficiently predictable or diversified to support these recognition periods. A sensitivity assessment has been performed which shows that a change in profit of 10% results in an
immaterial adjustment to the amount of deferred tax asset recognised. Assessing the availability of future taxable income to support recognition of deferred tax assets relies upon our
Group forecasts and changes in these Group forecasts will impact the recoverability of deferred tax assets. To the extent that there are neither taxable temporary differences nor
sufficient taxable profits, no deferred tax asset is recognised and details of unrecognised deferred tax assets are included in the table below.
5
Includes deferred tax assets of $384m on liabilities in respect of intangibles and $221m on lease liabilities in respect of right-of-use assets.
The net deferred tax balance, before the offset of balances within countries, consists of:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Intangibles,
Elimination of
\u00a0
Losses and
\u00a0 \u00a0 \u00a0
\u00a0
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
\u00a0 \u00a0
\u00a0
and equipment
on inventory
reserves
carried forward
expenses
Other
1
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Deferred tax assets at 31 December 2022
1,499
2,048
\u2013
1,274
1,005
885
6,711
Deferred tax liabilities at 31 December 2022
(5,430)
(24)
(716)
(16)
(125)
(81)
(6,392)
Net deferred tax balance at 31 December 2022
(3,931)
2,024
(716)
1,258
880
804
319
Deferred tax assets at 31 December 2023
1,883
2,386
\u2013
1,141
1,011
801
7,222
Deferred tax liabilities at 31 December 2023
(4,374)
\u2013
(660)
(35)
(122)
(157)
(5,348)
Net deferred tax balance at 31 December 2023
(2,491)
2,386
(660)
1,106
889
644
1,874
Deferred tax assets at 31 December 2024
1,781
2,472
\u2013
1,221
1,039
688
7,201
Deferred tax liabilities at 31 December 2024
(3,947)
\u2013
(778)
(22)
(114)
(298)
(5,159)
Net deferred tax balance at 31 December 2024
(2,166)
2,472
(778)
1,199
925
390
2,042
\n
1
The Group revised its presentation of deferred taxes on pension and post-retirement benefits in 2024 to present this within Other.
Analysed in the Consolidated Statement of Financial Position, after offset of balances within countries, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Deferred tax assets
5,347
4,718
3,263
Deferred tax liabilities
(3,305)
(2,844)
(2,944)
Net deferred tax balance
2,042
1,874
319
Unrecognised deferred tax assets
Deferred tax assets (DTA) of $1,523m (2023: $1,251m; 2022: $807m
) have not been recognised in respect of deductible temporary differences
because it is not probable that future taxable profit will be available against which the Group can utilise the benefits therefrom.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
Temporary
Unrecognised
Temporary
Unrecognised
Temporary
Unrecognised
\u00a0
differences
DTA
differences
DTA
differences
DTA
\u00a0
$m
$m
$m
$m
$m
$m
Temporary differences expiring:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
161
37
87
22
104
26
More than 10 years
217
46
153
32
153
32
Indefinite
3,883
816
2,788
595
686
163
\u00a0
4,261
899
3,028
649
943
221
Tax credits and State tax losses expiring:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
\u00a0
162
\u00a0
152
\u00a0
115
More than 10 years
\u00a0
373
\u00a0
363
\u00a0
384
Indefinite
\u00a0
89
\u00a0
87
\u00a0
87
\u00a0 \u00a0
624
\u00a0
602
\u00a0
586
Total
\u00a0
1,523
\u00a0
1,251
\u00a0
807
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00554": { "value": "4 Taxation
Taxation charge/(credit) recognised in the Consolidated Statement of Comprehensive Income is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Current tax
\u00a0 \u00a0 \u00a0
Current year
2,314
2,417
1,823
Pillar Two income tax charge
238
\u2013
\u2013
Adjustment to prior years
(107)
28
(187)
Total
2,445
2,445
1,636
Deferred tax
\u00a0 \u00a0 \u00a0
Origination and reversal of temporary differences
(818)
(1,473)
(2,563)
Adjustment to prior years
23
(34)
135
Total
(795)
(1,507)
(2,428)
Taxation charge/(credit) recognised in the profit for the year
1,650
938
(792)
\n
Taxation (charge)/credit recognised in Other comprehensive income is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Current and deferred tax
\u00a0 \u00a0 \u00a0
Items that will not be reclassified to profit and loss:
\u00a0 \u00a0 \u00a0
Remeasurement of the defined benefit liability
(23)
102
(231)
Equity investments measured at fair value through Other comprehensive income
(20)
(1)
15
Total
(43)
101
(216)
Items that may be reclassified subsequently to profit and loss:
\u00a0 \u00a0 \u00a0
Foreign exchange arising on designated liabilities in net investment hedges
28
(24)
73
Fair value movement on cash flow hedges
(3)
12
\u2013
Total
25
(12)
73
Taxation (charge)/credit recognised in Other comprehensive income
(18)
89
(143)
The reported tax rate in the year was 19%.
The income tax paid for the year was $2,750m.
Taxation has been provided at current rates on the profits earned for the years covered by the Group Financial Statements. The 2024, 2023 and
2022 prior year current tax adjustments relate mainly to tax accrual to tax return adjustments and updates to provisions for tax contingencies.
The 2024 prior year deferred tax adjustment relates mainly to tax accrual to tax return adjustments and updates to provisions for tax
contingencies. The 2023 prior year deferred tax adjustment relates mainly to tax accrual to tax return adjustments and adjustments to the
recognition of deferred tax assets. The 2022 prior year deferred tax adjustments relate mainly to tax accrual to tax return adjustments and
updates to provisions for tax contingencies.
To the extent that dividends remitted from overseas subsidiaries, joint ventures and associates are expected to result in additional taxes,
appropriate amounts have been provided for. Unremitted earnings or differences in the carrying value and tax basis of investments may be
liable to additional taxes if distributed as dividends or on a liquidation event. Deferred tax is provided for such differences in relation to Group
entities where management is intending to remit earnings in the foreseeable future. The aggregate amount of gross temporary differences
associated with investments in subsidiaries, partnerships and branches for which deferred tax liabilities have not been recognised totalled
approximately $7,586m at 31 December 2024, $3,585m of which has a corresponding deductible temporary difference of the same gross
value which is not recognised as it is not probable of reversing in the foreseeable future but on which different tax rates apply.
Factors affecting future tax charges
As a group with worldwide operations, AstraZeneca is subject to several factors that may affect future tax charges, principally the levels and
mix of profitability in different jurisdictions, transfer pricing regulations, tax rates imposed and tax regime reforms.
Tax reconciliation to UK statutory rate
The table below reconciles the UK statutory tax charge to the Group\u2019s total tax charge/(credit):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Profit before tax
8,691
6,899
2,501
Notional taxation charge at UK corporation tax rate of 25% (2023: 23.5%; 2022: 19%)
2,173
1,621
475
Differences in effective overseas tax rates
1
(60)
(224)
(59)
Deferred tax credit relating to change in tax rates
2
(24)
(66)
(108)
Unrecognised deferred tax asset
3
104
341
68
Items not deductible for tax purposes
64
46
90
Intellectual Property incentive regimes
(561)
(367)
(265)
Pillar Two income taxes
238
\u2013
\u2013
Other items
4
(200)
(406)
(941)
Adjustments to prior periods
5
(84)
(7)
(52)
Total tax charge/(credit) for the year
1,650
938
(792)
\n
1
Includes the impact of the reversal of a $1.9bn deferred tax liability that was recognised in a previous business combination (31 December 2024: $0.5bn) and originated in goodwill.
Some of this liability reverses in an intellectual property incentive regime and gives rise to a post-acquisition benefit to the tax charge that is not material year-on-year. Determining
the cumulative post-acquisition benefit over the life of the asset involves estimates and judgements as the amount of income that qualifies for the intellectual property incentive
regime varies. The actual tax rates applied over the life of the asset are expected to be a blend between the Dutch statutory tax rate and intellectual property incentive regime rate.
2
The 2023 item relates to the impact of the difference in the UK current and deferred tax rates during 2023. The 2022 item relates to the impact of the US state tax rate change and
the impact of the difference in the UK current tax and deferred tax rates during 2022.
3
This includes the derecognition of deferred tax assets where it is no longer probable that there will be sufficient forecast future profits to utilise the assets.
4
Other items in 2024 includes a net credit following internal transfers of assets. Other items in 2023 include a favourable adjustment of $828m to deferred taxes arising from a UK
company undertaking an intragroup purchase of certain intellectual property offset by a charge of $422m mainly relating to updates to tax liabilities following progress of reviews
by tax authorities, administrative appeal processes and adjustments arising on expiry of the relevant statute of limitations (see Note 30 for more details). Other items in 2022 includes
a one-time favourable net adjustment of $876m to deferred taxes arising from an internal reorganisation to integrate the Alexion organisation which took place in 2022 and a credit
of $65m relating to the reduction of tax liabilities arising from adjustments on expiry of the relevant statute of limitations.
5
Further details explaining the adjustments in respect of prior years are set out above.
AstraZeneca is domiciled in the UK but operates in other countries where the tax rates and laws are different to those in the UK. The impact
on differences in effective overseas tax rates on the Group\u2019s overall tax charge is noted above. Profits arising from our manufacturing operation
in Puerto Rico are granted special status and are taxed at a reduced rate compared with the normal rate of tax in that territory under a tax
incentive grant continuing until 2031. The Group receives intellectual property incentives in certain jurisdictions, resulting in a reduction to
the tax charge in the Consolidated Statement of Comprehensive Income of $561m in 2024.
Deferred tax
The total movement in the net deferred tax balance in the year was $168m. The movements are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Intangibles,
Elimination of
\u00a0
Losses and
\u00a0 \u00a0 \u00a0
\u00a0
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
\u00a0 \u00a0
\u00a0
and equipment
on inventory
reserves
1
carried forward
expenses
Other
2
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Net deferred tax balance at 1 January 2022
(5,480)
1,861
(862)
1,518
85
1,002
(1,876)
Income statement
3
1,414
274
38
(126)
778
50
2,428
Other comprehensive income
72
\u2013
\u2013
\u2013
\u2013
(215)
(143)
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
38
38
Exchange
63
(111)
108
(134)
17
(71)
(128)
Net deferred tax balance at 31 December 2022
(3,931)
2,024
(716)
1,258
880
804
319
Income statement
3
1,518
426
96
(308)
(23)
(202)
1,507
Other comprehensive income
(16)
\u2013
\u2013
\u2013
\u2013
83
67
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
(21)
(21)
Additions and disposals
(24)
\u2013
\u2013
50
\u2013
(1)
25
Exchange
(38)
(64)
(40)
106
32
(19)
(23)
Net deferred tax balance at 31 December 2023
(2,491)
2,386
(660)
1,106
889
644
1,874
Income statement
803
238
(186)
36
74
(170)
795
Other comprehensive income
34
\u2013
\u2013
\u2013
\u2013
(42)
(8)
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
(28)
(28)
Additions and disposals
(605)
\u2013
\u2013
127
2
(1)
(477)
Exchange
93
(152)
68
(70)
(40)
(13)
(114)
Net deferred tax balance at 31 December 2024\u2074
(2,166)
5
2,472
(778)
1,199
925
390
2,042
\n
1
Untaxed reserves relate to taxable profits where the tax liability is deferred to later periods.
2
The Group revised its presentation of deferred taxes on pension and post-retirement benefits in 2024 to present this within Other.
3
The Income statement movement in 2023 includes $828m arising from a UK company undertaking an intragroup purchase of certain intellectual property. The Income statement
movement in 2022 includes the aforementioned net adjustment to deferred taxes of $876m arising on the internal legal entity reorganisation to integrate the Alexion organisation,
the majority of which arises on Intangibles, Property, plant and equipment.
4
The Group recognises deferred tax assets to the extent that there are either taxable temporary differences or that it is probable that sufficient future taxable profits will arise, against
which these deductible temporary differences can be utilised. The US includes a net deferred tax asset of $122m and the UK includes a net deferred tax asset of $1,597m as at
31 December 2024 which includes tax losses and other deductible temporary differences. The Group has performed an assessment of recovery of deferred tax assets and for these
respective entities, the Group has forecasted future taxable profits and considers that it is probable that sufficient future taxable profits will arise against which these deductible
temporary differences can be utilised. In arriving at these forecasts, the Group has reviewed the Group-level budgets and forecasts and the ability of those entities to generate future
income from developing and commercialising products, including local tax laws and the scheduling of reversal of deductible temporary differences. Deferred tax assets are recognised
on the basis there is sufficient forecast future taxable profits arising from the performance of on-market products and pipeline assets, including
Imfinzi
. For the UK, losses are forecast
to be utilised within five years. For the US, recognised deferred taxes on losses and other items are forecast to be utilised within 10 years. It is considered that these sources of income
are sufficiently predictable or diversified to support these recognition periods. A sensitivity assessment has been performed which shows that a change in profit of 10% results in an
immaterial adjustment to the amount of deferred tax asset recognised. Assessing the availability of future taxable income to support recognition of deferred tax assets relies upon our
Group forecasts and changes in these Group forecasts will impact the recoverability of deferred tax assets. To the extent that there are neither taxable temporary differences nor
sufficient taxable profits, no deferred tax asset is recognised and details of unrecognised deferred tax assets are included in the table below.
5
Includes deferred tax assets of $384m on liabilities in respect of intangibles and $221m on lease liabilities in respect of right-of-use assets.
The net deferred tax balance, before the offset of balances within countries, consists of:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Intangibles,
Elimination of
\u00a0
Losses and
\u00a0 \u00a0 \u00a0
\u00a0
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
\u00a0 \u00a0
\u00a0
and equipment
on inventory
reserves
carried forward
expenses
Other
1
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Deferred tax assets at 31 December 2022
1,499
2,048
\u2013
1,274
1,005
885
6,711
Deferred tax liabilities at 31 December 2022
(5,430)
(24)
(716)
(16)
(125)
(81)
(6,392)
Net deferred tax balance at 31 December 2022
(3,931)
2,024
(716)
1,258
880
804
319
Deferred tax assets at 31 December 2023
1,883
2,386
\u2013
1,141
1,011
801
7,222
Deferred tax liabilities at 31 December 2023
(4,374)
\u2013
(660)
(35)
(122)
(157)
(5,348)
Net deferred tax balance at 31 December 2023
(2,491)
2,386
(660)
1,106
889
644
1,874
Deferred tax assets at 31 December 2024
1,781
2,472
\u2013
1,221
1,039
688
7,201
Deferred tax liabilities at 31 December 2024
(3,947)
\u2013
(778)
(22)
(114)
(298)
(5,159)
Net deferred tax balance at 31 December 2024
(2,166)
2,472
(778)
1,199
925
390
2,042
\n
1
The Group revised its presentation of deferred taxes on pension and post-retirement benefits in 2024 to present this within Other.
Analysed in the Consolidated Statement of Financial Position, after offset of balances within countries, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Deferred tax assets
5,347
4,718
3,263
Deferred tax liabilities
(3,305)
(2,844)
(2,944)
Net deferred tax balance
2,042
1,874
319
Unrecognised deferred tax assets
Deferred tax assets (DTA) of $1,523m (2023: $1,251m; 2022: $807m
) have not been recognised in respect of deductible temporary differences
because it is not probable that future taxable profit will be available against which the Group can utilise the benefits therefrom.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
Temporary
Unrecognised
Temporary
Unrecognised
Temporary
Unrecognised
\u00a0
differences
DTA
differences
DTA
differences
DTA
\u00a0
$m
$m
$m
$m
$m
$m
Temporary differences expiring:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
161
37
87
22
104
26
More than 10 years
217
46
153
32
153
32
Indefinite
3,883
816
2,788
595
686
163
\u00a0
4,261
899
3,028
649
943
221
Tax credits and State tax losses expiring:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
\u00a0
162
\u00a0
152
\u00a0
115
More than 10 years
\u00a0
373
\u00a0
363
\u00a0
384
Indefinite
\u00a0
89
\u00a0
87
\u00a0
87
\u00a0 \u00a0
624
\u00a0
602
\u00a0
586
Total
\u00a0
1,523
\u00a0
1,251
\u00a0
807
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "the UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00556": { "value": "Deferred tax
The total movement in the net deferred tax balance in the year was $168m. The movements are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Intangibles,
Elimination of
\u00a0
Losses and
\u00a0 \u00a0 \u00a0
\u00a0
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
\u00a0 \u00a0
\u00a0
and equipment
on inventory
reserves
1
carried forward
expenses
Other
2
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Net deferred tax balance at 1 January 2022
(5,480)
1,861
(862)
1,518
85
1,002
(1,876)
Income statement
3
1,414
274
38
(126)
778
50
2,428
Other comprehensive income
72
\u2013
\u2013
\u2013
\u2013
(215)
(143)
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
38
38
Exchange
63
(111)
108
(134)
17
(71)
(128)
Net deferred tax balance at 31 December 2022
(3,931)
2,024
(716)
1,258
880
804
319
Income statement
3
1,518
426
96
(308)
(23)
(202)
1,507
Other comprehensive income
(16)
\u2013
\u2013
\u2013
\u2013
83
67
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
(21)
(21)
Additions and disposals
(24)
\u2013
\u2013
50
\u2013
(1)
25
Exchange
(38)
(64)
(40)
106
32
(19)
(23)
Net deferred tax balance at 31 December 2023
(2,491)
2,386
(660)
1,106
889
644
1,874
Income statement
803
238
(186)
36
74
(170)
795
Other comprehensive income
34
\u2013
\u2013
\u2013
\u2013
(42)
(8)
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
(28)
(28)
Additions and disposals
(605)
\u2013
\u2013
127
2
(1)
(477)
Exchange
93
(152)
68
(70)
(40)
(13)
(114)
Net deferred tax balance at 31 December 2024\u2074
(2,166)
5
2,472
(778)
1,199
925
390
2,042
\n
1
Untaxed reserves relate to taxable profits where the tax liability is deferred to later periods.
2
The Group revised its presentation of deferred taxes on pension and post-retirement benefits in 2024 to present this within Other.
3
The Income statement movement in 2023 includes $828m arising from a UK company undertaking an intragroup purchase of certain intellectual property. The Income statement
movement in 2022 includes the aforementioned net adjustment to deferred taxes of $876m arising on the internal legal entity reorganisation to integrate the Alexion organisation,
the majority of which arises on Intangibles, Property, plant and equipment.
4
The Group recognises deferred tax assets to the extent that there are either taxable temporary differences or that it is probable that sufficient future taxable profits will arise, against
which these deductible temporary differences can be utilised. The US includes a net deferred tax asset of $122m and the UK includes a net deferred tax asset of $1,597m as at
31 December 2024 which includes tax losses and other deductible temporary differences. The Group has performed an assessment of recovery of deferred tax assets and for these
respective entities, the Group has forecasted future taxable profits and considers that it is probable that sufficient future taxable profits will arise against which these deductible
temporary differences can be utilised. In arriving at these forecasts, the Group has reviewed the Group-level budgets and forecasts and the ability of those entities to generate future
income from developing and commercialising products, including local tax laws and the scheduling of reversal of deductible temporary differences. Deferred tax assets are recognised
on the basis there is sufficient forecast future taxable profits arising from the performance of on-market products and pipeline assets, including
Imfinzi
. For the UK, losses are forecast
to be utilised within five years. For the US, recognised deferred taxes on losses and other items are forecast to be utilised within 10 years. It is considered that these sources of income
are sufficiently predictable or diversified to support these recognition periods. A sensitivity assessment has been performed which shows that a change in profit of 10% results in an
immaterial adjustment to the amount of deferred tax asset recognised. Assessing the availability of future taxable income to support recognition of deferred tax assets relies upon our
Group forecasts and changes in these Group forecasts will impact the recoverability of deferred tax assets. To the extent that there are neither taxable temporary differences nor
sufficient taxable profits, no deferred tax asset is recognised and details of unrecognised deferred tax assets are included in the table below.
5
Includes deferred tax assets of $384m on liabilities in respect of intangibles and $221m on lease liabilities in respect of right-of-use assets.
The net deferred tax balance, before the offset of balances within countries, consists of:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Intangibles,
Elimination of
\u00a0
Losses and
\u00a0 \u00a0 \u00a0
\u00a0
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
\u00a0 \u00a0
\u00a0
and equipment
on inventory
reserves
carried forward
expenses
Other
1
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Deferred tax assets at 31 December 2022
1,499
2,048
\u2013
1,274
1,005
885
6,711
Deferred tax liabilities at 31 December 2022
(5,430)
(24)
(716)
(16)
(125)
(81)
(6,392)
Net deferred tax balance at 31 December 2022
(3,931)
2,024
(716)
1,258
880
804
319
Deferred tax assets at 31 December 2023
1,883
2,386
\u2013
1,141
1,011
801
7,222
Deferred tax liabilities at 31 December 2023
(4,374)
\u2013
(660)
(35)
(122)
(157)
(5,348)
Net deferred tax balance at 31 December 2023
(2,491)
2,386
(660)
1,106
889
644
1,874
Deferred tax assets at 31 December 2024
1,781
2,472
\u2013
1,221
1,039
688
7,201
Deferred tax liabilities at 31 December 2024
(3,947)
\u2013
(778)
(22)
(114)
(298)
(5,159)
Net deferred tax balance at 31 December 2024
(2,166)
2,472
(778)
1,199
925
390
2,042
\n
1
The Group revised its presentation of deferred taxes on pension and post-retirement benefits in 2024 to present this within Other.
Analysed in the Consolidated Statement of Financial Position, after offset of balances within countries, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Deferred tax assets
5,347
4,718
3,263
Deferred tax liabilities
(3,305)
(2,844)
(2,944)
Net deferred tax balance
2,042
1,874
319
Unrecognised deferred tax assets
Deferred tax assets (DTA) of $1,523m (2023: $1,251m; 2022: $807m
) have not been recognised in respect of deductible temporary differences
because it is not probable that future taxable profit will be available against which the Group can utilise the benefits therefrom.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
Temporary
Unrecognised
Temporary
Unrecognised
Temporary
Unrecognised
\u00a0
differences
DTA
differences
DTA
differences
DTA
\u00a0
$m
$m
$m
$m
$m
$m
Temporary differences expiring:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
161
37
87
22
104
26
More than 10 years
217
46
153
32
153
32
Indefinite
3,883
816
2,788
595
686
163
\u00a0
4,261
899
3,028
649
943
221
Tax credits and State tax losses expiring:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Within 10 years
\u00a0
162
\u00a0
152
\u00a0
115
More than 10 years
\u00a0
373
\u00a0
363
\u00a0
384
Indefinite
\u00a0
89
\u00a0
87
\u00a0
87
\u00a0 \u00a0
624
\u00a0
602
\u00a0
586
Total
\u00a0
1,523
\u00a0
1,251
\u00a0
807
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00557": { "value": "5 Earnings per $0.25 Ordinary Share \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Profit for the year attributable to equity holders ($m)
7,035
5,955
3,288
Basic earnings per Ordinary Share
$4.54
$3.84
$2.12
Diluted earnings per Ordinary Share
$4.50
$3.81
$2.11
Weighted average number of Ordinary Shares in issue for basic earnings (millions)
1,550
1,549
1,548
Dilutive impact of share options outstanding (millions)
13
13
12
Diluted weighted average number of Ordinary Shares in issue (millions)
1,563
1,562
1,560
\n
The earnings figures used in the calculations above are post-tax. The weighted average number of Ordinary Shares in issue is calculated by
taking the number of Ordinary Shares outstanding each day weighted by the number of days that those shares were outstanding.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00558": { "value": "6 Segment information
The Group has reviewed its assessment of reportable segments under IFRS 8 \u2018Operating Segments\u2019 and concluded that the Group continues
to have one reportable segment.
KJ
This determination is considered to be a Key Judgement and this judgement has been taken with reference to the following factors:
1 The level of integration across the different functions of the Group\u2019s pharmaceutical business:
AstraZeneca is engaged in a single business activity of pharmaceuticals and the Group does not have multiple operating segments.
AstraZeneca\u2019s pharmaceuticals business consists of the discovery and development of new products, which are then manufactured,
marketed and sold. All of these functional activities take place (and are managed) globally on a highly integrated basis. These individual
functional areas are not managed separately.
2 The identification of the Chief Operating Decision Maker (CODM) and the nature and extent of the financial information reviewed
by the CODM:
The SET, established and chaired by the CEO, is the vehicle through which the CEO exercises the authority delegated to him from the Board
for the management, development and performance of AstraZeneca as a whole. It is considered that the SET is AstraZeneca\u2019s Chief Operating
Decision Making body (as defined by IFRS 8). The operation of the SET is principally driven by the management of the Commercial operations,
R&D, manufacturing and supply and enabling functions. All significant operating decisions are undertaken by the SET. While members of
the SET have responsibility for implementation of decisions in their respective areas, operating decision making is at SET level as a whole.
Where necessary, these are implemented through cross-functional sub-committees that consider the Group-wide impact of a new decision.
For example, product launch decisions would be initially considered by the SET and, on approval, passed to an appropriate sub team for
implementation. The ability of the enterprise to develop, produce, deliver and commercialise a wide range of pharmaceutical products are
central to the SET decision-making process.
In assessing performance, the SET reviews financial information on an integrated basis for the Group as a whole, substantially in the form of,
and on the same basis as, the Group\u2019s IFRS Financial Statements. The high upfront cost of discovering and developing new products, coupled
with the relatively insignificant and stable unit cost of production, means that there is not the clear link that exists in many manufacturing
businesses between the revenue generated on an individual product sale and the associated cost and hence margin generated on a product.
Consequently, the profitability of individual drugs or classes of drugs is not considered a key measure of performance for the business and
is not monitored by the SET. The focus of additional financial information reviewed is at brand sales and Gross Margin level within specific
geographies. Expenditure analysis is completed for the science units, operations and enabling functions; there is no allocation of these
centrally-managed Group costs to the individual product or brands. The bonus of SET members\u2019 continues to be derived from the Group
scorecard outcome as discussed in our Directors\u2019 Remuneration Report.
3 How resources are allocated:
Resources are allocated on a Group-wide basis according to need. In particular, capital expenditure, in-licensing, and R&D resources are
allocated between activities on merit, based on overall therapeutic considerations and strategy under the aegis of the Group\u2019s Early-Stage
Product Committees and Late-Stage Product Committees.
Geographic areas
The following table shows information for Total Revenue by geographic area and material countries. Product Sales by geographic area are
included in the country/region where the legal entity resides and from which those sales were made. The additional tables show the Operating
profit and Profit before tax made by companies located in that area, together with Non-current assets, Total assets, Assets acquired, Net
operating assets, and Property, plant and equipment owned by the same companies.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Total Revenue
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
UK
4,740
3,368
3,117
Rest of Europe
\u00a0 \u00a0 \u00a0
France
1,283
1,152
1,107
Germany
2,524
2,099
1,902
Italy
949
813
735
Spain
994
847
738
Sweden
2,290
1,704
1,721
Others
3,663
3,110
2,706
\u00a0
11,703
9,725
8,909
The Americas
\u00a0 \u00a0 \u00a0
Canada
937
967
1,166
US
21,806
18,121
17,278
Others
2,246
1,683
1,175
\u00a0
24,989
20,771
19,619
Asia, Africa & Australasia
\u00a0 \u00a0 \u00a0
Australia
439
390
571
China
6,419
5,872
5,743
Japan
3,452
3,640
3,986
Others
2,331
2,045
2,406
\u00a0
12,641
11,947
12,706
Total Revenue
54,073
45,811
44,351
\n
Total Revenue outside of the UK totalled $49,333m for the year ended 31 December 2024 (2023: $42,443m; 2022: $41,234m).
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Operating profit/(loss)
Profit/(loss) before tax
\u00a0
2024
2023
2022
2024
2023
2022
\u00a0
$m
$m
$m
$m
$m
$m
UK
2,680
665
1,120
1,349
(577)
272
Rest of Europe
5,924
4,885
2,945
6,057
4,999
2,709
The Americas
423
1,495
(954)
318
1,328
(1,140)
Asia, Africa & Australasia
976
1,148
646
967
1,149
660
Continuing operations
10,003
8,193
3,757
8,691
6,899
2,501
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current assets
1,2
Total assets
\u00a0
2024
2023
2022
2024
2023
2022
\u00a0
$m
$m
$m
$m
$m
$m
UK
8,699
8,626
8,208
20,139
19,616
16,786
Rest of Europe
30,654
32,905
34,301
37,884
40,638
40,669
The Americas
28,730
26,524
25,425
38,544
34,754
32,990
Asia, Africa & Australasia
2,181
910
929
7,468
6,111
6,038
Continuing operations
70,264
68,965
68,863
104,035
101,119
96,483
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Assets acquired
3
Net operating assets
4
\u00a0
2024
2023
2022
2024
2023
2022
\u00a0
$m
$m
$m
$m
$m
$m
UK
582
812
2,301
7,173
5,275
3,863
Rest of Europe
2,225
1,770
522
30,852
32,920
32,726
The Americas
3,925
1,925
421
24,501
22,746
23,290
Asia, Africa & Australasia
1,394
117
51
2,602
1,405
1,895
Continuing operations
8,126
4,624
3,295
65,128
62,346
61,774
\n
1
Non-current assets exclude Deferred tax assets and Derivative financial instruments.
2
In 2023, the Group revised the presentation of Non-current assets to exclude certain financial assets and post-employment benefit assets which previously had been included in this
disclosure. This resulted in a decrease in 2022 of $1,690m.
3
Included in Assets acquired are those assets that are expected to be used during more than one period (Property, plant and equipment, Goodwill and Intangible assets) and include
those acquired through business combinations (Note 27).
4
Net operating assets exclude short-term investments, cash, short-term borrowings, loans, Derivative financial instruments, Retirement benefit obligations and non-operating
receivables and payables.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Property, plant and equipment
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
UK
2,847
2,831
2,526
Ireland
1,323
1,164
1,040
Sweden
1,692
1,678
1,472
US
2,856
2,371
2,176
Rest of the world
1,534
1,358
1,293
Continuing operations
10,252
9,402
8,507
\n
Geographic markets
The table below shows Product Sales in each geographic market in which customers are located.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
UK
1,314
978
996
Rest of Europe
10,686
8,201
7,503
The Americas
25,081
20,855
20,126
Asia, Africa & Australasia
13,857
13,755
14,373
Continuing operations
50,938
43,789
42,998
\n
Product Sales are recognised when control of the goods has been transferred to a third party. A significant proportion of this is upon delivery
of the products to wholesalers. One wholesaler (2023: one; 2022: one) individually represented greater than 10% of Product Sales. The value
of Product Sales to this wholesaler was $7,567m (2023: $6,513m; 2022: $5,387m).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "AstraZeneca\u2019s pharmaceuticals business consists of the discovery and development of new products, which are then manufactured, marketed and sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00559": { "value": "Geographic areas
The following table shows information for Total Revenue by geographic area and material countries. Product Sales by geographic area are
included in the country/region where the legal entity resides and from which those sales were made. The additional tables show the Operating
profit and Profit before tax made by companies located in that area, together with Non-current assets, Total assets, Assets acquired, Net
operating assets, and Property, plant and equipment owned by the same companies.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Total Revenue
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
UK
4,740
3,368
3,117
Rest of Europe
\u00a0 \u00a0 \u00a0
France
1,283
1,152
1,107
Germany
2,524
2,099
1,902
Italy
949
813
735
Spain
994
847
738
Sweden
2,290
1,704
1,721
Others
3,663
3,110
2,706
\u00a0
11,703
9,725
8,909
The Americas
\u00a0 \u00a0 \u00a0
Canada
937
967
1,166
US
21,806
18,121
17,278
Others
2,246
1,683
1,175
\u00a0
24,989
20,771
19,619
Asia, Africa & Australasia
\u00a0 \u00a0 \u00a0
Australia
439
390
571
China
6,419
5,872
5,743
Japan
3,452
3,640
3,986
Others
2,331
2,045
2,406
\u00a0
12,641
11,947
12,706
Total Revenue
54,073
45,811
44,351
\n
Total Revenue outside of the UK totalled $49,333m for the year ended 31 December 2024 (2023: $42,443m; 2022: $41,234m).
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Operating profit/(loss)
Profit/(loss) before tax
\u00a0
2024
2023
2022
2024
2023
2022
\u00a0
$m
$m
$m
$m
$m
$m
UK
2,680
665
1,120
1,349
(577)
272
Rest of Europe
5,924
4,885
2,945
6,057
4,999
2,709
The Americas
423
1,495
(954)
318
1,328
(1,140)
Asia, Africa & Australasia
976
1,148
646
967
1,149
660
Continuing operations
10,003
8,193
3,757
8,691
6,899
2,501
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current assets
1,2
Total assets
\u00a0
2024
2023
2022
2024
2023
2022
\u00a0
$m
$m
$m
$m
$m
$m
UK
8,699
8,626
8,208
20,139
19,616
16,786
Rest of Europe
30,654
32,905
34,301
37,884
40,638
40,669
The Americas
28,730
26,524
25,425
38,544
34,754
32,990
Asia, Africa & Australasia
2,181
910
929
7,468
6,111
6,038
Continuing operations
70,264
68,965
68,863
104,035
101,119
96,483
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Assets acquired
3
Net operating assets
4
\u00a0
2024
2023
2022
2024
2023
2022
\u00a0
$m
$m
$m
$m
$m
$m
UK
582
812
2,301
7,173
5,275
3,863
Rest of Europe
2,225
1,770
522
30,852
32,920
32,726
The Americas
3,925
1,925
421
24,501
22,746
23,290
Asia, Africa & Australasia
1,394
117
51
2,602
1,405
1,895
Continuing operations
8,126
4,624
3,295
65,128
62,346
61,774
\n
1
Non-current assets exclude Deferred tax assets and Derivative financial instruments.
2
In 2023, the Group revised the presentation of Non-current assets to exclude certain financial assets and post-employment benefit assets which previously had been included in this
disclosure. This resulted in a decrease in 2022 of $1,690m.
3
Included in Assets acquired are those assets that are expected to be used during more than one period (Property, plant and equipment, Goodwill and Intangible assets) and include
those acquired through business combinations (Note 27).
4
Net operating assets exclude short-term investments, cash, short-term borrowings, loans, Derivative financial instruments, Retirement benefit obligations and non-operating
receivables and payables.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Property, plant and equipment
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
UK
2,847
2,831
2,526
Ireland
1,323
1,164
1,040
Sweden
1,692
1,678
1,472
US
2,856
2,371
2,176
Rest of the world
1,534
1,358
1,293
Continuing operations
10,252
9,402
8,507
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00560": { "value": "7 Property, plant and equipment \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Assets in
Total Property,
\u00a0
Land and
Plant and
course of
plant and
\u00a0
buildings
equipment
construction
equipment
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
6,377
7,903
2,728
17,008
Capital expenditure
5
19
1,042
1,066
Transfer of assets into use
226
683
(909)
\u2013
Transfer of Assets held for sale (Note 18)
(434)
(293)
\u2013
(727)
Disposals and other movements
(425)
(146)
28
(543)
Exchange adjustments
(309)
(610)
(236)
(1,155)
At 31 December 2022
5,440
7,556
2,653
15,649
Additions through business combinations (Note 27)
2
10
\u2013
12
Capital expenditure
9
43
1,402
1,454
Transfer of assets into use
959
1,158
(2,117)
\u2013
Disposals and other movements
(6)
(255)
(11)
(272)
Exchange adjustments
65
192
118
375
At 31 December 2023
6,469
8,704
2,045
17,218
Additions through business combinations (Note 27)
1
15
2
18
Capital expenditure
27
63
1,905
1,995
Transfer of assets into use
312
729
(1,041)
\u2013
Disposals and other movements
(44)
(271)
(40)
(355)
Exchange adjustments
(185)
(386)
(82)
(653)
At 31 December 2024
6,580
8,854
2,789
18,223
Depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
2,877
4,948
\u2013
7,825
Depreciation charge for the year
286
566
\u2013
852
Impairment charge/(reversal)
20
8
(28)
\u2013
Transferred to Assets held for sale (Note 18)
(300)
(277)
\u2013
(577)
Disposals and other movements
(227)
(188)
28
(387)
Exchange adjustments
(167)
(404)
\u2013
(571)
At 31 December 2022
2,489
4,653
\u2013
7,142
Depreciation charge for the year
241
492
\u2013
733
Impairment charge
4
4
\u2013
8
Disposals and other movements
(13)
(220)
\u2013
(233)
Exchange adjustments
44
122
\u2013
166
At 31 December 2023
2,765
5,051
\u2013
7,816
Depreciation charge for the year
231
568
\u2013
799
Impairment charge
\u2013
(7)
49
42
Disposals and other movements
(39)
(252)
(49)
(340)
Exchange adjustments
(101)
(245)
\u2013
(346)
At 31 December 2024
2,856
5,115
\u2013
7,971
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
2,951
2,903
2,653
8,507
At 31 December 2023
3,704
3,653
2,045
9,402
At 31 December 2024
3,724
3,739
2,789
10,252
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
The net book value of land and buildings comprised:
\u00a0 \u00a0 \u00a0
Freeholds
3,329
2,976
2,555
Leaseholds
395
728
396
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00561": { "value": "7 Property, plant and equipment \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Assets in
Total Property,
\u00a0
Land and
Plant and
course of
plant and
\u00a0
buildings
equipment
construction
equipment
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
6,377
7,903
2,728
17,008
Capital expenditure
5
19
1,042
1,066
Transfer of assets into use
226
683
(909)
\u2013
Transfer of Assets held for sale (Note 18)
(434)
(293)
\u2013
(727)
Disposals and other movements
(425)
(146)
28
(543)
Exchange adjustments
(309)
(610)
(236)
(1,155)
At 31 December 2022
5,440
7,556
2,653
15,649
Additions through business combinations (Note 27)
2
10
\u2013
12
Capital expenditure
9
43
1,402
1,454
Transfer of assets into use
959
1,158
(2,117)
\u2013
Disposals and other movements
(6)
(255)
(11)
(272)
Exchange adjustments
65
192
118
375
At 31 December 2023
6,469
8,704
2,045
17,218
Additions through business combinations (Note 27)
1
15
2
18
Capital expenditure
27
63
1,905
1,995
Transfer of assets into use
312
729
(1,041)
\u2013
Disposals and other movements
(44)
(271)
(40)
(355)
Exchange adjustments
(185)
(386)
(82)
(653)
At 31 December 2024
6,580
8,854
2,789
18,223
Depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
2,877
4,948
\u2013
7,825
Depreciation charge for the year
286
566
\u2013
852
Impairment charge/(reversal)
20
8
(28)
\u2013
Transferred to Assets held for sale (Note 18)
(300)
(277)
\u2013
(577)
Disposals and other movements
(227)
(188)
28
(387)
Exchange adjustments
(167)
(404)
\u2013
(571)
At 31 December 2022
2,489
4,653
\u2013
7,142
Depreciation charge for the year
241
492
\u2013
733
Impairment charge
4
4
\u2013
8
Disposals and other movements
(13)
(220)
\u2013
(233)
Exchange adjustments
44
122
\u2013
166
At 31 December 2023
2,765
5,051
\u2013
7,816
Depreciation charge for the year
231
568
\u2013
799
Impairment charge
\u2013
(7)
49
42
Disposals and other movements
(39)
(252)
(49)
(340)
Exchange adjustments
(101)
(245)
\u2013
(346)
At 31 December 2024
2,856
5,115
\u2013
7,971
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
2,951
2,903
2,653
8,507
At 31 December 2023
3,704
3,653
2,045
9,402
At 31 December 2024
3,724
3,739
2,789
10,252
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
The net book value of land and buildings comprised:
\u00a0 \u00a0 \u00a0
Freeholds
3,329
2,976
2,555
Leaseholds
395
728
396
\n
8 Leases
Right-of-use assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
Land and
Motor
\u00a0
Right-of-use
\u00a0
buildings
vehicles
Other
assets
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
1,133
321
33
1,487
Additions through business combinations (Note 27)
4
\u2013
\u2013
4
Additions \u2013 separately acquired
140
81
14
235
Disposals and other movements
(33)
(58)
(13)
(104)
Exchange adjustments
(62)
(15)
(2)
(79)
At 31 December 2022
1,182
329
32
1,543
Additions through business combinations (Note 27)
8
\u2013
\u2013
8
Additions \u2013 separately acquired
220
219
5
444
Disposals and other movements
(71)
(57)
(2)
(130)
Exchange adjustments
13
4
1
18
At 31 December 2023
1,352
495
36
1,883
Additions through business combinations (Note 27)
20
\u2013
\u2013
20
Additions \u2013 separately acquired
332
342
18
692
Disposals and other movements
(73)
(140)
(5)
(218)
Exchange adjustments
(43)
(33)
(2)
(78)
At 31 December 2024
1,588
664
47
2,299
Depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
326
154
19
499
Depreciation charge for the year
160
80
6
246
Impairment charge
2
\u2013
\u2013
2
Disposals and other movements
(54)
(50)
(10)
(114)
Exchange adjustments
(23)
(8)
(1)
(32)
At 31 December 2022
411
176
14
601
Depreciation charge for the year
170
98
7
275
Impairment charge
14
\u2013
\u2013
14
Disposals and other movements
(53)
(61)
(2)
(116)
Exchange adjustments
7
2
\u2013
9
At 31 December 2023
549
215
19
783
Depreciation charge for the year
183
151
9
343
Impairment charge
7
\u2013
\u2013
7
Disposals and other movements
(71)
(115)
(6)
(192)
Exchange adjustments
(22)
(14)
(1)
(37)
At 31 December 2024
646
237
21
904
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
771
153
18
942
At 31 December 2023
803
280
17
1,100
At 31 December 2024
942
427
26
1,395
\n
Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
The present value of lease liabilities is as follows:
\u00a0 \u00a0 \u00a0
Within one year
(339)
(271)
(228)
Later than one year and not later than five years
(825)
(657)
(549)
Later than five years
(288)
(200)
(176)
Total lease liabilities
(1,452)
(1,128)
(953)
\n
The interest expense on lease liabilities included within Finance expense was $61m (2023: $33m; 2022: $24m).
The total cash outflow for leases in 2024 was $377m (2023: $301m; 2022: $268m).
The Group has entered into lease contracts that have not yet commenced. The nominal value of estimated future lease payments under these
lease contracts approximates $1,515m as of 31 December 2024. Of this value, $1,348m relates to a property lease in the US which is expected
to commence in 2026 with a lease term of 15 years.
In 2022 the Group entered into a sale and leaseback agreement in relation to the Waltham R&D site in MA, US. Prior to the sale, the carrying
value of the Property, plant and equipment was $124m. Cash proceeds of $265m were received, recorded within Disposal of property, plant
and equipment within the Consolidated Statement of Cash Flows, and a gain on disposal of $125m was recorded within Other operating
income and expense within the Consolidated Statement of Comprehensive Income. A lease liability and a corresponding right-of-use asset
were recorded of $28m and $13m, respectively.10 Intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
66,590
2,611
1,432
70,633
Additions through business combinations (Note 27)
\u2013
46
\u2013
46
Additions \u2013 separately acquired
2,051
12
105
2,168
Disposals
(57)
(105)
(36)
(198)
Exchange and other adjustments
(1,799)
(122)
(106)
(2,027)
At 31 December 2022
66,785
2,442
1,395
70,622
Additions through business combinations (Note 27)
65
35
\u2013
100
Additions \u2013 separately acquired
2,530
200
170
2,900
Disposals
(669)
\u2013
(14)
(683)
Exchange and other adjustments
496
30
24
550
At 31 December 2023
69,207
2,707
1,575
73,489
Additions through business combinations (Note 27)
2,308
56
\u2013
2,364
Additions \u2013 separately acquired
2,226
150
290
2,666
Disposals
(294)
\u2013
(285)
(579)
Exchange and other adjustments
(964)
(13)
(50)
(1,027)
At 31 December 2024
72,483
2,900
1,530
76,913
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
25,276
1,863
1,002
28,141
Amortisation for year
3,899
181
76
4,156
Impairment charges
236
82
\u2013
318
Impairment reversals
(77)
\u2013
(17)
(94)
Disposals
(55)
(105)
(20)
(180)
Exchange and other adjustments
(887)
(76)
(63)
(1,026)
At 31 December 2022
28,392
1,945
978
31,315
Amortisation for year
3,771
75
80
3,926
Impairment charges
434
\u2013
\u2013
434
Disposals
(667)
\u2013
(12)
(679)
Exchange and other adjustments
336
41
27
404
At 31 December 2023
32,266
2,061
1,073
35,400
Amortisation for year
3,761
78
84
3,923
Impairment charges
1,577
3
2
1,582
Impairment reversals
(8)
\u2013
\u2013
(8)
Disposals
(286)
\u2013
(283)
(569)
Exchange and other adjustments
(561)
(13)
(18)
(592)
At 31 December 2024
36,749
2,129
858
39,736
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
38,393
497
417
39,307
At 31 December 2023
36,941
646
502
38,089
At 31 December 2024
35,734
771
672
37,177
Other intangibles consist mainly of research and device technologies and the Alexion brand name. Included within Software development
costs are assets currently in development that will commence amortisation when ready for use.
Included within Additions \u2212 separately acquired are amounts of $365m (2023: $625m; 2022: $1,135m), relating to deferred payments and
other non-cash consideration for the acquisition of Product, marketing and distribution rights, which are not reflected in the current year
Consolidated Statement of Cash Flows. Disposals include amounts related to fully amortised or impaired assets that are no longer in use by
the Group.
Amortisation charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Year ended 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
\u2013
\u2013
32
Research and development expense
\u2013
30
\u2013
30
Selling, general and administrative expense
3,867
151
76
4,094
Total
3,899
181
76
4,156
Year ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
\u2013
\u2013
32
Research and development expense
\u2013
28
\u2013
28
Selling, general and administrative expense
3,739
47
80
3,866
Total
3,771
75
80
3,926
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
1
\u2013
33
Research and development expense
3
22
\u2013
25
Selling, general and administrative expense
3,726
55
84
3,865
Total
3,761
78
84
3,923
\n
Net impairment charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Year ended 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
95
\u2013
\u2013
95
Selling, general and administrative expense
64
82
(17)
129
Total
159
82
(17)
224
Year ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
417
\u2013
\u2013
417
Selling, general and administrative expense
17
\u2013
\u2013
17
Total
434
\u2013
\u2013
434
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
1,065
\u2013
\u2013
1,065
Selling, general and administrative expense
504
3
2
509
Total
1,569
3
2
1,574
\n
Impairment charges and reversals
We perform a rigorous impairment trigger assessment for all our intangible assets. Intangible assets under development and not available
for use are tested annually for impairment and other intangible assets are tested when there is an indication of impairment loss or reversal.
Where testing is required, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss or
reversal. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of
the Cash Generating Unit (CGU) to which it belongs. The Group considers that as the intangible assets are linked to individual products and
that product cash flows are considered to be largely independent of other product cash flows, the CGU for intangibles is at the product level.
Group-level budgets and forecasts include forecast capital investment and operational impacts related to sustainability projects, as well as
inflationary impacts, and form the basis for the value in use models used for impairment testing.
An asset\u2019s recoverable amount is determined as the higher of an asset\u2019s or CGU\u2019s fair value less costs to sell or value in use, in both cases
using discounted cash flow calculations where the asset\u2019s expected post-tax cash flows are risk-adjusted over their estimated remaining
period of expected economic benefit. Where the value in use approach is used, the post-tax risk-adjusted cash flows are discounted using
AstraZeneca\u2019s post-tax weighted average cost of capital (7.5% for 2024, 7.5% for 2023 and 7% for 2022) which is a nominal rate. There is
no material difference in the approach taken to using pre-tax cash flows and a pre-tax rate compared to post-tax cash flows and a post-tax
rate, as required by IAS 36 \u2018Impairment of Assets\u2019. Where fair value less costs to sell is used to determine recoverable value, the discount
rate is assessed with reference to a market participant, this is not usually materially different to the AstraZeneca post-tax weighted average
cost of capital of 7.5%. Intangible assets have been tested for impairment under the value in use basis at risk-adjusted post-tax discount
rates ranging between 7.5% to 9.5%.
SE
Key assumptions and significant estimates used in calculating the recoverable amounts are highly sensitive and specific to the nature of
the Group\u2019s activities including:
\u2022
outcome of R&D activities
\u2022
probability of technical and regulatory success
\u2022
market volume, share and pricing (to derive peak year sales)
\u2022
amount and timing of projected future cash flows
\u2022
sales erosion curves following patent expiry.
Whilst the intangible assets portfolio is generally exposed to significant impairment risk within the next financial year, no sensitivities have been
disclosed since no specific asset has been identified as having a significant risk of a material impairment arising from reasonably possible
changes in key assumptions.
For assets held at fair value less costs to sell, we make appropriate adjustments to reflect market participant assessments.
In 2024, the Group recorded impairment charges of $504m in respect of launched products. Following a strategic review of our portfolio
priorities, a business decision was made to cease promotional activity for
Andexxa
resulting in impairment charges of $504m recorded
against the
Andexxa
intangible asset under a value-in-use model applying a discount rate of 7.5% (revised carrying amount: $nil).
Impairment charges recorded against products in development totalled $1,073m. This included full impairments of vemircopan (ALXN2050)
($753m, acquired as part of the Alexion business combination in 2021), following outcome of research activities, and FPI-2059 ($165m, acquired
as part of the Fusion business combination in 2024) due to portfolio prioritisation decisions. The remaining impairments of $155m relate to
impairments of various products in development, due to either management\u2019s decision to discontinue development as part of Group-wide
portfolio prioritisation decisions, or due to the outcome of research activities.
In 2023, the Group recorded impairment charges of $17m in respect of launched products. Impairment charges recorded against products in
development totalled $417m, including $244m related to ALXN1840 which was fully impaired following the decision to discontinue development.
In 2022, the Group recorded impairment charges of $146m in respect of launched products. Impairment charges recorded against products
in development totalled $172m due to decisions made to terminate the related activities.
The Group has performed an assessment on assets which have had impairments recorded in previous periods to determine if any reversals of
impairments were required. Impairment reversals of $8m were recorded in 2024 against products in development. No impairment reversals
were recorded in 2023. Impairment reversals of $94m were recorded in 2022, including $77m in respect of products in development.
When launched products are partially impaired, the carrying values of these assets in future periods are particularly sensitive to changes in
forecast assumptions, including those assumptions set out above, as the asset is impaired down to its recoverable amount.
Significant assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Remaining
\u00a0
value
amortisation
\u00a0
$m
period
C5 franchise (
Soliris
/
Ultomiris
) intangible assets arising from the acquisition of Alexion
12,667
3 to 11 years
Intangible assets arising from the acquisition of Acerta Pharma
3,853
8 years
Strensiq
,
Kanuma
intangible assets arising from the acquisition of Alexion
3,221
8 to 14 years
Enhertu
intangible assets acquired from Daiichi Sankyo
2,534
9 years
Intangible asset products in development arising from the acquisition of Alexion
1
1,913
Not amortised
Intangible assets arising from the acquisition of ZS Pharma
1,548
7 years
Intangible asset products in development arising from the acquisition of Fusion
1
1,161
Not amortised
Intangible asset products in development arising from the acquisition of Gracell
1
983
Not amortised
Datroway
intangible assets acquired from Daiichi Sankyo
1
974
Not amortised
Baxdrostat intangible asset acquired from CinCor
1
790
Not amortised
Intangible asset products in development arising from the acquisition of Amolyt
1
768
Not amortised
Intangible asset products in development arising from the acquisition of Icosavax
1
639
Not amortised
Airsupra
intangible asset
500
10 years
Intangible assets arising from the restructuring of a historical joint venture with MSD
375
2 to 5 years
Monalizumab intangible assets acquired from Innate Pharma
1
364
Not amortised
Intangible assets arising from the acquisition of Pearl Therapeutics
309
4 to 5 years
Rare disease portfolio assets acquired from Pfizer
1
300
Not amortised
\n
1
Assets in development are not amortised but are tested annually for impairment.
In 2024, the intangible assets recognised on acquisition of Amolyt and Icosavax were separately assessed under the optional concentration
test in IFRS 3 \u2018Business Combinations\u2019 and were individually determined to be asset acquisitions, as substantially all of the value of the gross
assets acquired in each transaction was concentrated in these single assets.
The intangible asset baxdrostat recognised on acquisition of CinCor in 2023 was assessed under the optional concentration test in IFRS 3 and
was determined to be an asset acquisition, as substantially all of the value of the gross assets acquired was concentrated in this single asset.
The acquisition of Pfizer\u2019s pre-clinical rare disease gene therapy portfolio in 2023 was assessed under IFRS 3 and the transaction was treated
as an asset acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00564": { "value": "8 Leases
Right-of-use assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
Land and
Motor
\u00a0
Right-of-use
\u00a0
buildings
vehicles
Other
assets
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
1,133
321
33
1,487
Additions through business combinations (Note 27)
4
\u2013
\u2013
4
Additions \u2013 separately acquired
140
81
14
235
Disposals and other movements
(33)
(58)
(13)
(104)
Exchange adjustments
(62)
(15)
(2)
(79)
At 31 December 2022
1,182
329
32
1,543
Additions through business combinations (Note 27)
8
\u2013
\u2013
8
Additions \u2013 separately acquired
220
219
5
444
Disposals and other movements
(71)
(57)
(2)
(130)
Exchange adjustments
13
4
1
18
At 31 December 2023
1,352
495
36
1,883
Additions through business combinations (Note 27)
20
\u2013
\u2013
20
Additions \u2013 separately acquired
332
342
18
692
Disposals and other movements
(73)
(140)
(5)
(218)
Exchange adjustments
(43)
(33)
(2)
(78)
At 31 December 2024
1,588
664
47
2,299
Depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
326
154
19
499
Depreciation charge for the year
160
80
6
246
Impairment charge
2
\u2013
\u2013
2
Disposals and other movements
(54)
(50)
(10)
(114)
Exchange adjustments
(23)
(8)
(1)
(32)
At 31 December 2022
411
176
14
601
Depreciation charge for the year
170
98
7
275
Impairment charge
14
\u2013
\u2013
14
Disposals and other movements
(53)
(61)
(2)
(116)
Exchange adjustments
7
2
\u2013
9
At 31 December 2023
549
215
19
783
Depreciation charge for the year
183
151
9
343
Impairment charge
7
\u2013
\u2013
7
Disposals and other movements
(71)
(115)
(6)
(192)
Exchange adjustments
(22)
(14)
(1)
(37)
At 31 December 2024
646
237
21
904
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
771
153
18
942
At 31 December 2023
803
280
17
1,100
At 31 December 2024
942
427
26
1,395
\n
Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
The present value of lease liabilities is as follows:
\u00a0 \u00a0 \u00a0
Within one year
(339)
(271)
(228)
Later than one year and not later than five years
(825)
(657)
(549)
Later than five years
(288)
(200)
(176)
Total lease liabilities
(1,452)
(1,128)
(953)
\n
The interest expense on lease liabilities included within Finance expense was $61m (2023: $33m; 2022: $24m).
The total cash outflow for leases in 2024 was $377m (2023: $301m; 2022: $268m).
The Group has entered into lease contracts that have not yet commenced. The nominal value of estimated future lease payments under these
lease contracts approximates $1,515m as of 31 December 2024. Of this value, $1,348m relates to a property lease in the US which is expected
to commence in 2026 with a lease term of 15 years.
In 2022 the Group entered into a sale and leaseback agreement in relation to the Waltham R&D site in MA, US. Prior to the sale, the carrying
value of the Property, plant and equipment was $124m. Cash proceeds of $265m were received, recorded within Disposal of property, plant
and equipment within the Consolidated Statement of Cash Flows, and a gain on disposal of $125m was recorded within Other operating
income and expense within the Consolidated Statement of Comprehensive Income. A lease liability and a corresponding right-of-use asset
were recorded of $28m and $13m, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00563": { "value": "8 Leases
Right-of-use assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
Land and
Motor
\u00a0
Right-of-use
\u00a0
buildings
vehicles
Other
assets
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
1,133
321
33
1,487
Additions through business combinations (Note 27)
4
\u2013
\u2013
4
Additions \u2013 separately acquired
140
81
14
235
Disposals and other movements
(33)
(58)
(13)
(104)
Exchange adjustments
(62)
(15)
(2)
(79)
At 31 December 2022
1,182
329
32
1,543
Additions through business combinations (Note 27)
8
\u2013
\u2013
8
Additions \u2013 separately acquired
220
219
5
444
Disposals and other movements
(71)
(57)
(2)
(130)
Exchange adjustments
13
4
1
18
At 31 December 2023
1,352
495
36
1,883
Additions through business combinations (Note 27)
20
\u2013
\u2013
20
Additions \u2013 separately acquired
332
342
18
692
Disposals and other movements
(73)
(140)
(5)
(218)
Exchange adjustments
(43)
(33)
(2)
(78)
At 31 December 2024
1,588
664
47
2,299
Depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
326
154
19
499
Depreciation charge for the year
160
80
6
246
Impairment charge
2
\u2013
\u2013
2
Disposals and other movements
(54)
(50)
(10)
(114)
Exchange adjustments
(23)
(8)
(1)
(32)
At 31 December 2022
411
176
14
601
Depreciation charge for the year
170
98
7
275
Impairment charge
14
\u2013
\u2013
14
Disposals and other movements
(53)
(61)
(2)
(116)
Exchange adjustments
7
2
\u2013
9
At 31 December 2023
549
215
19
783
Depreciation charge for the year
183
151
9
343
Impairment charge
7
\u2013
\u2013
7
Disposals and other movements
(71)
(115)
(6)
(192)
Exchange adjustments
(22)
(14)
(1)
(37)
At 31 December 2024
646
237
21
904
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
771
153
18
942
At 31 December 2023
803
280
17
1,100
At 31 December 2024
942
427
26
1,395
\n
Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
The present value of lease liabilities is as follows:
\u00a0 \u00a0 \u00a0
Within one year
(339)
(271)
(228)
Later than one year and not later than five years
(825)
(657)
(549)
Later than five years
(288)
(200)
(176)
Total lease liabilities
(1,452)
(1,128)
(953)
\n
The interest expense on lease liabilities included within Finance expense was $61m (2023: $33m; 2022: $24m).
The total cash outflow for leases in 2024 was $377m (2023: $301m; 2022: $268m).
The Group has entered into lease contracts that have not yet commenced. The nominal value of estimated future lease payments under these
lease contracts approximates $1,515m as of 31 December 2024. Of this value, $1,348m relates to a property lease in the US which is expected
to commence in 2026 with a lease term of 15 years.
In 2022 the Group entered into a sale and leaseback agreement in relation to the Waltham R&D site in MA, US. Prior to the sale, the carrying
value of the Property, plant and equipment was $124m. Cash proceeds of $265m were received, recorded within Disposal of property, plant
and equipment within the Consolidated Statement of Cash Flows, and a gain on disposal of $125m was recorded within Other operating
income and expense within the Consolidated Statement of Comprehensive Income. A lease liability and a corresponding right-of-use asset
were recorded of $28m and $13m, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00566": { "value": "9 Goodwill \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0
At 1 January
20,361
20,131
20,311
Additions through business combinations (Note 27)
1,083
158
15
Exchange and other adjustments
(109)
72
(195)
At 31 December
21,335
20,361
20,131
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0
At 1 January
313
311
314
Exchange and other adjustments
(3)
2
(3)
At 31 December
310
313
311
Net book value
\u00a0 \u00a0 \u00a0
At 31 December
21,025
20,048
19,820
\n
Goodwill is tested for impairment at the operating segment level, this being the level at which goodwill is monitored for internal
management purposes. As detailed in Note 6, the Group does not have multiple operating segments and is engaged in a single business
activity of pharmaceuticals.
Recoverable amount is determined on a fair value less costs to sell basis using the market value of the Company\u2019s outstanding Ordinary Shares.
Our market capitalisation is compared to the book value of the Group\u2019s net assets and this indicates a significant surplus at 31 December 2024
(and 31 December 2023 and 31 December 2022). No goodwill impairment was identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00565": { "value": "9 Goodwill \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0
At 1 January
20,361
20,131
20,311
Additions through business combinations (Note 27)
1,083
158
15
Exchange and other adjustments
(109)
72
(195)
At 31 December
21,335
20,361
20,131
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0
At 1 January
313
311
314
Exchange and other adjustments
(3)
2
(3)
At 31 December
310
313
311
Net book value
\u00a0 \u00a0 \u00a0
At 31 December
21,025
20,048
19,820
\n
Goodwill is tested for impairment at the operating segment level, this being the level at which goodwill is monitored for internal
management purposes. As detailed in Note 6, the Group does not have multiple operating segments and is engaged in a single business
activity of pharmaceuticals.
Recoverable amount is determined on a fair value less costs to sell basis using the market value of the Company\u2019s outstanding Ordinary Shares.
Our market capitalisation is compared to the book value of the Group\u2019s net assets and this indicates a significant surplus at 31 December 2024
(and 31 December 2023 and 31 December 2022). No goodwill impairment was identified.
10 Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
66,590
2,611
1,432
70,633
Additions through business combinations (Note 27)
\u2013
46
\u2013
46
Additions \u2013 separately acquired
2,051
12
105
2,168
Disposals
(57)
(105)
(36)
(198)
Exchange and other adjustments
(1,799)
(122)
(106)
(2,027)
At 31 December 2022
66,785
2,442
1,395
70,622
Additions through business combinations (Note 27)
65
35
\u2013
100
Additions \u2013 separately acquired
2,530
200
170
2,900
Disposals
(669)
\u2013
(14)
(683)
Exchange and other adjustments
496
30
24
550
At 31 December 2023
69,207
2,707
1,575
73,489
Additions through business combinations (Note 27)
2,308
56
\u2013
2,364
Additions \u2013 separately acquired
2,226
150
290
2,666
Disposals
(294)
\u2013
(285)
(579)
Exchange and other adjustments
(964)
(13)
(50)
(1,027)
At 31 December 2024
72,483
2,900
1,530
76,913
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
25,276
1,863
1,002
28,141
Amortisation for year
3,899
181
76
4,156
Impairment charges
236
82
\u2013
318
Impairment reversals
(77)
\u2013
(17)
(94)
Disposals
(55)
(105)
(20)
(180)
Exchange and other adjustments
(887)
(76)
(63)
(1,026)
At 31 December 2022
28,392
1,945
978
31,315
Amortisation for year
3,771
75
80
3,926
Impairment charges
434
\u2013
\u2013
434
Disposals
(667)
\u2013
(12)
(679)
Exchange and other adjustments
336
41
27
404
At 31 December 2023
32,266
2,061
1,073
35,400
Amortisation for year
3,761
78
84
3,923
Impairment charges
1,577
3
2
1,582
Impairment reversals
(8)
\u2013
\u2013
(8)
Disposals
(286)
\u2013
(283)
(569)
Exchange and other adjustments
(561)
(13)
(18)
(592)
At 31 December 2024
36,749
2,129
858
39,736
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
38,393
497
417
39,307
At 31 December 2023
36,941
646
502
38,089
At 31 December 2024
35,734
771
672
37,177
\n
Other intangibles consist mainly of research and device technologies and the Alexion brand name. Included within Software development
costs are assets currently in development that will commence amortisation when ready for use.
Included within Additions \u2212 separately acquired are amounts of $365m (2023: $625m; 2022: $1,135m), relating to deferred payments and
other non-cash consideration for the acquisition of Product, marketing and distribution rights, which are not reflected in the current year
Consolidated Statement of Cash Flows. Disposals include amounts related to fully amortised or impaired assets that are no longer in use by
the Group.
Amortisation charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Year ended 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
\u2013
\u2013
32
Research and development expense
\u2013
30
\u2013
30
Selling, general and administrative expense
3,867
151
76
4,094
Total
3,899
181
76
4,156
Year ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
\u2013
\u2013
32
Research and development expense
\u2013
28
\u2013
28
Selling, general and administrative expense
3,739
47
80
3,866
Total
3,771
75
80
3,926
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
1
\u2013
33
Research and development expense
3
22
\u2013
25
Selling, general and administrative expense
3,726
55
84
3,865
Total
3,761
78
84
3,923
\n
Net impairment charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Year ended 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
95
\u2013
\u2013
95
Selling, general and administrative expense
64
82
(17)
129
Total
159
82
(17)
224
Year ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
417
\u2013
\u2013
417
Selling, general and administrative expense
17
\u2013
\u2013
17
Total
434
\u2013
\u2013
434
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
1,065
\u2013
\u2013
1,065
Selling, general and administrative expense
504
3
2
509
Total
1,569
3
2
1,574
\n
Impairment charges and reversals
We perform a rigorous impairment trigger assessment for all our intangible assets. Intangible assets under development and not available
for use are tested annually for impairment and other intangible assets are tested when there is an indication of impairment loss or reversal.
Where testing is required, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss or
reversal. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of
the Cash Generating Unit (CGU) to which it belongs. The Group considers that as the intangible assets are linked to individual products and
that product cash flows are considered to be largely independent of other product cash flows, the CGU for intangibles is at the product level.
Group-level budgets and forecasts include forecast capital investment and operational impacts related to sustainability projects, as well as
inflationary impacts, and form the basis for the value in use models used for impairment testing.
An asset\u2019s recoverable amount is determined as the higher of an asset\u2019s or CGU\u2019s fair value less costs to sell or value in use, in both cases
using discounted cash flow calculations where the asset\u2019s expected post-tax cash flows are risk-adjusted over their estimated remaining
period of expected economic benefit. Where the value in use approach is used, the post-tax risk-adjusted cash flows are discounted using
AstraZeneca\u2019s post-tax weighted average cost of capital (7.5% for 2024, 7.5% for 2023 and 7% for 2022) which is a nominal rate. There is
no material difference in the approach taken to using pre-tax cash flows and a pre-tax rate compared to post-tax cash flows and a post-tax
rate, as required by IAS 36 \u2018Impairment of Assets\u2019. Where fair value less costs to sell is used to determine recoverable value, the discount
rate is assessed with reference to a market participant, this is not usually materially different to the AstraZeneca post-tax weighted average
cost of capital of 7.5%. Intangible assets have been tested for impairment under the value in use basis at risk-adjusted post-tax discount
rates ranging between 7.5% to 9.5%.
SE
Key assumptions and significant estimates used in calculating the recoverable amounts are highly sensitive and specific to the nature of
the Group\u2019s activities including:
\u2022
outcome of R&D activities
\u2022
probability of technical and regulatory success
\u2022
market volume, share and pricing (to derive peak year sales)
\u2022
amount and timing of projected future cash flows
\u2022
sales erosion curves following patent expiry.
Whilst the intangible assets portfolio is generally exposed to significant impairment risk within the next financial year, no sensitivities have been
disclosed since no specific asset has been identified as having a significant risk of a material impairment arising from reasonably possible
changes in key assumptions.
For assets held at fair value less costs to sell, we make appropriate adjustments to reflect market participant assessments.
In 2024, the Group recorded impairment charges of $504m in respect of launched products. Following a strategic review of our portfolio
priorities, a business decision was made to cease promotional activity for
Andexxa
resulting in impairment charges of $504m recorded
against the
Andexxa
intangible asset under a value-in-use model applying a discount rate of 7.5% (revised carrying amount: $nil).
Impairment charges recorded against products in development totalled $1,073m. This included full impairments of vemircopan (ALXN2050)
($753m, acquired as part of the Alexion business combination in 2021), following outcome of research activities, and FPI-2059 ($165m, acquired
as part of the Fusion business combination in 2024) due to portfolio prioritisation decisions. The remaining impairments of $155m relate to
impairments of various products in development, due to either management\u2019s decision to discontinue development as part of Group-wide
portfolio prioritisation decisions, or due to the outcome of research activities.
In 2023, the Group recorded impairment charges of $17m in respect of launched products. Impairment charges recorded against products in
development totalled $417m, including $244m related to ALXN1840 which was fully impaired following the decision to discontinue development.
In 2022, the Group recorded impairment charges of $146m in respect of launched products. Impairment charges recorded against products
in development totalled $172m due to decisions made to terminate the related activities.
The Group has performed an assessment on assets which have had impairments recorded in previous periods to determine if any reversals of
impairments were required. Impairment reversals of $8m were recorded in 2024 against products in development. No impairment reversals
were recorded in 2023. Impairment reversals of $94m were recorded in 2022, including $77m in respect of products in development.
When launched products are partially impaired, the carrying values of these assets in future periods are particularly sensitive to changes in
forecast assumptions, including those assumptions set out above, as the asset is impaired down to its recoverable amount.
Significant assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Remaining
\u00a0
value
amortisation
\u00a0
$m
period
C5 franchise (
Soliris
/
Ultomiris
) intangible assets arising from the acquisition of Alexion
12,667
3 to 11 years
Intangible assets arising from the acquisition of Acerta Pharma
3,853
8 years
Strensiq
,
Kanuma
intangible assets arising from the acquisition of Alexion
3,221
8 to 14 years
Enhertu
intangible assets acquired from Daiichi Sankyo
2,534
9 years
Intangible asset products in development arising from the acquisition of Alexion
1
1,913
Not amortised
Intangible assets arising from the acquisition of ZS Pharma
1,548
7 years
Intangible asset products in development arising from the acquisition of Fusion
1
1,161
Not amortised
Intangible asset products in development arising from the acquisition of Gracell
1
983
Not amortised
Datroway
intangible assets acquired from Daiichi Sankyo
1
974
Not amortised
Baxdrostat intangible asset acquired from CinCor
1
790
Not amortised
Intangible asset products in development arising from the acquisition of Amolyt
1
768
Not amortised
Intangible asset products in development arising from the acquisition of Icosavax
1
639
Not amortised
Airsupra
intangible asset
500
10 years
Intangible assets arising from the restructuring of a historical joint venture with MSD
375
2 to 5 years
Monalizumab intangible assets acquired from Innate Pharma
1
364
Not amortised
Intangible assets arising from the acquisition of Pearl Therapeutics
309
4 to 5 years
Rare disease portfolio assets acquired from Pfizer
1
300
Not amortised
\n
1
Assets in development are not amortised but are tested annually for impairment.
In 2024, the intangible assets recognised on acquisition of Amolyt and Icosavax were separately assessed under the optional concentration
test in IFRS 3 \u2018Business Combinations\u2019 and were individually determined to be asset acquisitions, as substantially all of the value of the gross
assets acquired in each transaction was concentrated in these single assets.
The intangible asset baxdrostat recognised on acquisition of CinCor in 2023 was assessed under the optional concentration test in IFRS 3 and
was determined to be an asset acquisition, as substantially all of the value of the gross assets acquired was concentrated in this single asset.
The acquisition of Pfizer\u2019s pre-clinical rare disease gene therapy portfolio in 2023 was assessed under IFRS 3 and the transaction was treated
as an asset acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00567": { "value": "10 Intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
66,590
2,611
1,432
70,633
Additions through business combinations (Note 27)
\u2013
46
\u2013
46
Additions \u2013 separately acquired
2,051
12
105
2,168
Disposals
(57)
(105)
(36)
(198)
Exchange and other adjustments
(1,799)
(122)
(106)
(2,027)
At 31 December 2022
66,785
2,442
1,395
70,622
Additions through business combinations (Note 27)
65
35
\u2013
100
Additions \u2013 separately acquired
2,530
200
170
2,900
Disposals
(669)
\u2013
(14)
(683)
Exchange and other adjustments
496
30
24
550
At 31 December 2023
69,207
2,707
1,575
73,489
Additions through business combinations (Note 27)
2,308
56
\u2013
2,364
Additions \u2013 separately acquired
2,226
150
290
2,666
Disposals
(294)
\u2013
(285)
(579)
Exchange and other adjustments
(964)
(13)
(50)
(1,027)
At 31 December 2024
72,483
2,900
1,530
76,913
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2022
25,276
1,863
1,002
28,141
Amortisation for year
3,899
181
76
4,156
Impairment charges
236
82
\u2013
318
Impairment reversals
(77)
\u2013
(17)
(94)
Disposals
(55)
(105)
(20)
(180)
Exchange and other adjustments
(887)
(76)
(63)
(1,026)
At 31 December 2022
28,392
1,945
978
31,315
Amortisation for year
3,771
75
80
3,926
Impairment charges
434
\u2013
\u2013
434
Disposals
(667)
\u2013
(12)
(679)
Exchange and other adjustments
336
41
27
404
At 31 December 2023
32,266
2,061
1,073
35,400
Amortisation for year
3,761
78
84
3,923
Impairment charges
1,577
3
2
1,582
Impairment reversals
(8)
\u2013
\u2013
(8)
Disposals
(286)
\u2013
(283)
(569)
Exchange and other adjustments
(561)
(13)
(18)
(592)
At 31 December 2024
36,749
2,129
858
39,736
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
38,393
497
417
39,307
At 31 December 2023
36,941
646
502
38,089
At 31 December 2024
35,734
771
672
37,177
Other intangibles consist mainly of research and device technologies and the Alexion brand name. Included within Software development
costs are assets currently in development that will commence amortisation when ready for use.
Included within Additions \u2212 separately acquired are amounts of $365m (2023: $625m; 2022: $1,135m), relating to deferred payments and
other non-cash consideration for the acquisition of Product, marketing and distribution rights, which are not reflected in the current year
Consolidated Statement of Cash Flows. Disposals include amounts related to fully amortised or impaired assets that are no longer in use by
the Group.
Amortisation charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Year ended 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
\u2013
\u2013
32
Research and development expense
\u2013
30
\u2013
30
Selling, general and administrative expense
3,867
151
76
4,094
Total
3,899
181
76
4,156
Year ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
\u2013
\u2013
32
Research and development expense
\u2013
28
\u2013
28
Selling, general and administrative expense
3,739
47
80
3,866
Total
3,771
75
80
3,926
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Cost of sales
32
1
\u2013
33
Research and development expense
3
22
\u2013
25
Selling, general and administrative expense
3,726
55
84
3,865
Total
3,761
78
84
3,923
\n
Net impairment charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Product,
\u00a0
Software
\u00a0
\u00a0
marketing and
Other
development
\u00a0
\u00a0
distribution rights
intangibles
costs
Total
\u00a0
$m
$m
$m
$m
Year ended 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
95
\u2013
\u2013
95
Selling, general and administrative expense
64
82
(17)
129
Total
159
82
(17)
224
Year ended 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
417
\u2013
\u2013
417
Selling, general and administrative expense
17
\u2013
\u2013
17
Total
434
\u2013
\u2013
434
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Research and development expense
1,065
\u2013
\u2013
1,065
Selling, general and administrative expense
504
3
2
509
Total
1,569
3
2
1,574
\n
Impairment charges and reversals
We perform a rigorous impairment trigger assessment for all our intangible assets. Intangible assets under development and not available
for use are tested annually for impairment and other intangible assets are tested when there is an indication of impairment loss or reversal.
