{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "azn": "http://www.astrazeneca.com/20251231", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.astrazeneca.com/xbrl/2025/PY6ZZQWO2IZFZC3IOL08-2025-12-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0013": { "value": "55573000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromSaleOfGoods", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0012": { "value": "50938000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromSaleOfGoods", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0011": { "value": "43789000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromSaleOfGoods", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0016": { "value": "3067000000.0", "decimals": -6, "dimensions": { "concept": "azn:AllianceRevenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0015": { "value": "2212000000.0", "decimals": -6, "dimensions": { "concept": "azn:AllianceRevenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0014": { "value": "1428000000.0", "decimals": -6, "dimensions": { "concept": "azn:AllianceRevenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0017": { "value": "58640000000.0", "decimals": -6, "dimensions": { "concept": "azn:ProductRevenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0018": { "value": "53150000000.0", "decimals": -6, "dimensions": { "concept": "azn:ProductRevenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0019": { "value": "45217000000.0", "decimals": -6, "dimensions": { "concept": "azn:ProductRevenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0022": { "value": "99000000.0", "decimals": -6, "dimensions": { "concept": "azn:CollaborationRevenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0021": { "value": "923000000.0", "decimals": -6, "dimensions": { "concept": "azn:CollaborationRevenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0020": { "value": "594000000.0", "decimals": -6, "dimensions": { "concept": "azn:CollaborationRevenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0025": { "value": "58739000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0024": { "value": "54073000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0023": { "value": "45811000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0030": { "value": "10633000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0029": { "value": "10207000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0028": { "value": "8268000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0035": { "value": "48106000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0034": { "value": "43866000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0033": { "value": "37543000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0042": { "value": "579000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DistributionCosts", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0041": { "value": "555000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DistributionCosts", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0040": { "value": "539000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DistributionCosts", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0045": { "value": "14232000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0044": { "value": "13583000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0043": { "value": "10935000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0048": { "value": "19933000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0047": { "value": "19977000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0046": { "value": "19216000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0053": { "value": "381000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0052": { "value": "252000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0051": { "value": "1340000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0058": { "value": "13743000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0057": { "value": "10003000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0056": { "value": "8193000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0061": { "value": "360000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0060": { "value": "458000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0059": { "value": "344000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0066": { "value": "1694000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0065": { "value": "1742000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0064": { "value": "1626000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0069": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0068": { "value": "-28000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0067": { "value": "-12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0072": { "value": "12402000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0071": { "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" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0070": { "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" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0076": { "value": "2169000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0075": { "value": "1650000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0077": { "value": "938000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00169": { "value": "10233000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00168": { "value": "7041000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00170": { "value": "5961000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0086": { "value": "290000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0087": { "value": "80000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0088": { "value": "-406000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0092": { "value": "188000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0093": { "value": "139000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0091": { "value": "278000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0098": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0097": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0096": { "value": "-6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_00101": { "value": "94000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_00100": { "value": "43000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0099": { "value": "-101000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00120": { "value": "384000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00119": { "value": "188000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00118": { "value": "-33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00129": { "value": "2387000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00128": { "value": "-957000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00127": { "value": "608000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00134": { "value": "18000000.0", "decimals": -6, "dimensions": { "concept": "azn:OtherComprehensiveIncomeGainsLossesOnExchangeDifferencesOnLiabilitiesDesignatedInNetInvestmentHedgesBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00133": { "value": "-122000000.0", "decimals": -6, "dimensions": { "concept": "azn:OtherComprehensiveIncomeGainsLossesOnExchangeDifferencesOnLiabilitiesDesignatedInNetInvestmentHedgesBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00132": { "value": "24000000.0", "decimals": -6, "dimensions": { "concept": "azn:OtherComprehensiveIncomeGainsLossesOnExchangeDifferencesOnLiabilitiesDesignatedInNetInvestmentHedgesBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00139": { "value": "263000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00138": { "value": "-129000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00137": { "value": "266000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_00142": { "value": "314000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_00141": { "value": "-177000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_00140": { "value": "145000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00150": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00148": { "value": "39000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00149": { "value": "44000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00161": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "azn:GainsCostsOfHedgingBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00160": { "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" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00159": { "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" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_00451": { "value": "50000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_00452": { "value": "-25000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_00453": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00645": { "value": "2319000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00647": { "value": "-988000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00646": { "value": "766000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00672": { "value": "2703000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00671": { "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" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00670": { "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" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00185": { "value": "12936000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00184": { "value": "6241000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_00183": { "value": "6694000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00173": { "value": "10225000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00172": { "value": "7035000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00171": { "value": "5955000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00176": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00175": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00174": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00179": { "value": "12920000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00178": { "value": "6236000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00177": { "value": "6688000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00182": { "value": "16000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00181": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00180": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncomeParenthetical_Label_00269": { "value": "0.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:ParValuePerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00188": { "value": "6.6", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00187": { "value": "4.54", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00186": { "value": "3.84", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncomeParenthetical_Label_00270": { "value": "0.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:ParValuePerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00450": { "value": "6.54", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00449": { "value": "4.5", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00448": { "value": "3.81", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00650": { "value": "1550000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00649": { "value": "1550000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00648": { "value": "1549000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00826": { "value": "1562000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00828": { "value": "1563000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00827": { "value": "1562000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncomeParenthetical_Label_00271": { "value": "4846000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinaryShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncomeParenthetical_Label_00272": { "value": "4602000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinaryShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncomeParenthetical_Label_00273": { "value": "4487000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinaryShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_002": { "value": "12962000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_001": { "value": "10252000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_004": { "value": "1741000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_003": { "value": "1395000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_006": { "value": "21242000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_005": { "value": "21025000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_008": { "value": "37846000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_007": { "value": "37177000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0010": { "value": "302000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_009": { "value": "268000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0027": { "value": "2223000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0026": { "value": "1632000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0032": { "value": "498000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0031": { "value": "182000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00220": { "value": "1327000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00219": { "value": "930000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00673": { "value": "1391000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsNoncurrent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00674": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsNoncurrent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00731": { "value": "5819000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00732": { "value": "5347000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00830": { "value": "85351000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00829": { "value": "78208000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0037": { "value": "6557000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0036": { "value": "5288000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0039": { "value": "15177000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0038": { "value": "12972000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0050": { "value": "30000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentInvestments", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0049": { "value": "166000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentInvestments", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0055": { "value": "90000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_0054": { "value": "54000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00454": { "value": "1158000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00455": { "value": "1859000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00676": { "value": "5711000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00675": { "value": "5488000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00734": { "value": "28723000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00733": { "value": "25827000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0063": { "value": "114074000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0062": { "value": "104035000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0074": { "value": "3104000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0073": { "value": "2337000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0079": { "value": "382000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0078": { "value": "339000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0080": { "value": "25280000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0081": { "value": "22465000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0082": { "value": "81000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0083": { "value": "50000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0084": { "value": "686000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0085": { "value": "1269000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0089": { "value": "1084000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0090": { "value": "1406000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedTotalLabel_00735": { "value": "30617000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedTotalLabel_00736": { "value": "27866000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0095": { "value": "24715000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_0094": { "value": "26506000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00103": { "value": "1421000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00102": { "value": "1113000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00105": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00104": { "value": "115000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00107": { "value": "3500000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00106": { "value": "3305000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00109": { "value": "1105000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00108": { "value": "1330000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00111": { "value": "918000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00110": { "value": "921000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00112": { "value": "700000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesNoncurrent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00113": { "value": "238000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesNoncurrent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00115": { "value": "2379000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedLabel_00114": { "value": "1770000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedTotalLabel_00795": { "value": "34738000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedTotalLabel_00794": { "value": "35298000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedTotalLabel_00117": { "value": "65355000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_NegatedTotalLabel_00116": { "value": "63164000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00122": { "value": "48719000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00121": { "value": "40871000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00124": { "value": "388000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00123": { "value": "388000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00126": { "value": "35266000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00125": { "value": "35226000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00131": { "value": "153000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00130": { "value": "153000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00136": { "value": "448000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00135": { "value": "448000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00143": { "value": "1440000000.0", "decimals": -6, "dimensions": { "concept": "azn:OtherReservesOtherThanMergerAndCapitalRedemptionReserve", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00144": { "value": "1411000000.0", "decimals": -6, "dimensions": { "concept": "azn:OtherReservesOtherThanMergerAndCapitalRedemptionReserve", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00151": { "value": "10972000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00152": { "value": "3160000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00153": { "value": "48667000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00154": { "value": "40786000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00155": { "value": "52000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_Label_00156": { "value": "85000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00157": { "value": "48719000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00158": { "value": "40871000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00838": { "value": "The Financial Statements from pages 125 to 196 were approved by the Board and were signed on its behalf by
Pascal Soriot
Aradhana Sarin
Director
Director
10 February 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00282": { "value": "387000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00281": { "value": "35155000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00280": { "value": "153000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00279": { "value": "448000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00278": { "value": "1468000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00277": { "value": "-574000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00276": { "value": "37037000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00275": { "value": "21000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00274": { "value": "37058000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00307": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00306": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00283": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00284": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00285": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00286": { "value": "5955000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00287": { "value": "5955000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00288": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00289": { "value": "5961000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00318": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00317": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00316": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00315": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00314": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00313": { "value": "733000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00312": { "value": "733000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00311": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00310": { "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" } }, "ConsolidatedStatementOfChangesInEquity_Label_00345": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00344": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00343": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00342": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00341": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00340": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00339": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00338": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00337": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00369": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00370": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00371": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00372": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00364": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00365": { "value": "4487000000.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00366": { "value": "4487000000.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00367": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00368": { "value": "4487000000.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00407": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00408": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00409": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00410": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00411": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00412": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00413": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00414": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00415": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00426": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00425": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00424": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00423": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00422": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00421": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00420": { "value": "34000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00419": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00418": { "value": "34000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00737": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00738": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00739": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00740": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00741": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00742": { "value": "579000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00743": { "value": "579000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00744": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00745": { "value": "579000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00782": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00771": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00770": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00769": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00768": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00767": { "value": "-708000000.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00766": { "value": "-708000000.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00765": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00764": { "value": "-708000000.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00804": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00803": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00802": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00801": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00800": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00799": { "value": "2076000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00798": { "value": "2106000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00797": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00796": { "value": "2108000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00712": { "value": "388000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00711": { "value": "35188000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00710": { "value": "153000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00709": { "value": "448000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00708": { "value": "1464000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00707": { "value": "1502000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00706": { "value": "39143000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00705": { "value": "23000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00704": { "value": "39166000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00294": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "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_00295": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "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_00296": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "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_00297": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "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_00298": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "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_00290": { "value": "7035000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "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_00291": { "value": "7035000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "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_00292": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "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_00293": { "value": "7041000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00319": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "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_00320": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "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_00321": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "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_00327": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "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_00326": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "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_00325": { "value": "-799000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "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_00324": { "value": "-799000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "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_00323": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "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_00322": { "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" } }, "ConsolidatedStatementOfChangesInEquity_Label_00354": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "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_00353": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "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_00352": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "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_00351": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "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_00350": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "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_00349": { "value": "-15000000.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "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_00348": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "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_00347": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "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_00346": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00378": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00379": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00380": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00381": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00373": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00374": { "value": "4602000000.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00375": { "value": "4602000000.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00376": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00377": { "value": "4602000000.