Where testing is required, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss or
reversal. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of
the Cash Generating Unit (CGU) to which it belongs. The Group considers that as the intangible assets are linked to individual products and
that product cash flows are considered to be largely independent of other product cash flows, the CGU for intangibles is at the product level.
Group-level budgets and forecasts include forecast capital investment and operational impacts related to sustainability projects, as well as
inflationary impacts, and form the basis for the value in use models used for impairment testing.
An asset\u2019s recoverable amount is determined as the higher of an asset\u2019s or CGU\u2019s fair value less costs to sell or value in use, in both cases
using discounted cash flow calculations where the asset\u2019s expected post-tax cash flows are risk-adjusted over their estimated remaining
period of expected economic benefit. Where the value in use approach is used, the post-tax risk-adjusted cash flows are discounted using
AstraZeneca\u2019s post-tax weighted average cost of capital (7.5% for 2024, 7.5% for 2023 and 7% for 2022) which is a nominal rate. There is
no material difference in the approach taken to using pre-tax cash flows and a pre-tax rate compared to post-tax cash flows and a post-tax
rate, as required by IAS 36 \u2018Impairment of Assets\u2019. Where fair value less costs to sell is used to determine recoverable value, the discount
rate is assessed with reference to a market participant, this is not usually materially different to the AstraZeneca post-tax weighted average
cost of capital of 7.5%. Intangible assets have been tested for impairment under the value in use basis at risk-adjusted post-tax discount
rates ranging between 7.5% to 9.5%.
SE
Key assumptions and significant estimates used in calculating the recoverable amounts are highly sensitive and specific to the nature of
the Group\u2019s activities including:
\u2022
outcome of R&D activities
\u2022
probability of technical and regulatory success
\u2022
market volume, share and pricing (to derive peak year sales)
\u2022
amount and timing of projected future cash flows
\u2022
sales erosion curves following patent expiry.
Whilst the intangible assets portfolio is generally exposed to significant impairment risk within the next financial year, no sensitivities have been
disclosed since no specific asset has been identified as having a significant risk of a material impairment arising from reasonably possible
changes in key assumptions.
For assets held at fair value less costs to sell, we make appropriate adjustments to reflect market participant assessments.
In 2024, the Group recorded impairment charges of $504m in respect of launched products. Following a strategic review of our portfolio
priorities, a business decision was made to cease promotional activity for
Andexxa
resulting in impairment charges of $504m recorded
against the
Andexxa
intangible asset under a value-in-use model applying a discount rate of 7.5% (revised carrying amount: $nil).
Impairment charges recorded against products in development totalled $1,073m. This included full impairments of vemircopan (ALXN2050)
($753m, acquired as part of the Alexion business combination in 2021), following outcome of research activities, and FPI-2059 ($165m, acquired
as part of the Fusion business combination in 2024) due to portfolio prioritisation decisions. The remaining impairments of $155m relate to
impairments of various products in development, due to either management\u2019s decision to discontinue development as part of Group-wide
portfolio prioritisation decisions, or due to the outcome of research activities.
In 2023, the Group recorded impairment charges of $17m in respect of launched products. Impairment charges recorded against products in
development totalled $417m, including $244m related to ALXN1840 which was fully impaired following the decision to discontinue development.
In 2022, the Group recorded impairment charges of $146m in respect of launched products. Impairment charges recorded against products
in development totalled $172m due to decisions made to terminate the related activities.
The Group has performed an assessment on assets which have had impairments recorded in previous periods to determine if any reversals of
impairments were required. Impairment reversals of $8m were recorded in 2024 against products in development. No impairment reversals
were recorded in 2023. Impairment reversals of $94m were recorded in 2022, including $77m in respect of products in development.
When launched products are partially impaired, the carrying values of these assets in future periods are particularly sensitive to changes in
forecast assumptions, including those assumptions set out above, as the asset is impaired down to its recoverable amount.
Significant assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Remaining
\u00a0
value
amortisation
\u00a0
$m
period
C5 franchise (
Soliris
/
Ultomiris
) intangible assets arising from the acquisition of Alexion
12,667
3 to 11 years
Intangible assets arising from the acquisition of Acerta Pharma
3,853
8 years
Strensiq
,
Kanuma
intangible assets arising from the acquisition of Alexion
3,221
8 to 14 years
Enhertu
intangible assets acquired from Daiichi Sankyo
2,534
9 years
Intangible asset products in development arising from the acquisition of Alexion
1
1,913
Not amortised
Intangible assets arising from the acquisition of ZS Pharma
1,548
7 years
Intangible asset products in development arising from the acquisition of Fusion
1
1,161
Not amortised
Intangible asset products in development arising from the acquisition of Gracell
1
983
Not amortised
Datroway
intangible assets acquired from Daiichi Sankyo
1
974
Not amortised
Baxdrostat intangible asset acquired from CinCor
1
790
Not amortised
Intangible asset products in development arising from the acquisition of Amolyt
1
768
Not amortised
Intangible asset products in development arising from the acquisition of Icosavax
1
639
Not amortised
Airsupra
intangible asset
500
10 years
Intangible assets arising from the restructuring of a historical joint venture with MSD
375
2 to 5 years
Monalizumab intangible assets acquired from Innate Pharma
1
364
Not amortised
Intangible assets arising from the acquisition of Pearl Therapeutics
309
4 to 5 years
Rare disease portfolio assets acquired from Pfizer
1
300
Not amortised
\n
1
Assets in development are not amortised but are tested annually for impairment.
In 2024, the intangible assets recognised on acquisition of Amolyt and Icosavax were separately assessed under the optional concentration
test in IFRS 3 \u2018Business Combinations\u2019 and were individually determined to be asset acquisitions, as substantially all of the value of the gross
assets acquired in each transaction was concentrated in these single assets.
The intangible asset baxdrostat recognised on acquisition of CinCor in 2023 was assessed under the optional concentration test in IFRS 3 and
was determined to be an asset acquisition, as substantially all of the value of the gross assets acquired was concentrated in this single asset.
The acquisition of Pfizer\u2019s pre-clinical rare disease gene therapy portfolio in 2023 was assessed under IFRS 3 and the transaction was treated
as an asset acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00568": { "value": "Impairment charges and reversals
We perform a rigorous impairment trigger assessment for all our intangible assets. Intangible assets under development and not available
for use are tested annually for impairment and other intangible assets are tested when there is an indication of impairment loss or reversal.
Where testing is required, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss or
reversal. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of
the Cash Generating Unit (CGU) to which it belongs. The Group considers that as the intangible assets are linked to individual products and
that product cash flows are considered to be largely independent of other product cash flows, the CGU for intangibles is at the product level.
Group-level budgets and forecasts include forecast capital investment and operational impacts related to sustainability projects, as well as
inflationary impacts, and form the basis for the value in use models used for impairment testing.
An asset\u2019s recoverable amount is determined as the higher of an asset\u2019s or CGU\u2019s fair value less costs to sell or value in use, in both cases
using discounted cash flow calculations where the asset\u2019s expected post-tax cash flows are risk-adjusted over their estimated remaining
period of expected economic benefit. Where the value in use approach is used, the post-tax risk-adjusted cash flows are discounted using
AstraZeneca\u2019s post-tax weighted average cost of capital (7.5% for 2024, 7.5% for 2023 and 7% for 2022) which is a nominal rate. There is
no material difference in the approach taken to using pre-tax cash flows and a pre-tax rate compared to post-tax cash flows and a post-tax
rate, as required by IAS 36 \u2018Impairment of Assets\u2019. Where fair value less costs to sell is used to determine recoverable value, the discount
rate is assessed with reference to a market participant, this is not usually materially different to the AstraZeneca post-tax weighted average
cost of capital of 7.5%. Intangible assets have been tested for impairment under the value in use basis at risk-adjusted post-tax discount
rates ranging between 7.5% to 9.5%.
SE
Key assumptions and significant estimates used in calculating the recoverable amounts are highly sensitive and specific to the nature of
the Group\u2019s activities including:
\u2022
outcome of R&D activities
\u2022
probability of technical and regulatory success
\u2022
market volume, share and pricing (to derive peak year sales)
\u2022
amount and timing of projected future cash flows
\u2022
sales erosion curves following patent expiry.
Whilst the intangible assets portfolio is generally exposed to significant impairment risk within the next financial year, no sensitivities have been
disclosed since no specific asset has been identified as having a significant risk of a material impairment arising from reasonably possible
changes in key assumptions.
For assets held at fair value less costs to sell, we make appropriate adjustments to reflect market participant assessments.
In 2024, the Group recorded impairment charges of $504m in respect of launched products. Following a strategic review of our portfolio
priorities, a business decision was made to cease promotional activity for
Andexxa
resulting in impairment charges of $504m recorded
against the
Andexxa
intangible asset under a value-in-use model applying a discount rate of 7.5% (revised carrying amount: $nil).
Impairment charges recorded against products in development totalled $1,073m. This included full impairments of vemircopan (ALXN2050)
($753m, acquired as part of the Alexion business combination in 2021), following outcome of research activities, and FPI-2059 ($165m, acquired
as part of the Fusion business combination in 2024) due to portfolio prioritisation decisions. The remaining impairments of $155m relate to
impairments of various products in development, due to either management\u2019s decision to discontinue development as part of Group-wide
portfolio prioritisation decisions, or due to the outcome of research activities.
In 2023, the Group recorded impairment charges of $17m in respect of launched products. Impairment charges recorded against products in
development totalled $417m, including $244m related to ALXN1840 which was fully impaired following the decision to discontinue development.
In 2022, the Group recorded impairment charges of $146m in respect of launched products. Impairment charges recorded against products
in development totalled $172m due to decisions made to terminate the related activities.
The Group has performed an assessment on assets which have had impairments recorded in previous periods to determine if any reversals of
impairments were required. Impairment reversals of $8m were recorded in 2024 against products in development. No impairment reversals
were recorded in 2023. Impairment reversals of $94m were recorded in 2022, including $77m in respect of products in development.
When launched products are partially impaired, the carrying values of these assets in future periods are particularly sensitive to changes in
forecast assumptions, including those assumptions set out above, as the asset is impaired down to its recoverable amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentLossAndReversalOfImpairmentLossExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00574": { "value": "11 Investments in associates and joint ventures \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
147
76
69
Additions
158
80
26
Share of after tax losses
(28)
(12)
(5)
Exchange and other adjustments
(9)
3
(14)
At 31 December
268
147
76
\n
On 22 May 2024, AstraZeneca entered into an agreement with Fuse Biosciences (Cayman) Limited to acquire equity. Under the terms of the
agreement, AstraZeneca contributed $11m in initial funds, holds 25% board representation, and holds a 18.75% interest in the associate entity.
On 1 November 2023, AstraZeneca entered into an agreement with Cellectis, a clinical-stage biotechnology company, to accelerate the
development of next generation therapeutics in areas of high unmet medical need, including oncology, immunology and rare diseases.
Under the terms of the agreement, AstraZeneca contributed $80m in funds for a 22% interest in the associate entity. On 22 May 2024,
a further contribution of $140m was made for a further 22% interest. AstraZeneca holds a 44% interest in the associate entity.
On 29 January 2021, AstraZeneca entered into an agreement with IHP Holdings Limited to create and run an online platform (iHospital) offering
consultations with physicians, repeat prescriptions and e-pharmacy in China. The agreement resulted in the formation of a new entity, IHP
HK Holdings Limited. AstraZeneca contributed $30m in initial funds and holds a 50% interest in the associate entity.
On 1 December 2020, AstraZeneca and China International Capital Corporation (CICC) entered into an agreement to set up a Global Healthcare
Industrial Fund to drive healthcare system innovation by leveraging local capital and accelerating China-related innovation incubation. The
agreement resulted in the formation of a new entity, Wuxi AstraZeneca-CICC Venture Capital Partnership (Limited Partnership). AstraZeneca
holds a 22% interest in the associate entity and contributed $1m in initial funds in 2020, with contributions of $45m, $21m and $7m made in
2021, 2022 and 2024 respectively.
On 23 September 2021, AstraZeneca entered into an agreement with VaxEquity Limited (\u2018VaxEquity\u2019) to collaborate and develop self-amplifying
RNA technology with the aim of generating treatments for target diseases. AstraZeneca contributed $14m in initial funds and holds a 40%
interest in the associate entity. On 13 April 2024, VaxEquity entered a voluntary liquidation process.
On 27 November 2017, AstraZeneca entered into a joint venture agreement with Chinese Future Industry Investment Fund (FIIF), to discover,
develop and commercialise potential new medicines to help address unmet medical needs globally, and to bring innovative new medicines to
patients in China more quickly. The agreement resulted in the formation of a joint venture entity based in China, Dizal (Jiangsu) Pharmaceutical
Co., Ltd. Since its establishment, AstraZeneca has contributed $80m in cash to the joint venture entity and has a 26% interest in the joint venture.
On 1 December 2015, AstraZeneca entered into a joint venture agreement with Fujifilm Kyowa Kirin Biologics Co., Ltd. to develop a biosimilar
using the combined capabilities of the two parties. The agreement resulted in the formation of a joint venture entity based in the UK, Centus
Biotherapeutics Limited (\u2018Centus\u2019). Since its establishment, AstraZeneca has contributed $135m in cash to the joint venture entity and has a
50% interest in the joint venture which has a carrying value of $nil (2023: $nil; 2022: $nil). On 7 May 2024 Centus was dissolved.
All investments are accounted for using the equity method. At 31 December 2024, unrecognised losses in associates and joint ventures
totalled $177m (2023: $140m; 2022: $92m) which have not been recognised due to the investment carrying value reaching $nil value.
Aggregated summarised financial information for the associate and joint venture entities is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Non-current assets
577
424
290
Current assets
508
362
300
Total liabilities
(516)
(287)
(72)
Net assets
569
499
518
Amount attributable to AstraZeneca
131
85
91
Goodwill
152
52
\u2013
Exchange adjustments
(15)
10
(15)
Carrying value of investments in associates and joint ventures
268
147
76
\n
Joint contractual arrangements were entered into between AstraZeneca and Daiichi Sankyo; in March 2019 for the co-development and
co-commercialisation of
Enhertu
and in July 2020 for the co-development and co-commercialisation of
Datroway
. Each party shares global
pre-tax net income from the collaboration on a 50:50 basis (with the exception of Japan where Daiichi Sankyo maintains exclusive rights
and AstraZeneca receives a royalty). The joint operation is not structured through a separate legal entity, and it operates from AstraZeneca
and Daiichi Sankyo\u2019s respective principal places of business.
12 Other investments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Non-current investments
\u00a0 \u00a0 \u00a0
Equity securities at fair value through Other comprehensive income
1,632
1,530
1,056
Fixed income securities at fair value through profit or loss
\u2013
\u2013
10
Total
1,632
1,530
1,066
Current investments
\u00a0 \u00a0 \u00a0
Fixed income securities at fair value through profit or loss
37
20
13
Cash collateral pledged to counterparties
129
102
162
Fixed deposits
\u2013
\u2013
64
Total
166
122
239
\n
Other investments held at FVOCI include equity securities which are not held for trading and which the Group has irrevocably elected at initial
recognition to recognise in this category. Other investments held at FVPL mainly comprise fixed income securities that the Group holds to sell.
The fair value of listed investments is based on year end quoted market prices. Fixed deposits and Cash collateral pledged to counterparties
are held at amortised cost with carrying value being a reasonable approximation of fair value given their short-term nature.
Cash collateral pledged to counterparties relates to collateral pledged on derivatives entered into to hedge the Group\u2019s risk exposures.
Fair value hierarchy
The table below analyses equity securities and bonds, contained within Other investments and carried at fair value, by valuation method.
The different levels have been defined as follows:
\u2022
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)
\u2022
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
Level 1
37
1,279
20
1,217
13
880
Level 2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3
\u2013
353
\u2013
313
10
176
Total
37
1,632
20
1,530
23
1,056
\n
Assets are transferred in or out of each Level on the date of the event or change in circumstances that caused the transfer.
Equity securities that are analysed at Level 3 include investments in private biotech companies. In the absence of specific market data, these
unlisted investments are held at fair value based on the cost of investment and adjusting as necessary for impairments and revaluations on
new funding rounds, which approximates to fair value. Movements in Level 3 investments are detailed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
At 1 January
\u2013
313
10
176
\u2013
104
Additions
\u2013
56
\u2013
127
10
32
Revaluations
\u2013
(9)
3
14
\u2013
50
Net transfers out from Level 3 to Level 1
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
Disposals
\u2013
\u2013
(13)
(8)
\u2013
(5)
Impairments and exchange adjustments
\u2013
(7)
\u2013
4
\u2013
(1)
At 31 December
\u2013
353
\u2013
313
10
176
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00569": { "value": "11 Investments in associates and joint ventures \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
147
76
69
Additions
158
80
26
Share of after tax losses
(28)
(12)
(5)
Exchange and other adjustments
(9)
3
(14)
At 31 December
268
147
76
\n
On 22 May 2024, AstraZeneca entered into an agreement with Fuse Biosciences (Cayman) Limited to acquire equity. Under the terms of the
agreement, AstraZeneca contributed $11m in initial funds, holds 25% board representation, and holds a 18.75% interest in the associate entity.
On 1 November 2023, AstraZeneca entered into an agreement with Cellectis, a clinical-stage biotechnology company, to accelerate the
development of next generation therapeutics in areas of high unmet medical need, including oncology, immunology and rare diseases.
Under the terms of the agreement, AstraZeneca contributed $80m in funds for a 22% interest in the associate entity. On 22 May 2024,
a further contribution of $140m was made for a further 22% interest. AstraZeneca holds a 44% interest in the associate entity.
On 29 January 2021, AstraZeneca entered into an agreement with IHP Holdings Limited to create and run an online platform (iHospital) offering
consultations with physicians, repeat prescriptions and e-pharmacy in China. The agreement resulted in the formation of a new entity, IHP
HK Holdings Limited. AstraZeneca contributed $30m in initial funds and holds a 50% interest in the associate entity.
On 1 December 2020, AstraZeneca and China International Capital Corporation (CICC) entered into an agreement to set up a Global Healthcare
Industrial Fund to drive healthcare system innovation by leveraging local capital and accelerating China-related innovation incubation. The
agreement resulted in the formation of a new entity, Wuxi AstraZeneca-CICC Venture Capital Partnership (Limited Partnership). AstraZeneca
holds a 22% interest in the associate entity and contributed $1m in initial funds in 2020, with contributions of $45m, $21m and $7m made in
2021, 2022 and 2024 respectively.
On 23 September 2021, AstraZeneca entered into an agreement with VaxEquity Limited (\u2018VaxEquity\u2019) to collaborate and develop self-amplifying
RNA technology with the aim of generating treatments for target diseases. AstraZeneca contributed $14m in initial funds and holds a 40%
interest in the associate entity. On 13 April 2024, VaxEquity entered a voluntary liquidation process.
On 27 November 2017, AstraZeneca entered into a joint venture agreement with Chinese Future Industry Investment Fund (FIIF), to discover,
develop and commercialise potential new medicines to help address unmet medical needs globally, and to bring innovative new medicines to
patients in China more quickly. The agreement resulted in the formation of a joint venture entity based in China, Dizal (Jiangsu) Pharmaceutical
Co., Ltd. Since its establishment, AstraZeneca has contributed $80m in cash to the joint venture entity and has a 26% interest in the joint venture.
On 1 December 2015, AstraZeneca entered into a joint venture agreement with Fujifilm Kyowa Kirin Biologics Co., Ltd. to develop a biosimilar
using the combined capabilities of the two parties. The agreement resulted in the formation of a joint venture entity based in the UK, Centus
Biotherapeutics Limited (\u2018Centus\u2019). Since its establishment, AstraZeneca has contributed $135m in cash to the joint venture entity and has a
50% interest in the joint venture which has a carrying value of $nil (2023: $nil; 2022: $nil). On 7 May 2024 Centus was dissolved.
All investments are accounted for using the equity method. At 31 December 2024, unrecognised losses in associates and joint ventures
totalled $177m (2023: $140m; 2022: $92m) which have not been recognised due to the investment carrying value reaching $nil value.
Aggregated summarised financial information for the associate and joint venture entities is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Non-current assets
577
424
290
Current assets
508
362
300
Total liabilities
(516)
(287)
(72)
Net assets
569
499
518
Amount attributable to AstraZeneca
131
85
91
Goodwill
152
52
\u2013
Exchange adjustments
(15)
10
(15)
Carrying value of investments in associates and joint ventures
268
147
76
\n
Joint contractual arrangements were entered into between AstraZeneca and Daiichi Sankyo; in March 2019 for the co-development and
co-commercialisation of
Enhertu
and in July 2020 for the co-development and co-commercialisation of
Datroway
. Each party shares global
pre-tax net income from the collaboration on a 50:50 basis (with the exception of Japan where Daiichi Sankyo maintains exclusive rights
and AstraZeneca receives a royalty). The joint operation is not structured through a separate legal entity, and it operates from AstraZeneca
and Daiichi Sankyo\u2019s respective principal places of business.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00570": { "value": "11 Investments in associates and joint ventures \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
147
76
69
Additions
158
80
26
Share of after tax losses
(28)
(12)
(5)
Exchange and other adjustments
(9)
3
(14)
At 31 December
268
147
76
\n
On 22 May 2024, AstraZeneca entered into an agreement with Fuse Biosciences (Cayman) Limited to acquire equity. Under the terms of the
agreement, AstraZeneca contributed $11m in initial funds, holds 25% board representation, and holds a 18.75% interest in the associate entity.
On 1 November 2023, AstraZeneca entered into an agreement with Cellectis, a clinical-stage biotechnology company, to accelerate the
development of next generation therapeutics in areas of high unmet medical need, including oncology, immunology and rare diseases.
Under the terms of the agreement, AstraZeneca contributed $80m in funds for a 22% interest in the associate entity. On 22 May 2024,
a further contribution of $140m was made for a further 22% interest. AstraZeneca holds a 44% interest in the associate entity.
On 29 January 2021, AstraZeneca entered into an agreement with IHP Holdings Limited to create and run an online platform (iHospital) offering
consultations with physicians, repeat prescriptions and e-pharmacy in China. The agreement resulted in the formation of a new entity, IHP
HK Holdings Limited. AstraZeneca contributed $30m in initial funds and holds a 50% interest in the associate entity.
On 1 December 2020, AstraZeneca and China International Capital Corporation (CICC) entered into an agreement to set up a Global Healthcare
Industrial Fund to drive healthcare system innovation by leveraging local capital and accelerating China-related innovation incubation. The
agreement resulted in the formation of a new entity, Wuxi AstraZeneca-CICC Venture Capital Partnership (Limited Partnership). AstraZeneca
holds a 22% interest in the associate entity and contributed $1m in initial funds in 2020, with contributions of $45m, $21m and $7m made in
2021, 2022 and 2024 respectively.
On 23 September 2021, AstraZeneca entered into an agreement with VaxEquity Limited (\u2018VaxEquity\u2019) to collaborate and develop self-amplifying
RNA technology with the aim of generating treatments for target diseases. AstraZeneca contributed $14m in initial funds and holds a 40%
interest in the associate entity. On 13 April 2024, VaxEquity entered a voluntary liquidation process.
On 27 November 2017, AstraZeneca entered into a joint venture agreement with Chinese Future Industry Investment Fund (FIIF), to discover,
develop and commercialise potential new medicines to help address unmet medical needs globally, and to bring innovative new medicines to
patients in China more quickly. The agreement resulted in the formation of a joint venture entity based in China, Dizal (Jiangsu) Pharmaceutical
Co., Ltd. Since its establishment, AstraZeneca has contributed $80m in cash to the joint venture entity and has a 26% interest in the joint venture.
On 1 December 2015, AstraZeneca entered into a joint venture agreement with Fujifilm Kyowa Kirin Biologics Co., Ltd. to develop a biosimilar
using the combined capabilities of the two parties. The agreement resulted in the formation of a joint venture entity based in the UK, Centus
Biotherapeutics Limited (\u2018Centus\u2019). Since its establishment, AstraZeneca has contributed $135m in cash to the joint venture entity and has a
50% interest in the joint venture which has a carrying value of $nil (2023: $nil; 2022: $nil). On 7 May 2024 Centus was dissolved.
All investments are accounted for using the equity method. At 31 December 2024, unrecognised losses in associates and joint ventures
totalled $177m (2023: $140m; 2022: $92m) which have not been recognised due to the investment carrying value reaching $nil value.
Aggregated summarised financial information for the associate and joint venture entities is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Non-current assets
577
424
290
Current assets
508
362
300
Total liabilities
(516)
(287)
(72)
Net assets
569
499
518
Amount attributable to AstraZeneca
131
85
91
Goodwill
152
52
\u2013
Exchange adjustments
(15)
10
(15)
Carrying value of investments in associates and joint ventures
268
147
76
\n
Joint contractual arrangements were entered into between AstraZeneca and Daiichi Sankyo; in March 2019 for the co-development and
co-commercialisation of
Enhertu
and in July 2020 for the co-development and co-commercialisation of
Datroway
. Each party shares global
pre-tax net income from the collaboration on a 50:50 basis (with the exception of Japan where Daiichi Sankyo maintains exclusive rights
and AstraZeneca receives a royalty). The joint operation is not structured through a separate legal entity, and it operates from AstraZeneca
and Daiichi Sankyo\u2019s respective principal places of business.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00571": { "value": "11 Investments in associates and joint ventures \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
147
76
69
Additions
158
80
26
Share of after tax losses
(28)
(12)
(5)
Exchange and other adjustments
(9)
3
(14)
At 31 December
268
147
76
\n
On 22 May 2024, AstraZeneca entered into an agreement with Fuse Biosciences (Cayman) Limited to acquire equity. Under the terms of the
agreement, AstraZeneca contributed $11m in initial funds, holds 25% board representation, and holds a 18.75% interest in the associate entity.
On 1 November 2023, AstraZeneca entered into an agreement with Cellectis, a clinical-stage biotechnology company, to accelerate the
development of next generation therapeutics in areas of high unmet medical need, including oncology, immunology and rare diseases.
Under the terms of the agreement, AstraZeneca contributed $80m in funds for a 22% interest in the associate entity. On 22 May 2024,
a further contribution of $140m was made for a further 22% interest. AstraZeneca holds a 44% interest in the associate entity.
On 29 January 2021, AstraZeneca entered into an agreement with IHP Holdings Limited to create and run an online platform (iHospital) offering
consultations with physicians, repeat prescriptions and e-pharmacy in China. The agreement resulted in the formation of a new entity, IHP
HK Holdings Limited. AstraZeneca contributed $30m in initial funds and holds a 50% interest in the associate entity.
On 1 December 2020, AstraZeneca and China International Capital Corporation (CICC) entered into an agreement to set up a Global Healthcare
Industrial Fund to drive healthcare system innovation by leveraging local capital and accelerating China-related innovation incubation. The
agreement resulted in the formation of a new entity, Wuxi AstraZeneca-CICC Venture Capital Partnership (Limited Partnership). AstraZeneca
holds a 22% interest in the associate entity and contributed $1m in initial funds in 2020, with contributions of $45m, $21m and $7m made in
2021, 2022 and 2024 respectively.
On 23 September 2021, AstraZeneca entered into an agreement with VaxEquity Limited (\u2018VaxEquity\u2019) to collaborate and develop self-amplifying
RNA technology with the aim of generating treatments for target diseases. AstraZeneca contributed $14m in initial funds and holds a 40%
interest in the associate entity. On 13 April 2024, VaxEquity entered a voluntary liquidation process.
On 27 November 2017, AstraZeneca entered into a joint venture agreement with Chinese Future Industry Investment Fund (FIIF), to discover,
develop and commercialise potential new medicines to help address unmet medical needs globally, and to bring innovative new medicines to
patients in China more quickly. The agreement resulted in the formation of a joint venture entity based in China, Dizal (Jiangsu) Pharmaceutical
Co., Ltd. Since its establishment, AstraZeneca has contributed $80m in cash to the joint venture entity and has a 26% interest in the joint venture.
On 1 December 2015, AstraZeneca entered into a joint venture agreement with Fujifilm Kyowa Kirin Biologics Co., Ltd. to develop a biosimilar
using the combined capabilities of the two parties. The agreement resulted in the formation of a joint venture entity based in the UK, Centus
Biotherapeutics Limited (\u2018Centus\u2019). Since its establishment, AstraZeneca has contributed $135m in cash to the joint venture entity and has a
50% interest in the joint venture which has a carrying value of $nil (2023: $nil; 2022: $nil). On 7 May 2024 Centus was dissolved.
All investments are accounted for using the equity method. At 31 December 2024, unrecognised losses in associates and joint ventures
totalled $177m (2023: $140m; 2022: $92m) which have not been recognised due to the investment carrying value reaching $nil value.
Aggregated summarised financial information for the associate and joint venture entities is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Non-current assets
577
424
290
Current assets
508
362
300
Total liabilities
(516)
(287)
(72)
Net assets
569
499
518
Amount attributable to AstraZeneca
131
85
91
Goodwill
152
52
\u2013
Exchange adjustments
(15)
10
(15)
Carrying value of investments in associates and joint ventures
268
147
76
\n
Joint contractual arrangements were entered into between AstraZeneca and Daiichi Sankyo; in March 2019 for the co-development and
co-commercialisation of
Enhertu
and in July 2020 for the co-development and co-commercialisation of
Datroway
. Each party shares global
pre-tax net income from the collaboration on a 50:50 basis (with the exception of Japan where Daiichi Sankyo maintains exclusive rights
and AstraZeneca receives a royalty). The joint operation is not structured through a separate legal entity, and it operates from AstraZeneca
and Daiichi Sankyo\u2019s respective principal places of business.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00572": { "value": "12 Other investments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Non-current investments
\u00a0 \u00a0 \u00a0
Equity securities at fair value through Other comprehensive income
1,632
1,530
1,056
Fixed income securities at fair value through profit or loss
\u2013
\u2013
10
Total
1,632
1,530
1,066
Current investments
\u00a0 \u00a0 \u00a0
Fixed income securities at fair value through profit or loss
37
20
13
Cash collateral pledged to counterparties
129
102
162
Fixed deposits
\u2013
\u2013
64
Total
166
122
239
\n
Other investments held at FVOCI include equity securities which are not held for trading and which the Group has irrevocably elected at initial
recognition to recognise in this category. Other investments held at FVPL mainly comprise fixed income securities that the Group holds to sell.
The fair value of listed investments is based on year end quoted market prices. Fixed deposits and Cash collateral pledged to counterparties
are held at amortised cost with carrying value being a reasonable approximation of fair value given their short-term nature.
Cash collateral pledged to counterparties relates to collateral pledged on derivatives entered into to hedge the Group\u2019s risk exposures.
Fair value hierarchy
The table below analyses equity securities and bonds, contained within Other investments and carried at fair value, by valuation method.
The different levels have been defined as follows:
\u2022
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)
\u2022
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
Level 1
37
1,279
20
1,217
13
880
Level 2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3
\u2013
353
\u2013
313
10
176
Total
37
1,632
20
1,530
23
1,056
\n
Assets are transferred in or out of each Level on the date of the event or change in circumstances that caused the transfer.
Equity securities that are analysed at Level 3 include investments in private biotech companies. In the absence of specific market data, these
unlisted investments are held at fair value based on the cost of investment and adjusting as necessary for impairments and revaluations on
new funding rounds, which approximates to fair value. Movements in Level 3 investments are detailed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
At 1 January
\u2013
313
10
176
\u2013
104
Additions
\u2013
56
\u2013
127
10
32
Revaluations
\u2013
(9)
3
14
\u2013
50
Net transfers out from Level 3 to Level 1
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
Disposals
\u2013
\u2013
(13)
(8)
\u2013
(5)
Impairments and exchange adjustments
\u2013
(7)
\u2013
4
\u2013
(1)
At 31 December
\u2013
353
\u2013
313
10
176
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00573": { "value": "12 Other investments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Non-current investments
\u00a0 \u00a0 \u00a0
Equity securities at fair value through Other comprehensive income
1,632
1,530
1,056
Fixed income securities at fair value through profit or loss
\u2013
\u2013
10
Total
1,632
1,530
1,066
Current investments
\u00a0 \u00a0 \u00a0
Fixed income securities at fair value through profit or loss
37
20
13
Cash collateral pledged to counterparties
129
102
162
Fixed deposits
\u2013
\u2013
64
Total
166
122
239
\n
Other investments held at FVOCI include equity securities which are not held for trading and which the Group has irrevocably elected at initial
recognition to recognise in this category. Other investments held at FVPL mainly comprise fixed income securities that the Group holds to sell.
The fair value of listed investments is based on year end quoted market prices. Fixed deposits and Cash collateral pledged to counterparties
are held at amortised cost with carrying value being a reasonable approximation of fair value given their short-term nature.
Cash collateral pledged to counterparties relates to collateral pledged on derivatives entered into to hedge the Group\u2019s risk exposures.
Fair value hierarchy
The table below analyses equity securities and bonds, contained within Other investments and carried at fair value, by valuation method.
The different levels have been defined as follows:
\u2022
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)
\u2022
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
Level 1
37
1,279
20
1,217
13
880
Level 2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Level 3
\u2013
353
\u2013
313
10
176
Total
37
1,632
20
1,530
23
1,056
\n
Assets are transferred in or out of each Level on the date of the event or change in circumstances that caused the transfer.
Equity securities that are analysed at Level 3 include investments in private biotech companies. In the absence of specific market data, these
unlisted investments are held at fair value based on the cost of investment and adjusting as necessary for impairments and revaluations on
new funding rounds, which approximates to fair value. Movements in Level 3 investments are detailed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2024
2023
2023
2022
2022
\u00a0
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
\u00a0
$m
$m
$m
$m
$m
$m
At 1 January
\u2013
313
10
176
\u2013
104
Additions
\u2013
56
\u2013
127
10
32
Revaluations
\u2013
(9)
3
14
\u2013
50
Net transfers out from Level 3 to Level 1
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
Disposals
\u2013
\u2013
(13)
(8)
\u2013
(5)
Impairments and exchange adjustments
\u2013
(7)
\u2013
4
\u2013
(1)
At 31 December
\u2013
353
\u2013
313
10
176
\n19 Interest-bearing loans and borrowings \n \n
Repayment
2024
2023
2022
dates
$m
$m
$m
Current liabilities
Bank overdrafts
On demand
59
203
183
Other short-term borrowings excluding overdrafts
90
97
78
Collateral received from derivative counterparties
181
215
89
Lease liabilities
339
271
228
0.3% Callable bond
US dollars
2023
\u2013
\u2013
1,399
2023 Floating bank loan
US dollars
2023
\u2013
\u2013
2,000
Floating rate notes
US dollars
2023
\u2013
\u2013
400
3.5% Callable bond
US dollars
2023
\u2013
\u2013
849
7% Guaranteed debentures
US dollars
2023
\u2013
\u2013
294
0.75% Callable bond
euros
2024
\u2013
995
\u2013
0.7% Callable bond
US dollars
2024
\u2013
1,600
\u2013
2024 Floating rate bank loans
US dollars
2024
\u2013
2,000
\u2013
3.375% Callable bond
US dollars
2025
1,997
\u2013
\u2013
Other loans
Within one year
10
19
22
Total
2,676
5,400
5,542
\n \n
Non-current liabilities
Lease liabilities
1,113
857
725
0.75% Callable bond
euros
2024
\u2013
\u2013
957
0.7% Callable bond
US dollars
2024
\u2013
\u2013
1,598
2024 Floating bank loans
US dollars
2024
\u2013
\u2013
1,998
3.375% Callable bond
US dollars
2025
\u2013
1,994
1,992
0.7% Callable bond
US dollars
2026
1,198
1,196
1,195
1.2% Callable bond
US dollars
2026
1,249
1,248
1,246
4.8% Callable bond
US dollars
2027
1,247
\u2013
\u2013
3.625% Callable bond
euros
2027
780
829
\u2013
3.125% Callable bond
US dollars
2027
748
747
746
4.875% Callable bond
US dollars
2028
1,096
1,095
\u2013
1.25% Callable bond
euros
2028
829
879
845
1.75% Callable bond
US dollars
2028
1,247
1,246
1,245
4% Callable bond
US dollars
2029
996
995
995
4.85% Callable bond
US dollars
2029
1,246
\u2013
\u2013
0.375% Callable bond
euros
2029
829
881
846
4.9% Callable bond
US dollars
2030
646
645
\u2013
3.121% Callable bond
euros
2030
682
\u2013
\u2013
1.375% Callable bond
US dollars
2030
1,295
1,294
1,293
4.9% Callable bond
US dollars
2031
994
\u2013
\u2013
2.25% Callable bond
US dollars
2031
747
747
747
5.75% Non-callable bond
pound sterling
2031
438
444
420
3.75% Callable bond
euros
2032
778
827
\u2013
4.875% Callable bond
US dollars
2033
497
497
\u2013
3.278% Callable bond
euros
2033
786
\u2013
\u2013
5% Callable bond
US dollars
2034
1,489
\u2013
\u2013
6.45% Callable bond
US dollars
2037
2,727
2,725
2,724
4% Callable bond
US dollars
2042
989
989
988
4.375% Callable bond
US dollars
2045
982
981
981
4.375% Callable bond
US dollars
2048
738
738
737
2.125% Callable bond
US dollars
2050
487
487
487
3% Callable bond
US dollars
2051
735
735
735
Other loans
US dollars
31
146
190
Total
27,619
23,222
23,690
Total interest-bearing loans and borrowings
1
30,295
28,622
29,232
\n
1
All loans and borrowings above are unsecured. In previous years, there were current (2023: $nil; 2022: $22m) and non-current (2023: $nil; 2022: $181m) secured loans, both included
within Other loans.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
Total
Total
\u00a0
loans and
loans and
loans and
\u00a0
borrowings
borrowings
borrowings
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
28,622
29,232
30,781
Changes from financing cash flows
\u00a0 \u00a0 \u00a0
Issue of loans and borrowings
6,492
3,816
\u2013
Repayment of loans and borrowings
(4,652)
(4,942)
(1,271)
Movement in short-term borrowings
(31)
161
74
Repayment of obligations under leases
(316)
(268)
(244)
Total changes in cash flows arising on financing activities from borrowings
1,493
(1,233)
(1,441)
Movement in overdrafts
(144)
20
(85)
New lease liabilities
710
444
253
Additions through business combinations
12
\u2013
5
Exchange
(361)
187
(287)
Other movements
(37)
(28)
6
At 31 December
30,295
28,622
29,232
\n
Also included within Cash flows from financing activities within the Consolidated Statement of Cash Flows is a $833m cash outflow (2023: $867m;
2022: $920m) related to the Acerta Pharma share purchase liability which has a closing liability at 31 December 2024 of $nil (2023: $833m;
2022: $1,646m) within Trade and other payables (see Note 20
).
Set out below is a comparison by category of carrying values and fair values of all the Group\u2019s interest-bearing loans and borrowings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Instruments
Instruments
Instruments
\u00a0
Total
\u00a0
\u00a0
designated
designated in
designated in
Amortised
carrying
Fair
\u00a0
at fair value
1
cash flow hedge
2
fair value hedge
3
cost
value
value
\u00a0
$m
$m
$m
$m
$m
$m
2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
183
183
183
Lease liabilities due within one year
\u2013
\u2013
\u2013
228
228
228
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
725
725
725
Loans and borrowings due within one year
294
\u2013
\u2013
4,837
5,131
5,105
Loans and borrowings due after more than one year
\u2013
1,802
\u2013
21,163
22,965
21,657
Total at 31 December 2022
294
1,802
\u2013
27,136
29,232
27,898
2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
203
203
203
Lease liabilities due within one year
\u2013
\u2013
\u2013
271
271
271
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
857
857
857
Loans and borrowings due within one year
\u2013
995
\u2013
3,931
4,926
4,887
Loans and borrowings due after more than one year
\u2013
2,535
\u2013
19,830
22,365
21,769
Total at 31 December 2023
\u2013
3,530
\u2013
25,092
28,622
27,987
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
59
59
59
Lease liabilities due within one year
\u2013
\u2013
\u2013
339
339
339
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
1,113
1,113
1,113
Loans and borrowings due within one year
\u2013
\u2013
\u2013
2,278
2,278
2,263
Loans and borrowings due after more than one year
\u2013
2,387
1,468
22,651
26,506
25,405
Total at 31 December 2024\u00b3
\u2013
2,387
1,468
26,440
30,295
29,179
\n
1
Instruments designated at FVPL include the US dollar 7% guaranteed debentures which matured on 15 November 2023.
2
Instruments designated in cash flow hedges are our euro 900m 0.75% 2024 Callable bond which matured in 2024, our euro 750m 3.625% 2027 Callable bond, our euro 800m
1.25% 2028 Callable bond, and our euro 750m 3.75% 2032 Callable bond.
3
Instruments designated in fair value hedges are our euro 650m 3.121% 2030 Callable bond, and our euro 750m 3.278% 2033 Callable bond.
The fair value of fixed-rate publicly traded debt is based on year end quoted market prices; the fair value of floating rate debt is nominal value,
as mark-to-market differences would be minimal given the frequency of resets. The carrying value of loans designated at FVPL is the fair
value; this falls within the Level 1 valuation method as defined in Note 12. For loans designated in a fair value hedge relationship, carrying
value is initially measured at fair value and remeasured for fair value changes in respect of the hedged risk at each reporting date. All other
loans are held at amortised cost. Fair values, as disclosed in the table above, are all determined using the Level 1 valuation method as defined
in Note 12, with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
The cumulative adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was an increase in the
liability of $16m. A loss of $2m was made during the year on the fair value of bonds designated in a fair value hedge, due to increased credit
risk. Under IFRS 9 \u2018Financial Instruments\u2019, the Group records the component of fair value changes relating to the component of own credit
risk through Other comprehensive income. Changes in credit risk had no material effect on any other financial assets and liabilities recognised
at fair value in the Group Financial Statements. The change in fair value attributable to changes in credit risk is calculated as the change in
fair value not attributable to market risk.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Loans and borrowings
2.0% to 2.9%
n/a to n/a
1
4.3% to 4.9%
\n
1
All bonds designated as FVPL in 2023 matured prior to the reporting date.28 Financial risk management objectives and policies
The Group\u2019s principal financial instruments, other than derivatives, comprise bank overdrafts, loans and other borrowings, lease liabilities,
current and non-current investments, cash and short-term deposits. The main purpose of these financial instruments is to manage the
Group\u2019s funding and liquidity requirements. The Group has other financial assets and liabilities such as trade receivables and trade payables,
which arise directly from its operations.
The principal financial risks to which the Group is exposed are those of liquidity, interest rate, foreign currency and credit. Each of these is
managed in accordance with Board-approved policies. These policies, together with the Group\u2019s approach to capital management, are set
out below.
Capital management
The capital structure of the Group consists of Shareholders\u2019 equity (Note 24), Debt (Note 19), Other current investments (Note 12) and Cash
(Note 17). For the foreseeable future, the Board will maintain a capital structure that supports the Group\u2019s strategic objectives through:
\u2022
managing funding and liquidity risk
\u2022
optimising shareholder return
\u2022
maintaining a strong, investment-grade credit rating.
The Group utilises factoring arrangements and bank acceptance drafts discounting for selected trade receivables. These arrangements qualify
for full derecognition of the associated trade receivables under IFRS 9 \u2018Financial Instruments\u2019. Amounts due on invoices that have not been
factored at year end, from customers that are subject to these arrangements, are disclosed in Note 16.
Funding and liquidity risk are reviewed regularly by the Board and managed in accordance with the policies described below.
The Board regularly reviews its shareholders\u2019 distribution policy, which comprises a regular cash dividend and potentially a share repurchase
component. No share repurchases have been made since 2012.
The Group\u2019s net debt position (loans and borrowings net of Cash and cash equivalents, Other investments and Derivative financial instruments)
has increased by $2,060m from a net debt position of $22,510m at the beginning of the year to a net debt position of $24,570m at 31 December
2024. Gross debt increased from $28,622m to $30,295m, principally due to the issuance of $6,492m debt offset by the repayment of
$4,652m debt.
Liquidity risk
The Board reviews the Group\u2019s ongoing liquidity risks annually as part of the planning process and on an ad hoc basis. The Board considers
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group
uses US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and
manages long-term liquidity by raising funds through the capital markets. At 31 December 2024, the Group was assigned short-term credit
ratings of P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A2 by Moody\u2019s and A+ by Standard
and Poor\u2019s.
In addition to Cash and cash equivalents of $5,488m, short-term fixed income investments of $37m, less overdrafts of $59m at 31 December
2024, the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial
covenants. The maturity of the $4,875m facilities was extended in January 2025 from April 2029 to April 2030. The Group regularly monitors
the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing on the committed facilities
should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured Overnight Financing
Rate (SOFR) plus a margin.
At 31 December 2024, the Group has $5,122m outstanding from debt issued under a Euro Medium Term Note programme and $23,350m
under an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate
purposes of the Group.
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \u00a0\n \n
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-derivative
financial
financial
derivative
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
365
5,777
249
19,065
25,456
(12,445)
12,478
33
25,489
In one to two years
\u2013
5,233
208
2,086
7,527
(1,012)
1,078
66
7,593
In two to three years
\u2013
2,608
172
872
3,652
(34)
38
4
3,656
In three to four years
\u2013
2,983
128
595
3,706
(103)
103
\u2013
3,706
In four to five years
\u2013
1,267
84
814
2,165
(32)
35
3
2,168
In more than five years
\u2013
18,156
184
3,177
21,517
(1,436)
1,378
(58)
21,459
365
36,024
1,025
26,609
64,023
(15,062)
15,110
48
64,071
Effect of interest
(15)
(7,982)
\u2013
\u2013
(7,997)
227
(249)
(22)
(8,019)
Effect of discounting, fair values and issue costs
\u2013
(113)
(72)
(3,299)
(3,484)
63
7
70
(3,414)
31 December 2022
350
27,929
953
23,310
52,542
(14,772)
14,868
96
52,638
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
542
5,469
313
22,401
28,725
(11,302)
11,366
64
28,789
In one to two years
\u2013
2,764
261
1,482
4,507
(100)
114
14
4,521
In two to three years
\u2013
3,137
208
788
4,133
(164)
179
15
4,148
In three to four years
\u2013
2,230
138
625
2,993
(924)
883
(41)
2,952
In four to five years
\u2013
3,822
88
12
3,922
(949)
971
22
3,944
In more than five years
\u2013
17,995
271
35
18,301
(1,507)
1,340
(167)
18,134
\u00a0
542
35,417
1,279
25,343
62,581
(14,946)
14,853
(93)
62,488
Effect of interest
(27)
(8,270)
\u2013
\u2013
(8,297)
589
(644)
(55)
(8,352)
Effect of discounting, fair values and issue costs
\u2013
(168)
(151)
(309)
(628)
44
(46)
(2)
(630)
31 December 2023
515
26,979
1,128
25,034
53,656
(14,313)
14,163
(150)
53,506
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
\u00a0
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
345
3,045
396
22,501
26,287
(16,227)
16,282
55
26,342
In one to two years
\u2013
3,437
345
1,086
4,868
(207)
250
43
4,911
In two to three years
\u2013
3,670
266
105
4,041
(917)
956
39
4,080
In three to four years
\u2013
3,978
170
750
4,898
(941)
1,044
103
5,001
In four to five years
\u2013
3,780
117
\u2013
3,897
(627)
489
(138)
3,759
In more than five years
\u2013
19,929
406
\u2013
20,335
(2,437)
2,583
146
20,481
\u00a0
345
37,839
1,700
24,442
64,326
(21,356)
21,604
248
64,574
Effect of interest
(15)
(9,173)
\u2013
\u2013
(9,188)
808
(1,068)
(260)
(9,448)
Effect of discounting, fair values and issue costs
\u2013
(153)
(248)
(207)
(608)
36
(95)
(59)
(667)
31 December 2024
330
28,513
1,452
24,235
54,530
(20,512)
20,441
(71)
54,459
\n
Where interest payments are on a floating rate basis, it is assumed that rates will remain unchanged from the last business day of each year
ended 31 December.
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
exception of $1,751m of Contingent consideration held within Trade and other payables (see Note 20).
Market risk
Interest rate risk
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
agreements to manage this mix.
The majority of surplus cash is currently invested in US dollar liquidity funds.
The interest rate profile of the Group\u2019s interest-bearing financial instruments is set out below. In the case of current and non-current financial
liabilities, the classification includes the impact of interest rate swaps which convert the debt to floating rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current
2,346
330
2,676
2,885
2,515
5,400
2,476
3,066
5,542
Non-current
26,151
1,468
27,619
23,222
\u2013
23,222
21,511
2,179
23,690
Total
28,497
1,798
30,295
26,107
2,515
28,622
23,987
5,245
29,232
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
Cash collateral pledged to counterparties
\u2013
129
129
\u2013
102
102
\u2013
162
162
Cash and cash equivalents
\u2013
5,488
5,488
\u2013
5,840
5,840
250
5,916
6,166
Total
\u2013
5,617
5,617
\u2013
5,942
5,942
314
6,078
6,392
\n
In addition to the financial assets above, there are $11,115m (2023: $11,288m; 2022: $9,546m) of other current and non-current asset investments
and other financial assets.
The Group is also exposed to market risk on other investments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Equity securities at fair value through Other comprehensive income (Note 12)
1,632
1,530
1,056
Non-current fixed income securities at fair value through profit or loss (Note 12)
\u2013
\u2013
10
Total
1,632
1,530
1,066
\n
Foreign currency risk
The US dollar is the Group\u2019s most significant currency. As a consequence, the Group results are presented in US dollars and exposures are
managed against US dollars accordingly.
Translational
Approximately 60% of Group external sales in 2024 were denominated in currencies other than the US dollar, while a significant proportion
of manufacturing, and research and development costs were denominated in pound sterling and Swedish krona. Surplus cash generated
by business units is substantially converted to, and held centrally in, US dollars. As a result, operating profit and total cash flow in US dollars
will be affected by movements in exchange rates. This currency exposure is managed centrally, based on forecast cash flows. The impact
of movements in exchange rates is mitigated significantly by the correlations which exist between the major currencies to which the Group
is exposed and the US dollar. Monitoring of currency exposures and correlations is undertaken on a regular basis and hedging is subject to
pre-execution approval.
As at 31 December 2024, before the impact of derivatives or other forms of hedging, the Group held $548m of interest-bearing loans and
borrowings denominated in pound sterling and $4,876m denominated in euros.
$438m of the pound sterling loan and $829m of the euro loans balances are designated in a net investment hedge where they hedge an
underlying net investment of that amount in the same currency. $2,387m of the euro loans are designated in cashflow hedges, where they are
hedged with cross-currency swaps. Exchange differences on the retranslation of debt designated in a net investment hedge or a cashflow
hedge are recognised in Other comprehensive income to the extent the hedge is effective. $1,468m of the euro loans are designated in fair
value hedges, hedged with cross-currency swaps. Exchange difference on the retranslation of debt designated in a fair value hedge is
recognised within Finance income and expense.
For further details of all designated hedging relationships please refer to the Hedge accounting section within this Note 28, from page 199.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy and the Foreign
currencies accounting policy on page 158 within Group Accounting Policies.
As at 31 December 2024, the Group operates in three countries designated as hyperinflationary, being Argentina, Venezuela and Turkey.
The foreign exchange risk of these markets has been assessed and deemed to be immaterial.
Transactional
The Group aims to hedge all its forecasted major transactional currency exposures on working capital balances, which typically extend for up
to three months. Where practicable, these are hedged using forward foreign exchange contracts. In addition, external dividend payments in
pound sterling to UK shareholders and in Swedish krona to Swedish shareholders are fully hedged from announcement date to payment date.
Foreign exchange gains and losses on forward contracts transacted for transactional hedging are taken to profit and loss or to Other
comprehensive income if the contract is in a designated cash flow hedge.
Sensitivity analysis
The sensitivity analysis set out below summarises the sensitivity of the market value of our financial instruments to hypothetical changes in
market rates and prices. The range of variables chosen for the sensitivity analysis reflects our view of changes which are reasonably possible
over a one-year period. Market values are the present value of future cash flows based on market rates and prices at the valuation date. For
long-term debt, an increase in interest rates results in a decline in the fair value of debt.
The sensitivity analysis assumes an instantaneous 100 basis point change in interest rates in all currencies from their levels at 31 December
2024, with all other variables held constant. Based on the composition of our long-term debt portfolio and cash reserves as at 31 December
2024, a 1% increase in interest rates would result in an additional $18m in interest expense on the debt and an additional $56m interest income
on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at
31 December 2024, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other
currencies and the -10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed
in the table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the
table below.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2022
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,317
(1,490)
81
(89)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
26
(15)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
55
(74)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2023
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,361
(1,534)
196
(212)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
134
(128)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
62
(83)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,407
(1,561)
11
(20)
Impact on profit: (loss)/gain ($m)
\u2013
\u2013
(117)
133
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
128
(152)
\n
Credit risk
The Group is exposed to credit risk on financial assets, such as cash investments, derivative instruments, and Trade and other receivables.
The Group was also exposed in its Net asset position to its own credit risk in respect of the 2023 debentures which were accounted for at
FVPL. Under IFRS 9, the effect of the losses and gains arising from own credit risk on the fair value of bonds designated at FVPL are recorded
in Other comprehensive income.
Financial counterparty credit risk
The majority of the Group\u2019s cash is centralised within the Group treasury entity and is subject to counterparty risk on the principal invested.
The level of the Group\u2019s cash investments and hence credit risk will depend on the cash flow generated by the Group and the timing of the
use of that cash. The credit risk is mitigated through a policy of prioritising security and liquidity over return and, as such, cash is only invested
in high credit-quality investments. Counterparty limits are set according to the assessed risk of each counterparty and exposures are monitored
against these limits on a regular basis.
The Group\u2019s principal financial counterparty credit risks at 31 December were as follows:
Current assets
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Money market liquidity funds
4,177
4,425
4,486
Other short-term cash equivalents
96
90
269
Total Cash and cash equivalents (Note 17)
5,488
5,840
6,166
Fixed income securities at fair value through profit or loss (Note 12)
37
20
13
Cash collateral pledged to counterparties (Note 12)
129
102
162
Fixed deposits (Note 12)
\u2013
\u2013
64
Total derivative financial instruments (Note 13)
54
116
87
Current assets subject to credit risk
5,708
6,078
6,492
\n\n \n
Non-current assets
2024
2023
2022
$m
$m
$m
Derivative financial instruments (Note 13)
182
228
74
Non-current assets subject to credit risk
182
228
74
The majority of the Group\u2019s cash is invested in US dollar AAA-rated money market liquidity funds. The money market liquidity fund portfolios
are managed by six external third-party fund managers to maintain an AAA rating. The Group\u2019s investments represent no more than 10% of
each overall fund value. There were no other significant concentrations of financial credit risk at the reporting date.
All financial derivatives are transacted with commercial banks, in line with standard market practice. The Group has agreements with some
bank counterparties whereby the parties agree to post cash collateral, for the benefit of the other, equivalent to the market valuation of the
derivative positions above a predetermined threshold. The carrying value of such cash collateral held by the Group at 31 December 2024
was $181m (2023: $215m; 2022: $89m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m
(2023: $102m; 2022: $162m).
The impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: immaterial).
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position where there is both
a legally enforceable right and an intention to settle the balances on a net basis. There are also arrangements that would not normally meet
the requirement for offsetting but may be offset in certain circumstances such as the termination of a contract or bankruptcy.
The tables below show the impact on the Consolidated Statement of Financial Position if all offset rights were exercised by the Group or its
financial counterparties.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2022
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
161
(29)
(61)
71
Other investments
1
162
\u2013
(161)
1
Total assets
323
(29)
(222)
72
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(257)
29
161
(67)
Other payables
1
(89)
\u2013
61
(28)
Total liabilities
(346)
29
222
(95)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2023
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
344
(107)
(203)
34
Other investments
1
102
\u2013
(65)
37
Total assets
446
(107)
(268)
71
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(194)
107
65
(22)
Other payables
1
(215)
\u2013
203
(12)
Total liabilities
(409)
107
268
(34)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2024
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours
to minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days
past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2024, 31 December 2023, or
31 December 2022 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customer to settle
the receivables.
On that basis, the loss allowance was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2022
Current
past due
past due
past due
Total
Expected loss rate
0.03%
0.3%
32.0%
40.6%
\u00a0
Gross carrying amount ($m)
6,791
331
50
99
7,271
Loss allowance ($m)
2
1
16
40
59
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2023
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.3%
0.8%
15.0%
\u00a0
Gross carrying amount ($m)
7,709
342
121
280
8,452
Loss allowance ($m)
1
1
1
42
45
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
\u00a0
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n
Trade receivables are written off where there is no reasonable expectation of recovery.
Impairment losses on Trade receivables are presented as net impairment losses within Operating profit, any subsequent recoveries are
credited against the same line.
In the US, sales to three wholesalers accounted for approximately 74% (2023: 80%; 2022: 73%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
45
59
23
Net movement recognised in the Consolidated Statement of Comprehensive Income
(3)
(14)
37
Amounts utilised, exchange and other movements
(9)
\u2013
(1)
At 31 December
33
45
59
\n
Given the profile of our customers, including large wholesalers and government-backed agencies, no further credit risk has been identified
with the Trade receivables not past due other than those balances for which an allowance has been made.
Hedge accounting
The Group uses foreign currency borrowings, foreign currency forwards and swaps, currency options, interest rate swaps and cross-currency
interest rate swaps for the purpose of hedging its foreign currency and interest rate risks. The Group may designate certain financial instruments
as fair value hedges, cash flow hedges or net investment hedges in accordance with IFRS 9. Hedge effectiveness is determined at the
inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship
exists between the hedged item and hedging instrument. Sources of hedge effectiveness will depend on the hedge relationship designation
but may include:
\u2022
a significant change in the credit risk of either party to the hedging relationship
\u2022
a timing mismatch between the hedging instrument and the hedged item
\u2022
movements in foreign currency basis spread for derivatives in a fair value hedge
\u2022
a significant change in the value of the foreign currency-denominated net assets of the Group in a net investment hedge.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged
item to determine their relative weighting, for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
Designated hedges are expected to be effective and therefore the impact of ineffectiveness on profit and loss not expected to be material.
The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting
policy in the Group accounting policies section on page 158.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
\n\n \n
2022
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2022
to OCI
statement
2022
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 1,700m
(160)
27
118
(111)
34
2026
1.14
USD 2.85%
FX Forwards \u2013 short-term FX risk
USD 1,126m
(12)
(12)
(14)
38
12
2023
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2022
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
55
(62)
7
\u2013
(55)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(4)
2
2
\u2013
4
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
420
(238)
(50)
\u2013
(288)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
846
(50)
(52)
\u2013
(102)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 2,093m
(2,093)
1,832
384
\u2013
2,216
\u2013
\u2013
\u2013
\n\n \n
2023
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2023
to OCI
statement
2023
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2013 short-term FX risk
USD 2,009m
15
12
(33)
6
(15)
2024
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2023
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
100
(55)
(45)
\u2013
(100)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(1)
4
(3)
\u2013
1
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
444
(288)
24
\u2013
(264)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
881
(102)
33
\u2013
(69)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,937m
(1,937)
2,216
(81)
\u2013
2,135
\u2013
\u2013
\u2013
\n\n \n
2024
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2024
to OCI
statement
2024
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2013 short-term FX risk
USD 2,252m
4
(15)
8
3
(4)
2025
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2024
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
146
(100)
(45)
\u2013
(145)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
1
(4)
\u2013
(3)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
438
(264)
(7)
\u2013
(271)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
829
(69)
(52)
\u2013
(121)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,367m
(1,367)
2,135
181
\u2013
2,316
\u2013
\u2013
\u2013
\n
1
\n
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
2
\n
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
3
\n
Fair value movements on cross-currency interest rate swaps in cash flow hedge and net investment hedge relationships are shown inclusive of the impact of costs of hedging.
\n
4
\n
Nominal amount of FX forwards in a cash flow hedge of $2,252m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792m
\n
at FX rate 10.9999, JPY 31,013m at 156.195, GBP 168m at 0.7962 and EUR 375m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2025.
\n
5
\n
The EUR 800m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated
\n
net assets.
Key controls applied to transactions in derivative financial instruments are to use only instruments where good market liquidity exists, to
revalue all financial instruments regularly using current market rates and to sell options only to offset previously purchased options or as part
of a risk management strategy. The Group is not a net seller of options, and does not use derivative financial instruments for speculative
purposes. The Group held no options during the reporting period.
The table below summarises the change in the fair value of hedging instruments and the hedged item designated in a fair value hedging
relationship used to calculate ineffectiveness in the period. The hedge relates to the EUR 2030 and EUR 2033 bonds issued during 2024,
consequently there are no prior year comparatives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Change in fair value
Change in fair value
Hedge
\u00a0
Nominal
of hedging instrument
of hedged item
ineffectiveness
\u00a0
amounts in
used to calculate
used to calculate
recognised in
As at 31 December 2024
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
(56)
54
(2)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00577": { "value": "13 Derivative financial instruments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Interest rate swaps related to instruments designated
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
at fair value through profit or loss
1
\u2013
1
\u2013
\u2013
1
Cross-currency swaps designated in a net investment hedge
55
\u2013
\u2013
(4)
51
Cross-currency swaps designated in a cash flow hedge
\u2013
\u2013
\u2013
(160)
(160)
Forward FX designated in a cash flow hedge
2
\u2013
1
(13)
\u2013
(12)
Other derivatives
19
85
(80)
\u2013
24
31 December 2022
74
87
(93)
(164)
(96)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
100
\u2013
\u2013
(1)
99
Cross-currency swaps designated in a cash flow hedge
116
\u2013
(30)
(37)
49
Forward FX designated in a cash flow hedge
2
\u2013
19
(4)
\u2013
15
Other derivatives
12
97
(122)
\u2013
(13)
31 December 2023
228
116
(156)
(38)
150
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
148
\u2013
\u2013
\u2013
148
Cross-currency swaps designated in a cash flow hedge
34
\u2013
\u2013
(71)
(37)
Cross-currency swaps designated in a fair value hedge
\u2013
\u2013
\u2013
(44)
(44)
Forward FX designated in a cash flow hedge
2
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
\n
1
Interest rate swaps related to instruments designated at fair value through profit or loss matured in 2023.
2
Forward FX designated in a cash flow hedge relates to contracts hedging anticipated CNY, EUR, GBP, JPY and SEK transactions occurring in the quarter immediately after the balance
sheet date.
All derivatives are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 12, except for an equity warrant which
falls within Level 3 (valued at $nil
(2023: $12m; 2022: $19m), held within Non-current assets). None of the derivatives have been reclassified
in the year. The equity warrant expired on 31 December 2024. Its value at that date was recorded as zero.
The fair value of interest rate swaps and cross-currency swaps is estimated using appropriate zero coupon curve valuation techniques to
discount future contractual cash flows based on rates at the current year end.
The fair value of forward foreign exchange contracts and currency options are estimated by cash flow accounting models using appropriate
yield curves based on market forward foreign exchange rates at the year end. The majority of forward foreign exchange contracts for existing
transactions had maturities of less than one month from year end.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Derivatives
0.6% to 4.1%
0.1% to 5.3%
0.1% to 4.7%
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00576": { "value": "13 Derivative financial instruments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Interest rate swaps related to instruments designated
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
at fair value through profit or loss
1
\u2013
1
\u2013
\u2013
1
Cross-currency swaps designated in a net investment hedge
55
\u2013
\u2013
(4)
51
Cross-currency swaps designated in a cash flow hedge
\u2013
\u2013
\u2013
(160)
(160)
Forward FX designated in a cash flow hedge
2
\u2013
1
(13)
\u2013
(12)
Other derivatives
19
85
(80)
\u2013
24
31 December 2022
74
87
(93)
(164)
(96)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
100
\u2013
\u2013
(1)
99
Cross-currency swaps designated in a cash flow hedge
116
\u2013
(30)
(37)
49
Forward FX designated in a cash flow hedge
2
\u2013
19
(4)
\u2013
15
Other derivatives
12
97
(122)
\u2013
(13)
31 December 2023
228
116
(156)
(38)
150
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
148
\u2013
\u2013
\u2013
148
Cross-currency swaps designated in a cash flow hedge
34
\u2013
\u2013
(71)
(37)
Cross-currency swaps designated in a fair value hedge
\u2013
\u2013
\u2013
(44)
(44)
Forward FX designated in a cash flow hedge
2
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
\n
1
Interest rate swaps related to instruments designated at fair value through profit or loss matured in 2023.
2
Forward FX designated in a cash flow hedge relates to contracts hedging anticipated CNY, EUR, GBP, JPY and SEK transactions occurring in the quarter immediately after the balance
sheet date.
All derivatives are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 12, except for an equity warrant which
falls within Level 3 (valued at $nil
(2023: $12m; 2022: $19m), held within Non-current assets). None of the derivatives have been reclassified
in the year. The equity warrant expired on 31 December 2024. Its value at that date was recorded as zero.
The fair value of interest rate swaps and cross-currency swaps is estimated using appropriate zero coupon curve valuation techniques to
discount future contractual cash flows based on rates at the current year end.
The fair value of forward foreign exchange contracts and currency options are estimated by cash flow accounting models using appropriate
yield curves based on market forward foreign exchange rates at the year end. The majority of forward foreign exchange contracts for existing
transactions had maturities of less than one month from year end.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Derivatives
0.6% to 4.1%
0.1% to 5.3%
0.1% to 4.7%
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00575": { "value": "13 Derivative financial instruments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Interest rate swaps related to instruments designated
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
at fair value through profit or loss
1
\u2013
1
\u2013
\u2013
1
Cross-currency swaps designated in a net investment hedge
55
\u2013
\u2013
(4)
51
Cross-currency swaps designated in a cash flow hedge
\u2013
\u2013
\u2013
(160)
(160)
Forward FX designated in a cash flow hedge
2
\u2013
1
(13)
\u2013
(12)
Other derivatives
19
85
(80)
\u2013
24
31 December 2022
74
87
(93)
(164)
(96)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
100
\u2013
\u2013
(1)
99
Cross-currency swaps designated in a cash flow hedge
116
\u2013
(30)
(37)
49
Forward FX designated in a cash flow hedge
2
\u2013
19
(4)
\u2013
15
Other derivatives
12
97
(122)
\u2013
(13)
31 December 2023
228
116
(156)
(38)
150
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
Current
Non-current
\u00a0
\u00a0
assets
assets
liabilities
liabilities
Total
\u00a0
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
148
\u2013
\u2013
\u2013
148
Cross-currency swaps designated in a cash flow hedge
34
\u2013
\u2013
(71)
(37)
Cross-currency swaps designated in a fair value hedge
\u2013
\u2013
\u2013
(44)
(44)
Forward FX designated in a cash flow hedge
2
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
\n
1
Interest rate swaps related to instruments designated at fair value through profit or loss matured in 2023.
2
Forward FX designated in a cash flow hedge relates to contracts hedging anticipated CNY, EUR, GBP, JPY and SEK transactions occurring in the quarter immediately after the balance
sheet date.
All derivatives are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 12, except for an equity warrant which
falls within Level 3 (valued at $nil
(2023: $12m; 2022: $19m), held within Non-current assets). None of the derivatives have been reclassified
in the year. The equity warrant expired on 31 December 2024. Its value at that date was recorded as zero.
The fair value of interest rate swaps and cross-currency swaps is estimated using appropriate zero coupon curve valuation techniques to
discount future contractual cash flows based on rates at the current year end.
The fair value of forward foreign exchange contracts and currency options are estimated by cash flow accounting models using appropriate
yield curves based on market forward foreign exchange rates at the year end. The majority of forward foreign exchange contracts for existing
transactions had maturities of less than one month from year end.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Derivatives
0.6% to 4.1%
0.1% to 5.3%
0.1% to 4.7%
\nLiquidity risk
The Board reviews the Group\u2019s ongoing liquidity risks annually as part of the planning process and on an ad hoc basis. The Board considers
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group
uses US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and
manages long-term liquidity by raising funds through the capital markets. At 31 December 2024, the Group was assigned short-term credit
ratings of P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A2 by Moody\u2019s and A+ by Standard
and Poor\u2019s.
In addition to Cash and cash equivalents of $5,488m, short-term fixed income investments of $37m, less overdrafts of $59m at 31 December
2024, the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial
covenants. The maturity of the $4,875m facilities was extended in January 2025 from April 2029 to April 2030. The Group regularly monitors
the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing on the committed facilities
should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured Overnight Financing
Rate (SOFR) plus a margin.
At 31 December 2024, the Group has $5,122m outstanding from debt issued under a Euro Medium Term Note programme and $23,350m
under an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate
purposes of the Group.
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \u00a0\n \n
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-derivative
financial
financial
derivative
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
365
5,777
249
19,065
25,456
(12,445)
12,478
33
25,489
In one to two years
\u2013
5,233
208
2,086
7,527
(1,012)
1,078
66
7,593
In two to three years
\u2013
2,608
172
872
3,652
(34)
38
4
3,656
In three to four years
\u2013
2,983
128
595
3,706
(103)
103
\u2013
3,706
In four to five years
\u2013
1,267
84
814
2,165
(32)
35
3
2,168
In more than five years
\u2013
18,156
184
3,177
21,517
(1,436)
1,378
(58)
21,459
365
36,024
1,025
26,609
64,023
(15,062)
15,110
48
64,071
Effect of interest
(15)
(7,982)
\u2013
\u2013
(7,997)
227
(249)
(22)
(8,019)
Effect of discounting, fair values and issue costs
\u2013
(113)
(72)
(3,299)
(3,484)
63
7
70
(3,414)
31 December 2022
350
27,929
953
23,310
52,542
(14,772)
14,868
96
52,638
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
542
5,469
313
22,401
28,725
(11,302)
11,366
64
28,789
In one to two years
\u2013
2,764
261
1,482
4,507
(100)
114
14
4,521
In two to three years
\u2013
3,137
208
788
4,133
(164)
179
15
4,148
In three to four years
\u2013
2,230
138
625
2,993
(924)
883
(41)
2,952
In four to five years
\u2013
3,822
88
12
3,922
(949)
971
22
3,944
In more than five years
\u2013
17,995
271
35
18,301
(1,507)
1,340
(167)
18,134
\u00a0
542
35,417
1,279
25,343
62,581
(14,946)
14,853
(93)
62,488
Effect of interest
(27)
(8,270)
\u2013
\u2013
(8,297)
589
(644)
(55)
(8,352)
Effect of discounting, fair values and issue costs
\u2013
(168)
(151)
(309)
(628)
44
(46)
(2)
(630)
31 December 2023
515
26,979
1,128
25,034
53,656
(14,313)
14,163
(150)
53,506
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
\u00a0
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
345
3,045
396
22,501
26,287
(16,227)
16,282
55
26,342
In one to two years
\u2013
3,437
345
1,086
4,868
(207)
250
43
4,911
In two to three years
\u2013
3,670
266
105
4,041
(917)
956
39
4,080
In three to four years
\u2013
3,978
170
750
4,898
(941)
1,044
103
5,001
In four to five years
\u2013
3,780
117
\u2013
3,897
(627)
489
(138)
3,759
In more than five years
\u2013
19,929
406
\u2013
20,335
(2,437)
2,583
146
20,481
\u00a0
345
37,839
1,700
24,442
64,326
(21,356)
21,604
248
64,574
Effect of interest
(15)
(9,173)
\u2013
\u2013
(9,188)
808
(1,068)
(260)
(9,448)
Effect of discounting, fair values and issue costs
\u2013
(153)
(248)
(207)
(608)
36
(95)
(59)
(667)
31 December 2024
330
28,513
1,452
24,235
54,530
(20,512)
20,441
(71)
54,459
\n
Where interest payments are on a floating rate basis, it is assumed that rates will remain unchanged from the last business day of each year
ended 31 December.
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
exception of $1,751m of Contingent consideration held within Trade and other payables (see Note 20).
Market risk
Interest rate risk
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
agreements to manage this mix.
The majority of surplus cash is currently invested in US dollar liquidity funds.
The interest rate profile of the Group\u2019s interest-bearing financial instruments is set out below. In the case of current and non-current financial
liabilities, the classification includes the impact of interest rate swaps which convert the debt to floating rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current
2,346
330
2,676
2,885
2,515
5,400
2,476
3,066
5,542
Non-current
26,151
1,468
27,619
23,222
\u2013
23,222
21,511
2,179
23,690
Total
28,497
1,798
30,295
26,107
2,515
28,622
23,987
5,245
29,232
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
Cash collateral pledged to counterparties
\u2013
129
129
\u2013
102
102
\u2013
162
162
Cash and cash equivalents
\u2013
5,488
5,488
\u2013
5,840
5,840
250
5,916
6,166
Total
\u2013
5,617
5,617
\u2013
5,942
5,942
314
6,078
6,392
\n
In addition to the financial assets above, there are $11,115m (2023: $11,288m; 2022: $9,546m) of other current and non-current asset investments
and other financial assets.
The Group is also exposed to market risk on other investments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Equity securities at fair value through Other comprehensive income (Note 12)
1,632
1,530
1,056
Non-current fixed income securities at fair value through profit or loss (Note 12)
\u2013
\u2013
10
Total
1,632
1,530
1,066
\n
Foreign currency risk
The US dollar is the Group\u2019s most significant currency. As a consequence, the Group results are presented in US dollars and exposures are
managed against US dollars accordingly.
Translational
Approximately 60% of Group external sales in 2024 were denominated in currencies other than the US dollar, while a significant proportion
of manufacturing, and research and development costs were denominated in pound sterling and Swedish krona. Surplus cash generated
by business units is substantially converted to, and held centrally in, US dollars. As a result, operating profit and total cash flow in US dollars
will be affected by movements in exchange rates. This currency exposure is managed centrally, based on forecast cash flows. The impact
of movements in exchange rates is mitigated significantly by the correlations which exist between the major currencies to which the Group
is exposed and the US dollar. Monitoring of currency exposures and correlations is undertaken on a regular basis and hedging is subject to
pre-execution approval.
As at 31 December 2024, before the impact of derivatives or other forms of hedging, the Group held $548m of interest-bearing loans and
borrowings denominated in pound sterling and $4,876m denominated in euros.
$438m of the pound sterling loan and $829m of the euro loans balances are designated in a net investment hedge where they hedge an
underlying net investment of that amount in the same currency. $2,387m of the euro loans are designated in cashflow hedges, where they are
hedged with cross-currency swaps. Exchange differences on the retranslation of debt designated in a net investment hedge or a cashflow
hedge are recognised in Other comprehensive income to the extent the hedge is effective. $1,468m of the euro loans are designated in fair
value hedges, hedged with cross-currency swaps. Exchange difference on the retranslation of debt designated in a fair value hedge is
recognised within Finance income and expense.
For further details of all designated hedging relationships please refer to the Hedge accounting section within this Note 28, from page 199.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy and the Foreign
currencies accounting policy on page 158 within Group Accounting Policies.
As at 31 December 2024, the Group operates in three countries designated as hyperinflationary, being Argentina, Venezuela and Turkey.
The foreign exchange risk of these markets has been assessed and deemed to be immaterial.
Transactional
The Group aims to hedge all its forecasted major transactional currency exposures on working capital balances, which typically extend for up
to three months. Where practicable, these are hedged using forward foreign exchange contracts. In addition, external dividend payments in
pound sterling to UK shareholders and in Swedish krona to Swedish shareholders are fully hedged from announcement date to payment date.
Foreign exchange gains and losses on forward contracts transacted for transactional hedging are taken to profit and loss or to Other
comprehensive income if the contract is in a designated cash flow hedge. Financial counterparty credit risk
The majority of the Group\u2019s cash is centralised within the Group treasury entity and is subject to counterparty risk on the principal invested.
The level of the Group\u2019s cash investments and hence credit risk will depend on the cash flow generated by the Group and the timing of the
use of that cash. The credit risk is mitigated through a policy of prioritising security and liquidity over return and, as such, cash is only invested
in high credit-quality investments. Counterparty limits are set according to the assessed risk of each counterparty and exposures are monitored
against these limits on a regular basis.
The Group\u2019s principal financial counterparty credit risks at 31 December were as follows:
Current assets
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Money market liquidity funds
4,177
4,425
4,486
Other short-term cash equivalents
96
90
269
Total Cash and cash equivalents (Note 17)
5,488
5,840
6,166
Fixed income securities at fair value through profit or loss (Note 12)
37
20
13
Cash collateral pledged to counterparties (Note 12)
129
102
162
Fixed deposits (Note 12)
\u2013
\u2013
64
Total derivative financial instruments (Note 13)
54
116
87
Current assets subject to credit risk
5,708
6,078
6,492
\n\n \n
Non-current assets
2024
2023
2022
$m
$m
$m
Derivative financial instruments (Note 13)
182
228
74
Non-current assets subject to credit risk
182
228
74
The majority of the Group\u2019s cash is invested in US dollar AAA-rated money market liquidity funds. The money market liquidity fund portfolios
are managed by six external third-party fund managers to maintain an AAA rating. The Group\u2019s investments represent no more than 10% of
each overall fund value. There were no other significant concentrations of financial credit risk at the reporting date.
All financial derivatives are transacted with commercial banks, in line with standard market practice. The Group has agreements with some
bank counterparties whereby the parties agree to post cash collateral, for the benefit of the other, equivalent to the market valuation of the
derivative positions above a predetermined threshold. The carrying value of such cash collateral held by the Group at 31 December 2024
was $181m (2023: $215m; 2022: $89m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m
(2023: $102m; 2022: $162m).
The impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: immaterial).
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position where there is both
a legally enforceable right and an intention to settle the balances on a net basis. There are also arrangements that would not normally meet
the requirement for offsetting but may be offset in certain circumstances such as the termination of a contract or bankruptcy.
The tables below show the impact on the Consolidated Statement of Financial Position if all offset rights were exercised by the Group or its
financial counterparties.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2022
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
161
(29)
(61)
71
Other investments
1
162
\u2013
(161)
1
Total assets
323
(29)
(222)
72
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(257)
29
161
(67)
Other payables
1
(89)
\u2013
61
(28)
Total liabilities
(346)
29
222
(95)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2023
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
344
(107)
(203)
34
Other investments
1
102
\u2013
(65)
37
Total assets
446
(107)
(268)
71
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(194)
107
65
(22)
Other payables
1
(215)
\u2013
203
(12)
Total liabilities
(409)
107
268
(34)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2024
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n
1
Balances are collateral pledged/received. Hedge accounting
The Group uses foreign currency borrowings, foreign currency forwards and swaps, currency options, interest rate swaps and cross-currency
interest rate swaps for the purpose of hedging its foreign currency and interest rate risks. The Group may designate certain financial instruments
as fair value hedges, cash flow hedges or net investment hedges in accordance with IFRS 9. Hedge effectiveness is determined at the
inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship
exists between the hedged item and hedging instrument. Sources of hedge effectiveness will depend on the hedge relationship designation
but may include:
\u2022
a significant change in the credit risk of either party to the hedging relationship
\u2022
a timing mismatch between the hedging instrument and the hedged item
\u2022
movements in foreign currency basis spread for derivatives in a fair value hedge
\u2022
a significant change in the value of the foreign currency-denominated net assets of the Group in a net investment hedge.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged
item to determine their relative weighting, for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
Designated hedges are expected to be effective and therefore the impact of ineffectiveness on profit and loss not expected to be material.
The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting
policy in the Group accounting policies section on page 158.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
\n\n \n
2022
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2022
to OCI
statement
2022
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 1,700m
(160)
27
118
(111)
34
2026
1.14
USD 2.85%
FX Forwards \u2013 short-term FX risk
USD 1,126m
(12)
(12)
(14)
38
12
2023
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2022
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
55
(62)
7
\u2013
(55)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(4)
2
2
\u2013
4
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
420
(238)
(50)
\u2013
(288)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
846
(50)
(52)
\u2013
(102)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 2,093m
(2,093)
1,832
384
\u2013
2,216
\u2013
\u2013
\u2013
\n\n \n
2023
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2023
to OCI
statement
2023
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2013 short-term FX risk
USD 2,009m
15
12
(33)
6
(15)
2024
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2023
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
100
(55)
(45)
\u2013
(100)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(1)
4
(3)
\u2013
1
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
444
(288)
24
\u2013
(264)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
881
(102)
33
\u2013
(69)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,937m
(1,937)
2,216
(81)
\u2013
2,135
\u2013
\u2013
\u2013
\n\n \n
2024
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2024
to OCI
statement
2024
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2013 short-term FX risk
USD 2,252m
4
(15)
8
3
(4)
2025
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2024
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
146
(100)
(45)
\u2013
(145)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
1
(4)
\u2013
(3)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
438
(264)
(7)
\u2013
(271)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
829
(69)
(52)
\u2013
(121)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,367m
(1,367)
2,135
181
\u2013
2,316
\u2013
\u2013
\u2013
\n
1
\n
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
2
\n
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
3
\n
Fair value movements on cross-currency interest rate swaps in cash flow hedge and net investment hedge relationships are shown inclusive of the impact of costs of hedging.
\n
4
\n
Nominal amount of FX forwards in a cash flow hedge of $2,252m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792m
\n
at FX rate 10.9999, JPY 31,013m at 156.195, GBP 168m at 0.7962 and EUR 375m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2025.
\n
5
\n
The EUR 800m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated
\n
net assets.
Key controls applied to transactions in derivative financial instruments are to use only instruments where good market liquidity exists, to
revalue all financial instruments regularly using current market rates and to sell options only to offset previously purchased options or as part
of a risk management strategy. The Group is not a net seller of options, and does not use derivative financial instruments for speculative
purposes. The Group held no options during the reporting period.
The table below summarises the change in the fair value of hedging instruments and the hedged item designated in a fair value hedging
relationship used to calculate ineffectiveness in the period. The hedge relates to the EUR 2030 and EUR 2033 bonds issued during 2024,
consequently there are no prior year comparatives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Change in fair value
Change in fair value
Hedge
\u00a0
Nominal
of hedging instrument
of hedged item
ineffectiveness
\u00a0
amounts in
used to calculate
used to calculate
recognised in
As at 31 December 2024
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
(56)
54
(2)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00578": { "value": "14 Non-current other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Prepayments
356
274
243
Accrued income
60
52
44
Retirement benefit scheme surpluses (Note 22)
99
92
90
Other receivables
415
385
458
Non-current other receivables
930
803
835
\n
Other receivables include $nil (2023: $51m; 2022: $71m) owed by FibroGen, Inc. for promotional activity in China pursuant to the
roxadustat collaboration.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00579": { "value": "15 Inventories \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Raw materials and consumables
1,489
1,531
1,422
Inventories in process
2,282
2,325
1,864
Finished goods and goods for resale
1,517
1,568
1,413
Inventories
5,288
5,424
4,699
\n
The Group recognised $7,001m (2023: $6,038m; 2022: $9,618m) of inventories as an expense within Cost of sales during the year.
Inventory write-downs in the year amounted to $664m (2023: $574m; 2022: $479m), principally arising from the reassessment of usage or
demand expectations prior to inventory expiration. Inventory write-downs in the year included $407m in relation to
Andexxa
following the
decision to cease promotional activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00583": { "value": "16 Current trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Trade receivables
8,335
8,452
7,271
Less: Expected credit loss provision (Note 28)
(33)
(45)
(59)
\u00a0
8,302
8,407
7,212
Other receivables
1,579
1,639
1,659
Prepayments
1,737
1,617
1,329
Government grants receivable
25
11
25
Accrued income
1,329
452
296
Trade and other receivables
12,972
12,126
10,521
\n
Trade receivables include $667m (2023: $1,977m; 2022: $2,470m) measured at FVOCI classified \u2018hold to collect and sell\u2019 as they are due
from customers that the Group has the option to factor, or relate to bank acceptance drafts received in settlement of trade receivables per
common practice in China.
All other financial assets included within Current trade and other receivables are held at amortised cost with carrying value being a reasonable
approximation of fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00582": { "value": "16 Current trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Trade receivables
8,335
8,452
7,271
Less: Expected credit loss provision (Note 28)
(33)
(45)
(59)
\u00a0
8,302
8,407
7,212
Other receivables
1,579
1,639
1,659
Prepayments
1,737
1,617
1,329
Government grants receivable
25
11
25
Accrued income
1,329
452
296
Trade and other receivables
12,972
12,126
10,521
\n
Trade receivables include $667m (2023: $1,977m; 2022: $2,470m) measured at FVOCI classified \u2018hold to collect and sell\u2019 as they are due
from customers that the Group has the option to factor, or relate to bank acceptance drafts received in settlement of trade receivables per
common practice in China.
All other financial assets included within Current trade and other receivables are held at amortised cost with carrying value being a reasonable
approximation of fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00581": { "value": "16 Current trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Trade receivables
8,335
8,452
7,271
Less: Expected credit loss provision (Note 28)
(33)
(45)
(59)
\u00a0
8,302
8,407
7,212
Other receivables
1,579
1,639
1,659
Prepayments
1,737
1,617
1,329
Government grants receivable
25
11
25
Accrued income
1,329
452
296
Trade and other receivables
12,972
12,126
10,521
\n
Trade receivables include $667m (2023: $1,977m; 2022: $2,470m) measured at FVOCI classified \u2018hold to collect and sell\u2019 as they are due
from customers that the Group has the option to factor, or relate to bank acceptance drafts received in settlement of trade receivables per
common practice in China.
All other financial assets included within Current trade and other receivables are held at amortised cost with carrying value being a reasonable
approximation of fair value.Credit risk
The Group is exposed to credit risk on financial assets, such as cash investments, derivative instruments, and Trade and other receivables.
The Group was also exposed in its Net asset position to its own credit risk in respect of the 2023 debentures which were accounted for at
FVPL. Under IFRS 9, the effect of the losses and gains arising from own credit risk on the fair value of bonds designated at FVPL are recorded
in Other comprehensive income.
Financial counterparty credit risk
The majority of the Group\u2019s cash is centralised within the Group treasury entity and is subject to counterparty risk on the principal invested.
The level of the Group\u2019s cash investments and hence credit risk will depend on the cash flow generated by the Group and the timing of the
use of that cash. The credit risk is mitigated through a policy of prioritising security and liquidity over return and, as such, cash is only invested
in high credit-quality investments. Counterparty limits are set according to the assessed risk of each counterparty and exposures are monitored
against these limits on a regular basis.
The Group\u2019s principal financial counterparty credit risks at 31 December were as follows:
Current assets
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Money market liquidity funds
4,177
4,425
4,486
Other short-term cash equivalents
96
90
269
Total Cash and cash equivalents (Note 17)
5,488
5,840
6,166
Fixed income securities at fair value through profit or loss (Note 12)
37
20
13
Cash collateral pledged to counterparties (Note 12)
129
102
162
Fixed deposits (Note 12)
\u2013
\u2013
64
Total derivative financial instruments (Note 13)
54
116
87
Current assets subject to credit risk
5,708
6,078
6,492
\n\n \n
Non-current assets
2024
2023
2022
$m
$m
$m
Derivative financial instruments (Note 13)
182
228
74
Non-current assets subject to credit risk
182
228
74
The majority of the Group\u2019s cash is invested in US dollar AAA-rated money market liquidity funds. The money market liquidity fund portfolios
are managed by six external third-party fund managers to maintain an AAA rating. The Group\u2019s investments represent no more than 10% of
each overall fund value. There were no other significant concentrations of financial credit risk at the reporting date.
All financial derivatives are transacted with commercial banks, in line with standard market practice. The Group has agreements with some
bank counterparties whereby the parties agree to post cash collateral, for the benefit of the other, equivalent to the market valuation of the
derivative positions above a predetermined threshold. The carrying value of such cash collateral held by the Group at 31 December 2024
was $181m (2023: $215m; 2022: $89m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m
(2023: $102m; 2022: $162m).
The impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: immaterial).
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position where there is both
a legally enforceable right and an intention to settle the balances on a net basis. There are also arrangements that would not normally meet
the requirement for offsetting but may be offset in certain circumstances such as the termination of a contract or bankruptcy.
The tables below show the impact on the Consolidated Statement of Financial Position if all offset rights were exercised by the Group or its
financial counterparties.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2022
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
161
(29)
(61)
71
Other investments
1
162
\u2013
(161)
1
Total assets
323
(29)
(222)
72
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(257)
29
161
(67)
Other payables
1
(89)
\u2013
61
(28)
Total liabilities
(346)
29
222
(95)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2023
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
344
(107)
(203)
34
Other investments
1
102
\u2013
(65)
37
Total assets
446
(107)
(268)
71
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(194)
107
65
(22)
Other payables
1
(215)
\u2013
203
(12)
Total liabilities
(409)
107
268
(34)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2024
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours
to minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days
past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2024, 31 December 2023, or
31 December 2022 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customer to settle
the receivables.
On that basis, the loss allowance was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2022
Current
past due
past due
past due
Total
Expected loss rate
0.03%
0.3%
32.0%
40.6%
\u00a0
Gross carrying amount ($m)
6,791
331
50
99
7,271
Loss allowance ($m)
2
1
16
40
59
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2023
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.3%
0.8%
15.0%
\u00a0
Gross carrying amount ($m)
7,709
342
121
280
8,452
Loss allowance ($m)
1
1
1
42
45
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
\u00a0
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n
Trade receivables are written off where there is no reasonable expectation of recovery.
Impairment losses on Trade receivables are presented as net impairment losses within Operating profit, any subsequent recoveries are
credited against the same line.
In the US, sales to three wholesalers accounted for approximately 74% (2023: 80%; 2022: 73%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
45
59
23
Net movement recognised in the Consolidated Statement of Comprehensive Income
(3)
(14)
37
Amounts utilised, exchange and other movements
(9)
\u2013
(1)
At 31 December
33
45
59
\n
Given the profile of our customers, including large wholesalers and government-backed agencies, no further credit risk has been identified
with the Trade receivables not past due other than those balances for which an allowance has been made.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00580": { "value": "16 Current trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Trade receivables
8,335
8,452
7,271
Less: Expected credit loss provision (Note 28)
(33)
(45)
(59)
\u00a0
8,302
8,407
7,212
Other receivables
1,579
1,639
1,659
Prepayments
1,737
1,617
1,329
Government grants receivable
25
11
25
Accrued income
1,329
452
296
Trade and other receivables
12,972
12,126
10,521
\n
Trade receivables include $667m (2023: $1,977m; 2022: $2,470m) measured at FVOCI classified \u2018hold to collect and sell\u2019 as they are due
from customers that the Group has the option to factor, or relate to bank acceptance drafts received in settlement of trade receivables per
common practice in China.
All other financial assets included within Current trade and other receivables are held at amortised cost with carrying value being a reasonable
approximation of fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00585": { "value": "17 Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Short-term deposits
4,273
4,515
4,755
Cash and cash equivalents
5,488
5,840
6,166
Unsecured bank overdrafts
(59)
(203)
(183)
Cash and cash equivalents in the Consolidated Statement of Cash Flows
5,429
5,637
5,983
\n
AstraZeneca invests in constant net asset value funds, low-volatility net asset value funds and short-term variable net asset value funds with
same day access for subscription and redemption. These investments fail the \u2018solely payments of principal and interest\u2019 test criteria under
IFRS 9 \u2018Financial Instruments\u2019. They are therefore measured at FVPL, although the fair value is materially the same as amortised cost.
Non-cash and other movements, within operating activities in the Consolidated Statement of Cash Flows, includes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Share-based payments charge for the period
660
579
619
Settlement of share plan awards
(618)
(650)
(592)
Pension contributions
(166)
(188)
(205)
Pension charges recorded in operating profit
86
55
101
Long-term provision charges recorded in operating profit
106
460
87
Loss/(gain) on disposal of tangible assets
4
(41)
(112)
Update to the contractual relationships for
Beyfortus
\u2013
(729)
\u2013
Foreign exchange and other
1
(193)
128
(590)
Total operating activities non-cash and other movements
(121)
(386)
(692)
\n
1
Foreign exchange and other includes, among other items, the foreign exchange of inter-company transactions, including dividends, across Group entities and the related impact
from hedging those transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00584": { "value": "17 Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Short-term deposits
4,273
4,515
4,755
Cash and cash equivalents
5,488
5,840
6,166
Unsecured bank overdrafts
(59)
(203)
(183)
Cash and cash equivalents in the Consolidated Statement of Cash Flows
5,429
5,637
5,983
\n
AstraZeneca invests in constant net asset value funds, low-volatility net asset value funds and short-term variable net asset value funds with
same day access for subscription and redemption. These investments fail the \u2018solely payments of principal and interest\u2019 test criteria under
IFRS 9 \u2018Financial Instruments\u2019. They are therefore measured at FVPL, although the fair value is materially the same as amortised cost.
Non-cash and other movements, within operating activities in the Consolidated Statement of Cash Flows, includes:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Share-based payments charge for the period
660
579
619
Settlement of share plan awards
(618)
(650)
(592)
Pension contributions
(166)
(188)
(205)
Pension charges recorded in operating profit
86
55
101
Long-term provision charges recorded in operating profit
106
460
87
Loss/(gain) on disposal of tangible assets
4
(41)
(112)
Update to the contractual relationships for
Beyfortus
\u2013
(729)
\u2013
Foreign exchange and other
1
(193)
128
(590)
Total operating activities non-cash and other movements
(121)
(386)
(692)
\n
1
Foreign exchange and other includes, among other items, the foreign exchange of inter-company transactions, including dividends, across Group entities and the related impact
from hedging those transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00586": { "value": "18 Assets held for sale
Assets held for sale amount to $nil (2023: $nil; 2022: $150m).
In 2022, Assets held for sale comprised Property, plant and equipment assets relating to the West Chester site in Ohio, US. The transaction
closed on 30 January 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00588": { "value": "19 Interest-bearing loans and borrowings \n \n
Repayment
2024
2023
2022
dates
$m
$m
$m
Current liabilities
Bank overdrafts
On demand
59
203
183
Other short-term borrowings excluding overdrafts
90
97
78
Collateral received from derivative counterparties
181
215
89
Lease liabilities
339
271
228
0.3% Callable bond
US dollars
2023
\u2013
\u2013
1,399
2023 Floating bank loan
US dollars
2023
\u2013
\u2013
2,000
Floating rate notes
US dollars
2023
\u2013
\u2013
400
3.5% Callable bond
US dollars
2023
\u2013
\u2013
849
7% Guaranteed debentures
US dollars
2023
\u2013
\u2013
294
0.75% Callable bond
euros
2024
\u2013
995
\u2013
0.7% Callable bond
US dollars
2024
\u2013
1,600
\u2013
2024 Floating rate bank loans
US dollars
2024
\u2013
2,000
\u2013
3.375% Callable bond
US dollars
2025
1,997
\u2013
\u2013
Other loans
Within one year
10
19
22
Total
2,676
5,400
5,542
\n \n
Non-current liabilities
Lease liabilities
1,113
857
725
0.75% Callable bond
euros
2024
\u2013
\u2013
957
0.7% Callable bond
US dollars
2024
\u2013
\u2013
1,598
2024 Floating bank loans
US dollars
2024
\u2013
\u2013
1,998
3.375% Callable bond
US dollars
2025
\u2013
1,994
1,992
0.7% Callable bond
US dollars
2026
1,198
1,196
1,195
1.2% Callable bond
US dollars
2026
1,249
1,248
1,246
4.8% Callable bond
US dollars
2027
1,247
\u2013
\u2013
3.625% Callable bond
euros
2027
780
829
\u2013
3.125% Callable bond
US dollars
2027
748
747
746
4.875% Callable bond
US dollars
2028
1,096
1,095
\u2013
1.25% Callable bond
euros
2028
829
879
845
1.75% Callable bond
US dollars
2028
1,247
1,246
1,245
4% Callable bond
US dollars
2029
996
995
995
4.85% Callable bond
US dollars
2029
1,246
\u2013
\u2013
0.375% Callable bond
euros
2029
829
881
846
4.9% Callable bond
US dollars
2030
646
645
\u2013
3.121% Callable bond
euros
2030
682
\u2013
\u2013
1.375% Callable bond
US dollars
2030
1,295
1,294
1,293
4.9% Callable bond
US dollars
2031
994
\u2013
\u2013
2.25% Callable bond
US dollars
2031
747
747
747
5.75% Non-callable bond
pound sterling
2031
438
444
420
3.75% Callable bond
euros
2032
778
827
\u2013
4.875% Callable bond
US dollars
2033
497
497
\u2013
3.278% Callable bond
euros
2033
786
\u2013
\u2013
5% Callable bond
US dollars
2034
1,489
\u2013
\u2013
6.45% Callable bond
US dollars
2037
2,727
2,725
2,724
4% Callable bond
US dollars
2042
989
989
988
4.375% Callable bond
US dollars
2045
982
981
981
4.375% Callable bond
US dollars
2048
738
738
737
2.125% Callable bond
US dollars
2050
487
487
487
3% Callable bond
US dollars
2051
735
735
735
Other loans
US dollars
31
146
190
Total
27,619
23,222
23,690
Total interest-bearing loans and borrowings
1
30,295
28,622
29,232
\n
1
All loans and borrowings above are unsecured. In previous years, there were current (2023: $nil; 2022: $22m) and non-current (2023: $nil; 2022: $181m) secured loans, both included
within Other loans.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
Total
Total
\u00a0
loans and
loans and
loans and
\u00a0
borrowings
borrowings
borrowings
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
28,622
29,232
30,781
Changes from financing cash flows
\u00a0 \u00a0 \u00a0
Issue of loans and borrowings
6,492
3,816
\u2013
Repayment of loans and borrowings
(4,652)
(4,942)
(1,271)
Movement in short-term borrowings
(31)
161
74
Repayment of obligations under leases
(316)
(268)
(244)
Total changes in cash flows arising on financing activities from borrowings
1,493
(1,233)
(1,441)
Movement in overdrafts
(144)
20
(85)
New lease liabilities
710
444
253
Additions through business combinations
12
\u2013
5
Exchange
(361)
187
(287)
Other movements
(37)
(28)
6
At 31 December
30,295
28,622
29,232
\n
Also included within Cash flows from financing activities within the Consolidated Statement of Cash Flows is a $833m cash outflow (2023: $867m;
2022: $920m) related to the Acerta Pharma share purchase liability which has a closing liability at 31 December 2024 of $nil (2023: $833m;
2022: $1,646m) within Trade and other payables (see Note 20
).
Set out below is a comparison by category of carrying values and fair values of all the Group\u2019s interest-bearing loans and borrowings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Instruments
Instruments
Instruments
\u00a0
Total
\u00a0
\u00a0
designated
designated in
designated in
Amortised
carrying
Fair
\u00a0
at fair value
1
cash flow hedge
2
fair value hedge
3
cost
value
value
\u00a0
$m
$m
$m
$m
$m
$m
2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
183
183
183
Lease liabilities due within one year
\u2013
\u2013
\u2013
228
228
228
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
725
725
725
Loans and borrowings due within one year
294
\u2013
\u2013
4,837
5,131
5,105
Loans and borrowings due after more than one year
\u2013
1,802
\u2013
21,163
22,965
21,657
Total at 31 December 2022
294
1,802
\u2013
27,136
29,232
27,898
2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
203
203
203
Lease liabilities due within one year
\u2013
\u2013
\u2013
271
271
271
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
857
857
857
Loans and borrowings due within one year
\u2013
995
\u2013
3,931
4,926
4,887
Loans and borrowings due after more than one year
\u2013
2,535
\u2013
19,830
22,365
21,769
Total at 31 December 2023
\u2013
3,530
\u2013
25,092
28,622
27,987
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
59
59
59
Lease liabilities due within one year
\u2013
\u2013
\u2013
339
339
339
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
1,113
1,113
1,113
Loans and borrowings due within one year
\u2013
\u2013
\u2013
2,278
2,278
2,263
Loans and borrowings due after more than one year
\u2013
2,387
1,468
22,651
26,506
25,405
Total at 31 December 2024\u00b3
\u2013
2,387
1,468
26,440
30,295
29,179
\n
1
Instruments designated at FVPL include the US dollar 7% guaranteed debentures which matured on 15 November 2023.
2
Instruments designated in cash flow hedges are our euro 900m 0.75% 2024 Callable bond which matured in 2024, our euro 750m 3.625% 2027 Callable bond, our euro 800m
1.25% 2028 Callable bond, and our euro 750m 3.75% 2032 Callable bond.
3
Instruments designated in fair value hedges are our euro 650m 3.121% 2030 Callable bond, and our euro 750m 3.278% 2033 Callable bond.
The fair value of fixed-rate publicly traded debt is based on year end quoted market prices; the fair value of floating rate debt is nominal value,
as mark-to-market differences would be minimal given the frequency of resets. The carrying value of loans designated at FVPL is the fair
value; this falls within the Level 1 valuation method as defined in Note 12. For loans designated in a fair value hedge relationship, carrying
value is initially measured at fair value and remeasured for fair value changes in respect of the hedged risk at each reporting date. All other
loans are held at amortised cost. Fair values, as disclosed in the table above, are all determined using the Level 1 valuation method as defined
in Note 12, with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
The cumulative adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was an increase in the
liability of $16m. A loss of $2m was made during the year on the fair value of bonds designated in a fair value hedge, due to increased credit
risk. Under IFRS 9 \u2018Financial Instruments\u2019, the Group records the component of fair value changes relating to the component of own credit
risk through Other comprehensive income. Changes in credit risk had no material effect on any other financial assets and liabilities recognised
at fair value in the Group Financial Statements. The change in fair value attributable to changes in credit risk is calculated as the change in
fair value not attributable to market risk.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Loans and borrowings
2.0% to 2.9%
n/a to n/a
1
4.3% to 4.9%
\n
1
All bonds designated as FVPL in 2023 matured prior to the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00587": { "value": "19 Interest-bearing loans and borrowings \n \n
Repayment
2024
2023
2022
dates
$m
$m
$m
Current liabilities
Bank overdrafts
On demand
59
203
183
Other short-term borrowings excluding overdrafts
90
97
78
Collateral received from derivative counterparties
181
215
89
Lease liabilities
339
271
228
0.3% Callable bond
US dollars
2023
\u2013
\u2013
1,399
2023 Floating bank loan
US dollars
2023
\u2013
\u2013
2,000
Floating rate notes
US dollars
2023
\u2013
\u2013
400
3.5% Callable bond
US dollars
2023
\u2013
\u2013
849
7% Guaranteed debentures
US dollars
2023
\u2013
\u2013
294
0.75% Callable bond
euros
2024
\u2013
995
\u2013
0.7% Callable bond
US dollars
2024
\u2013
1,600
\u2013
2024 Floating rate bank loans
US dollars
2024
\u2013
2,000
\u2013
3.375% Callable bond
US dollars
2025
1,997
\u2013
\u2013
Other loans
Within one year
10
19
22
Total
2,676
5,400
5,542
\n \n
Non-current liabilities
Lease liabilities
1,113
857
725
0.75% Callable bond
euros
2024
\u2013
\u2013
957
0.7% Callable bond
US dollars
2024
\u2013
\u2013
1,598
2024 Floating bank loans
US dollars
2024
\u2013
\u2013
1,998
3.375% Callable bond
US dollars
2025
\u2013
1,994
1,992
0.7% Callable bond
US dollars
2026
1,198
1,196
1,195
1.2% Callable bond
US dollars
2026
1,249
1,248
1,246
4.8% Callable bond
US dollars
2027
1,247
\u2013
\u2013
3.625% Callable bond
euros
2027
780
829
\u2013
3.125% Callable bond
US dollars
2027
748
747
746
4.875% Callable bond
US dollars
2028
1,096
1,095
\u2013
1.25% Callable bond
euros
2028
829
879
845
1.75% Callable bond
US dollars
2028
1,247
1,246
1,245
4% Callable bond
US dollars
2029
996
995
995
4.85% Callable bond
US dollars
2029
1,246
\u2013
\u2013
0.375% Callable bond
euros
2029
829
881
846
4.9% Callable bond
US dollars
2030
646
645
\u2013
3.121% Callable bond
euros
2030
682
\u2013
\u2013
1.375% Callable bond
US dollars
2030
1,295
1,294
1,293
4.9% Callable bond
US dollars
2031
994
\u2013
\u2013
2.25% Callable bond
US dollars
2031
747
747
747
5.75% Non-callable bond
pound sterling
2031
438
444
420
3.75% Callable bond
euros
2032
778
827
\u2013
4.875% Callable bond
US dollars
2033
497
497
\u2013
3.278% Callable bond
euros
2033
786
\u2013
\u2013
5% Callable bond
US dollars
2034
1,489
\u2013
\u2013
6.45% Callable bond
US dollars
2037
2,727
2,725
2,724
4% Callable bond
US dollars
2042
989
989
988
4.375% Callable bond
US dollars
2045
982
981
981
4.375% Callable bond
US dollars
2048
738
738
737
2.125% Callable bond
US dollars
2050
487
487
487
3% Callable bond
US dollars
2051
735
735
735
Other loans
US dollars
31
146
190
Total
27,619
23,222
23,690
Total interest-bearing loans and borrowings
1
30,295
28,622
29,232
\n
1
All loans and borrowings above are unsecured. In previous years, there were current (2023: $nil; 2022: $22m) and non-current (2023: $nil; 2022: $181m) secured loans, both included
within Other loans.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
Total
Total
\u00a0
loans and
loans and
loans and
\u00a0
borrowings
borrowings
borrowings
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
28,622
29,232
30,781
Changes from financing cash flows
\u00a0 \u00a0 \u00a0
Issue of loans and borrowings
6,492
3,816
\u2013
Repayment of loans and borrowings
(4,652)
(4,942)
(1,271)
Movement in short-term borrowings
(31)
161
74
Repayment of obligations under leases
(316)
(268)
(244)
Total changes in cash flows arising on financing activities from borrowings
1,493
(1,233)
(1,441)
Movement in overdrafts
(144)
20
(85)
New lease liabilities
710
444
253
Additions through business combinations
12
\u2013
5
Exchange
(361)
187
(287)
Other movements
(37)
(28)
6
At 31 December
30,295
28,622
29,232
\n
Also included within Cash flows from financing activities within the Consolidated Statement of Cash Flows is a $833m cash outflow (2023: $867m;
2022: $920m) related to the Acerta Pharma share purchase liability which has a closing liability at 31 December 2024 of $nil (2023: $833m;
2022: $1,646m) within Trade and other payables (see Note 20
).
Set out below is a comparison by category of carrying values and fair values of all the Group\u2019s interest-bearing loans and borrowings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Instruments
Instruments
Instruments
\u00a0
Total
\u00a0
\u00a0
designated
designated in
designated in
Amortised
carrying
Fair
\u00a0
at fair value
1
cash flow hedge
2
fair value hedge
3
cost
value
value
\u00a0
$m
$m
$m
$m
$m
$m
2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
183
183
183
Lease liabilities due within one year
\u2013
\u2013
\u2013
228
228
228
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
725
725
725
Loans and borrowings due within one year
294
\u2013
\u2013
4,837
5,131
5,105
Loans and borrowings due after more than one year
\u2013
1,802
\u2013
21,163
22,965
21,657
Total at 31 December 2022
294
1,802
\u2013
27,136
29,232
27,898
2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
203
203
203
Lease liabilities due within one year
\u2013
\u2013
\u2013
271
271
271
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
857
857
857
Loans and borrowings due within one year
\u2013
995
\u2013
3,931
4,926
4,887
Loans and borrowings due after more than one year
\u2013
2,535
\u2013
19,830
22,365
21,769
Total at 31 December 2023
\u2013
3,530
\u2013
25,092
28,622
27,987
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overdrafts
\u2013
\u2013
\u2013
59
59
59
Lease liabilities due within one year
\u2013
\u2013
\u2013
339
339
339
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
1,113
1,113
1,113
Loans and borrowings due within one year
\u2013
\u2013
\u2013
2,278
2,278
2,263
Loans and borrowings due after more than one year
\u2013
2,387
1,468
22,651
26,506
25,405
Total at 31 December 2024\u00b3
\u2013
2,387
1,468
26,440
30,295
29,179
\n
1
Instruments designated at FVPL include the US dollar 7% guaranteed debentures which matured on 15 November 2023.
2
Instruments designated in cash flow hedges are our euro 900m 0.75% 2024 Callable bond which matured in 2024, our euro 750m 3.625% 2027 Callable bond, our euro 800m
1.25% 2028 Callable bond, and our euro 750m 3.75% 2032 Callable bond.
3
Instruments designated in fair value hedges are our euro 650m 3.121% 2030 Callable bond, and our euro 750m 3.278% 2033 Callable bond.
The fair value of fixed-rate publicly traded debt is based on year end quoted market prices; the fair value of floating rate debt is nominal value,
as mark-to-market differences would be minimal given the frequency of resets. The carrying value of loans designated at FVPL is the fair
value; this falls within the Level 1 valuation method as defined in Note 12. For loans designated in a fair value hedge relationship, carrying
value is initially measured at fair value and remeasured for fair value changes in respect of the hedged risk at each reporting date. All other
loans are held at amortised cost. Fair values, as disclosed in the table above, are all determined using the Level 1 valuation method as defined
in Note 12, with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
The cumulative adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was an increase in the
liability of $16m. A loss of $2m was made during the year on the fair value of bonds designated in a fair value hedge, due to increased credit
risk. Under IFRS 9 \u2018Financial Instruments\u2019, the Group records the component of fair value changes relating to the component of own credit
risk through Other comprehensive income. Changes in credit risk had no material effect on any other financial assets and liabilities recognised
at fair value in the Group Financial Statements. The change in fair value attributable to changes in credit risk is calculated as the change in
fair value not attributable to market risk.
The interest rates used to discount future cash flows for fair value adjustments, where applicable, are based on market swap curves at the
reporting date, and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Loans and borrowings
2.0% to 2.9%
n/a to n/a
1
4.3% to 4.9%
\n
1
All bonds designated as FVPL in 2023 matured prior to the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00593": { "value": "20 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Current liabilities
\u00a0 \u00a0 \u00a0
Trade payables
3,640
3,267
2,550
Value-added and payroll taxes and social security
401
492
468
Rebates, chargebacks, returns and other revenue accruals
7,805
7,817
6,078
Clinical trial accruals
1,419
1,424
1,417
Other accruals
6,463
6,112
5,551
Collaboration Revenue contract liabilities
7
7
12
Vaccine contract liabilities
119
142
169
Deferred government grant income
\u2013
\u2013
1
Contingent consideration
1,170
966
757
Acerta Pharma share purchase liability
\u2013
833
867
Other payables
1,441
1,314
1,170
Total
22,465
22,374
19,040
Non-current liabilities
\u00a0 \u00a0 \u00a0
Accruals
65
36
37
Collaboration Revenue contract liabilities
\u2013
7
14
Contingent consideration
581
1,171
1,465
Acerta Pharma share purchase liability
\u2013
\u2013
779
Other payables
1,124
1,446
1,975
Total
1,770
2,660
4,270
\n
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $114m (2023: $102m; 2022: $87m).
The revenue recognised in the year from opening contract liabilities is $96m, comprising $89m relating to other revenue accruals and $7m
Collaboration Revenue contract liabilities. The major markets with Rebates, chargebacks, returns and other revenue accruals are the US
where the liability at 31 December 2024 amounted to $4,978m (2023: $5,116m; 2022: $3,961m), of which Rare Disease comprises $240m
(2023: $190m; 2022: $139m), and China where the liability at 31 December 2024 amounted to $532m (2023: $567m; 2022: $579m).
Trade payables includes $105m (2023: $123m; 2022: $67m) due to suppliers that have signed up to a supply chain financing programme,
under which the suppliers can elect on an invoice-by-invoice basis to receive a discounted early payment from the relationship bank rather
than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to be due to
the relationship bank rather than the supplier. The value of the liability payable by the Group remains unchanged. The Group assesses the
arrangement against indicators to assess if debts which vendors have sold to the funder under the supplier financing scheme continue to
meet the definition of trade payables or should be classified as borrowings. At 31 December 2024, the payables met the criteria of Trade
payables. The supply chain financing programme operates in the US, UK, Sweden, China and Germany, and as at 31 December 2024, the
programme had 458 suppliers enrolled across these countries.
Vaccine contract liabilities relate to amounts received from customers, primarily government bodies, in advance of supply of product.
Included within current Other payables are liabilities to Daiichi Sankyo totalling $377m (2023: $199m; 2022: $100m) resulting from the
collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other payables are
liabilities totalling $456m (2023: $774m; 2022: $1,125m) as a result of the
Enhertu
collaboration agreement and $462m (2023: $464m;
2022: $nil) owed to Avillion as a result of the
Airsupra
collaboration agreement entered into in March 2018.
In November 2020,
Calquence
received marketing approval in the EU, which removed all remaining conditionality in respect of the Acerta
Pharma put and call options regarding the non-controlling interest; the option was exercised in April 2021. The payments were made in
similar annual instalments in 2022 through to 2024, with the first payment of $920m made in 2022, the second payment of $867m made in
2023 and the final payment of $833m made in 2024, with a closing liability as at 31 December 2024 of $nil (2023: $833m; 2022: $1,646m).
Interest arising from amortising the liability is included within Finance expense (see Note 3). The associated cash flows were disclosed as
financing activities within the Consolidated Statement of Cash Flows.
With the exception of Contingent consideration payables of $1,751m (2023: $2,137m; 2022: $2,222m) which are held at fair value within
Level 3 of the fair value hierarchy as defined in Note 12, all other financial liabilities are held at amortised cost with carrying value being a
reasonable approximation of fair value.
\n \n
Contingent consideration
2024
2023
2022
$m
$m
$m
At 1 January
2,137
2,222
2,865
Additions through business combinations
198
60
\u2013
Settlements
(1,008)
(826)
(772)
Disposals
\u2013
\u2013
(121)
Revaluations
311
549
82
Discount unwind (Note 3)
113
132
168
At 31 December
1,751
2,137
2,222
\n
Contingent consideration arising from business combinations is fair valued using decision-tree analysis, with key inputs including the probability
of success, consideration of potential delays and the expected levels of future revenues.
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include an increase of $260m in
2024 (2023: $520m; 2022: $182m) based on revised milestone probabilities, and revenue and royalty forecasts, relating to the acquisition of
BMS\u2019s share of the Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 3).
The discount rate used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration
balance is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful
trial results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may
cause the calculated fair value of the above contingent consideration to vary materially in future years.
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $1,309m (2023: $1,945m; 2022: $2,124m) would
increase/decrease by $131m with an increase/decrease in sales of 10% as compared with the current estimates.
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
combinations are as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall
2014
Milestones and royalties
345
Neogene
2023
Milestones
110
Fusion
2024
Milestones
304
Gracell
2024
Milestones
149
\n
The amount of royalties payable under the arrangements is inherently uncertain and difficult to predict, given the direct link to future sales
and the range of outcomes. The maximum amount of royalties payable in each year is with reference to net sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00592": { "value": "20 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Current liabilities
\u00a0 \u00a0 \u00a0
Trade payables
3,640
3,267
2,550
Value-added and payroll taxes and social security
401
492
468
Rebates, chargebacks, returns and other revenue accruals
7,805
7,817
6,078
Clinical trial accruals
1,419
1,424
1,417
Other accruals
6,463
6,112
5,551
Collaboration Revenue contract liabilities
7
7
12
Vaccine contract liabilities
119
142
169
Deferred government grant income
\u2013
\u2013
1
Contingent consideration
1,170
966
757
Acerta Pharma share purchase liability
\u2013
833
867
Other payables
1,441
1,314
1,170
Total
22,465
22,374
19,040
Non-current liabilities
\u00a0 \u00a0 \u00a0
Accruals
65
36
37
Collaboration Revenue contract liabilities
\u2013
7
14
Contingent consideration
581
1,171
1,465
Acerta Pharma share purchase liability
\u2013
\u2013
779
Other payables
1,124
1,446
1,975
Total
1,770
2,660
4,270
\n
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $114m (2023: $102m; 2022: $87m).
The revenue recognised in the year from opening contract liabilities is $96m, comprising $89m relating to other revenue accruals and $7m
Collaboration Revenue contract liabilities. The major markets with Rebates, chargebacks, returns and other revenue accruals are the US
where the liability at 31 December 2024 amounted to $4,978m (2023: $5,116m; 2022: $3,961m), of which Rare Disease comprises $240m
(2023: $190m; 2022: $139m), and China where the liability at 31 December 2024 amounted to $532m (2023: $567m; 2022: $579m).
Trade payables includes $105m (2023: $123m; 2022: $67m) due to suppliers that have signed up to a supply chain financing programme,
under which the suppliers can elect on an invoice-by-invoice basis to receive a discounted early payment from the relationship bank rather
than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to be due to
the relationship bank rather than the supplier. The value of the liability payable by the Group remains unchanged. The Group assesses the
arrangement against indicators to assess if debts which vendors have sold to the funder under the supplier financing scheme continue to
meet the definition of trade payables or should be classified as borrowings. At 31 December 2024, the payables met the criteria of Trade
payables. The supply chain financing programme operates in the US, UK, Sweden, China and Germany, and as at 31 December 2024, the
programme had 458 suppliers enrolled across these countries.
Vaccine contract liabilities relate to amounts received from customers, primarily government bodies, in advance of supply of product.
Included within current Other payables are liabilities to Daiichi Sankyo totalling $377m (2023: $199m; 2022: $100m) resulting from the
collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other payables are
liabilities totalling $456m (2023: $774m; 2022: $1,125m) as a result of the
Enhertu
collaboration agreement and $462m (2023: $464m;
2022: $nil) owed to Avillion as a result of the
Airsupra
collaboration agreement entered into in March 2018.
In November 2020,
Calquence
received marketing approval in the EU, which removed all remaining conditionality in respect of the Acerta
Pharma put and call options regarding the non-controlling interest; the option was exercised in April 2021. The payments were made in
similar annual instalments in 2022 through to 2024, with the first payment of $920m made in 2022, the second payment of $867m made in
2023 and the final payment of $833m made in 2024, with a closing liability as at 31 December 2024 of $nil (2023: $833m; 2022: $1,646m).
Interest arising from amortising the liability is included within Finance expense (see Note 3). The associated cash flows were disclosed as
financing activities within the Consolidated Statement of Cash Flows.
With the exception of Contingent consideration payables of $1,751m (2023: $2,137m; 2022: $2,222m) which are held at fair value within
Level 3 of the fair value hierarchy as defined in Note 12, all other financial liabilities are held at amortised cost with carrying value being a
reasonable approximation of fair value.
\n \n
Contingent consideration
2024
2023
2022
$m
$m
$m
At 1 January
2,137
2,222
2,865
Additions through business combinations
198
60
\u2013
Settlements
(1,008)
(826)
(772)
Disposals
\u2013
\u2013
(121)
Revaluations
311
549
82
Discount unwind (Note 3)
113
132
168
At 31 December
1,751
2,137
2,222
\n
Contingent consideration arising from business combinations is fair valued using decision-tree analysis, with key inputs including the probability
of success, consideration of potential delays and the expected levels of future revenues.
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include an increase of $260m in
2024 (2023: $520m; 2022: $182m) based on revised milestone probabilities, and revenue and royalty forecasts, relating to the acquisition of
BMS\u2019s share of the Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 3).
The discount rate used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration
balance is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful
trial results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may
cause the calculated fair value of the above contingent consideration to vary materially in future years.
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $1,309m (2023: $1,945m; 2022: $2,124m) would
increase/decrease by $131m with an increase/decrease in sales of 10% as compared with the current estimates.
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
combinations are as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall
2014
Milestones and royalties
345
Neogene
2023
Milestones
110
Fusion
2024
Milestones
304
Gracell
2024
Milestones
149
\n
The amount of royalties payable under the arrangements is inherently uncertain and difficult to predict, given the direct link to future sales
and the range of outcomes. The maximum amount of royalties payable in each year is with reference to net sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00591": { "value": "20 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Current liabilities
\u00a0 \u00a0 \u00a0
Trade payables
3,640
3,267
2,550
Value-added and payroll taxes and social security
401
492
468
Rebates, chargebacks, returns and other revenue accruals
7,805
7,817
6,078
Clinical trial accruals
1,419
1,424
1,417
Other accruals
6,463
6,112
5,551
Collaboration Revenue contract liabilities
7
7
12
Vaccine contract liabilities
119
142
169
Deferred government grant income
\u2013
\u2013
1
Contingent consideration
1,170
966
757
Acerta Pharma share purchase liability
\u2013
833
867
Other payables
1,441
1,314
1,170
Total
22,465
22,374
19,040
Non-current liabilities
\u00a0 \u00a0 \u00a0
Accruals
65
36
37
Collaboration Revenue contract liabilities
\u2013
7
14
Contingent consideration
581
1,171
1,465
Acerta Pharma share purchase liability
\u2013
\u2013
779
Other payables
1,124
1,446
1,975
Total
1,770
2,660
4,270
\n
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $114m (2023: $102m; 2022: $87m).
The revenue recognised in the year from opening contract liabilities is $96m, comprising $89m relating to other revenue accruals and $7m
Collaboration Revenue contract liabilities. The major markets with Rebates, chargebacks, returns and other revenue accruals are the US
where the liability at 31 December 2024 amounted to $4,978m (2023: $5,116m; 2022: $3,961m), of which Rare Disease comprises $240m
(2023: $190m; 2022: $139m), and China where the liability at 31 December 2024 amounted to $532m (2023: $567m; 2022: $579m).
Trade payables includes $105m (2023: $123m; 2022: $67m) due to suppliers that have signed up to a supply chain financing programme,
under which the suppliers can elect on an invoice-by-invoice basis to receive a discounted early payment from the relationship bank rather
than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to be due to
the relationship bank rather than the supplier. The value of the liability payable by the Group remains unchanged. The Group assesses the
arrangement against indicators to assess if debts which vendors have sold to the funder under the supplier financing scheme continue to
meet the definition of trade payables or should be classified as borrowings. At 31 December 2024, the payables met the criteria of Trade
payables. The supply chain financing programme operates in the US, UK, Sweden, China and Germany, and as at 31 December 2024, the
programme had 458 suppliers enrolled across these countries.
Vaccine contract liabilities relate to amounts received from customers, primarily government bodies, in advance of supply of product.
Included within current Other payables are liabilities to Daiichi Sankyo totalling $377m (2023: $199m; 2022: $100m) resulting from the
collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other payables are
liabilities totalling $456m (2023: $774m; 2022: $1,125m) as a result of the
Enhertu
collaboration agreement and $462m (2023: $464m;
2022: $nil) owed to Avillion as a result of the
Airsupra
collaboration agreement entered into in March 2018.
In November 2020,
Calquence
received marketing approval in the EU, which removed all remaining conditionality in respect of the Acerta
Pharma put and call options regarding the non-controlling interest; the option was exercised in April 2021. The payments were made in
similar annual instalments in 2022 through to 2024, with the first payment of $920m made in 2022, the second payment of $867m made in
2023 and the final payment of $833m made in 2024, with a closing liability as at 31 December 2024 of $nil (2023: $833m; 2022: $1,646m).
Interest arising from amortising the liability is included within Finance expense (see Note 3). The associated cash flows were disclosed as
financing activities within the Consolidated Statement of Cash Flows.
With the exception of Contingent consideration payables of $1,751m (2023: $2,137m; 2022: $2,222m) which are held at fair value within
Level 3 of the fair value hierarchy as defined in Note 12, all other financial liabilities are held at amortised cost with carrying value being a
reasonable approximation of fair value.
\n \n
Contingent consideration
2024
2023
2022
$m
$m
$m
At 1 January
2,137
2,222
2,865
Additions through business combinations
198
60
\u2013
Settlements
(1,008)
(826)
(772)
Disposals
\u2013
\u2013
(121)
Revaluations
311
549
82
Discount unwind (Note 3)
113
132
168
At 31 December
1,751
2,137
2,222
\n
Contingent consideration arising from business combinations is fair valued using decision-tree analysis, with key inputs including the probability
of success, consideration of potential delays and the expected levels of future revenues.
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include an increase of $260m in
2024 (2023: $520m; 2022: $182m) based on revised milestone probabilities, and revenue and royalty forecasts, relating to the acquisition of
BMS\u2019s share of the Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 3).
The discount rate used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration
balance is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful
trial results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may
cause the calculated fair value of the above contingent consideration to vary materially in future years.
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $1,309m (2023: $1,945m; 2022: $2,124m) would
increase/decrease by $131m with an increase/decrease in sales of 10% as compared with the current estimates.
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
combinations are as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall
2014
Milestones and royalties
345
Neogene
2023
Milestones
110
Fusion
2024
Milestones
304
Gracell
2024
Milestones
149
\n
The amount of royalties payable under the arrangements is inherently uncertain and difficult to predict, given the direct link to future sales
and the range of outcomes. The maximum amount of royalties payable in each year is with reference to net sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00590": { "value": "20 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Current liabilities
\u00a0 \u00a0 \u00a0
Trade payables
3,640
3,267
2,550
Value-added and payroll taxes and social security
401
492
468
Rebates, chargebacks, returns and other revenue accruals
7,805
7,817
6,078
Clinical trial accruals
1,419
1,424
1,417
Other accruals
6,463
6,112
5,551
Collaboration Revenue contract liabilities
7
7
12
Vaccine contract liabilities
119
142
169
Deferred government grant income
\u2013
\u2013
1
Contingent consideration
1,170
966
757
Acerta Pharma share purchase liability
\u2013
833
867
Other payables
1,441
1,314
1,170
Total
22,465
22,374
19,040
Non-current liabilities
\u00a0 \u00a0 \u00a0
Accruals
65
36
37
Collaboration Revenue contract liabilities
\u2013
7
14
Contingent consideration
581
1,171
1,465
Acerta Pharma share purchase liability
\u2013
\u2013
779
Other payables
1,124
1,446
1,975
Total
1,770
2,660
4,270
\n
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $114m (2023: $102m; 2022: $87m).
The revenue recognised in the year from opening contract liabilities is $96m, comprising $89m relating to other revenue accruals and $7m
Collaboration Revenue contract liabilities. The major markets with Rebates, chargebacks, returns and other revenue accruals are the US
where the liability at 31 December 2024 amounted to $4,978m (2023: $5,116m; 2022: $3,961m), of which Rare Disease comprises $240m
(2023: $190m; 2022: $139m), and China where the liability at 31 December 2024 amounted to $532m (2023: $567m; 2022: $579m).
Trade payables includes $105m (2023: $123m; 2022: $67m) due to suppliers that have signed up to a supply chain financing programme,
under which the suppliers can elect on an invoice-by-invoice basis to receive a discounted early payment from the relationship bank rather
than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to be due to
the relationship bank rather than the supplier. The value of the liability payable by the Group remains unchanged. The Group assesses the
arrangement against indicators to assess if debts which vendors have sold to the funder under the supplier financing scheme continue to
meet the definition of trade payables or should be classified as borrowings. At 31 December 2024, the payables met the criteria of Trade
payables. The supply chain financing programme operates in the US, UK, Sweden, China and Germany, and as at 31 December 2024, the
programme had 458 suppliers enrolled across these countries.
Vaccine contract liabilities relate to amounts received from customers, primarily government bodies, in advance of supply of product.
Included within current Other payables are liabilities to Daiichi Sankyo totalling $377m (2023: $199m; 2022: $100m) resulting from the
collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other payables are
liabilities totalling $456m (2023: $774m; 2022: $1,125m) as a result of the
Enhertu
collaboration agreement and $462m (2023: $464m;
2022: $nil) owed to Avillion as a result of the
Airsupra
collaboration agreement entered into in March 2018.
In November 2020,
Calquence
received marketing approval in the EU, which removed all remaining conditionality in respect of the Acerta
Pharma put and call options regarding the non-controlling interest; the option was exercised in April 2021. The payments were made in
similar annual instalments in 2022 through to 2024, with the first payment of $920m made in 2022, the second payment of $867m made in
2023 and the final payment of $833m made in 2024, with a closing liability as at 31 December 2024 of $nil (2023: $833m; 2022: $1,646m).
Interest arising from amortising the liability is included within Finance expense (see Note 3). The associated cash flows were disclosed as
financing activities within the Consolidated Statement of Cash Flows.
With the exception of Contingent consideration payables of $1,751m (2023: $2,137m; 2022: $2,222m) which are held at fair value within
Level 3 of the fair value hierarchy as defined in Note 12, all other financial liabilities are held at amortised cost with carrying value being a
reasonable approximation of fair value.
\n \n
Contingent consideration
2024
2023
2022
$m
$m
$m
At 1 January
2,137
2,222
2,865
Additions through business combinations
198
60
\u2013
Settlements
(1,008)
(826)
(772)
Disposals
\u2013
\u2013
(121)
Revaluations
311
549
82
Discount unwind (Note 3)
113
132
168
At 31 December
1,751
2,137
2,222
\n
Contingent consideration arising from business combinations is fair valued using decision-tree analysis, with key inputs including the probability
of success, consideration of potential delays and the expected levels of future revenues.
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include an increase of $260m in
2024 (2023: $520m; 2022: $182m) based on revised milestone probabilities, and revenue and royalty forecasts, relating to the acquisition of
BMS\u2019s share of the Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 3).
The discount rate used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration
balance is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful
trial results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may
cause the calculated fair value of the above contingent consideration to vary materially in future years.
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $1,309m (2023: $1,945m; 2022: $2,124m) would
increase/decrease by $131m with an increase/decrease in sales of 10% as compared with the current estimates.
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
combinations are as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall
2014
Milestones and royalties
345
Neogene
2023
Milestones
110
Fusion
2024
Milestones
304
Gracell
2024
Milestones
149
\n
The amount of royalties payable under the arrangements is inherently uncertain and difficult to predict, given the direct link to future sales
and the range of outcomes. The maximum amount of royalties payable in each year is with reference to net sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00589": { "value": "20 Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Current liabilities
\u00a0 \u00a0 \u00a0
Trade payables
3,640
3,267
2,550
Value-added and payroll taxes and social security
401
492
468
Rebates, chargebacks, returns and other revenue accruals
7,805
7,817
6,078
Clinical trial accruals
1,419
1,424
1,417
Other accruals
6,463
6,112
5,551
Collaboration Revenue contract liabilities
7
7
12
Vaccine contract liabilities
119
142
169
Deferred government grant income
\u2013
\u2013
1
Contingent consideration
1,170
966
757
Acerta Pharma share purchase liability
\u2013
833
867
Other payables
1,441
1,314
1,170
Total
22,465
22,374
19,040
Non-current liabilities
\u00a0 \u00a0 \u00a0
Accruals
65
36
37
Collaboration Revenue contract liabilities
\u2013
7
14
Contingent consideration
581
1,171
1,465
Acerta Pharma share purchase liability
\u2013
\u2013
779
Other payables
1,124
1,446
1,975
Total
1,770
2,660
4,270
\n
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $114m (2023: $102m; 2022: $87m).
The revenue recognised in the year from opening contract liabilities is $96m, comprising $89m relating to other revenue accruals and $7m
Collaboration Revenue contract liabilities. The major markets with Rebates, chargebacks, returns and other revenue accruals are the US
where the liability at 31 December 2024 amounted to $4,978m (2023: $5,116m; 2022: $3,961m), of which Rare Disease comprises $240m
(2023: $190m; 2022: $139m), and China where the liability at 31 December 2024 amounted to $532m (2023: $567m; 2022: $579m).
Trade payables includes $105m (2023: $123m; 2022: $67m) due to suppliers that have signed up to a supply chain financing programme,
under which the suppliers can elect on an invoice-by-invoice basis to receive a discounted early payment from the relationship bank rather
than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to be due to
the relationship bank rather than the supplier. The value of the liability payable by the Group remains unchanged. The Group assesses the
arrangement against indicators to assess if debts which vendors have sold to the funder under the supplier financing scheme continue to
meet the definition of trade payables or should be classified as borrowings. At 31 December 2024, the payables met the criteria of Trade
payables. The supply chain financing programme operates in the US, UK, Sweden, China and Germany, and as at 31 December 2024, the
programme had 458 suppliers enrolled across these countries.
Vaccine contract liabilities relate to amounts received from customers, primarily government bodies, in advance of supply of product.
Included within current Other payables are liabilities to Daiichi Sankyo totalling $377m (2023: $199m; 2022: $100m) resulting from the
collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other payables are
liabilities totalling $456m (2023: $774m; 2022: $1,125m) as a result of the
Enhertu
collaboration agreement and $462m (2023: $464m;
2022: $nil) owed to Avillion as a result of the
Airsupra
collaboration agreement entered into in March 2018.
In November 2020,
Calquence
received marketing approval in the EU, which removed all remaining conditionality in respect of the Acerta
Pharma put and call options regarding the non-controlling interest; the option was exercised in April 2021. The payments were made in
similar annual instalments in 2022 through to 2024, with the first payment of $920m made in 2022, the second payment of $867m made in
2023 and the final payment of $833m made in 2024, with a closing liability as at 31 December 2024 of $nil (2023: $833m; 2022: $1,646m).
Interest arising from amortising the liability is included within Finance expense (see Note 3). The associated cash flows were disclosed as
financing activities within the Consolidated Statement of Cash Flows.
With the exception of Contingent consideration payables of $1,751m (2023: $2,137m; 2022: $2,222m) which are held at fair value within
Level 3 of the fair value hierarchy as defined in Note 12, all other financial liabilities are held at amortised cost with carrying value being a
reasonable approximation of fair value.
\n \n
Contingent consideration
2024
2023
2022
$m
$m
$m
At 1 January
2,137
2,222
2,865
Additions through business combinations
198
60
\u2013
Settlements
(1,008)
(826)
(772)
Disposals
\u2013
\u2013
(121)
Revaluations
311
549
82
Discount unwind (Note 3)
113
132
168
At 31 December
1,751
2,137
2,222
\n
Contingent consideration arising from business combinations is fair valued using decision-tree analysis, with key inputs including the probability
of success, consideration of potential delays and the expected levels of future revenues.
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include an increase of $260m in
2024 (2023: $520m; 2022: $182m) based on revised milestone probabilities, and revenue and royalty forecasts, relating to the acquisition of
BMS\u2019s share of the Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 3).
The discount rate used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration
balance is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful
trial results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may
cause the calculated fair value of the above contingent consideration to vary materially in future years.
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $1,309m (2023: $1,945m; 2022: $2,124m) would
increase/decrease by $131m with an increase/decrease in sales of 10% as compared with the current estimates.
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
combinations are as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall
2014
Milestones and royalties
345
Neogene
2023
Milestones
110
Fusion
2024
Milestones
304
Gracell
2024
Milestones
149
\n
The amount of royalties payable under the arrangements is inherently uncertain and difficult to predict, given the direct link to future sales
and the range of outcomes. The maximum amount of royalties payable in each year is with reference to net sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00595": { "value": "21 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Employee
\u00a0
Other
\u00a0
\u00a0
Severance
Environmental
benefits
Legal
provisions
Total
\u00a0
$m
$m
$m
$m
$m
$m
At 1 January 2022
212
90
195
239
988
1,724
Charge for year
227
61
1
830
365
1,484
Cash paid
(223)
(19)
(41)
(814)
(185)
(1,282)
Reversals
(43)
\u2013
(27)
(94)
(98)
(262)
Exchange and other movements
(8)
(1)
15
\u2013
(52)
(46)
At 31 December 2022
165
131
143
161
1,018
1,618
Charge for year
123
21
22
1,102
245
1,513
Cash paid
(87)
(41)
(14)
(219)
(404)
(765)
Reversals
(28)
(3)
(3)
(23)
(143)
(200)
Exchange and other movements
3
4
20
(5)
(33)
(11)
At 31 December 2023
176
112
168
1,016
683
2,155
Additions arising on business acquisitions
\u2013
\u2013
\u2013
\u2013
50
50
Charge for year
283
26
30
44
478
861
Cash paid
(101)
(33)
(7)
(189)
(146)
(476)
Reversals
(83)
\u2013
(1)
(9)
(255)
(348)
Exchange and other movements
\u2013
\u2013
(24)
(3)
(25)
(52)
At 31 December 2024
275
105
166
859
785
2,190
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Due within one year
1,269
1,028
722
Due after more than one year
921
1,127
896
Total
2,190
2,155
1,618
\n
Provisions are often subject to substantial uncertainties with regard to the timing and final amounts of any payments. Once established, these
amounts remain in Provisions even after settlement is reached and uncertainty resolved, with no transfer to Trade and other payables prior
to payment. This is to provide more transparent disclosure of subsequent movements in brought forward and carried forward balances.
Settled legal claims included within Provisions are held at amortised cost with carrying value being a reasonable approximation of fair value.
Severance provisions arise predominantly in connection with global restructuring initiatives, including the PAAGR, which involve rationalisation
of the global supply chain, the sales and marketing organisation, IT and business support infrastructure, and R&D.
In conjunction with the acquisition of Alexion in 2021, the enlarged Group initiated the PAAGR; a global restructuring programme, aimed at
integrating systems, structure and processes, optimising the global footprint and prioritising resource allocations and investments. The Group
has also continued to progress other legacy restructuring programmes.
Employee costs in connection with the initiatives are recognised in severance provisions when a detailed formal plan has been communicated
to those employees affected. Final severance costs are often subject to the completion of the requisite consultations on the areas impacted,
with the majority of the cost expected to be paid within one year. AstraZeneca endeavours to support employees affected by restructuring
initiatives to seek alternative roles within the organisation. Where the employee is successful, any severance provisions will be released.
Details of the Environmental provisions totalling $105m (2023: $112m; 2022: $131m) and ongoing matters are provided in Note 30. These
uncertainties can also cause reversal in previously established provisions once final settlement is reached.
Legal issues are often subject to substantial uncertainties with regard to the timing and final amounts of any payments. A significant proportion
of the total legal provision ($626m (2023: $616m; 2022: $30m) due within one year and $210m (2023: $372m; 2022: $92m) due after more
than one year
1
) relates to matters settled, but not paid, in previous periods; further details are provided in Note 30.
The majority of Employee benefit provisions relate to Executive Deferred Compensation Plans, which include uncertainty over the ultimate
timing and amount of payment to be made to the executives.
Other provisions comprise amounts relating to specific contractual or constructive obligations and disputes. Included within Other provisions
are amounts associated with long-standing product liability settlements that arose prior to the merger of Astra and Zeneca, which given the
nature of the provision, the amounts are expected to be settled over many years; the final settlement values and timings are uncertain. Also
included in Other provisions is an amount of $145m (2023: $163m; 2022: $165m), in relation to third-party liability and other risks
(including
incurred but not yet reported claims); the claims are considered to be uncertain as to timing and amount. Charges to Other provisions in 2024
included $184m (2023: $87m; 2022: $12m) in relation to the PAAGR restructuring programme, which has a closing provision of $80m
(2023: $49m; 2022: $143m), including $58m (2023: $8m; 2022: $95m) held in non-current provisions expected to be settled over time by
2028. In 2022, charges to Other provisions included $301m in relation to termination fees and onerous contracts with contract manufacturing
organisations, the vast majority of which were settled in 2023.
No provision has been released or applied for any purpose other than that for which it was established.
1
The profile of future payments of legal provisions due after one year is as follows: in one to two years $167m (2023
: $180m; 2022: $22m); in two to three years $9m (2023: $159m;
2022: $21m); in three to four years $12m (2023: $10m; 2022: $9m); in four to five years $9m (2023: $9m; 2022: $9m); and in more than five years $13m (2023: $14m; 2022: $31m).30 Commitments, contingent liabilities and contingent assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Commitments
$m
$m
$m
Contracts placed for future capital expenditure on Property, plant and equipment and
\u00a0 \u00a0 \u00a0
software development costs not provided for in these Financial Statements
1,575
1,368
502
\n
Guarantees and contingencies arising in the ordinary course of business, for which no security has been given, are not expected to result
in any material financial loss.
Research and development collaboration payments
The Group has various ongoing collaborations, including in-licensing and similar arrangements with development partners. Such collaborations
may require the Group to make payments on achievement of stages of development, launch or revenue milestones, although the Group generally
has the right to terminate these agreements at no cost. The Group recognises research and development milestones as an intangible asset once
it is committed to payment, which is generally when the Group reaches set trigger points in the development cycle. Revenue-related milestones
are recognised as intangible assets on product launch at a value based on the Group\u2019s long-term revenue forecasts for the related product. The
table below indicates potential development and revenue-related payments that the Group may be required to make under such collaborations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Years 5
\u00a0
Total
Under 1 year
Years 1 and 2
Years 3 and 4
and greater
\u00a0
$m
$m
$m
$m
$m
Future potential research and development milestone payments
11,213
1,993
2,823
3,291
3,106
Future potential revenue milestone payments
22,064
41
1,166
3,026
17,831
The table includes all potential payments for achievement of milestones under ongoing research and development arrangements. Revenue-
\n
related milestone payments represent the maximum possible amount payable on achievement of specified levels of revenue as set out in
\n
individual contract agreements, but exclude variable payments that are based on unit sales (e.g. royalty-type payments) which are expensed
\n
as the associated sale is recognised. The table excludes any payments already capitalised in the Financial Statements for the year ended
\n
31 December 2024 which have been capitalised with reference to the latest Group sales forecasts for approved indications.
\n
The future payments we disclose represent contracted payments and, as such, are not discounted and are not risk-adjusted. As detailed in
\n
the Risk Overview section from page 64, the development of any pharmaceutical product candidate is a complex and risky process that
\n
may fail at any stage in the development process due to a number of factors (including items such as failure to obtain regulatory approval,
\n
unfavourable data from key studies, adverse reactions to the product candidate or indications of other safety concerns). The timing of the
\n
payments is based on the Group\u2019s current best estimate of achievement of the relevant milestone.
\n
Environmental costs and liabilities
\n
The Group\u2019s expenditure on environmental protection, including both capital and revenue items, relates to costs that are necessary for
\n
implementing internal systems and programmes, and meeting legal and regulatory requirements for processes and products. This includes
\n
investment to conserve natural resources and otherwise minimise the impact of our activities on the environment.
\n
They are an integral part of normal ongoing expenditure for carrying out the Group\u2019s research, manufacturing and commercial operations and
\n
are not separated from overall operating and development costs. There are no known changes in legal, regulatory or other requirements
\n
resulting in material changes to the levels of expenditure for 2022, 2023 or 2024.
\n
In addition to expenditure for meeting current and foreseen environmental protection requirements, the Group incurs costs in investigating
\n
and cleaning up legacy land and groundwater contamination. In particular, AstraZeneca has environmental liabilities at some currently or
\n
formerly owned, leased and third-party sites.
\n
In the US, Zeneca Inc., and/or its indemnitees, have been named as potentially responsible parties (PRPs) or defendants at a number of sites
\n
where Zeneca Inc. is likely to incur future environmental investigation, remediation, operation and maintenance costs under federal, state,
\n
statutory or common law environmental liability allocation schemes (together, US Environmental Consequences). Similarly, Stauffer
\n
Management Company LLC (SMC), which was established to own and manage certain assets and liabilities of Stauffer Chemical Company, and/
\n
or its indemnitees, have been named as PRPs or defendants at a number of sites where SMC is likely to incur US Environmental Consequences.
\n
AstraZeneca has also given indemnities to third parties for a number of sites outside the US. These environmental liabilities arise from legacy
\n
operations that are not currently part of the Group\u2019s business and, at most of these sites, remediation, where required, is either completed
\n
or in progress. AstraZeneca has made provisions for the estimated costs of future environmental investigation, remediation, operation and
\n
maintenance activity beyond normal ongoing expenditure for maintaining the Group\u2019s R&D and manufacturing capacity and product ranges,
\n
where a present obligation exists, it is probable that such costs will be incurred and they can be estimated reliably. With respect to such
\n
estimated future costs, there were provisions at 31 December 2024 in the aggregate of $105m (2023: $112m; 2022: $131m), mainly relating to
\n
the US. Where we are jointly liable or otherwise have cost-sharing agreements with third parties, we reflect only our share of the obligation.
\n
Where the liability is insured in part or in whole by insurance or other arrangements for reimbursement, an asset is recognised to the extent
\n
that this recovery is virtually certain.
\n
It is possible that AstraZeneca could incur future environmental costs beyond the extent of our current provisions. The extent of such possible
\n
additional costs is inherently difficult to estimate due to a number of factors, including: (1) the nature and extent of claims that may be asserted
\n
in the future; (2) whether AstraZeneca has or will have any legal obligation with respect to asserted or unasserted claims; (3) the type of
\n
remedial action, if any, that may be selected at sites where the remedy is presently not known; (4) the potential for recoveries from or allocation
\n
of liability to third parties; and (5) the length of time that the environmental investigation, remediation and liability allocation process can take.
\n
As per our provisions accounting policy on page 159, Provisions for these costs are made when there is a present obligation and where it is
\n
probable that expenditure on remedial work will be required and a reliable estimate can be made of the cost. Notwithstanding and subject to
\n
the foregoing, we estimate the potential additional loss for future environmental investigation, remediation, remedial operation and maintenance
\n
activity above and beyond our provisions to be, in aggregate, between $113m and $190m (2023: $114m and $191m; 2022: $113m and $188m)
\n
which relates mainly to the US.
\n
Legal proceedings
\n
AstraZeneca is involved in various legal proceedings considered typical to its business, including actual or threatened litigation and actual or
\n
potential government investigations relating to employment matters, product liability, commercial disputes, pricing, sales and marketing practices,
\n
infringement of IP rights, and the validity of certain patents and competition laws. The more significant matters are discussed below.
\n
Most of the claims involve highly complex issues. Often these issues are subject to substantial uncertainties and, therefore, the probability
\n
of a loss, if any, being sustained and/or an estimate of the amount of any loss is difficult to ascertain.
\n
Unless specifically identified below that a provision has been taken, AstraZeneca considers each of the claims to represent a contingent
\n
liability and discloses information with respect to the nature and facts of the cases in accordance with IAS 37 \u2018Provisions, Contingent
\n
Liabilities and Contingent Assets\u2019.
\n
We do not believe that disclosure of the amounts sought by plaintiffs, if known, would be meaningful with respect to these legal proceedings.
\n
This is due to a number of factors, including (i) the stage of the proceedings (in many cases trial dates have not been set) and the overall
\n
length and extent of pre-trial discovery; (ii) the entitlement of the parties to an action to appeal a decision; (iii) clarity as to theories of liability,
\n
damages and governing law; (iv) uncertainties in timing of litigation; and (v) the possible need for further legal proceedings to establish the
\n
appropriate amount of damages, if any.
While there can be no assurance regarding the outcome of any of the legal proceedings referred to in this Note 30, based on management\u2019s
\n
current and considered view of each situation, we do not currently expect them to have a material adverse effect on our financial position
\n
including within the next financial year. This position could of course change over time, not least because of the factors referred to above.
\n
In cases that have been settled or adjudicated, or where quantifiable fines and penalties have been assessed and which are not subject to
\n
appeal (or other similar forms of relief), or where a loss is probable and we are able to make a reasonable estimate of the loss, we generally
\n
indicate the loss absorbed or make a provision for our best estimate of the expected loss.
\n
Where it is considered that the Group is more likely than not to prevail, legal costs involved in defending the claim are charged to profit and
\n
loss as they are incurred.
\n
Where it is considered that the Group has a valid contract which provides the right to reimbursement (from insurance or otherwise) of legal
\n
costs and/or all or part of any loss incurred or for which a provision has been established, and we consider recovery to be virtually certain,
\n
the best estimate of the amount expected to be received is recognised as an asset.