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00416": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00417": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00391": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00392": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00393": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00394": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00395": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00396": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00397": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00435": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "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_00434": { "value": "38000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "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_00433": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "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_00432": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "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_00431": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "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_00430": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "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_00429": { "value": "38000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "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_00428": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "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_00427": { "value": "38000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00664": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "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_00665": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "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_00666": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "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_00667": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "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_00658": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "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_00659": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "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_00660": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "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_00661": { "value": "61000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "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_00668": { "value": "61000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00689": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "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_00690": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "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_00691": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "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_00692": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "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_00693": { "value": "-68000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "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_00694": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "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_00695": { "value": "-68000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "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_00696": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "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_00697": { "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_00746": { "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_00747": { "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_00748": { "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_00749": { "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_00750": { "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_00751": { "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_00752": { "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_00753": { "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_00754": { "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_00772": { "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_00790": { "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_00789": { "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_00788": { "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_00787": { "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_00786": { "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_00785": { "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_00784": { "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_00783": { "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_00813": { "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_00812": { "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_00811": { "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_00810": { "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_00809": { "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_00808": { "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_00807": { "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_00806": { "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_00805": { "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_00721": { "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_00720": { "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_00719": { "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_00718": { "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_00717": { "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_00716": { "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_00715": { "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_00714": { "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_00713": { "value": "40871000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00299": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00300": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00301": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00302": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00303": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00304": { "value": "10225000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00305": { "value": "10225000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00308": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00309": { "value": "10233000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00336": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00335": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00334": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00333": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00332": { "value": "-61000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00331": { "value": "2756000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00330": { "value": "2695000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00329": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00328": { "value": "2703000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00363": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00362": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00361": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00360": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00359": { "value": "47000000.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00358": { "value": "-47000000.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00357": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00356": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00355": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:IncreaseDecreaseThroughTransferBetweenOtherReservesAndRetainedEarningsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00382": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00383": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00384": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00385": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00386": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00387": { "value": "4846000000.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00388": { "value": "4846000000.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00389": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00390": { "value": "4846000000.0", "decimals": -6, "dimensions": { "concept": "azn:DividendsRecognisedAsDistributionsToOwnersOfParentNetOfForfeiture", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00398": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00399": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00400": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00401": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00402": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00403": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00404": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00405": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00406": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00444": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00443": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00442": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00441": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00440": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00439": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00438": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00437": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00436": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00651": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00652": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00653": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00654": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00655": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00656": { "value": "-214000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00657": { "value": "-214000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00662": { "value": "-43000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00663": { "value": "-257000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00680": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00681": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00682": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00683": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00684": { "value": "43000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00685": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00686": { "value": "43000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00687": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00688": { "value": "43000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00755": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00756": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00757": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00758": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00759": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00760": { "value": "719000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00761": { "value": "719000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00762": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00763": { "value": "719000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00781": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00780": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00779": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00778": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00777": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00776": { "value": "-781000000.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00775": { "value": "-781000000.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00774": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00773": { "value": "-781000000.0", "decimals": -6, "dimensions": { "concept": "azn:SettlementOfSharePlanAwardsEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00818": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00817": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00816": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00815": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00814": { "value": "29000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00822": { "value": "7812000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00821": { "value": "7881000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00820": { "value": "-33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00819": { "value": "7848000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00730": { "value": "388000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00729": { "value": "35266000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00728": { "value": "153000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00727": { "value": "448000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00726": { "value": "1440000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00725": { "value": "10972000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00724": { "value": "48667000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00723": { "value": "52000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00722": { "value": "48719000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParentheticals_Label_00445": { "value": "2703000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParentheticals_Label_00446": { "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_00447": { "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_00698": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "azn:GainsCostsOfHedgingBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParentheticals_Label_00699": { "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_00700": { "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" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "Consolidated Statement of Cash Flows
for the year ended 31 December
2025
2024
2023
Notes
$m
$m
$m
Cash flows from operating activities
Profit before tax
12,402
8,691
6,899
Finance income and expense
4
1,334
1,284
1,282
Share of after tax losses in associates and joint ventures
12
7
28
12
Depreciation, amortisation and impairment
3
5,733
6,688
5,387
Increase in trade and other receivables
(1,728)
(1,624)
(1,425)
Increase in inventories
(755)
(131)
(669)
Increase in trade and other payables and provisions
1,346
862
2,394
Gains on disposal of intangible assets
3
(168)
(64)
(251)
Fair value movements on contingent consideration arising from business combinations
20
(97)
311
549
Non-cash and other movements
18
662
(121)
(386)
Cash generated from operations
18,736
15,924
13,792
Interest paid
(1,316)
(1,313)
(1,081)
Tax paid
(2,845)
(2,750)
(2,366)
Net cash inflow from operating activities
14,575
11,861
10,345
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired
27
(66)
(2,771)
(189)
Payments upon vesting of employee share awards attributable to business combinations
27
\u2013
(3)
(84)
Payment of contingent consideration from business combinations
20
(1,164)
(1,008)
(826)
Purchase of property, plant and equipment
(2,810)
(1,924)
(1,361)
Disposal of property, plant and equipment
13
55
132
Purchase of intangible assets
(3,095)
(2,662)
(2,417)
Disposal of intangible assets
136
123
291
Movement in profit-participation liability
3
\u2013
\u2013
190
Purchase of non-current asset investments
(229)
(96)
(136)
Disposal of non-current asset investments
\u2013
78
32
Movement in short-term investments, fixed deposits and other investing instruments
131
30
97
Payments to associates and joint ventures
12
(10)
(158)
(80)
Disposal of investments in associates and joint ventures
\u2013
13
\u2013
Interest received
286
343
287
Net cash outflow from investing activities
(6,808)
(7,980)
(4,064)
Net cash inflow before financing activities
7,767
3,881
6,281
Cash flows from financing activities
Proceeds from issue of share capital
40
38
33
Own shares purchased by Employee Benefit Trusts
(521)
(81)
\u2013
Payments to acquire non-controlling interests
(183)
\u2013
\u2013
Issue of loans and borrowings
15
6,492
3,816
Repayment of loans and borrowings
(2,029)
(4,652)
(4,942)
Dividends paid
25
(4,971)
(4,629)
(4,481)
Hedge contracts relating to dividend payments
25
113
16
(19)
Repayment of obligations under leases
(372)
(316)
(268)
Movement in short-term borrowings
364
(31)
161
Payment of Acerta Pharma share purchase liability
\u2013
(833)
(867)
Net cash outflow from financing activities
(7,544)
(3,996)
(6,567)
Net increase/(decrease) in Cash and cash equivalents in the period
223
(115)
(286)
Cash and cash equivalents at the beginning of the period
5,429
5,637
5,983
Exchange rate effects
46
(93)
(60)
Cash and cash equivalents at the end of the period
18
5,698
5,429
5,637Timing 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 possible that tax payments may be required in relation to a number of 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 $126m (2024: $164m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedStatementOfCashFlows_Label_00147": { "value": "12402000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00146": { "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_00145": { "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_NegatedLabel_00163": { "value": "-1334000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00162": { "value": "-1284000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00164": { "value": "-1282000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00166": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00165": { "value": "-28000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00167": { "value": "-12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00189": { "value": "5733000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00190": { "value": "6688000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00191": { "value": "5387000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00194": { "value": "-1728000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00193": { "value": "-1624000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00192": { "value": "-1425000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00196": { "value": "-755000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00195": { "value": "-131000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00197": { "value": "-669000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00199": { "value": "-1346000000.0", "decimals": -6, "dimensions": { "concept": "azn:AdjustmentsForIncreaseDecreaseInTradeOtherPayablesAndProvisions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00198": { "value": "-862000000.0", "decimals": -6, "dimensions": { "concept": "azn:AdjustmentsForIncreaseDecreaseInTradeOtherPayablesAndProvisions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00200": { "value": "-2394000000.0", "decimals": -6, "dimensions": { "concept": "azn:AdjustmentsForIncreaseDecreaseInTradeOtherPayablesAndProvisions", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00202": { "value": "-168000000.0", "decimals": -6, "dimensions": { "concept": "azn:AdjustmentsForLossesGainsOnDisposalOfIntangibleAsset", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00201": { "value": "-64000000.0", "decimals": -6, "dimensions": { "concept": "azn:AdjustmentsForLossesGainsOnDisposalOfIntangibleAsset", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00203": { "value": "-251000000.0", "decimals": -6, "dimensions": { "concept": "azn:AdjustmentsForLossesGainsOnDisposalOfIntangibleAsset", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00205": { "value": "-97000000.0", "decimals": -6, "dimensions": { "concept": "azn:ContingentConsiderationFairValueMovement", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00204": { "value": "311000000.0", "decimals": -6, "dimensions": { "concept": "azn:ContingentConsiderationFairValueMovement", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00206": { "value": "549000000.0", "decimals": -6, "dimensions": { "concept": "azn:ContingentConsiderationFairValueMovement", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00208": { "value": "662000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00207": { "value": "-121000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00209": { "value": "-386000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00210": { "value": "18736000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00211": { "value": "15924000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00212": { "value": "13792000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00215": { "value": "1316000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00214": { "value": "1313000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00213": { "value": "1081000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00218": { "value": "2845000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00217": { "value": "2750000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00216": { "value": "2366000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00461": { "value": "14575000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00460": { "value": "11861000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00459": { "value": "10345000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00223": { "value": "66000000.0", "decimals": -6, "dimensions": { "concept": "azn:UpfrontPaymentsOnBusinessCombinationsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00222": { "value": "2771000000.0", "decimals": -6, "dimensions": { "concept": "azn:UpfrontPaymentsOnBusinessCombinationsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00221": { "value": "189000000.0", "decimals": -6, "dimensions": { "concept": "azn:UpfrontPaymentsOnBusinessCombinationsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00224": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:PaymentsUponVestingOfEmployeeShareAwardsAttributableToBusinessCombinations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00225": { "value": "3000000.0", "decimals": -6, "dimensions": { "concept": "azn:PaymentsUponVestingOfEmployeeShareAwardsAttributableToBusinessCombinations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00226": { "value": "84000000.0", "decimals": -6, "dimensions": { "concept": "azn:PaymentsUponVestingOfEmployeeShareAwardsAttributableToBusinessCombinations", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00227": { "value": "1164000000.0", "decimals": -6, "dimensions": { "concept": "azn:ContingentConsiderationPaymentBusinessCombinationsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00228": { "value": "1008000000.0", "decimals": -6, "dimensions": { "concept": "azn:ContingentConsiderationPaymentBusinessCombinationsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00229": { "value": "826000000.0", "decimals": -6, "dimensions": { "concept": "azn:ContingentConsiderationPaymentBusinessCombinationsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00230": { "value": "2810000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00232": { "value": "1924000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00231": { "value": "1361000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00235": { "value": "13000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00234": { "value": "55000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00233": { "value": "132000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00238": { "value": "3095000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00237": { "value": "2662000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00236": { "value": "2417000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00241": { "value": "136000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00240": { "value": "123000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00239": { "value": "291000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00458": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:InflowsOutflowsOfCashRelatedToProfitParticipationLiabilityClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00457": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:InflowsOutflowsOfCashRelatedToProfitParticipationLiabilityClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00456": { "value": "190000000.0", "decimals": -6, "dimensions": { "concept": "azn:InflowsOutflowsOfCashRelatedToProfitParticipationLiabilityClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00464": { "value": "229000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00463": { "value": "96000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00462": { "value": "136000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00469": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00468": { "value": "78000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00470": { "value": "32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00471": { "value": "131000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00472": { "value": "30000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00473": { "value": "97000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00474": { "value": "10000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00475": { "value": "158000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00476": { "value": "80000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00477": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00478": { "value": "13000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00479": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00679": { "value": "286000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00678": { "value": "343000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00677": { "value": "287000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00703": { "value": "-6808000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00702": { "value": "-7980000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00701": { "value": "-4064000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00242": { "value": "7767000000.0", "decimals": -6, "dimensions": { "concept": "azn:CashFlowsFromUsedInOperatingAndInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00243": { "value": "3881000000.0", "decimals": -6, "dimensions": { "concept": "azn:CashFlowsFromUsedInOperatingAndInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00244": { "value": "6281000000.0", "decimals": -6, "dimensions": { "concept": "azn:CashFlowsFromUsedInOperatingAndInvestingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00247": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00246": { "value": "38000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00245": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00248": { "value": "521000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00249": { "value": "81000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00250": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00251": { "value": "183000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00252": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00253": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00256": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00255": { "value": "6492000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00254": { "value": "3816000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00259": { "value": "2029000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00258": { "value": "4652000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00257": { "value": "4942000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00260": { "value": "4971000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00262": { "value": "4629000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00261": { "value": "4481000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00643": { "value": "-113000000.0", "decimals": -6, "dimensions": { "concept": "azn:HedgeContractsRelatingToDividendPaymentsReceiptsClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00642": { "value": "-16000000.0", "decimals": -6, "dimensions": { "concept": "azn:HedgeContractsRelatingToDividendPaymentsReceiptsClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00641": { "value": "19000000.0", "decimals": -6, "dimensions": { "concept": "azn:HedgeContractsRelatingToDividendPaymentsReceiptsClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00793": { "value": "372000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00792": { "value": "316000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00791": { "value": "268000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00824": { "value": "364000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00823": { "value": "-31000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00825": { "value": "161000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00833": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "azn:PaymentOfSharePurchaseLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00832": { "value": "833000000.0", "decimals": -6, "dimensions": { "concept": "azn:PaymentOfSharePurchaseLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00831": { "value": "867000000.0", "decimals": -6, "dimensions": { "concept": "azn:PaymentOfSharePurchaseLiabilities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00836": { "value": "-7544000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00835": { "value": "-3996000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00834": { "value": "-6567000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00265": { "value": "223000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00264": { "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_00263": { "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_PeriodStartLabel_00268": { "value": "5429000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00267": { "value": "5637000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00266": { "value": "5983000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00467": { "value": "46000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00466": { "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_00465": { "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_PeriodEndLabel_00482": { "value": "5698000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00481": { "value": "5429000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00480": { "value": "5637000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "Group Accounting Policies
Basis of accounting and preparation
of \ufb01nancial information
The Consolidated Financial Statements
(or Group 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.
New accounting requirements
The following amendments have been issued
and 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 - endorsed by the United
Kingdom Endorsement Board (UKEB) on
15 July 2024.
The above amendments did not have a
significant impact on the Group\u2019s net results,
net assets or disclosures.
Product revenue subtotal
Effective 1 January 2025, the Group has
updated the presentation of Total Revenue
on the face of the Consolidated Statement
of Comprehensive Income to include a new
subtotal \u2018Product Revenue\u2019. This represents
the summation of Product Sales and
Alliance Revenue on the basis of the similar
characteristics of the underlying product sales
curve profiles related to the end customer.