\n
KJ
\n
Assessments as to whether or not to recognise provisions or assets, and of the amounts concerned, usually involve a series of complex
\n
judgements about future events and can rely heavily on estimates and assumptions. AstraZeneca believes that the provisions recorded are
\n
adequate based on currently available information and that the insurance recoveries recorded will be received. However, given the inherent
\n
uncertainties involved in assessing the outcomes of these cases, and in estimating the amount of the potential losses and the associated
\n
insurance recoveries, we could in the future incur judgments or insurance settlements that could have a material adverse effect on our
\n
results in any particular period.
\n
IP claims include challenges to the Group\u2019s patents on various products or processes and assertions of non-infringement of patents. A loss
\n
in any of these cases could result in loss of patent protection on the related product.
\n
The consequences of any such loss could be a significant decrease in Product Sales, which could have a material adverse effect on our
\n
results. The lawsuits filed by AstraZeneca for patent infringement against companies that have filed abbreviated new drug applications (ANDAs)
\n
in the US, seeking to market generic forms of products sold by the Group prior to the expiry of the applicable patents covering these products,
\n
typically also involve allegations of non-infringement, invalidity and unenforceability of these patents by the ANDA filers. In the event that
\n
the Group is unsuccessful in these actions or the statutory 30-month stay expires before a ruling is obtained, the ANDA filers involved will
\n
also have the ability, subject to FDA approval, to introduce generic versions of the product concerned.
\n
AstraZeneca has full confidence in, and will vigorously defend and enforce, its IP.
\n
Over the course of the past several years, including in 2024, a significant number of commercial litigation claims in which AstraZeneca is
\n
involved have been resolved, particularly in the US, thereby reducing potential contingent liability exposure arising from such litigation.
\n
Similarly, in part due to patent litigation and settlement developments, greater certainty has been achieved regarding possible generic entry
\n
dates with respect to some of our patented products. At the same time, like other companies in the pharmaceutical sector and other industries,
\n
AstraZeneca continues to be subject to government investigations around the world.
\n
Patent litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
Enhertu
patent proceedings
Considered to be a contingent liability
US
\u2022
In October 2020, Seagen Inc. (Seagen) filed a complaint against Daiichi Sankyo Company, Limited (Daiichi Sankyo)
in the US District Court for the Eastern District of Texas (District Court) alleging that
Enhertu
infringes a Seagen patent.
AstraZeneca co-commercialises
Enhertu
with Daiichi Sankyo, Inc. in the US. After trial in April 2022, the jury found
that the patent was infringed and awarded Seagen $41.82m in past damages. In July 2022, the District Court entered
final judgment and declined to enhance damages on the basis of wilfulness. In October 2023, the District Court
entered an amended final judgment that requires Daiichi Sankyo to pay Seagen a royalty of 8% on US sales of
Enhertu
from 1 April 2022 through to 4 November 2024, in addition to the past damages previously awarded by the
District Court. AstraZeneca and Daiichi Sankyo have appealed the District Court\u2019s decision.
\u2022
In December 2020 and January 2021, AstraZeneca and Daiichi Sankyo, Inc. filed post-grant review (PGR) petitions
with the US Patent and Trademark Office (USPTO) alleging, among other things, that the Seagen patent is invalid for
lack of written description and enablement. The USPTO initially declined to institute the PGRs, but, in April 2022,
the USPTO granted the rehearing requests and instituted both PGR petitions. Seagen subsequently disclaimed all
patent claims at issue in one of the PGR proceedings. In July 2022, the USPTO reversed its institution decision and
declined to institute the other PGR petition. AstraZeneca and Daiichi Sankyo, Inc. requested reconsideration of the
decision not to institute review of the patent. In February 2023, the USPTO reinstituted the PGR proceeding. In February
2024, the USPTO issued a decision that the claims were unpatentable. Seagen has appealed this decision; the USPTO
has intervened in the appeal.
Faslodex
patent proceedings
Matter concluded
Japan
\u2022
In 2021, in Japan, AstraZeneca received notice from the Japan Patent Office (JPO) that Sandoz K.K. (Sandoz
) and
Sun Pharma Japan Ltd. (Sun) were seeking to invalidate the
Faslodex
formulation patent.
\u2022
AstraZeneca defended the challenged patent and Sun withdrew from the JPO patent challenge.
\u2022
In July 2023, the JPO issued a final decision upholding various claims of the challenged patent and determining that
other patent claims were invalid.
\u2022
In August 2023, Sandoz appealed the JPO decision to the Japan IP High Court (High Court).
\u2022
In October 2024, the High Court affirmed the decision by the JPO.
\u2022
This matter is now concluded.
\n \n
Forxiga
patent proceedings
Considered to be a contingent liability
UK
\u2022
In the UK, one of AstraZeneca\u2019s patents relating to
Forxiga
is being challenged by Generics (UK) Limited, Teva
Pharmaceutical Industries Limited, and Glenmark Pharmaceuticals Europe Limited.
\u2022
Trial is scheduled for March 2025.
Soliris
patent proceedings
Considered to be a contingent liability
Turkey
\u2022
In November 2024, Salute HC \u0130la\u00e7lar\u0131 Sanayi ve Ticaret A.\u015e (Salute) served an action in the Industrial and Intellectual
Property Rights Court in Istanbul, Turkey seeking to invalidate and enjoin enforcement of Alexion\u2019s patent relating
to eculizumab.
Tagrisso
patent proceedings
Considered to be a contingent liability
US
\u2022
In September 2021, Puma Biotechnology, Inc. (Puma) and Wyeth LLC (Wyeth) filed a patent infringement lawsuit in
the US District Court for the District of Delaware (District Court) against AstraZeneca relating to
Tagrisso
.
\u2022
In March 2024, the District Court dismissed Puma.
\u2022
The jury trial, with Wyeth as the plaintiff, took place in May 2024. The jury found Wyeth\u2019s patents infringed and
awarded Wyeth $107.5m in past damages. The jury also found that the infringement was not wilful.
\u2022
In proceedings following the jury award, the District Court rejected AstraZeneca\u2019s indefiniteness and equitable
defences but granted judgment as a matter of law in favour of AstraZeneca on the grounds that the patents were
invalid for lack of written description and enablement.
\u2022
Wyeth has filed an appeal.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
Brilinta
patent proceedings
Considered to be a contingent asset
US
\u2022
In 2015 and subsequently, in response to Paragraph IV notices from ANDA filers, AstraZeneca filed patent
infringement lawsuits in the US District Court for the District of Delaware (District Court). In its complaints, AstraZeneca
alleged that a generic version of
Brilinta
, if approved and marketed, would infringe patents that are owned or licensed
by AstraZeneca.
\u2022
In 2024, AstraZeneca entered into separate settlements and the District Court entered consent judgments to dismiss
each of the corresponding litigations. Additional proceedings are ongoing in the District Court.
\u2022
No trial date has been set.
Calquence
patent proceedings
Considered to be a contingent asset
US
\u2022
In February 2022, in response to Paragraph IV notices from multiple ANDA filers, AstraZeneca filed patent infringement
lawsuits in the US District Court for the District of Delaware (District Court). In its complaints, AstraZeneca alleged
that a generic version of
Calquence
capsules, if approved and marketed, would infringe patents that are owned or
licensed by AstraZeneca.
\u2022
In 2024, AstraZeneca entered into settlement agreements with all five generic manufacturers, resolving the
Calquence
capsule ANDA litigation proceedings.
\u2022
AstraZeneca received Paragraph IV notices relating to patents listed in the FDA Orange Book with reference
to
Calquence
tablets from Cipla USA, Inc. and Cipla Limited (collectively, Cipla) in April 2024 and from
MSN Pharmaceuticals Inc. and MSN Laboratories Pvt. Ltd. (collectively, MSN) in November 2024.
\u2022
In response to these Paragraph IV notices, AstraZeneca filed patent infringement lawsuits against Cipla in May 2024
and against MSN in January 2025 in the District Court. In the complaints, AstraZeneca alleges that a generic version
of
Calquence
tablets, if approved and marketed, would infringe patents that are owned or licensed by AstraZeneca.
No trial date has been scheduled.
Daliresp
patent litigation
Considered to be a contingent asset
US
\u2022
In 2015 and subsequently, in response to Paragraph IV notices from ANDA filers, AstraZeneca filed patent
infringement lawsuits in the US District Court for the District of New Jersey (District Court) relating to patents listed
in the FDA Orange Book with reference to
Daliresp
.
\u2022
In 2022, AstraZeneca entered into a settlement agreement and the District Court entered a consent judgment to
dismiss the corresponding litigation. Additional ANDA challenges are pending.
Farxiga
patent proceedings
Considered to be a contingent asset
US
\u2022
In May 2021, AstraZeneca proceeded to trial against ANDA filer Zydus Pharmaceuticals (USA) Inc. (Zydus
) in the
US District Court for the District of Delaware (District Court). In October 2021, the District Court issued a decision
finding the asserted claims of AstraZeneca\u2019s patent as valid and infringed by Zydus\u2019s ANDA product. In August 2022,
Zydus appealed the District Court decision. Zydus\u2019s appeal has been dismissed.
\u2022
In December 2023, AstraZeneca initiated ANDA litigation against Sun Pharmaceutical Industries Ltd. and Sun
Pharmaceutical Industries, Inc. in the District Court. No trial date has been set.
Lokelma
patent proceedings
Considered to be a contingent asset
US
\u2022
In August 2022, in response to Paragraph IV notices, AstraZeneca initiated ANDA litigation against multiple generic
filers in the US District Court for the District of Delaware (District Court). AstraZeneca alleged that a generic version
of
Lokelma
would infringe patents that are owned or licensed by AstraZeneca.
\u2022
AstraZeneca has entered into separate settlement agreements with four generic manufacturers which resulted in
dismissal of the corresponding litigations.
\u2022
Additional proceedings with the remaining generic manufacturer are ongoing in the District Court. Trial is scheduled
for March 2025.
\n \n
Lynparza
patent proceedings
Considered to be a contingent asset
US
\u2022
AstraZeneca received a Paragraph IV notice relating to
Lynparza
patents from Natco Pharma Limited (Natco) in
December 2022, Sandoz Inc. (Sandoz) in December 2023, Cipla USA, Inc. and Cipla Limited
(collectively, Cipla) in
May 2024, and Zydus Pharmaceuticals (USA) Inc. (Zydus
) in November 2024. In response to these Paragraph IV
notices, AstraZeneca, MSD International Business GmbH, and the University of Sheffield initiated ANDA litigations
against Natco, Sandoz, Cipla, and Zydus in the US District Court for the District of New Jersey. In the complaints,
AstraZeneca alleged that the defendants\u2019 generic versions of
Lynparza
, if approved and marketed, would infringe
AstraZeneca\u2019s patents.
\u2022
No trial date has been scheduled.
Soliris
patent proceedings
Considered to be a contingent asset
Canada
\u2022
In May 2023, Alexion initiated patent litigation in Canada alleging that Amgen Pharmaceuticals, Inc.\u2019s (Amgen) biosimilar
eculizumab product will infringe Alexion patents.
\u2022
In September 2023, Alexion initiated patent litigations in Canada alleging that Samsung Bioepis Co. Ltd.\u2019s (Samsung)
biosimilar eculizumab product will infringe Alexion patents. The filing of the litigation triggered an automatic 24-month
stay of the approval of each defendant\u2019s biosimilar eculizumab product.
\u2022
Trial against Amgen is scheduled to begin in January 2025 while trial against Samsung is scheduled to begin in
June 2025.
\u2022
In July and August 2023, in Canada, both Amgen and Samsung brought actions challenging the validity of Alexion\u2019s
patent relating to the use of eculizumab in treating aHUS. Trial is scheduled for November 2025.
Soliris
patent proceedings
Matter concluded
US
\u2022
In January 2024, Alexion initiated patent infringement litigation against Samsung Bioepis Co. Ltd. (Samsung) in the
US District Court for the District of Delaware (District Court) alleging that Samsung\u2019s biosimilar eculizumab product,
for which Samsung is currently seeking FDA approval, will infringe six
Soliris
-related patents.
\u2022
Five of the six asserted patents were also the subject of inter partes review proceedings before the US Patent and
Trademark Office.
\u2022
Alexion filed a motion for a preliminary injunction seeking to enjoin Samsung from launching its biosimilar eculizumab
product upon FDA approval. The District Court denied Alexion\u2019s motion and Alexion appealed that decision.
\u2022
In August 2024, the parties reached resolution of the matter. All legal proceedings in the US courts have terminated
as have the inter partes review proceedings.
Soliris
patent proceedings
Considered to be a contingent asset
Europe
\u2022
In March 2024, Alexion filed motions for provisional measures against Amgen Pharmaceuticals Inc (Amgen) and
Samsung Bioepis Co. Ltd. (Samsung) and their respective affiliates at the Hamburg Local Division of the Unified
Patent Court (UPC) on the basis that Amgen\u2019s and Samsung\u2019s biosimilar eculizumab products infringe an Alexion
patent. Alexion appealed and in December 2024 the UPC appellate division denied Alexion\u2019s appeal requesting
provisional measures.
\u2022
In parallel, Samsung and Amgen have filed oppositions to the patent at the European Patent Office.
\u2022
In November 2024, Amgen filed a revocation action for the patent at the UPC Central Division in Milan.
Soliris
patent proceedings
Considered to be a contingent asset
UK
\u2022
In May 2024, Alexion initiated patent infringement proceedings against Amgen Ltd and Samsung Bioepis UK Ltd
(Samsung UK) in the UK High Court of Justice alleging that their respective biosimilar eculizumab products infringe
an Alexion patent; on the same day, Samsung UK initiated a revocation action for the same patent.
\u2022
Trial has been scheduled for March 2025.
Tagrisso
patent proceedings
Considered to be a contingent asset
Russia
\u2022
In Russia, in August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow Region (Court) against
the Ministry of Health of the Russian Federation and Axelpharm LLC (Axelpharm) related to Axelpharm\u2019s improper use
of AstraZeneca\u2019s information to obtain authorisation to market a generic version of
Tagrisso
. In December 2023,
the Court dismissed the lawsuit against the Ministry of Health of the Russian Federation. The appellate court affirmed
the dismissal in March 2024. AstraZeneca filed a further appeal, which was dismissed in July 2024. The lawsuit
against Axelpharm was dismissed in September 2024, and AstraZeneca appealed.
\u2022
In November 2023, Axelpharm filed a compulsory licensing action against AstraZeneca in the Court related to a patent
that covers
Tagrisso
. The compulsory licensing action remains pending. AstraZeneca has also challenged before the
Russian Patent and Trademark Office (PTO) the validity of the Axelpharm patent on which the compulsory licensing
action is predicated. In August 2024, the PTO determined that Axelpharm\u2019s patent is invalid and, in November 2024,
Axelpharm filed an appeal.
\u2022
In July 2024, AstraZeneca filed a patent infringement lawsuit, which remains pending, and an unfair competition claim
with the Federal Anti-Monopoly Service of Russia (FAS) against AxelPharm and others related to the securing of state
contracts in Russia for its generic version of Osimertinib.
\u2022
In August 2024, the FAS initiated an unfair competition case against Axelpharm and OncoTarget based on AstraZeneca\u2019s
unfair competition claim. In November 2024, the FAS determined that Axelpharm had committed unfair competition
and that OncoTarget had not; the FAS ordered Axelpharm to cease sales of its generic osimertinib and pay the Russian
government the income it received from its sales of its generic Osimertinib. In December 2024, Axelpharm appealed.
Product liability litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
Farxiga
and
Xigduo
XR
Considered to be a contingent liability
US
\u2022
AstraZeneca has been named as a defendant in lawsuits involving plaintiffs claiming physical injury, including
Fournier\u2019s Gangrene and necrotising fasciitis, from treatment with
Farxiga
and/or
Xigduo
XR. In September 2023,
the parties resolved by settlement agreement one case, filed in state court in Minnesota, previously scheduled for
trial in October 2023. All remaining claims are filed in Delaware state court and remain pending, with the earliest
trial scheduled for March 2026.
Nexium
and
Prilosec
A provision has been taken
US
\u2022
AstraZeneca has been defending lawsuits brought in federal and state courts involving claims that plaintiffs have been
diagnosed with various injuries following treatment with proton pump inhibitors (PPIs), including
Nexium
and
Prilosec
.
Most of the lawsuits alleged kidney injury.
\u2022
In addition, AstraZeneca has been defending lawsuits involving allegations of gastric cancer following treatment with
PPIs, including one such claim in the US District Court for the Middle District of Louisiana (District Court).
\u2022
In October 2023, AstraZeneca resolved all pending claims in the MDL, as well as all pending claims in Delaware
and New Jersey state courts, for $425m, for which a provision has been taken.
\u2022
In December 2024, AstraZeneca resolved the sole remaining case, which had been pending in the District Court.
Nexium
and
Losec
Considered to be a contingent liability
Canada
\u2022
In Canada, in July and August 2017, AstraZeneca was served with three putative class action lawsuits. Two of the
lawsuits have been dismissed, one in 2019 and one in 2021.
\u2022
The third lawsuit seeks authorisation to represent individual residents in Canada who allegedly suffered kidney
injuries from the use of proton pump inhibitors, including
Nexium
and
Losec
. No trial date has been scheduled.
Onglyza
and
Kombiglyze
Matter concluded
US
\u2022
In the US, AstraZeneca has been defending various lawsuits in both California state court and in a consolidated
federal proceeding alleging heart failure, cardiac injuries, and/or death from treatment with
Onglyza
or
Kombiglyze
.
In the California state court proceeding, the trial court granted summary judgment for AstraZeneca, which the
California appellate court affirmed. The California Supreme Court has declined further review, and the California
matter has concluded.
\u2022
The consolidated federal cases were dismissed in August 2022 by the US District Court for the Eastern District of
Kentucky. That dismissal was affirmed by the US Court of Appeals for the Sixth Circuit in February 2024. This matter
is concluded.
Vaxzevria
Considered to be a contingent liability
UK
\u2022
AstraZeneca is defending lawsuits in multiple jurisdictions, including the UK, involving multiple claimants alleging
injuries following vaccination with AstraZeneca\u2019s COVID-19 vaccine. Most of the lawsuits involve claims of thrombosis
with thrombocytopenia syndrome.
\u2022
No trial dates have been scheduled.
\n
Commercial litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
340B Antitrust litigation
Considered to be a contingent liability
US
\u2022
In September 2021, AstraZeneca was served with a class-action antitrust complaint filed in the US District Court for
the Western District of New York (District Court) by Mosaic Health alleging a conspiracy to restrict access to 340B
discounts in the diabetes market through contract pharmacies. In September 2022, the District Court granted
AstraZeneca\u2019s motion to dismiss the Complaint. In February 2024, the District Court denied Plaintiffs\u2019 request to file
an amended complaint and entered an order closing the matter.
\u2022
In March 2024, Plaintiffs filed an appeal.
Amyndas Trade Secrets Litigation
Considered to be a contingent liability
US
\u2022
AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and Amyndas
Pharmaceuticals, LLC, in the US District Court for the District of Massachusetts alleging trade secret misappropriation
and breach of contract claims against Alexion and Zealand Pharma U.S. Inc. related to Amyndas\u2019 C3 inhibitor candidate.
\u2022
No trial date has been set.
Anti-Terrorism Act Civil Lawsuit
Considered to be a contingent liability
US
\u2022
In the US, in October 2017, AstraZeneca and certain other pharmaceutical and/or medical device companies were
named as defendants in a complaint filed in the US District Court for the District of Columbia (District Court) by US
nationals (or their estates, survivors, or heirs) who were killed or wounded in Iraq between 2005 and 2013. The plaintiffs
allege that the defendants violated the US Anti-Terrorism Act and various state laws by selling pharmaceuticals and
medical supplies to the Iraqi Ministry of Health. In July 2020, the District Court granted AstraZeneca\u2019s and the other
defendants\u2019 motion to dismiss the lawsuit, which the DC Circuit Court of Appeals (the Appellate Court) reversed in
January 2022.
\u2022
In June 2024, the United States Supreme Court issued an order vacating the 2022 decision and granted AstraZeneca\u2019s
and the other defendants\u2019 request for a remand to the Appellate Court for reconsideration under new case law.
\n \n
Caelum Trade Secrets Litigation
Matter concluded
US
\u2022
AstraZeneca has been defending a matter filed by the University of Tennessee Research Foundation in the US District
Court for the Eastern District of Tennessee related to CAEL-101.
\u2022
In September 2024, the parties resolved the matter by settlement.
Definiens
Considered to be a contingent liability
Germany
\u2022
In Germany, in July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of Arbitration
from the sellers of Definiens AG (the Sellers) regarding the 2014 Share Purchase Agreement
(SPA) between
AstraZeneca and the Sellers. The Sellers claim that they are owed approximately $140m in earn-outs under the SPA.
In December 2023, after an arbitration hearing, the arbitration panel made a final award of $46.43m in favour of
the Sellers.
\u2022
In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court to set aside the arbitration award.
\u2022
A hearing is scheduled for February 2025.
Employment Litigation
Considered to be a contingent liability
US
\u2022
In December 2022, AstraZeneca was served with a lawsuit filed by seven former employees in the US District Court
for the District of Delaware (District Court) asserting claims of discrimination on grounds of age and religion, related
to AstraZeneca\u2019s vaccination requirement. In June 2024, the District Court granted AstraZeneca\u2019s partial motion to
dismiss and denied without prejudice Plaintiff\u2019s motion for conditional certification.
\u2022
AstraZeneca is defending against numerous other litigation matters pending in federal and state courts asserting claims
of discrimination in connection with AstraZeneca\u2019s vaccine requirement. In November 2024, in a matter pending in
the US District Court for the Northern District of Ohio, the court entered summary judgment in favour of the plaintiff.
\u2022
A trial on the issues of damages is scheduled for June 2025.
Pay Equity Litigation
Considered to be a contingent liability
US
\u2022
AstraZeneca is defending a putative class and collective action in the US District Court for the Northern District of
Illinois (District Court) brought by three named plaintiffs, who are former AstraZeneca employees. The case involves
claims under the federal and Illinois Equal Pay Acts, with the plaintiffs alleging they were paid less than male
employees who performed substantially similar and/or equal work.
\u2022
In May 2024, the District Court conditionally certified a collective under the federal Equal Pay Act and authorised the
sending of notice to potential collective action members. The notice was distributed in June 2024.
Securities Litigation
Considered to be a contingent liability
US
\u2022
In December 2024, a putative securities class action lawsuit was filed in the US District Court for the Central District
of California against AstraZeneca PLC and certain officers, on behalf of purchasers of AstraZeneca publicly traded
securities between February 2022 and December 2024. The complaint alleges that defendants made materially
false and misleading statements in connection with the Company\u2019s business in China.
Seroquel XR
Antitrust Litigation
Considered to be a contingent liability
US
\u2022
In 2019, AstraZeneca was named in several related complaints now proceeding in US District Court in Delaware
(District Court), including several putative class action lawsuits that were purportedly brought on behalf of classes
of direct purchasers or end payors of
Seroquel XR
, that allege AstraZeneca and generic drug manufacturers violated
US antitrust laws when settling patent litigation related to
Seroquel XR
.
\u2022
In July 2022, the District Court dismissed claims relating to one of the generic manufacturers while allowing claims
relating to the second generic manufacturer to proceed.
\u2022
In September 2024, AstraZeneca reached a settlement agreement with one of the plaintiff classes and the parties
are now seeking judicial review and approval of the settlement.
\u2022
Trial with the remaining class of plaintiffs is currently scheduled for May 2025.
Syntimmune Milestone Litigation
Considered to be a contingent liability
US
\u2022
In connection with Alexion\u2019s acquisition of Syntimmune, Inc. (Syntimmune) in December 2020, Alexion was served
with a lawsuit filed by the stockholders\u2019 representative for Syntimmune in Delaware state court that alleged, among
other things, breaches of the 2018 merger agreement (Merger Agreement).
\u2022
The stockholders\u2019 representative alleges that Alexion failed to meet its obligations under the Merger Agreement to use
commercially reasonable efforts to achieve the milestones. Alexion also filed a claim for breach of the representations
in the Merger Agreement.
\u2022
A trial was held in July 2023.
\u2022
The court issued a partial decision in September 2024, concluding that the first milestone was achieved, and that
Alexion had breached its contractual obligation to use commercially reasonable efforts to achieve the milestones.
The court has requested additional briefing regarding damages and further proceedings regarding Alexion\u2019s claim
for breach.
University of Sheffield
Considered to be a contingent liability
Contract Dispute
UK
\u2022
In June 2024, AstraZeneca was served with a lawsuit filed by the University of Sheffield (Sheffield). In its complaint,
Sheffield alleges that AstraZeneca made misrepresentations to induce Sheffield to amend a patent license relating
to
Lynparza
.
\u2022
AstraZeneca filed its defence in August 2024. No trial date has been scheduled.
\n \n
Viela Bio, Inc. Shareholder Litigation
Considered to be a contingent liability
US
\u2022
In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware state court against AstraZeneca
and certain officers (collectively, Defendants), on behalf of a putative class of Viela Bio, Inc.
(Viela) shareholders.
The complaint alleged that the Defendants breached their fiduciary duty to Viela shareholders in the course of
Viela\u2019s 2021 merger with Horizon Therapeutics, plc.
\u2022
In July 2024, the Court granted with prejudice AstraZeneca\u2019s motion to dismiss.
\u2022
In August 2024, plaintiffs appealed the dismissal.
Legal proceedings brought by AstraZeneca
PARP Inhibitor Royalty Dispute
Considered to be a contingent asset
UK
\u2022
In October 2012, Tesaro, Inc. (now wholly owned by GlaxoSmithKline plc
(GSK)) entered into two worldwide, royalty-
bearing patent license agreements with AstraZeneca related to GSK\u2019s product niraparib. In May 2021, AstraZeneca
filed a lawsuit against GSK in the Commercial Court of England and Wales alleging that GSK had failed to pay all of
the royalties due on niraparib sales under the license agreements. In April 2023, after trial, the trial court issued a
decision in AstraZeneca\u2019s favour. In February 2024, the Court of Appeal reversed the decision. In March 2024,
AstraZeneca filed a request for permission to appeal with the Supreme Court of the United Kingdom.
\u2022
In May 2024, the Supreme Court denied permission to appeal. The case will return to the trial court for
further proceedings.
Government investigations and proceedings
Legal proceedings brought against AstraZeneca
340B Qui Tam
Considered to be a contingent liability
US
\u2022
In July 2023, AstraZeneca was served with an unsealed civil lawsuit brought by a qui tam relator on behalf of the
United States, several states, and the District of Columbia in the US District Court for the Central District of California
(District Court). The complaint alleges that AstraZeneca violated the US False Claims Act and state law analogues.
In March 2024, the District Court granted AstraZeneca\u2019s motion to dismiss the First Amended Complaint without
leave to amend.
\u2022
In April 2024, the relator filed an appeal.
Boston US Attorney Investigation
Considered to be a contingent liability
US
\u2022
In June 2024, AstraZeneca was served with a subpoena issued by the US Attorney\u2019s Office in Boston, seeking
documents and information relating to payments by AstraZeneca to healthcare providers.
\u2022
AstraZeneca is cooperating with this enquiry.
Brazilian Tax Assessment Matter
Considered to be a contingent liability
Brazil
\u2022
In connection with an ongoing matter, in August 2019, the Brazilian Federal Revenue Service provided a Notice of Tax
and Description of the Facts (the Tax Assessment) to two Alexion subsidiaries in Brazil, as well as to two additional
entities, a logistics provider utilised by Alexion and a distributor. The Tax Assessment focuses on the importation of
Soliris
vials pursuant to Alexion\u2019s free drug supply to patients programme in Brazil.
\u2022
Alexion prevailed in the first level of administrative appeals in the Brazilian federal administrative proceeding system
based on a deficiency in the Brazil Tax Assessment. The decision was subject to an automatic appeal to the second
level of the administrative courts.
\u2022
In March 2023, the second level of the administrative courts issued a decision to remand the matter to the first level
of administrative courts for a determination on the merits.
Texas Qui Tam
Considered to be a contingent liability
US
\u2022
In December 2022, AstraZeneca was served with an unsealed civil lawsuit brought by qui tam relators on behalf of
the State of Texas in Texas state court, which alleges that AstraZeneca engaged in unlawful marketing practices.
\u2022
Trial is scheduled for October 2025.
Turkish Ministry of Health Matter
Matter concluded
Turkey
\u2022
In Turkey, in July 2020, the Turkish Ministry of Health (Ministry of Health) initiated an investigation regarding payments
to healthcare providers by Alexion and former employees and consultants. The investigation arose from Alexion\u2019s
disclosure of a $21.5m civil settlement with the US Securities & Exchange Commission (SEC) in July 2020 fully
resolving the SEC\u2019s investigation into possible violations of the US Foreign Corrupt Practices Act.
\u2022
In September 2021, the Ministry of Health completed its draft investigation report and referred the matter to the
Ankara Public Prosecutor\u2019s Office with a recommendation for further proceedings against certain former employees.
In June 2024, the Ankara Public Prosecutor\u2019s Office closed its investigation without further action. This matter is
now concluded.
US Congressional Inquiry
Matter concluded
US
\u2022
In January 2024, AstraZeneca received a letter from the US Senate Committee on Health, Education, Labor and
Pensions (HELP Committee) seeking information related to AstraZeneca\u2019s inhaled Respiratory products.
\u2022
AstraZeneca cooperated with this inquiry and this matter is now concluded.
\n \n
Vermont US Attorney Investigation
Considered to be a contingent liability
US
\u2022
In April 2020, AstraZeneca received a Civil Investigative Demand from the US Attorney\u2019s Office in Vermont and the
Department of Justice, Civil Division, seeking documents and information relating to AstraZeneca\u2019s relationships with
electronic health-record vendors.
\u2022
AstraZeneca continues to cooperate with this enquiry.
Shenzhen City Customs Office
Considered to be a contingent liability
China
\u2022
In relation to the illegal drug importation allegations, in January 2025, AstraZeneca received a Notice of Transfer to the
Prosecutor and an Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid importation
taxes amounting to $0.9m.
\u2022
To the best of AstraZeneca\u2019s knowledge, the importation taxes referred to in the Appraisal Opinion relate to
Imfinzi
and
Imjudo
.
\u2022
A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is
found liable.
Legal proceedings brought by AstraZeneca
340B State Litigation
Considered to be a contingent asset
US
\u2022
AstraZeneca has filed lawsuits against Arkansas, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri,
and West Virginia challenging the constitutionality of each state\u2019s 340B statute.
\u2022
In the Arkansas matter, trial is scheduled for April 2025. In the Arkansas administrative proceeding, the state has
moved for a preliminary injunction to enjoin AstraZeneca\u2019s 340B policy in Arkansas.
\u2022
In the Kansas matter, after obtaining a stipulation from the state that AstraZeneca\u2019s policy does not violate the
Kansas 340B statute, AstraZeneca agreed to dismiss its complaint.
\u2022
In the Louisiana matter, the Court granted the state\u2019s motion for summary judgment. AstraZeneca has filed an appeal.
\u2022
In the Maryland, Minnesota, and Missouri matters, the state has moved to dismiss AstraZeneca\u2019s complaint.
\u2022
In the Maryland and Mississippi matters, the Court has rejected AstraZeneca\u2019s preliminary injunction motion.
\u2022
The West Virginia matter remains in its preliminary stages.
Inflation Reduction Act Litigation
Considered to be a contingent asset
US
\u2022
In August 2023, AstraZeneca filed a lawsuit in the US District Court for the District of Delaware (District Court) against
the US Department of Health and Human Services (HHS) challenging aspects of the drug price negotiation provisions
of the Inflation Reduction Act and the implementing guidance and regulations. In March 2024, the District Court granted
HHS\u2019 motions and dismissed AstraZeneca\u2019s lawsuit.
\u2022
AstraZeneca has appealed the District Court\u2019s decision.
\n
Other
\n
Additional government inquiries
\n
As is true for most, if not all, major prescription pharmaceutical companies, AstraZeneca is currently involved in multiple inquiries into drug
\n
marketing and pricing practices. In addition to the investigations described above, various law enforcement offices have, from time to time,
\n
requested information from the Group. There have been no material developments in those matters.
\n
Tax
\n
AstraZeneca considers whether it is probable that a taxation authority will accept an uncertain tax treatment. Where it is concluded that it is
\n
not probable the taxation authority will accept an uncertain tax treatment, a tax liability is recognised based on either the most likely amount
\n
method or the expected value method depending on which method management expects to better predict the resolution of the uncertainty.
\n
Tax liabilities for uncertain tax treatments can be built up over a long period of time but the resolution of the uncertain tax treatments usually
\n
occurs at a point in time. Given the inherent uncertainties in assessing the outcomes (which can sometimes be binary), the probability and
\n
amount of any tax liability occurring are difficult to ascertain which may see adjustments to the liabilities recognised for uncertain tax
\n
treatments in future periods that could have a material positive or negative effect on our results. Details of the movements in relation to
\n
material uncertain tax treatments are discussed below.
\n
KJ
\n
AstraZeneca faces a number of audits and reviews in jurisdictions around the world and, in some cases, is in dispute with the tax
\n
authorities. The issues under discussion are often complex and can require many years to resolve. Tax liabilities recognised for uncertain
\n
tax treatments require management to make key judgements with respect to the outcome of current and potential future tax audits, and
\n
actual results could vary from these estimates. Management does not believe a significant risk exists of material change to uncertain tax
\n
positions in the next 12 months.
\n
The total net tax liability recognised in the Group Financial Statements in respect of uncertain tax positions is $1,321m (2023: $1,336m;
\n
2022: $830m) as explained below. The net tax liability consists of $1,157m (2023: $1,241m; 2022: $632m) included within income tax payable,
\n
$1,304m (2023: $441m; 2022: $291m) included within deferred tax asset, partially offset by $122m (2023: $9m; 2022: $(20)m) included within
\n
deferred tax liabilities, and $1,018m (2023: $337m; 2022: $113m) included within income tax receivable.
Transfer pricing
The net tax liability included in the Group Financial Statements in relation to management\u2019s current assessment of tax risks in relation to
worldwide transfer pricing exposures is $384m (2023: $401m; 2022: $260m). The decrease in the net tax liability for uncertain tax positions
relating to transfer pricing of $17m compared with 2023 is mainly as a result of a decrease of tax liabilities arising from updates to estimates
of prior period tax liabilities following progression of tax authority reviews.
The liability includes uncertain tax treatments which are estimated using the expected value method and depend on AstraZeneca\u2019s
assessment of the likelihood of the approach taken by the tax authorities. These matters can be complex and judgemental and could change
in the future to reflect progress in tax authority reviews, the extent that any tax authority challenge is concluded including via negotiation
between governments under competent authority procedures in relevant double tax treaties which can take many years to resolve, or matters
lapse including following expiry of the relevant statutes of limitation. Depending upon progress in these matters, we could experience
adjustments to the liabilities recognised in respect of uncertain tax treatments in future periods. Whilst it is impracticable to specify the possible
effects of such changes at this stage, it is reasonably possible that an adjustment to the carrying amounts of tax assets and liabilities could
be required within the next financial year.
For transfer pricing matters, including items under tax audit, AstraZeneca estimates the potential for additional tax liabilities above the amount
provided where the possibility of the additional liabilities falling due is more than remote, to be up to $422m (2023: $386m; 2022: $245m)
including associated interest.
Management believes that it is unlikely that these additional liabilities will arise. It is possible that some of these contingencies may change in
the future to reflect progress in tax authority reviews, to the extent that any tax authority challenge is concluded or matters lapse including
following expiry of the relevant statutes of limitation resulting in a reduction in the tax charge in future periods. Management continues to
believe that AstraZeneca\u2019s positions on all its transfer pricing positions, audits and disputes are robust, and that AstraZeneca has recognised
appropriate tax balances, including consideration of whether corresponding relief will be available under Mutual Agreement procedures
or unilaterally.
Other uncertain tax treatments
Included in the net tax liability is $937m (2023: $935m; 2022: $570m) relating to a number of other uncertain tax treatments. The increase
of $2m in the net tax liability relating to the other uncertain tax treatments mainly relates to an update to tax liabilities following progress of
reviews by tax authorities and administrative appeal processes which are offset by movements relating to uncertainty over the timing of tax
deductions. This uncertainty includes movements between income taxes receivable of $742m, and deferred tax liabilities of $133m offset
by related deferred tax assets of $929m and income taxes payable of $269m. The liability includes tax liabilities in respect of uncertain
tax treatments which are estimated using the most likely amount method and the expected value method and depend on AstraZeneca\u2019s
assessment of the likelihood of the approach taken by the tax authorities. This could change in the future to reflect progress in tax authority
reviews, the extent that any tax authority challenge is concluded, or matters lapse including following expiry of the relevant statutes of
limitation resulting in a reduction in the tax charge in future periods.
For these other tax liabilities in respect of uncertain tax treatments, AstraZeneca estimates the potential for additional liabilities above the
amount provided where the possibility of the additional liabilities falling due is more than remote, to be up to $214m (2023: $293m; 2022:
$209m) including associated interest. It is possible that some of these liabilities may reduce in the future if any tax authority challenge is
concluded or matters lapse following expiry of the relevant statutes of limitation, resulting in a reduction in the tax charge in future periods.
AstraZeneca does not believe there are any significant other uncertain tax treatments where the possibility of the additional liabilities falling
due is more than remote (2023: $nil; 2022: $280m).
Timing of cash flows and interest
The Group is currently under audit in several countries and the timing of any resolution of these audits is uncertain.
It is anticipated that tax payments may be required in relation to a number of significant disputes which may be resolved over the next one to
two years. AstraZeneca considers the tax liabilities set out above to appropriately reflect the expected value of any final settlement. Some
of the items discussed above are not currently within the scope of tax authority audits and may take longer to resolve.
Included within other payables is a net amount of interest arising on tax contingencies of $164m (2023: $184m; 2022: $106m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00594": { "value": "21 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Employee
\u00a0
Other
\u00a0
\u00a0
Severance
Environmental
benefits
Legal
provisions
Total
\u00a0
$m
$m
$m
$m
$m
$m
At 1 January 2022
212
90
195
239
988
1,724
Charge for year
227
61
1
830
365
1,484
Cash paid
(223)
(19)
(41)
(814)
(185)
(1,282)
Reversals
(43)
\u2013
(27)
(94)
(98)
(262)
Exchange and other movements
(8)
(1)
15
\u2013
(52)
(46)
At 31 December 2022
165
131
143
161
1,018
1,618
Charge for year
123
21
22
1,102
245
1,513
Cash paid
(87)
(41)
(14)
(219)
(404)
(765)
Reversals
(28)
(3)
(3)
(23)
(143)
(200)
Exchange and other movements
3
4
20
(5)
(33)
(11)
At 31 December 2023
176
112
168
1,016
683
2,155
Additions arising on business acquisitions
\u2013
\u2013
\u2013
\u2013
50
50
Charge for year
283
26
30
44
478
861
Cash paid
(101)
(33)
(7)
(189)
(146)
(476)
Reversals
(83)
\u2013
(1)
(9)
(255)
(348)
Exchange and other movements
\u2013
\u2013
(24)
(3)
(25)
(52)
At 31 December 2024
275
105
166
859
785
2,190
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Due within one year
1,269
1,028
722
Due after more than one year
921
1,127
896
Total
2,190
2,155
1,618
\n
Provisions are often subject to substantial uncertainties with regard to the timing and final amounts of any payments. Once established, these
amounts remain in Provisions even after settlement is reached and uncertainty resolved, with no transfer to Trade and other payables prior
to payment. This is to provide more transparent disclosure of subsequent movements in brought forward and carried forward balances.
Settled legal claims included within Provisions are held at amortised cost with carrying value being a reasonable approximation of fair value.
Severance provisions arise predominantly in connection with global restructuring initiatives, including the PAAGR, which involve rationalisation
of the global supply chain, the sales and marketing organisation, IT and business support infrastructure, and R&D.
In conjunction with the acquisition of Alexion in 2021, the enlarged Group initiated the PAAGR; a global restructuring programme, aimed at
integrating systems, structure and processes, optimising the global footprint and prioritising resource allocations and investments. The Group
has also continued to progress other legacy restructuring programmes.
Employee costs in connection with the initiatives are recognised in severance provisions when a detailed formal plan has been communicated
to those employees affected. Final severance costs are often subject to the completion of the requisite consultations on the areas impacted,
with the majority of the cost expected to be paid within one year. AstraZeneca endeavours to support employees affected by restructuring
initiatives to seek alternative roles within the organisation. Where the employee is successful, any severance provisions will be released.
Details of the Environmental provisions totalling $105m (2023: $112m; 2022: $131m) and ongoing matters are provided in Note 30. These
uncertainties can also cause reversal in previously established provisions once final settlement is reached.
Legal issues are often subject to substantial uncertainties with regard to the timing and final amounts of any payments. A significant proportion
of the total legal provision ($626m (2023: $616m; 2022: $30m) due within one year and $210m (2023: $372m; 2022: $92m) due after more
than one year
1
) relates to matters settled, but not paid, in previous periods; further details are provided in Note 30.
The majority of Employee benefit provisions relate to Executive Deferred Compensation Plans, which include uncertainty over the ultimate
timing and amount of payment to be made to the executives.
Other provisions comprise amounts relating to specific contractual or constructive obligations and disputes. Included within Other provisions
are amounts associated with long-standing product liability settlements that arose prior to the merger of Astra and Zeneca, which given the
nature of the provision, the amounts are expected to be settled over many years; the final settlement values and timings are uncertain. Also
included in Other provisions is an amount of $145m (2023: $163m; 2022: $165m), in relation to third-party liability and other risks
(including
incurred but not yet reported claims); the claims are considered to be uncertain as to timing and amount. Charges to Other provisions in 2024
included $184m (2023: $87m; 2022: $12m) in relation to the PAAGR restructuring programme, which has a closing provision of $80m
(2023: $49m; 2022: $143m), including $58m (2023: $8m; 2022: $95m) held in non-current provisions expected to be settled over time by
2028. In 2022, charges to Other provisions included $301m in relation to termination fees and onerous contracts with contract manufacturing
organisations, the vast majority of which were settled in 2023.
No provision has been released or applied for any purpose other than that for which it was established.
1
The profile of future payments of legal provisions due after one year is as follows: in one to two years $167m (2023
: $180m; 2022: $22m); in two to three years $9m (2023: $159m;
2022: $21m); in three to four years $12m (2023: $10m; 2022: $9m); in four to five years $9m (2023: $9m; 2022: $9m); and in more than five years $13m (2023: $14m; 2022: $31m).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00596": { "value": "22 Post-retirement pension and other defined benefit schemes
Background
This section predominantly covers defined benefit arrangements like post-retirement pension and medical plans which make up the vast
bulk of these liabilities. However, it also incorporates other benefits which fall under IAS 19 \u2018Employee Benefits\u2019 rules and which require an
actuarial valuation, including but not limited to: lump sum plans, long-service awards and defined contribution pension plans which have
some defined benefit characteristics (e.g. a minimum guaranteed level of benefit). In total, over 50 plans in 28 countries are covered.
The Group and most of its subsidiaries offer post-retirement pension plans which cover the majority of employees. The Group\u2019s policy is to
provide defined contribution (DC) orientated pension provision to its employees unless otherwise compelled by local regulation. As a result,
many of these retirement plans are DC, where the Group contribution and resulting charge is fixed at a set level, or is a set percentage of
employees\u2019 pay. However, several plans, mainly in the UK and Sweden, are defined benefit (DB), where benefits are based on employees\u2019
length of service and salary. The major DB plans are largely legacy arrangements as they have been closed to new entrants since 2000,
apart from the collectively bargained Swedish plan (which is still open to employees born before 1979). During 2010, following consultation
with its UK employees\u2019 representatives, the Group introduced a freeze on pensionable pay at 30 June 2010 levels for DB members of the
UK Pension Fund. The number of active members in the Fund continues to decline and is now 351 employees.
The Group\u2019s DB plans are largely funded through ringfenced, fiduciary-administered assets. The cash funding of the plans, which may from
time to time involve payments from the Group, is designed, in consultation with independent qualified actuaries, to ensure that the assets are
sufficient to meet future obligations as and when they fall due. The funding level is monitored by the Group and local fiduciaries, who may
take into account various factors, including: the strength of the Group\u2019s covenant, local regulation, cash flows, and the solvency and maturity
of the pension plan.
Funding Framework
Eighty six per cent of the Group\u2019s total DB obligations (or 62% of net obligations) at 31 December 2024 are in plans within the UK and Sweden.
The Group has developed a long-term funding framework for such plans which targets either full funding on a low-risk funding measure, or
buyout with an external third-party as the pension plans mature, with pragmatic long-term de-risking of investment strategy along the way.
Unless local regulation dictates otherwise, this framework determines the cash contributions payable.
UK
The UK Pension Fund represents approximately 65% of the Group\u2019s DB obligations at 31 December 2024. The funding framework is modified
in light of the UK regulatory requirements (summarised below) and resulting discussions with the Trustee.
Role of Trustee and Regulation
The UK Pension Fund is governed and administered by a corporate Trustee. The Trustee Directors are comprised of representatives appointed
by both the employer and Fund members and include an independent professional Trustee Director. The Trustee Directors are required by
law to act in the interest of all relevant beneficiaries and are responsible in particular, for investment strategy and the day-to-day administration
of the benefits. They are also responsible for jointly agreeing with the employer the level of contributions required to ensure the funding
objective is met.
The UK pensions industry is regulated by The Pensions Regulator whose statutory objectives and regulatory powers are described on its
website, www.thepensionsregulator.gov.uk.
The Pension Scheme Act 2021 became effective in the UK from 1 October 2021. A section of this Act places additional legal requirements
on companies who sponsor UK defined benefit pension schemes, to monitor and assess corporate activity, with a focus on the potential
impact of such activity on the ongoing security of these benefits. The Group maintains a framework to ensure it meets its responsibilities
under the Act.
There have been two UK High Court Rulings relating to Guaranteed Minimum Pensions (GMP) equalisation in 2018 and 2020. Following the
publication of guidance around implementation in 2021, the Trustee, with input from the Group, has completed the equalisation of benefits
for pensioner members, and a process is in place to equalise non-pensioner members\u2019 benefits at the point of retirement. Further details are
set out later in this Note. An estimate of the impact of these changes has already been recognised in 2018 and 2020, and actual experience
is in line with the estimates previously recognised.
In June 2023, the UK High Court (Virgin Media Limited v NTL Pension Trustees II Limited) ruled that certain historical amendments for
contracted-out defined benefit pension plans were invalid if they were not accompanied by the correct actuarial confirmation. Whilst the
Court of Appeal upheld this ruling in July 2024, there remains material uncertainty in relation to the legal position itself and in particular,
the application of the ruling. The Group has discussed the ruling with the Trustee and its potential implications for the UK Pension Fund.
The Trustee has considered this matter with their legal adviser. Whilst the Trustee has not conducted any detailed investigations at this
point, we note their position that they have no reason to believe that any such confirmations were not provided, in which case the ruling
will have no impact on the UK Pension Fund. The Trustee is monitoring developments as further government guidance and/or case law
emerges and the Group will maintain a dialogue on this matter.
Funding requirements and security
UK legislation requires that an actuarial valuation is completed for all DB pension schemes every three years, which compares the schemes\u2019
liabilities to its assets. As part of the triennial valuation process, the Trustee and the Group must agree on a set of assumptions to value the
liabilities and determine the contributions required, if any, to ensure the UK Pension Fund is fully funded over an appropriate time period and
on a suitably prudent measure. The assumptions used to value the liabilities for the triennial actuarial valuation are required to be prudent,
whereas the assumptions used to prepare an IAS 19 accounting valuation are required to be \u2018best estimate\u2019.
The last full actuarial valuation of the UK Pension Fund was carried out by a qualified actuary as at 31 March 2022 and finalised in May 2023,
\n
ahead of the statutory deadline. The funding assumptions used in this actuarial valuation were set out in the Group\u2019s prior year report. The next
\n
actuarial valuation is due to take place as at 31 March 2025, with a likely timescale for completion in early to mid-2026. The Group is aware
\n
that this actuarial valuation will fall under the Pensions Regulator\u2019s new defined benefit funding code of practice.
\n
Aspects of the triennial actuarial valuation are governed by a long-term funding agreement, effective since October 2016, which sets out a
\n
path to full funding on a low-risk measure. Under this agreement, if a deficit exists, the Group is required to provide security. This security
\n
takes the form of a charge in favour of the Trustee over all land and buildings on the Group\u2019s Cambridge Biomedical Campus site. This charge
\n
was enacted in December 2023, and provides long-term security to the Trustee in respect of the Group\u2019s future deficit recovery contributions.
\n
At the last assessment date (1 December 2023), the value of the charge was \u00a3317m ($398m
) and it is capped at \u00a3350m ($440m). The value
\n
of the charge will vary and is expected to reduce over time, before falling away. Under the terms of the charge, the Trustee can only exercise
\n
its right over the ownership of the site in a Group insolvency event.
\n
In relation to deficit recovery contributions, a lump sum contribution of \u00a339m ($49m) was made in March 2024, with a further annual contribution
\n
of \u00a339m ($49m) due before 31 March 2025, and each year up to 31 March 2028. Based on 31 December 2024 IAS 19 assumptions, it is
\n
expected that ongoing contributions (excluding past service deficit contributions) during the year ending 31 December 2025 for the UK will
\n
be approximately $18m.
\n
GMP equalisation of member benefits has been completed. The method of equalisation converts GMP to non-GMP pension to simplify the
\n
structure and administration of benefits. As at 31 December 2024, all pensioner and dependent members have had their benefits equalised
\n
and, for non-pensioner members, a process is in place to equalise their benefits at their point of retirement.
\n
Under the governing documentation of the UK Pension Fund, any future surplus in the Fund would be returnable to the Group by refund
\n
assuming gradual settlement of the liabilities over the lifetime of the Fund. In particular, the Trustee has no unilateral right to wind up the
\n
Fund without Company consent nor does it have the power to unilaterally use any surplus to augment benefits prior to wind-up. As such,
\n
there are no adjustments required in respect of \u2018IFRIC 14 IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements
\n
and their Interaction\u2019.
\n
Sweden
\n
The Swedish plans account for 21% of the Group\u2019s defined benefit obligations. They are governed by Fiduciary Bodies with responsibility
\n
for the investment of the assets. These plans are funded in line with the Group\u2019s long-term funding framework and local regulations.
\n
The Swedish defined benefit pension plans were actuarially valued at 31 December 2023, when plan obligations were estimated to amount
\n
to $1,602m and plan assets were $1,068m. The local Swedish GAAP funding position can influence contribution policy. Over 2024, for the
\n
largest material pension plan, the Group did not request a reimbursement of benefit payments made throughout the year as the funding level
\n
was below 100% on the Swedish GAAP basis and so any such reimbursement is not permitted. These benefit payments over 2024, totalling
\n
approximately $50m, are therefore regarded as Group contributions.
\n
Based on 31 December 2024 IAS 19 assumptions, it is expected that contributions during the year ending 31 December 2025 for Sweden will
\n
be approximately $50m.
\n
US
\n
Following a buy out in May 2023 of the AZ Pharmaceutical LP qualified US Defined Benefit Pension Plan, all remaining US benefit plans which
\n
fall under IAS 19 are now disclosed within the \u2018Rest of Group\u2019 category, given the material reduction in aggregate obligation and to therefore
\n
ensure consistency with the Group\u2019s classification methodology.
\n
Other defined benefit plans
\n
The Group provides defined benefit plans other than pensions which are reported under IAS 19. These include lump sum plans, long-service
\n
awards and defined contribution pension plans which have a guaranteed minimum benefit. However, the largest category of these \u2018other\u2019
\n
non-pension plans are healthcare benefits.
\n
The cost of post-retirement benefits other than pensions for the Group in 2024 was $1m (2023: $1m; 2022: $1m). Plan assets were $146m
\n
and plan obligations were $105m at 31 December 2024.
\n
Financial assumptions
\n
Qualified independent actuaries have updated the actuarial valuations under IAS 19 for the major defined benefit plans operated by the Group
\n
to 31 December 2024. The assumptions used may not necessarily be borne out in practice, due to the inherent financial and demographic
\n
uncertainty associated with making long-term projections. These assumptions reflect the changes which have the most material impact on
\n
the results of the Group and were as follows:
\n\n \n
2023
UK
US
Sweden
Rest of Group
1
Inflation assumption
3.1%
\u2013
1.6%
2.2%
Rate of increase in salaries
\u2013
3
\u2013
3.1%
3.7%
Rate of increase in pensions in payment
2.9%
\u2013
1.6%
2.2%
Discount rate \u2013 defined benefit obligation
4.6%
4.7%
3.3%
3.3%
Discount rate \u2013 interest cost
4.6%
4.7%
3.3%
3.3%
Discount rate \u2013 service cost
4.5%
n/a
3.3%
3.3%
\n \n
2024
UK
Sweden
Rest of Group
1
Inflation assumption
3.2%
2
1.8%
2.1%
Rate of increase in salaries
\u2013
3
3.3%
3.6%
Rate of increase in pensions in payment
3.0%
1.8%
2.1%
Discount rate \u2013 defined benefit obligation
4
5.5%
3.5%
3.5%
Discount rate \u2013 interest cost
5
5.4%
3.4%
3.5%
Discount rate \u2013 service cost
5
5.5%
3.5%
3.5%
\n
1
\n
Rest of Group reflects the assumptions in Germany as these have the most material impact on the Group.
\n
2
\n
The UK inflation assumption includes an allowance for some UK inflation experience over 2024.
\n
3
\n
Pensionable pay frozen at 30 June 2010 levels following UK fund changes.
\n
4
\n
Group defined benefit obligation as at 31 December 2024 calculated using discount rates based on market conditions as at 31 December 2024.
\n
5
\n
2024 interest costs and service costs calculated using discount rates based on market conditions as at 31 December 2023.
\n
The weighted average duration of the post-retirement scheme obligations is approximately 11 years in the UK, 16 years in Sweden and 13 years
\n
for the Rest of the Group (including Germany).
\n
Demographic assumptions
\n
The mortality assumptions are based on country-specific mortality tables. These are compared to actual experience and adjusted where
\n
sufficient data are available. Additional allowance for future improvements in life expectancy is included for all major plans where there is
\n
credible data to support a continuing trend.
\n
The table below illustrates life expectancy assumptions at age 65 for male and female members retiring in 2024 and male and female members
\n
expected to retire in 2044 (2023: 2023 and 2043 respectively).
\n\n \n
Life expectancy assumption for a male member retiring at age 65
Life expectancy assumption for a female member retiring at age 65
Country
2024
2044
2023
2043
2024
2044
2023
2043
UK
22.1
23.1
22.1
23.1
23.7
24.8
23.7
24.8
Sweden
21.8
24.1
21.8
23.6
23.9
26.3
23.9
26.0
\n
In the UK, the Group adopted the CMI Core 2023 Mortality Projections Model with an addition to initial rates of improvement of 0.5% p.a., core
\n
(7.0) smoothing parameter and a 1% long-term improvement rate. The Group has assumed that 15% of members (2023: 25%) will transfer
\n
out of the defined benefit section of the UK Pension Fund at an average age of 57. No other demographic assumptions have changed since
\n
they were updated in 2022 following the actuarial valuation.
\n
In Sweden, the Group adopted DUS23 (2023: DUS21) as the mortality base table. All other demographic assumptions are unchanged
\n
from 2023.
\n
Risks associated with the Group\u2019s defined benefit pension plans
\n
The UK defined benefit plan accounts for 65% of the Group\u2019s defined benefit obligations and exposes the Group to a number of risks which
\n
the Group monitors and works with the Trustee to mitigate (noting it is the Trustee who has the remit and ultimate decision making powers).
\n
The most significant of which are:
\n\n \n
Risk
Description
Mitigation
1 Asset pricing
The Defined Benefit Obligation (DBO) is calculated using a discount
The Trustee invests in a suitably diversified range of asset classes
rate set with reference to AA-rated corporate bond yields; asset
with different return drivers and investment managers. Investment
returns that differ from the discount rate will create an element of
strategy will evolve to further improve the expected risk/return
volatility in the solvency ratio. Approximately 44% of the UK Pension
profile as opportunities arise and funding solvency improves.
Fund is exposed to growth assets, including global investments,
most of which are not sterling dominated. Although these growth
The Trustee has hedged approximately 89% of unintended non-
assets are expected to outperform AA-rated corporate bonds in
sterling, overseas currency risk within the UK Pension Fund assets.
the long term, they can lead to volatility and mismatching risk in the
short term. The allocation to growth assets is monitored to ensure
it remains appropriate given the UK Pension Fund\u2019s long-term
objectives and risk budget.
2 Interest rate
A decrease in corporate bond yields will increase the present
The interest rate hedge of the UK Pension Fund is predominantly
value placed on the DBO under IAS 19.
implemented via holding gilts (and gilt repurchase agreements or
\u2018gilt repo\u2019) of appropriate duration. This hedge protects to a large
degree against falls in long-term interest rates and the UK Pension
Fund is approximately 98% hedged as a percentage of assets at the
end of 2024 (versus target of 100%). Nonetheless, there remain
differences in the bonds and instruments held by the UK Pension Fund
to hedge interest rate risk on the statutory and long-term funding basis
(gilts and \u2018gilt repo\u2019) and the bonds included in the yield curve to set the
DBO discount rate on an IAS 19 basis (AA corporate bonds). As such,
there remains mismatching risk on an IAS 19 basis should yields on
gilts diverge compared to AA corporate bonds.
\n \n
Risk
Description
Mitigation
3 Inflation
The majority of the DBO is indexed in line with price inflation
The UK Pension Fund holds RPI index-linked gilts and \u2018gilt repo\u2019.
(mainly inflation as measured by the UK Retail Price Index
(RPI)
The inflation hedge of the UK Pension Fund protects to some
but also for some members, a component of pensions is indexed
degree against higher-than-expected inflation increases on the
by the UK Consumer Price Index (CPI)) and higher inflation will
DBO and is approximately 98% hedged as a percentage of assets at
lead to higher liabilities (although, in the vast majority of cases,
the end of 2024 (versus a target of 100%).
this is capped at an annual increase of 5%, known as Limited
Price Indexation or LPI).
4 Longevity
The majority of the UK Pension Fund\u2019s obligations are to provide
In 2013, the Trustee entered into a longevity swap to hedge against
benefits for the life of the member, so increases in life expectancy
the risk of increasing life expectancy over the next circa 70 years.
will result in an increase in the liabilities.
The swap currently covers approximately 8,000 of the UK Pension
Fund\u2019s pensioners, equivalent to $2.2bn of Pension Fund liability.
A one-year increase in life expectancy would result in a $178m increase
in Pension Fund obligations, which would be partially offset by a $89m
increase in the value of the longevity swap and hence the pension
fund assets.
5 Cash flow
The UK Pension Fund is maturing and cash flow negative. Assets
The Trustee invests in a diversified portfolio of highly liquid assets
and liquidity
are liquidated to meet benefit outgo and potentially from time to
to manage sequencing risk and operates a collateral management
time, to supplement the collateral pool required to post margin
policy, maintaining a minimum liquidity \u2018buffer\u2019. As at the end of 2024,
for derivative holdings.
the buffer is well above recommended regulatory guidelines and
the minimum thresholds, and can be quickly supplemented in
There is a risk of the Trustee requesting liquidity support from
an orderly manner.
the Group to meet margin calls or expenditure, if the liquidity
position of the UK Pension Fund is not effectively monitored
At 31 December 2024, 8% of assets are invested in a cash-flow driven
and managed.
investment portfolio, consisting of investment-grade corporate bonds.
The purpose of this portfolio is to generate income to help meet the
Fund\u2019s benefit outgo. The portfolio is expected to grow over time as
further de-risking occurs and when attractive pricing points present.
\n
Other risks
\n
There are a number of other risks of administering the UK Pension Fund which the Trustee manages with Group input. Some of the major
\n
risks include counterparty risks from using derivatives (mitigated by using a specialist investment manager to oversee a diversified range of
\n
counterparties of high standing and ensuring positions are collateralised daily). Furthermore, there are operational risks (such as paying out
\n
the wrong benefits) and regulatory risks (such as the UK Government introducing new legislation). These are mitigated so far as possible via
\n
the governance structure in place which oversees and administers the Pension Funds.
\n
Fiduciary Boards who govern the Swedish pension plans also monitor and manage these key risks, where relevant and possible to do so,
\n
in a similar way, by investing in a diversified manner (to mitigate the first risk) and employing a framework to hedge interest rate risk where
\n
practicable (to mitigate the second risk). It is not possible to hedge inflation risk (third risk) nor longevity risk (fourth risk) due to a lack of
\n
available instruments in the local market. As the Swedish plans are less mature and have a longer investment horizon, the fifth risk is not
\n
as significant compared to the UK Pension Fund.
\n
Fiduciary boards are aware of Environmental, Social and Governance (ESG) risks as they pertain to investment policy, and where local
\n
regulation allows, have policies in place to monitor and manage such risks and comply with local legislation and disclosure requirements.
\n
Assets and obligations of defined benefit plans
\n
The assets and obligations of the defined benefit schemes operated by the Group at 31 December 2024, as calculated in accordance with
\n
IAS 19, are shown below. The fair values of the schemes\u2019 assets are not intended to be realised in the short term and may be subject to
\n
significant change before they are realised. The present value of the schemes\u2019 obligations is derived from cash-flow projections over long
\n
periods and is therefore inherently uncertain.
\n
Scheme assets
\n\n \n
2023
UK
US
Sweden
Rest of Group
Total
Quoted
Unquoted
Quoted
Unquoted
Quoted
Unquoted
Quoted
Unquoted
Quoted
Unquoted
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Government bonds
1
2,383
\u2013
61
\u2013
\u2013
\u2013
51
\u2013
2,495
\u2013
2,495
Corporate bonds
2
373
\u2013
94
\u2013
\u2013
\u2013
6
\u2013
473
\u2013
473
Derivatives
3
\u2013
(532)
\u2013
\u2013
\u2013
440
\u2013
\u2013
\u2013
(92)
(92)
Investment funds: Listed Equities
4
\u2013
321
\u2013
\u2013
\u2013
\u2013
53
3
53
324
377
Investment funds: Absolute Return/
Multi Strategy
4
\u2013
1,131
\u2013
\u2013
\u2013
461
5
8
5
1,600
1,605
Investment funds: Corporate Bonds/Credit
4
\u2013
667
\u2013
\u2013
\u2013
165
48
\u2013
48
832
880
Cash and cash equivalents
53
363
5
\u2013
\u2013
2
\u2013
3
58
368
426
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
316
(1)
316
315
Total fair value of scheme assets
5
2,809
1,950
160
\u2013
\u2013
1,068
162
330
3,131
3,348
6,479
\n \n
2024
UK
Sweden
Rest of Group
Total
Quoted
Unquoted
Quoted
Unquoted
Quoted
Unquoted
Quoted
Unquoted
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Government bonds
1
1,884
\u2013
\u2013
\u2013
45
\u2013
1,929
\u2013
1,929
Corporate bonds
2
352
\u2013
\u2013
\u2013
6
\u2013
358
\u2013
358
Derivatives
3
\u2013
(355)
\u2013
475
\u2013
\u2013
\u2013
120
120
Investment funds: Listed Equities
4
\u2013
374
\u2013
\u2013
38
23
38
397
435
Investment funds: Absolute Return/Multi Strategy
4
\u2013
1,051
\u2013
420
5
7
5
1,478
1,483
Investment funds: Corporate Bonds/Credit
4
\u2013
601
\u2013
159
182
19
182
779
961
Cash and cash equivalents
32
336
\u2013
2
2
2
34
340
374
Other
\u2013
\u2013
\u2013
\u2013
(6)
194
(6)
194
188
Total fair value of scheme assets
5
2,268
2,007
\u2013
1,056
272
245
2,540
3,308
5,848
\n
1
\n
Predominantly developed markets in nature.
\n
2
\n
Predominantly developed markets in nature and investment grade (AAA-BBB).
\n
3
\n
Includes interest rate swaps, inflation swaps, longevity swaps, equity total return swaps and other contracts. More detail is given in the section Risks associated with the Group\u2019s defined
\n
benefit pension plans on page 186. Valuations are determined by independent third parties.
\n
4
\n
Investment Funds are pooled, commingled vehicles, whereby the pension plan owns units in the fund, alongside other investors. The pension plans invest in a number of Investment
\n
Funds, including Listed Equities (primarily developed markets with some emerging markets), Corporate Bonds/Credit (a range of investment-grade and non investment-grade credit)
\n
and Absolute Return/Multi Strategy (actively managed multi-asset exposure both across and within traditional and alternative asset classes). The price of the funds is set by independent
\n
administrators/custodians employed by the investment managers and based on the value of the underlying assets held in the fund. Details of pricing methodology is set out within
\n
internal control reports provided for each fund. Prices are updated daily, weekly or monthly depending upon the frequency of the fund\u2019s dealing.
\n
5
\n
None of the Group\u2019s own assets were included in the scheme assets (2023: $nil).
\n\n \n
Scheme obligations
2023
UK
US
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
Present value of scheme obligations in respect of:
Active membership
(233)
(45)
(553)
(442)
(1,273)
Deferred membership
(853)
(2)
(443)
(294)
(1,592)
Pensioners
(4,075)
(107)
(606)
(254)
(5,042)
Total value of scheme obligations
(5,161)
(154)
(1,602)
(990)
(7,907)
\n\n \n
2024
UK
Sweden
Rest of Group
Total
$m
$m
$m
$m
Present value of scheme obligations in respect of:
Active membership
(200)
(543)
(481)
(1,224)
Deferred membership
(667)
(393)
(197)
(1,257)
Pensioners
(3,725)
(572)
(301)
(4,598)
Total value of scheme obligations
(4,592)
(1,508)
(979)
(7,079)
\n\n \n
Net (deficit)/surplus in the scheme
2023
UK
US
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
Total fair value of scheme assets
4,759
160
1,068
492
6,479
Total value of scheme obligations
(5,161)
(154)
(1,602)
(990)
(7,907)
(Deficit)/surplus in the scheme as recognised in the
Consolidated Statement of Financial Position
(402)
6
(534)
(498)
(1,428)
Included in Non-current other receivables (Note 14)
\u2013
66
\u2013
26
1
92
Included in Retirement benefit obligations
(402)
(60)
(534)
(524)
(1,520)
(402)
6
(534)
(498)
(1,428)
\n\n \n
2024
UK
Sweden
Rest of Group
Total
$m
$m
$m
$m
Total fair value of scheme assets
4,275
1,056
517
5,848
Total value of scheme obligations
(4,592)
(1,508)
(979)
(7,079)
Deficit in the scheme as recognised in the
Consolidated Statement of Financial Position
(317)
(452)
(462)
(1,231)
Included in Non-current other receivables (Note 14)
\u2013
\u2013
99
2
99
Included in Retirement benefit obligations
(317)
(452)
(561)
(1,330)
(317)
(452)
(462)
(1,231)
\n
1
\n
Surpluses were recognised in Ireland and Belgium.
\n
2
\n
Surpluses were recognised in the US, Ireland and Belgium.
\n \n
Fair value of scheme assets
2024
2023
UK
Sweden
Rest of Group
Total
UK
US
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
At beginning of year
4,759
1,068
652
6,479
4,573
1,008
946
503
7,030
Interest income on scheme assets
214
33
15
262
229
22
38
11
300
Expenses
(5)
\u2013
\u2013
(5)
(9)
(1)
\u2013
(1)
(11)
Actuarial (losses)/gains
(370)
55
\u2013
(315)
(59)
2
37
(45)
(65)
Exchange and other adjustments
(67)
(98)
(20)
(185)
262
(1)
48
20
329
Employer contributions
66
50
50
166
65
35
46
42
188
Participant contributions
1
\u2013
12
13
1
4
\u2013
7
12
Benefits paid
(323)
(52)
(76)
(451)
(303)
(68)
(47)
(45)
(463)
Settlements
1
\u2013
\u2013
(116)
(116)
\u2013
(841)
\u2013
\u2013
(841)
Scheme assets\u2019 fair value at end of year
4,275
1,056
517
5,848
4,759
160
1,068
492
6,479
\n
1
\n
The 2024 settlement is the buyout of post-retirement pension plans in Norway and the Netherlands.
\n
The actual return on the plan assets was a loss of $53m (2023: gain of $235m).
\n\n \n
Movement in post-retirement scheme obligations
2024
2023
UK
Sweden
Rest of Group
Total
UK
US
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Present value of obligations in
scheme at beginning of year
(5,161)
(1,602)
(1,144)
(7,907)
(4,801)
(1,022)
(1,312)
(973)
(8,108)
Current service cost
(6)
(26)
(40)
(72)
(6)
(2)
(13)
(35)
(56)
Past service (cost)/credit
(2)
(8)
1
(9)
12
\u2013
(2)
2
12
Participant contributions
(1)
\u2013
(12)
(13)
(1)
(4)
\u2013
(7)
(12)
Benefits paid
323
52
76
451
303
68
47
45
463
Interest expense on post-retirement
scheme obligations
(231)
(47)
(34)
(312)
(239)
(22)
(50)
(27)
(338)
Actuarial gains/(losses)
416
(23)
2
395
(155)
(12)
(202)
28
(341)
Exchange and other adjustments
70
146
56
272
(274)
1
(70)
(34)
(377)
Settlements
1
\u2013
\u2013
116
116
\u2013
839
\u2013
11
850
Present value of obligations in
scheme at end of year
(4,592)
(1,508)
(979)
(7,079)
(5,161)
(154)
(1,602)
(990)
(7,907)
\n
1
\n
The 2024 settlement is the buyout of post-retirement pension plans in Norway and the Netherlands.
\n
The obligations arise from over 50 plans in 28 countries:
\n\n \n
2024
2023
UK
Sweden
Rest of Group
Total
UK
US
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Funded \u2013 pension schemes
1
(4,582)
(1,505)
(717)
(6,804)
(5,151)
\u2013
(1,599)
(868)
(7,618)
Funded \u2013 post-retirement healthcare
\u2013
\u2013
(78)
(78)
\u2013
(94)
\u2013
\u2013
(94)
Unfunded \u2013 pension schemes
1
\u2013
(3)
(167)
(170)
\u2013
(60)
(3)
(113)
(176)
Unfunded \u2013 post-retirement healthcare
(10)
\u2013
(17)
(27)
(10)
\u2013
\u2013
(9)
(19)
Total
(4,592)
(1,508)
(979)
(7,079)
(5,161)
(154)
(1,602)
(990)
(7,907)
\n
1
\n
Includes defined benefit pension schemes and other plans, such as lump sum, long service awards and DC plans with underpins.
Consolidated Statement of Comprehensive Income disclosures
\n
The amounts that have been charged to the Consolidated Statement of Comprehensive Income, in respect of defined benefit schemes for
\n
the years ended 31 December 2024 and 31 December 2023, are set out below.
\n\n \n
2024
2023
UK
Sweden
Rest of Group
Total
UK
US
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Operating profit
Current service cost
(6)
(26)
(40)
(72)
(6)
(2)
(13)
(35)
(56)
Past service (cost)/credit
(2)
(8)
1
(9)
12
\u2013
(2)
2
12
Expenses
(5)
\u2013
\u2013
(5)
(9)
(1)
\u2013
(1)
(11)
Total charge to Operating profit
(13)
(34)
(39)
(86)
(3)
(3)
(15)
(34)
(55)
Finance expense
Interest income on scheme assets
214
33
15
262
229
22
38
11
300
Interest expense on post-retirement
scheme obligations
(231)
(47)
(34)
(312)
(239)
(22)
(50)
(27)
(338)
Net interest on post-employment
defined benefit plan liabilities
(17)
(14)
(19)
(50)
(10)
\u2013
(12)
(16)
(38)
Charge before taxation
(30)
(48)
(58)
(136)
(13)
(3)
(27)
(50)
(93)
Other comprehensive income
Difference between the actual return
and the expected return on the post-
retirement scheme assets
(370)
55
\u2013
(315)
(59)
2
37
(45)
(65)
Experience gains/(losses) arising on the
post-retirement scheme obligations
3
(33)
(10)
(40)
(25)
(2)
(67)
(13)
(107)
Changes in financial assumptions
underlying the present value of the
post-retirement scheme obligations
414
11
11
436
(142)
(10)
(135)
44
(243)
Changes in demographic assumptions
(1)
(1)
1
(1)
12
\u2013
\u2013
(3)
9
Remeasurement of the
defined benefit liability
46
32
2
80
(214)
(10)
(165)
(17)
(406)
\n
Past service cost includes granting early retirement in UK and Sweden.
\n
Total Group pension costs in respect of defined contribution and defined benefit schemes during the year are set out below (see Note 29).
\n\n \n
2024
2023
$m
$m
Defined contribution plans
528
482
Defined benefit plans \u2212 Current service cost and Expenses
77
67
Defined benefit plans \u2212 Past service cost/(credit)
9
(12)
Pension costs
614
537
\n
SE
\n
Rate sensitivities
\n
The following tables show the US dollar effect of a change in the significant actuarial assumptions used to determine the retirement benefits
\n
obligations in our two main defined benefit pension obligation countries.
\n\n \n
2024
2023
+0.5%
\u22120.5%
+0.5%
\u22120.5%
Discount rate
UK ($m)
219
(239)
269
(308)
Sweden ($m)
110
(126)
109
(123)
Total ($m)
329
(365)
378
(431)
\n\n \n
2024
2023
+0.5%
\u22120.5%
+0.5%
\u22120.5%
Inflation rate
1
UK ($m)
(148)
142
(189)
184
Sweden ($m)
(119)
104
(116)
104
Total ($m)
(267)
246
(305)
288
\n\n \n
2024
2023
+0.5%
\u22120.5%
+0.5%
\u22120.5%
Rate of increase in salaries
UK ($m)
n/a
n/a
n/a
n/a
Sweden ($m)
(46)
43
(46)
42
Total ($m)
(46)
43
(46)
42
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
+1 year
\u22121 year
+1 year
\u22121 year
Mortality rate
\u00a0 \u00a0 \u00a0 \u00a0
UK ($m)
(178)
2
175
3
(214)
212
Sweden ($m)
(74)
54
(51)
51
Total ($m)
(252)
229
(265)
263
\n
1
Rate of increase in pensions in payment follows inflation.
2
Of the $178m increase, $89m is covered by the longevity swap.
3
Of the $175m decrease, $88m is covered by the longevity swap.
Due to market conditions at 31 December 2023 the following additional sensitivities for 1.0% assumption changes were calculated and
disclosed in the 2023 Group Financial Statements: $525m (UK) and $210m (Sweden
) if the discount rate is increased; $(634)m (UK
) and
$(254)m (Sweden) if the discount rate is decreased; $(384)m (UK
) and $(240
)m (Sweden) if the inflation rate is increased; and $363m (UK
)
and $201m (Sweden) if the inflation rate is decreased. The Group does not consider market conditions at 31 December 2024 warrant the
updating of these sensitivities.
The sensitivity to the financial assumptions shown above has been estimated taking into account the approximate duration of the liabilities
and the overall profile of the plan membership.
The inflation sensitivity allows for the impact of a change in inflation on salary increases and pension increases (where these assumptions
are inflation-linked).
The salary increase sensitivity reflects the impact of an increase of only salary relative to inflation.
The sensitivity to the life expectancy assumption is estimated based on a revised mortality assumption that extends/reduces the current life
expectancy by one year for a particular age.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00599": { "value": "23 Reserves
Retained earnings
The cumulative amount of goodwill written off directly to reserves resulting from acquisitions, net of disposals, amounted to $580m
(2023: $595m; 2022: $591m) using year-end rates of exchange.
At 31 December 2024, 442,342 shares, at a cost of $68m, have been deducted from Retained earnings (2023: 1,580,137 shares, at a cost of
$129m; 2022: 1,671,446 shares, at a cost of $112m) to satisfy future vesting of employee share plans.
There are no significant statutory or contractual restrictions on the distribution of current profits of subsidiaries; undistributed profits of prior
years are, in the main, permanently employed in the businesses of these companies. The undistributed income of AstraZeneca companies
overseas might be liable to overseas taxes and/or UK taxation (after allowing for double taxation relief) if they were to be distributed as
dividends (see Note 4).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cumulative translation differences included within Retained earnings
\u00a0 \u00a0 \u00a0
At 1 January
(3,014)
(3,694)
(1,934)
Foreign exchange arising on consolidation
(957)
608
(1,446)
Exchange adjustments on goodwill (recorded against other reserves)
(15)
4
(24)
Foreign exchange arising on designated liabilities in net investment hedges
1
(122)
24
(282)
Fair value movements on derivatives designated in net investment hedges
39
44
(8)
Net exchange movement in Retained earnings
(1,055)
680
(1,760)
At 31 December
(4,069)
(3,014)
(3,694)
\n
1
Foreign exchange arising on designated liabilities in net investment hedges includes $59m in respect of designated bonds and $(181)m in respect of designated contingent consideration
and other liabilities. The change in value of designated contingent consideration liabilities relates to $(180)m in respect of BMS\u2019 share of Global Diabetes Alliance.
The cumulative loss with respect to costs of hedging is $43m (2023: $22m; 2022: $3m) and the loss during the year was $21m (2023: $19m;
2022: $7m).
The balance remaining in the foreign currency translation reserve from net investment hedging relationships for which hedge accounting no
longer applied is a gain of $527m. For further detail relating to hedging balances, please see the Hedge accounting section within Note 28,
from page 199.
Other reserves
The other reserves arose from the cancellation of \u00a31,255m of share premium account by the Company in 1993 and the redenomination of
share capital of $157m in 1999. The reserves are available for writing off goodwill arising on consolidation and, subject to guarantees given
to preserve creditors at the date of the court order, are available for distribution.
Following an amendment to the Employee Benefit Trust (EBT) Deed on 10 June 2024, AstraZeneca obtained control and commenced
consolidation of the EBT. The value of shares held by the consolidated EBTs will be reflected as an adjustment against Other reserves.
24 Share capital
\u00a0
Allotted, called-up and fully paid
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Issued Ordinary Shares ($0.25 each)
388
388
387
Redeemable Preference Shares (\u00a31 each \u2013 \u00a350,000)
\u2013
\u2013
\u2013
At 31 December
388
388
387
\n
The Redeemable Preference Shares carry limited class-voting rights and no dividend rights. This class of shares is capable of redemption at
par at the option of the Company on the giving of seven days\u2019 written notice to the registered holder of the shares.
The Company does not have a limited amount of authorised share capital.
The movements in the number of Ordinary Shares during the year can be summarised as follows:
\u00a0
No. of shares
\u00a0
2024
2023
2022
At 1 January
1,550,162,626
1,549,800,030
1,549,400,665
Issue of shares (share schemes)
383,613
362,596
399,365
At 31 December
1,550,546,239
1,550,162,626
1,549,800,030
\n
Share issues
Issue of shares (share schemes) represents share capital issued as part of the Group\u2019s equity incentivisation schemes (see Note 29
).
Share repurchases
No Ordinary Shares were repurchased by the Company in 2024 (2023: nil; 2022: nil).
Shares held by subsidiaries
At 31 December 2024, AstraZeneca-controlled Employee Benefit Trust arrangements held 442,342 Ordinary Shares in the Company at a
weighted average cost of $68m. The market value of these Ordinary Shares at 31 December 2024 was $58m. No comparable arrangements
were in place at 31 December 2023 or 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00598": { "value": "23 Reserves
Retained earnings
The cumulative amount of goodwill written off directly to reserves resulting from acquisitions, net of disposals, amounted to $580m
(2023: $595m; 2022: $591m) using year-end rates of exchange.
At 31 December 2024, 442,342 shares, at a cost of $68m, have been deducted from Retained earnings (2023: 1,580,137 shares, at a cost of
$129m; 2022: 1,671,446 shares, at a cost of $112m) to satisfy future vesting of employee share plans.
There are no significant statutory or contractual restrictions on the distribution of current profits of subsidiaries; undistributed profits of prior
years are, in the main, permanently employed in the businesses of these companies. The undistributed income of AstraZeneca companies
overseas might be liable to overseas taxes and/or UK taxation (after allowing for double taxation relief) if they were to be distributed as
dividends (see Note 4).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cumulative translation differences included within Retained earnings
\u00a0 \u00a0 \u00a0
At 1 January
(3,014)
(3,694)
(1,934)
Foreign exchange arising on consolidation
(957)
608
(1,446)
Exchange adjustments on goodwill (recorded against other reserves)
(15)
4
(24)
Foreign exchange arising on designated liabilities in net investment hedges
1
(122)
24
(282)
Fair value movements on derivatives designated in net investment hedges
39
44
(8)
Net exchange movement in Retained earnings
(1,055)
680
(1,760)
At 31 December
(4,069)
(3,014)
(3,694)
\n
1
Foreign exchange arising on designated liabilities in net investment hedges includes $59m in respect of designated bonds and $(181)m in respect of designated contingent consideration
and other liabilities. The change in value of designated contingent consideration liabilities relates to $(180)m in respect of BMS\u2019 share of Global Diabetes Alliance.
The cumulative loss with respect to costs of hedging is $43m (2023: $22m; 2022: $3m) and the loss during the year was $21m (2023: $19m;
2022: $7m).
The balance remaining in the foreign currency translation reserve from net investment hedging relationships for which hedge accounting no
longer applied is a gain of $527m. For further detail relating to hedging balances, please see the Hedge accounting section within Note 28,
from page 199.
Other reserves
The other reserves arose from the cancellation of \u00a31,255m of share premium account by the Company in 1993 and the redenomination of
share capital of $157m in 1999. The reserves are available for writing off goodwill arising on consolidation and, subject to guarantees given
to preserve creditors at the date of the court order, are available for distribution.
Following an amendment to the Employee Benefit Trust (EBT) Deed on 10 June 2024, AstraZeneca obtained control and commenced
consolidation of the EBT. The value of shares held by the consolidated EBTs will be reflected as an adjustment against Other reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00597": { "value": "23 Reserves
Retained earnings
The cumulative amount of goodwill written off directly to reserves resulting from acquisitions, net of disposals, amounted to $580m
(2023: $595m; 2022: $591m) using year-end rates of exchange.
At 31 December 2024, 442,342 shares, at a cost of $68m, have been deducted from Retained earnings (2023: 1,580,137 shares, at a cost of
$129m; 2022: 1,671,446 shares, at a cost of $112m) to satisfy future vesting of employee share plans.
There are no significant statutory or contractual restrictions on the distribution of current profits of subsidiaries; undistributed profits of prior
years are, in the main, permanently employed in the businesses of these companies. The undistributed income of AstraZeneca companies
overseas might be liable to overseas taxes and/or UK taxation (after allowing for double taxation relief) if they were to be distributed as
dividends (see Note 4).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cumulative translation differences included within Retained earnings
\u00a0 \u00a0 \u00a0
At 1 January
(3,014)
(3,694)
(1,934)
Foreign exchange arising on consolidation
(957)
608
(1,446)
Exchange adjustments on goodwill (recorded against other reserves)
(15)
4
(24)
Foreign exchange arising on designated liabilities in net investment hedges
1
(122)
24
(282)
Fair value movements on derivatives designated in net investment hedges
39
44
(8)
Net exchange movement in Retained earnings
(1,055)
680
(1,760)
At 31 December
(4,069)
(3,014)
(3,694)
\n
1
Foreign exchange arising on designated liabilities in net investment hedges includes $59m in respect of designated bonds and $(181)m in respect of designated contingent consideration
and other liabilities. The change in value of designated contingent consideration liabilities relates to $(180)m in respect of BMS\u2019 share of Global Diabetes Alliance.
The cumulative loss with respect to costs of hedging is $43m (2023: $22m; 2022: $3m) and the loss during the year was $21m (2023: $19m;
2022: $7m).
The balance remaining in the foreign currency translation reserve from net investment hedging relationships for which hedge accounting no
longer applied is a gain of $527m. For further detail relating to hedging balances, please see the Hedge accounting section within Note 28,
from page 199.
Other reserves
The other reserves arose from the cancellation of \u00a31,255m of share premium account by the Company in 1993 and the redenomination of
share capital of $157m in 1999. The reserves are available for writing off goodwill arising on consolidation and, subject to guarantees given
to preserve creditors at the date of the court order, are available for distribution.
Following an amendment to the Employee Benefit Trust (EBT) Deed on 10 June 2024, AstraZeneca obtained control and commenced
consolidation of the EBT. The value of shares held by the consolidated EBTs will be reflected as an adjustment against Other reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00600": { "value": "24 Share capital
\u00a0
Allotted, called-up and fully paid
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Issued Ordinary Shares ($0.25 each)
388
388
387
Redeemable Preference Shares (\u00a31 each \u2013 \u00a350,000)
\u2013
\u2013
\u2013
At 31 December
388
388
387
\n
The Redeemable Preference Shares carry limited class-voting rights and no dividend rights. This class of shares is capable of redemption at
par at the option of the Company on the giving of seven days\u2019 written notice to the registered holder of the shares.
The Company does not have a limited amount of authorised share capital.
The movements in the number of Ordinary Shares during the year can be summarised as follows:
\u00a0
No. of shares
\u00a0
2024
2023
2022
At 1 January
1,550,162,626
1,549,800,030
1,549,400,665
Issue of shares (share schemes)
383,613
362,596
399,365
At 31 December
1,550,546,239
1,550,162,626
1,549,800,030
\n
Share issues
Issue of shares (share schemes) represents share capital issued as part of the Group\u2019s equity incentivisation schemes (see Note 29
).
Share repurchases
No Ordinary Shares were repurchased by the Company in 2024 (2023: nil; 2022: nil).
Shares held by subsidiaries
At 31 December 2024, AstraZeneca-controlled Employee Benefit Trust arrangements held 442,342 Ordinary Shares in the Company at a
weighted average cost of $68m. The market value of these Ordinary Shares at 31 December 2024 was $58m. No comparable arrangements
were in place at 31 December 2023 or 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00601": { "value": "25 Dividends to shareholders
\u00a0
2024
2023
2022
2024
2023
2022
\u00a0
Per share
Per share
Per share
$m
$m
$m
Second interim (March 2024)
$1.97
$1.97
$1.97
3,052
3,047
3,046
First interim (September 2024)
$1.00
$0.93
$0.93
1,550
1,440
1,440
Total
$2.97
$2.90
$2.90
4,602
4,487
4,486
\n
The Company has exercised its authority in accordance with the provisions set out in the Company\u2019s Articles of Association, that the balance
of unclaimed dividends outstanding past 12 years be forfeited. Unclaimed dividends of $nil (2023: $nil; 2022: $1m) have been adjusted for in
Retained earnings in 2024.
The 2023 second interim dividend of $1.97 per share was paid on 25 March 2024. The 2024 first interim dividend of $1.00 per share was paid
on 9 September 2024.
Reconciliation of dividends charged to equity to the Consolidated Statement of Cash Flows:
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Dividends charged to equity
4,602
4,487
4,486
Exchange losses on payment of dividend
3
5
5
Hedge contracts relating to payment of dividends (Consolidated Statement of Cash Flows)
16
(19)
(127)
Dividends paid to non-controlling interests
4
4
\u2013
Net movement of unclaimed dividends in the year
4
4
\u2013
Dividends paid (Consolidated Statement of Cash Flows)
4,629
4,481
4,364
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00602": { "value": "0.0197", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-03-25T00:00:00/2024-03-26T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00603": { "value": "0.01", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-09-09T00:00:00/2024-09-10T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00604": { "value": "26 Non-controlling interests
The Group Financial Statements at 31 December 2024 reflect equity of $85m (2023: $23m; 2022: $21m) and Total comprehensive income of
$5m (2023: $6m; 2022: $2m) attributable to the non-controlling interests in AstraZeneca Pharma India Limited, P.T. AstraZeneca Indonesia,
Beijing Falikang Pharmaceutical (China) Co. Ltd., AstraZeneca Algeria Pharmaceutical Industries SPA, VaxNewMo LLC and SixPeaks Bio AG.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00605": { "value": "27 Acquisitions of business operations
Acquisitions of business operations in 2024
Gracell
On 22 February 2024, AstraZeneca completed the acquisition of Gracell Biotechnologies Inc. (Gracell), a global clinical-stage biopharmaceutical
company developing innovative cell therapies for the treatment of cancer and autoimmune-diseases. Gracell will operate as a wholly-owned
subsidiary of AstraZeneca, with operations in China and the US.
The acquisition enriches AstraZeneca\u2019s growing pipeline of cell therapies with AZD0120 (formerly GC012F), a novel, clinical-stage T-cell
(CAR-T: therapeutic chimeric antigen receptor) therapy. AZD0120 is a potential new treatment for multiple myeloma, as well as other
haematologic malignancies and autoimmune-diseases, including Systemic Lupus Erythematosus (SLE).
The transaction is recorded as a business combination using the acquisition method of accounting in accordance with IFRS 3 \u2018Business
Combinations\u2019. Consequently, the assets acquired, and liabilities assumed are recorded at fair value. The purchase price allocation review
has been completed.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair value
\u00a0
$m
Intangible assets
1,038
Cash and cash equivalents
1
212
Net deferred tax liability
(260)
Other immaterial net balances
(89)
Total net assets acquired
901
Goodwill
136
Consideration
1,037
\n
1
Cash and cash equivalents acquired includes $3m relating to marketable securities.
The total consideration fair value of $1,037m comprises cash consideration of $983m and future regulatory milestone-based consideration
of $54m. Intangible assets recognised relate to products in development, principally AZD0120, and were fair valued using the multi-period
excess earnings method, which uses several estimates regarding the amount and timing of future cash flows. The key assumptions in the
cash flows are the probability of technical and regulatory success, peak year sales and revenue erosion profiles.
The net deferred tax liability of $260m principally arises from the deferred tax impact of the uplift in fair value of intangible assets.
Goodwill of $136m has been recognised, which principally comprises the premium attributable to the core technological capabilities and
knowledge base of the company. Goodwill is not expected to be deductible for tax purposes.
Gracell\u2019s results have been consolidated into the Group\u2019s results from 22 February 2024.
Fusion
On 4 June 2024, AstraZeneca completed the acquisition of Fusion Pharmaceuticals Inc., (Fusion) a clinical-stage biopharmaceutical company
developing next-generation radioconjugates. The acquisition marks a major step forward in AstraZeneca delivering on its ambition to transform
cancer treatment and outcomes for patients by replacing traditional regimens like chemotherapy and radiotherapy with more targeted
treatments. As a result of the acquisition, Fusion became a wholly owned subsidiary of AstraZeneca, with operations in Canada and the US.
Immediately prior to the acquisition, AstraZeneca held approximately 1% shareholding in Fusion considered to have a fair value of $24m.
This acquisition complements AstraZeneca\u2019s leading oncology portfolio with the addition of the Fusion pipeline of radioconjugates, including
their most advanced programme, FPI-2265, a potential new treatment for patients with metastatic castration
-resistant prostate cancer (mCRPC),
and brings new expertise and pioneering R&D, manufacturing and supply chain capabilities in actinium-based radioconjugates to AstraZeneca.
The transaction is recorded as a business combination using the acquisition method of accounting in accordance with IFRS 3 \u2018Business
Combinations\u2019. Consequently, the assets acquired, and liabilities assumed are recorded at fair value. The purchase price allocation review
has been completed.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair value
\u00a0
$m
Intangible assets
1,326
Cash and cash equivalents
30
Current investments
87
Net deferred tax liability
(246)
Other immaterial net balances
51
Total net assets acquired
1,248
Goodwill
947
Consideration
2,195
\n
The total consideration fair value of $2,195m includes cash consideration of $2,027m (net of $24m proceeds from disposal of the existing
approximately 1% shareholding) and future regulatory milestone-based consideration of $144m. Intangible assets relating to products in
development comprise the FPI-2265 ($848m), FPI-2059 ($165m) and AZD2068 ($313m) programmes. These were fair valued using the
multi-period excess earnings method, which uses several estimates regarding the amount and timing of future cash flows. The key assumptions
in the cash flows are the probability of technical and regulatory success, peak year sales and revenue erosion profiles.
The net deferred tax liability of $246m principally arises from the deferred tax impact of the uplift in fair value of intangible assets.
Goodwill amounting to $947m was recognised on acquisition and is underpinned by a number of elements, which individually could not be
quantified. These include the premium attributable to a pre-existing, well positioned business in the innovation intensive biopharmaceuticals
market with a highly skilled workforce, unidentified potential products that future research and development may yield, and the core capabilities
and knowledge base of the company including radioisotope supply and manufacturing expertise. Goodwill is not expected to be deductible
for tax purposes.
Fusion\u2019s results have been consolidated into the Group\u2019s results from 4 June 2024.
In December 2024, the intangible asset relating to product in development FPI-2059 was fully impaired by $165m due to decisions made to
terminate the related activities and prioritise resources on the development of FPI-2265 and AZD2068 (see Note 10).
Acquisitions of business operations in 2023
On 16 January 2023, AstraZeneca completed the acquisition of Neogene Therapeutics Inc. (Neogene), a global clinical-stage biotechnology
company pioneering the discovery, development and manufacturing of next-generation T-cell receptor therapies (TCR
-Ts). The total consideration
was $267m. Intangible assets of $100m and goodwill of $158m were recognised in the acquisition balance sheet, as well as a cash outflow
of $189m, net of cash acquired. Following achievement of agreed milestones in 2024, contingent milestones-based consideration and non-
contingent consideration of $120m is payable. Neogene\u2019s results have been consolidated into the Group\u2019s results from 16 January 2023.
Acquisitions of business operations in 2022
On 16 November 2022, AstraZeneca completed the acquisition of 100% of the issued shares of LogicBio Therapeutics, Inc. (LogicBio) based
in Lexington, MA, US. LogicBio is a clinical-stage genetic medicine company pioneering genome editing and gene delivery platforms to
address rare and serious diseases from infancy through adulthood. The total consideration was $72m. Cash of $68m was paid on the
completion date, with $4m of outstanding options, which will be settled in cash, recorded in current Trade and other payables. Goodwill of
$15m, assets of $82m, including $46m of intangible assets, and liabilities of $25m were recognised on acquisition. LogicBio\u2019s results have
been consolidated into the Group\u2019s results from 16 November 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00607": { "value": "28 Financial risk management objectives and policies
The Group\u2019s principal financial instruments, other than derivatives, comprise bank overdrafts, loans and other borrowings, lease liabilities,
current and non-current investments, cash and short-term deposits. The main purpose of these financial instruments is to manage the
Group\u2019s funding and liquidity requirements. The Group has other financial assets and liabilities such as trade receivables and trade payables,
which arise directly from its operations.
The principal financial risks to which the Group is exposed are those of liquidity, interest rate, foreign currency and credit. Each of these is
managed in accordance with Board-approved policies. These policies, together with the Group\u2019s approach to capital management, are set
out below.
Capital management
The capital structure of the Group consists of Shareholders\u2019 equity (Note 24), Debt (Note 19), Other current investments (Note 12) and Cash
(Note 17). For the foreseeable future, the Board will maintain a capital structure that supports the Group\u2019s strategic objectives through:
\u2022
managing funding and liquidity risk
\u2022
optimising shareholder return
\u2022
maintaining a strong, investment-grade credit rating.
The Group utilises factoring arrangements and bank acceptance drafts discounting for selected trade receivables. These arrangements qualify
for full derecognition of the associated trade receivables under IFRS 9 \u2018Financial Instruments\u2019. Amounts due on invoices that have not been
factored at year end, from customers that are subject to these arrangements, are disclosed in Note 16.
Funding and liquidity risk are reviewed regularly by the Board and managed in accordance with the policies described below.
The Board regularly reviews its shareholders\u2019 distribution policy, which comprises a regular cash dividend and potentially a share repurchase
component. No share repurchases have been made since 2012.
The Group\u2019s net debt position (loans and borrowings net of Cash and cash equivalents, Other investments and Derivative financial instruments)
has increased by $2,060m from a net debt position of $22,510m at the beginning of the year to a net debt position of $24,570m at 31 December
2024. Gross debt increased from $28,622m to $30,295m, principally due to the issuance of $6,492m debt offset by the repayment of
$4,652m debt.
Liquidity risk
The Board reviews the Group\u2019s ongoing liquidity risks annually as part of the planning process and on an ad hoc basis. The Board considers
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group
uses US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and
manages long-term liquidity by raising funds through the capital markets. At 31 December 2024, the Group was assigned short-term credit
ratings of P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A2 by Moody\u2019s and A+ by Standard
and Poor\u2019s.
In addition to Cash and cash equivalents of $5,488m, short-term fixed income investments of $37m, less overdrafts of $59m at 31 December
2024, the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial
covenants. The maturity of the $4,875m facilities was extended in January 2025 from April 2029 to April 2030. The Group regularly monitors
the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing on the committed facilities
should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured Overnight Financing
Rate (SOFR) plus a margin.
At 31 December 2024, the Group has $5,122m outstanding from debt issued under a Euro Medium Term Note programme and $23,350m
under an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate
purposes of the Group.
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \u00a0\n \n
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-derivative
financial
financial
derivative
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
365
5,777
249
19,065
25,456
(12,445)
12,478
33
25,489
In one to two years
\u2013
5,233
208
2,086
7,527
(1,012)
1,078
66
7,593
In two to three years
\u2013
2,608
172
872
3,652
(34)
38
4
3,656
In three to four years
\u2013
2,983
128
595
3,706
(103)
103
\u2013
3,706
In four to five years
\u2013
1,267
84
814
2,165
(32)
35
3
2,168
In more than five years
\u2013
18,156
184
3,177
21,517
(1,436)
1,378
(58)
21,459
365
36,024
1,025
26,609
64,023
(15,062)
15,110
48
64,071
Effect of interest
(15)
(7,982)
\u2013
\u2013
(7,997)
227
(249)
(22)
(8,019)
Effect of discounting, fair values and issue costs
\u2013
(113)
(72)
(3,299)
(3,484)
63
7
70
(3,414)
31 December 2022
350
27,929
953
23,310
52,542
(14,772)
14,868
96
52,638
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
542
5,469
313
22,401
28,725
(11,302)
11,366
64
28,789
In one to two years
\u2013
2,764
261
1,482
4,507
(100)
114
14
4,521
In two to three years
\u2013
3,137
208
788
4,133
(164)
179
15
4,148
In three to four years
\u2013
2,230
138
625
2,993
(924)
883
(41)
2,952
In four to five years
\u2013
3,822
88
12
3,922
(949)
971
22
3,944
In more than five years
\u2013
17,995
271
35
18,301
(1,507)
1,340
(167)
18,134
\u00a0
542
35,417
1,279
25,343
62,581
(14,946)
14,853
(93)
62,488
Effect of interest
(27)
(8,270)
\u2013
\u2013
(8,297)
589
(644)
(55)
(8,352)
Effect of discounting, fair values and issue costs
\u2013
(168)
(151)
(309)
(628)
44
(46)
(2)
(630)
31 December 2023
515
26,979
1,128
25,034
53,656
(14,313)
14,163
(150)
53,506
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
\u00a0
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
345
3,045
396
22,501
26,287
(16,227)
16,282
55
26,342
In one to two years
\u2013
3,437
345
1,086
4,868
(207)
250
43
4,911
In two to three years
\u2013
3,670
266
105
4,041
(917)
956
39
4,080
In three to four years
\u2013
3,978
170
750
4,898
(941)
1,044
103
5,001
In four to five years
\u2013
3,780
117
\u2013
3,897
(627)
489
(138)
3,759
In more than five years
\u2013
19,929
406
\u2013
20,335
(2,437)
2,583
146
20,481
\u00a0
345
37,839
1,700
24,442
64,326
(21,356)
21,604
248
64,574
Effect of interest
(15)
(9,173)
\u2013
\u2013
(9,188)
808
(1,068)
(260)
(9,448)
Effect of discounting, fair values and issue costs
\u2013
(153)
(248)
(207)
(608)
36
(95)
(59)
(667)
31 December 2024
330
28,513
1,452
24,235
54,530
(20,512)
20,441
(71)
54,459
\n
Where interest payments are on a floating rate basis, it is assumed that rates will remain unchanged from the last business day of each year
ended 31 December.
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
exception of $1,751m of Contingent consideration held within Trade and other payables (see Note 20).
Market risk
Interest rate risk
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
agreements to manage this mix.
The majority of surplus cash is currently invested in US dollar liquidity funds.
The interest rate profile of the Group\u2019s interest-bearing financial instruments is set out below. In the case of current and non-current financial
liabilities, the classification includes the impact of interest rate swaps which convert the debt to floating rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current
2,346
330
2,676
2,885
2,515
5,400
2,476
3,066
5,542
Non-current
26,151
1,468
27,619
23,222
\u2013
23,222
21,511
2,179
23,690
Total
28,497
1,798
30,295
26,107
2,515
28,622
23,987
5,245
29,232
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
Cash collateral pledged to counterparties
\u2013
129
129
\u2013
102
102
\u2013
162
162
Cash and cash equivalents
\u2013
5,488
5,488
\u2013
5,840
5,840
250
5,916
6,166
Total
\u2013
5,617
5,617
\u2013
5,942
5,942
314
6,078
6,392
\n
In addition to the financial assets above, there are $11,115m (2023: $11,288m; 2022: $9,546m) of other current and non-current asset investments
and other financial assets.
The Group is also exposed to market risk on other investments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Equity securities at fair value through Other comprehensive income (Note 12)
1,632
1,530
1,056
Non-current fixed income securities at fair value through profit or loss (Note 12)
\u2013
\u2013
10
Total
1,632
1,530
1,066
\n
Foreign currency risk
The US dollar is the Group\u2019s most significant currency. As a consequence, the Group results are presented in US dollars and exposures are
managed against US dollars accordingly.
Translational
Approximately 60% of Group external sales in 2024 were denominated in currencies other than the US dollar, while a significant proportion
of manufacturing, and research and development costs were denominated in pound sterling and Swedish krona. Surplus cash generated
by business units is substantially converted to, and held centrally in, US dollars. As a result, operating profit and total cash flow in US dollars
will be affected by movements in exchange rates. This currency exposure is managed centrally, based on forecast cash flows. The impact
of movements in exchange rates is mitigated significantly by the correlations which exist between the major currencies to which the Group
is exposed and the US dollar. Monitoring of currency exposures and correlations is undertaken on a regular basis and hedging is subject to
pre-execution approval.
As at 31 December 2024, before the impact of derivatives or other forms of hedging, the Group held $548m of interest-bearing loans and
borrowings denominated in pound sterling and $4,876m denominated in euros.
$438m of the pound sterling loan and $829m of the euro loans balances are designated in a net investment hedge where they hedge an
underlying net investment of that amount in the same currency. $2,387m of the euro loans are designated in cashflow hedges, where they are
hedged with cross-currency swaps. Exchange differences on the retranslation of debt designated in a net investment hedge or a cashflow
hedge are recognised in Other comprehensive income to the extent the hedge is effective. $1,468m of the euro loans are designated in fair
value hedges, hedged with cross-currency swaps. Exchange difference on the retranslation of debt designated in a fair value hedge is
recognised within Finance income and expense.
For further details of all designated hedging relationships please refer to the Hedge accounting section within this Note 28, from page 199.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy and the Foreign
currencies accounting policy on page 158 within Group Accounting Policies.
As at 31 December 2024, the Group operates in three countries designated as hyperinflationary, being Argentina, Venezuela and Turkey.
The foreign exchange risk of these markets has been assessed and deemed to be immaterial.
Transactional
The Group aims to hedge all its forecasted major transactional currency exposures on working capital balances, which typically extend for up
to three months. Where practicable, these are hedged using forward foreign exchange contracts. In addition, external dividend payments in
pound sterling to UK shareholders and in Swedish krona to Swedish shareholders are fully hedged from announcement date to payment date.
Foreign exchange gains and losses on forward contracts transacted for transactional hedging are taken to profit and loss or to Other
comprehensive income if the contract is in a designated cash flow hedge.
Sensitivity analysis
The sensitivity analysis set out below summarises the sensitivity of the market value of our financial instruments to hypothetical changes in
market rates and prices. The range of variables chosen for the sensitivity analysis reflects our view of changes which are reasonably possible
over a one-year period. Market values are the present value of future cash flows based on market rates and prices at the valuation date. For
long-term debt, an increase in interest rates results in a decline in the fair value of debt.
The sensitivity analysis assumes an instantaneous 100 basis point change in interest rates in all currencies from their levels at 31 December
2024, with all other variables held constant. Based on the composition of our long-term debt portfolio and cash reserves as at 31 December
2024, a 1% increase in interest rates would result in an additional $18m in interest expense on the debt and an additional $56m interest income
on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at
31 December 2024, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other
currencies and the -10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed
in the table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the
table below.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2022
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,317
(1,490)
81
(89)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
26
(15)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
55
(74)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2023
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,361
(1,534)
196
(212)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
134
(128)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
62
(83)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,407
(1,561)
11
(20)
Impact on profit: (loss)/gain ($m)
\u2013
\u2013
(117)
133
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
128
(152)
\n
Credit risk
The Group is exposed to credit risk on financial assets, such as cash investments, derivative instruments, and Trade and other receivables.
The Group was also exposed in its Net asset position to its own credit risk in respect of the 2023 debentures which were accounted for at
FVPL. Under IFRS 9, the effect of the losses and gains arising from own credit risk on the fair value of bonds designated at FVPL are recorded
in Other comprehensive income.
Financial counterparty credit risk
The majority of the Group\u2019s cash is centralised within the Group treasury entity and is subject to counterparty risk on the principal invested.
The level of the Group\u2019s cash investments and hence credit risk will depend on the cash flow generated by the Group and the timing of the
use of that cash. The credit risk is mitigated through a policy of prioritising security and liquidity over return and, as such, cash is only invested
in high credit-quality investments. Counterparty limits are set according to the assessed risk of each counterparty and exposures are monitored
against these limits on a regular basis.
The Group\u2019s principal financial counterparty credit risks at 31 December were as follows:
Current assets
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Money market liquidity funds
4,177
4,425
4,486
Other short-term cash equivalents
96
90
269
Total Cash and cash equivalents (Note 17)
5,488
5,840
6,166
Fixed income securities at fair value through profit or loss (Note 12)
37
20
13
Cash collateral pledged to counterparties (Note 12)
129
102
162
Fixed deposits (Note 12)
\u2013
\u2013
64
Total derivative financial instruments (Note 13)
54
116
87
Current assets subject to credit risk
5,708
6,078
6,492
\n\n \n
Non-current assets
2024
2023
2022
$m
$m
$m
Derivative financial instruments (Note 13)
182
228
74
Non-current assets subject to credit risk
182
228
74
The majority of the Group\u2019s cash is invested in US dollar AAA-rated money market liquidity funds. The money market liquidity fund portfolios
are managed by six external third-party fund managers to maintain an AAA rating. The Group\u2019s investments represent no more than 10% of
each overall fund value. There were no other significant concentrations of financial credit risk at the reporting date.
All financial derivatives are transacted with commercial banks, in line with standard market practice. The Group has agreements with some
bank counterparties whereby the parties agree to post cash collateral, for the benefit of the other, equivalent to the market valuation of the
derivative positions above a predetermined threshold. The carrying value of such cash collateral held by the Group at 31 December 2024
was $181m (2023: $215m; 2022: $89m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m
(2023: $102m; 2022: $162m).
The impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: immaterial).
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position where there is both
a legally enforceable right and an intention to settle the balances on a net basis. There are also arrangements that would not normally meet
the requirement for offsetting but may be offset in certain circumstances such as the termination of a contract or bankruptcy.
The tables below show the impact on the Consolidated Statement of Financial Position if all offset rights were exercised by the Group or its
financial counterparties.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2022
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
161
(29)
(61)
71
Other investments
1
162
\u2013
(161)
1
Total assets
323
(29)
(222)
72
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(257)
29
161
(67)
Other payables
1
(89)
\u2013
61
(28)
Total liabilities
(346)
29
222
(95)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2023
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
344
(107)
(203)
34
Other investments
1
102
\u2013
(65)
37
Total assets
446
(107)
(268)
71
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(194)
107
65
(22)
Other payables
1
(215)
\u2013
203
(12)
Total liabilities
(409)
107
268
(34)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2024
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours
to minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days
past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2024, 31 December 2023, or
31 December 2022 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customer to settle
the receivables.
On that basis, the loss allowance was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2022
Current
past due
past due
past due
Total
Expected loss rate
0.03%
0.3%
32.0%
40.6%
\u00a0
Gross carrying amount ($m)
6,791
331
50
99
7,271
Loss allowance ($m)
2
1
16
40
59
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2023
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.3%
0.8%
15.0%
\u00a0
Gross carrying amount ($m)
7,709
342
121
280
8,452
Loss allowance ($m)
1
1
1
42
45
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
\u00a0
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n
Trade receivables are written off where there is no reasonable expectation of recovery.
Impairment losses on Trade receivables are presented as net impairment losses within Operating profit, any subsequent recoveries are
credited against the same line.
In the US, sales to three wholesalers accounted for approximately 74% (2023: 80%; 2022: 73%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
45
59
23
Net movement recognised in the Consolidated Statement of Comprehensive Income
(3)
(14)
37
Amounts utilised, exchange and other movements
(9)
\u2013
(1)
At 31 December
33
45
59
\n
Given the profile of our customers, including large wholesalers and government-backed agencies, no further credit risk has been identified
with the Trade receivables not past due other than those balances for which an allowance has been made.
Hedge accounting
The Group uses foreign currency borrowings, foreign currency forwards and swaps, currency options, interest rate swaps and cross-currency
interest rate swaps for the purpose of hedging its foreign currency and interest rate risks. The Group may designate certain financial instruments
as fair value hedges, cash flow hedges or net investment hedges in accordance with IFRS 9. Hedge effectiveness is determined at the
inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship
exists between the hedged item and hedging instrument. Sources of hedge effectiveness will depend on the hedge relationship designation
but may include:
\u2022
a significant change in the credit risk of either party to the hedging relationship
\u2022
a timing mismatch between the hedging instrument and the hedged item
\u2022
movements in foreign currency basis spread for derivatives in a fair value hedge
\u2022
a significant change in the value of the foreign currency-denominated net assets of the Group in a net investment hedge.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged
item to determine their relative weighting, for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
Designated hedges are expected to be effective and therefore the impact of ineffectiveness on profit and loss not expected to be material.
The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting
policy in the Group accounting policies section on page 158.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
\n\n \n
2022
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2022
to OCI
statement
2022
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 1,700m
(160)
27
118
(111)
34
2026
1.14
USD 2.85%
FX Forwards \u2013 short-term FX risk
USD 1,126m
(12)
(12)
(14)
38
12
2023
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2022
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
55
(62)
7
\u2013
(55)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(4)
2
2
\u2013
4
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
420
(238)
(50)
\u2013
(288)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
846
(50)
(52)
\u2013
(102)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 2,093m
(2,093)
1,832
384
\u2013
2,216
\u2013
\u2013
\u2013
\n\n \n
2023
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2023
to OCI
statement
2023
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2013 short-term FX risk
USD 2,009m
15
12
(33)
6
(15)
2024
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2023
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
100
(55)
(45)
\u2013
(100)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(1)
4
(3)
\u2013
1
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
444
(288)
24
\u2013
(264)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
881
(102)
33
\u2013
(69)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,937m
(1,937)
2,216
(81)
\u2013
2,135
\u2013
\u2013
\u2013
\n\n \n
2024
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2024
to OCI
statement
2024
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2013 short-term FX risk
USD 2,252m
4
(15)
8
3
(4)
2025
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2024
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
146
(100)
(45)
\u2013
(145)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
1
(4)
\u2013
(3)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
438
(264)
(7)
\u2013
(271)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
829
(69)
(52)
\u2013
(121)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,367m
(1,367)
2,135
181
\u2013
2,316
\u2013
\u2013
\u2013
\n
1
\n
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
2
\n
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
3
\n
Fair value movements on cross-currency interest rate swaps in cash flow hedge and net investment hedge relationships are shown inclusive of the impact of costs of hedging.
\n
4
\n
Nominal amount of FX forwards in a cash flow hedge of $2,252m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792m
\n
at FX rate 10.9999, JPY 31,013m at 156.195, GBP 168m at 0.7962 and EUR 375m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2025.
\n
5
\n
The EUR 800m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated
\n
net assets.
Key controls applied to transactions in derivative financial instruments are to use only instruments where good market liquidity exists, to
revalue all financial instruments regularly using current market rates and to sell options only to offset previously purchased options or as part
of a risk management strategy. The Group is not a net seller of options, and does not use derivative financial instruments for speculative
purposes. The Group held no options during the reporting period.
The table below summarises the change in the fair value of hedging instruments and the hedged item designated in a fair value hedging
relationship used to calculate ineffectiveness in the period. The hedge relates to the EUR 2030 and EUR 2033 bonds issued during 2024,
consequently there are no prior year comparatives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Change in fair value
Change in fair value
Hedge
\u00a0
Nominal
of hedging instrument
of hedged item
ineffectiveness
\u00a0
amounts in
used to calculate
used to calculate
recognised in
As at 31 December 2024
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
(56)
54
(2)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00606": { "value": "28 Financial risk management objectives and policies
The Group\u2019s principal financial instruments, other than derivatives, comprise bank overdrafts, loans and other borrowings, lease liabilities,
current and non-current investments, cash and short-term deposits. The main purpose of these financial instruments is to manage the
Group\u2019s funding and liquidity requirements. The Group has other financial assets and liabilities such as trade receivables and trade payables,
which arise directly from its operations.
The principal financial risks to which the Group is exposed are those of liquidity, interest rate, foreign currency and credit. Each of these is
managed in accordance with Board-approved policies. These policies, together with the Group\u2019s approach to capital management, are set
out below.
Capital management
The capital structure of the Group consists of Shareholders\u2019 equity (Note 24), Debt (Note 19), Other current investments (Note 12) and Cash
(Note 17). For the foreseeable future, the Board will maintain a capital structure that supports the Group\u2019s strategic objectives through:
\u2022
managing funding and liquidity risk
\u2022
optimising shareholder return
\u2022
maintaining a strong, investment-grade credit rating.
The Group utilises factoring arrangements and bank acceptance drafts discounting for selected trade receivables. These arrangements qualify
for full derecognition of the associated trade receivables under IFRS 9 \u2018Financial Instruments\u2019. Amounts due on invoices that have not been
factored at year end, from customers that are subject to these arrangements, are disclosed in Note 16.
Funding and liquidity risk are reviewed regularly by the Board and managed in accordance with the policies described below.
The Board regularly reviews its shareholders\u2019 distribution policy, which comprises a regular cash dividend and potentially a share repurchase
component. No share repurchases have been made since 2012.
The Group\u2019s net debt position (loans and borrowings net of Cash and cash equivalents, Other investments and Derivative financial instruments)
has increased by $2,060m from a net debt position of $22,510m at the beginning of the year to a net debt position of $24,570m at 31 December
2024. Gross debt increased from $28,622m to $30,295m, principally due to the issuance of $6,492m debt offset by the repayment of
$4,652m debt.
Liquidity risk
The Board reviews the Group\u2019s ongoing liquidity risks annually as part of the planning process and on an ad hoc basis. The Board considers
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group
uses US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and
manages long-term liquidity by raising funds through the capital markets. At 31 December 2024, the Group was assigned short-term credit
ratings of P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A2 by Moody\u2019s and A+ by Standard
and Poor\u2019s.
In addition to Cash and cash equivalents of $5,488m, short-term fixed income investments of $37m, less overdrafts of $59m at 31 December
2024, the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial
covenants. The maturity of the $4,875m facilities was extended in January 2025 from April 2029 to April 2030. The Group regularly monitors
the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing on the committed facilities
should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured Overnight Financing
Rate (SOFR) plus a margin.
At 31 December 2024, the Group has $5,122m outstanding from debt issued under a Euro Medium Term Note programme and $23,350m
under an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate
purposes of the Group.
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \u00a0\n \n
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-derivative
financial
financial
derivative
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
365
5,777
249
19,065
25,456
(12,445)
12,478
33
25,489
In one to two years
\u2013
5,233
208
2,086
7,527
(1,012)
1,078
66
7,593
In two to three years
\u2013
2,608
172
872
3,652
(34)
38
4
3,656
In three to four years
\u2013
2,983
128
595
3,706
(103)
103
\u2013
3,706
In four to five years
\u2013
1,267
84
814
2,165
(32)
35
3
2,168
In more than five years
\u2013
18,156
184
3,177
21,517
(1,436)
1,378
(58)
21,459
365
36,024
1,025
26,609
64,023
(15,062)
15,110
48
64,071
Effect of interest
(15)
(7,982)
\u2013
\u2013
(7,997)
227
(249)
(22)
(8,019)
Effect of discounting, fair values and issue costs
\u2013
(113)
(72)
(3,299)
(3,484)
63
7
70
(3,414)
31 December 2022
350
27,929
953
23,310
52,542
(14,772)
14,868
96
52,638
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
542
5,469
313
22,401
28,725
(11,302)
11,366
64
28,789
In one to two years
\u2013
2,764
261
1,482
4,507
(100)
114
14
4,521
In two to three years
\u2013
3,137
208
788
4,133
(164)
179
15
4,148
In three to four years
\u2013
2,230
138
625
2,993
(924)
883
(41)
2,952
In four to five years
\u2013
3,822
88
12
3,922
(949)
971
22
3,944
In more than five years
\u2013
17,995
271
35
18,301
(1,507)
1,340
(167)
18,134
\u00a0
542
35,417
1,279
25,343
62,581
(14,946)
14,853
(93)
62,488
Effect of interest
(27)
(8,270)
\u2013
\u2013
(8,297)
589
(644)
(55)
(8,352)
Effect of discounting, fair values and issue costs
\u2013
(168)
(151)
(309)
(628)
44
(46)
(2)
(630)
31 December 2023
515
26,979
1,128
25,034
53,656
(14,313)
14,163
(150)
53,506
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
\u00a0
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
345
3,045
396
22,501
26,287
(16,227)
16,282
55
26,342
In one to two years
\u2013
3,437
345
1,086
4,868
(207)
250
43
4,911
In two to three years
\u2013
3,670
266
105
4,041
(917)
956
39
4,080
In three to four years
\u2013
3,978
170
750
4,898
(941)
1,044
103
5,001
In four to five years
\u2013
3,780
117
\u2013
3,897
(627)
489
(138)
3,759
In more than five years
\u2013
19,929
406
\u2013
20,335
(2,437)
2,583
146
20,481
\u00a0
345
37,839
1,700
24,442
64,326
(21,356)
21,604
248
64,574
Effect of interest
(15)
(9,173)
\u2013
\u2013
(9,188)
808
(1,068)
(260)
(9,448)
Effect of discounting, fair values and issue costs
\u2013
(153)
(248)
(207)
(608)
36
(95)
(59)
(667)
31 December 2024
330
28,513
1,452
24,235
54,530
(20,512)
20,441
(71)
54,459
\n
Where interest payments are on a floating rate basis, it is assumed that rates will remain unchanged from the last business day of each year
ended 31 December.
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
exception of $1,751m of Contingent consideration held within Trade and other payables (see Note 20).
Market risk
Interest rate risk
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
agreements to manage this mix.
The majority of surplus cash is currently invested in US dollar liquidity funds.
The interest rate profile of the Group\u2019s interest-bearing financial instruments is set out below. In the case of current and non-current financial
liabilities, the classification includes the impact of interest rate swaps which convert the debt to floating rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current
2,346
330
2,676
2,885
2,515
5,400
2,476
3,066
5,542
Non-current
26,151
1,468
27,619
23,222
\u2013
23,222
21,511
2,179
23,690
Total
28,497
1,798
30,295
26,107
2,515
28,622
23,987
5,245
29,232
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
Cash collateral pledged to counterparties
\u2013
129
129
\u2013
102
102
\u2013
162
162
Cash and cash equivalents
\u2013
5,488
5,488
\u2013
5,840
5,840
250
5,916
6,166
Total
\u2013
5,617
5,617
\u2013
5,942
5,942
314
6,078
6,392
\n
In addition to the financial assets above, there are $11,115m (2023: $11,288m; 2022: $9,546m) of other current and non-current asset investments
and other financial assets.
The Group is also exposed to market risk on other investments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Equity securities at fair value through Other comprehensive income (Note 12)
1,632
1,530
1,056
Non-current fixed income securities at fair value through profit or loss (Note 12)
\u2013
\u2013
10
Total
1,632
1,530
1,066
\n
Foreign currency risk
The US dollar is the Group\u2019s most significant currency. As a consequence, the Group results are presented in US dollars and exposures are
managed against US dollars accordingly.
Translational
Approximately 60% of Group external sales in 2024 were denominated in currencies other than the US dollar, while a significant proportion
of manufacturing, and research and development costs were denominated in pound sterling and Swedish krona. Surplus cash generated
by business units is substantially converted to, and held centrally in, US dollars. As a result, operating profit and total cash flow in US dollars
will be affected by movements in exchange rates. This currency exposure is managed centrally, based on forecast cash flows. The impact
of movements in exchange rates is mitigated significantly by the correlations which exist between the major currencies to which the Group
is exposed and the US dollar. Monitoring of currency exposures and correlations is undertaken on a regular basis and hedging is subject to
pre-execution approval.
As at 31 December 2024, before the impact of derivatives or other forms of hedging, the Group held $548m of interest-bearing loans and
borrowings denominated in pound sterling and $4,876m denominated in euros.
$438m of the pound sterling loan and $829m of the euro loans balances are designated in a net investment hedge where they hedge an
underlying net investment of that amount in the same currency. $2,387m of the euro loans are designated in cashflow hedges, where they are
hedged with cross-currency swaps. Exchange differences on the retranslation of debt designated in a net investment hedge or a cashflow
hedge are recognised in Other comprehensive income to the extent the hedge is effective. $1,468m of the euro loans are designated in fair
value hedges, hedged with cross-currency swaps. Exchange difference on the retranslation of debt designated in a fair value hedge is
recognised within Finance income and expense.
For further details of all designated hedging relationships please refer to the Hedge accounting section within this Note 28, from page 199.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy and the Foreign
currencies accounting policy on page 158 within Group Accounting Policies.
As at 31 December 2024, the Group operates in three countries designated as hyperinflationary, being Argentina, Venezuela and Turkey.
The foreign exchange risk of these markets has been assessed and deemed to be immaterial.
Transactional
The Group aims to hedge all its forecasted major transactional currency exposures on working capital balances, which typically extend for up
to three months. Where practicable, these are hedged using forward foreign exchange contracts. In addition, external dividend payments in
pound sterling to UK shareholders and in Swedish krona to Swedish shareholders are fully hedged from announcement date to payment date.
Foreign exchange gains and losses on forward contracts transacted for transactional hedging are taken to profit and loss or to Other
comprehensive income if the contract is in a designated cash flow hedge.
Sensitivity analysis
The sensitivity analysis set out below summarises the sensitivity of the market value of our financial instruments to hypothetical changes in
market rates and prices. The range of variables chosen for the sensitivity analysis reflects our view of changes which are reasonably possible
over a one-year period. Market values are the present value of future cash flows based on market rates and prices at the valuation date. For
long-term debt, an increase in interest rates results in a decline in the fair value of debt.
The sensitivity analysis assumes an instantaneous 100 basis point change in interest rates in all currencies from their levels at 31 December
2024, with all other variables held constant. Based on the composition of our long-term debt portfolio and cash reserves as at 31 December
2024, a 1% increase in interest rates would result in an additional $18m in interest expense on the debt and an additional $56m interest income
on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at
31 December 2024, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other
currencies and the -10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed
in the table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the
table below.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2022
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,317
(1,490)
81
(89)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
26
(15)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
55
(74)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2023
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,361
(1,534)
196
(212)
Impact on profit: gain/(loss) ($m)
\u2013
\u2013
134
(128)
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
62
(83)
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments ($m)
1,407
(1,561)
11
(20)
Impact on profit: (loss)/gain ($m)
\u2013
\u2013
(117)
133
Impact on equity: gain/(loss) ($m)
\u2013
\u2013
128
(152)
\n
Credit risk
The Group is exposed to credit risk on financial assets, such as cash investments, derivative instruments, and Trade and other receivables.
The Group was also exposed in its Net asset position to its own credit risk in respect of the 2023 debentures which were accounted for at
FVPL. Under IFRS 9, the effect of the losses and gains arising from own credit risk on the fair value of bonds designated at FVPL are recorded
in Other comprehensive income.
Financial counterparty credit risk
The majority of the Group\u2019s cash is centralised within the Group treasury entity and is subject to counterparty risk on the principal invested.
The level of the Group\u2019s cash investments and hence credit risk will depend on the cash flow generated by the Group and the timing of the
use of that cash. The credit risk is mitigated through a policy of prioritising security and liquidity over return and, as such, cash is only invested
in high credit-quality investments. Counterparty limits are set according to the assessed risk of each counterparty and exposures are monitored
against these limits on a regular basis.
The Group\u2019s principal financial counterparty credit risks at 31 December were as follows:
Current assets
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Cash at bank and in hand
1,215
1,325
1,411
Money market liquidity funds
4,177
4,425
4,486
Other short-term cash equivalents
96
90
269
Total Cash and cash equivalents (Note 17)
5,488
5,840
6,166
Fixed income securities at fair value through profit or loss (Note 12)
37
20
13
Cash collateral pledged to counterparties (Note 12)
129
102
162
Fixed deposits (Note 12)
\u2013
\u2013
64
Total derivative financial instruments (Note 13)
54
116
87
Current assets subject to credit risk
5,708
6,078
6,492
\n\n \n
Non-current assets
2024
2023
2022
$m
$m
$m
Derivative financial instruments (Note 13)
182
228
74
Non-current assets subject to credit risk
182
228
74
The majority of the Group\u2019s cash is invested in US dollar AAA-rated money market liquidity funds. The money market liquidity fund portfolios
are managed by six external third-party fund managers to maintain an AAA rating. The Group\u2019s investments represent no more than 10% of
each overall fund value. There were no other significant concentrations of financial credit risk at the reporting date.
All financial derivatives are transacted with commercial banks, in line with standard market practice. The Group has agreements with some
bank counterparties whereby the parties agree to post cash collateral, for the benefit of the other, equivalent to the market valuation of the
derivative positions above a predetermined threshold. The carrying value of such cash collateral held by the Group at 31 December 2024
was $181m (2023: $215m; 2022: $89m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m
(2023: $102m; 2022: $162m).
The impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: immaterial).
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position where there is both
a legally enforceable right and an intention to settle the balances on a net basis. There are also arrangements that would not normally meet
the requirement for offsetting but may be offset in certain circumstances such as the termination of a contract or bankruptcy.
The tables below show the impact on the Consolidated Statement of Financial Position if all offset rights were exercised by the Group or its
financial counterparties.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2022
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
161
(29)
(61)
71
Other investments
1
162
\u2013
(161)
1
Total assets
323
(29)
(222)
72
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(257)
29
161
(67)
Other payables
1
(89)
\u2013
61
(28)
Total liabilities
(346)
29
222
(95)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2023
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
344
(107)
(203)
34
Other investments
1
102
\u2013
(65)
37
Total assets
446
(107)
(268)
71
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(194)
107
65
(22)
Other payables
1
(215)
\u2013
203
(12)
Total liabilities
(409)
107
268
(34)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Related amounts not offset
\u00a0
Gross
Subject to
Financial
\u00a0
\u00a0
financial
master netting
instrument
\u00a0
\u00a0
assets/(liabilities)
agreement
collateral
Net Amount
31 December 2024
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours
to minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days
past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2024, 31 December 2023, or
31 December 2022 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customer to settle
the receivables.
On that basis, the loss allowance was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2022
Current
past due
past due
past due
Total
Expected loss rate
0.03%
0.3%
32.0%
40.6%
\u00a0
Gross carrying amount ($m)
6,791
331
50
99
7,271
Loss allowance ($m)
2
1
16
40
59
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2023
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.3%
0.8%
15.0%
\u00a0
Gross carrying amount ($m)
7,709
342
121
280
8,452
Loss allowance ($m)
1
1
1
42
45
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
0-90 days
90-180 days
Over 180 days
\u00a0
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
\u00a0
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n
Trade receivables are written off where there is no reasonable expectation of recovery.
Impairment losses on Trade receivables are presented as net impairment losses within Operating profit, any subsequent recoveries are
credited against the same line.
In the US, sales to three wholesalers accounted for approximately 74% (2023: 80%; 2022: 73%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
At 1 January
45
59
23
Net movement recognised in the Consolidated Statement of Comprehensive Income
(3)
(14)
37
Amounts utilised, exchange and other movements
(9)
\u2013
(1)
At 31 December
33
45
59
\n
Given the profile of our customers, including large wholesalers and government-backed agencies, no further credit risk has been identified
with the Trade receivables not past due other than those balances for which an allowance has been made.
Hedge accounting
The Group uses foreign currency borrowings, foreign currency forwards and swaps, currency options, interest rate swaps and cross-currency
interest rate swaps for the purpose of hedging its foreign currency and interest rate risks. The Group may designate certain financial instruments
as fair value hedges, cash flow hedges or net investment hedges in accordance with IFRS 9. Hedge effectiveness is determined at the
inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship
exists between the hedged item and hedging instrument. Sources of hedge effectiveness will depend on the hedge relationship designation
but may include:
\u2022
a significant change in the credit risk of either party to the hedging relationship
\u2022
a timing mismatch between the hedging instrument and the hedged item
\u2022
movements in foreign currency basis spread for derivatives in a fair value hedge
\u2022
a significant change in the value of the foreign currency-denominated net assets of the Group in a net investment hedge.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged
item to determine their relative weighting, for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
Designated hedges are expected to be effective and therefore the impact of ineffectiveness on profit and loss not expected to be material.
The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting
policy in the Group accounting policies section on page 158.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
\n\n \n
2022
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2022
to OCI
statement
2022
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 1,700m
(160)
27
118
(111)
34
2026
1.14
USD 2.85%
FX Forwards \u2013 short-term FX risk
USD 1,126m
(12)
(12)
(14)
38
12
2023
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2022
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
55
(62)
7
\u2013
(55)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(4)
2
2
\u2013
4
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
420
(238)
(50)
\u2013
(288)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
846
(50)
(52)
\u2013
(102)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 2,093m
(2,093)
1,832
384
\u2013
2,216
\u2013
\u2013
\u2013
\n\n \n
2023
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2023
to OCI
statement
2023
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2013 short-term FX risk
USD 2,009m
15
12
(33)
6
(15)
2024
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2023
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
100
(55)
(45)
\u2013
(100)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(1)
4
(3)
\u2013
1
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
444
(288)
24
\u2013
(264)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
881
(102)
33
\u2013
(69)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,937m
(1,937)
2,216
(81)
\u2013
2,135
\u2013
\u2013
\u2013
\n\n \n
2024
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2024
to OCI
statement
2024
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2013 short-term FX risk
USD 2,252m
4
(15)
8
3
(4)
2025
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2024
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
146
(100)
(45)
\u2013
(145)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
1
(4)
\u2013
(3)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
438
(264)
(7)
\u2013
(271)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
829
(69)
(52)
\u2013
(121)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,367m
(1,367)
2,135
181
\u2013
2,316
\u2013
\u2013
\u2013
\n
1
\n
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
2
\n
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
3
\n
Fair value movements on cross-currency interest rate swaps in cash flow hedge and net investment hedge relationships are shown inclusive of the impact of costs of hedging.
\n
4
\n
Nominal amount of FX forwards in a cash flow hedge of $2,252m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792m
\n
at FX rate 10.9999, JPY 31,013m at 156.195, GBP 168m at 0.7962 and EUR 375m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2025.
\n
5
\n
The EUR 800m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated
\n
net assets.
Key controls applied to transactions in derivative financial instruments are to use only instruments where good market liquidity exists, to
revalue all financial instruments regularly using current market rates and to sell options only to offset previously purchased options or as part
of a risk management strategy. The Group is not a net seller of options, and does not use derivative financial instruments for speculative
purposes. The Group held no options during the reporting period.
The table below summarises the change in the fair value of hedging instruments and the hedged item designated in a fair value hedging
relationship used to calculate ineffectiveness in the period. The hedge relates to the EUR 2030 and EUR 2033 bonds issued during 2024,
consequently there are no prior year comparatives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Change in fair value
Change in fair value
Hedge
\u00a0
Nominal
of hedging instrument
of hedged item
ineffectiveness
\u00a0
amounts in
used to calculate
used to calculate
recognised in
As at 31 December 2024
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
(56)
54
(2)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00610": { "value": "Liquidity risk
The Board reviews the Group\u2019s ongoing liquidity risks annually as part of the planning process and on an ad hoc basis. The Board considers
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group
uses US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and
manages long-term liquidity by raising funds through the capital markets. At 31 December 2024, the Group was assigned short-term credit
ratings of P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A2 by Moody\u2019s and A+ by Standard
and Poor\u2019s.
In addition to Cash and cash equivalents of $5,488m, short-term fixed income investments of $37m, less overdrafts of $59m at 31 December
2024, the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial
covenants. The maturity of the $4,875m facilities was extended in January 2025 from April 2029 to April 2030. The Group regularly monitors
the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing on the committed facilities
should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured Overnight Financing
Rate (SOFR) plus a margin.
At 31 December 2024, the Group has $5,122m outstanding from debt issued under a Euro Medium Term Note programme and $23,350m
under an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate
purposes of the Group.
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \u00a0\n \n
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-derivative
financial
financial
derivative
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
365
5,777
249
19,065
25,456
(12,445)
12,478
33
25,489
In one to two years
\u2013
5,233
208
2,086
7,527
(1,012)
1,078
66
7,593
In two to three years
\u2013
2,608
172
872
3,652
(34)
38
4
3,656
In three to four years
\u2013
2,983
128
595
3,706
(103)
103
\u2013
3,706
In four to five years
\u2013
1,267
84
814
2,165
(32)
35
3
2,168
In more than five years
\u2013
18,156
184
3,177
21,517
(1,436)
1,378
(58)
21,459
365
36,024
1,025
26,609
64,023
(15,062)
15,110
48
64,071
Effect of interest
(15)
(7,982)
\u2013
\u2013
(7,997)
227
(249)
(22)
(8,019)
Effect of discounting, fair values and issue costs
\u2013
(113)
(72)
(3,299)
(3,484)
63
7
70
(3,414)
31 December 2022
350
27,929
953
23,310
52,542
(14,772)
14,868
96
52,638
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
542
5,469
313
22,401
28,725
(11,302)
11,366
64
28,789
In one to two years
\u2013
2,764
261
1,482
4,507
(100)
114
14
4,521
In two to three years
\u2013
3,137
208
788
4,133
(164)
179
15
4,148
In three to four years
\u2013
2,230
138
625
2,993
(924)
883
(41)
2,952
In four to five years
\u2013
3,822
88
12
3,922
(949)
971
22
3,944
In more than five years
\u2013
17,995
271
35
18,301
(1,507)
1,340
(167)
18,134
\u00a0
542
35,417
1,279
25,343
62,581
(14,946)
14,853
(93)
62,488
Effect of interest
(27)
(8,270)
\u2013
\u2013
(8,297)
589
(644)
(55)
(8,352)
Effect of discounting, fair values and issue costs
\u2013
(168)
(151)
(309)
(628)
44
(46)
(2)
(630)
31 December 2023
515
26,979
1,128
25,034
53,656
(14,313)
14,163
(150)
53,506
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Bank
\u00a0 \u00a0 \u00a0
Total
Derivative
Derivative
Total
\u00a0
\u00a0
overdrafts
\u00a0 \u00a0
Trade non-derivative
\u00a0
financial
financial
derivative
\u00a0
\u00a0
and other
Bonds and
\u00a0
Lease
and other
financial
instruments
instruments
financial
\u00a0
\u00a0
loans
bank loans
liabilities
payables
instruments
receivable
payable
instruments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Within one year
345
3,045
396
22,501
26,287
(16,227)
16,282
55
26,342
In one to two years
\u2013
3,437
345
1,086
4,868
(207)
250
43
4,911
In two to three years
\u2013
3,670
266
105
4,041
(917)
956
39
4,080
In three to four years
\u2013
3,978
170
750
4,898
(941)
1,044
103
5,001
In four to five years
\u2013
3,780
117
\u2013
3,897
(627)
489
(138)
3,759
In more than five years
\u2013
19,929
406
\u2013
20,335
(2,437)
2,583
146
20,481
\u00a0
345
37,839
1,700
24,442
64,326
(21,356)
21,604
248
64,574
Effect of interest
(15)
(9,173)
\u2013
\u2013
(9,188)
808
(1,068)
(260)
(9,448)
Effect of discounting, fair values and issue costs
\u2013
(153)
(248)
(207)
(608)
36
(95)
(59)
(667)
31 December 2024
330
28,513
1,452
24,235
54,530
(20,512)
20,441
(71)
54,459
\n
Where interest payments are on a floating rate basis, it is assumed that rates will remain unchanged from the last business day of each year
ended 31 December.
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
exception of $1,751m of Contingent consideration held within Trade and other payables (see Note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00611": { "value": "Market risk
Interest rate risk
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
agreements to manage this mix.
The majority of surplus cash is currently invested in US dollar liquidity funds.
The interest rate profile of the Group\u2019s interest-bearing financial instruments is set out below. In the case of current and non-current financial
liabilities, the classification includes the impact of interest rate swaps which convert the debt to floating rate.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current
2,346
330
2,676
2,885
2,515
5,400
2,476
3,066
5,542
Non-current
26,151
1,468
27,619
23,222
\u2013
23,222
21,511
2,179
23,690
Total
28,497
1,798
30,295
26,107
2,515
28,622
23,987
5,245
29,232
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed deposits
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
Cash collateral pledged to counterparties
\u2013
129
129
\u2013
102
102
\u2013
162
162
Cash and cash equivalents
\u2013
5,488
5,488
\u2013
5,840
5,840
250
5,916
6,166
Total
\u2013
5,617
5,617
\u2013
5,942
5,942
314
6,078
6,392
\n
In addition to the financial assets above, there are $11,115m (2023: $11,288m; 2022: $9,546m) of other current and non-current asset investments
and other financial assets.
The Group is also exposed to market risk on other investments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Equity securities at fair value through Other comprehensive income (Note 12)
1,632
1,530
1,056
Non-current fixed income securities at fair value through profit or loss (Note 12)
\u2013
\u2013
10
Total
1,632
1,530
1,066
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00612": { "value": "Credit risk
The Group is exposed to credit risk on financial assets, such as cash investments, derivative instruments, and Trade and other receivables.
The Group was also exposed in its Net asset position to its own credit risk in respect of the 2023 debentures which were accounted for at
FVPL. Under IFRS 9, the effect of the losses and gains arising from own credit risk on the fair value of bonds designated at FVPL are recorded
in Other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00609": { "value": "Hedge accounting
The Group uses foreign currency borrowings, foreign currency forwards and swaps, currency options, interest rate swaps and cross-currency
interest rate swaps for the purpose of hedging its foreign currency and interest rate risks. The Group may designate certain financial instruments
as fair value hedges, cash flow hedges or net investment hedges in accordance with IFRS 9. Hedge effectiveness is determined at the
inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship
exists between the hedged item and hedging instrument. Sources of hedge effectiveness will depend on the hedge relationship designation
but may include:
\u2022
a significant change in the credit risk of either party to the hedging relationship
\u2022
a timing mismatch between the hedging instrument and the hedged item
\u2022
movements in foreign currency basis spread for derivatives in a fair value hedge
\u2022
a significant change in the value of the foreign currency-denominated net assets of the Group in a net investment hedge.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged
item to determine their relative weighting, for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
Designated hedges are expected to be effective and therefore the impact of ineffectiveness on profit and loss not expected to be material.
The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting
policy in the Group accounting policies section on page 158.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00608": { "value": "Hedge accounting
The Group uses foreign currency borrowings, foreign currency forwards and swaps, currency options, interest rate swaps and cross-currency
interest rate swaps for the purpose of hedging its foreign currency and interest rate risks. The Group may designate certain financial instruments
as fair value hedges, cash flow hedges or net investment hedges in accordance with IFRS 9. Hedge effectiveness is determined at the
inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship
exists between the hedged item and hedging instrument. Sources of hedge effectiveness will depend on the hedge relationship designation
but may include:
\u2022
a significant change in the credit risk of either party to the hedging relationship
\u2022
a timing mismatch between the hedging instrument and the hedged item
\u2022
movements in foreign currency basis spread for derivatives in a fair value hedge
\u2022
a significant change in the value of the foreign currency-denominated net assets of the Group in a net investment hedge.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged
item to determine their relative weighting, for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
Designated hedges are expected to be effective and therefore the impact of ineffectiveness on profit and loss not expected to be material.
The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting
policy in the Group accounting policies section on page 158.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
\n\n \n
2022
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2022
to OCI
statement
2022
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 1,700m
(160)
27
118
(111)
34
2026
1.14
USD 2.85%
FX Forwards \u2013 short-term FX risk
USD 1,126m
(12)
(12)
(14)
38
12
2023
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2022
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
55
(62)
7
\u2013
(55)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(4)
2
2
\u2013
4
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
420
(238)
(50)
\u2013
(288)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
846
(50)
(52)
\u2013
(102)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 2,093m
(2,093)
1,832
384
\u2013
2,216
\u2013
\u2013
\u2013
\n\n \n
2023
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2023
to OCI
statement
2023
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2013 short-term FX risk
USD 2,009m
15
12
(33)
6
(15)
2024
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2023
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
100
(55)
(45)
\u2013
(100)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
(1)
4
(3)
\u2013
1
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
444
(288)
24
\u2013
(264)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
881
(102)
33
\u2013
(69)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,937m
(1,937)
2,216
(81)
\u2013
2,135
\u2013
\u2013
\u2013
\n\n \n
2024
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance
(gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income
31 December
Average Average
pay
in local
value
2024
to OCI
statement
2024
maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges \u2013 foreign currency and interest rate risk
1,3,4
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2013 short-term FX risk
USD 2,252m
4
(15)
8
3
(4)
2025
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2,3
Transactions matured pre-2024
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
146
(100)
(45)
\u2013
(145)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
1
(4)
\u2013
(3)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
438
(264)
(7)
\u2013
(271)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
829
(69)
(52)
\u2013
(121)
2029
n/a
EUR 0.38%
Contingent consideration liabilities and Acerta Pharma
share purchase liability \u2013 AZUK and AZAB USD investments
USD 1,367m
(1,367)
2,135
181
\u2013
2,316
\u2013
\u2013
\u2013
\n
1
\n
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
2
\n
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2023: $nil; 2022: $nil).
\n
3
\n
Fair value movements on cross-currency interest rate swaps in cash flow hedge and net investment hedge relationships are shown inclusive of the impact of costs of hedging.
\n
4
\n
Nominal amount of FX forwards in a cash flow hedge of $2,252m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792m
\n
at FX rate 10.9999, JPY 31,013m at 156.195, GBP 168m at 0.7962 and EUR 375m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2025.
\n
5
\n
The EUR 800m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated
\n
net assets.
Key controls applied to transactions in derivative financial instruments are to use only instruments where good market liquidity exists, to
revalue all financial instruments regularly using current market rates and to sell options only to offset previously purchased options or as part
of a risk management strategy. The Group is not a net seller of options, and does not use derivative financial instruments for speculative
purposes. The Group held no options during the reporting period.
The table below summarises the change in the fair value of hedging instruments and the hedged item designated in a fair value hedging
relationship used to calculate ineffectiveness in the period. The hedge relates to the EUR 2030 and EUR 2033 bonds issued during 2024,
consequently there are no prior year comparatives.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Change in fair value
Change in fair value
Hedge
\u00a0
Nominal
of hedging instrument
of hedged item
ineffectiveness
\u00a0
amounts in
used to calculate
used to calculate
recognised in
As at 31 December 2024
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
(56)
54
(2)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00615": { "value": "29 Employee costs and share plans for employees
Employee costs
The monthly average number of people, to the nearest hundred, employed by the Group is set out in the table below. In accordance with the
Companies Act 2006, this includes part-time employees.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Employees
\u00a0 \u00a0 \u00a0
UK
11,100
10,700
9,800
Rest of Europe
25,500
23,000
20,600
The Americas
24,700
22,400
20,900
Asia, Africa & Australasia
31,600
30,300
30,700
Continuing operations
92,900
86,400
82,000
\n
Geographical distribution described in the table above is by location of legal entity employing staff. Certain staff will undertake some or all
of their activity in a different location.
The number of people employed by the Group at the end of 2024 was 94,300 (2023: 89,900; 2022: 83,500).
The costs incurred during the year in respect of these employees were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Wages and salaries
10,340
9,341
8,656
Social security costs
1,224
1,100
991
Pension costs
614
537
546
Other employment costs
1,531
1,357
1,338
Total
13,709
12,335
11,531
\n
Severance costs of $283m are not included above (2023: $123m; 2022: $227m).
The charge for share-based payments in respect of share plans is $660m (2023: $579m; 2022: $619m). Payments totalling $354m made to
the EBT upon the vesting of share awards are recognised within operating cash flows, reflecting the substance of the arrangement in place
between the Group and the Trust prior to 10 June 2024. Following an amendment to the EBT on that date, AstraZeneca obtained control
and commenced consolidation of the EBT from June 2024 onward. Consequently, $81m in cash used by the EBT for purchasing shares
since 10 June 2024 is now presented within financing cash flows. The plans are equity settled.
The Directors believe that, together with the basic salary system, the Group\u2019s employee incentive schemes provide competitive and market-
related packages to motivate employees. They should also align the interests of employees with those of shareholders, as a whole, through
long-term share ownership in the Company. The Group\u2019s current US, UK and Swedish schemes are described below; other arrangements
apply elsewhere.
Bonus and share plans
US
In the US, there are two employee short-term performance bonus plans in operation to differentiate and reward strong individual performance.
Performance bonuses are paid in cash. The AstraZeneca Performance Share Plan and the AstraZeneca Global Restricted Share Plan operate
in respect of relevant employees in the US. AstraZeneca ADRs necessary to satisfy the awards are purchased on the market or funded via
a trust.
UK
The AstraZeneca UK Performance Bonus Plan
Employees of participating AstraZeneca UK companies are invited to participate in this bonus plan, which rewards strong individual performance.
Bonuses are paid in cash.
The AstraZeneca UK All-Employee Share Plans
AstraZeneca Share Incentive Plan (SIP)
The Company offers UK employees the opportunity to buy Partnership Shares (Ordinary Shares). Employees may invest up to \u00a3150 a month
to purchase Partnership Shares in the Company at the current market value. In 2010, the Company introduced a Matching Share element, the
first award of which was made in 2011. Currently one Matching Share is awarded for every four Partnership Shares purchased. Partnership
Shares and Matching Shares are held in the HM Revenue & Customs (HMRC)-approved All-Employee Share Plan. At the Company\u2019s AGM in
2002, shareholders approved the issue of new shares for the purposes of the All-Employee Share Plan.
AstraZeneca Sharesave Plan
The Company provides UK employees with the opportunity to participate in the HMRC-approved Sharesave Plan. Employees can choose
between a 3-year or 5-year savings contract, allowing them to contribute a minimum of \u00a35 and a maximum of \u00a3500 per month. At the end of
the savings term, participants have the option to purchase AstraZeneca shares at a predetermined share price, offering a valuable opportunity
to invest in the Company\u2019s future.
Sweden
In Sweden, an all-employee performance bonus plan is in operation, which rewards strong individual performance. Bonuses are paid 50%
into a fund investing in AstraZeneca equities and 50% in cash. The AstraZeneca Executive Annual Bonus Scheme, the AstraZeneca Performance
Share Plan and the AstraZeneca Global Restricted Stock Plan all operate in respect of relevant AstraZeneca employees in Sweden.
Other bonus and share plans that operate across the Group are described below.
The AstraZeneca Executive Annual Bonus Scheme
This scheme is a performance bonus scheme for Directors and senior employees who do not participate in the AstraZeneca UK Performance
Bonus Plan. Annual bonuses are paid in cash and reflect both corporate and individual performance measures. The Remuneration Committee
has discretion to reduce or withhold bonuses if business performance falls sufficiently short of expectations in any year such as to make
the payment of bonuses inappropriate.