Product Revenue and Collaboration Revenue
form Total Revenue. Product Sales and
Alliance Revenue continue to be presented
separately, with the new subtotal providing
additional aggregation of revenue types with
similar characteristics, reflecting the growing
importance of Alliance Revenue.
There are no changes to the Revenue
accounting policy regarding the types of
transactions recorded in each revenue
category. The comparative years have
been retrospectively adjusted to reflect the
additional subtotal, resulting in total Product
Revenue being reported for the year ended
31 December 2024 of $53,150m and the year
ended 31 December 2023 of $45,217m.
Basis for preparation of Financial
Statements on a going concern basis
The Group has considerable financial
resources available. As at 31 December 2025,
the Group has $10.6bn in financial resources
(cash and cash equivalent balances of $5.7bn
and undrawn committed bank facilities of
$4.9bn that are available until April 2030), with
$3.5bn of borrowings due within one year.
These facilities contain no financial covenants,
and in January 2026 their maturity was
extended to April 2031.
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 130
KJ
and
Note 2 on page 141
SE
\u2022
expensing of internal development
expenses \u2013 see Research and development
accounting policy on page 131
KJ
\u2022
impairment reviews of Intangible assets
\u2013 see Note 11 on page 153
SE
\u2022
useful economic life of Intangible assets
\u2013 see Research and development
accounting policy on page 131
KJ
\u2022
business combinations and Goodwill \u2013
see Business combinations and goodwill
accounting policy on page 134
KJ
\u2022
litigation liabilities \u2013 see Legal proceedings
within Note 30 on page 181
KJ
\u2022
operating segments \u2013 see Note 7 on
page 147
KJ
\u2022
employee benefits \u2013 see Note 22 on
page 168
SE
\u2022
taxation \u2013 see Note 30 on page 190
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 Research and development
(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 171.
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
\n
Product Sales represent net invoice value less
\n
estimated rebates, returns and chargebacks,
\n
which are considered to be variable
\n
consideration and include significant
\n
estimates. Sales are recognised when the
\n
control of the goods has been transferred to
\n
a third party. This is usually when title passes
\n
to the customer, either on shipment or on
\n
receipt of goods by the customer, depending
\n
on local trading terms. Revenue is not
\n
recognised in full until it is highly probable
\n
that a significant reversal in the amount of
\n
cumulative revenue recognised will not occur.
\n
Rebates are amounts payable or credited to
\n
a customer, usually based on the quantity
\n
or value of Product Sales to the customer for
\n
specific products in a certain period. Product
\n
Sales rebates, which relate to Product Sales
\n
that occur over a period of time, are normally
\n
issued retrospectively.
\n
At the time Product Sales are invoiced, rebates
\n
and deductions that the Group expects to
\n
pay are estimated based upon assumptions
\n
developed using contractual terms, historical
\n
experience and market-related information.
\n
The rebates and deductions are recognised
\n
as variable consideration and recorded as a
\n
reduction to revenue with an accrual recorded.
\n
These rebates typically arise from sales
\n
contracts with government payers, third-party
\n
managed care organisations, hospitals,
\n
long-term care facilities, group purchasing
\n
organisations and various state programmes.
\n
In markets where returns are significant,
\n
estimates of the quantity and value of
\n
goods which may ultimately be returned
\n
are accounted for at the point revenue is
\n
recognised. Our returns accruals are based
\n
on actual experience over the preceding
\n
12 months for established products together
\n
with market-related information such as
\n
estimated stock levels at wholesalers and
\n
competitor activity which we receive via
\n
third-party information services. For newly
\n
launched products, we use rates based on
\n
our experience with similar products or a
\n
predetermined percentage.
\n
When a product faces generic competition,
\n
particular attention is given to the possible
\n
levels of returns and, in cases where the
\n
circumstances are such that the level of
\n
Product Sales are considered highly probable
\n
to reverse, revenues are only recognised
\n
when the right of return expires, which is
\n
generally on ultimate prescription of the
\n
product to patients.
\n
The methodology and assumptions used to
\n
estimate rebates and returns are monitored
\n
and adjusted regularly in the light of
\n
contractual and legal obligations, historical
\n
trends, past experience and projected
\n
market conditions. Once the uncertainty
\n
associated with returns is resolved, revenue
\n
is adjusted accordingly.
\n
Under certain collaboration agreements
\n
which include a profit sharing mechanism,
\n
our recognition of Product Sales depends
\n
on which party acts as principal in sales to
\n
the end customer. In the cases where
\n
AstraZeneca acts as principal, we record
\n
100% of sales to the end customer. In the
\n
cases where AstraZeneca does not act as
\n
principal, we record the share of gross
\n
profits received within Alliance Revenue.
\n
Certain arrangements include bill-and-hold
\n
arrangements under which the Group invoices
\n
a customer for a product but retains physical
\n
possession of the product until it is transferred
\n
to the customer at a point in time in the
\n
future. For these types of arrangements, an
\n
assessment is made to determine when the
\n
performance obligation has been satisfied,
\n
which is when control of the product is
\n
transferred to the customer. If the customer
\n
has obtained control of the product even
\n
though that product remains in the Group\u2019s
\n
physical possession, the performance
\n
obligation to transfer a product has been
\n
satisfied and Product Sales are recognised.
\n
Control is considered to have transferred when
\n
the reason for the bill-and-hold arrangement
\n
is substantive, the product can be identified
\n
separately as belonging to the customer, the
\n
product is ready for physical transfer to the
\n
customer and AstraZeneca is unable to use
\n
or sell the product to another customer.
\n
Alliance Revenue
\n
Alliance Revenue comprises income arising
\n
from the ongoing operation of collaborative
\n
arrangements related to sales made by
\n
collaboration partners, where AstraZeneca
\n
is entitled to a share of gross profits, a share
\n
of revenues or royalties, which are recurring
\n
in nature while the collaboration agreement
\n
remains in place. Alliance Revenue does
\n
not include Product Sales where
\n
AstraZeneca is leading commercialisation
\n
in a territory, or reimbursement for
\n
AstraZeneca-incurred expenses such as
\n
R&D or promotion costs, which arise from
\n
the license of intellectual property.
\n
The Group periodically enters into transactions
\n
where it acquires part of the rights to a product
\n
intangible (either on-market or in-process
\n
R&D), but for commercial reasons does not
\n
act as principal in selling the product to the
\n
customer and therefore does not recognise
\n
income from the product in the form of
\n
Product Sales. This may occur where, for
\n
example, a collaboration partner retains the
\n
right to commercialise in a specific territory,
\n
and has sufficient local control over that
\n
commercialisation to book Product Sales,
\n
while the Group instead receives a proportion
\n
of the value generated by those Product
\n
Sales, either in the form of a share of gross
\n
profits, a share of revenues or a royalty. This
\n
revenue is recognised when the Group\u2019s
\n
right to receive the share of the collaboration
\n
partner\u2019s income is established and can be
\n
reliably measured.
\n
Where an out-licensing arrangement meets
\n
the definition of a licence agreement, sales
\n
royalties are recognised when achieved by
\n
applying the royalty exemption under IFRS 15
\n
\u2018Revenue from Contracts with Customers\u2019.
\n
Where the arrangement meets the definition
\n
of a licence agreement, share of gross profits,
\n
share of revenues and sales royalties are
\n
recognised when achieved by applying the
\n
royalty exemption under IFRS 15. All other
\n
sales royalties are recognised when
\n
considered it is highly probable there will not
\n
be a significant reversal of cumulative income.
\n
The determination requires estimates to be
\n
made in relation to future Product Sales.
\n
Collaboration Revenue
\n
Collaboration Revenue includes income
\n
arising from entering into collaborative
\n
arrangements where the Group has
\n
out-licensed (sold) certain rights associated
\n
with products and where AstraZeneca
\n
retains a significant ongoing economic
\n
interest in the product. Significant interest
\n
can include ongoing supply of finished
\n
goods, profit sharing arrangements or being
\n
principal in the sales of medicines. These
\n
collaborations may include development,
\n
manufacturing and/or commercialisation
\n
arrangements with the collaborator. Income
\n
from out-licences may take the form of
\n
upfront fees and milestones.
\n
KJ
\n
Timing of recognition of clinical and
\n
regulatory milestones is considered to be a
\n
Key Judgement. There can be significant
\n
uncertainty over whether it is highly probable
\n
that there would not be a significant reversal
\n
of cumulative revenue in respect of specific
\n
milestones if these are recognised before
\n
they are triggered due to them being subject
\n
to the actions of third parties. In general,
\n
where the triggering of a milestone is subject
\n
to the decisions of third parties (e.g. the
\n
acceptance or approval of a filing by a
\n
regulatory authority), the Group does not
\n
consider that the threshold for recognition
\n
is met until that decision is made.
\n
Where Collaboration Revenue arises from
\n
the licensing of the Group\u2019s own intellectual
\n
property, the licences we grant are typically
\n
rights to use intellectual property which do
\n
not change during the period of the licence
\n
and therefore related non-conditional revenue
\n
is recognised at the point the licence is
\n
granted and variable consideration as soon
\n
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 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 2025, 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 at least 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 11
to the Financial Statements from page 151.
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 intellectual property (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 bene\ufb01ts
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 working 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 based
upon interpretation of applicable laws and
regulations and the expectation of how the
tax authority will resolve the matter. Tax
benefits are recognised when it is probable
the tax positions will be accepted by the tax
authorities. When a position is not considered
probable of being accepted, management
reviews each material tax benefit and reflects
the effect of the uncertainty in determining
the related taxable result. This is 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 189.
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 cost
of shares held by EBTs at the period end is
deducted from equity. The cash flows relating
to replacement awards issued to employees
as part of the Alexion Pharmaceuticals, Inc.
(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. 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.
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 acquiring a business, fair values are
assigned to identifiable assets and liabilities
by the application of judgement. Contingent
liabilities are recognised at fair value unless it
cannot be measured reliably.
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.
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.
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.
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 13.
Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration 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:
i) 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 (such overdrafts
are included within current Interest-bearing
loans and borrowings in the Consolidated
Statement of Financial Position).
ii) 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.
iii) 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.
iv) 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.
v) 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 181.
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 for indicators
of impairment. For Goodwill, Intangible assets
in development and 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.
IFRS 18 was endorsed by the UKEB on
10 December 2025.
\u2022
The Group continues to advance with
the implementation of IFRS 18 and is well
progressed with the adoption impact
assessment. The Group is not seeking to
early adopt this new standard. However, as
a means of illustrating the impact of IFRS 18
on the presentation of the Group\u2019s results
for the year ended 31 December 2025,
the currently expected IFRS 18 adoption
impacts for 2025 are shown in Note 1 to the
Financial Statements. The Group continues
to monitor IFRS 18 implementation
guidance in advance of adoption for the
accounting year beginning 1 January 2027.
In addition, the following amendments were
issued but not yet adopted:
\u2022
amendments to IFRS 9 \u2018Financial
Instruments\u2019 and IFRS 7 \u2018Financial
Instruments: Disclosures\u2019, effective for
periods beginning on or after 1 January
2026 \u2013 endorsed by the UKEB on 15 April
2025 and 23 July 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00591": { "value": "Basis of accounting and preparation
of \ufb01nancial information
The Consolidated Financial Statements
(or Group 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00590": { "value": "Basis of accounting and preparation
of \ufb01nancial information
The Consolidated Financial Statements
(or Group 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00589": { "value": "Basis of accounting and preparation
of \ufb01nancial information
The Consolidated Financial Statements
(or Group 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "The Consolidated Financial Statements
(or Group 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.
New accounting requirements
The following amendments have been issued
and 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 - endorsed by the United
Kingdom Endorsement Board (UKEB) on
15 July 2024.
The above amendments did not have a
significant impact on the Group\u2019s net results,
net assets or disclosures.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00592": { "value": "Basis for preparation of Financial
Statements on a going concern basis
The Group has considerable financial
resources available. As at 31 December 2025,
the Group has $10.6bn in financial resources
(cash and cash equivalent balances of $5.7bn
and undrawn committed bank facilities of
$4.9bn that are available until April 2030), with
$3.5bn of borrowings due within one year.
These facilities contain no financial covenants,
and in January 2026 their maturity was
extended to April 2031.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00595": { "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 130
KJ
and
Note 2 on page 141
SE
\u2022
expensing of internal development
expenses \u2013 see Research and development
accounting policy on page 131
KJ
\u2022
impairment reviews of Intangible assets
\u2013 see Note 11 on page 153
SE
\u2022
useful economic life of Intangible assets
\u2013 see Research and development
accounting policy on page 131
KJ
\u2022
business combinations and Goodwill \u2013
see Business combinations and goodwill
accounting policy on page 134
KJ
\u2022
litigation liabilities \u2013 see Legal proceedings
within Note 30 on page 181
KJ
\u2022
operating segments \u2013 see Note 7 on
page 147
KJ
\u2022
employee benefits \u2013 see Note 22 on
page 168
SE
\u2022
taxation \u2013 see Note 30 on page 190
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 Research and development
(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 171.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00594": { "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 130 KJ and Note 2 on page 141 SE \u2022 expensing of internal development expenses \u2013 see Research and development accounting policy on page 131 KJ \u2022 impairment reviews of Intangible assets \u2013 see Note 11 on page 153 SE \u2022 useful economic life of Intangible assets \u2013 see Research and development accounting policy on page 131 KJ \u2022 business combinations and Goodwill \u2013 see Business combinations and goodwill accounting policy on page 134 KJ \u2022 litigation liabilities \u2013 see Legal proceedings within Note 30 on page 181 KJ \u2022 operating segments \u2013 see Note 7 on page 147 KJ \u2022 employee benefits \u2013 see Note 22 on page 168 SE \u2022 taxation \u2013 see Note 30 on page 190 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 Research and development (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 171. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00593": { "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 130
KJ
and
Note 2 on page 141
SE
\u2022
expensing of internal development
expenses \u2013 see Research and development
accounting policy on page 131
KJ
\u2022
impairment reviews of Intangible assets
\u2013 see Note 11 on page 153
SE
\u2022
useful economic life of Intangible assets
\u2013 see Research and development
accounting policy on page 131
KJ
\u2022
business combinations and Goodwill \u2013
see Business combinations and goodwill
accounting policy on page 134
KJ
\u2022
litigation liabilities \u2013 see Legal proceedings
within Note 30 on page 181
KJ
\u2022
operating segments \u2013 see Note 7 on
page 147
KJ
\u2022
employee benefits \u2013 see Note 22 on
page 168
SE
\u2022
taxation \u2013 see Note 30 on page 190
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 Research and development
(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 171.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00597": { "value": "Revenue
Revenue comprises Product Sales, Alliance
Revenue and Collaboration Revenue.
Revenue excludes inter-company revenues
and value-added taxes.
\n
Product Sales
\n
Product Sales represent net invoice value less
\n
estimated rebates, returns and chargebacks,
\n
which are considered to be variable
\n
consideration and include significant
\n
estimates. Sales are recognised when the
\n
control of the goods has been transferred to
\n
a third party. This is usually when title passes
\n
to the customer, either on shipment or on
\n
receipt of goods by the customer, depending
\n
on local trading terms. Revenue is not
\n
recognised in full until it is highly probable
\n
that a significant reversal in the amount of
\n
cumulative revenue recognised will not occur.
\n
Rebates are amounts payable or credited to
\n
a customer, usually based on the quantity
\n
or value of Product Sales to the customer for
\n
specific products in a certain period. Product
\n
Sales rebates, which relate to Product Sales
\n
that occur over a period of time, are normally
\n
issued retrospectively.
\n
At the time Product Sales are invoiced, rebates
\n
and deductions that the Group expects to
\n
pay are estimated based upon assumptions
\n
developed using contractual terms, historical
\n
experience and market-related information.
\n
The rebates and deductions are recognised
\n
as variable consideration and recorded as a
\n
reduction to revenue with an accrual recorded.
\n
These rebates typically arise from sales
\n
contracts with government payers, third-party
\n
managed care organisations, hospitals,
\n
long-term care facilities, group purchasing
\n
organisations and various state programmes.
\n
In markets where returns are significant,
\n
estimates of the quantity and value of
\n
goods which may ultimately be returned
\n
are accounted for at the point revenue is
\n
recognised. Our returns accruals are based
\n
on actual experience over the preceding
\n
12 months for established products together
\n
with market-related information such as
\n
estimated stock levels at wholesalers and
\n
competitor activity which we receive via
\n
third-party information services. For newly
\n
launched products, we use rates based on
\n
our experience with similar products or a
\n
predetermined percentage.
\n
When a product faces generic competition,
\n
particular attention is given to the possible
\n
levels of returns and, in cases where the
\n
circumstances are such that the level of
\n
Product Sales are considered highly probable
\n
to reverse, revenues are only recognised
\n
when the right of return expires, which is
\n
generally on ultimate prescription of the
\n
product to patients.
\n
The methodology and assumptions used to
\n
estimate rebates and returns are monitored
\n
and adjusted regularly in the light of
\n
contractual and legal obligations, historical
\n
trends, past experience and projected
\n
market conditions. Once the uncertainty
\n
associated with returns is resolved, revenue
\n
is adjusted accordingly.
\n
Under certain collaboration agreements
\n
which include a profit sharing mechanism,
\n
our recognition of Product Sales depends
\n
on which party acts as principal in sales to
\n
the end customer. In the cases where
\n
AstraZeneca acts as principal, we record
\n
100% of sales to the end customer. In the
\n
cases where AstraZeneca does not act as
\n
principal, we record the share of gross
\n
profits received within Alliance Revenue.
\n
Certain arrangements include bill-and-hold
\n
arrangements under which the Group invoices
\n
a customer for a product but retains physical
\n
possession of the product until it is transferred
\n
to the customer at a point in time in the
\n
future. For these types of arrangements, an
\n
assessment is made to determine when the
\n
performance obligation has been satisfied,
\n
which is when control of the product is
\n
transferred to the customer. If the customer
\n
has obtained control of the product even
\n
though that product remains in the Group\u2019s
\n
physical possession, the performance
\n
obligation to transfer a product has been
\n
satisfied and Product Sales are recognised.
\n
Control is considered to have transferred when
\n
the reason for the bill-and-hold arrangement
\n
is substantive, the product can be identified
\n
separately as belonging to the customer, the
\n
product is ready for physical transfer to the
\n
customer and AstraZeneca is unable to use
\n
or sell the product to another customer.
\n
Alliance Revenue
\n
Alliance Revenue comprises income arising
\n
from the ongoing operation of collaborative
\n
arrangements related to sales made by
\n
collaboration partners, where AstraZeneca
\n
is entitled to a share of gross profits, a share
\n
of revenues or royalties, which are recurring
\n
in nature while the collaboration agreement
\n
remains in place. Alliance Revenue does
\n
not include Product Sales where
\n
AstraZeneca is leading commercialisation
\n
in a territory, or reimbursement for
\n
AstraZeneca-incurred expenses such as
\n
R&D or promotion costs, which arise from
\n
the license of intellectual property.
\n
The Group periodically enters into transactions
\n
where it acquires part of the rights to a product
\n
intangible (either on-market or in-process
\n
R&D), but for commercial reasons does not
\n
act as principal in selling the product to the
\n
customer and therefore does not recognise
\n
income from the product in the form of
\n
Product Sales. This may occur where, for
\n
example, a collaboration partner retains the
\n
right to commercialise in a specific territory,
\n
and has sufficient local control over that
\n
commercialisation to book Product Sales,
\n
while the Group instead receives a proportion
\n
of the value generated by those Product
\n
Sales, either in the form of a share of gross
\n
profits, a share of revenues or a royalty. This
\n
revenue is recognised when the Group\u2019s
\n
right to receive the share of the collaboration
\n
partner\u2019s income is established and can be
\n
reliably measured.
\n
Where an out-licensing arrangement meets
\n
the definition of a licence agreement, sales
\n
royalties are recognised when achieved by
\n
applying the royalty exemption under IFRS 15
\n
\u2018Revenue from Contracts with Customers\u2019.
\n
Where the arrangement meets the definition
\n
of a licence agreement, share of gross profits,
\n
share of revenues and sales royalties are
\n
recognised when achieved by applying the
\n
royalty exemption under IFRS 15. All other
\n
sales royalties are recognised when
\n
considered it is highly probable there will not
\n
be a significant reversal of cumulative income.
\n
The determination requires estimates to be
\n
made in relation to future Product Sales.
\n
Collaboration Revenue
\n
Collaboration Revenue includes income
\n
arising from entering into collaborative
\n
arrangements where the Group has
\n
out-licensed (sold) certain rights associated
\n
with products and where AstraZeneca
\n
retains a significant ongoing economic
\n
interest in the product. Significant interest
\n
can include ongoing supply of finished
\n
goods, profit sharing arrangements or being
\n
principal in the sales of medicines. These
\n
collaborations may include development,
\n
manufacturing and/or commercialisation
\n
arrangements with the collaborator. Income
\n
from out-licences may take the form of
\n
upfront fees and milestones.
\n
KJ
\n
Timing of recognition of clinical and
\n
regulatory milestones is considered to be a
\n
Key Judgement. There can be significant
\n
uncertainty over whether it is highly probable
\n
that there would not be a significant reversal
\n
of cumulative revenue in respect of specific
\n
milestones if these are recognised before
\n
they are triggered due to them being subject
\n
to the actions of third parties. In general,
\n
where the triggering of a milestone is subject
\n
to the decisions of third parties (e.g. the
\n
acceptance or approval of a filing by a
\n
regulatory authority), the Group does not
\n
consider that the threshold for recognition
\n
is met until that decision is made.
\n
Where Collaboration Revenue arises from
\n
the licensing of the Group\u2019s own intellectual
\n
property, the licences we grant are typically
\n
rights to use intellectual property which do
\n
not change during the period of the licence
\n
and therefore related non-conditional revenue
\n
is recognised at the point the licence is
\n
granted and variable consideration as soon
\n
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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00596": { "value": "Revenue
Revenue comprises Product Sales, Alliance
Revenue and Collaboration Revenue.
Revenue excludes inter-company revenues
and value-added taxes.
\n
Product Sales
\n
Product Sales represent net invoice value less
\n
estimated rebates, returns and chargebacks,
\n
which are considered to be variable
\n
consideration and include significant
\n
estimates. Sales are recognised when the
\n
control of the goods has been transferred to
\n
a third party. This is usually when title passes
\n
to the customer, either on shipment or on
\n
receipt of goods by the customer, depending
\n
on local trading terms. Revenue is not
\n
recognised in full until it is highly probable
\n
that a significant reversal in the amount of
\n
cumulative revenue recognised will not occur.
\n
Rebates are amounts payable or credited to
\n
a customer, usually based on the quantity
\n
or value of Product Sales to the customer for
\n
specific products in a certain period. Product
\n
Sales rebates, which relate to Product Sales
\n
that occur over a period of time, are normally
\n
issued retrospectively.
\n
At the time Product Sales are invoiced, rebates
\n
and deductions that the Group expects to
\n
pay are estimated based upon assumptions
\n
developed using contractual terms, historical
\n
experience and market-related information.
\n
The rebates and deductions are recognised
\n
as variable consideration and recorded as a
\n
reduction to revenue with an accrual recorded.
\n
These rebates typically arise from sales
\n
contracts with government payers, third-party
\n
managed care organisations, hospitals,
\n
long-term care facilities, group purchasing
\n
organisations and various state programmes.
\n
In markets where returns are significant,
\n
estimates of the quantity and value of
\n
goods which may ultimately be returned
\n
are accounted for at the point revenue is
\n
recognised. Our returns accruals are based
\n
on actual experience over the preceding
\n
12 months for established products together
\n
with market-related information such as
\n
estimated stock levels at wholesalers and
\n
competitor activity which we receive via
\n
third-party information services. For newly
\n
launched products, we use rates based on
\n
our experience with similar products or a
\n
predetermined percentage.
\n
When a product faces generic competition,
\n
particular attention is given to the possible
\n
levels of returns and, in cases where the
\n
circumstances are such that the level of
\n
Product Sales are considered highly probable
\n
to reverse, revenues are only recognised
\n
when the right of return expires, which is
\n
generally on ultimate prescription of the
\n
product to patients.
\n
The methodology and assumptions used to
\n
estimate rebates and returns are monitored
\n
and adjusted regularly in the light of
\n
contractual and legal obligations, historical
\n
trends, past experience and projected
\n
market conditions. Once the uncertainty
\n
associated with returns is resolved, revenue
\n
is adjusted accordingly.
\n
Under certain collaboration agreements
\n
which include a profit sharing mechanism,
\n
our recognition of Product Sales depends
\n
on which party acts as principal in sales to
\n
the end customer. In the cases where
\n
AstraZeneca acts as principal, we record
\n
100% of sales to the end customer. In the
\n
cases where AstraZeneca does not act as
\n
principal, we record the share of gross
\n
profits received within Alliance Revenue.
\n
Certain arrangements include bill-and-hold
\n
arrangements under which the Group invoices
\n
a customer for a product but retains physical
\n
possession of the product until it is transferred
\n
to the customer at a point in time in the
\n
future. For these types of arrangements, an
\n
assessment is made to determine when the
\n
performance obligation has been satisfied,
\n
which is when control of the product is
\n
transferred to the customer. If the customer
\n
has obtained control of the product even
\n
though that product remains in the Group\u2019s
\n
physical possession, the performance
\n
obligation to transfer a product has been
\n
satisfied and Product Sales are recognised.
\n
Control is considered to have transferred when
\n
the reason for the bill-and-hold arrangement
\n
is substantive, the product can be identified
\n
separately as belonging to the customer, the
\n
product is ready for physical transfer to the
\n
customer and AstraZeneca is unable to use
\n
or sell the product to another customer.