The AstraZeneca Deferred Bonus Plan
This plan was introduced in 2006 and is used to defer a portion of the bonus earned under the AstraZeneca Executive Annual Bonus Scheme
into Ordinary Shares in the Company for a period of three years. The plan currently operates only in respect of Executive Directors and
members of the SET (with awards granted as AstraZeneca ADRs for members of SET employed within the US). Awards of shares under this
plan are typically made in March each year, the first award having been made in February 2006.
The AstraZeneca Performance Share Plan
This plan was approved by shareholders in 2020 for a period of 10 years (subsequently amended by approval of shareholders in 2021) and
replaces the 2014 AstraZeneca Performance Share Plan. Generally, awards can be granted at any time, but not during a closed period of the
Company. The first grant of Performance Share Plan awards was made in May 2014 under the 2014 AstraZeneca Performance Share Plan.
Awards granted under the plan vest after three years, or in the case of Executive Directors and members of the SET, after an additional
two-year holding period, and is subject to the achievement of performance conditions. For awards granted to all participants in 2024, vesting
is subject to a combination of measures focused on science and innovation, revenue growth, financial performance and carbon reduction.
The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the way in which the
plan should be operated, including agreeing performance targets and which employees should be eligible to participate.
The AstraZeneca Investment Plan
This plan was introduced in 2010 and approved by shareholders at the 2010 AGM. The final grant of awards under this plan took place in
March 2016. Awards granted under the plan vest after eight years and are subject to performance conditions measured over a period of
four years.
The AstraZeneca Global Restricted Stock Plan
The Global Restricted Stock Plan (GRSP) was introduced in 2010. This plan provides for the grant of restricted stock unit (RSU) awards to
selected below SET-level employees and is used in conjunction with the AstraZeneca Performance Share Plan to provide a mix of RSUs
and performance share units (PSUs). Awards typically vest on the third anniversary of the date of grant and are contingent on continued
employment with the Company. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting
the policy for the way in which the plan should be operated.
The AstraZeneca Restricted Share Plan
This plan was introduced in 2008 and provides for the grant of restricted stock unit (RSU) awards to key employees, excluding Executive
Directors. Awards are made on an ad hoc basis with variable vesting dates. The plan has been used four times in 2024 to make awards to
537 employees. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the
way in which the plan should be operated.
The AstraZeneca Extended Incentive Plan
This plan was introduced in 2018 and provides for the grant of awards to key employees, excluding Executive Directors. Awards are made on
an ad hoc basis and 50% of the award will normally vest on the fifth anniversary of grant, with the balance vesting on the tenth anniversary
of grant. The award can be subject to the achievement of performance conditions. The Remuneration Committee has responsibility for
agreeing any awards under the plan and for setting the policy for the way in which the plan should be operated, including agreeing performance
targets (if any) and which employees should be invited to participate.
Details of share options outstanding during the year for the main share plans are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
\u00a0
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
\u00a0
Ordinary
\u00a0
Ordinary
\u00a0
Ordinary
\u00a0
Ordinary
\u00a0
\u00a0
Shares
ADR Shares
Shares
ADR Shares
1
Shares
ADR Shares
Shares
ADR Shares
\u00a0
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
Outstanding at 1 January 2022
3,459
5,178
2,028
9,541
255
763
282
195
Granted
1,059
2,339
1,237
6,478
75
216
\u2013
\u2013
Forfeited
(132)
(570)
(190)
(1,627)
(25)
(136)
(23)
\u2013
Cancelled
\u2013
\u2013
\u2013
(3)
\u2013
\u2013
\u2013
\u2013
Exercised
(756)
(1,223)
(606)
(2,706)
(72)
(165)
\u2013
\u2013
Outstanding at 31 December 2022
3,630
5,724
2,469
11,683
233
678
259
195
Granted
976
2,071
1,185
6,343
208
436
71
95
Forfeited
(148)
(437)
(187)
(1,417)
(20)
(59)
(8)
\u2013
Cancelled
\u2013
\u2013
\u2013
(3)
\u2013
\u2013
\u2013
(34)
Exercised
(813)
(1,470)
(570)
(2,738)
(86)
(288)
(107)
(9)
Outstanding at 31 December 2023
3,645
5,888
2,897
13,868
335
767
215
247
Granted
1,064
2,250
1,262
7,014
100
699
\u2013
\u2013
Forfeited
(137)
(400)
(235)
(1,414)
(8)
(57)
(31)
\u2013
Cancelled
(2)
(2)
\u2013
(6)
(1)
\u2013
\u2013
\u2013
Exercised
(999)
(1,586)
(755)
(3,296)
(88)
(352)
(22)
\u2013
Outstanding at 31 December 2024
3,571
6,150
3,169
16,166
338
1,057
162
247
\n
1
Shares issued to Alexion employees under the GRSP are covered under the Alexion employee share award below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
\u00a0
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
\u00a0
WAFV
1
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
\u00a0
pence
$
pence
$
pence
$
pence
$
WAFV of 2022 grants
8328
55.73
9167
61.21
9894
63.35
\u2013
\u2013
WAFV of 2023 grants
9929
59.95
10822
65.38
11135
65.37
11748
74.78
WAFV of 2024 grants
9028
57.99
10085
64.91
11111
75.23
\u2013
\u2013
\n
1
Weighted average fair value.
Alexion employee share award plan
At acquisition in 2021 Alexion employee share awards were converted into AstraZeneca restricted stock awards that continue to have, and
shall be subject to, the same terms and conditions as applied in the corresponding Alexion awards immediately prior to completion. The fair
value at the grant date was $57.54 and of the 15,220,000 shares outstanding at 31 December 2021, 8,627,000 were exercised and 980,000
were forfeited during 2022. During 2022, Alexion employees had the option to defer awards due to vest in July 2022 until February 2023 when
they would also receive an additional vest equivalent to 15% of the shares deferred. As a result, 1,780,000 shares were deferred, resulting in
an additional 267,000 shares being issued with a grant date fair value of $65.62, that vested in 2023. During 2023, 2,060,000 shares vested,
531,000 were forfeited/cancelled and the closing balance of these awards as of 31 December 2023 was 3,022,000. During 2024, 2,047,000
shares vested, 156,000 were forfeited and the closing balance of these awards as of 31 December 2024 was 819,000.
The weighted average fair value for awards granted under the AstraZeneca Performance Share Plan is primarily based on the market price
at the point of grant adjusted for the market-based performance elements which are valued using a Monte Carlo valuation model. The fair
values of all other plans are set using the market price at the point of award. These awards are settled in equity including dividends
accumulated from the date of award to vesting.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00613": { "value": "29 Employee costs and share plans for employees
Employee costs
The monthly average number of people, to the nearest hundred, employed by the Group is set out in the table below. In accordance with the
Companies Act 2006, this includes part-time employees.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Employees
\u00a0 \u00a0 \u00a0
UK
11,100
10,700
9,800
Rest of Europe
25,500
23,000
20,600
The Americas
24,700
22,400
20,900
Asia, Africa & Australasia
31,600
30,300
30,700
Continuing operations
92,900
86,400
82,000
\n
Geographical distribution described in the table above is by location of legal entity employing staff. Certain staff will undertake some or all
of their activity in a different location.
The number of people employed by the Group at the end of 2024 was 94,300 (2023: 89,900; 2022: 83,500).
The costs incurred during the year in respect of these employees were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Wages and salaries
10,340
9,341
8,656
Social security costs
1,224
1,100
991
Pension costs
614
537
546
Other employment costs
1,531
1,357
1,338
Total
13,709
12,335
11,531
\n
Severance costs of $283m are not included above (2023: $123m; 2022: $227m).
The charge for share-based payments in respect of share plans is $660m (2023: $579m; 2022: $619m). Payments totalling $354m made to
the EBT upon the vesting of share awards are recognised within operating cash flows, reflecting the substance of the arrangement in place
between the Group and the Trust prior to 10 June 2024. Following an amendment to the EBT on that date, AstraZeneca obtained control
and commenced consolidation of the EBT from June 2024 onward. Consequently, $81m in cash used by the EBT for purchasing shares
since 10 June 2024 is now presented within financing cash flows. The plans are equity settled.
The Directors believe that, together with the basic salary system, the Group\u2019s employee incentive schemes provide competitive and market-
related packages to motivate employees. They should also align the interests of employees with those of shareholders, as a whole, through
long-term share ownership in the Company. The Group\u2019s current US, UK and Swedish schemes are described below; other arrangements
apply elsewhere.
Bonus and share plans
US
In the US, there are two employee short-term performance bonus plans in operation to differentiate and reward strong individual performance.
Performance bonuses are paid in cash. The AstraZeneca Performance Share Plan and the AstraZeneca Global Restricted Share Plan operate
in respect of relevant employees in the US. AstraZeneca ADRs necessary to satisfy the awards are purchased on the market or funded via
a trust.
UK
The AstraZeneca UK Performance Bonus Plan
Employees of participating AstraZeneca UK companies are invited to participate in this bonus plan, which rewards strong individual performance.
Bonuses are paid in cash.
The AstraZeneca UK All-Employee Share Plans
AstraZeneca Share Incentive Plan (SIP)
The Company offers UK employees the opportunity to buy Partnership Shares (Ordinary Shares). Employees may invest up to \u00a3150 a month
to purchase Partnership Shares in the Company at the current market value. In 2010, the Company introduced a Matching Share element, the
first award of which was made in 2011. Currently one Matching Share is awarded for every four Partnership Shares purchased. Partnership
Shares and Matching Shares are held in the HM Revenue & Customs (HMRC)-approved All-Employee Share Plan. At the Company\u2019s AGM in
2002, shareholders approved the issue of new shares for the purposes of the All-Employee Share Plan.
AstraZeneca Sharesave Plan
The Company provides UK employees with the opportunity to participate in the HMRC-approved Sharesave Plan. Employees can choose
between a 3-year or 5-year savings contract, allowing them to contribute a minimum of \u00a35 and a maximum of \u00a3500 per month. At the end of
the savings term, participants have the option to purchase AstraZeneca shares at a predetermined share price, offering a valuable opportunity
to invest in the Company\u2019s future.
Sweden
In Sweden, an all-employee performance bonus plan is in operation, which rewards strong individual performance. Bonuses are paid 50%
into a fund investing in AstraZeneca equities and 50% in cash. The AstraZeneca Executive Annual Bonus Scheme, the AstraZeneca Performance
Share Plan and the AstraZeneca Global Restricted Stock Plan all operate in respect of relevant AstraZeneca employees in Sweden.
Other bonus and share plans that operate across the Group are described below.
The AstraZeneca Executive Annual Bonus Scheme
This scheme is a performance bonus scheme for Directors and senior employees who do not participate in the AstraZeneca UK Performance
Bonus Plan. Annual bonuses are paid in cash and reflect both corporate and individual performance measures. The Remuneration Committee
has discretion to reduce or withhold bonuses if business performance falls sufficiently short of expectations in any year such as to make
the payment of bonuses inappropriate.
The AstraZeneca Deferred Bonus Plan
This plan was introduced in 2006 and is used to defer a portion of the bonus earned under the AstraZeneca Executive Annual Bonus Scheme
into Ordinary Shares in the Company for a period of three years. The plan currently operates only in respect of Executive Directors and
members of the SET (with awards granted as AstraZeneca ADRs for members of SET employed within the US). Awards of shares under this
plan are typically made in March each year, the first award having been made in February 2006.
The AstraZeneca Performance Share Plan
This plan was approved by shareholders in 2020 for a period of 10 years (subsequently amended by approval of shareholders in 2021) and
replaces the 2014 AstraZeneca Performance Share Plan. Generally, awards can be granted at any time, but not during a closed period of the
Company. The first grant of Performance Share Plan awards was made in May 2014 under the 2014 AstraZeneca Performance Share Plan.
Awards granted under the plan vest after three years, or in the case of Executive Directors and members of the SET, after an additional
two-year holding period, and is subject to the achievement of performance conditions. For awards granted to all participants in 2024, vesting
is subject to a combination of measures focused on science and innovation, revenue growth, financial performance and carbon reduction.
The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the way in which the
plan should be operated, including agreeing performance targets and which employees should be eligible to participate.
The AstraZeneca Investment Plan
This plan was introduced in 2010 and approved by shareholders at the 2010 AGM. The final grant of awards under this plan took place in
March 2016. Awards granted under the plan vest after eight years and are subject to performance conditions measured over a period of
four years.
The AstraZeneca Global Restricted Stock Plan
The Global Restricted Stock Plan (GRSP) was introduced in 2010. This plan provides for the grant of restricted stock unit (RSU) awards to
selected below SET-level employees and is used in conjunction with the AstraZeneca Performance Share Plan to provide a mix of RSUs
and performance share units (PSUs). Awards typically vest on the third anniversary of the date of grant and are contingent on continued
employment with the Company. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting
the policy for the way in which the plan should be operated.
The AstraZeneca Restricted Share Plan
This plan was introduced in 2008 and provides for the grant of restricted stock unit (RSU) awards to key employees, excluding Executive
Directors. Awards are made on an ad hoc basis with variable vesting dates. The plan has been used four times in 2024 to make awards to
537 employees. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the
way in which the plan should be operated.
The AstraZeneca Extended Incentive Plan
This plan was introduced in 2018 and provides for the grant of awards to key employees, excluding Executive Directors. Awards are made on
an ad hoc basis and 50% of the award will normally vest on the fifth anniversary of grant, with the balance vesting on the tenth anniversary
of grant. The award can be subject to the achievement of performance conditions. The Remuneration Committee has responsibility for
agreeing any awards under the plan and for setting the policy for the way in which the plan should be operated, including agreeing performance
targets (if any) and which employees should be invited to participate.
Details of share options outstanding during the year for the main share plans are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
\u00a0
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
\u00a0
Ordinary
\u00a0
Ordinary
\u00a0
Ordinary
\u00a0
Ordinary
\u00a0
\u00a0
Shares
ADR Shares
Shares
ADR Shares
1
Shares
ADR Shares
Shares
ADR Shares
\u00a0
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
Outstanding at 1 January 2022
3,459
5,178
2,028
9,541
255
763
282
195
Granted
1,059
2,339
1,237
6,478
75
216
\u2013
\u2013
Forfeited
(132)
(570)
(190)
(1,627)
(25)
(136)
(23)
\u2013
Cancelled
\u2013
\u2013
\u2013
(3)
\u2013
\u2013
\u2013
\u2013
Exercised
(756)
(1,223)
(606)
(2,706)
(72)
(165)
\u2013
\u2013
Outstanding at 31 December 2022
3,630
5,724
2,469
11,683
233
678
259
195
Granted
976
2,071
1,185
6,343
208
436
71
95
Forfeited
(148)
(437)
(187)
(1,417)
(20)
(59)
(8)
\u2013
Cancelled
\u2013
\u2013
\u2013
(3)
\u2013
\u2013
\u2013
(34)
Exercised
(813)
(1,470)
(570)
(2,738)
(86)
(288)
(107)
(9)
Outstanding at 31 December 2023
3,645
5,888
2,897
13,868
335
767
215
247
Granted
1,064
2,250
1,262
7,014
100
699
\u2013
\u2013
Forfeited
(137)
(400)
(235)
(1,414)
(8)
(57)
(31)
\u2013
Cancelled
(2)
(2)
\u2013
(6)
(1)
\u2013
\u2013
\u2013
Exercised
(999)
(1,586)
(755)
(3,296)
(88)
(352)
(22)
\u2013
Outstanding at 31 December 2024
3,571
6,150
3,169
16,166
338
1,057
162
247
\n
1
Shares issued to Alexion employees under the GRSP are covered under the Alexion employee share award below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
\u00a0
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
\u00a0
WAFV
1
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
\u00a0
pence
$
pence
$
pence
$
pence
$
WAFV of 2022 grants
8328
55.73
9167
61.21
9894
63.35
\u2013
\u2013
WAFV of 2023 grants
9929
59.95
10822
65.38
11135
65.37
11748
74.78
WAFV of 2024 grants
9028
57.99
10085
64.91
11111
75.23
\u2013
\u2013
\n
1
Weighted average fair value.
Alexion employee share award plan
At acquisition in 2021 Alexion employee share awards were converted into AstraZeneca restricted stock awards that continue to have, and
shall be subject to, the same terms and conditions as applied in the corresponding Alexion awards immediately prior to completion. The fair
value at the grant date was $57.54 and of the 15,220,000 shares outstanding at 31 December 2021, 8,627,000 were exercised and 980,000
were forfeited during 2022. During 2022, Alexion employees had the option to defer awards due to vest in July 2022 until February 2023 when
they would also receive an additional vest equivalent to 15% of the shares deferred. As a result, 1,780,000 shares were deferred, resulting in
an additional 267,000 shares being issued with a grant date fair value of $65.62, that vested in 2023. During 2023, 2,060,000 shares vested,
531,000 were forfeited/cancelled and the closing balance of these awards as of 31 December 2023 was 3,022,000. During 2024, 2,047,000
shares vested, 156,000 were forfeited and the closing balance of these awards as of 31 December 2024 was 819,000.
The weighted average fair value for awards granted under the AstraZeneca Performance Share Plan is primarily based on the market price
at the point of grant adjusted for the market-based performance elements which are valued using a Monte Carlo valuation model. The fair
values of all other plans are set using the market price at the point of award. These awards are settled in equity including dividends
accumulated from the date of award to vesting.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00614": { "value": "Bonus and share plans
US
In the US, there are two employee short-term performance bonus plans in operation to differentiate and reward strong individual performance.
Performance bonuses are paid in cash. The AstraZeneca Performance Share Plan and the AstraZeneca Global Restricted Share Plan operate
in respect of relevant employees in the US. AstraZeneca ADRs necessary to satisfy the awards are purchased on the market or funded via
a trust.
UK
The AstraZeneca UK Performance Bonus Plan
Employees of participating AstraZeneca UK companies are invited to participate in this bonus plan, which rewards strong individual performance.
Bonuses are paid in cash.
The AstraZeneca UK All-Employee Share Plans
AstraZeneca Share Incentive Plan (SIP)
The Company offers UK employees the opportunity to buy Partnership Shares (Ordinary Shares). Employees may invest up to \u00a3150 a month
to purchase Partnership Shares in the Company at the current market value. In 2010, the Company introduced a Matching Share element, the
first award of which was made in 2011. Currently one Matching Share is awarded for every four Partnership Shares purchased. Partnership
Shares and Matching Shares are held in the HM Revenue & Customs (HMRC)-approved All-Employee Share Plan. At the Company\u2019s AGM in
2002, shareholders approved the issue of new shares for the purposes of the All-Employee Share Plan.
AstraZeneca Sharesave Plan
The Company provides UK employees with the opportunity to participate in the HMRC-approved Sharesave Plan. Employees can choose
between a 3-year or 5-year savings contract, allowing them to contribute a minimum of \u00a35 and a maximum of \u00a3500 per month. At the end of
the savings term, participants have the option to purchase AstraZeneca shares at a predetermined share price, offering a valuable opportunity
to invest in the Company\u2019s future.
Sweden
In Sweden, an all-employee performance bonus plan is in operation, which rewards strong individual performance. Bonuses are paid 50%
into a fund investing in AstraZeneca equities and 50% in cash. The AstraZeneca Executive Annual Bonus Scheme, the AstraZeneca Performance
Share Plan and the AstraZeneca Global Restricted Stock Plan all operate in respect of relevant AstraZeneca employees in Sweden.
Other bonus and share plans that operate across the Group are described below.
The AstraZeneca Executive Annual Bonus Scheme
This scheme is a performance bonus scheme for Directors and senior employees who do not participate in the AstraZeneca UK Performance
Bonus Plan. Annual bonuses are paid in cash and reflect both corporate and individual performance measures. The Remuneration Committee
has discretion to reduce or withhold bonuses if business performance falls sufficiently short of expectations in any year such as to make
the payment of bonuses inappropriate.
The AstraZeneca Deferred Bonus Plan
This plan was introduced in 2006 and is used to defer a portion of the bonus earned under the AstraZeneca Executive Annual Bonus Scheme
into Ordinary Shares in the Company for a period of three years. The plan currently operates only in respect of Executive Directors and
members of the SET (with awards granted as AstraZeneca ADRs for members of SET employed within the US). Awards of shares under this
plan are typically made in March each year, the first award having been made in February 2006.
The AstraZeneca Performance Share Plan
This plan was approved by shareholders in 2020 for a period of 10 years (subsequently amended by approval of shareholders in 2021) and
replaces the 2014 AstraZeneca Performance Share Plan. Generally, awards can be granted at any time, but not during a closed period of the
Company. The first grant of Performance Share Plan awards was made in May 2014 under the 2014 AstraZeneca Performance Share Plan.
Awards granted under the plan vest after three years, or in the case of Executive Directors and members of the SET, after an additional
two-year holding period, and is subject to the achievement of performance conditions. For awards granted to all participants in 2024, vesting
is subject to a combination of measures focused on science and innovation, revenue growth, financial performance and carbon reduction.
The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the way in which the
plan should be operated, including agreeing performance targets and which employees should be eligible to participate.
The AstraZeneca Investment Plan
This plan was introduced in 2010 and approved by shareholders at the 2010 AGM. The final grant of awards under this plan took place in
March 2016. Awards granted under the plan vest after eight years and are subject to performance conditions measured over a period of
four years.
The AstraZeneca Global Restricted Stock Plan
The Global Restricted Stock Plan (GRSP) was introduced in 2010. This plan provides for the grant of restricted stock unit (RSU) awards to
selected below SET-level employees and is used in conjunction with the AstraZeneca Performance Share Plan to provide a mix of RSUs
and performance share units (PSUs). Awards typically vest on the third anniversary of the date of grant and are contingent on continued
employment with the Company. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting
the policy for the way in which the plan should be operated.
The AstraZeneca Restricted Share Plan
This plan was introduced in 2008 and provides for the grant of restricted stock unit (RSU) awards to key employees, excluding Executive
Directors. Awards are made on an ad hoc basis with variable vesting dates. The plan has been used four times in 2024 to make awards to
537 employees. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the
way in which the plan should be operated.
The AstraZeneca Extended Incentive Plan
This plan was introduced in 2018 and provides for the grant of awards to key employees, excluding Executive Directors. Awards are made on
an ad hoc basis and 50% of the award will normally vest on the fifth anniversary of grant, with the balance vesting on the tenth anniversary
of grant. The award can be subject to the achievement of performance conditions. The Remuneration Committee has responsibility for
agreeing any awards under the plan and for setting the policy for the way in which the plan should be operated, including agreeing performance
targets (if any) and which employees should be invited to participate.
Details of share options outstanding during the year for the main share plans are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
\u00a0
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
\u00a0
Ordinary
\u00a0
Ordinary
\u00a0
Ordinary
\u00a0
Ordinary
\u00a0
\u00a0
Shares
ADR Shares
Shares
ADR Shares
1
Shares
ADR Shares
Shares
ADR Shares
\u00a0
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
Outstanding at 1 January 2022
3,459
5,178
2,028
9,541
255
763
282
195
Granted
1,059
2,339
1,237
6,478
75
216
\u2013
\u2013
Forfeited
(132)
(570)
(190)
(1,627)
(25)
(136)
(23)
\u2013
Cancelled
\u2013
\u2013
\u2013
(3)
\u2013
\u2013
\u2013
\u2013
Exercised
(756)
(1,223)
(606)
(2,706)
(72)
(165)
\u2013
\u2013
Outstanding at 31 December 2022
3,630
5,724
2,469
11,683
233
678
259
195
Granted
976
2,071
1,185
6,343
208
436
71
95
Forfeited
(148)
(437)
(187)
(1,417)
(20)
(59)
(8)
\u2013
Cancelled
\u2013
\u2013
\u2013
(3)
\u2013
\u2013
\u2013
(34)
Exercised
(813)
(1,470)
(570)
(2,738)
(86)
(288)
(107)
(9)
Outstanding at 31 December 2023
3,645
5,888
2,897
13,868
335
767
215
247
Granted
1,064
2,250
1,262
7,014
100
699
\u2013
\u2013
Forfeited
(137)
(400)
(235)
(1,414)
(8)
(57)
(31)
\u2013
Cancelled
(2)
(2)
\u2013
(6)
(1)
\u2013
\u2013
\u2013
Exercised
(999)
(1,586)
(755)
(3,296)
(88)
(352)
(22)
\u2013
Outstanding at 31 December 2024
3,571
6,150
3,169
16,166
338
1,057
162
247
\n
1
Shares issued to Alexion employees under the GRSP are covered under the Alexion employee share award below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
\u00a0
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
\u00a0
WAFV
1
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
\u00a0
pence
$
pence
$
pence
$
pence
$
WAFV of 2022 grants
8328
55.73
9167
61.21
9894
63.35
\u2013
\u2013
WAFV of 2023 grants
9929
59.95
10822
65.38
11135
65.37
11748
74.78
WAFV of 2024 grants
9028
57.99
10085
64.91
11111
75.23
\u2013
\u2013
\n
1
Weighted average fair value.
Alexion employee share award plan
At acquisition in 2021 Alexion employee share awards were converted into AstraZeneca restricted stock awards that continue to have, and
shall be subject to, the same terms and conditions as applied in the corresponding Alexion awards immediately prior to completion. The fair
value at the grant date was $57.54 and of the 15,220,000 shares outstanding at 31 December 2021, 8,627,000 were exercised and 980,000
were forfeited during 2022. During 2022, Alexion employees had the option to defer awards due to vest in July 2022 until February 2023 when
they would also receive an additional vest equivalent to 15% of the shares deferred. As a result, 1,780,000 shares were deferred, resulting in
an additional 267,000 shares being issued with a grant date fair value of $65.62, that vested in 2023. During 2023, 2,060,000 shares vested,
531,000 were forfeited/cancelled and the closing balance of these awards as of 31 December 2023 was 3,022,000. During 2024, 2,047,000
shares vested, 156,000 were forfeited and the closing balance of these awards as of 31 December 2024 was 819,000.
The weighted average fair value for awards granted under the AstraZeneca Performance Share Plan is primarily based on the market price
at the point of grant adjusted for the market-based performance elements which are valued using a Monte Carlo valuation model. The fair
values of all other plans are set using the market price at the point of award. These awards are settled in equity including dividends
accumulated from the date of award to vesting.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00616": { "value": "30 Commitments, contingent liabilities and contingent assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Commitments
$m
$m
$m
Contracts placed for future capital expenditure on Property, plant and equipment and
\u00a0 \u00a0 \u00a0
software development costs not provided for in these Financial Statements
1,575
1,368
502
\n
Guarantees and contingencies arising in the ordinary course of business, for which no security has been given, are not expected to result
in any material financial loss.
Research and development collaboration payments
The Group has various ongoing collaborations, including in-licensing and similar arrangements with development partners. Such collaborations
may require the Group to make payments on achievement of stages of development, launch or revenue milestones, although the Group generally
has the right to terminate these agreements at no cost. The Group recognises research and development milestones as an intangible asset once
it is committed to payment, which is generally when the Group reaches set trigger points in the development cycle. Revenue-related milestones
are recognised as intangible assets on product launch at a value based on the Group\u2019s long-term revenue forecasts for the related product. The
table below indicates potential development and revenue-related payments that the Group may be required to make under such collaborations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Years 5
\u00a0
Total
Under 1 year
Years 1 and 2
Years 3 and 4
and greater
\u00a0
$m
$m
$m
$m
$m
Future potential research and development milestone payments
11,213
1,993
2,823
3,291
3,106
Future potential revenue milestone payments
22,064
41
1,166
3,026
17,831
The table includes all potential payments for achievement of milestones under ongoing research and development arrangements. Revenue-
\n
related milestone payments represent the maximum possible amount payable on achievement of specified levels of revenue as set out in
\n
individual contract agreements, but exclude variable payments that are based on unit sales (e.g. royalty-type payments) which are expensed
\n
as the associated sale is recognised. The table excludes any payments already capitalised in the Financial Statements for the year ended
\n
31 December 2024 which have been capitalised with reference to the latest Group sales forecasts for approved indications.
\n
The future payments we disclose represent contracted payments and, as such, are not discounted and are not risk-adjusted. As detailed in
\n
the Risk Overview section from page 64, the development of any pharmaceutical product candidate is a complex and risky process that
\n
may fail at any stage in the development process due to a number of factors (including items such as failure to obtain regulatory approval,
\n
unfavourable data from key studies, adverse reactions to the product candidate or indications of other safety concerns). The timing of the
\n
payments is based on the Group\u2019s current best estimate of achievement of the relevant milestone.
\n
Environmental costs and liabilities
\n
The Group\u2019s expenditure on environmental protection, including both capital and revenue items, relates to costs that are necessary for
\n
implementing internal systems and programmes, and meeting legal and regulatory requirements for processes and products. This includes
\n
investment to conserve natural resources and otherwise minimise the impact of our activities on the environment.
\n
They are an integral part of normal ongoing expenditure for carrying out the Group\u2019s research, manufacturing and commercial operations and
\n
are not separated from overall operating and development costs. There are no known changes in legal, regulatory or other requirements
\n
resulting in material changes to the levels of expenditure for 2022, 2023 or 2024.
\n
In addition to expenditure for meeting current and foreseen environmental protection requirements, the Group incurs costs in investigating
\n
and cleaning up legacy land and groundwater contamination. In particular, AstraZeneca has environmental liabilities at some currently or
\n
formerly owned, leased and third-party sites.
\n
In the US, Zeneca Inc., and/or its indemnitees, have been named as potentially responsible parties (PRPs) or defendants at a number of sites
\n
where Zeneca Inc. is likely to incur future environmental investigation, remediation, operation and maintenance costs under federal, state,
\n
statutory or common law environmental liability allocation schemes (together, US Environmental Consequences). Similarly, Stauffer
\n
Management Company LLC (SMC), which was established to own and manage certain assets and liabilities of Stauffer Chemical Company, and/
\n
or its indemnitees, have been named as PRPs or defendants at a number of sites where SMC is likely to incur US Environmental Consequences.
\n
AstraZeneca has also given indemnities to third parties for a number of sites outside the US. These environmental liabilities arise from legacy
\n
operations that are not currently part of the Group\u2019s business and, at most of these sites, remediation, where required, is either completed
\n
or in progress. AstraZeneca has made provisions for the estimated costs of future environmental investigation, remediation, operation and
\n
maintenance activity beyond normal ongoing expenditure for maintaining the Group\u2019s R&D and manufacturing capacity and product ranges,
\n
where a present obligation exists, it is probable that such costs will be incurred and they can be estimated reliably. With respect to such
\n
estimated future costs, there were provisions at 31 December 2024 in the aggregate of $105m (2023: $112m; 2022: $131m), mainly relating to
\n
the US. Where we are jointly liable or otherwise have cost-sharing agreements with third parties, we reflect only our share of the obligation.
\n
Where the liability is insured in part or in whole by insurance or other arrangements for reimbursement, an asset is recognised to the extent
\n
that this recovery is virtually certain.
\n
It is possible that AstraZeneca could incur future environmental costs beyond the extent of our current provisions. The extent of such possible
\n
additional costs is inherently difficult to estimate due to a number of factors, including: (1) the nature and extent of claims that may be asserted
\n
in the future; (2) whether AstraZeneca has or will have any legal obligation with respect to asserted or unasserted claims; (3) the type of
\n
remedial action, if any, that may be selected at sites where the remedy is presently not known; (4) the potential for recoveries from or allocation
\n
of liability to third parties; and (5) the length of time that the environmental investigation, remediation and liability allocation process can take.
\n
As per our provisions accounting policy on page 159, Provisions for these costs are made when there is a present obligation and where it is
\n
probable that expenditure on remedial work will be required and a reliable estimate can be made of the cost. Notwithstanding and subject to
\n
the foregoing, we estimate the potential additional loss for future environmental investigation, remediation, remedial operation and maintenance
\n
activity above and beyond our provisions to be, in aggregate, between $113m and $190m (2023: $114m and $191m; 2022: $113m and $188m)
\n
which relates mainly to the US.
\n
Legal proceedings
\n
AstraZeneca is involved in various legal proceedings considered typical to its business, including actual or threatened litigation and actual or
\n
potential government investigations relating to employment matters, product liability, commercial disputes, pricing, sales and marketing practices,
\n
infringement of IP rights, and the validity of certain patents and competition laws. The more significant matters are discussed below.
\n
Most of the claims involve highly complex issues. Often these issues are subject to substantial uncertainties and, therefore, the probability
\n
of a loss, if any, being sustained and/or an estimate of the amount of any loss is difficult to ascertain.
\n
Unless specifically identified below that a provision has been taken, AstraZeneca considers each of the claims to represent a contingent
\n
liability and discloses information with respect to the nature and facts of the cases in accordance with IAS 37 \u2018Provisions, Contingent
\n
Liabilities and Contingent Assets\u2019.
\n
We do not believe that disclosure of the amounts sought by plaintiffs, if known, would be meaningful with respect to these legal proceedings.
\n
This is due to a number of factors, including (i) the stage of the proceedings (in many cases trial dates have not been set) and the overall
\n
length and extent of pre-trial discovery; (ii) the entitlement of the parties to an action to appeal a decision; (iii) clarity as to theories of liability,
\n
damages and governing law; (iv) uncertainties in timing of litigation; and (v) the possible need for further legal proceedings to establish the
\n
appropriate amount of damages, if any.
While there can be no assurance regarding the outcome of any of the legal proceedings referred to in this Note 30, based on management\u2019s
\n
current and considered view of each situation, we do not currently expect them to have a material adverse effect on our financial position
\n
including within the next financial year. This position could of course change over time, not least because of the factors referred to above.
\n
In cases that have been settled or adjudicated, or where quantifiable fines and penalties have been assessed and which are not subject to
\n
appeal (or other similar forms of relief), or where a loss is probable and we are able to make a reasonable estimate of the loss, we generally
\n
indicate the loss absorbed or make a provision for our best estimate of the expected loss.
\n
Where it is considered that the Group is more likely than not to prevail, legal costs involved in defending the claim are charged to profit and
\n
loss as they are incurred.
\n
Where it is considered that the Group has a valid contract which provides the right to reimbursement (from insurance or otherwise) of legal
\n
costs and/or all or part of any loss incurred or for which a provision has been established, and we consider recovery to be virtually certain,
\n
the best estimate of the amount expected to be received is recognised as an asset.
\n
KJ
\n
Assessments as to whether or not to recognise provisions or assets, and of the amounts concerned, usually involve a series of complex
\n
judgements about future events and can rely heavily on estimates and assumptions. AstraZeneca believes that the provisions recorded are
\n
adequate based on currently available information and that the insurance recoveries recorded will be received. However, given the inherent
\n
uncertainties involved in assessing the outcomes of these cases, and in estimating the amount of the potential losses and the associated
\n
insurance recoveries, we could in the future incur judgments or insurance settlements that could have a material adverse effect on our
\n
results in any particular period.
\n
IP claims include challenges to the Group\u2019s patents on various products or processes and assertions of non-infringement of patents. A loss
\n
in any of these cases could result in loss of patent protection on the related product.
\n
The consequences of any such loss could be a significant decrease in Product Sales, which could have a material adverse effect on our
\n
results. The lawsuits filed by AstraZeneca for patent infringement against companies that have filed abbreviated new drug applications (ANDAs)
\n
in the US, seeking to market generic forms of products sold by the Group prior to the expiry of the applicable patents covering these products,
\n
typically also involve allegations of non-infringement, invalidity and unenforceability of these patents by the ANDA filers. In the event that
\n
the Group is unsuccessful in these actions or the statutory 30-month stay expires before a ruling is obtained, the ANDA filers involved will
\n
also have the ability, subject to FDA approval, to introduce generic versions of the product concerned.
\n
AstraZeneca has full confidence in, and will vigorously defend and enforce, its IP.
\n
Over the course of the past several years, including in 2024, a significant number of commercial litigation claims in which AstraZeneca is
\n
involved have been resolved, particularly in the US, thereby reducing potential contingent liability exposure arising from such litigation.
\n
Similarly, in part due to patent litigation and settlement developments, greater certainty has been achieved regarding possible generic entry
\n
dates with respect to some of our patented products. At the same time, like other companies in the pharmaceutical sector and other industries,
\n
AstraZeneca continues to be subject to government investigations around the world.
\n
Patent litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
Enhertu
patent proceedings
Considered to be a contingent liability
US
\u2022
In October 2020, Seagen Inc. (Seagen) filed a complaint against Daiichi Sankyo Company, Limited (Daiichi Sankyo)
in the US District Court for the Eastern District of Texas (District Court) alleging that
Enhertu
infringes a Seagen patent.
AstraZeneca co-commercialises
Enhertu
with Daiichi Sankyo, Inc. in the US. After trial in April 2022, the jury found
that the patent was infringed and awarded Seagen $41.82m in past damages. In July 2022, the District Court entered
final judgment and declined to enhance damages on the basis of wilfulness. In October 2023, the District Court
entered an amended final judgment that requires Daiichi Sankyo to pay Seagen a royalty of 8% on US sales of
Enhertu
from 1 April 2022 through to 4 November 2024, in addition to the past damages previously awarded by the
District Court. AstraZeneca and Daiichi Sankyo have appealed the District Court\u2019s decision.
\u2022
In December 2020 and January 2021, AstraZeneca and Daiichi Sankyo, Inc. filed post-grant review (PGR) petitions
with the US Patent and Trademark Office (USPTO) alleging, among other things, that the Seagen patent is invalid for
lack of written description and enablement. The USPTO initially declined to institute the PGRs, but, in April 2022,
the USPTO granted the rehearing requests and instituted both PGR petitions. Seagen subsequently disclaimed all
patent claims at issue in one of the PGR proceedings. In July 2022, the USPTO reversed its institution decision and
declined to institute the other PGR petition. AstraZeneca and Daiichi Sankyo, Inc. requested reconsideration of the
decision not to institute review of the patent. In February 2023, the USPTO reinstituted the PGR proceeding. In February
2024, the USPTO issued a decision that the claims were unpatentable. Seagen has appealed this decision; the USPTO
has intervened in the appeal.
Faslodex
patent proceedings
Matter concluded
Japan
\u2022
In 2021, in Japan, AstraZeneca received notice from the Japan Patent Office (JPO) that Sandoz K.K. (Sandoz
) and
Sun Pharma Japan Ltd. (Sun) were seeking to invalidate the
Faslodex
formulation patent.
\u2022
AstraZeneca defended the challenged patent and Sun withdrew from the JPO patent challenge.
\u2022
In July 2023, the JPO issued a final decision upholding various claims of the challenged patent and determining that
other patent claims were invalid.
\u2022
In August 2023, Sandoz appealed the JPO decision to the Japan IP High Court (High Court).
\u2022
In October 2024, the High Court affirmed the decision by the JPO.
\u2022
This matter is now concluded.
\n \n
Forxiga
patent proceedings
Considered to be a contingent liability
UK
\u2022
In the UK, one of AstraZeneca\u2019s patents relating to
Forxiga
is being challenged by Generics (UK) Limited, Teva
Pharmaceutical Industries Limited, and Glenmark Pharmaceuticals Europe Limited.
\u2022
Trial is scheduled for March 2025.
Soliris
patent proceedings
Considered to be a contingent liability
Turkey
\u2022
In November 2024, Salute HC \u0130la\u00e7lar\u0131 Sanayi ve Ticaret A.\u015e (Salute) served an action in the Industrial and Intellectual
Property Rights Court in Istanbul, Turkey seeking to invalidate and enjoin enforcement of Alexion\u2019s patent relating
to eculizumab.
Tagrisso
patent proceedings
Considered to be a contingent liability
US
\u2022
In September 2021, Puma Biotechnology, Inc. (Puma) and Wyeth LLC (Wyeth) filed a patent infringement lawsuit in
the US District Court for the District of Delaware (District Court) against AstraZeneca relating to
Tagrisso
.
\u2022
In March 2024, the District Court dismissed Puma.
\u2022
The jury trial, with Wyeth as the plaintiff, took place in May 2024. The jury found Wyeth\u2019s patents infringed and
awarded Wyeth $107.5m in past damages. The jury also found that the infringement was not wilful.
\u2022
In proceedings following the jury award, the District Court rejected AstraZeneca\u2019s indefiniteness and equitable
defences but granted judgment as a matter of law in favour of AstraZeneca on the grounds that the patents were
invalid for lack of written description and enablement.
\u2022
Wyeth has filed an appeal.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
Brilinta
patent proceedings
Considered to be a contingent asset
US
\u2022
In 2015 and subsequently, in response to Paragraph IV notices from ANDA filers, AstraZeneca filed patent
infringement lawsuits in the US District Court for the District of Delaware (District Court). In its complaints, AstraZeneca
alleged that a generic version of
Brilinta
, if approved and marketed, would infringe patents that are owned or licensed
by AstraZeneca.
\u2022
In 2024, AstraZeneca entered into separate settlements and the District Court entered consent judgments to dismiss
each of the corresponding litigations. Additional proceedings are ongoing in the District Court.
\u2022
No trial date has been set.
Calquence
patent proceedings
Considered to be a contingent asset
US
\u2022
In February 2022, in response to Paragraph IV notices from multiple ANDA filers, AstraZeneca filed patent infringement
lawsuits in the US District Court for the District of Delaware (District Court). In its complaints, AstraZeneca alleged
that a generic version of
Calquence
capsules, if approved and marketed, would infringe patents that are owned or
licensed by AstraZeneca.
\u2022
In 2024, AstraZeneca entered into settlement agreements with all five generic manufacturers, resolving the
Calquence
capsule ANDA litigation proceedings.
\u2022
AstraZeneca received Paragraph IV notices relating to patents listed in the FDA Orange Book with reference
to
Calquence
tablets from Cipla USA, Inc. and Cipla Limited (collectively, Cipla) in April 2024 and from
MSN Pharmaceuticals Inc. and MSN Laboratories Pvt. Ltd. (collectively, MSN) in November 2024.
\u2022
In response to these Paragraph IV notices, AstraZeneca filed patent infringement lawsuits against Cipla in May 2024
and against MSN in January 2025 in the District Court. In the complaints, AstraZeneca alleges that a generic version
of
Calquence
tablets, if approved and marketed, would infringe patents that are owned or licensed by AstraZeneca.
No trial date has been scheduled.
Daliresp
patent litigation
Considered to be a contingent asset
US
\u2022
In 2015 and subsequently, in response to Paragraph IV notices from ANDA filers, AstraZeneca filed patent
infringement lawsuits in the US District Court for the District of New Jersey (District Court) relating to patents listed
in the FDA Orange Book with reference to
Daliresp
.
\u2022
In 2022, AstraZeneca entered into a settlement agreement and the District Court entered a consent judgment to
dismiss the corresponding litigation. Additional ANDA challenges are pending.
Farxiga
patent proceedings
Considered to be a contingent asset
US
\u2022
In May 2021, AstraZeneca proceeded to trial against ANDA filer Zydus Pharmaceuticals (USA) Inc. (Zydus
) in the
US District Court for the District of Delaware (District Court). In October 2021, the District Court issued a decision
finding the asserted claims of AstraZeneca\u2019s patent as valid and infringed by Zydus\u2019s ANDA product. In August 2022,
Zydus appealed the District Court decision. Zydus\u2019s appeal has been dismissed.
\u2022
In December 2023, AstraZeneca initiated ANDA litigation against Sun Pharmaceutical Industries Ltd. and Sun
Pharmaceutical Industries, Inc. in the District Court. No trial date has been set.
Lokelma
patent proceedings
Considered to be a contingent asset
US
\u2022
In August 2022, in response to Paragraph IV notices, AstraZeneca initiated ANDA litigation against multiple generic
filers in the US District Court for the District of Delaware (District Court). AstraZeneca alleged that a generic version
of
Lokelma
would infringe patents that are owned or licensed by AstraZeneca.
\u2022
AstraZeneca has entered into separate settlement agreements with four generic manufacturers which resulted in
dismissal of the corresponding litigations.
\u2022
Additional proceedings with the remaining generic manufacturer are ongoing in the District Court. Trial is scheduled
for March 2025.
\n \n
Lynparza
patent proceedings
Considered to be a contingent asset
US
\u2022
AstraZeneca received a Paragraph IV notice relating to
Lynparza
patents from Natco Pharma Limited (Natco) in
December 2022, Sandoz Inc. (Sandoz) in December 2023, Cipla USA, Inc. and Cipla Limited
(collectively, Cipla) in
May 2024, and Zydus Pharmaceuticals (USA) Inc. (Zydus
) in November 2024. In response to these Paragraph IV
notices, AstraZeneca, MSD International Business GmbH, and the University of Sheffield initiated ANDA litigations
against Natco, Sandoz, Cipla, and Zydus in the US District Court for the District of New Jersey. In the complaints,
AstraZeneca alleged that the defendants\u2019 generic versions of
Lynparza
, if approved and marketed, would infringe
AstraZeneca\u2019s patents.
\u2022
No trial date has been scheduled.
Soliris
patent proceedings
Considered to be a contingent asset
Canada
\u2022
In May 2023, Alexion initiated patent litigation in Canada alleging that Amgen Pharmaceuticals, Inc.\u2019s (Amgen) biosimilar
eculizumab product will infringe Alexion patents.
\u2022
In September 2023, Alexion initiated patent litigations in Canada alleging that Samsung Bioepis Co. Ltd.\u2019s (Samsung)
biosimilar eculizumab product will infringe Alexion patents. The filing of the litigation triggered an automatic 24-month
stay of the approval of each defendant\u2019s biosimilar eculizumab product.
\u2022
Trial against Amgen is scheduled to begin in January 2025 while trial against Samsung is scheduled to begin in
June 2025.
\u2022
In July and August 2023, in Canada, both Amgen and Samsung brought actions challenging the validity of Alexion\u2019s
patent relating to the use of eculizumab in treating aHUS. Trial is scheduled for November 2025.
Soliris
patent proceedings
Matter concluded
US
\u2022
In January 2024, Alexion initiated patent infringement litigation against Samsung Bioepis Co. Ltd. (Samsung) in the
US District Court for the District of Delaware (District Court) alleging that Samsung\u2019s biosimilar eculizumab product,
for which Samsung is currently seeking FDA approval, will infringe six
Soliris
-related patents.
\u2022
Five of the six asserted patents were also the subject of inter partes review proceedings before the US Patent and
Trademark Office.
\u2022
Alexion filed a motion for a preliminary injunction seeking to enjoin Samsung from launching its biosimilar eculizumab
product upon FDA approval. The District Court denied Alexion\u2019s motion and Alexion appealed that decision.
\u2022
In August 2024, the parties reached resolution of the matter. All legal proceedings in the US courts have terminated
as have the inter partes review proceedings.
Soliris
patent proceedings
Considered to be a contingent asset
Europe
\u2022
In March 2024, Alexion filed motions for provisional measures against Amgen Pharmaceuticals Inc (Amgen) and
Samsung Bioepis Co. Ltd. (Samsung) and their respective affiliates at the Hamburg Local Division of the Unified
Patent Court (UPC) on the basis that Amgen\u2019s and Samsung\u2019s biosimilar eculizumab products infringe an Alexion
patent. Alexion appealed and in December 2024 the UPC appellate division denied Alexion\u2019s appeal requesting
provisional measures.
\u2022
In parallel, Samsung and Amgen have filed oppositions to the patent at the European Patent Office.
\u2022
In November 2024, Amgen filed a revocation action for the patent at the UPC Central Division in Milan.
Soliris
patent proceedings
Considered to be a contingent asset
UK
\u2022
In May 2024, Alexion initiated patent infringement proceedings against Amgen Ltd and Samsung Bioepis UK Ltd
(Samsung UK) in the UK High Court of Justice alleging that their respective biosimilar eculizumab products infringe
an Alexion patent; on the same day, Samsung UK initiated a revocation action for the same patent.
\u2022
Trial has been scheduled for March 2025.
Tagrisso
patent proceedings
Considered to be a contingent asset
Russia
\u2022
In Russia, in August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow Region (Court) against
the Ministry of Health of the Russian Federation and Axelpharm LLC (Axelpharm) related to Axelpharm\u2019s improper use
of AstraZeneca\u2019s information to obtain authorisation to market a generic version of
Tagrisso
. In December 2023,
the Court dismissed the lawsuit against the Ministry of Health of the Russian Federation. The appellate court affirmed
the dismissal in March 2024. AstraZeneca filed a further appeal, which was dismissed in July 2024. The lawsuit
against Axelpharm was dismissed in September 2024, and AstraZeneca appealed.
\u2022
In November 2023, Axelpharm filed a compulsory licensing action against AstraZeneca in the Court related to a patent
that covers
Tagrisso
. The compulsory licensing action remains pending. AstraZeneca has also challenged before the
Russian Patent and Trademark Office (PTO) the validity of the Axelpharm patent on which the compulsory licensing
action is predicated. In August 2024, the PTO determined that Axelpharm\u2019s patent is invalid and, in November 2024,
Axelpharm filed an appeal.
\u2022
In July 2024, AstraZeneca filed a patent infringement lawsuit, which remains pending, and an unfair competition claim
with the Federal Anti-Monopoly Service of Russia (FAS) against AxelPharm and others related to the securing of state
contracts in Russia for its generic version of Osimertinib.
\u2022
In August 2024, the FAS initiated an unfair competition case against Axelpharm and OncoTarget based on AstraZeneca\u2019s
unfair competition claim. In November 2024, the FAS determined that Axelpharm had committed unfair competition
and that OncoTarget had not; the FAS ordered Axelpharm to cease sales of its generic osimertinib and pay the Russian
government the income it received from its sales of its generic Osimertinib. In December 2024, Axelpharm appealed.
Product liability litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
Farxiga
and
Xigduo
XR
Considered to be a contingent liability
US
\u2022
AstraZeneca has been named as a defendant in lawsuits involving plaintiffs claiming physical injury, including
Fournier\u2019s Gangrene and necrotising fasciitis, from treatment with
Farxiga
and/or
Xigduo
XR. In September 2023,
the parties resolved by settlement agreement one case, filed in state court in Minnesota, previously scheduled for
trial in October 2023. All remaining claims are filed in Delaware state court and remain pending, with the earliest
trial scheduled for March 2026.
Nexium
and
Prilosec
A provision has been taken
US
\u2022
AstraZeneca has been defending lawsuits brought in federal and state courts involving claims that plaintiffs have been
diagnosed with various injuries following treatment with proton pump inhibitors (PPIs), including
Nexium
and
Prilosec
.
Most of the lawsuits alleged kidney injury.
\u2022
In addition, AstraZeneca has been defending lawsuits involving allegations of gastric cancer following treatment with
PPIs, including one such claim in the US District Court for the Middle District of Louisiana (District Court).
\u2022
In October 2023, AstraZeneca resolved all pending claims in the MDL, as well as all pending claims in Delaware
and New Jersey state courts, for $425m, for which a provision has been taken.
\u2022
In December 2024, AstraZeneca resolved the sole remaining case, which had been pending in the District Court.
Nexium
and
Losec
Considered to be a contingent liability
Canada
\u2022
In Canada, in July and August 2017, AstraZeneca was served with three putative class action lawsuits. Two of the
lawsuits have been dismissed, one in 2019 and one in 2021.
\u2022
The third lawsuit seeks authorisation to represent individual residents in Canada who allegedly suffered kidney
injuries from the use of proton pump inhibitors, including
Nexium
and
Losec
. No trial date has been scheduled.
Onglyza
and
Kombiglyze
Matter concluded
US
\u2022
In the US, AstraZeneca has been defending various lawsuits in both California state court and in a consolidated
federal proceeding alleging heart failure, cardiac injuries, and/or death from treatment with
Onglyza
or
Kombiglyze
.
In the California state court proceeding, the trial court granted summary judgment for AstraZeneca, which the
California appellate court affirmed. The California Supreme Court has declined further review, and the California
matter has concluded.
\u2022
The consolidated federal cases were dismissed in August 2022 by the US District Court for the Eastern District of
Kentucky. That dismissal was affirmed by the US Court of Appeals for the Sixth Circuit in February 2024. This matter
is concluded.
Vaxzevria
Considered to be a contingent liability
UK
\u2022
AstraZeneca is defending lawsuits in multiple jurisdictions, including the UK, involving multiple claimants alleging
injuries following vaccination with AstraZeneca\u2019s COVID-19 vaccine. Most of the lawsuits involve claims of thrombosis
with thrombocytopenia syndrome.
\u2022
No trial dates have been scheduled.
\n
Commercial litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
340B Antitrust litigation
Considered to be a contingent liability
US
\u2022
In September 2021, AstraZeneca was served with a class-action antitrust complaint filed in the US District Court for
the Western District of New York (District Court) by Mosaic Health alleging a conspiracy to restrict access to 340B
discounts in the diabetes market through contract pharmacies. In September 2022, the District Court granted
AstraZeneca\u2019s motion to dismiss the Complaint. In February 2024, the District Court denied Plaintiffs\u2019 request to file
an amended complaint and entered an order closing the matter.
\u2022
In March 2024, Plaintiffs filed an appeal.
Amyndas Trade Secrets Litigation
Considered to be a contingent liability
US
\u2022
AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and Amyndas
Pharmaceuticals, LLC, in the US District Court for the District of Massachusetts alleging trade secret misappropriation
and breach of contract claims against Alexion and Zealand Pharma U.S. Inc. related to Amyndas\u2019 C3 inhibitor candidate.
\u2022
No trial date has been set.
Anti-Terrorism Act Civil Lawsuit
Considered to be a contingent liability
US
\u2022
In the US, in October 2017, AstraZeneca and certain other pharmaceutical and/or medical device companies were
named as defendants in a complaint filed in the US District Court for the District of Columbia (District Court) by US
nationals (or their estates, survivors, or heirs) who were killed or wounded in Iraq between 2005 and 2013. The plaintiffs
allege that the defendants violated the US Anti-Terrorism Act and various state laws by selling pharmaceuticals and
medical supplies to the Iraqi Ministry of Health. In July 2020, the District Court granted AstraZeneca\u2019s and the other
defendants\u2019 motion to dismiss the lawsuit, which the DC Circuit Court of Appeals (the Appellate Court) reversed in
January 2022.
\u2022
In June 2024, the United States Supreme Court issued an order vacating the 2022 decision and granted AstraZeneca\u2019s
and the other defendants\u2019 request for a remand to the Appellate Court for reconsideration under new case law.
\n \n
Caelum Trade Secrets Litigation
Matter concluded
US
\u2022
AstraZeneca has been defending a matter filed by the University of Tennessee Research Foundation in the US District
Court for the Eastern District of Tennessee related to CAEL-101.
\u2022
In September 2024, the parties resolved the matter by settlement.
Definiens
Considered to be a contingent liability
Germany
\u2022
In Germany, in July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of Arbitration
from the sellers of Definiens AG (the Sellers) regarding the 2014 Share Purchase Agreement
(SPA) between
AstraZeneca and the Sellers. The Sellers claim that they are owed approximately $140m in earn-outs under the SPA.
In December 2023, after an arbitration hearing, the arbitration panel made a final award of $46.43m in favour of
the Sellers.
\u2022
In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court to set aside the arbitration award.
\u2022
A hearing is scheduled for February 2025.
Employment Litigation
Considered to be a contingent liability
US
\u2022
In December 2022, AstraZeneca was served with a lawsuit filed by seven former employees in the US District Court
for the District of Delaware (District Court) asserting claims of discrimination on grounds of age and religion, related
to AstraZeneca\u2019s vaccination requirement. In June 2024, the District Court granted AstraZeneca\u2019s partial motion to
dismiss and denied without prejudice Plaintiff\u2019s motion for conditional certification.
\u2022
AstraZeneca is defending against numerous other litigation matters pending in federal and state courts asserting claims
of discrimination in connection with AstraZeneca\u2019s vaccine requirement. In November 2024, in a matter pending in
the US District Court for the Northern District of Ohio, the court entered summary judgment in favour of the plaintiff.
\u2022
A trial on the issues of damages is scheduled for June 2025.
Pay Equity Litigation
Considered to be a contingent liability
US
\u2022
AstraZeneca is defending a putative class and collective action in the US District Court for the Northern District of
Illinois (District Court) brought by three named plaintiffs, who are former AstraZeneca employees. The case involves
claims under the federal and Illinois Equal Pay Acts, with the plaintiffs alleging they were paid less than male
employees who performed substantially similar and/or equal work.
\u2022
In May 2024, the District Court conditionally certified a collective under the federal Equal Pay Act and authorised the
sending of notice to potential collective action members. The notice was distributed in June 2024.
Securities Litigation
Considered to be a contingent liability
US
\u2022
In December 2024, a putative securities class action lawsuit was filed in the US District Court for the Central District
of California against AstraZeneca PLC and certain officers, on behalf of purchasers of AstraZeneca publicly traded
securities between February 2022 and December 2024. The complaint alleges that defendants made materially
false and misleading statements in connection with the Company\u2019s business in China.
Seroquel XR
Antitrust Litigation
Considered to be a contingent liability
US
\u2022
In 2019, AstraZeneca was named in several related complaints now proceeding in US District Court in Delaware
(District Court), including several putative class action lawsuits that were purportedly brought on behalf of classes
of direct purchasers or end payors of
Seroquel XR
, that allege AstraZeneca and generic drug manufacturers violated
US antitrust laws when settling patent litigation related to
Seroquel XR
.
\u2022
In July 2022, the District Court dismissed claims relating to one of the generic manufacturers while allowing claims
relating to the second generic manufacturer to proceed.
\u2022
In September 2024, AstraZeneca reached a settlement agreement with one of the plaintiff classes and the parties
are now seeking judicial review and approval of the settlement.
\u2022
Trial with the remaining class of plaintiffs is currently scheduled for May 2025.
Syntimmune Milestone Litigation
Considered to be a contingent liability
US
\u2022
In connection with Alexion\u2019s acquisition of Syntimmune, Inc. (Syntimmune) in December 2020, Alexion was served
with a lawsuit filed by the stockholders\u2019 representative for Syntimmune in Delaware state court that alleged, among
other things, breaches of the 2018 merger agreement (Merger Agreement).
\u2022
The stockholders\u2019 representative alleges that Alexion failed to meet its obligations under the Merger Agreement to use
commercially reasonable efforts to achieve the milestones. Alexion also filed a claim for breach of the representations
in the Merger Agreement.
\u2022
A trial was held in July 2023.
\u2022
The court issued a partial decision in September 2024, concluding that the first milestone was achieved, and that
Alexion had breached its contractual obligation to use commercially reasonable efforts to achieve the milestones.
The court has requested additional briefing regarding damages and further proceedings regarding Alexion\u2019s claim
for breach.
University of Sheffield
Considered to be a contingent liability
Contract Dispute
UK
\u2022
In June 2024, AstraZeneca was served with a lawsuit filed by the University of Sheffield (Sheffield). In its complaint,
Sheffield alleges that AstraZeneca made misrepresentations to induce Sheffield to amend a patent license relating
to
Lynparza
.
\u2022
AstraZeneca filed its defence in August 2024. No trial date has been scheduled.
\n \n
Viela Bio, Inc. Shareholder Litigation
Considered to be a contingent liability
US
\u2022
In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware state court against AstraZeneca
and certain officers (collectively, Defendants), on behalf of a putative class of Viela Bio, Inc.
(Viela) shareholders.
The complaint alleged that the Defendants breached their fiduciary duty to Viela shareholders in the course of
Viela\u2019s 2021 merger with Horizon Therapeutics, plc.
\u2022
In July 2024, the Court granted with prejudice AstraZeneca\u2019s motion to dismiss.
\u2022
In August 2024, plaintiffs appealed the dismissal.
Legal proceedings brought by AstraZeneca
PARP Inhibitor Royalty Dispute
Considered to be a contingent asset
UK
\u2022
In October 2012, Tesaro, Inc. (now wholly owned by GlaxoSmithKline plc
(GSK)) entered into two worldwide, royalty-
bearing patent license agreements with AstraZeneca related to GSK\u2019s product niraparib. In May 2021, AstraZeneca
filed a lawsuit against GSK in the Commercial Court of England and Wales alleging that GSK had failed to pay all of
the royalties due on niraparib sales under the license agreements. In April 2023, after trial, the trial court issued a
decision in AstraZeneca\u2019s favour. In February 2024, the Court of Appeal reversed the decision. In March 2024,
AstraZeneca filed a request for permission to appeal with the Supreme Court of the United Kingdom.
\u2022
In May 2024, the Supreme Court denied permission to appeal. The case will return to the trial court for
further proceedings.
Government investigations and proceedings
Legal proceedings brought against AstraZeneca
340B Qui Tam
Considered to be a contingent liability
US
\u2022
In July 2023, AstraZeneca was served with an unsealed civil lawsuit brought by a qui tam relator on behalf of the
United States, several states, and the District of Columbia in the US District Court for the Central District of California
(District Court). The complaint alleges that AstraZeneca violated the US False Claims Act and state law analogues.
In March 2024, the District Court granted AstraZeneca\u2019s motion to dismiss the First Amended Complaint without
leave to amend.
\u2022
In April 2024, the relator filed an appeal.
Boston US Attorney Investigation
Considered to be a contingent liability
US
\u2022
In June 2024, AstraZeneca was served with a subpoena issued by the US Attorney\u2019s Office in Boston, seeking
documents and information relating to payments by AstraZeneca to healthcare providers.
\u2022
AstraZeneca is cooperating with this enquiry.
Brazilian Tax Assessment Matter
Considered to be a contingent liability
Brazil
\u2022
In connection with an ongoing matter, in August 2019, the Brazilian Federal Revenue Service provided a Notice of Tax
and Description of the Facts (the Tax Assessment) to two Alexion subsidiaries in Brazil, as well as to two additional
entities, a logistics provider utilised by Alexion and a distributor. The Tax Assessment focuses on the importation of
Soliris
vials pursuant to Alexion\u2019s free drug supply to patients programme in Brazil.
\u2022
Alexion prevailed in the first level of administrative appeals in the Brazilian federal administrative proceeding system
based on a deficiency in the Brazil Tax Assessment. The decision was subject to an automatic appeal to the second
level of the administrative courts.
\u2022
In March 2023, the second level of the administrative courts issued a decision to remand the matter to the first level
of administrative courts for a determination on the merits.
Texas Qui Tam
Considered to be a contingent liability
US
\u2022
In December 2022, AstraZeneca was served with an unsealed civil lawsuit brought by qui tam relators on behalf of
the State of Texas in Texas state court, which alleges that AstraZeneca engaged in unlawful marketing practices.
\u2022
Trial is scheduled for October 2025.
Turkish Ministry of Health Matter
Matter concluded
Turkey
\u2022
In Turkey, in July 2020, the Turkish Ministry of Health (Ministry of Health) initiated an investigation regarding payments
to healthcare providers by Alexion and former employees and consultants. The investigation arose from Alexion\u2019s
disclosure of a $21.5m civil settlement with the US Securities & Exchange Commission (SEC) in July 2020 fully
resolving the SEC\u2019s investigation into possible violations of the US Foreign Corrupt Practices Act.
\u2022
In September 2021, the Ministry of Health completed its draft investigation report and referred the matter to the
Ankara Public Prosecutor\u2019s Office with a recommendation for further proceedings against certain former employees.
In June 2024, the Ankara Public Prosecutor\u2019s Office closed its investigation without further action. This matter is
now concluded.
US Congressional Inquiry
Matter concluded
US
\u2022
In January 2024, AstraZeneca received a letter from the US Senate Committee on Health, Education, Labor and
Pensions (HELP Committee) seeking information related to AstraZeneca\u2019s inhaled Respiratory products.
\u2022
AstraZeneca cooperated with this inquiry and this matter is now concluded.
\n \n
Vermont US Attorney Investigation
Considered to be a contingent liability
US
\u2022
In April 2020, AstraZeneca received a Civil Investigative Demand from the US Attorney\u2019s Office in Vermont and the
Department of Justice, Civil Division, seeking documents and information relating to AstraZeneca\u2019s relationships with
electronic health-record vendors.
\u2022
AstraZeneca continues to cooperate with this enquiry.
Shenzhen City Customs Office
Considered to be a contingent liability
China
\u2022
In relation to the illegal drug importation allegations, in January 2025, AstraZeneca received a Notice of Transfer to the
Prosecutor and an Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid importation
taxes amounting to $0.9m.
\u2022
To the best of AstraZeneca\u2019s knowledge, the importation taxes referred to in the Appraisal Opinion relate to
Imfinzi
and
Imjudo
.
\u2022
A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is
found liable.
Legal proceedings brought by AstraZeneca
340B State Litigation
Considered to be a contingent asset
US
\u2022
AstraZeneca has filed lawsuits against Arkansas, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri,
and West Virginia challenging the constitutionality of each state\u2019s 340B statute.
\u2022
In the Arkansas matter, trial is scheduled for April 2025. In the Arkansas administrative proceeding, the state has
moved for a preliminary injunction to enjoin AstraZeneca\u2019s 340B policy in Arkansas.
\u2022
In the Kansas matter, after obtaining a stipulation from the state that AstraZeneca\u2019s policy does not violate the
Kansas 340B statute, AstraZeneca agreed to dismiss its complaint.
\u2022
In the Louisiana matter, the Court granted the state\u2019s motion for summary judgment. AstraZeneca has filed an appeal.
\u2022
In the Maryland, Minnesota, and Missouri matters, the state has moved to dismiss AstraZeneca\u2019s complaint.
\u2022
In the Maryland and Mississippi matters, the Court has rejected AstraZeneca\u2019s preliminary injunction motion.
\u2022
The West Virginia matter remains in its preliminary stages.
Inflation Reduction Act Litigation
Considered to be a contingent asset
US
\u2022
In August 2023, AstraZeneca filed a lawsuit in the US District Court for the District of Delaware (District Court) against
the US Department of Health and Human Services (HHS) challenging aspects of the drug price negotiation provisions
of the Inflation Reduction Act and the implementing guidance and regulations. In March 2024, the District Court granted
HHS\u2019 motions and dismissed AstraZeneca\u2019s lawsuit.
\u2022
AstraZeneca has appealed the District Court\u2019s decision.
\n
Other
\n
Additional government inquiries
\n
As is true for most, if not all, major prescription pharmaceutical companies, AstraZeneca is currently involved in multiple inquiries into drug
\n
marketing and pricing practices. In addition to the investigations described above, various law enforcement offices have, from time to time,
\n
requested information from the Group. There have been no material developments in those matters.
\n
Tax
\n
AstraZeneca considers whether it is probable that a taxation authority will accept an uncertain tax treatment. Where it is concluded that it is
\n
not probable the taxation authority will accept an uncertain tax treatment, a tax liability is recognised based on either the most likely amount
\n
method or the expected value method depending on which method management expects to better predict the resolution of the uncertainty.
\n
Tax liabilities for uncertain tax treatments can be built up over a long period of time but the resolution of the uncertain tax treatments usually
\n
occurs at a point in time. Given the inherent uncertainties in assessing the outcomes (which can sometimes be binary), the probability and
\n
amount of any tax liability occurring are difficult to ascertain which may see adjustments to the liabilities recognised for uncertain tax
\n
treatments in future periods that could have a material positive or negative effect on our results. Details of the movements in relation to
\n
material uncertain tax treatments are discussed below.
\n
KJ
\n
AstraZeneca faces a number of audits and reviews in jurisdictions around the world and, in some cases, is in dispute with the tax
\n
authorities. The issues under discussion are often complex and can require many years to resolve. Tax liabilities recognised for uncertain
\n
tax treatments require management to make key judgements with respect to the outcome of current and potential future tax audits, and
\n
actual results could vary from these estimates. Management does not believe a significant risk exists of material change to uncertain tax
\n
positions in the next 12 months.
\n
The total net tax liability recognised in the Group Financial Statements in respect of uncertain tax positions is $1,321m (2023: $1,336m;
\n
2022: $830m) as explained below. The net tax liability consists of $1,157m (2023: $1,241m; 2022: $632m) included within income tax payable,
\n
$1,304m (2023: $441m; 2022: $291m) included within deferred tax asset, partially offset by $122m (2023: $9m; 2022: $(20)m) included within
\n
deferred tax liabilities, and $1,018m (2023: $337m; 2022: $113m) included within income tax receivable.
Transfer pricing
The net tax liability included in the Group Financial Statements in relation to management\u2019s current assessment of tax risks in relation to
worldwide transfer pricing exposures is $384m (2023: $401m; 2022: $260m). The decrease in the net tax liability for uncertain tax positions
relating to transfer pricing of $17m compared with 2023 is mainly as a result of a decrease of tax liabilities arising from updates to estimates
of prior period tax liabilities following progression of tax authority reviews.
The liability includes uncertain tax treatments which are estimated using the expected value method and depend on AstraZeneca\u2019s
assessment of the likelihood of the approach taken by the tax authorities. These matters can be complex and judgemental and could change
in the future to reflect progress in tax authority reviews, the extent that any tax authority challenge is concluded including via negotiation
between governments under competent authority procedures in relevant double tax treaties which can take many years to resolve, or matters
lapse including following expiry of the relevant statutes of limitation. Depending upon progress in these matters, we could experience
adjustments to the liabilities recognised in respect of uncertain tax treatments in future periods. Whilst it is impracticable to specify the possible
effects of such changes at this stage, it is reasonably possible that an adjustment to the carrying amounts of tax assets and liabilities could
be required within the next financial year.
For transfer pricing matters, including items under tax audit, AstraZeneca estimates the potential for additional tax liabilities above the amount
provided where the possibility of the additional liabilities falling due is more than remote, to be up to $422m (2023: $386m; 2022: $245m)
including associated interest.
Management believes that it is unlikely that these additional liabilities will arise. It is possible that some of these contingencies may change in
the future to reflect progress in tax authority reviews, to the extent that any tax authority challenge is concluded or matters lapse including
following expiry of the relevant statutes of limitation resulting in a reduction in the tax charge in future periods. Management continues to
believe that AstraZeneca\u2019s positions on all its transfer pricing positions, audits and disputes are robust, and that AstraZeneca has recognised
appropriate tax balances, including consideration of whether corresponding relief will be available under Mutual Agreement procedures
or unilaterally.
Other uncertain tax treatments
Included in the net tax liability is $937m (2023: $935m; 2022: $570m) relating to a number of other uncertain tax treatments. The increase
of $2m in the net tax liability relating to the other uncertain tax treatments mainly relates to an update to tax liabilities following progress of
reviews by tax authorities and administrative appeal processes which are offset by movements relating to uncertainty over the timing of tax
deductions. This uncertainty includes movements between income taxes receivable of $742m, and deferred tax liabilities of $133m offset
by related deferred tax assets of $929m and income taxes payable of $269m. The liability includes tax liabilities in respect of uncertain
tax treatments which are estimated using the most likely amount method and the expected value method and depend on AstraZeneca\u2019s
assessment of the likelihood of the approach taken by the tax authorities. This could change in the future to reflect progress in tax authority
reviews, the extent that any tax authority challenge is concluded, or matters lapse including following expiry of the relevant statutes of
limitation resulting in a reduction in the tax charge in future periods.
For these other tax liabilities in respect of uncertain tax treatments, AstraZeneca estimates the potential for additional liabilities above the
amount provided where the possibility of the additional liabilities falling due is more than remote, to be up to $214m (2023: $293m; 2022:
$209m) including associated interest. It is possible that some of these liabilities may reduce in the future if any tax authority challenge is
concluded or matters lapse following expiry of the relevant statutes of limitation, resulting in a reduction in the tax charge in future periods.
AstraZeneca does not believe there are any significant other uncertain tax treatments where the possibility of the additional liabilities falling
due is more than remote (2023: $nil; 2022: $280m).
Timing of cash flows and interest
The Group is currently under audit in several countries and the timing of any resolution of these audits is uncertain.
It is anticipated that tax payments may be required in relation to a number of significant disputes which may be resolved over the next one to
two years. AstraZeneca considers the tax liabilities set out above to appropriately reflect the expected value of any final settlement. Some
of the items discussed above are not currently within the scope of tax authority audits and may take longer to resolve.
Included within other payables is a net amount of interest arising on tax contingencies of $164m (2023: $184m; 2022: $106m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00617": { "value": "30 Commitments, contingent liabilities and contingent assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Commitments
$m
$m
$m
Contracts placed for future capital expenditure on Property, plant and equipment and
\u00a0 \u00a0 \u00a0
software development costs not provided for in these Financial Statements
1,575
1,368
502
\n
Guarantees and contingencies arising in the ordinary course of business, for which no security has been given, are not expected to result
in any material financial loss.
Research and development collaboration payments
The Group has various ongoing collaborations, including in-licensing and similar arrangements with development partners. Such collaborations
may require the Group to make payments on achievement of stages of development, launch or revenue milestones, although the Group generally
has the right to terminate these agreements at no cost. The Group recognises research and development milestones as an intangible asset once
it is committed to payment, which is generally when the Group reaches set trigger points in the development cycle. Revenue-related milestones
are recognised as intangible assets on product launch at a value based on the Group\u2019s long-term revenue forecasts for the related product. The
table below indicates potential development and revenue-related payments that the Group may be required to make under such collaborations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Years 5
\u00a0
Total
Under 1 year
Years 1 and 2
Years 3 and 4
and greater
\u00a0
$m
$m
$m
$m
$m
Future potential research and development milestone payments
11,213
1,993
2,823
3,291
3,106
Future potential revenue milestone payments
22,064
41
1,166
3,026
17,831
The table includes all potential payments for achievement of milestones under ongoing research and development arrangements. Revenue-
\n
related milestone payments represent the maximum possible amount payable on achievement of specified levels of revenue as set out in
\n
individual contract agreements, but exclude variable payments that are based on unit sales (e.g. royalty-type payments) which are expensed
\n
as the associated sale is recognised. The table excludes any payments already capitalised in the Financial Statements for the year ended
\n
31 December 2024 which have been capitalised with reference to the latest Group sales forecasts for approved indications.
\n
The future payments we disclose represent contracted payments and, as such, are not discounted and are not risk-adjusted. As detailed in
\n
the Risk Overview section from page 64, the development of any pharmaceutical product candidate is a complex and risky process that
\n
may fail at any stage in the development process due to a number of factors (including items such as failure to obtain regulatory approval,
\n
unfavourable data from key studies, adverse reactions to the product candidate or indications of other safety concerns). The timing of the
\n
payments is based on the Group\u2019s current best estimate of achievement of the relevant milestone.
\n
Environmental costs and liabilities
\n
The Group\u2019s expenditure on environmental protection, including both capital and revenue items, relates to costs that are necessary for
\n
implementing internal systems and programmes, and meeting legal and regulatory requirements for processes and products. This includes
\n
investment to conserve natural resources and otherwise minimise the impact of our activities on the environment.
\n
They are an integral part of normal ongoing expenditure for carrying out the Group\u2019s research, manufacturing and commercial operations and
\n
are not separated from overall operating and development costs. There are no known changes in legal, regulatory or other requirements
\n
resulting in material changes to the levels of expenditure for 2022, 2023 or 2024.
\n
In addition to expenditure for meeting current and foreseen environmental protection requirements, the Group incurs costs in investigating
\n
and cleaning up legacy land and groundwater contamination. In particular, AstraZeneca has environmental liabilities at some currently or
\n
formerly owned, leased and third-party sites.
\n
In the US, Zeneca Inc., and/or its indemnitees, have been named as potentially responsible parties (PRPs) or defendants at a number of sites
\n
where Zeneca Inc. is likely to incur future environmental investigation, remediation, operation and maintenance costs under federal, state,
\n
statutory or common law environmental liability allocation schemes (together, US Environmental Consequences). Similarly, Stauffer
\n
Management Company LLC (SMC), which was established to own and manage certain assets and liabilities of Stauffer Chemical Company, and/
\n
or its indemnitees, have been named as PRPs or defendants at a number of sites where SMC is likely to incur US Environmental Consequences.
\n
AstraZeneca has also given indemnities to third parties for a number of sites outside the US. These environmental liabilities arise from legacy
\n
operations that are not currently part of the Group\u2019s business and, at most of these sites, remediation, where required, is either completed
\n
or in progress. AstraZeneca has made provisions for the estimated costs of future environmental investigation, remediation, operation and
\n
maintenance activity beyond normal ongoing expenditure for maintaining the Group\u2019s R&D and manufacturing capacity and product ranges,
\n
where a present obligation exists, it is probable that such costs will be incurred and they can be estimated reliably. With respect to such
\n
estimated future costs, there were provisions at 31 December 2024 in the aggregate of $105m (2023: $112m; 2022: $131m), mainly relating to
\n
the US. Where we are jointly liable or otherwise have cost-sharing agreements with third parties, we reflect only our share of the obligation.
\n
Where the liability is insured in part or in whole by insurance or other arrangements for reimbursement, an asset is recognised to the extent
\n
that this recovery is virtually certain.
\n
It is possible that AstraZeneca could incur future environmental costs beyond the extent of our current provisions. The extent of such possible
\n
additional costs is inherently difficult to estimate due to a number of factors, including: (1) the nature and extent of claims that may be asserted
\n
in the future; (2) whether AstraZeneca has or will have any legal obligation with respect to asserted or unasserted claims; (3) the type of
\n
remedial action, if any, that may be selected at sites where the remedy is presently not known; (4) the potential for recoveries from or allocation
\n
of liability to third parties; and (5) the length of time that the environmental investigation, remediation and liability allocation process can take.
\n
As per our provisions accounting policy on page 159, Provisions for these costs are made when there is a present obligation and where it is
\n
probable that expenditure on remedial work will be required and a reliable estimate can be made of the cost. Notwithstanding and subject to
\n
the foregoing, we estimate the potential additional loss for future environmental investigation, remediation, remedial operation and maintenance
\n
activity above and beyond our provisions to be, in aggregate, between $113m and $190m (2023: $114m and $191m; 2022: $113m and $188m)
\n
which relates mainly to the US.
\n
Legal proceedings
\n
AstraZeneca is involved in various legal proceedings considered typical to its business, including actual or threatened litigation and actual or
\n
potential government investigations relating to employment matters, product liability, commercial disputes, pricing, sales and marketing practices,
\n
infringement of IP rights, and the validity of certain patents and competition laws. The more significant matters are discussed below.
\n
Most of the claims involve highly complex issues. Often these issues are subject to substantial uncertainties and, therefore, the probability
\n
of a loss, if any, being sustained and/or an estimate of the amount of any loss is difficult to ascertain.
\n
Unless specifically identified below that a provision has been taken, AstraZeneca considers each of the claims to represent a contingent
\n
liability and discloses information with respect to the nature and facts of the cases in accordance with IAS 37 \u2018Provisions, Contingent
\n
Liabilities and Contingent Assets\u2019.
\n
We do not believe that disclosure of the amounts sought by plaintiffs, if known, would be meaningful with respect to these legal proceedings.
\n
This is due to a number of factors, including (i) the stage of the proceedings (in many cases trial dates have not been set) and the overall
\n
length and extent of pre-trial discovery; (ii) the entitlement of the parties to an action to appeal a decision; (iii) clarity as to theories of liability,
\n
damages and governing law; (iv) uncertainties in timing of litigation; and (v) the possible need for further legal proceedings to establish the
\n
appropriate amount of damages, if any.
While there can be no assurance regarding the outcome of any of the legal proceedings referred to in this Note 30, based on management\u2019s
\n
current and considered view of each situation, we do not currently expect them to have a material adverse effect on our financial position
\n
including within the next financial year. This position could of course change over time, not least because of the factors referred to above.
\n
In cases that have been settled or adjudicated, or where quantifiable fines and penalties have been assessed and which are not subject to
\n
appeal (or other similar forms of relief), or where a loss is probable and we are able to make a reasonable estimate of the loss, we generally
\n
indicate the loss absorbed or make a provision for our best estimate of the expected loss.
\n
Where it is considered that the Group is more likely than not to prevail, legal costs involved in defending the claim are charged to profit and
\n
loss as they are incurred.
\n
Where it is considered that the Group has a valid contract which provides the right to reimbursement (from insurance or otherwise) of legal
\n
costs and/or all or part of any loss incurred or for which a provision has been established, and we consider recovery to be virtually certain,
\n
the best estimate of the amount expected to be received is recognised as an asset.
\n
KJ
\n
Assessments as to whether or not to recognise provisions or assets, and of the amounts concerned, usually involve a series of complex
\n
judgements about future events and can rely heavily on estimates and assumptions. AstraZeneca believes that the provisions recorded are
\n
adequate based on currently available information and that the insurance recoveries recorded will be received. However, given the inherent
\n
uncertainties involved in assessing the outcomes of these cases, and in estimating the amount of the potential losses and the associated
\n
insurance recoveries, we could in the future incur judgments or insurance settlements that could have a material adverse effect on our
\n
results in any particular period.
\n
IP claims include challenges to the Group\u2019s patents on various products or processes and assertions of non-infringement of patents. A loss
\n
in any of these cases could result in loss of patent protection on the related product.
\n
The consequences of any such loss could be a significant decrease in Product Sales, which could have a material adverse effect on our
\n
results. The lawsuits filed by AstraZeneca for patent infringement against companies that have filed abbreviated new drug applications (ANDAs)
\n
in the US, seeking to market generic forms of products sold by the Group prior to the expiry of the applicable patents covering these products,
\n
typically also involve allegations of non-infringement, invalidity and unenforceability of these patents by the ANDA filers. In the event that
\n
the Group is unsuccessful in these actions or the statutory 30-month stay expires before a ruling is obtained, the ANDA filers involved will
\n
also have the ability, subject to FDA approval, to introduce generic versions of the product concerned.
\n
AstraZeneca has full confidence in, and will vigorously defend and enforce, its IP.
\n
Over the course of the past several years, including in 2024, a significant number of commercial litigation claims in which AstraZeneca is
\n
involved have been resolved, particularly in the US, thereby reducing potential contingent liability exposure arising from such litigation.
\n
Similarly, in part due to patent litigation and settlement developments, greater certainty has been achieved regarding possible generic entry
\n
dates with respect to some of our patented products. At the same time, like other companies in the pharmaceutical sector and other industries,
\n
AstraZeneca continues to be subject to government investigations around the world.
\n
Patent litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
Enhertu
patent proceedings
Considered to be a contingent liability
US
\u2022
In October 2020, Seagen Inc. (Seagen) filed a complaint against Daiichi Sankyo Company, Limited (Daiichi Sankyo)
in the US District Court for the Eastern District of Texas (District Court) alleging that
Enhertu
infringes a Seagen patent.
AstraZeneca co-commercialises
Enhertu
with Daiichi Sankyo, Inc. in the US. After trial in April 2022, the jury found
that the patent was infringed and awarded Seagen $41.82m in past damages. In July 2022, the District Court entered
final judgment and declined to enhance damages on the basis of wilfulness. In October 2023, the District Court
entered an amended final judgment that requires Daiichi Sankyo to pay Seagen a royalty of 8% on US sales of
Enhertu
from 1 April 2022 through to 4 November 2024, in addition to the past damages previously awarded by the
District Court. AstraZeneca and Daiichi Sankyo have appealed the District Court\u2019s decision.
\u2022
In December 2020 and January 2021, AstraZeneca and Daiichi Sankyo, Inc. filed post-grant review (PGR) petitions
with the US Patent and Trademark Office (USPTO) alleging, among other things, that the Seagen patent is invalid for
lack of written description and enablement. The USPTO initially declined to institute the PGRs, but, in April 2022,
the USPTO granted the rehearing requests and instituted both PGR petitions. Seagen subsequently disclaimed all
patent claims at issue in one of the PGR proceedings. In July 2022, the USPTO reversed its institution decision and
declined to institute the other PGR petition. AstraZeneca and Daiichi Sankyo, Inc. requested reconsideration of the
decision not to institute review of the patent. In February 2023, the USPTO reinstituted the PGR proceeding. In February
2024, the USPTO issued a decision that the claims were unpatentable. Seagen has appealed this decision; the USPTO
has intervened in the appeal.
Faslodex
patent proceedings
Matter concluded
Japan
\u2022
In 2021, in Japan, AstraZeneca received notice from the Japan Patent Office (JPO) that Sandoz K.K. (Sandoz
) and
Sun Pharma Japan Ltd. (Sun) were seeking to invalidate the
Faslodex
formulation patent.
\u2022
AstraZeneca defended the challenged patent and Sun withdrew from the JPO patent challenge.
\u2022
In July 2023, the JPO issued a final decision upholding various claims of the challenged patent and determining that
other patent claims were invalid.
\u2022
In August 2023, Sandoz appealed the JPO decision to the Japan IP High Court (High Court).
\u2022
In October 2024, the High Court affirmed the decision by the JPO.
\u2022
This matter is now concluded.
\n \n
Forxiga
patent proceedings
Considered to be a contingent liability
UK
\u2022
In the UK, one of AstraZeneca\u2019s patents relating to
Forxiga
is being challenged by Generics (UK) Limited, Teva
Pharmaceutical Industries Limited, and Glenmark Pharmaceuticals Europe Limited.
\u2022
Trial is scheduled for March 2025.
Soliris
patent proceedings
Considered to be a contingent liability
Turkey
\u2022
In November 2024, Salute HC \u0130la\u00e7lar\u0131 Sanayi ve Ticaret A.\u015e (Salute) served an action in the Industrial and Intellectual
Property Rights Court in Istanbul, Turkey seeking to invalidate and enjoin enforcement of Alexion\u2019s patent relating
to eculizumab.
Tagrisso
patent proceedings
Considered to be a contingent liability
US
\u2022
In September 2021, Puma Biotechnology, Inc. (Puma) and Wyeth LLC (Wyeth) filed a patent infringement lawsuit in
the US District Court for the District of Delaware (District Court) against AstraZeneca relating to
Tagrisso
.
\u2022
In March 2024, the District Court dismissed Puma.
\u2022
The jury trial, with Wyeth as the plaintiff, took place in May 2024. The jury found Wyeth\u2019s patents infringed and
awarded Wyeth $107.5m in past damages. The jury also found that the infringement was not wilful.
\u2022
In proceedings following the jury award, the District Court rejected AstraZeneca\u2019s indefiniteness and equitable
defences but granted judgment as a matter of law in favour of AstraZeneca on the grounds that the patents were
invalid for lack of written description and enablement.
\u2022
Wyeth has filed an appeal.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
Brilinta
patent proceedings
Considered to be a contingent asset
US
\u2022
In 2015 and subsequently, in response to Paragraph IV notices from ANDA filers, AstraZeneca filed patent
infringement lawsuits in the US District Court for the District of Delaware (District Court). In its complaints, AstraZeneca
alleged that a generic version of
Brilinta
, if approved and marketed, would infringe patents that are owned or licensed
by AstraZeneca.
\u2022
In 2024, AstraZeneca entered into separate settlements and the District Court entered consent judgments to dismiss
each of the corresponding litigations. Additional proceedings are ongoing in the District Court.
\u2022
No trial date has been set.
Calquence
patent proceedings
Considered to be a contingent asset
US
\u2022
In February 2022, in response to Paragraph IV notices from multiple ANDA filers, AstraZeneca filed patent infringement
lawsuits in the US District Court for the District of Delaware (District Court). In its complaints, AstraZeneca alleged
that a generic version of
Calquence
capsules, if approved and marketed, would infringe patents that are owned or
licensed by AstraZeneca.
\u2022
In 2024, AstraZeneca entered into settlement agreements with all five generic manufacturers, resolving the
Calquence
capsule ANDA litigation proceedings.
\u2022
AstraZeneca received Paragraph IV notices relating to patents listed in the FDA Orange Book with reference
to
Calquence
tablets from Cipla USA, Inc. and Cipla Limited (collectively, Cipla) in April 2024 and from
MSN Pharmaceuticals Inc. and MSN Laboratories Pvt. Ltd. (collectively, MSN) in November 2024.
\u2022
In response to these Paragraph IV notices, AstraZeneca filed patent infringement lawsuits against Cipla in May 2024
and against MSN in January 2025 in the District Court. In the complaints, AstraZeneca alleges that a generic version
of
Calquence
tablets, if approved and marketed, would infringe patents that are owned or licensed by AstraZeneca.
No trial date has been scheduled.
Daliresp
patent litigation
Considered to be a contingent asset
US
\u2022
In 2015 and subsequently, in response to Paragraph IV notices from ANDA filers, AstraZeneca filed patent
infringement lawsuits in the US District Court for the District of New Jersey (District Court) relating to patents listed
in the FDA Orange Book with reference to
Daliresp
.
\u2022
In 2022, AstraZeneca entered into a settlement agreement and the District Court entered a consent judgment to
dismiss the corresponding litigation. Additional ANDA challenges are pending.
Farxiga
patent proceedings
Considered to be a contingent asset
US
\u2022
In May 2021, AstraZeneca proceeded to trial against ANDA filer Zydus Pharmaceuticals (USA) Inc. (Zydus
) in the
US District Court for the District of Delaware (District Court). In October 2021, the District Court issued a decision
finding the asserted claims of AstraZeneca\u2019s patent as valid and infringed by Zydus\u2019s ANDA product. In August 2022,
Zydus appealed the District Court decision. Zydus\u2019s appeal has been dismissed.
\u2022
In December 2023, AstraZeneca initiated ANDA litigation against Sun Pharmaceutical Industries Ltd. and Sun
Pharmaceutical Industries, Inc. in the District Court. No trial date has been set.
Lokelma
patent proceedings
Considered to be a contingent asset
US
\u2022
In August 2022, in response to Paragraph IV notices, AstraZeneca initiated ANDA litigation against multiple generic
filers in the US District Court for the District of Delaware (District Court). AstraZeneca alleged that a generic version
of
Lokelma
would infringe patents that are owned or licensed by AstraZeneca.
\u2022
AstraZeneca has entered into separate settlement agreements with four generic manufacturers which resulted in
dismissal of the corresponding litigations.
\u2022
Additional proceedings with the remaining generic manufacturer are ongoing in the District Court. Trial is scheduled
for March 2025.
\n \n
Lynparza
patent proceedings
Considered to be a contingent asset
US
\u2022
AstraZeneca received a Paragraph IV notice relating to
Lynparza
patents from Natco Pharma Limited (Natco) in
December 2022, Sandoz Inc. (Sandoz) in December 2023, Cipla USA, Inc. and Cipla Limited
(collectively, Cipla) in
May 2024, and Zydus Pharmaceuticals (USA) Inc. (Zydus
) in November 2024. In response to these Paragraph IV
notices, AstraZeneca, MSD International Business GmbH, and the University of Sheffield initiated ANDA litigations
against Natco, Sandoz, Cipla, and Zydus in the US District Court for the District of New Jersey. In the complaints,
AstraZeneca alleged that the defendants\u2019 generic versions of
Lynparza
, if approved and marketed, would infringe
AstraZeneca\u2019s patents.
\u2022
No trial date has been scheduled.
Soliris
patent proceedings
Considered to be a contingent asset
Canada
\u2022
In May 2023, Alexion initiated patent litigation in Canada alleging that Amgen Pharmaceuticals, Inc.\u2019s (Amgen) biosimilar
eculizumab product will infringe Alexion patents.
\u2022
In September 2023, Alexion initiated patent litigations in Canada alleging that Samsung Bioepis Co. Ltd.\u2019s (Samsung)
biosimilar eculizumab product will infringe Alexion patents. The filing of the litigation triggered an automatic 24-month
stay of the approval of each defendant\u2019s biosimilar eculizumab product.
\u2022
Trial against Amgen is scheduled to begin in January 2025 while trial against Samsung is scheduled to begin in
June 2025.
\u2022
In July and August 2023, in Canada, both Amgen and Samsung brought actions challenging the validity of Alexion\u2019s
patent relating to the use of eculizumab in treating aHUS. Trial is scheduled for November 2025.
Soliris
patent proceedings
Matter concluded
US
\u2022
In January 2024, Alexion initiated patent infringement litigation against Samsung Bioepis Co. Ltd. (Samsung) in the
US District Court for the District of Delaware (District Court) alleging that Samsung\u2019s biosimilar eculizumab product,
for which Samsung is currently seeking FDA approval, will infringe six
Soliris
-related patents.
\u2022
Five of the six asserted patents were also the subject of inter partes review proceedings before the US Patent and
Trademark Office.
\u2022
Alexion filed a motion for a preliminary injunction seeking to enjoin Samsung from launching its biosimilar eculizumab
product upon FDA approval. The District Court denied Alexion\u2019s motion and Alexion appealed that decision.
\u2022
In August 2024, the parties reached resolution of the matter. All legal proceedings in the US courts have terminated
as have the inter partes review proceedings.
Soliris
patent proceedings
Considered to be a contingent asset
Europe
\u2022
In March 2024, Alexion filed motions for provisional measures against Amgen Pharmaceuticals Inc (Amgen) and
Samsung Bioepis Co. Ltd. (Samsung) and their respective affiliates at the Hamburg Local Division of the Unified
Patent Court (UPC) on the basis that Amgen\u2019s and Samsung\u2019s biosimilar eculizumab products infringe an Alexion
patent. Alexion appealed and in December 2024 the UPC appellate division denied Alexion\u2019s appeal requesting
provisional measures.
\u2022
In parallel, Samsung and Amgen have filed oppositions to the patent at the European Patent Office.
\u2022
In November 2024, Amgen filed a revocation action for the patent at the UPC Central Division in Milan.
Soliris
patent proceedings
Considered to be a contingent asset
UK
\u2022
In May 2024, Alexion initiated patent infringement proceedings against Amgen Ltd and Samsung Bioepis UK Ltd
(Samsung UK) in the UK High Court of Justice alleging that their respective biosimilar eculizumab products infringe
an Alexion patent; on the same day, Samsung UK initiated a revocation action for the same patent.
\u2022
Trial has been scheduled for March 2025.
Tagrisso
patent proceedings
Considered to be a contingent asset
Russia
\u2022
In Russia, in August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow Region (Court) against
the Ministry of Health of the Russian Federation and Axelpharm LLC (Axelpharm) related to Axelpharm\u2019s improper use
of AstraZeneca\u2019s information to obtain authorisation to market a generic version of
Tagrisso
. In December 2023,
the Court dismissed the lawsuit against the Ministry of Health of the Russian Federation. The appellate court affirmed
the dismissal in March 2024. AstraZeneca filed a further appeal, which was dismissed in July 2024. The lawsuit
against Axelpharm was dismissed in September 2024, and AstraZeneca appealed.
\u2022
In November 2023, Axelpharm filed a compulsory licensing action against AstraZeneca in the Court related to a patent
that covers
Tagrisso
. The compulsory licensing action remains pending. AstraZeneca has also challenged before the
Russian Patent and Trademark Office (PTO) the validity of the Axelpharm patent on which the compulsory licensing
action is predicated. In August 2024, the PTO determined that Axelpharm\u2019s patent is invalid and, in November 2024,
Axelpharm filed an appeal.
\u2022
In July 2024, AstraZeneca filed a patent infringement lawsuit, which remains pending, and an unfair competition claim
with the Federal Anti-Monopoly Service of Russia (FAS) against AxelPharm and others related to the securing of state
contracts in Russia for its generic version of Osimertinib.
\u2022
In August 2024, the FAS initiated an unfair competition case against Axelpharm and OncoTarget based on AstraZeneca\u2019s
unfair competition claim. In November 2024, the FAS determined that Axelpharm had committed unfair competition
and that OncoTarget had not; the FAS ordered Axelpharm to cease sales of its generic osimertinib and pay the Russian
government the income it received from its sales of its generic Osimertinib. In December 2024, Axelpharm appealed.
Product liability litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
Farxiga
and
Xigduo
XR
Considered to be a contingent liability
US
\u2022
AstraZeneca has been named as a defendant in lawsuits involving plaintiffs claiming physical injury, including
Fournier\u2019s Gangrene and necrotising fasciitis, from treatment with
Farxiga
and/or
Xigduo
XR. In September 2023,
the parties resolved by settlement agreement one case, filed in state court in Minnesota, previously scheduled for
trial in October 2023. All remaining claims are filed in Delaware state court and remain pending, with the earliest
trial scheduled for March 2026.
Nexium
and
Prilosec
A provision has been taken
US
\u2022
AstraZeneca has been defending lawsuits brought in federal and state courts involving claims that plaintiffs have been
diagnosed with various injuries following treatment with proton pump inhibitors (PPIs), including
Nexium
and
Prilosec
.
Most of the lawsuits alleged kidney injury.
\u2022
In addition, AstraZeneca has been defending lawsuits involving allegations of gastric cancer following treatment with
PPIs, including one such claim in the US District Court for the Middle District of Louisiana (District Court).
\u2022
In October 2023, AstraZeneca resolved all pending claims in the MDL, as well as all pending claims in Delaware
and New Jersey state courts, for $425m, for which a provision has been taken.
\u2022
In December 2024, AstraZeneca resolved the sole remaining case, which had been pending in the District Court.
Nexium
and
Losec
Considered to be a contingent liability
Canada
\u2022
In Canada, in July and August 2017, AstraZeneca was served with three putative class action lawsuits. Two of the
lawsuits have been dismissed, one in 2019 and one in 2021.
\u2022
The third lawsuit seeks authorisation to represent individual residents in Canada who allegedly suffered kidney
injuries from the use of proton pump inhibitors, including
Nexium
and
Losec
. No trial date has been scheduled.
Onglyza
and
Kombiglyze
Matter concluded
US
\u2022
In the US, AstraZeneca has been defending various lawsuits in both California state court and in a consolidated
federal proceeding alleging heart failure, cardiac injuries, and/or death from treatment with
Onglyza
or
Kombiglyze
.
In the California state court proceeding, the trial court granted summary judgment for AstraZeneca, which the
California appellate court affirmed. The California Supreme Court has declined further review, and the California
matter has concluded.
\u2022
The consolidated federal cases were dismissed in August 2022 by the US District Court for the Eastern District of
Kentucky. That dismissal was affirmed by the US Court of Appeals for the Sixth Circuit in February 2024. This matter
is concluded.
Vaxzevria
Considered to be a contingent liability
UK
\u2022
AstraZeneca is defending lawsuits in multiple jurisdictions, including the UK, involving multiple claimants alleging
injuries following vaccination with AstraZeneca\u2019s COVID-19 vaccine. Most of the lawsuits involve claims of thrombosis
with thrombocytopenia syndrome.
\u2022
No trial dates have been scheduled.
\n
Commercial litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
340B Antitrust litigation
Considered to be a contingent liability
US
\u2022
In September 2021, AstraZeneca was served with a class-action antitrust complaint filed in the US District Court for
the Western District of New York (District Court) by Mosaic Health alleging a conspiracy to restrict access to 340B
discounts in the diabetes market through contract pharmacies. In September 2022, the District Court granted
AstraZeneca\u2019s motion to dismiss the Complaint. In February 2024, the District Court denied Plaintiffs\u2019 request to file
an amended complaint and entered an order closing the matter.
\u2022
In March 2024, Plaintiffs filed an appeal.
Amyndas Trade Secrets Litigation
Considered to be a contingent liability
US
\u2022
AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and Amyndas
Pharmaceuticals, LLC, in the US District Court for the District of Massachusetts alleging trade secret misappropriation
and breach of contract claims against Alexion and Zealand Pharma U.S. Inc. related to Amyndas\u2019 C3 inhibitor candidate.
\u2022
No trial date has been set.
Anti-Terrorism Act Civil Lawsuit
Considered to be a contingent liability
US
\u2022
In the US, in October 2017, AstraZeneca and certain other pharmaceutical and/or medical device companies were
named as defendants in a complaint filed in the US District Court for the District of Columbia (District Court) by US
nationals (or their estates, survivors, or heirs) who were killed or wounded in Iraq between 2005 and 2013. The plaintiffs
allege that the defendants violated the US Anti-Terrorism Act and various state laws by selling pharmaceuticals and
medical supplies to the Iraqi Ministry of Health. In July 2020, the District Court granted AstraZeneca\u2019s and the other
defendants\u2019 motion to dismiss the lawsuit, which the DC Circuit Court of Appeals (the Appellate Court) reversed in
January 2022.
\u2022
In June 2024, the United States Supreme Court issued an order vacating the 2022 decision and granted AstraZeneca\u2019s
and the other defendants\u2019 request for a remand to the Appellate Court for reconsideration under new case law.
\n \n
Caelum Trade Secrets Litigation
Matter concluded
US
\u2022
AstraZeneca has been defending a matter filed by the University of Tennessee Research Foundation in the US District
Court for the Eastern District of Tennessee related to CAEL-101.
\u2022
In September 2024, the parties resolved the matter by settlement.
Definiens
Considered to be a contingent liability
Germany
\u2022
In Germany, in July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of Arbitration
from the sellers of Definiens AG (the Sellers) regarding the 2014 Share Purchase Agreement
(SPA) between
AstraZeneca and the Sellers. The Sellers claim that they are owed approximately $140m in earn-outs under the SPA.
In December 2023, after an arbitration hearing, the arbitration panel made a final award of $46.43m in favour of
the Sellers.
\u2022
In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court to set aside the arbitration award.
\u2022
A hearing is scheduled for February 2025.
Employment Litigation
Considered to be a contingent liability
US
\u2022
In December 2022, AstraZeneca was served with a lawsuit filed by seven former employees in the US District Court
for the District of Delaware (District Court) asserting claims of discrimination on grounds of age and religion, related
to AstraZeneca\u2019s vaccination requirement. In June 2024, the District Court granted AstraZeneca\u2019s partial motion to
dismiss and denied without prejudice Plaintiff\u2019s motion for conditional certification.
\u2022
AstraZeneca is defending against numerous other litigation matters pending in federal and state courts asserting claims
of discrimination in connection with AstraZeneca\u2019s vaccine requirement. In November 2024, in a matter pending in
the US District Court for the Northern District of Ohio, the court entered summary judgment in favour of the plaintiff.
\u2022
A trial on the issues of damages is scheduled for June 2025.
Pay Equity Litigation
Considered to be a contingent liability
US
\u2022
AstraZeneca is defending a putative class and collective action in the US District Court for the Northern District of
Illinois (District Court) brought by three named plaintiffs, who are former AstraZeneca employees. The case involves
claims under the federal and Illinois Equal Pay Acts, with the plaintiffs alleging they were paid less than male
employees who performed substantially similar and/or equal work.
\u2022
In May 2024, the District Court conditionally certified a collective under the federal Equal Pay Act and authorised the
sending of notice to potential collective action members. The notice was distributed in June 2024.
Securities Litigation
Considered to be a contingent liability
US
\u2022
In December 2024, a putative securities class action lawsuit was filed in the US District Court for the Central District
of California against AstraZeneca PLC and certain officers, on behalf of purchasers of AstraZeneca publicly traded
securities between February 2022 and December 2024. The complaint alleges that defendants made materially
false and misleading statements in connection with the Company\u2019s business in China.
Seroquel XR
Antitrust Litigation
Considered to be a contingent liability
US
\u2022
In 2019, AstraZeneca was named in several related complaints now proceeding in US District Court in Delaware
(District Court), including several putative class action lawsuits that were purportedly brought on behalf of classes
of direct purchasers or end payors of
Seroquel XR
, that allege AstraZeneca and generic drug manufacturers violated
US antitrust laws when settling patent litigation related to
Seroquel XR
.
\u2022
In July 2022, the District Court dismissed claims relating to one of the generic manufacturers while allowing claims
relating to the second generic manufacturer to proceed.
\u2022
In September 2024, AstraZeneca reached a settlement agreement with one of the plaintiff classes and the parties
are now seeking judicial review and approval of the settlement.
\u2022
Trial with the remaining class of plaintiffs is currently scheduled for May 2025.
Syntimmune Milestone Litigation
Considered to be a contingent liability
US
\u2022
In connection with Alexion\u2019s acquisition of Syntimmune, Inc. (Syntimmune) in December 2020, Alexion was served
with a lawsuit filed by the stockholders\u2019 representative for Syntimmune in Delaware state court that alleged, among
other things, breaches of the 2018 merger agreement (Merger Agreement).
\u2022
The stockholders\u2019 representative alleges that Alexion failed to meet its obligations under the Merger Agreement to use
commercially reasonable efforts to achieve the milestones. Alexion also filed a claim for breach of the representations
in the Merger Agreement.
\u2022
A trial was held in July 2023.
\u2022
The court issued a partial decision in September 2024, concluding that the first milestone was achieved, and that
Alexion had breached its contractual obligation to use commercially reasonable efforts to achieve the milestones.
The court has requested additional briefing regarding damages and further proceedings regarding Alexion\u2019s claim
for breach.
University of Sheffield
Considered to be a contingent liability
Contract Dispute
UK
\u2022
In June 2024, AstraZeneca was served with a lawsuit filed by the University of Sheffield (Sheffield). In its complaint,
Sheffield alleges that AstraZeneca made misrepresentations to induce Sheffield to amend a patent license relating
to
Lynparza
.
\u2022
AstraZeneca filed its defence in August 2024. No trial date has been scheduled.
\n \n
Viela Bio, Inc. Shareholder Litigation
Considered to be a contingent liability
US
\u2022
In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware state court against AstraZeneca
and certain officers (collectively, Defendants), on behalf of a putative class of Viela Bio, Inc.
(Viela) shareholders.
The complaint alleged that the Defendants breached their fiduciary duty to Viela shareholders in the course of
Viela\u2019s 2021 merger with Horizon Therapeutics, plc.
\u2022
In July 2024, the Court granted with prejudice AstraZeneca\u2019s motion to dismiss.
\u2022
In August 2024, plaintiffs appealed the dismissal.
Legal proceedings brought by AstraZeneca
PARP Inhibitor Royalty Dispute
Considered to be a contingent asset
UK
\u2022
In October 2012, Tesaro, Inc. (now wholly owned by GlaxoSmithKline plc
(GSK)) entered into two worldwide, royalty-
bearing patent license agreements with AstraZeneca related to GSK\u2019s product niraparib. In May 2021, AstraZeneca
filed a lawsuit against GSK in the Commercial Court of England and Wales alleging that GSK had failed to pay all of
the royalties due on niraparib sales under the license agreements. In April 2023, after trial, the trial court issued a
decision in AstraZeneca\u2019s favour. In February 2024, the Court of Appeal reversed the decision. In March 2024,
AstraZeneca filed a request for permission to appeal with the Supreme Court of the United Kingdom.
\u2022
In May 2024, the Supreme Court denied permission to appeal. The case will return to the trial court for
further proceedings.
Government investigations and proceedings
Legal proceedings brought against AstraZeneca
340B Qui Tam
Considered to be a contingent liability
US
\u2022
In July 2023, AstraZeneca was served with an unsealed civil lawsuit brought by a qui tam relator on behalf of the
United States, several states, and the District of Columbia in the US District Court for the Central District of California
(District Court). The complaint alleges that AstraZeneca violated the US False Claims Act and state law analogues.
In March 2024, the District Court granted AstraZeneca\u2019s motion to dismiss the First Amended Complaint without
leave to amend.
\u2022
In April 2024, the relator filed an appeal.
Boston US Attorney Investigation
Considered to be a contingent liability
US
\u2022
In June 2024, AstraZeneca was served with a subpoena issued by the US Attorney\u2019s Office in Boston, seeking
documents and information relating to payments by AstraZeneca to healthcare providers.
\u2022
AstraZeneca is cooperating with this enquiry.
Brazilian Tax Assessment Matter
Considered to be a contingent liability
Brazil
\u2022
In connection with an ongoing matter, in August 2019, the Brazilian Federal Revenue Service provided a Notice of Tax
and Description of the Facts (the Tax Assessment) to two Alexion subsidiaries in Brazil, as well as to two additional
entities, a logistics provider utilised by Alexion and a distributor. The Tax Assessment focuses on the importation of
Soliris
vials pursuant to Alexion\u2019s free drug supply to patients programme in Brazil.
\u2022
Alexion prevailed in the first level of administrative appeals in the Brazilian federal administrative proceeding system
based on a deficiency in the Brazil Tax Assessment. The decision was subject to an automatic appeal to the second
level of the administrative courts.
\u2022
In March 2023, the second level of the administrative courts issued a decision to remand the matter to the first level
of administrative courts for a determination on the merits.
Texas Qui Tam
Considered to be a contingent liability
US
\u2022
In December 2022, AstraZeneca was served with an unsealed civil lawsuit brought by qui tam relators on behalf of
the State of Texas in Texas state court, which alleges that AstraZeneca engaged in unlawful marketing practices.
\u2022
Trial is scheduled for October 2025.
Turkish Ministry of Health Matter
Matter concluded
Turkey
\u2022
In Turkey, in July 2020, the Turkish Ministry of Health (Ministry of Health) initiated an investigation regarding payments
to healthcare providers by Alexion and former employees and consultants. The investigation arose from Alexion\u2019s
disclosure of a $21.5m civil settlement with the US Securities & Exchange Commission (SEC) in July 2020 fully
resolving the SEC\u2019s investigation into possible violations of the US Foreign Corrupt Practices Act.
\u2022
In September 2021, the Ministry of Health completed its draft investigation report and referred the matter to the
Ankara Public Prosecutor\u2019s Office with a recommendation for further proceedings against certain former employees.
In June 2024, the Ankara Public Prosecutor\u2019s Office closed its investigation without further action. This matter is
now concluded.
US Congressional Inquiry
Matter concluded
US
\u2022
In January 2024, AstraZeneca received a letter from the US Senate Committee on Health, Education, Labor and
Pensions (HELP Committee) seeking information related to AstraZeneca\u2019s inhaled Respiratory products.
\u2022
AstraZeneca cooperated with this inquiry and this matter is now concluded.
\n \n
Vermont US Attorney Investigation
Considered to be a contingent liability
US
\u2022
In April 2020, AstraZeneca received a Civil Investigative Demand from the US Attorney\u2019s Office in Vermont and the
Department of Justice, Civil Division, seeking documents and information relating to AstraZeneca\u2019s relationships with
electronic health-record vendors.
\u2022
AstraZeneca continues to cooperate with this enquiry.
Shenzhen City Customs Office
Considered to be a contingent liability
China
\u2022
In relation to the illegal drug importation allegations, in January 2025, AstraZeneca received a Notice of Transfer to the
Prosecutor and an Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid importation
taxes amounting to $0.9m.
\u2022
To the best of AstraZeneca\u2019s knowledge, the importation taxes referred to in the Appraisal Opinion relate to
Imfinzi
and
Imjudo
.
\u2022
A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is
found liable.
Legal proceedings brought by AstraZeneca
340B State Litigation
Considered to be a contingent asset
US
\u2022
AstraZeneca has filed lawsuits against Arkansas, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri,
and West Virginia challenging the constitutionality of each state\u2019s 340B statute.
\u2022
In the Arkansas matter, trial is scheduled for April 2025. In the Arkansas administrative proceeding, the state has
moved for a preliminary injunction to enjoin AstraZeneca\u2019s 340B policy in Arkansas.
\u2022
In the Kansas matter, after obtaining a stipulation from the state that AstraZeneca\u2019s policy does not violate the
Kansas 340B statute, AstraZeneca agreed to dismiss its complaint.
\u2022
In the Louisiana matter, the Court granted the state\u2019s motion for summary judgment. AstraZeneca has filed an appeal.
\u2022
In the Maryland, Minnesota, and Missouri matters, the state has moved to dismiss AstraZeneca\u2019s complaint.
\u2022
In the Maryland and Mississippi matters, the Court has rejected AstraZeneca\u2019s preliminary injunction motion.
\u2022
The West Virginia matter remains in its preliminary stages.
Inflation Reduction Act Litigation
Considered to be a contingent asset
US
\u2022
In August 2023, AstraZeneca filed a lawsuit in the US District Court for the District of Delaware (District Court) against
the US Department of Health and Human Services (HHS) challenging aspects of the drug price negotiation provisions
of the Inflation Reduction Act and the implementing guidance and regulations. In March 2024, the District Court granted
HHS\u2019 motions and dismissed AstraZeneca\u2019s lawsuit.
\u2022
AstraZeneca has appealed the District Court\u2019s decision.
\n
Other
\n
Additional government inquiries
\n
As is true for most, if not all, major prescription pharmaceutical companies, AstraZeneca is currently involved in multiple inquiries into drug
\n
marketing and pricing practices. In addition to the investigations described above, various law enforcement offices have, from time to time,
\n
requested information from the Group. There have been no material developments in those matters.
\n
Tax
\n
AstraZeneca considers whether it is probable that a taxation authority will accept an uncertain tax treatment. Where it is concluded that it is
\n
not probable the taxation authority will accept an uncertain tax treatment, a tax liability is recognised based on either the most likely amount
\n
method or the expected value method depending on which method management expects to better predict the resolution of the uncertainty.
\n
Tax liabilities for uncertain tax treatments can be built up over a long period of time but the resolution of the uncertain tax treatments usually
\n
occurs at a point in time. Given the inherent uncertainties in assessing the outcomes (which can sometimes be binary), the probability and
\n
amount of any tax liability occurring are difficult to ascertain which may see adjustments to the liabilities recognised for uncertain tax
\n
treatments in future periods that could have a material positive or negative effect on our results. Details of the movements in relation to
\n
material uncertain tax treatments are discussed below.
\n
KJ
\n
AstraZeneca faces a number of audits and reviews in jurisdictions around the world and, in some cases, is in dispute with the tax
\n
authorities. The issues under discussion are often complex and can require many years to resolve. Tax liabilities recognised for uncertain
\n
tax treatments require management to make key judgements with respect to the outcome of current and potential future tax audits, and
\n
actual results could vary from these estimates. Management does not believe a significant risk exists of material change to uncertain tax
\n
positions in the next 12 months.
\n
The total net tax liability recognised in the Group Financial Statements in respect of uncertain tax positions is $1,321m (2023: $1,336m;
\n
2022: $830m) as explained below. The net tax liability consists of $1,157m (2023: $1,241m; 2022: $632m) included within income tax payable,
\n
$1,304m (2023: $441m; 2022: $291m) included within deferred tax asset, partially offset by $122m (2023: $9m; 2022: $(20)m) included within
\n
deferred tax liabilities, and $1,018m (2023: $337m; 2022: $113m) included within income tax receivable.
Transfer pricing
The net tax liability included in the Group Financial Statements in relation to management\u2019s current assessment of tax risks in relation to
worldwide transfer pricing exposures is $384m (2023: $401m; 2022: $260m). The decrease in the net tax liability for uncertain tax positions
relating to transfer pricing of $17m compared with 2023 is mainly as a result of a decrease of tax liabilities arising from updates to estimates
of prior period tax liabilities following progression of tax authority reviews.
The liability includes uncertain tax treatments which are estimated using the expected value method and depend on AstraZeneca\u2019s
assessment of the likelihood of the approach taken by the tax authorities. These matters can be complex and judgemental and could change
in the future to reflect progress in tax authority reviews, the extent that any tax authority challenge is concluded including via negotiation
between governments under competent authority procedures in relevant double tax treaties which can take many years to resolve, or matters
lapse including following expiry of the relevant statutes of limitation. Depending upon progress in these matters, we could experience
adjustments to the liabilities recognised in respect of uncertain tax treatments in future periods. Whilst it is impracticable to specify the possible
effects of such changes at this stage, it is reasonably possible that an adjustment to the carrying amounts of tax assets and liabilities could
be required within the next financial year.
For transfer pricing matters, including items under tax audit, AstraZeneca estimates the potential for additional tax liabilities above the amount
provided where the possibility of the additional liabilities falling due is more than remote, to be up to $422m (2023: $386m; 2022: $245m)
including associated interest.
Management believes that it is unlikely that these additional liabilities will arise. It is possible that some of these contingencies may change in
the future to reflect progress in tax authority reviews, to the extent that any tax authority challenge is concluded or matters lapse including
following expiry of the relevant statutes of limitation resulting in a reduction in the tax charge in future periods. Management continues to
believe that AstraZeneca\u2019s positions on all its transfer pricing positions, audits and disputes are robust, and that AstraZeneca has recognised
appropriate tax balances, including consideration of whether corresponding relief will be available under Mutual Agreement procedures
or unilaterally.
Other uncertain tax treatments
Included in the net tax liability is $937m (2023: $935m; 2022: $570m) relating to a number of other uncertain tax treatments. The increase
of $2m in the net tax liability relating to the other uncertain tax treatments mainly relates to an update to tax liabilities following progress of
reviews by tax authorities and administrative appeal processes which are offset by movements relating to uncertainty over the timing of tax
deductions. This uncertainty includes movements between income taxes receivable of $742m, and deferred tax liabilities of $133m offset
by related deferred tax assets of $929m and income taxes payable of $269m. The liability includes tax liabilities in respect of uncertain
tax treatments which are estimated using the most likely amount method and the expected value method and depend on AstraZeneca\u2019s
assessment of the likelihood of the approach taken by the tax authorities. This could change in the future to reflect progress in tax authority
reviews, the extent that any tax authority challenge is concluded, or matters lapse including following expiry of the relevant statutes of
limitation resulting in a reduction in the tax charge in future periods.
For these other tax liabilities in respect of uncertain tax treatments, AstraZeneca estimates the potential for additional liabilities above the
amount provided where the possibility of the additional liabilities falling due is more than remote, to be up to $214m (2023: $293m; 2022:
$209m) including associated interest. It is possible that some of these liabilities may reduce in the future if any tax authority challenge is
concluded or matters lapse following expiry of the relevant statutes of limitation, resulting in a reduction in the tax charge in future periods.
AstraZeneca does not believe there are any significant other uncertain tax treatments where the possibility of the additional liabilities falling
due is more than remote (2023: $nil; 2022: $280m).
Timing of cash flows and interest
The Group is currently under audit in several countries and the timing of any resolution of these audits is uncertain.
It is anticipated that tax payments may be required in relation to a number of significant disputes which may be resolved over the next one to
two years. AstraZeneca considers the tax liabilities set out above to appropriately reflect the expected value of any final settlement. Some
of the items discussed above are not currently within the scope of tax authority audits and may take longer to resolve.
Included within other payables is a net amount of interest arising on tax contingencies of $164m (2023: $184m; 2022: $106m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00618": { "value": "30 Commitments, contingent liabilities and contingent assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
Commitments
$m
$m
$m
Contracts placed for future capital expenditure on Property, plant and equipment and
\u00a0 \u00a0 \u00a0
software development costs not provided for in these Financial Statements
1,575
1,368
502
\n
Guarantees and contingencies arising in the ordinary course of business, for which no security has been given, are not expected to result
in any material financial loss.
Research and development collaboration payments
The Group has various ongoing collaborations, including in-licensing and similar arrangements with development partners. Such collaborations
may require the Group to make payments on achievement of stages of development, launch or revenue milestones, although the Group generally
has the right to terminate these agreements at no cost. The Group recognises research and development milestones as an intangible asset once
it is committed to payment, which is generally when the Group reaches set trigger points in the development cycle. Revenue-related milestones
are recognised as intangible assets on product launch at a value based on the Group\u2019s long-term revenue forecasts for the related product. The
table below indicates potential development and revenue-related payments that the Group may be required to make under such collaborations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Years 5
\u00a0
Total
Under 1 year
Years 1 and 2
Years 3 and 4
and greater
\u00a0
$m
$m
$m
$m
$m
Future potential research and development milestone payments
11,213
1,993
2,823
3,291
3,106
Future potential revenue milestone payments
22,064
41
1,166
3,026
17,831
The table includes all potential payments for achievement of milestones under ongoing research and development arrangements. Revenue-
\n
related milestone payments represent the maximum possible amount payable on achievement of specified levels of revenue as set out in
\n
individual contract agreements, but exclude variable payments that are based on unit sales (e.g. royalty-type payments) which are expensed
\n
as the associated sale is recognised. The table excludes any payments already capitalised in the Financial Statements for the year ended
\n
31 December 2024 which have been capitalised with reference to the latest Group sales forecasts for approved indications.
\n
The future payments we disclose represent contracted payments and, as such, are not discounted and are not risk-adjusted. As detailed in
\n
the Risk Overview section from page 64, the development of any pharmaceutical product candidate is a complex and risky process that
\n
may fail at any stage in the development process due to a number of factors (including items such as failure to obtain regulatory approval,
\n
unfavourable data from key studies, adverse reactions to the product candidate or indications of other safety concerns). The timing of the
\n
payments is based on the Group\u2019s current best estimate of achievement of the relevant milestone.
\n
Environmental costs and liabilities
\n
The Group\u2019s expenditure on environmental protection, including both capital and revenue items, relates to costs that are necessary for
\n
implementing internal systems and programmes, and meeting legal and regulatory requirements for processes and products. This includes
\n
investment to conserve natural resources and otherwise minimise the impact of our activities on the environment.
\n
They are an integral part of normal ongoing expenditure for carrying out the Group\u2019s research, manufacturing and commercial operations and
\n
are not separated from overall operating and development costs. There are no known changes in legal, regulatory or other requirements
\n
resulting in material changes to the levels of expenditure for 2022, 2023 or 2024.
\n
In addition to expenditure for meeting current and foreseen environmental protection requirements, the Group incurs costs in investigating
\n
and cleaning up legacy land and groundwater contamination. In particular, AstraZeneca has environmental liabilities at some currently or
\n
formerly owned, leased and third-party sites.
\n
In the US, Zeneca Inc., and/or its indemnitees, have been named as potentially responsible parties (PRPs) or defendants at a number of sites
\n
where Zeneca Inc. is likely to incur future environmental investigation, remediation, operation and maintenance costs under federal, state,
\n
statutory or common law environmental liability allocation schemes (together, US Environmental Consequences). Similarly, Stauffer
\n
Management Company LLC (SMC), which was established to own and manage certain assets and liabilities of Stauffer Chemical Company, and/
\n
or its indemnitees, have been named as PRPs or defendants at a number of sites where SMC is likely to incur US Environmental Consequences.
\n
AstraZeneca has also given indemnities to third parties for a number of sites outside the US. These environmental liabilities arise from legacy
\n
operations that are not currently part of the Group\u2019s business and, at most of these sites, remediation, where required, is either completed
\n
or in progress. AstraZeneca has made provisions for the estimated costs of future environmental investigation, remediation, operation and
\n
maintenance activity beyond normal ongoing expenditure for maintaining the Group\u2019s R&D and manufacturing capacity and product ranges,
\n
where a present obligation exists, it is probable that such costs will be incurred and they can be estimated reliably. With respect to such
\n
estimated future costs, there were provisions at 31 December 2024 in the aggregate of $105m (2023: $112m; 2022: $131m), mainly relating to
\n
the US. Where we are jointly liable or otherwise have cost-sharing agreements with third parties, we reflect only our share of the obligation.
\n
Where the liability is insured in part or in whole by insurance or other arrangements for reimbursement, an asset is recognised to the extent
\n
that this recovery is virtually certain.
\n
It is possible that AstraZeneca could incur future environmental costs beyond the extent of our current provisions. The extent of such possible
\n
additional costs is inherently difficult to estimate due to a number of factors, including: (1) the nature and extent of claims that may be asserted
\n
in the future; (2) whether AstraZeneca has or will have any legal obligation with respect to asserted or unasserted claims; (3) the type of
\n
remedial action, if any, that may be selected at sites where the remedy is presently not known; (4) the potential for recoveries from or allocation
\n
of liability to third parties; and (5) the length of time that the environmental investigation, remediation and liability allocation process can take.
\n
As per our provisions accounting policy on page 159, Provisions for these costs are made when there is a present obligation and where it is
\n
probable that expenditure on remedial work will be required and a reliable estimate can be made of the cost. Notwithstanding and subject to
\n
the foregoing, we estimate the potential additional loss for future environmental investigation, remediation, remedial operation and maintenance
\n
activity above and beyond our provisions to be, in aggregate, between $113m and $190m (2023: $114m and $191m; 2022: $113m and $188m)
\n
which relates mainly to the US.
\n
Legal proceedings
\n
AstraZeneca is involved in various legal proceedings considered typical to its business, including actual or threatened litigation and actual or
\n
potential government investigations relating to employment matters, product liability, commercial disputes, pricing, sales and marketing practices,
\n
infringement of IP rights, and the validity of certain patents and competition laws. The more significant matters are discussed below.
\n
Most of the claims involve highly complex issues. Often these issues are subject to substantial uncertainties and, therefore, the probability
\n
of a loss, if any, being sustained and/or an estimate of the amount of any loss is difficult to ascertain.
\n
Unless specifically identified below that a provision has been taken, AstraZeneca considers each of the claims to represent a contingent
\n
liability and discloses information with respect to the nature and facts of the cases in accordance with IAS 37 \u2018Provisions, Contingent
\n
Liabilities and Contingent Assets\u2019.
\n
We do not believe that disclosure of the amounts sought by plaintiffs, if known, would be meaningful with respect to these legal proceedings.
\n
This is due to a number of factors, including (i) the stage of the proceedings (in many cases trial dates have not been set) and the overall
\n
length and extent of pre-trial discovery; (ii) the entitlement of the parties to an action to appeal a decision; (iii) clarity as to theories of liability,
\n
damages and governing law; (iv) uncertainties in timing of litigation; and (v) the possible need for further legal proceedings to establish the
\n
appropriate amount of damages, if any.
While there can be no assurance regarding the outcome of any of the legal proceedings referred to in this Note 30, based on management\u2019s
\n
current and considered view of each situation, we do not currently expect them to have a material adverse effect on our financial position
\n
including within the next financial year. This position could of course change over time, not least because of the factors referred to above.
\n
In cases that have been settled or adjudicated, or where quantifiable fines and penalties have been assessed and which are not subject to
\n
appeal (or other similar forms of relief), or where a loss is probable and we are able to make a reasonable estimate of the loss, we generally
\n
indicate the loss absorbed or make a provision for our best estimate of the expected loss.
\n
Where it is considered that the Group is more likely than not to prevail, legal costs involved in defending the claim are charged to profit and
\n
loss as they are incurred.
\n
Where it is considered that the Group has a valid contract which provides the right to reimbursement (from insurance or otherwise) of legal
\n
costs and/or all or part of any loss incurred or for which a provision has been established, and we consider recovery to be virtually certain,
\n
the best estimate of the amount expected to be received is recognised as an asset.
\n
KJ
\n
Assessments as to whether or not to recognise provisions or assets, and of the amounts concerned, usually involve a series of complex
\n
judgements about future events and can rely heavily on estimates and assumptions. AstraZeneca believes that the provisions recorded are
\n
adequate based on currently available information and that the insurance recoveries recorded will be received. However, given the inherent
\n
uncertainties involved in assessing the outcomes of these cases, and in estimating the amount of the potential losses and the associated
\n
insurance recoveries, we could in the future incur judgments or insurance settlements that could have a material adverse effect on our
\n
results in any particular period.
\n
IP claims include challenges to the Group\u2019s patents on various products or processes and assertions of non-infringement of patents. A loss
\n
in any of these cases could result in loss of patent protection on the related product.
\n
The consequences of any such loss could be a significant decrease in Product Sales, which could have a material adverse effect on our
\n
results. The lawsuits filed by AstraZeneca for patent infringement against companies that have filed abbreviated new drug applications (ANDAs)
\n
in the US, seeking to market generic forms of products sold by the Group prior to the expiry of the applicable patents covering these products,
\n
typically also involve allegations of non-infringement, invalidity and unenforceability of these patents by the ANDA filers. In the event that
\n
the Group is unsuccessful in these actions or the statutory 30-month stay expires before a ruling is obtained, the ANDA filers involved will
\n
also have the ability, subject to FDA approval, to introduce generic versions of the product concerned.
\n
AstraZeneca has full confidence in, and will vigorously defend and enforce, its IP.
\n
Over the course of the past several years, including in 2024, a significant number of commercial litigation claims in which AstraZeneca is
\n
involved have been resolved, particularly in the US, thereby reducing potential contingent liability exposure arising from such litigation.
\n
Similarly, in part due to patent litigation and settlement developments, greater certainty has been achieved regarding possible generic entry
\n
dates with respect to some of our patented products. At the same time, like other companies in the pharmaceutical sector and other industries,
\n
AstraZeneca continues to be subject to government investigations around the world.
\n
Patent litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
Enhertu
patent proceedings
Considered to be a contingent liability
US
\u2022
In October 2020, Seagen Inc. (Seagen) filed a complaint against Daiichi Sankyo Company, Limited (Daiichi Sankyo)
in the US District Court for the Eastern District of Texas (District Court) alleging that
Enhertu
infringes a Seagen patent.
AstraZeneca co-commercialises
Enhertu
with Daiichi Sankyo, Inc. in the US. After trial in April 2022, the jury found
that the patent was infringed and awarded Seagen $41.82m in past damages. In July 2022, the District Court entered
final judgment and declined to enhance damages on the basis of wilfulness. In October 2023, the District Court
entered an amended final judgment that requires Daiichi Sankyo to pay Seagen a royalty of 8% on US sales of
Enhertu
from 1 April 2022 through to 4 November 2024, in addition to the past damages previously awarded by the
District Court. AstraZeneca and Daiichi Sankyo have appealed the District Court\u2019s decision.
\u2022
In December 2020 and January 2021, AstraZeneca and Daiichi Sankyo, Inc. filed post-grant review (PGR) petitions
with the US Patent and Trademark Office (USPTO) alleging, among other things, that the Seagen patent is invalid for
lack of written description and enablement. The USPTO initially declined to institute the PGRs, but, in April 2022,
the USPTO granted the rehearing requests and instituted both PGR petitions. Seagen subsequently disclaimed all
patent claims at issue in one of the PGR proceedings. In July 2022, the USPTO reversed its institution decision and
declined to institute the other PGR petition. AstraZeneca and Daiichi Sankyo, Inc. requested reconsideration of the
decision not to institute review of the patent. In February 2023, the USPTO reinstituted the PGR proceeding. In February
2024, the USPTO issued a decision that the claims were unpatentable. Seagen has appealed this decision; the USPTO
has intervened in the appeal.
Faslodex
patent proceedings
Matter concluded
Japan
\u2022
In 2021, in Japan, AstraZeneca received notice from the Japan Patent Office (JPO) that Sandoz K.K. (Sandoz
) and
Sun Pharma Japan Ltd. (Sun) were seeking to invalidate the
Faslodex
formulation patent.
\u2022
AstraZeneca defended the challenged patent and Sun withdrew from the JPO patent challenge.
\u2022
In July 2023, the JPO issued a final decision upholding various claims of the challenged patent and determining that
other patent claims were invalid.
\u2022
In August 2023, Sandoz appealed the JPO decision to the Japan IP High Court (High Court).
\u2022
In October 2024, the High Court affirmed the decision by the JPO.
\u2022
This matter is now concluded.
\n \n
Forxiga
patent proceedings
Considered to be a contingent liability
UK
\u2022
In the UK, one of AstraZeneca\u2019s patents relating to
Forxiga
is being challenged by Generics (UK) Limited, Teva
Pharmaceutical Industries Limited, and Glenmark Pharmaceuticals Europe Limited.
\u2022
Trial is scheduled for March 2025.
Soliris
patent proceedings
Considered to be a contingent liability
Turkey
\u2022
In November 2024, Salute HC \u0130la\u00e7lar\u0131 Sanayi ve Ticaret A.\u015e (Salute) served an action in the Industrial and Intellectual
Property Rights Court in Istanbul, Turkey seeking to invalidate and enjoin enforcement of Alexion\u2019s patent relating
to eculizumab.
Tagrisso
patent proceedings
Considered to be a contingent liability
US
\u2022
In September 2021, Puma Biotechnology, Inc. (Puma) and Wyeth LLC (Wyeth) filed a patent infringement lawsuit in
the US District Court for the District of Delaware (District Court) against AstraZeneca relating to
Tagrisso
.
\u2022
In March 2024, the District Court dismissed Puma.
\u2022
The jury trial, with Wyeth as the plaintiff, took place in May 2024. The jury found Wyeth\u2019s patents infringed and
awarded Wyeth $107.5m in past damages. The jury also found that the infringement was not wilful.
\u2022
In proceedings following the jury award, the District Court rejected AstraZeneca\u2019s indefiniteness and equitable
defences but granted judgment as a matter of law in favour of AstraZeneca on the grounds that the patents were
invalid for lack of written description and enablement.
\u2022
Wyeth has filed an appeal.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
Brilinta
patent proceedings
Considered to be a contingent asset
US
\u2022
In 2015 and subsequently, in response to Paragraph IV notices from ANDA filers, AstraZeneca filed patent
infringement lawsuits in the US District Court for the District of Delaware (District Court). In its complaints, AstraZeneca
alleged that a generic version of
Brilinta
, if approved and marketed, would infringe patents that are owned or licensed
by AstraZeneca.
\u2022
In 2024, AstraZeneca entered into separate settlements and the District Court entered consent judgments to dismiss
each of the corresponding litigations. Additional proceedings are ongoing in the District Court.
\u2022
No trial date has been set.
Calquence
patent proceedings
Considered to be a contingent asset
US
\u2022
In February 2022, in response to Paragraph IV notices from multiple ANDA filers, AstraZeneca filed patent infringement
lawsuits in the US District Court for the District of Delaware (District Court). In its complaints, AstraZeneca alleged
that a generic version of
Calquence
capsules, if approved and marketed, would infringe patents that are owned or
licensed by AstraZeneca.
\u2022
In 2024, AstraZeneca entered into settlement agreements with all five generic manufacturers, resolving the
Calquence
capsule ANDA litigation proceedings.
\u2022
AstraZeneca received Paragraph IV notices relating to patents listed in the FDA Orange Book with reference
to
Calquence
tablets from Cipla USA, Inc. and Cipla Limited (collectively, Cipla) in April 2024 and from
MSN Pharmaceuticals Inc. and MSN Laboratories Pvt. Ltd. (collectively, MSN) in November 2024.
\u2022
In response to these Paragraph IV notices, AstraZeneca filed patent infringement lawsuits against Cipla in May 2024
and against MSN in January 2025 in the District Court. In the complaints, AstraZeneca alleges that a generic version
of
Calquence
tablets, if approved and marketed, would infringe patents that are owned or licensed by AstraZeneca.
No trial date has been scheduled.
Daliresp
patent litigation
Considered to be a contingent asset
US
\u2022
In 2015 and subsequently, in response to Paragraph IV notices from ANDA filers, AstraZeneca filed patent
infringement lawsuits in the US District Court for the District of New Jersey (District Court) relating to patents listed
in the FDA Orange Book with reference to
Daliresp
.
\u2022
In 2022, AstraZeneca entered into a settlement agreement and the District Court entered a consent judgment to
dismiss the corresponding litigation. Additional ANDA challenges are pending.
Farxiga
patent proceedings
Considered to be a contingent asset
US
\u2022
In May 2021, AstraZeneca proceeded to trial against ANDA filer Zydus Pharmaceuticals (USA) Inc. (Zydus
) in the
US District Court for the District of Delaware (District Court). In October 2021, the District Court issued a decision
finding the asserted claims of AstraZeneca\u2019s patent as valid and infringed by Zydus\u2019s ANDA product. In August 2022,
Zydus appealed the District Court decision. Zydus\u2019s appeal has been dismissed.
\u2022
In December 2023, AstraZeneca initiated ANDA litigation against Sun Pharmaceutical Industries Ltd. and Sun
Pharmaceutical Industries, Inc. in the District Court. No trial date has been set.
Lokelma
patent proceedings
Considered to be a contingent asset
US
\u2022
In August 2022, in response to Paragraph IV notices, AstraZeneca initiated ANDA litigation against multiple generic
filers in the US District Court for the District of Delaware (District Court). AstraZeneca alleged that a generic version
of
Lokelma
would infringe patents that are owned or licensed by AstraZeneca.
\u2022
AstraZeneca has entered into separate settlement agreements with four generic manufacturers which resulted in
dismissal of the corresponding litigations.
\u2022
Additional proceedings with the remaining generic manufacturer are ongoing in the District Court. Trial is scheduled
for March 2025.
\n \n
Lynparza
patent proceedings
Considered to be a contingent asset
US
\u2022
AstraZeneca received a Paragraph IV notice relating to
Lynparza
patents from Natco Pharma Limited (Natco) in
December 2022, Sandoz Inc. (Sandoz) in December 2023, Cipla USA, Inc. and Cipla Limited
(collectively, Cipla) in
May 2024, and Zydus Pharmaceuticals (USA) Inc. (Zydus
) in November 2024. In response to these Paragraph IV
notices, AstraZeneca, MSD International Business GmbH, and the University of Sheffield initiated ANDA litigations
against Natco, Sandoz, Cipla, and Zydus in the US District Court for the District of New Jersey. In the complaints,
AstraZeneca alleged that the defendants\u2019 generic versions of
Lynparza
, if approved and marketed, would infringe
AstraZeneca\u2019s patents.
\u2022
No trial date has been scheduled.
Soliris
patent proceedings
Considered to be a contingent asset
Canada
\u2022
In May 2023, Alexion initiated patent litigation in Canada alleging that Amgen Pharmaceuticals, Inc.\u2019s (Amgen) biosimilar
eculizumab product will infringe Alexion patents.
\u2022
In September 2023, Alexion initiated patent litigations in Canada alleging that Samsung Bioepis Co. Ltd.\u2019s (Samsung)
biosimilar eculizumab product will infringe Alexion patents. The filing of the litigation triggered an automatic 24-month
stay of the approval of each defendant\u2019s biosimilar eculizumab product.
\u2022
Trial against Amgen is scheduled to begin in January 2025 while trial against Samsung is scheduled to begin in
June 2025.
\u2022
In July and August 2023, in Canada, both Amgen and Samsung brought actions challenging the validity of Alexion\u2019s
patent relating to the use of eculizumab in treating aHUS. Trial is scheduled for November 2025.
Soliris
patent proceedings
Matter concluded
US
\u2022
In January 2024, Alexion initiated patent infringement litigation against Samsung Bioepis Co. Ltd. (Samsung) in the
US District Court for the District of Delaware (District Court) alleging that Samsung\u2019s biosimilar eculizumab product,
for which Samsung is currently seeking FDA approval, will infringe six
Soliris
-related patents.
\u2022
Five of the six asserted patents were also the subject of inter partes review proceedings before the US Patent and
Trademark Office.
\u2022
Alexion filed a motion for a preliminary injunction seeking to enjoin Samsung from launching its biosimilar eculizumab
product upon FDA approval. The District Court denied Alexion\u2019s motion and Alexion appealed that decision.
\u2022
In August 2024, the parties reached resolution of the matter. All legal proceedings in the US courts have terminated
as have the inter partes review proceedings.
Soliris
patent proceedings
Considered to be a contingent asset
Europe
\u2022
In March 2024, Alexion filed motions for provisional measures against Amgen Pharmaceuticals Inc (Amgen) and
Samsung Bioepis Co. Ltd. (Samsung) and their respective affiliates at the Hamburg Local Division of the Unified
Patent Court (UPC) on the basis that Amgen\u2019s and Samsung\u2019s biosimilar eculizumab products infringe an Alexion
patent. Alexion appealed and in December 2024 the UPC appellate division denied Alexion\u2019s appeal requesting
provisional measures.
\u2022
In parallel, Samsung and Amgen have filed oppositions to the patent at the European Patent Office.
\u2022
In November 2024, Amgen filed a revocation action for the patent at the UPC Central Division in Milan.
Soliris
patent proceedings
Considered to be a contingent asset
UK
\u2022
In May 2024, Alexion initiated patent infringement proceedings against Amgen Ltd and Samsung Bioepis UK Ltd
(Samsung UK) in the UK High Court of Justice alleging that their respective biosimilar eculizumab products infringe
an Alexion patent; on the same day, Samsung UK initiated a revocation action for the same patent.
\u2022
Trial has been scheduled for March 2025.
Tagrisso
patent proceedings
Considered to be a contingent asset
Russia
\u2022
In Russia, in August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow Region (Court) against
the Ministry of Health of the Russian Federation and Axelpharm LLC (Axelpharm) related to Axelpharm\u2019s improper use
of AstraZeneca\u2019s information to obtain authorisation to market a generic version of
Tagrisso
. In December 2023,
the Court dismissed the lawsuit against the Ministry of Health of the Russian Federation. The appellate court affirmed
the dismissal in March 2024. AstraZeneca filed a further appeal, which was dismissed in July 2024. The lawsuit
against Axelpharm was dismissed in September 2024, and AstraZeneca appealed.
\u2022
In November 2023, Axelpharm filed a compulsory licensing action against AstraZeneca in the Court related to a patent
that covers
Tagrisso
. The compulsory licensing action remains pending. AstraZeneca has also challenged before the
Russian Patent and Trademark Office (PTO) the validity of the Axelpharm patent on which the compulsory licensing
action is predicated. In August 2024, the PTO determined that Axelpharm\u2019s patent is invalid and, in November 2024,
Axelpharm filed an appeal.
\u2022
In July 2024, AstraZeneca filed a patent infringement lawsuit, which remains pending, and an unfair competition claim
with the Federal Anti-Monopoly Service of Russia (FAS) against AxelPharm and others related to the securing of state
contracts in Russia for its generic version of Osimertinib.
\u2022
In August 2024, the FAS initiated an unfair competition case against Axelpharm and OncoTarget based on AstraZeneca\u2019s
unfair competition claim. In November 2024, the FAS determined that Axelpharm had committed unfair competition
and that OncoTarget had not; the FAS ordered Axelpharm to cease sales of its generic osimertinib and pay the Russian
government the income it received from its sales of its generic Osimertinib. In December 2024, Axelpharm appealed.
Product liability litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
Farxiga
and
Xigduo
XR
Considered to be a contingent liability
US
\u2022
AstraZeneca has been named as a defendant in lawsuits involving plaintiffs claiming physical injury, including
Fournier\u2019s Gangrene and necrotising fasciitis, from treatment with
Farxiga
and/or
Xigduo
XR. In September 2023,
the parties resolved by settlement agreement one case, filed in state court in Minnesota, previously scheduled for
trial in October 2023. All remaining claims are filed in Delaware state court and remain pending, with the earliest
trial scheduled for March 2026.
Nexium
and
Prilosec
A provision has been taken
US
\u2022
AstraZeneca has been defending lawsuits brought in federal and state courts involving claims that plaintiffs have been
diagnosed with various injuries following treatment with proton pump inhibitors (PPIs), including
Nexium
and
Prilosec
.
Most of the lawsuits alleged kidney injury.
\u2022
In addition, AstraZeneca has been defending lawsuits involving allegations of gastric cancer following treatment with
PPIs, including one such claim in the US District Court for the Middle District of Louisiana (District Court).
\u2022
In October 2023, AstraZeneca resolved all pending claims in the MDL, as well as all pending claims in Delaware
and New Jersey state courts, for $425m, for which a provision has been taken.
\u2022
In December 2024, AstraZeneca resolved the sole remaining case, which had been pending in the District Court.
Nexium
and
Losec
Considered to be a contingent liability
Canada
\u2022
In Canada, in July and August 2017, AstraZeneca was served with three putative class action lawsuits. Two of the
lawsuits have been dismissed, one in 2019 and one in 2021.
\u2022
The third lawsuit seeks authorisation to represent individual residents in Canada who allegedly suffered kidney
injuries from the use of proton pump inhibitors, including
Nexium
and
Losec
. No trial date has been scheduled.
Onglyza
and
Kombiglyze
Matter concluded
US
\u2022
In the US, AstraZeneca has been defending various lawsuits in both California state court and in a consolidated
federal proceeding alleging heart failure, cardiac injuries, and/or death from treatment with
Onglyza
or
Kombiglyze
.
In the California state court proceeding, the trial court granted summary judgment for AstraZeneca, which the
California appellate court affirmed. The California Supreme Court has declined further review, and the California
matter has concluded.
\u2022
The consolidated federal cases were dismissed in August 2022 by the US District Court for the Eastern District of
Kentucky. That dismissal was affirmed by the US Court of Appeals for the Sixth Circuit in February 2024. This matter
is concluded.
Vaxzevria
Considered to be a contingent liability
UK
\u2022
AstraZeneca is defending lawsuits in multiple jurisdictions, including the UK, involving multiple claimants alleging
injuries following vaccination with AstraZeneca\u2019s COVID-19 vaccine. Most of the lawsuits involve claims of thrombosis
with thrombocytopenia syndrome.
\u2022
No trial dates have been scheduled.
\n
Commercial litigation
\n
Legal proceedings brought against AstraZeneca
\n\n \n
340B Antitrust litigation
Considered to be a contingent liability
US
\u2022
In September 2021, AstraZeneca was served with a class-action antitrust complaint filed in the US District Court for
the Western District of New York (District Court) by Mosaic Health alleging a conspiracy to restrict access to 340B
discounts in the diabetes market through contract pharmacies. In September 2022, the District Court granted
AstraZeneca\u2019s motion to dismiss the Complaint. In February 2024, the District Court denied Plaintiffs\u2019 request to file
an amended complaint and entered an order closing the matter.
\u2022
In March 2024, Plaintiffs filed an appeal.
Amyndas Trade Secrets Litigation
Considered to be a contingent liability
US
\u2022
AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and Amyndas
Pharmaceuticals, LLC, in the US District Court for the District of Massachusetts alleging trade secret misappropriation
and breach of contract claims against Alexion and Zealand Pharma U.S. Inc. related to Amyndas\u2019 C3 inhibitor candidate.
\u2022
No trial date has been set.
Anti-Terrorism Act Civil Lawsuit
Considered to be a contingent liability
US
\u2022
In the US, in October 2017, AstraZeneca and certain other pharmaceutical and/or medical device companies were
named as defendants in a complaint filed in the US District Court for the District of Columbia (District Court) by US
nationals (or their estates, survivors, or heirs) who were killed or wounded in Iraq between 2005 and 2013. The plaintiffs
allege that the defendants violated the US Anti-Terrorism Act and various state laws by selling pharmaceuticals and
medical supplies to the Iraqi Ministry of Health. In July 2020, the District Court granted AstraZeneca\u2019s and the other
defendants\u2019 motion to dismiss the lawsuit, which the DC Circuit Court of Appeals (the Appellate Court) reversed in
January 2022.
\u2022
In June 2024, the United States Supreme Court issued an order vacating the 2022 decision and granted AstraZeneca\u2019s
and the other defendants\u2019 request for a remand to the Appellate Court for reconsideration under new case law.
\n \n
Caelum Trade Secrets Litigation
Matter concluded
US
\u2022
AstraZeneca has been defending a matter filed by the University of Tennessee Research Foundation in the US District
Court for the Eastern District of Tennessee related to CAEL-101.
\u2022
In September 2024, the parties resolved the matter by settlement.
Definiens
Considered to be a contingent liability
Germany
\u2022
In Germany, in July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of Arbitration
from the sellers of Definiens AG (the Sellers) regarding the 2014 Share Purchase Agreement
(SPA) between
AstraZeneca and the Sellers. The Sellers claim that they are owed approximately $140m in earn-outs under the SPA.
In December 2023, after an arbitration hearing, the arbitration panel made a final award of $46.43m in favour of
the Sellers.
\u2022
In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court to set aside the arbitration award.
\u2022
A hearing is scheduled for February 2025.
Employment Litigation
Considered to be a contingent liability
US
\u2022
In December 2022, AstraZeneca was served with a lawsuit filed by seven former employees in the US District Court
for the District of Delaware (District Court) asserting claims of discrimination on grounds of age and religion, related
to AstraZeneca\u2019s vaccination requirement. In June 2024, the District Court granted AstraZeneca\u2019s partial motion to
dismiss and denied without prejudice Plaintiff\u2019s motion for conditional certification.
\u2022
AstraZeneca is defending against numerous other litigation matters pending in federal and state courts asserting claims
of discrimination in connection with AstraZeneca\u2019s vaccine requirement. In November 2024, in a matter pending in
the US District Court for the Northern District of Ohio, the court entered summary judgment in favour of the plaintiff.
\u2022
A trial on the issues of damages is scheduled for June 2025.
Pay Equity Litigation
Considered to be a contingent liability
US
\u2022
AstraZeneca is defending a putative class and collective action in the US District Court for the Northern District of
Illinois (District Court) brought by three named plaintiffs, who are former AstraZeneca employees. The case involves
claims under the federal and Illinois Equal Pay Acts, with the plaintiffs alleging they were paid less than male
employees who performed substantially similar and/or equal work.
\u2022
In May 2024, the District Court conditionally certified a collective under the federal Equal Pay Act and authorised the
sending of notice to potential collective action members. The notice was distributed in June 2024.