\n
Alliance Revenue
\n
Alliance Revenue comprises income arising
\n
from the ongoing operation of collaborative
\n
arrangements related to sales made by
\n
collaboration partners, where AstraZeneca
\n
is entitled to a share of gross profits, a share
\n
of revenues or royalties, which are recurring
\n
in nature while the collaboration agreement
\n
remains in place. Alliance Revenue does
\n
not include Product Sales where
\n
AstraZeneca is leading commercialisation
\n
in a territory, or reimbursement for
\n
AstraZeneca-incurred expenses such as
\n
R&D or promotion costs, which arise from
\n
the license of intellectual property.
\n
The Group periodically enters into transactions
\n
where it acquires part of the rights to a product
\n
intangible (either on-market or in-process
\n
R&D), but for commercial reasons does not
\n
act as principal in selling the product to the
\n
customer and therefore does not recognise
\n
income from the product in the form of
\n
Product Sales. This may occur where, for
\n
example, a collaboration partner retains the
\n
right to commercialise in a specific territory,
\n
and has sufficient local control over that
\n
commercialisation to book Product Sales,
\n
while the Group instead receives a proportion
\n
of the value generated by those Product
\n
Sales, either in the form of a share of gross
\n
profits, a share of revenues or a royalty. This
\n
revenue is recognised when the Group\u2019s
\n
right to receive the share of the collaboration
\n
partner\u2019s income is established and can be
\n
reliably measured.
\n
Where an out-licensing arrangement meets
\n
the definition of a licence agreement, sales
\n
royalties are recognised when achieved by
\n
applying the royalty exemption under IFRS 15
\n
\u2018Revenue from Contracts with Customers\u2019.
\n
Where the arrangement meets the definition
\n
of a licence agreement, share of gross profits,
\n
share of revenues and sales royalties are
\n
recognised when achieved by applying the
\n
royalty exemption under IFRS 15. All other
\n
sales royalties are recognised when
\n
considered it is highly probable there will not
\n
be a significant reversal of cumulative income.
\n
The determination requires estimates to be
\n
made in relation to future Product Sales.
\n
Collaboration Revenue
\n
Collaboration Revenue includes income
\n
arising from entering into collaborative
\n
arrangements where the Group has
\n
out-licensed (sold) certain rights associated
\n
with products and where AstraZeneca
\n
retains a significant ongoing economic
\n
interest in the product. Significant interest
\n
can include ongoing supply of finished
\n
goods, profit sharing arrangements or being
\n
principal in the sales of medicines. These
\n
collaborations may include development,
\n
manufacturing and/or commercialisation
\n
arrangements with the collaborator. Income
\n
from out-licences may take the form of
\n
upfront fees and milestones.
\n
KJ
\n
Timing of recognition of clinical and
\n
regulatory milestones is considered to be a
\n
Key Judgement. There can be significant
\n
uncertainty over whether it is highly probable
\n
that there would not be a significant reversal
\n
of cumulative revenue in respect of specific
\n
milestones if these are recognised before
\n
they are triggered due to them being subject
\n
to the actions of third parties. In general,
\n
where the triggering of a milestone is subject
\n
to the decisions of third parties (e.g. the
\n
acceptance or approval of a filing by a
\n
regulatory authority), the Group does not
\n
consider that the threshold for recognition
\n
is met until that decision is made.
\n
Where Collaboration Revenue arises from
\n
the licensing of the Group\u2019s own intellectual
\n
property, the licences we grant are typically
\n
rights to use intellectual property which do
\n
not change during the period of the licence
\n
and therefore related non-conditional revenue
\n
is recognised at the point the licence is
\n
granted and variable consideration as soon
\n
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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00598": { "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 2025, 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 at least 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 11
to the Financial Statements from page 151.
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 intellectual property (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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00599": { "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 2025, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00600": { "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 at least 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 11
to the Financial Statements from page 151.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00601": { "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 at least 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 11
to the Financial Statements from page 151.
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 acquiring a business, fair values are
assigned to identifiable assets and liabilities
by the application of judgement. Contingent
liabilities are recognised at fair value unless it
cannot be measured reliably.
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.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00602": { "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 intellectual property (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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00605": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00604": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00603": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00606": { "value": "Employee bene\ufb01ts
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 working 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00607": { "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 based
upon interpretation of applicable laws and
regulations and the expectation of how the
tax authority will resolve the matter. Tax
benefits are recognised when it is probable
the tax positions will be accepted by the tax
authorities. When a position is not considered
probable of being accepted, management
reviews each material tax benefit and reflects
the effect of the uncertainty in determining
the related taxable result. This is 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 189.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00608": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00609": { "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 cost
of shares held by EBTs at the period end is
deducted from equity. The cash flows relating
to replacement awards issued to employees
as part of the Alexion Pharmaceuticals, Inc.
(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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00612": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00611": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00610": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00615": { "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. 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.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00614": { "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 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:
i) 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 (such overdrafts
are included within current Interest-bearing
loans and borrowings in the Consolidated
Statement of Financial Position).
ii) 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.
iii) 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.
iv) 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.
v) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00620": { "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 acquiring a business, fair values are
assigned to identifiable assets and liabilities
by the application of judgement. Contingent
liabilities are recognised at fair value unless it
cannot be measured reliably.
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.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00619": { "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 acquiring a business, fair values are
assigned to identifiable assets and liabilities
by the application of judgement. Contingent
liabilities are recognised at fair value unless it
cannot be measured reliably.
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.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00618": { "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 acquiring a business, fair values are
assigned to identifiable assets and liabilities
by the application of judgement. Contingent
liabilities are recognised at fair value unless it
cannot be measured reliably.
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.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00617": { "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 acquiring a business, fair values are
assigned to identifiable assets and liabilities
by the application of judgement. Contingent
liabilities are recognised at fair value unless it
cannot be measured reliably.
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.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00616": { "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 acquiring a business, fair values are
assigned to identifiable assets and liabilities
by the application of judgement. Contingent
liabilities are recognised at fair value unless it
cannot be measured reliably.
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.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00621": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "AstraZeneca PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "AstraZeneca PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "AstraZeneca PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00622": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00626": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00625": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00624": { "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 13.
Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration 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:
i) 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 (such overdrafts
are included within current Interest-bearing
loans and borrowings in the Consolidated
Statement of Financial Position).
ii) 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.
iii) 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.
iv) 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.
v) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00623": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00628": { "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 13.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00627": { "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 13.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00631": { "value": "Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration 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:
i) 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 (such overdrafts
are included within current Interest-bearing
loans and borrowings in the Consolidated
Statement of Financial Position).
ii) 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.
iii) 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.
iv) 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.
v) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00630": { "value": "Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration 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:
i) 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 (such overdrafts
are included within current Interest-bearing
loans and borrowings in the Consolidated
Statement of Financial Position).
ii) 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.
iii) 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.
iv) 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.
v) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00629": { "value": "Financial instruments
The Group\u2019s financial instruments include
Lease liabilities, Trade and other receivables
and payables, liabilities for contingent
consideration 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:", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00632": { "value": "i) 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 (such overdrafts
are included within current Interest-bearing
loans and borrowings in the Consolidated
Statement of Financial Position). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00633": { "value": "ii) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00634": { "value": "iii) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00635": { "value": "iv) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00613": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00638": { "value": "v) 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 13
) and Cash
(Note 18). 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 draft 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 17.
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 decreased by $1,196m from a net debt position of $24,570m at the beginning of the year to a net debt position of $23,374m at 31 December
2025. Gross debt decreased from $30,295m to $29,622m, principally due to the repayment of $2,029m debt, partially offset by an increase
of $692m resulting from foreign currency movements.
Liquidity risk
\n
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
\n
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
\n
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group uses
\n
US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and manages
\n
long-term liquidity by raising funds through the capital markets. At 31 December 2025, the Group was assigned short-term credit ratings of
\n
P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A1 by Moody\u2019s and A+ by Standard and Poor\u2019s.
\n
In addition to Cash and cash equivalents of $5,711m, short-term fixed income investments of $8m, less overdrafts of $13m at 31 December 2025,
\n
the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial covenants.
\n
The Group regularly monitors the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing
\n
on the committed facilities should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured
\n
Overnight Financing Rate (SOFR), plus a margin.
\n
At 31 December 2025, the Group has $5,733m outstanding from debt issued under a Euro Medium Term Note programme and $21,369m under
\n
an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate purposes of
\n
the Group.
\n
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
\n
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
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
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\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
669
3,495
450
25,282
29,896
(17,182)
17,205
23
29,919
In one to two years
\u2013
3,784
388
473
4,645
(1,031)
944
(87)
4,558
In two to three years
\u2013
4,097
292
1,425
5,814
(1,052)
1,035
(17)
5,797
In three to four years
\u2013
3,898
199
508
4,605
(637)
481
(156)
4,449
In four to five years
\u2013
3,368
156
166
3,690
(849)
1,516
667
4,357
In more than five years
\u2013
16,906
599
\u2013
17,505
(1,913)
2,596
683
18,188
669
35,548
2,084
27,854
66,155
(22,664)
23,777
1,113
67,268
Effect of interest
(25)
(8,223)
\u2013
\u2013
(8,248)
752
(2,370)
(1,618)
(9,866)
Effect of discounting, fair values and issue costs
\u2013
(150)
(281)
(195)
(626)
10
(12)
(2)
(628)
31 December 2025
644
27,175
1,803
27,659
57,281
(21,902)
21,395
(507)
56,774
\n
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
\n
exception of $550m of Contingent consideration held within Trade and other payables (see Note 20).
\n
Market risk
\n
Interest rate risk
\n
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
\n
agreements to manage this mix.
\n
The majority of surplus cash is currently invested in US dollar liquidity funds.
\n
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
\n
liabilities, the profile includes the impact of interest rate swaps which convert the debt to floating rate.
\n \n
2025
2024
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
$m
$m
$m
$m
$m
$m
Financial liabilities
Current
2,842
644
3,486
2,346
330
2,676
Non-current
24,502
1,634
26,136
26,151
1,468
27,619
Total
27,344
2,278
29,622
28,497
1,798
30,295
Financial assets
Cash collateral pledged to counterparties
\u2013
22
22
\u2013
129
129
Cash and cash equivalents
\u2013
5,711
5,711
\u2013
5,488
5,488
Total
\u2013
5,733
5,733
\u2013
5,617
5,617
In addition to the financial assets above, there are $13,988m (2024: $11,115m) 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
2025
2024
$m
$m
Equity securities at fair value through Other comprehensive income (Note 13)
2,212
1,632
Equity securities at fair value through profit and loss (Note 13)
11
\u2013
Total
2,223
1,632
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 59% of Group Total Revenue in 2025 was 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 2025, before the impact of derivatives or other forms of hedging, the Group held $564m of interest-bearing loans and
borrowings denominated in pound sterling and $5,620m denominated in euros.
Hedging arrangements for these loans are summarised in the table below:
\n \n
2025
2024
Euro
Pound sterling
Euro
Pound sterling
denominated
denominated
Total
denominated
denominated
Total
$m
$m
$m
$m
$m
$m
Interest-bearing loans
In a net investment hedge
1
936
469
1,405
829
438
1,267
In a cash flow hedge
2
2,694
\u2013
2,694
2,387
\u2013
2,387
In a fair value hedge
2
1,634
\u2013
1,634
1,468
\u2013
1,468
Not in a designated IFRS 9 hedge
356
95
451
192
110
302
Total
5,620
564
6,184
4,876
548
5,424
1
Hedges of underlying net euro and pound sterling investments of the same amount as the loan.
2
Loans in cash flow and fair value hedges are hedged by cross-currency swaps of the same notional value as the loan.
For further details of all designated hedging relationships, please refer to the Hedge accounting section within this Note 28, from page 176.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy from page 134 and
the Foreign currencies accounting policy on page 135 within Group Accounting Policies.
As at 31 December 2025, 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 2025,
with all other variables held constant. Based on the composition of our debt portfolio and cash reserves as at 31 December 2025, a 1% increase
in interest rates would result in an additional $23m in interest expense on the debt and an additional $57m interest income on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at 31 December
2025, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other currencies and the
-10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed in the
table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the table below.
\n \n
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($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 \n
Interest rates
Exchange rates
31 December 2025
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($m)
1,266
(1,406)
88
(111)
Impact on profit: (loss)/gain
($m)
\u2013
\u2013
(13)
16
Impact on equity: gain/(loss)
($m)
\u2013
\u2013
101
(126)
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
2025
2024
$m
$m
Cash at bank and in hand
1,332
1,215
Money market liquidity funds
4,224
4,177
Other short-term cash equivalents
155
96
Total Cash and cash equivalents (Note 18)
5,711
5,488
Fixed income securities at fair value through profit or loss (Note 13)
8
37
Cash collateral pledged to counterparties (Note 13)
22
129
Total derivative financial instruments (Note 14)
90
54
Current assets subject to credit risk
5,831
5,708
Non-current assets
\n \n
2025
2024
$m
$m
Derivative financial instruments (Note 14)
498
182
Non-current assets subject to credit risk
498
182
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 15% 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 2025 was $473m
(2024: $181m) and the carrying value of such cash collateral posted by the Group at 31 December 2025 was $22m (2024: $129m). Cash collateral
held by the Group is unencumbered.