Securities Litigation
Considered to be a contingent liability
US
\u2022
In December 2024, a putative securities class action lawsuit was filed in the US District Court for the Central District
of California against AstraZeneca PLC and certain officers, on behalf of purchasers of AstraZeneca publicly traded
securities between February 2022 and December 2024. The complaint alleges that defendants made materially
false and misleading statements in connection with the Company\u2019s business in China.
Seroquel XR
Antitrust Litigation
Considered to be a contingent liability
US
\u2022
In 2019, AstraZeneca was named in several related complaints now proceeding in US District Court in Delaware
(District Court), including several putative class action lawsuits that were purportedly brought on behalf of classes
of direct purchasers or end payors of
Seroquel XR
, that allege AstraZeneca and generic drug manufacturers violated
US antitrust laws when settling patent litigation related to
Seroquel XR
.
\u2022
In July 2022, the District Court dismissed claims relating to one of the generic manufacturers while allowing claims
relating to the second generic manufacturer to proceed.
\u2022
In September 2024, AstraZeneca reached a settlement agreement with one of the plaintiff classes and the parties
are now seeking judicial review and approval of the settlement.
\u2022
Trial with the remaining class of plaintiffs is currently scheduled for May 2025.
Syntimmune Milestone Litigation
Considered to be a contingent liability
US
\u2022
In connection with Alexion\u2019s acquisition of Syntimmune, Inc. (Syntimmune) in December 2020, Alexion was served
with a lawsuit filed by the stockholders\u2019 representative for Syntimmune in Delaware state court that alleged, among
other things, breaches of the 2018 merger agreement (Merger Agreement).
\u2022
The stockholders\u2019 representative alleges that Alexion failed to meet its obligations under the Merger Agreement to use
commercially reasonable efforts to achieve the milestones. Alexion also filed a claim for breach of the representations
in the Merger Agreement.
\u2022
A trial was held in July 2023.
\u2022
The court issued a partial decision in September 2024, concluding that the first milestone was achieved, and that
Alexion had breached its contractual obligation to use commercially reasonable efforts to achieve the milestones.
The court has requested additional briefing regarding damages and further proceedings regarding Alexion\u2019s claim
for breach.
University of Sheffield
Considered to be a contingent liability
Contract Dispute
UK
\u2022
In June 2024, AstraZeneca was served with a lawsuit filed by the University of Sheffield (Sheffield). In its complaint,
Sheffield alleges that AstraZeneca made misrepresentations to induce Sheffield to amend a patent license relating
to
Lynparza
.
\u2022
AstraZeneca filed its defence in August 2024. No trial date has been scheduled.
\n \n
Viela Bio, Inc. Shareholder Litigation
Considered to be a contingent liability
US
\u2022
In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware state court against AstraZeneca
and certain officers (collectively, Defendants), on behalf of a putative class of Viela Bio, Inc.
(Viela) shareholders.
The complaint alleged that the Defendants breached their fiduciary duty to Viela shareholders in the course of
Viela\u2019s 2021 merger with Horizon Therapeutics, plc.
\u2022
In July 2024, the Court granted with prejudice AstraZeneca\u2019s motion to dismiss.
\u2022
In August 2024, plaintiffs appealed the dismissal.
Legal proceedings brought by AstraZeneca
PARP Inhibitor Royalty Dispute
Considered to be a contingent asset
UK
\u2022
In October 2012, Tesaro, Inc. (now wholly owned by GlaxoSmithKline plc
(GSK)) entered into two worldwide, royalty-
bearing patent license agreements with AstraZeneca related to GSK\u2019s product niraparib. In May 2021, AstraZeneca
filed a lawsuit against GSK in the Commercial Court of England and Wales alleging that GSK had failed to pay all of
the royalties due on niraparib sales under the license agreements. In April 2023, after trial, the trial court issued a
decision in AstraZeneca\u2019s favour. In February 2024, the Court of Appeal reversed the decision. In March 2024,
AstraZeneca filed a request for permission to appeal with the Supreme Court of the United Kingdom.
\u2022
In May 2024, the Supreme Court denied permission to appeal. The case will return to the trial court for
further proceedings.
Government investigations and proceedings
Legal proceedings brought against AstraZeneca
340B Qui Tam
Considered to be a contingent liability
US
\u2022
In July 2023, AstraZeneca was served with an unsealed civil lawsuit brought by a qui tam relator on behalf of the
United States, several states, and the District of Columbia in the US District Court for the Central District of California
(District Court). The complaint alleges that AstraZeneca violated the US False Claims Act and state law analogues.
In March 2024, the District Court granted AstraZeneca\u2019s motion to dismiss the First Amended Complaint without
leave to amend.
\u2022
In April 2024, the relator filed an appeal.
Boston US Attorney Investigation
Considered to be a contingent liability
US
\u2022
In June 2024, AstraZeneca was served with a subpoena issued by the US Attorney\u2019s Office in Boston, seeking
documents and information relating to payments by AstraZeneca to healthcare providers.
\u2022
AstraZeneca is cooperating with this enquiry.
Brazilian Tax Assessment Matter
Considered to be a contingent liability
Brazil
\u2022
In connection with an ongoing matter, in August 2019, the Brazilian Federal Revenue Service provided a Notice of Tax
and Description of the Facts (the Tax Assessment) to two Alexion subsidiaries in Brazil, as well as to two additional
entities, a logistics provider utilised by Alexion and a distributor. The Tax Assessment focuses on the importation of
Soliris
vials pursuant to Alexion\u2019s free drug supply to patients programme in Brazil.
\u2022
Alexion prevailed in the first level of administrative appeals in the Brazilian federal administrative proceeding system
based on a deficiency in the Brazil Tax Assessment. The decision was subject to an automatic appeal to the second
level of the administrative courts.
\u2022
In March 2023, the second level of the administrative courts issued a decision to remand the matter to the first level
of administrative courts for a determination on the merits.
Texas Qui Tam
Considered to be a contingent liability
US
\u2022
In December 2022, AstraZeneca was served with an unsealed civil lawsuit brought by qui tam relators on behalf of
the State of Texas in Texas state court, which alleges that AstraZeneca engaged in unlawful marketing practices.
\u2022
Trial is scheduled for October 2025.
Turkish Ministry of Health Matter
Matter concluded
Turkey
\u2022
In Turkey, in July 2020, the Turkish Ministry of Health (Ministry of Health) initiated an investigation regarding payments
to healthcare providers by Alexion and former employees and consultants. The investigation arose from Alexion\u2019s
disclosure of a $21.5m civil settlement with the US Securities & Exchange Commission (SEC) in July 2020 fully
resolving the SEC\u2019s investigation into possible violations of the US Foreign Corrupt Practices Act.
\u2022
In September 2021, the Ministry of Health completed its draft investigation report and referred the matter to the
Ankara Public Prosecutor\u2019s Office with a recommendation for further proceedings against certain former employees.
In June 2024, the Ankara Public Prosecutor\u2019s Office closed its investigation without further action. This matter is
now concluded.
US Congressional Inquiry
Matter concluded
US
\u2022
In January 2024, AstraZeneca received a letter from the US Senate Committee on Health, Education, Labor and
Pensions (HELP Committee) seeking information related to AstraZeneca\u2019s inhaled Respiratory products.
\u2022
AstraZeneca cooperated with this inquiry and this matter is now concluded.
\n \n
Vermont US Attorney Investigation
Considered to be a contingent liability
US
\u2022
In April 2020, AstraZeneca received a Civil Investigative Demand from the US Attorney\u2019s Office in Vermont and the
Department of Justice, Civil Division, seeking documents and information relating to AstraZeneca\u2019s relationships with
electronic health-record vendors.
\u2022
AstraZeneca continues to cooperate with this enquiry.
Shenzhen City Customs Office
Considered to be a contingent liability
China
\u2022
In relation to the illegal drug importation allegations, in January 2025, AstraZeneca received a Notice of Transfer to the
Prosecutor and an Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid importation
taxes amounting to $0.9m.
\u2022
To the best of AstraZeneca\u2019s knowledge, the importation taxes referred to in the Appraisal Opinion relate to
Imfinzi
and
Imjudo
.
\u2022
A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is
found liable.
Legal proceedings brought by AstraZeneca
340B State Litigation
Considered to be a contingent asset
US
\u2022
AstraZeneca has filed lawsuits against Arkansas, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri,
and West Virginia challenging the constitutionality of each state\u2019s 340B statute.
\u2022
In the Arkansas matter, trial is scheduled for April 2025. In the Arkansas administrative proceeding, the state has
moved for a preliminary injunction to enjoin AstraZeneca\u2019s 340B policy in Arkansas.
\u2022
In the Kansas matter, after obtaining a stipulation from the state that AstraZeneca\u2019s policy does not violate the
Kansas 340B statute, AstraZeneca agreed to dismiss its complaint.
\u2022
In the Louisiana matter, the Court granted the state\u2019s motion for summary judgment. AstraZeneca has filed an appeal.
\u2022
In the Maryland, Minnesota, and Missouri matters, the state has moved to dismiss AstraZeneca\u2019s complaint.
\u2022
In the Maryland and Mississippi matters, the Court has rejected AstraZeneca\u2019s preliminary injunction motion.
\u2022
The West Virginia matter remains in its preliminary stages.
Inflation Reduction Act Litigation
Considered to be a contingent asset
US
\u2022
In August 2023, AstraZeneca filed a lawsuit in the US District Court for the District of Delaware (District Court) against
the US Department of Health and Human Services (HHS) challenging aspects of the drug price negotiation provisions
of the Inflation Reduction Act and the implementing guidance and regulations. In March 2024, the District Court granted
HHS\u2019 motions and dismissed AstraZeneca\u2019s lawsuit.
\u2022
AstraZeneca has appealed the District Court\u2019s decision.
\n
Other
\n
Additional government inquiries
\n
As is true for most, if not all, major prescription pharmaceutical companies, AstraZeneca is currently involved in multiple inquiries into drug
\n
marketing and pricing practices. In addition to the investigations described above, various law enforcement offices have, from time to time,
\n
requested information from the Group. There have been no material developments in those matters.
\n
Tax
\n
AstraZeneca considers whether it is probable that a taxation authority will accept an uncertain tax treatment. Where it is concluded that it is
\n
not probable the taxation authority will accept an uncertain tax treatment, a tax liability is recognised based on either the most likely amount
\n
method or the expected value method depending on which method management expects to better predict the resolution of the uncertainty.
\n
Tax liabilities for uncertain tax treatments can be built up over a long period of time but the resolution of the uncertain tax treatments usually
\n
occurs at a point in time. Given the inherent uncertainties in assessing the outcomes (which can sometimes be binary), the probability and
\n
amount of any tax liability occurring are difficult to ascertain which may see adjustments to the liabilities recognised for uncertain tax
\n
treatments in future periods that could have a material positive or negative effect on our results. Details of the movements in relation to
\n
material uncertain tax treatments are discussed below.
\n
KJ
\n
AstraZeneca faces a number of audits and reviews in jurisdictions around the world and, in some cases, is in dispute with the tax
\n
authorities. The issues under discussion are often complex and can require many years to resolve. Tax liabilities recognised for uncertain
\n
tax treatments require management to make key judgements with respect to the outcome of current and potential future tax audits, and
\n
actual results could vary from these estimates. Management does not believe a significant risk exists of material change to uncertain tax
\n
positions in the next 12 months.
\n
The total net tax liability recognised in the Group Financial Statements in respect of uncertain tax positions is $1,321m (2023: $1,336m;
\n
2022: $830m) as explained below. The net tax liability consists of $1,157m (2023: $1,241m; 2022: $632m) included within income tax payable,
\n
$1,304m (2023: $441m; 2022: $291m) included within deferred tax asset, partially offset by $122m (2023: $9m; 2022: $(20)m) included within
\n
deferred tax liabilities, and $1,018m (2023: $337m; 2022: $113m) included within income tax receivable.
Transfer pricing
The net tax liability included in the Group Financial Statements in relation to management\u2019s current assessment of tax risks in relation to
worldwide transfer pricing exposures is $384m (2023: $401m; 2022: $260m). The decrease in the net tax liability for uncertain tax positions
relating to transfer pricing of $17m compared with 2023 is mainly as a result of a decrease of tax liabilities arising from updates to estimates
of prior period tax liabilities following progression of tax authority reviews.
The liability includes uncertain tax treatments which are estimated using the expected value method and depend on AstraZeneca\u2019s
assessment of the likelihood of the approach taken by the tax authorities. These matters can be complex and judgemental and could change
in the future to reflect progress in tax authority reviews, the extent that any tax authority challenge is concluded including via negotiation
between governments under competent authority procedures in relevant double tax treaties which can take many years to resolve, or matters
lapse including following expiry of the relevant statutes of limitation. Depending upon progress in these matters, we could experience
adjustments to the liabilities recognised in respect of uncertain tax treatments in future periods. Whilst it is impracticable to specify the possible
effects of such changes at this stage, it is reasonably possible that an adjustment to the carrying amounts of tax assets and liabilities could
be required within the next financial year.
For transfer pricing matters, including items under tax audit, AstraZeneca estimates the potential for additional tax liabilities above the amount
provided where the possibility of the additional liabilities falling due is more than remote, to be up to $422m (2023: $386m; 2022: $245m)
including associated interest.
Management believes that it is unlikely that these additional liabilities will arise. It is possible that some of these contingencies may change in
the future to reflect progress in tax authority reviews, to the extent that any tax authority challenge is concluded or matters lapse including
following expiry of the relevant statutes of limitation resulting in a reduction in the tax charge in future periods. Management continues to
believe that AstraZeneca\u2019s positions on all its transfer pricing positions, audits and disputes are robust, and that AstraZeneca has recognised
appropriate tax balances, including consideration of whether corresponding relief will be available under Mutual Agreement procedures
or unilaterally.
Other uncertain tax treatments
Included in the net tax liability is $937m (2023: $935m; 2022: $570m) relating to a number of other uncertain tax treatments. The increase
of $2m in the net tax liability relating to the other uncertain tax treatments mainly relates to an update to tax liabilities following progress of
reviews by tax authorities and administrative appeal processes which are offset by movements relating to uncertainty over the timing of tax
deductions. This uncertainty includes movements between income taxes receivable of $742m, and deferred tax liabilities of $133m offset
by related deferred tax assets of $929m and income taxes payable of $269m. The liability includes tax liabilities in respect of uncertain
tax treatments which are estimated using the most likely amount method and the expected value method and depend on AstraZeneca\u2019s
assessment of the likelihood of the approach taken by the tax authorities. This could change in the future to reflect progress in tax authority
reviews, the extent that any tax authority challenge is concluded, or matters lapse including following expiry of the relevant statutes of
limitation resulting in a reduction in the tax charge in future periods.
For these other tax liabilities in respect of uncertain tax treatments, AstraZeneca estimates the potential for additional liabilities above the
amount provided where the possibility of the additional liabilities falling due is more than remote, to be up to $214m (2023: $293m; 2022:
$209m) including associated interest. It is possible that some of these liabilities may reduce in the future if any tax authority challenge is
concluded or matters lapse following expiry of the relevant statutes of limitation, resulting in a reduction in the tax charge in future periods.
AstraZeneca does not believe there are any significant other uncertain tax treatments where the possibility of the additional liabilities falling
due is more than remote (2023: $nil; 2022: $280m).
Timing of cash flows and interest
The Group is currently under audit in several countries and the timing of any resolution of these audits is uncertain.
It is anticipated that tax payments may be required in relation to a number of significant disputes which may be resolved over the next one to
two years. AstraZeneca considers the tax liabilities set out above to appropriately reflect the expected value of any final settlement. Some
of the items discussed above are not currently within the scope of tax authority audits and may take longer to resolve.
Included within other payables is a net amount of interest arising on tax contingencies of $164m (2023: $184m; 2022: $106m).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00619": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$m
$m
$m
Fees payable to PricewaterhouseCoopers LLP and its associates:
\u00a0 \u00a0 \u00a0
Group audit fee
10.6
10.2
9.9
Fees payable to PricewaterhouseCoopers LLP and its associates for other services:
\u00a0 \u00a0 \u00a0
The audit of subsidiaries pursuant to legislation
14.8
15.0
15.1
Attestation under s404 of Sarbanes-Oxley Act 2002
3.5
3.3
3.1
Audit-related assurance services
2.2
1.1
0.7
Other assurance services
0.3
0.2
0.2
Fees payable to PricewaterhouseCoopers Associates in respect of the Group\u2019s pension schemes:
\u00a0 \u00a0 \u00a0
The audit of subsidiaries\u2019 pension schemes
0.4
0.3
0.3
\u00a0
31.8
30.1
29.3
\nFees payable in the year of $0.2m (2023: $0.7m) are in respect of the Group audit and audit of subsidiaries related to prior years.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00621": { "value": "Related party transactions
The Group had no material related party transactions which might reasonably be expected to influence decisions made by the users of these
Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00620": { "value": "Related party transactions
The Group had no material related party transactions which might reasonably be expected to influence decisions made by the users of these
Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00622": { "value": "Key management personnel compensation
Key management personnel are defined for the purpose of disclosure under IAS 24 \u2018Related Party Disclosures\u2019 as the members of the Board
and the members of the SET.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
2022
\u00a0
$\u2019000
$\u02bc000
$\u02bc000
Short-term employee benefits
40,893
38,636
38,632
Post-employment benefits
1,045
1,354
1,388
Share-based payments
49,121
58,242
56,297
\u00a0
91,059
98,232
96,317
\nTotal remuneration is included within employee costs (see Note 29).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00623": { "value": "32 Subsequent events There were no material subsequent events.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00624": { "value": "Group Subsidiaries and Holdings
In accordance with section 409 of the Companies Act 2006, a full list of subsidiaries, partnerships, associates, joint ventures and joint
arrangements, the place of incorporation, registered office address, and the effective percentage of equity owned as at 31 December 2024
are disclosed below. Unless otherwise stated, the share capital disclosed comprises ordinary shares which are indirectly held by AstraZeneca PLC.
Unless otherwise stated, the accounting year ends of subsidiaries are 31 December. The Group Financial Statements consolidate the
Financial Statements of the Company and its subsidiaries at 31 December 2024.
At 31 December 2024
Group Interest
Wholly owned subsidiaries
Algeria
AAPM SARL
100%
20, Zone Macro-Economique, Hydra,
Dar El Medina, Algiers, Algeria
Argentina
AstraZeneca S.A.
100%
Olga Cossettini 363, 3\u00b0 floor,
Buenos Aires, Argentina
Alexion Pharma Argentina SRL
100%
Avenida Leandro N. Alem 592 Piso 6,
Buenos Aires, Argentina
Australia
AstraZeneca Holdings Pty Limited
100%
AstraZeneca Pty Limited
100%
Alexion Pharmaceuticals Australasia Pty Ltd
100%
66 Talavera Road, Macquarie Park,
NSW 2113, Australia
LogicBio Australia Pty Limited
100%
Level 40, 2-26 Park Street, Sydney,
NSW 2000, Australia
Austria
AstraZeneca \u00d6sterreich GmbH
100%
Alexion Pharma Austria GmbH
100%
Rechte Wienzeile 223 1120 Wien, Austria
Portola \u00d6sterreich GmbH (in liquidation)
100%
Mooslackengasse 17, 1190 Wien, Austria
Belgium
AstraZeneca S.A. / N.V.
100%
Alfons Gossetlaan 40 bus 201 at
1702 Groot-Bijgaarden, Belgium
Alexion Pharma Belgium Sprl
100%
Alexion Services Europe Sprl
100%
Rue des Deux Eglises 29-33,
1000 Brussels, Belgium
Bermuda
Alexion Bermuda Holding ULC
100%
Alexion Bermuda Limited
100%
Alexion Bermuda Partners LP
100%
Victoria Place, 5th Floor, 31 Victoria Street,
Hamilton, HM 10, Bermuda
Brazil
AstraZeneca do Brasil Limitada
100%
Rod. Raposo Tavares, KM 26, 9, Cotia, Brazil
Alexion Farmac\u00eautica Am\u00e9rica Latina
100%
Servi\u00e7os de Administra\u00e7\u00e3o de Vendas Ltda.
Alexion Servi\u00e7os e Farmac\u00eautica
100%
do Brasil Ltda.
Av. Dr Chucri Zaidan, 1240, 15\u00b0 andar,
CEP 04711-130, Ed. Morumbi Corporate
\u2013 Golden Tower Vila S\u00e3o Francisco,
S\u00e3o Paulo, Brazil
At 31 December 2024
Group Interest
British Virgin Islands
Gracell Biotechnologies Holdings Limited
100%
Office of Sertus Incorporations (BVI) Limited,
Sertus Chambers, P.O. Box 905,
Quastisky Building, Road Town, Tortola,
British Virgin Islands
Bulgaria
AstraZeneca Bulgaria EOOD
100%
51 Cherni Vrah Bld., Business Garden Office X,
floor 10, Lozenets district, 1407 Sofia, Bulgaria
Canada
AstraZeneca Canada Inc.
1
100%
Evinova Canada Inc.
100%
Suite 5000, 1004 Middlegate Road,
Mississauga, ON, L4Y 1M4, Canada
Alexion Pharma Canada Corporation
100%
Suite 1300, 1969 Upper Water St, Halifax,
NS, B3J 3R7, Canada
Fusion Pharmaceuticals Inc.
100%
270 Longwood Road South, Hamilton,
ON, L8P 0A6, Canada
Cayman Islands
AZ Reinsurance Limited
100%
18 Forum Lane, 2nd Floor, Camana Bay,
Grand Cayman, P.O. Box 69, Cayman Islands
Gracell Biotechnologies Inc.
100%
P.O. Box 309, Ugland House, Grand Cayman,
KY1-1104, Cayman Islands
Chile
AstraZeneca S.A.
100%
AstraZeneca Farmaceutica Chile Limitada
100%
Av. Isidora Goyenechea 3477, 2nd Floor,
Las Condes, Santiago, Chile
China
Alexion Pharmaceuticals
100%
(Shanghai) Company Limited
Room 1703, Level 17, No. 88 Xizang North Road,
Jing\u2019an District, Shanghai, China
AstraZeneca Global R&D (China) Co., Ltd.
100%
16F, 88 Xizang North Road, Jing\u2019an District,
Shanghai, China
AstraZeneca Investment (China) Co., Ltd.
100%
199 Liangjing Road, Pilot Free Trade Zone,
Shanghai, China
AstraZeneca Investment Consulting
100%
(Wuxi) Co., Ltd.
Room 808, 8F, Building 99-2 Linghu Avenue,
Xinwu District, Wuxi, Jiangsu, China
AstraZeneca Pharmaceutical Co., Ltd.
100%
No. 2, Huangshan Road, Wuxi,
Jiangsu Province, China
AstraZeneca Pharmaceutical (Beijing) Co., Ltd.
100%
1F, Building No. 4, No. 8 Courtyard, No. 1
Kegu Street, Beijing Economic-Technological
Development Area, Beijing, China
At 31 December 2024
Group Interest
AstraZeneca Pharmaceutical
100%
(Chengdu) Co., Ltd.
10th Floor, Building 11 (Building E11), No. 366,
Hemin Street, Chengdu High-tech Zone,
China (Sichuan) Pilot Free Trade Zone, China
AstraZeneca Pharmaceutical
100%
(Guangzhou) Co., Ltd.
Room 406-178, No. 1, Yichuang Street,
(China-Singapore Guangzhou Knowledge City)
Huangpu District, Guangzhou City, China
AstraZeneca Pharmaceutical
100%
(Hangzhou) Co., Ltd.
12F & 14F, Building 1, Shuli Plaza,
758 Fei Jia Tang Road, Gongshu District,
Hangzhou, Zhejiang Province, China
AstraZeneca Pharmaceutical Manufacturing
100%
(Qingdao) Co., Ltd.
Room 806, Building 2, 82 Juxianqiao Road,
High-tech Zone, Qingdao,
Shandong Province, China
AstraZeneca Pharmaceutical
100%
(Qingdao) Co., Ltd.
Floor 8, Building 2, 82 Juxianqiao Road,
High-tech Zone, Qingdao,
Shandong Province, China
AstraZeneca Pharmaceutical
100%
(Shanghai) Co., Ltd.
B1F, 8F & 9F, 88 Xizang North Road,
Jing\u2019an District, Shanghai, China
AstraZeneca Pharmaceuticals (China) Co., Ltd.
100%
88 Yaocheng Avenue, Jiangsu Province,
Taizhou, China
AstraZeneca (Wuxi) Trading Co., Ltd.
100%
Building E (Building No. 5),
Huirong Commercial Plaza, East Jinghui Road,
Xinwu District, Wuxi, China
Gracell Biomedicine (Shanghai) Co., Ltd.
2
100%
Shanghai Evinova Medical
100%
Technology Co., Ltd.
2
Building C, No. 888, Huanhu 2nd Road West,
Lingang New District, Shanghai,
Pilot Free Trade Zone, China
Gracell Bioscience (Shanghai) Co., Ltd.
100%
1st-4th Floor, Building 1, No. 418 Guilin Road,
Xuhui District, Shanghai 200233, China
Hainan Gracell Biomedicine Co., Ltd.
100%
(in liquidation)
2
A132-81, 4th Floor, Joint Inspection Building,
Haikou Comprehensive Bonded Zone,
Haikou Free Trade Zone,
Hainan Province, China
Suzhou Gracell Bioscience Co., Ltd.
100%
Unit E547, 5th Floor, Lecheng Plaza, Phase II,
Biobay Industrial Park, 218 Sangtian Street,
Suzhou Industrial Park, Suzhou Area, Jiangsu,
Pilot Free Trade Zone 215123, China
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
At 31 December 2024
Group Interest
Colombia
AstraZeneca Colombia S.A.S.
100%
Av Carrera 9 No. 101-67 Office 601,
Bogot\u00e1, 110231, Colombia
Alexion Pharma Colombia S.A.S.
100%
(in liquidation)
Carrera 9 No. 115 - 06 /30 Edificio Tierra
Firme Oficina 2904 Bogot\u00e1 D.C., Colombia
Costa Rica
AstraZeneca CAMCAR Costa Rica, S.A.
100%
San Jos\u00e9, Escaz\u00fa, Roble Corporate Center,
5to piso, Costa Rica
Croatia
AstraZeneca d.o.o.
100%
Vjekoslava Heinzela 70,
10 000 Zagreb, Croatia
Czech Republic
AstraZeneca Czech Republic, s.r.o.
100%
Alexion Pharma Czech s.r.o.
100%
U Trezorky 921/2, 158 00 Prague 5,
Czech Republic
Denmark
AstraZeneca A/S
100%
Johanne M\u00f8llers Passage 1, Dk-1799,
Copenhagen V, Denmark
Egypt
AstraZeneca Egypt for
100%
Pharmaceutical Industries SAE
6th of October City, 6th Industrial Zone,
Plot 2, Giza, Egypt
AstraZeneca Egypt LLC
100%
47 St. 270 New Maadi, Cairo, Egypt
Drimex LLC
100%
Plot 133, Banks\u2019 District, 5th Settlement,
New Cairo, Cairo, Egypt
Estonia
AstraZeneca Eesti O\u00dc
100%
Harju maakond, Tallinn, Lasnam\u00e4e linnaosa,
Valukoja tn 8/1, 11415, Estonia
Finland
AstraZeneca Oy.
100%
Keilaranta 18, 02150 Espoo, Finland
France
Amolyt Pharma SAS
3
100%
15 Chemin du Saquin, Espace Europ\u00e9en,
69130 \u00c9cully, France
AstraZeneca SAS
100%
Tour Carpe Diem-31, Place des Corolles,
92400 Courbevoie, France
AstraZeneca Reims Production SAS
100%
Chemin de Vrilly Parc, Industriel de la Pompelle,
51100 Reims, France
AstraZeneca Dunkerque Production SCS
100%
224 Avenue de la Dordogne,
59640 Dunkerque, France
Alexion Europe SAS
100%
Alexion Pharma France SAS
100%
103-105 Rue Anatole France,
92300 Levallois-Perret, France
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
At 31 December 2024
Group Interest
Germany
AstraZeneca GmbH
100%
AstraZeneca Holding GmbH
4
100%
Sofotec GmbH
5
100%
Friesenweg 26, 22763, Hamburg, Germany
AstraZeneca Computational Pathology GmbH
3
100%
Bernhard-Wicki-Stra\u00dfe 5, 80636,
Munich, Germany
Alexion Pharma Germany GmbH
100%
Landsberger Stra\u00dfe 300, 80687,
Munich, Germany
Greece
AstraZeneca S.A.
100%
Agisilaou 6-8 Marousi, Athens, Greece
Hong Kong
AstraZeneca HK Holdings Company Limited
100%
AstraZeneca Hong Kong Limited
100%
Unit 1 \u2013 3, 11/F., China Taiping Finance Centre,
18 King Wah Road, North Point, Hong Kong
Gracell Biotechnologies (HK) Limited
100%
C&F Secretarial Services Limited, Unit 3A,
12/F, Kaiser Centre, No. 18 Centre Street,
Sai Ying Pun, Hong Kong
Hungary
AstraZeneca Kft
100%
1st floor, 4 building B, Al\u00edz str.,
Budapest, 1117, Hungary
India
AstraZeneca India Private Limited
6
100%
Block A, Neville Tower, 11th Floor, Ramanujan
IT SEZ, Taramani, Chennai, Tamil Nadu,
PIN 600113, India
Alexion Business Services Private Limited
100%
9th Floor, Platina, G Block Plot No. C-59,
Bandra-Kurla Complex Bandra (East),
Mumbai 400051, India
Iran
AstraZeneca Pars Company
100%
Suite 1, 1st Floor No. 39, Alvand Ave.,
Argantin Sq., Tehran 1516673114, Iran
Ireland
AstraZeneca Pharmaceuticals (Ireland)
100%
Designated Activity Company
4th Floor, South Bank House, Barrow Street,
Dublin 4, Republic of Ireland
Alexion Pharma Holding Limited
100%
Alexion Pharma International
100%
Operations Limited
Alexion Pharma Development Limited
100%
AstraZeneca Ireland Limited
100%
College Business & Technology Park,
Blanchardstown Road North, Dublin 15,
Republic of Ireland
Israel
AstraZeneca (Israel) Ltd
100%
Atirei Yeda 1, Building O-Tech 2, POB 8044,
Kfar Saba, 4464301, Israel
Alexion Pharma Israel Ltd
100%
16 Derech Aba Hille St.,
Ramat Gan 5250608, Israel
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
At 31 December 2024
Group Interest
Italy
Simesa SpA
100%
AstraZeneca SpA
100%
Alexion Pharma Italy Srl
100%
Viale Decumano 39, 20157 Milan, Italy
Japan
AstraZeneca K.K.
100%
3-1, Ofuka
-cho, Kita-ku, Osaka,
530-0011, Japan
Alexion Pharma GK
100%
Tamachi Station Tower N 3-1-1, Shibaura,
Minato-ku Tokyo 108
-0023, Japan
Kazakhstan
AstraZeneca Kazakhstan Limited
100%
Liability Partnership
Office 101, 77 Kunayev Street,
Almaty 050000, Kazakhstan
Kenya
AstraZeneca Pharmaceuticals Limited
100%
L.R. No.1/1327, Avenue 5, 1st Floor,
Rose Avenue, Nairobi, Kenya
Latvia
AstraZeneca Latvija SIA
100%
Skanstes iela 50, Riga, LV-1013, Latvia
Lithuania
AstraZeneca Lietuva UAB
100%
Spaudos g., Vilnius, LT-05132, Lithuania
Luxembourg
AstraZeneca Luxembourg S.A.
100%
Rue Nicolas Bov\u00e9 2A \u2013 L-1253, Luxembourg
Malaysia
AstraZeneca Asia-Pacific
100%
Business Services Sdn Bhd
12th Floor, Menara Symphony, No. 5 Jalan Prof,
Khoo Kay Kim, Seksyen 13, 46200 Petaling
Jaya, Selangor Darul Ehsan, Malaysia
AstraZeneca Sdn Bhd
100%
Nucleus Tower, Level 11 & 12, No. 10 Jalan
PJU 7/6, Mutiara Damansara, 47800 Petaling
Jaya, Selangor Darul Ehsan, Malaysia
Mexico
AstraZeneca Health Care Division, S.A. de C.V.
100%
AstraZeneca, S.A. de C.V.
100%
Av. Periferico Sur 4305 interior 5, Colonia
Jardines en la Monta\u00f1a, Mexico City,
Tlalpan Distrito Federal, CP 14210, Mexico
Alexion Pharma Mexico S. de R.L. de C.V.
100%
Paseo de los Tamarindos 90, Torre 1 piso 6
- A Col., Bosques de la Lomas, CP 05120
D.F, Mexico
Morocco
AstraZeneca Maroc SARLAU
100%
CFC (Casablanca Finance City), Le Continental
Business Center, B\u00e2timent C, 7\u00e8me \u00e9tage,
Quartier Hay Hassani, Casablanca, Morocco
\n
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
At 31 December 2024
Group Interest
The Netherlands
Alexion Holding B.V.
100%
Alexion Pharma Foreign Holdings, B.V.
100%
Alexion Pharma Netherlands B.V.
100%
AstraZeneca B.V.
100%
AstraZeneca Continent B.V.
100%
AstraZeneca Gamma B.V.
100%
AstraZeneca Holdings B.V.
100%
AstraZeneca Jota B.V.
100%
AstraZeneca Rho B.V.
100%
AstraZeneca Sigma B.V.
100%
AstraZeneca Treasury B.V.
100%
AstraZeneca Zeta B.V.
100%
Prinses Beatrixlaan 582, 2595 BM,
The Hague, The Netherlands
AstraZeneca Nijmegen B.V.
100%
Lagelandseweg 78, 6545 CG
Nijmegen, The Netherlands
Acerta Pharma B.V.
100%
Aspire Therapeutics B.V.
100%
Kloosterstraat 9, 5349 AB,
Oss, The Netherlands
Portola Netherlands B.V.
100%
Basisweg 10, 1043 AP,
Amsterdam, The Netherlands
Neogene Therapeutics B.V.
100%
Science Park 106, 1098 XG
Amsterdam, The Netherlands
New Zealand
AstraZeneca Limited
100%
Pharmacy Retailing (NZ) Limited t/a
Healthcare Logistics, 58 Richard Pearse Drive,
Mangere, Auckland, 1142, New Zealand
Nigeria
AstraZeneca Nigeria Limited
100%
11A, Alfred Olaiya Street, Awuse Estate,
Off Salvation Street, Opebi, Ikeja,
Lagos, Nigeria
Norway
AstraZeneca AS
100%
Karvesvingen 7, 0579 Oslo, Norway
Pakistan
AstraZeneca Pharmaceuticals Pakistan
100%
(Private) Limited
7
Office No 1, 2nd Floor, Sasi Arcade, Block 7,
Main Clifton Road, Karachi, Pakistan
Panama
AstraZeneca CAMCAR, S.A.
100%
Bodega #1, Parque Logistico MIT,
Carretera Hacia Coco Solo, Colon, Panama
Peru
AstraZeneca Peru S.A.
100%
Calle Las Orqu\u00eddeas N\u00b0 675, Int. 802,
Edificio Pacific Tower, San Isidro, Lima, Peru
Philippines
AstraZeneca Pharmaceuticals (Phils.) Inc.
100%
16th Floor, Inoza Tower, 40th Street,
Bonifacio Global City, Taguig 1634, Philippines
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
At 31 December 2024
Group Interest
Poland
AstraZeneca Pharma Poland Sp.z.o.o.
100%
Alexion Pharma Poland Sp.z.o.o.
100%
Postepu 14, 02-676, Warszawa, Poland
Evinova Poland sp. z o.o
100%
Towarowa 28, 00-839 Warszawa, Poland
Portugal
Astra Alpha Produtos Farmac\u00eauticos Lda
100%
AstraZeneca Produtos Farmac\u00eauticos Lda
100%
Novastra Promo\u00e7\u00e3o e Com\u00e9rcio
100%
Farmac\u00eautico Lda
Novastuart Produtos Farmac\u00eauticos Lda
100%
Stuart-Produtos Farmac\u00eauticos Lda
100%
Zeneca Epsilon \u2013 Produtos Farmac\u00eauticos Lda
100%
Zenecapharma Produtos Farmac\u00eauticos,
100%
Unipessoal Lda
Rua Humberto Madeira, No 7, Queluz de Baixo,
2730-097, Barcarena, Portugal
Puerto Rico
IPR Pharmaceuticals, Inc.
100%
Road 188, San Isidro Industrial Park,
Can\u00f3vanas, 00729, Puerto Rico
Romania
AstraZeneca Pharma S.R.L.
100%
Bucharest, 1A Tipografilor Street,
MUSE Offices, 2nd and 3rd Floor, District 1,
013714, Romania
Russia
AstraZeneca Industries LLC
100%
81 Vostochniy Lane, Dobrino Village,
Borovskiy District, Kaluga Region,
249006, Russian Federation
AstraZeneca Pharmaceuticals LLC
100%
1 Krasnogvardeyskiy Lane 21, Bld.1, Floors
20-30, Moscow, 123112, Russian Federation
Alexion Pharma LLC
100%
12 Presnenskaya Embankment, Premises 1/36,
Moscow, 123112, Russian Federation
Saudi Arabia
AstraZeneca Continent \u2013
100%
Regional Headquarter
Al-Nakhlah Tower, Floor 13th Ath Thumamah
Road, Al Sahafa District, P.O. Box 42150,
Riyadh, Kingdom of Saudi Arabia
AstraZeneca Trading Company
100%
8125 Prince Sultan, 2086 Ar Rawdah District,
23435, Jeddah, Kingdom of Saudi Arabia
Singapore
AstraZeneca Pharmaceuticals
100%
Singapore Pte. Limited
AstraZeneca Singapore Pte Ltd
100%
10 Kallang Avenue #12-10, Aperia Tower 2,
339510, Singapore
South Africa
AstraZeneca Pharmaceuticals (Pty) Limited
100%
17 Georgian Crescent West,
Northdowns Office Park, Bryanston, 2191,
South Africa
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
At 31 December 2024
Group Interest
South Korea
AstraZeneca Korea Co. Ltd
100%
21st Floor, Asem Tower, 517, Yeongdong-daero,
Gangnam-gu, Seoul, 06164, Republic of Korea
Alexion Pharma Korea LLC
100%
41 FL., 152 Teheran-ro (Yeoksam-dong
Gangnam Finance Center), Gangnam-gu,
Seoul, Republic of Korea
Spain
AstraZeneca Farmaceutica Holding Spain SA
100%
AstraZeneca Farmaceutica Spain SA
100%
Evinova Spain SL
100%
Fundaci\u00f3n AstraZeneca
100%
Laboratorio Beta SA
100%
Laboratorio Lailan SA
100%
Laboratorio Tau SA
100%
Calle del Puerto de Somport, 21-23,
Madrid 28050, Spain
Alexion Pharma Spain SL
100%
Av Diagonal Num.601 P.1,
Barcelona 08028, Spain
Sweden
AstraZeneca AB
100%
AstraZeneca Biotech AB
100%
AstraZeneca BioVentureHub AB
100%
AstraZeneca International
100%
Holdings Aktiebolag
AstraZeneca Pharmaceuticals Aktiebolag
100%
AstraZeneca S\u00f6dert\u00e4lje 2 AB
100%
Evinova AB
100%
SE-151 85 S\u00f6dert\u00e4lje, Sweden
Alexion Pharma Nordics Holding AB
100%
Alexion Pharma Nordics AB
100%
Hagaplan 4, 113 68 Stockholm, Sweden
Switzerland
Alexion Pharma GmbH
100%
AstraZeneca AG
100%
Evinova AG
100%
Neuhofstrasse 34, 6340 Baar, Switzerland
Spirogen Sarl (in liquidation)
100%
Rue du Grand-Ch\u00eane 5,
CH-1003 Lausanne, Switzerland
Taiwan
Alexion Pharma Taiwan Ltd
100%
AstraZeneca Taiwan Limited
100%
21st Floor, Taipei Metro Building 207,
Tun Hwa South Road, SEC 2 Taipei, Taiwan
Thailand
AstraZeneca (Thailand) Limited
100%
Asia Centre 19th floor, 173/20,
South Sathorn Rd, Khwaeng Thungmahamek,
Khet Sathorn, Bangkok, 10120, Thailand
Tunisia
AstraZeneca Tunisie SaRL
100%
Lot n\u00b01.5.5 les jardins du lac,
bloc B les berges du lac Tunis, Tunisia
\n
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
At 31 December 2024
Group Interest
Turkey
AstraZeneca Ilac Sanayi ve
100%
Ticaret Limited Sirketi
Y.K.B Plaza, B Blok, Kat:3-4, Levent/Be\u015fikta\u015f,
Istanbul, Turkey
Zeneca Ilac Sanayi ve Ticaret Anonim Sirketi
100%
B\u00fcy\u00fckdere Cad., Y.K.B. Plaza, B Blok, Kat:4,
Levent/Be\u015fikta\u015f, Istanbul, Turkey
Alexion Ilac Ticaret Limited Sirketi
100%
\u0130\u00e7erenk\u00f6y Mahellisi Umut SK. and Ofis Sit.
No: 10 12/73 Ata\u015fehir, Istanbul 10-12/73, Turkey
Ukraine
AstraZeneca Ukraina LLC
100%
54 Simi Prakhovykh Street, Kyiv, 01033, Ukraine
United Arab Emirates
AstraZeneca FZ-LLC
100%
Dubai Sciences Park Towers, Tower South,
S1706S, Dubai Sciences Park, Dubai,
United Arab Emirates
Alexion Pharma Middle East FZ-LLC
100%
Dubai Science Park, 501, Floor 5, EIB
Building No. 2, Dubai, United Arab Emirates
United Kingdom
Alexion Pharma UK Limited
100%
Ardea Biosciences Limited
100%
Arrow Therapeutics Limited
100%
Astra Pharmaceuticals Limited
100%
AstraPharm
100%
AstraZeneca China UK Limited
100%
AstraZeneca Death In Service Trustee Limited
100%
AstraZeneca Employee Share Trust Limited
100%
AstraZeneca Finance Limited
100%
AstraZeneca Intermediate Holdings Limited
8
100%
AstraZeneca Investments Limited
100%
AstraZeneca Japan Limited
100%
AstraZeneca Nominees Limited
100%
AstraZeneca Quest Limited
100%
AstraZeneca Share Trust Limited
100%
AstraZeneca Sweden Investments Limited
100%
AstraZeneca Treasury Limited
100%
AstraZeneca UK Limited
100%
AstraZeneca US Investments Limited
8
100%
AZENCO2 Limited
100%
AZENCO4 Limited
100%
AZENCO5 Limited
100%
AZENCO6 Limited
100%
Cambridge Antibody Technology
100%
Group Limited
Evinova Limited
100%
KuDOS Horsham Limited
100%
KuDOS Pharmaceuticals Limited
100%
Zenco (No. 8) Limited
100%
Zeneca Finance (Netherlands) Company
100%
MedImmune Limited
100%
1 Francis Crick Avenue, Cambridge
Biomedical Campus, Cambridge, CB2 0AA,
United Kingdom
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
At 31 December 2024
Group Interest
MedImmune U.K. Limited
100%
Plot 6, Renaissance Way, Boulevard Industry
Park, Liverpool, L24 9JW, United Kingdom
Syntimmune Limited
100%
21 Holborn Viaduct, London, EC1A 2DY,
United Kingdom
United States
Acerta Pharma LLC
9
100%
121 Oyster Point Boulevard,
South San Francisco, CA 94080,
United States
Alexion Pharmaceuticals, Inc.
100%
Achillion Pharmaceuticals Inc.
100%
Alexion US1 LLC
9
100%
Savoy Therapeutics Corp
100%
Syntimmune LLC
9
100%
TeneoTwo, Inc.
100%
121 Seaport Boulevard Boston, MA 02210,
United States
Alexion Services Latin America Inc.
100%
600 Brickell Ave, Miami, FL 33131, United States
AlphaCore Pharma, LLC
9
100%
333 Parkland Plaza, Suite 5, Ann Arbor,
MI 48103, United States
Amolyt Pharma Inc.
100%
185 Alewife Brook Pkwy, Suite 210,
Cambridge, MA 02138, United States
Amylin Ohio LLC
9
100%
Amylin Pharmaceuticals, LLC
9
100%
Ardea Biosciences, Inc.
100%
AstraZeneca Collaboration Ventures, LLC
9
100%
AstraZeneca Finance and Holdings Inc.
100%
AstraZeneca Finance LLC
9
100%
AstraZeneca Pharmaceuticals LP
10
100%
Atkemix Nine Inc.
100%
Atkemix Ten Inc.
100%
Corpus Christi Holdings Inc.
100%
LogicBio Securities Corporation
100%
LogicBio Therapeutics, Inc.
100%
Neogene Therapeutics, Inc.
100%
Omthera Pharmaceuticals, Inc.
100%
Optein, Inc.
100%
Stauffer Management Company LLC
9
100%
Zeneca Inc.
100%
Zeneca Holdings Inc.
100%
Zeneca Wilmington Inc.
8
100%
1800 Concord Pike, Wilmington,
DE 19803, United States
AZ-Mont Insurance Company
100%
100 Bank Street, Suite 630, Burlington,
VT 05401, United States
Caelum Biosciences Inc.
100%
1200 Florence Columbus Road, Bordentown,
NJ 08505, United States
Cincor Pharma Inc.
100%
100 College Street, New Haven,
CT 06510, United States
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
At 31 December 2024
Group Interest
Evinova Inc.
100%
101 Orchard Ridge Drive, Gaithersburg,
MD 20878, United States
Fusion Pharmaceuticals US Inc.
100%
2 International Place, Suite 2310, Boston,
MA 02110, United States
Gracell Biopharmaceuticals, Inc.
100%
530 Lytton Avenue, 2nd Floor, Palo Alto,
CA 94301, United States
Icosavax, Inc.
100%
1930 Boren Avenue, Suite 1000, Seattle,
WA 98101, United States
MedImmune, LLC
9
100%
MedImmune Ventures, Inc.
100%
One MedImmune Way, Gaithersburg,
MD 20878, United States
Pearl Therapeutics, Inc.
100%
200 Cardinal Way, Redwood City,
CA 94063, United States
Portola Pharmaceuticals LLC
100%
Portola USA, Inc.
100%
270 East Grand Avenue, South San Francisco,
CA 94080, United States
ZS Pharma, Inc.
100%
1100 Park Place, Suite 300, San Mateo,
CA 94403, United States
Uruguay
AstraZeneca S.A.
100%
Yaguar\u00f3n 1407 of 1205, 11.100,
Montevideo, Uruguay
Venezuela
AstraZeneca Venezuela S.A.
100%
Gotland Pharma S.A.
100%
Av. La Castellana, Torre La Castellana,
Piso 5, Oficina 5-G, 5-H, 5-I, Urbanizaci\u00f3n
La Castellana, Municipio Chacao,
Estado Bolivariano de Miranda, Venezuela
Vietnam
AstraZeneca Vietnam Company Limited
100%
18th Floor, A&B Tower, 76 Le Lai,
Ben Thanh Ward, District 1,
Ho Chi Minh City, Vietnam
\n
At 31 December 2024
Group Interest
Subsidiaries where the effective interest
is less than 100%
Algeria
AstraZeneca Algeria
49%
Pharmaceutical Industries SPA
N\u00b0 20, Micro Zone d\u2019Activit\u00e9 Hydra, Centre
des Affaires Dar El Madina, Bloc A, 6th Floor,
Hydra, Algiers, Algeria
China
Beijing Falikang Pharmaceutical Co., Ltd.
48.90%
Room 113, Floor 1, Unit 1, Building No. 6,
88 Kechuang 6th Street,
Economic-Technological Development Area,
Beijing, China
India
AstraZeneca Pharma India Limited
6
75%
Block N1, 12th Floor, Manyata Embassy
Business Park, Rachenahalli, Outer Ring Road,
Bangalore-560 045, India
Indonesia
P.T. AstraZeneca Indonesia
95%
Perkantoran Hijau Arkadia Tower F, 3rd Floor,
JI. T.B. Simatupang Kav. 88, South Jakarta,
12520, Indonesia
Switzerland
SixPeaks Bio AG
11,13
34.10%
Aeschenvorstadt 36, 4501 Basel, Switzerland
United States
VaxNewMo, LLC
12,13
19.90%
4447 McPherson Avenue, St. Louis,
MO 63108, United States
Joint Ventures
Hong Kong
IHP HK Holdings Limited
50%
Unit 1402, 14th Floor, Henley Building,
No. 5 Queen\u2019s Road Central, Hong Kong
WuXi MedImmune Biopharmaceutical Co.,
50%
Limited (in liquidation)
Room 1902, 19/F, Lee Garden One,
33 Hysan Avenue, Causeway Bay, Hong Kong
United States
Montrose Chemical Corporation of California
50%
Suite 380, 600 Ericksen Ave N/E,
Bainbridge Island, WA 98110, United States
At 31 December 2024
Group Interest
Significant Holdings
China
Dizal (Jiangsu) Pharmaceutical Co., Ltd.
26.21%
199 Liangjing Rd, Zhangjiang Hi-Tech Park,
Pudong District, Shanghai, 201203, China
Wuxi AstraZeneca-CICC Venture Capital
22.13%
Partnership (Limited Partnership)
Wuxi AstraZeneca-CICC No.1 Venture
22.13%
Capital Partnership (Limited Partnership)
Room 808, 8F, Building 99-2 Linghu Avenue,
Xinwu District, Wuxi, Jiangsu, China
United Kingdom
VaxEquity Ltd.
13
(in liquidation)
40%
Victory House, Vision Park, Chivers Way,
Histon, Cambridge, CB24 9ZR, United Kingdom
United States
C.C. Global Chemicals Company
37.50%
P.O. Box 7, MS2901, TX 76101-0007,
United States
Associated Holdings
Cayman Islands
Fuse Biosciences (Cayman) Limited
13
18.75%
3-212 Governors Square,
23 Lime Tree Bay Avenue, P.O. Box 30746,
Seven Mile Beach, Grand Cayman KY1-1203,
Cayman Islands
France
Medetia SAS
13
10%
Institute Imagine, 24 Boulevard du
Montparnasse, 75015 Paris, France
Cellectis S.A.
3
43.96%
8, rue de la Croix Jarry, 75013 Paris, France
Israel
AION Labs Innovation Lab Ltd.
19.23%
CombinAble.AI Ltd.
13
11.25%
ProPhet Bio Ltd.
13
11.94%
TenAces Biosciences Ltd.
13
12.50%
4 Oppenheimer Street, Building B,
Rehovot, 7670104, Israel
At 31 December 2024
Group Interest
Sweden
Swedish Orphan Biovitrum AB (publ)
9.74%
Tomtebodav\u00e4gen 23A, Stockholm, Sweden
OnDosis AB
19.80%
GoCo House, 5 tr, Gemenskapens gata 9,
431 53 M\u00f6lndal, Sweden
CCRM Nordic AB
19.90%
F\u00f6r\u00e4ndringens Gata 10,
431 53 M\u00f6lndal, Sweden
United Kingdom
Niox Group plc
16.61%
Magdalen Centre, 1 Robert Robinson Ave,
Science Park, Oxford, OX4 4GA,
United Kingdom
United States
AbMed Corporation
3
18%
68 Cummings Park Drive, Woburn,
MA 01801, United States
Baergic Bio, Inc.
19.95%
1111 Kane Concourse, Suite 301,
Bay Harbor Islands, FL 33154, United States
Regio Biosciences, Inc.
13
19.54%
5237 River Road, #361 Bethesda,
MD 20816, United States
Employee Benefit Trusts
The AstraZeneca Employee Benefit Trust
AstraZeneca PSP/GRSP EBP
for Canadian Employees
1
Ownership held in ordinary and special shares.
2
Ownership held by way of capital contribution.
3
Ownership held in ordinary and preference shares.
4
10% directly held by AstraZeneca PLC.
5
Sold to external third party effective 17 January 2025.
6
Accounting year end is 31 March.
7
Accounting year end is 30 June.
8
Directly held by AstraZeneca PLC.
9
Ownership held as membership interest.
10
Ownership held as partnership interest.
11
Consolidated due to AstraZeneca AB having an option to acquire.
12
Consolidated due to Zeneca Inc. having an option to acquire.
13
Ownership held in preference shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00625": { "value": "Company Balance Sheet
at 31 December
AstraZeneca PLC
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
2023
\u00a0
Notes
$m
$m
Fixed assets
\u00a0 \u00a0 \u00a0
Fixed asset investments
1
62,019
64,189
\u00a0 \u00a0
62,019
64,189
Current assets
\u00a0 \u00a0 \u00a0
Debtors \u2013 other
\u00a0
8
4
Debtors \u2013 amounts owed by Group undertakings
\u00a0
5,807
10,928
\u00a0 \u00a0
5,815
10,932
Creditors: Amounts falling due within one year
\u00a0 \u00a0 \u00a0
Other payables
2
(202)
(216)
Interest-bearing loans and borrowings
3
(1,997)
(2,995)
\u00a0 \u00a0
(2,199)
(3,211)
Net current assets
\u00a0
3,616
7,721
Total assets less current liabilities
\u00a0
65,635
71,910
Creditors: Amounts falling due after more than one year
\u00a0 \u00a0 \u00a0
Interest-bearing loans and borrowings
3
(14,549)
(16,741)
Income tax payable
\u00a0
(36)
\u2013
Other payables
2
(47)
(21)
\u00a0 \u00a0
(14,632)
(16,762)
Net assets
\u00a0
51,003
55,148
Capital and reserves
\u00a0 \u00a0 \u00a0
Called-up share capital
4
388
388
Share premium account
\u00a0
35,226
35,188
Capital redemption reserve
\u00a0
153
153
Other reserves
\u00a0
1,741
1,779
Profit and loss account
\u00a0
13,495
17,640
Shareholders\u2019 funds
\u00a0
51,003
55,148
\n
$m means millions of US dollars.
The Company\u2019s profit for the year was $457m (2023: $14,669m).
The Company Financial Statements from pages 219 to 225 were approved by the Board and were signed on its behalf by
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Pascal Soriot
Aradhana Sarin
Director
Director
6 February 2025
\u00a0
\n
Company\u2019s registered number 02723534
Company Statement of Changes in Equity
\n
for the year ended 31 December
\n\n \n
Share
Capital
Share
premium
redemption
Other
Profit and
Total
capital
account
reserve
reserves
1
loss account
2
equity
$m
$m
$m
$m
$m
$m
At 1 January 2023
387
35,155
153
1,927
7,458
45,080
Total comprehensive income for the period
Profit for the period
\u2013
\u2013
\u2013
\u2013
14,669
14,669
Total comprehensive income for the period
\u2013
\u2013
\u2013
\u2013
14,669
14,669
Transactions with owners, recorded directly in equity
Dividends
\u2013
\u2013
\u2013
\u2013
(4,487)
(4,487)
Capital contributions for share-based payments
\u2013
\u2013
\u2013
(148)
\u2013
(148)
Issue of Ordinary Shares
1
33
\u2013
\u2013
\u2013
34
Total contributions by and distributions to owners
1
33
\u2013
(148)
(4,487)
(4,601)
At 31 December 2023
388
35,188
153
1,779
17,640
55,148
Total comprehensive income for the period
Profit for the period
\u2013
\u2013
\u2013
\u2013
457
457
Total comprehensive income for the period
\u2013
\u2013
\u2013
\u2013
457
457
Transactions with owners, recorded directly in equity
Dividends
\u2013
\u2013
\u2013
\u2013
(4,602)
(4,602)
Capital contributions for share-based payments
\u2013
\u2013
\u2013
(38)
\u2013
(38)
Issue of Ordinary Shares
\u2013
38
\u2013
\u2013
\u2013
38
Total contributions by and distributions to owners
\u2013
38
\u2013
(38)
(4,602)
(4,602)
At 31 December 2024
388
35,226
153
1,741
13,495
51,003
\n
1
\n
The Other reserves arose from the cancellation of \u00a31,255m share premium by the Company in 1993 and the redenomination of share capital of $157m in 1999. Included within Other
\n
reserves at 31 December 2024 is $(100)m (31 December 2023: $(62)m) in respect of cumulative share-based payment awards, which are not available for distribution.
\n
2
\n
At 31 December 2024, the overwhelming majority of the Profit and loss account reserve of $13,495m (31 December 2023: the overwhelming majority of $17,640m) was available for
\n
distribution, subject to filing these Financial Statements with Companies House. When making a distribution to shareholders, the Directors determine profits available for distribution
\n
by reference to guidance on realised and distributable profits under the Companies Act 2006 issued by the Institute of Chartered Accountants in England and Wales and the Institute
\n
of Chartered Accountants of Scotland in April 2017. The profits of the Company have been received in the form of receivables due from subsidiaries. The availability of distributable
\n
reserves in the Company is dependent on those receivables meeting the definition of qualifying consideration within the guidance, and in particular on the ability of subsidiaries to
\n
settle those receivables within a reasonable period of time. The Directors consider that, based on the nature of these receivables and the available cash resources of the Group and
\n
other accessible sources of funds, at 31 December 2024, the overwhelming majority (31 December 2023: the overwhelming majority) of the Company\u2019s profit and loss reserves were
\n
available for distribution.
Company Accounting Policies
\n
Basis of presentation of
\n
\ufb01nancial information
\n
The Company is a public limited company,
\n
limited by shares, incorporated and domiciled
\n
in England & Wales. The registered address
\n
is 1 Francis Crick Avenue, Cambridge
\n
Biomedical Campus, Cambridge, CB2 0AA.
\n
These financial statements were prepared
\n
in accordance with FRS 101 \u2018Reduced
\n
Disclosure Framework\u2019.
\n
In preparing these financial statements,
\n
the Company applied the recognition,
\n
measurement and disclosure requirements of
\n
International Financial Reporting Standards
\n
as adopted by the UK (UK-adopted
\n
international accounting standards), but
\n
made amendments where necessary in
\n
order to comply with the Companies Act
\n
2006 and to take advantage of FRS 101
\n
disclosure exemptions.
\n
In these financial statements, the Company
\n
has applied the exemptions available under
\n
FRS 101 in respect of the following disclosures:
\n
\u2022
Statement of Cash Flows and related notes
\n
\u2022
disclosures in respect of transactions
\n
with wholly owned subsidiaries
\n
\u2022
disclosures in respect of
\n
capital management
\n
\u2022
the effects of new but not yet
\n
effective IFRSs
\n
\u2022
disclosures in respect of the compensation
\n
of Key Management Personnel.
\n
As the Group Financial Statements (presented
\n
on pages 148 to 218) include the equivalent
\n
disclosures, the Company has also taken
\n
the exemptions under FRS 101 available in
\n
respect of the following disclosures:
\n
\u2022
IFRS 2 \u2018Share-based Payment\u2019 in respect
\n
of Group settled share-based payments
\n
\u2022
certain disclosures required by IFRS 13
\n
\u2018Fair Value Measurement\u2019 and the
\n
disclosures required by IFRS 7 \u2018Financial
\n
Instruments: Disclosures\u2019.
\n
No individual profit and loss account is
\n
prepared as provided by section 408 of the
\n
Companies Act 2006.
\n
Basis of accounting
\n
The Company Financial Statements are
\n
prepared under the historical cost convention
\n
and on a going concern basis, in accordance
\n
with the Companies Act 2006.
\n
The following paragraphs describe the
\n
main accounting policies, which have been
\n
applied consistently.
\n
Estimates and judgements
\n
The preparation of the Company Financial
\n
Statements in conformity with generally
\n
accepted accounting principles requires
\n
management to make estimates and
\n
judgements that affect the reported amounts
\n
of assets and liabilities at the date of the
\n
Financial Statements and the reported
\n
amounts of revenues and expenses during
\n
the reporting period. Actual results could
\n
differ from those estimates. There are no
\n
key judgements or significant estimates.
\n
Foreign currencies
\n
Foreign currency transactions, being
\n
transactions denominated in a currency other
\n
than the Company\u2019s functional currency, are
\n
translated into US dollars at average rates
\n
for the relevant monthly accounting periods,
\n
which approximate to actual rates.
\n
Monetary assets and liabilities arising from
\n
foreign currency transactions are retranslated
\n
at exchange rates prevailing at the reporting
\n
date. Exchange gains and losses on loans and
\n
on short-term foreign currency borrowings
\n
and deposits are included within Finance
\n
expense. Exchange differences on all other
\n
foreign currency transactions are recognised
\n
in Operating profit.
\n
Non-monetary items arising from foreign
\n
currency transactions are not retranslated
\n
in the Company\u2019s accounting records.
\n
Taxation
\n
The current tax payable is based on taxable
\n
profit for the year. Taxable profit differs
\n
from reported profit because taxable profit
\n
excludes items that are either never taxable
\n
or tax deductible or items that are taxable
\n
or tax deductible in a different period. The
\n
Company\u2019s current tax assets and liabilities
\n
are calculated using tax rates that have
\n
been enacted or substantively enacted by
\n
the reporting date. Current tax includes the
\n
Company\u2019s charge for any Pillar Two
\n
income taxes.
\n
Deferred tax is provided using the balance
\n
sheet liability method, providing for temporary
\n
differences between the carrying amounts of
\n
assets and liabilities for financial reporting
\n
purposes and the amounts used for taxation
\n
purposes. Deferred tax liabilities are
\n
recognised unless they arise from the initial
\n
recognition (other than in a business
\n
combination) of assets and liabilities in a
\n
transaction that affects neither the taxable
\n
profit nor the accounting profit. Deferred tax
\n
liabilities are not recognised to the extent they
\n
arise from the initial recognition of non-tax
\n
deductible goodwill. Deferred tax assets
\n
are recognised to the extent that there are
\n
future taxable temporary differences or it
\n
is probable that future taxable profit will
\n
be available against which the asset can
\n
be utilised. This requires judgements to be
\n
made in respect of the availability of future
\n
taxable income.
\n
No deferred tax asset or liability is recognised
\n
in respect of temporary differences
\n
associated with investments in subsidiaries
\n
and branches where the Company is able to
\n
control the timing of reversal of the temporary
\n
differences and it is probable that the
\n
temporary differences will not reverse in
\n
the foreseeable future.
\n
The Company\u2019s deferred tax assets and
\n
liabilities are calculated using tax rates that
\n
are expected to apply in the period when the
\n
liability is settled or the asset realised based
\n
on tax rates that have been enacted or
\n
substantively enacted by the reporting date.
\n
The Company applies the exception to
\n
recognising and disclosing information
\n
about deferred tax assets and liabilities
\n
related to Pillar Two income taxes, as
\n
provided in the amendments to IAS 12
\n
\u2018Incomes Taxes\u2019 issued in May 2023.
\n
Liabilities for uncertain tax positions require
\n
management to make judgements of potential
\n
exposures in relation to tax audit issues.
\n
Tax benefits are not recognised unless the
\n
tax positions will probably be accepted
\n
by the tax authorities. This is based upon
\n
management\u2019s interpretation of applicable
\n
laws and regulations and the expectation of
\n
how the tax authority will resolve the matter.
\n
Once considered probable of not being
\n
accepted, management reviews each
\n
material tax benefit and reflects the effect
\n
of the uncertainty in determining the related
\n
taxable result.
Liabilities for uncertain tax positions are
measured using either the most likely amount
or the expected value amount depending
on which method the Company expects to
better predict the resolution of the uncertainty.
Investments
Fixed asset investments, including
investments in subsidiaries, are stated at
cost and reviewed for impairment if there
are indications that the carrying value may
not be recoverable.
Debtors
Amounts owed by Group undertakings are
recognised initially at fair value. Subsequent
to initial recognition they are measured at
amortised cost using the effective interest
method, less any impairment losses.
The recoverability of these balances has
been assessed in accordance with IFRS 9
\u2018Financial Instruments\u2019 and no impairment has
been identified. The amounts owed by Group
undertakings are considered to have low
credit risk, due to timely payment of interest
and settlement of principal amounts on
agreed due dates, limiting the loss allowance
to 12-month expected credit losses.
Amounts owed by Group undertakings are
written off where there is no reasonable
expectation of recovery. Impairment losses
are presented as net impairment losses
within Operating profit, any subsequent
recoveries are credited against the same line.
Other payables
Liabilities included in Other payables are
recognised initially at fair value. Subsequent
to initial recognition they are remeasured at
either amortised cost using the effective
interest method or at fair value using an
expected credit loss model.
Financial instruments
Interest-bearing loans are initially measured
at fair value (with direct transaction costs
being amortised over the life of the loan) and
are subsequently measured at amortised
cost using the effective interest method at
each reporting date. Changes in carrying
value are recognised in profit.
Share-based payments
The issuance by the Company to employees
of its subsidiaries of a grant of awards over
the Company\u2019s shares, represents additional
capital contributions by the Company to its
subsidiaries (or capital reimbursement from
those subsidiaries). An additional investment/
divestment in subsidiaries results in a
corresponding increase/decrease in
shareholders\u2019 equity. The additional capital
contribution/reimbursement is based on the
fair value of the grant issued, allocated over
the underlying grant\u2019s vesting period, less the
market cost of shares charged to subsidiaries
in settlement of such share awards.
Litigation
Through the normal course of business,
the AstraZeneca Group is involved in legal
disputes, the settlement of which may involve
cost to the Company. A provision is made
where an adverse outcome is probable and
associated costs, including related legal
costs, can be estimated reliably. In other
cases, appropriate disclosures are included.
Notes to the Company Financial Statements
1 Fixed asset investments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Investments in subsidiaries
\u00a0
Shares
Loans
Total
\u00a0
$m
$m
$m
At 1 January 2023
49,192
14,363
63,555
Additions during the year
\u2013
1,588
1,588
Transfer to Debtors \u2013 amounts owed by Group undertakings
\u2013
(991)
(991)
Capital reimbursement
(131)
\u2013
(131)
Exchange
\u2013
158
158
Amortisation
\u2013
12
12
Other movements
(2)
\u2013
(2)
At 31 December 2023
49,059
15,130
64,189
Additions during the year
33,745
\u2013
33,745
Disposals during the year
(33,745)
\u2013
(33,745)
Transfer to Debtors \u2013 amounts owed by Group undertakings
\u2013
(1,997)
(1,997)
Capital reimbursement
(54)
\u2013
(54)
Exchange
\u2013
(156)
(156)
Amortisation
\u2013
11
11
Other movements
26
\u2013
26
At 31 December 2024
49,031
12,988
62,019
\n
Loans to subsidiaries consists of bonds which are issued externally and are issued back to Group undertakings with comparable terms on
interest rates and are repayable on maturity, details of which are disclosed in Note 3. The recoverability of these inter-company loans has been
assessed in accordance with IFRS 9 \u2018Financial Instruments\u2019 with no impairment identified. The inter-company balances are considered to have
low credit risk due to timely payment of interest and settlement of principal amount on agreed due dates, limiting the loss allowance to 12-month
expected credit losses. In 2024, there have been no credit losses (2023: $nil).
The other movements comprise $26m representing issue and revaluation of carrying value of guarantees provided by the Company to its
subsidiary as explained in Notes 2 and 3.
2 Other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$m
$m
Amounts falling due within one year
\u00a0 \u00a0
Other creditors
199
214
Deferred income
3
2
\u00a0
202
216
Amounts falling due after more than one year
\u00a0 \u00a0
Other creditors
47
21
\n
Other creditors due after more than one year comprise an amount representing the carrying value of the guarantees provided by the Company
to its subsidiary for the bonds issued externally as explained in Note 3. As at 31 December 2024, the carrying value of the guarantees was
$47m (2023: $21m).
3 Loans and borrowings
\n\n \n
Repayment
2024
2023
dates
$m
$m
Amounts due within one year
Interest-bearing loans and borrowings (unsecured)
0.75% Callable bond
euros
2024
\u2013
995
2024 Floating rate bank loans
US dollars
2024
\u2013
2,000
3.375% Callable bond
US dollars
2025
1,997
\u2013
Total amounts due within one year
1,997
2,995
Amounts due after more than one year
Interest-bearing loans and borrowings (unsecured)
3.375% Callable bond
US dollars
2025
\u2013
1,994
0.7% Callable bond
US dollars
2026
1,198
1,196
3.625% Callable bond
euros
2027
780
829
3.125% Callable bond
US dollars
2027
748
747
1.25% Callable bond
euros
2028
829
879
4% Callable bond
US dollars
2029
996
995
0.375% Callable bond
euros
2029
829
881
1.375% Callable bond
US dollars
2030
1,295
1,294
5.75% Non-callable bond
pounds sterling
2031
438
444
3.75% Callable bond
euros
2032
778
827
6.45% Callable bond
US dollars
2037
2,727
2,725
4% Callable bond
US dollars
2042
989
989
4.375% Callable bond
US dollars
2045
982
981
4.375% Callable bond
US dollars
2048
738
738
2.125% Callable bond
US dollars
2050
487
487
3% Callable bond
US dollars
2051
735
735
Total amounts due after more than one year
14,549
16,741
Total loans and borrowings
16,546
19,736
\n\n \n
2024
2023
$m
$m
Loans and borrowings are repayable:
After five years from balance sheet date
9,169
11,096
From two to five years
4,182
3,651
From one to two years
1,198
1,994
Within one year
1,997
2,995
Total unsecured
16,546
19,736
\n
All borrowings are issued with fixed interest rates, with the exception of the $2bn 2024 floating rate loans, which transitioned from LIBOR to
\n
a rate based on compounded daily USD Secured Overnight Funding Rate (SOFR) during the prior year.
\n
In addition, the Company acts as guarantor for bonds issued by its wholly-owned subsidiary, AstraZeneca Finance LLC. AstraZeneca Finance
\n
LLC is the issuer of $1,250m 1.200% Notes due 2026, $1,250m 4.800% Notes due 2027, $1,100m 4.875% Notes due 2028, $1,250m 1.750%
\n
Notes due 2028, $1,250m 4.850% Notes due 2029, $650m 4.900% Notes due 2030, \u20ac650m 3.121% Notes due 2030, $1,000m 4.900% Notes
\n
due 2031, $750m 2.250% Notes due 2031, $500m 4.875% Notes due 2033, \u20ac750m 3.278% Notes due 2033 and $1,500m 5.000% Notes due
\n
2034 (the \u2018AstraZeneca Finance Notes\u2019). Each series of AstraZeneca Finance Notes has been fully and unconditionally guaranteed by the
\n
Company. Each of the guarantees by AstraZeneca PLC is full and unconditional and joint and several.
\n
The guarantee by AstraZeneca PLC of the AstraZeneca Finance Notes is the senior unsecured obligation of AstraZeneca PLC and ranks equally
\n
with all of AstraZeneca PLC\u2019s existing and future senior unsecured and unsubordinated indebtedness. Each guarantee by AstraZeneca PLC is
\n
effectively subordinated to any secured indebtedness of AstraZeneca PLC to the extent of the value of the assets securing such indebtedness.
\n
The AstraZeneca Finance Notes are structurally subordinated to indebtedness and other liabilities of the subsidiaries of AstraZeneca PLC,
\n
none of which guarantee the AstraZeneca Finance Notes.
\n
4 Called-up share capital
\n
Details of share capital movements in the year are included in Note 24 to the Group Financial Statements.
5 Contingent liabilities
Vaxzevria
Considered to be a contingent liability
UK
\u2022
AstraZeneca is defending lawsuits in multiple jurisdictions, including the UK, involving multiple claimants alleging
\u00a0 \u00a0
injuries following vaccination with AstraZeneca\u2019s COVID-19 vaccine. Most of the lawsuits involve claims of
\u00a0 \u00a0
thrombosis with thrombocytopenia syndrome.
\u00a0
\u2022
No trial dates have been scheduled.
Securities Litigation
Considered to be a contingent liability
US
\u2022
In December 2024, a putative securities class action lawsuit was filed in the US District Court for the Central District
\u00a0 \u00a0
of California against AstraZeneca PLC and certain officers, on behalf of purchasers of AstraZeneca publicly traded
\u00a0 \u00a0
securities between February 2022 and December 2024. The complaint alleges that defendants made materially
\u00a0 \u00a0
false and misleading statements in connection with the Company\u2019s business in China.
University of Sheffield
Considered to be a contingent liability
Contract Dispute
\u00a0 \u00a0
UK
\u2022
In June 2024, AstraZeneca was served with a lawsuit filed by the University of Sheffield (Sheffield). In its complaint,
\u00a0 \u00a0
Sheffield alleges that AstraZeneca made misrepresentations to induce Sheffield to amend a patent license relating
\u00a0 \u00a0
to
Lynparza
.
\u00a0
\u2022
AstraZeneca filed its defence in August 2024. No trial date has been scheduled.
Viela Bio, Inc. Shareholder Litigation
Considered to be a contingent liability
US
\u2022
In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware state court against AstraZeneca and
\u00a0 \u00a0
certain officers (collectively, Defendants), on behalf of a putative class of Viela Bio, Inc.
(Viela) shareholders. The
\u00a0 \u00a0
complaint alleged that the Defendants breached their fiduciary duty to Viela shareholders in the course of Viela\u2019s
\u00a0 \u00a0
2021 merger with Horizon Therapeutics, plc.
\u00a0
\u2022
In July 2024, the Court granted with prejudice AstraZeneca\u2019s motion to dismiss.
\u00a0
\u2022
In August 2024, plaintiffs appealed the dismissal.
US Congressional Inquiry
Matter concluded
US
\u2022
In January 2024, AstraZeneca received a letter from the US Senate Committee on Health, Education, Labor and
\u00a0 \u00a0
Pensions (HELP Committee) seeking information related to AstraZeneca\u2019s inhaled Respiratory products.
\u00a0
\u2022
AstraZeneca cooperated with this inquiry and this matter is now concluded.
Vermont US Attorney Investigation
Considered to be a contingent liability
US
\u2022
In April 2020, AstraZeneca received a Civil Investigative Demand from the US Attorney\u2019s Office in Vermont and the
\u00a0 \u00a0
Department of Justice, Civil Division, seeking documents and information relating to AstraZeneca\u2019s relationships
\u00a0 \u00a0
with electronic health-record vendors.
\u00a0
\u2022
AstraZeneca continues to cooperate with this enquiry.
\n
6 Statutory and other information
The Directors of the Company were paid by another Group company in 2024 and 2023.
7 Subsequent events
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