The impairment provision for other financial assets at 31 December 2025 was immaterial (2024: 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
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2024
$m
$m
$m
$m
Financial assets
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n \n
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2025
$m
$m
$m
$m
Financial assets
Derivatives
588
(63)
(448)
77
Other investments
1
22
\u2013
(17)
5
Total assets
610
(63)
(465)
82
Financial liabilities
Derivatives
(81)
63
17
(1)
Other payables
1
(473)
\u2013
448
(25)
Total liabilities
(554)
63
465
(26)
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to
minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2025 or 31 December 2024 respectively
and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and
forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables.
On that basis, the loss allowance was determined as follows:
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2025
Current
past due
past due
past due
Total
Expected loss rate
0.03%
1.8%
3.9%
10.8%
Gross carrying amount ($m)
9,529
272
128
360
10,289
Loss allowance ($m)
3
5
5
39
52
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 78% (2024: 74%; 2023: 80%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n \n
2025
2024
2023
$m
$m
$m
At 1 January
33
45
59
Net movement recognised in the Consolidated Statement of Comprehensive Income
20
(3)
(14)
Amounts utilised, exchange and other movements
(1)
(9)
\u2013
At 31 December
52
33
45
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 is 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 from page 134.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
2023
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2023
to OCI
statement
2023
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2212 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
2024
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2024
to OCI
statement
2024
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2212 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
2025
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average Average
amounts in
value
2025
to OCI
statement
2025 maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest 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
203
(66)
(242)
305
(3)
2029
1.08
USD 4.24%
FX Forwards \u2212 short-term FX risk
USD 1,769m
6
(4)
(11)
9
(6)
2026
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2, 3
Transactions matured pre-2025
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
171
(145)
(26)
\u2013
(171)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
(3)
1
\u2013
(2)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
469
(271)
31
\u2013
(240)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
936
(121)
106
\u2013
(15)
2029
n/a
EUR 0.38%
Contingent consideration liabilities \u2013
AZUK and AZAB USD investments
USD 323m
(323)
2,316
(155)
\u2013
2,161
\u2013
\u2013
\u2013
1
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2024: $nil; 2023: $nil).
2
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2024: $nil; 2023: $nil).
3
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.
4
Nominal amount of FX forwards in a cash flow hedge of $1,769m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 8,319m at FX rate
9.2158, JPY 14,730m at 156.57, GBP 243m at 0.7430, CNY 1,926m at 6.9901 and EUR 144m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2026.
5
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 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 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.
\n \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
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 \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
to calculate
recognised in
As at 31 December 2025
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
172
(168)
4
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00637": { "value": "v) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00636": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00639": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00640": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00644": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00837": { "value": "Impairment
The carrying values of non-financial assets,
other than Inventories and Deferred tax assets,
are reviewed at least annually for indicators
of impairment. For Goodwill, Intangible assets
in development and 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00669": { "value": "Impairment
The carrying values of non-financial assets,
other than Inventories and Deferred tax assets,
are reviewed at least annually for indicators
of impairment. For Goodwill, Intangible assets
in development and 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "1 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
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. There are also consequential amendments to IAS 7 \u2018Cash Flows\u2019, IAS 8 \u2018Accounting Policies,
Changes in Accounting Estimates and Errors\u2019, IAS 33 \u2018Earnings per Share\u2019 and IAS 34 \u2018Interim Financial Reporting\u2019, also effective for accounting
periods beginning on or after 1 January 2027. The Group is well progressed with the impact assessment of the adoption of this new standard,
with the expected impact for the year ended 31 December 2025 detailed below.
The Group will apply IFRS 18 retrospectively, in accordance with IAS 8. The Group has not elected to utilise the option to change the measurement
of eligible investments in associates and joint ventures from the equity method to fair value through profit or loss at the date of transition.
The new standard introduces new requirements for the presentation, classification and disclosure of financial statement line items. The
requirements were introduced to help achieve comparability of the financial performance of similar entities and provide more relevant information
and transparency to users. The key changes include the requirement to classify all income and expense into one of five categories; operating,
investing, financing, taxation and discontinued operations, and introduces new mandated subtotals within the Consolidated Statement of
Comprehensive Income, including Operating profit, Profit before financing and income tax and Profit for the period. In addition, details of
management-defined performance measures (\u2018MPMs\u2019) will now be disclosed as well as further detailed disclosure related to operating
expense by nature. The new standard also offers enhanced guidance on aggregation and disaggregation of financial information.
Although the adoption of IFRS 18 will have no impact on the Group\u2019s Profit for the period or Total Revenue, the Group expects that grouping items
of income and expense in the Consolidated Statement of Profit or Loss into the new categories will impact how Operating profit is reported.
The Group does not have a specified main business activity as defined in IFRS 18.
Reconciliation of the Consolidated Statement of Profit or Loss \u2013 Illustrative under IFRS 18 for the year ended 31 December 2025
\n \n
Existing
Adjusted for
IAS 1
Transition
IFRS 18
2025
adjustments
2025
IAS 1 presentation
$m
$m
$m
Expected IFRS 18 presentation
\u2013 Product Sales
55,573
\u2013
55,573
\u2013 Product Sales
\u2013 Alliance Revenue
3,067
\u2013
3,067
\u2013 Alliance Revenue
Product Revenue
58,640
\u2013
58,640
Product Revenue
Collaboration Revenue
99
\u2013
99
Collaboration Revenue
Total Revenue
58,739
\u2013
58,739
Total Revenue
Cost of sales
(10,633)
9
(10,624)
Cost of sales
Gross profit
48,106
9
48,115
Gross profit
Distribution expense
(579)
\u2013
(579)
Distribution expense
Research and development expense
(14,232)
\u2013
(14,232)
Research and development expense
(12,529)
(12,529)
Selling and marketing expense
Selling, general and administrative expense
(19,933)
12,529
(7,404)
General and administrative expense
Other operating income and expense
381
13
394
Other operating income and expense
Operating profit
13,743
22
13,765
Operating profit
343
343
Investing income
(7)
(7)
Share of after tax losses in associates and joint ventures
14,101
14,101
Profit before financing and income tax
Finance income
360
(360)
Finance expense
(1,694)
(5)
(1,699)
Finance expense
Share of after tax losses in associates and joint ventures
(7)
7
Profit before tax
12,402
\u2013
12,402
Profit before tax
Taxation
(2,169)
\u2013
(2,169)
Taxation
Profit for the period
10,233
\u2013
10,233
Profit for the period
Explanation of the adjustments due to IFRS 18
Share of after tax losses in associates and joint ventures will be presented within the investing category of the Consolidated Statement of
Comprehensive Income, within the new subtotal of Profit or loss before financing and income tax which totals an expected $14,101m in 2025.
Returns on deposits and equity securities, and interest income on tax balances, previously reported within Finance income will be reclassified
under IFRS 18 to Investing income, totalling an expected $360m in 2025.
Foreign exchange differences on cash and short-term deposits, previously included within Finance income and Finance expense, will be
\n
classified within the investing category under IFRS 18, expected to result in a reduction to Finance expense and a decrease in Investing
\n
income of $17m in 2025.
\n
Gains and losses on certain designated hedges, previously included within Finance income and Finance expense, will be classified within the
\n
operating category under IFRS 18, resulting in an expected reduction to Finance expense and an increase in Other operating income and
\n
expense of $13m in 2025.
\n
Under IFRS 18, Selling, general and administrative expense ($19,933m in 2025) will be disaggregated into Selling and marketing expense
\n
($12,529m in 2025) and General and administrative expense ($7,404m in 2025
).
\n
Consolidated Statement of Cash Flows
\n
The Consolidated Statement of Cash Flows under the amended IAS 7 requirements will start with Operating profit ($13,765m for 2025 under
\n
IFRS 18), rather than the previous starting point of Profit before tax ($12,402m in 2025 under IAS 1), removing the need to add back Finance
\n
income and expense ($1,334m in 2025) and Share of after tax losses of associates and joint ventures ($7m in 2025
). In addition, Interest paid
\n
($1,316m in 2025) will be reclassified to Cash flows from financing activities under IFRS 18, previously classified within Cash flows from
\n
operating activities.
\n
Operating expenses by nature
\n
The Group currently presents expenses in the Consolidated Statement of Comprehensive Income by function. While IFRS 18 continues to permit
\n
this presentation, it introduces additional disclosure requirements in the Notes to the Financial Statements. The following table presents 2025
\n
operating expenses split by nature according to the requirements of IFRS 18.
\n\n \n
Net impairment
Employee
Net inventory
Depreciation
Amortisation
charges
benefits
write-downs
$m
$m
$m
$m
$m
Total amount related to:
Cost of sales
404
86
3
1,633
314
Distribution expense
6
\u2013
\u2013
43
\u2013
Research and development expense
456
47
214
4,879
\u2013
Selling and marketing expense
210
9
\u2013
6,346
\u2013
General and administrative expense
205
4,064
26
1,759
\u2013
Other operating income and expense
2
1
\u2013
78
\u2013
Total amount relating to operating category
1,283
4,207
243
14,738
314
\n
The amounts disclosed are those expensed during the year, except for depreciation and employee benefits which include amounts capitalised
\n
to inventory and software development costs.
\n
Management-defined performance measures (MPMs)
\n
The Group has identified Core Gross profit ($48,039m in 2025 under IFRS 18), Core Operating profit ($18,500m in 2025 under IFRS 18
) and
\n
Core Profit attributable to owners of the Parent (numerator of core basic earnings per share, $14,201m in 2025 under IFRS 18) as MPMs used
\n
in its public communications to communicate management\u2019s view of an aspect of the operating performance of the Group as a whole. These
\n
measures are not specifically required to be presented or disclosed by IFRS, which means they may not be directly comparable with similarly
\n
labelled or described measures by other entities.
\n
The reported IFRS results are adjusted to exclude certain significant items. In determining the adjustments to arrive at the Core result, we use
\n
a set of established principles relating to the nature or materiality of individual items or groups of items, excluding, for example, events which
\n
are (i) outside the normal course of business, (ii) incurred in a pattern that is unrelated to the trends in the underlying financial performance
\n
of our ongoing business, or (iii) related to major acquisitions, to ensure that investors\u2019 ability to evaluate and analyse the underlying financial
\n
performance of our ongoing business is enhanced. Group management believes that these adjusted measures offer a relevant alternative
\n
perspective on the Group\u2019s underlying operating performance by excluding the effects of the above mentioned items that are not indicative
\n
of the ongoing business activities. Group management considers this useful for understanding profitability trends and for evaluating the
\n
Group\u2019s ability to generate sustainable earnings from its core operations.
Our Core adjustments are summarised as:
Restructuring costs
, including charges and provisions related to our global restructuring programmes on our capitalised manufacturing facilities
and IT assets. These can take place over multiple reporting periods, given the long life-cycle of our business.
Why we use them:
We adjust for these charges and provisions because they primarily reflect the financial impact of change to legacy
arrangements, rather than the underlying performance of our ongoing business.
Intangible amortisation and impairments
, including impairment reversals but excluding any charges relating to IT assets. Intangibles generally
arise from business combinations and individual licence acquisitions.
Why we use them:
We adjust for these charges because their pattern of recognition is largely uncorrelated with the underlying performance
of the business.
Other specified items
, principally comprise acquisition-related costs and credits, which include the imputed finance charges and fair value
movements relating to contingent consideration on business combinations, imputed finance charges and remeasurement adjustments on certain
Other payables arising from intangible asset acquisitions, remeasurement adjustments relating to Other payables and debt items assumed
from the Alexion acquisition and legal settlements.
Why we use them:
We adjust for these items to enable a more meaningful comparison of the performance of acquired businesses and products
to that of internally developed products, as well as removing charges whose pattern of recognition is largely uncorrelated to the underlying
performance of the business. It should be noted that some costs excluded from our Core results, such as intangible amortisation and finance
charges related to contingent consideration, will recur in future years, and other excluded items such as impairments and legal settlement costs,
along with other acquisition-related costs, may recur in the future.
Limitations:
Core results exclude significant costs (such as restructuring, intangible amortisation and impairments, and other acquisition-related
adjustments), but incorporate associated benefits, including Product Sales arising from business combinations, asset acquisitions and assets
which have been amortised, as well as the benefits resulting from restructuring activities and, as such, they should not be regarded as a complete
picture of the Group\u2019s financial performance, which is presented in its Reported results. The exclusion of the adjusting items may result in
Core earnings being materially higher or lower than Reported earnings.
2025 Reconciliation of Expected Reported (IFRS 18) results to Expected Core (IFRS 18) results
\n \n
2025
Expected
Intangible
2025
Reported
Restructuring
amortisation
Expected Core
(IFRS 18)
costs
and impairments
Other
(IFRS 18)
$m
$m
$m
$m
$m
Gross profit
48,115
(138)
32
30
48,039
Income tax
1
18
(3)
(5)
Profit attributable to non-controlling interests
\u2013
\u2013
\u2013
Distribution expense
(579)
\u2013
\u2013
\u2013
(579)
Research and development expense
(14,232)
171
236
3
(13,822)
Selling and marketing expense
(12,529)
40
\u2013
1
(12,488)
General and administrative expense
(7,404)
169
4,059
130
(3,046)
Other operating income and expense
394
(5)
\u2013
7
396
Operating profit
13,765
237
4,327
171
18,500
Income tax
1
(68)
(825)
(58)
Profit attributable to non-controlling interests
\u2013
\u2013
\u2013
Net investing
336
\u2013
\u2013
\u2013
336
Profit before financing and income tax
14,101
237
4,327
171
18,836
Finance expense
(1,699)
\u2013
\u2013
242
(1,457)
Taxation
(2,169)
(68)
(825)
(108)
(3,170)
Profit for the period
10,233
169
3,502
305
14,209
Profit attributable to non-controlling interests
(8)
\u2013
\u2013
\u2013
(8)
Profit attributable to owners of the Parent
10,225
169
3,502
305
14,201
Income tax
1
(68)
(825)
(108)
Profit attributable to non-controlling interests
\u2013
\u2013
\u2013
Basic earnings per $0.25 Ordinary Share
$6.60
$0.11
$2.26
$0.19
$9.16
1
The income tax effect for each adjusting item is calculated at the statutory tax rate applicable to that item in the relevant jurisdiction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "2 Revenue
Product Sales
\n \n
2025
2024
2023
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
3,064
1,971
1,423
796
7,254
2,763
1,755
1,301
761
6,580
2,276
1,621
1,120
782
5,799
Imfinzi
3,509
640
1,239
675
6,063
2,603
479
948
687
4,717
2,171
355
742
751
4,019
Calquence
2,339
233
784
162
3,518
2,190
153
656
130
3,129
1,815
98
493
108
2,514
Lynparza
1,434
669
914
262
3,279
1,332
655
832
253
3,072
1,254
542
734
281
2,811
Enhertu
\u2013
668
207
102
977
\u2013
350
126
69
545
\u2013
169
60
32
261
Zoladex
19
842
157
88
1,106
16
795
148
99
1,058
14
687
133
118
952
Truqap
586
23
85
34
728
408
2
12
8
430
6
\u2013
\u2013
\u2013
6
Imjudo
227
22
52
45
346
180
16
36
49
281
146
5
16
51
218
Datroway
\u2013
2
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Others
9
280
19
117
425
18
297
23
125
463
37
351
34
143
565
11,187
5,350
4,880
2,281
23,698
9,510
4,502
4,082
2,181
20,275
7,719
3,828
3,332
2,266
17,145
Cardiovascular, Renal & Metabolism:
Farxiga
1,730
3,324
2,941
405
8,400
1,750
2,853
2,634
419
7,656
1,451
2,211
1,881
420
5,963
Crestor
45
1,041
1
129
1,216
46
934
37
136
1,153
55
862
52
138
1,107
Brilinta
393
273
147
10
823
751
294
268
20
1,333
744
285
271
24
1,324
Lokelma
301
129
129
139
698
256
86
92
108
542
214
50
58
90
412
Seloken
\u2013
586
18
3
607
\u2013
589
13
3
605
1
621
11
7
640
Roxadustat
\u2013
274
\u2013
\u2013
274
\u2013
331
\u2013
\u2013
331
\u2013
271
\u2013
\u2013
271
Wainua
204
4
4
\u2013
212
85
\u2013
\u2013
\u2013
85
\u2013
\u2013
\u2013
\u2013
\u2013
Others
49
262
158
65
534
187
252
226
78
743
287
286
230
65
868
2,722
5,893
3,398
751
12,764
3,075
5,339
3,270
764
12,448
2,752
4,586
2,503
744
10,585
Respiratory & Immunology:
Symbicort
1,193
801
560
331
2,885
1,187
805
559
328
2,879
726
753
549
334
2,362
Fasenra
1,195
117
482
187
1,981
1,049
92
404
144
1,689
992
64
355
142
1,553
Breztri
614
298
191
96
1,199
516
245
143
74
978
383
161
81
52
677
Tezspire
\u2013
40
297
121
458
\u2013
11
156
81
248
\u2013
1
48
37
86
Saphnelo
596
16
49
25
686
425
7
26
16
474
260
2
8
10
280
Pulmicort
5
414
63
36
518
6
568
71
37
682
28
575
68
42
713
Airsupra
162
4
\u2013
\u2013
166
66
\u2013
\u2013
\u2013
66
2
\u2013
\u2013
\u2013
2
Others
75
133
59
7
274
167
169
57
7
400
156
215
55
8
434
3,840
1,823
1,701
803
8,167
3,416
1,897
1,416
687
7,416
2,547
1,771
1,164
625
6,107
Vaccines & Immune Therapies:
Beyfortus
184
\u2013
94
3
281
232
\u2013
84
2
318
87
\u2013
19
\u2013
106
Synagis
(3)
214
50
31
292
(8)
210
116
129
447
(1)
195
175
177
546
FluMist
28
5
210
29
272
28
1
204
25
258
23
1
188
4
216
Others
\u2013
1
\u2013
\u2013
1
28
2
5
\u2013
35
\u2013
16
14
114
144
209
220
354
63
846
280
213
409
156
1,058
109
212
396
295
1,012
Rare Disease:
Ultomiris
2,667
261
1,053
737
4,718
2,261
141
884
638
3,924
1,750
71
668
476
2,965
Soliris
1,092
405
200
140
1,837
1,523
443
416
206
2,588
1,734
424
670
317
3,145
Strensiq
1,332
104
123
119
1,678
1,167
54
99
96
1,416
937
40
89
86
1,152
Koselugo
219
228
161
54
662
212
177
103
39
531
195
59
53
24
331
Others
113
40
67
11
231
100
34
66
9
209
85
29
49
8
171
5,423
1,038
1,604
1,061
9,126
5,263
849
1,568
988
8,668
4,701
623
1,529
911
7,764
Other:
Nexium
67
611
50
88
816
96
591
60
120
867
115
578
53
199
945
Others
(4)
121
34
5
156
15
144
43
4
206
18
153
52
8
231
63
732
84
93
972
111
735
103
124
1,073
133
731
105
207
1,176
Product Sales
23,444
15,056
12,021
5,052
55,573
21,655
13,535
10,848
4,900
50,938
17,961
11,751
9,029
5,048
43,789
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 2025 was 0.7% (2024: 0.6%; 2023: 1.0%); 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 2025 of 0.2%
(2024: 0.1%; 2023: 0.3%) and Managed Care and Medicare of 0.4% (2024: 0.6%; 2023: 0.5%
).
The adjustment in respect of the prior year net US Product Sales, excluding the Rare Disease therapy area in 2025, was 0.9% (2024: 0.8%;
2023: 1.4%), with Medicaid and state programmes of 0.2% (2024: 0.1%; 2023: 0.4%
) and Managed Care and Medicare of 0.5% (2024: 0.7%;
2023: 0.7%).
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
2025
2024
2023
$m
$m
$m
Enhertu
1,798
1,437
1,022
Tezspire
673
436
259
Beyfortus
422
237
57
Datroway
77
\u2013
\u2013
Other royalty income
92
91
81
Other Alliance Revenue
5
11
9
3,067
2,212
1,428
Collaboration Revenue
\n \n
2025
2024
2023
$m
$m
$m
Farxiga
: sales milestones
87
56
29
Lynparza
: sales milestone
\u2013
600
\u2013
Beyfortus
: sales milestones
\u2013
167
27
Koselugo
: sales milestone
\u2013
100
\u2013
Lynparza
: regulatory milestones
\u2013
\u2013
245
COVID-19 mAbs: licence fees
\u2013
\u2013
180
Beyfortus
: regulatory milestones
\u2013
\u2013
71
tralokinumab: sales milestones
\u2013
\u2013
20
Other Collaboration Revenue
12
\u2013
22
99
923
594
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "2 Revenue
Product Sales
\n \n
2025
2024
2023
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
3,064
1,971
1,423
796
7,254
2,763
1,755
1,301
761
6,580
2,276
1,621
1,120
782
5,799
Imfinzi
3,509
640
1,239
675
6,063
2,603
479
948
687
4,717
2,171
355
742
751
4,019
Calquence
2,339
233
784
162
3,518
2,190
153
656
130
3,129
1,815
98
493
108
2,514
Lynparza
1,434
669
914
262
3,279
1,332
655
832
253
3,072
1,254
542
734
281
2,811
Enhertu
\u2013
668
207
102
977
\u2013
350
126
69
545
\u2013
169
60
32
261
Zoladex
19
842
157
88
1,106
16
795
148
99
1,058
14
687
133
118
952
Truqap
586
23
85
34
728
408
2
12
8
430
6
\u2013
\u2013
\u2013
6
Imjudo
227
22
52
45
346
180
16
36
49
281
146
5
16
51
218
Datroway
\u2013
2
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Others
9
280
19
117
425
18
297
23
125
463
37
351
34
143
565
11,187
5,350
4,880
2,281
23,698
9,510
4,502
4,082
2,181
20,275
7,719
3,828
3,332
2,266
17,145
Cardiovascular, Renal & Metabolism:
Farxiga
1,730
3,324
2,941
405
8,400
1,750
2,853
2,634
419
7,656
1,451
2,211
1,881
420
5,963
Crestor
45
1,041
1
129
1,216
46
934
37
136
1,153
55
862
52
138
1,107
Brilinta
393
273
147
10
823
751
294
268
20
1,333
744
285
271
24
1,324
Lokelma
301
129
129
139
698
256
86
92
108
542
214
50
58
90
412
Seloken
\u2013
586
18
3
607
\u2013
589
13
3
605
1
621
11
7
640
Roxadustat
\u2013
274
\u2013
\u2013
274
\u2013
331
\u2013
\u2013
331
\u2013
271
\u2013
\u2013
271
Wainua
204
4
4
\u2013
212
85
\u2013
\u2013
\u2013
85
\u2013
\u2013
\u2013
\u2013
\u2013
Others
49
262
158
65
534
187
252
226
78
743
287
286
230
65
868
2,722
5,893
3,398
751
12,764
3,075
5,339
3,270
764
12,448
2,752
4,586
2,503
744
10,585
Respiratory & Immunology:
Symbicort
1,193
801
560
331
2,885
1,187
805
559
328
2,879
726
753
549
334
2,362
Fasenra
1,195
117
482
187
1,981
1,049
92
404
144
1,689
992
64
355
142
1,553
Breztri
614
298
191
96
1,199
516
245
143
74
978
383
161
81
52
677
Tezspire
\u2013
40
297
121
458
\u2013
11
156
81
248
\u2013
1
48
37
86
Saphnelo
596
16
49
25
686
425
7
26
16
474
260
2
8
10
280
Pulmicort
5
414
63
36
518
6
568
71
37
682
28
575
68
42
713
Airsupra
162
4
\u2013
\u2013
166
66
\u2013
\u2013
\u2013
66
2
\u2013
\u2013
\u2013
2
Others
75
133
59
7
274
167
169
57
7
400
156
215
55
8
434
3,840
1,823
1,701
803
8,167
3,416
1,897
1,416
687
7,416
2,547
1,771
1,164
625
6,107
Vaccines & Immune Therapies:
Beyfortus
184
\u2013
94
3
281
232
\u2013
84
2
318
87
\u2013
19
\u2013
106
Synagis
(3)
214
50
31
292
(8)
210
116
129
447
(1)
195
175
177
546
FluMist
28
5
210
29
272
28
1
204
25
258
23
1
188
4
216
Others
\u2013
1
\u2013
\u2013
1
28
2
5
\u2013
35
\u2013
16
14
114
144
209
220
354
63
846
280
213
409
156
1,058
109
212
396
295
1,012
Rare Disease:
Ultomiris
2,667
261
1,053
737
4,718
2,261
141
884
638
3,924
1,750
71
668
476
2,965
Soliris
1,092
405
200
140
1,837
1,523
443
416
206
2,588
1,734
424
670
317
3,145
Strensiq
1,332
104
123
119
1,678
1,167
54
99
96
1,416
937
40
89
86
1,152
Koselugo
219
228
161
54
662
212
177
103
39
531
195
59
53
24
331
Others
113
40
67
11
231
100
34
66
9
209
85
29
49
8
171
5,423
1,038
1,604
1,061
9,126
5,263
849
1,568
988
8,668
4,701
623
1,529
911
7,764
Other:
Nexium
67
611
50
88
816
96
591
60
120
867
115
578
53
199
945
Others
(4)
121
34
5
156
15
144
43
4
206
18
153
52
8
231
63
732
84
93
972
111
735
103
124
1,073
133
731
105
207
1,176
Product Sales
23,444
15,056
12,021
5,052
55,573
21,655
13,535
10,848
4,900
50,938
17,961
11,751
9,029
5,048
43,789
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 2025 was 0.7% (2024: 0.6%; 2023: 1.0%); 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 2025 of 0.2%
(2024: 0.1%; 2023: 0.3%) and Managed Care and Medicare of 0.4% (2024: 0.6%; 2023: 0.5%
).
The adjustment in respect of the prior year net US Product Sales, excluding the Rare Disease therapy area in 2025, was 0.9% (2024: 0.8%;
2023: 1.4%), with Medicaid and state programmes of 0.2% (2024: 0.1%; 2023: 0.4%
) and Managed Care and Medicare of 0.5% (2024: 0.7%;
2023: 0.7%).
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
2025
2024
2023
$m
$m
$m
Enhertu
1,798
1,437
1,022
Tezspire
673
436
259
Beyfortus
422
237
57
Datroway
77
\u2013
\u2013
Other royalty income
92
91
81
Other Alliance Revenue
5
11
9
3,067
2,212
1,428
Collaboration Revenue
\n \n
2025
2024
2023
$m
$m
$m
Farxiga
: sales milestones
87
56
29
Lynparza
: sales milestone
\u2013
600
\u2013
Beyfortus
: sales milestones
\u2013
167
27
Koselugo
: sales milestone
\u2013
100
\u2013
Lynparza
: regulatory milestones
\u2013
\u2013
245
COVID-19 mAbs: licence fees
\u2013
\u2013
180
Beyfortus
: regulatory milestones
\u2013
\u2013
71
tralokinumab: sales milestones
\u2013
\u2013
20
Other Collaboration Revenue
12
\u2013
22
99
923
594
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "3 Operating pro\ufb01t
Operating profit includes the following significant items:
Cost of sales
In 2025, Cost of sales includes a charge of $25m (2024: $nil; 2023: $114m) in relation to the release, in line with sales, of fair value uplift to
inventory that was recognised under IFRS 3 \u2018Business Combinations\u2019.
Selling, general and administrative expense
In 2025, Selling, general and administrative expense includes a credit of $44m (2024: charge of $260m; 2023: charge of $520m) resulting from
changes in the fair value of contingent consideration arising from the acquisition of the diabetes alliance from Bristol-Myers Squibb Company
(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 2025, Selling, general and administrative expense also includes a charge of $218m (2024: $48m; 2023: $1,013m) 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 (2024: $nil; 2023: $74m) of government grants were recognised within Research and development expense relating
to
Vaxzevria
.
Depreciation, impairment, amortisation and provision charges
The following items have been included in Operating profit:
\n \n
2025
2024
2023
$m
$m
$m
Depreciation of Property, plant and equipment (Note 8)
879
799
733
Impairment of Property, plant and equipment (Note 8)
13
42
8
Depreciation of Right-of-use assets (Note 9)
404
343
275
Impairment of Right-of-use assets (Note 9)
\u2013
7
14
Amortisation of Intangible assets (Note 11)
4,207
3,923
3,926
Net impairment of Intangible assets (Note 11)
230
1,574
434
Net charges to Provisions, net of reversals (Note 21)
541
513
1,313
Other operating income and expense
\n \n
2025
2024
2023
$m
$m
$m
Royalty income
160
103
107
Gains on disposal of Intangible assets
168
64
251
Net (losses)/gains on disposal of other non-current assets
(14)
(4)
41
Update to the contractual relationships for
Beyfortus
\u2013
\u2013
712
Other income
1
201
210
393
Other expense
(134)
(121)
(164)
Other operating income and expense
381
252
1,340
1
Other income in 2025 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2024: $nil; 2023: $75m).
Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to
Pulmicort
Flexhaler to Cheplapharm
Arzneimittel GmbH in the US.
As part of the total consideration received in respect of the agreement to sell US rights to
Synagis
in 2019, $400m in total was 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 Swedish Orphan Biovitrum AB (Sobi) following achievement of a regulatory milestone. 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 Pasteur, Inc. and Sobi. As a result, in 2023 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 undertook 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 2025, the Group has incurred $237m of restructuring costs, of which $232m resulted from activities that are part of the PAAGR, bringing
the cumulative charges under this programme to $3,414m. Costs in 2025 included a $138m credit to Cost of sales primarily due to the reversal
of inventory and related product provisions related to
Andexxa
following the decision to cease promotional activities, $209m expense within
Selling, general and administrative expense in relation to severance, HR, Finance, IT and other integration costs and $171m expense within
Research and development expense in relation to severance as well as the transformation of clinical, regulatory and other R&D data and systems.
Total restructuring costs in 2025 includes a net impairment reversal to Property, plant and equipment of $3m (2024: charge of $43m; 2023
:
charge of $7m).
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
2025
2024
2023
$m
$m
$m
Cost of sales
(138)
569
109
Research and development expense
171
275
212
Selling, general and administrative expense
209
312
207
Other operating income and expense
(5)
(2)
(61)
Total charge
237
1,154
467
\n \n
2025
2024
2023
$m
$m
$m
Severance costs
100
213
57
Accelerated depreciation and impairment charges
11
64
68
Other
1
126
877
342
Total charge
237
1,154
467
\n
1
\n
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
\n
related to
Andexxa
following the decision to cease promotional activities which were partly reversed in 2025 following revised sales forecasts. In 2025, Other costs include the costs of
\n
integrating systems, structure and processes as part of the PAAGR, costs relating to the Alexion acquisition, internal project costs and external service fees.
\n
Financial instruments
\n
Included within Operating profit are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Gains/(losses) on forward foreign exchange contracts
190
(81)
42
Losses on receivables and payables
(190)
(143)
(260)
Total
\u2013
(224)
(218)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "3 Operating pro\ufb01t
Operating profit includes the following significant items:
Cost of sales
In 2025, Cost of sales includes a charge of $25m (2024: $nil; 2023: $114m) in relation to the release, in line with sales, of fair value uplift to
inventory that was recognised under IFRS 3 \u2018Business Combinations\u2019.
Selling, general and administrative expense
In 2025, Selling, general and administrative expense includes a credit of $44m (2024: charge of $260m; 2023: charge of $520m) resulting from
changes in the fair value of contingent consideration arising from the acquisition of the diabetes alliance from Bristol-Myers Squibb Company
(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 2025, Selling, general and administrative expense also includes a charge of $218m (2024: $48m; 2023: $1,013m) 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 (2024: $nil; 2023: $74m) of government grants were recognised within Research and development expense relating
to
Vaxzevria
.
Depreciation, impairment, amortisation and provision charges
The following items have been included in Operating profit:
\n \n
2025
2024
2023
$m
$m
$m
Depreciation of Property, plant and equipment (Note 8)
879
799
733
Impairment of Property, plant and equipment (Note 8)
13
42
8
Depreciation of Right-of-use assets (Note 9)
404
343
275
Impairment of Right-of-use assets (Note 9)
\u2013
7
14
Amortisation of Intangible assets (Note 11)
4,207
3,923
3,926
Net impairment of Intangible assets (Note 11)
230
1,574
434
Net charges to Provisions, net of reversals (Note 21)
541
513
1,313
Other operating income and expense
\n \n
2025
2024
2023
$m
$m
$m
Royalty income
160
103
107
Gains on disposal of Intangible assets
168
64
251
Net (losses)/gains on disposal of other non-current assets
(14)
(4)
41
Update to the contractual relationships for
Beyfortus
\u2013
\u2013
712
Other income
1
201
210
393
Other expense
(134)
(121)
(164)
Other operating income and expense
381
252
1,340
1
Other income in 2025 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2024: $nil; 2023: $75m).
Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to
Pulmicort
Flexhaler to Cheplapharm
Arzneimittel GmbH in the US.
As part of the total consideration received in respect of the agreement to sell US rights to
Synagis
in 2019, $400m in total was 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 Swedish Orphan Biovitrum AB (Sobi) following achievement of a regulatory milestone. 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 Pasteur, Inc. and Sobi. As a result, in 2023 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 undertook 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 2025, the Group has incurred $237m of restructuring costs, of which $232m resulted from activities that are part of the PAAGR, bringing
the cumulative charges under this programme to $3,414m. Costs in 2025 included a $138m credit to Cost of sales primarily due to the reversal
of inventory and related product provisions related to
Andexxa
following the decision to cease promotional activities, $209m expense within
Selling, general and administrative expense in relation to severance, HR, Finance, IT and other integration costs and $171m expense within
Research and development expense in relation to severance as well as the transformation of clinical, regulatory and other R&D data and systems.
Total restructuring costs in 2025 includes a net impairment reversal to Property, plant and equipment of $3m (2024: charge of $43m; 2023
:
charge of $7m).
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
2025
2024
2023
$m
$m
$m
Cost of sales
(138)
569
109
Research and development expense
171
275
212
Selling, general and administrative expense
209
312
207
Other operating income and expense
(5)
(2)
(61)
Total charge
237
1,154
467
\n \n
2025
2024
2023
$m
$m
$m
Severance costs
100
213
57
Accelerated depreciation and impairment charges
11
64
68
Other
1
126
877
342
Total charge
237
1,154
467
\n
1
\n
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
\n
related to
Andexxa
following the decision to cease promotional activities which were partly reversed in 2025 following revised sales forecasts. In 2025, Other costs include the costs of
\n
integrating systems, structure and processes as part of the PAAGR, costs relating to the Alexion acquisition, internal project costs and external service fees.
\n
Financial instruments
\n
Included within Operating profit are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Gains/(losses) on forward foreign exchange contracts
190
(81)
42
Losses on receivables and payables
(190)
(143)
(260)
Total
\u2013
(224)
(218)
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "3 Operating pro\ufb01t
Operating profit includes the following significant items:
Cost of sales
In 2025, Cost of sales includes a charge of $25m (2024: $nil; 2023: $114m) in relation to the release, in line with sales, of fair value uplift to
inventory that was recognised under IFRS 3 \u2018Business Combinations\u2019.
Selling, general and administrative expense
In 2025, Selling, general and administrative expense includes a credit of $44m (2024: charge of $260m; 2023: charge of $520m) resulting from
changes in the fair value of contingent consideration arising from the acquisition of the diabetes alliance from Bristol-Myers Squibb Company
(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 2025, Selling, general and administrative expense also includes a charge of $218m (2024: $48m; 2023: $1,013m) 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
2025
2024
2023
$m
$m
$m
Gains/(losses) on forward foreign exchange contracts
190
(81)
42
Losses on receivables and payables
(190)
(143)
(260)
Total
\u2013
(224)
(218)
Financial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
(46)
107
13
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(76)
(38)
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
314
306
177
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,177)
(1,251)
(1,004)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives and
\n
debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net
\n
of derivatives, includes the following amounts related to these matured instruments: derivatives $nil (2024
: $nil; 2023
: loss of $1m) and debt
\n
$nil (2024: $nil; 2023
: gain of $7m).13 Other investments
2025
2024
$m
$m
Non-current investments
Equity securities at fair value through Other comprehensive income
2,212
1,632
Equity securities at fair value through profit and loss
11
\u2013
Total
2,223
1,632
Current investments
Fixed income securities at fair value through profit or loss
8
37
Cash collateral pledged to counterparties
22
129
Total
30
166
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 comprise a mixture of equity securities and 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).
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
Level 1
8
1,765
37
1,279
Level 2
\u2013
\u2013
\u2013
\u2013
Level 3
11
447
\u2013
353
Total
19
2,212
37
1,632
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:
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
At 1 January
\u2013
353
\u2013
313
Additions
11
124
\u2013
56
Revaluations
\u2013
(50)
\u2013
(9)
Impairments and exchange adjustments
\u2013
20
\u2013
(7)
At 31 December
11
447
\u2013
353
14 Derivative \ufb01nancial instruments
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$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 foreign exchange designated in a cash flow hedge
1
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
171
2
\u2013
\u2013
173
Cross-currency swaps designated in a cash flow hedge
203
\u2013
\u2013
\u2013
203
Cross-currency swaps designated in a fair value hedge
124
\u2013
\u2013
\u2013
124
Forward foreign exchange designated in a cash flow hedge
1
\u2013
8
(2)
\u2013
6
Other derivatives
\u2013
80
(79)
\u2013
1
31 December 2025
498
90
(81)
\u2013
507
1
Forward foreign exchange (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 at 31 December 2025 are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 13. During 2024
the Group held an equity warrant classed as Level 3 in the fair value hierarchy, this warrant expired on 31 December 2024. No derivatives have
been reclassified within the hierarchy during the year.
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 discounted cash flow 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:
2025
2024
Derivatives
0.7% to 3.7%
0.6% to 4.1%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 2025,
with all other variables held constant. Based on the composition of our debt portfolio and cash reserves as at 31 December 2025, a 1% increase
in interest rates would result in an additional $23m in interest expense on the debt and an additional $57m interest income on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at 31 December
2025, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other currencies and the
-10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed in the
table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the table below.
\n \n
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($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 \n
Interest rates
Exchange rates
31 December 2025
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($m)
1,266
(1,406)
88
(111)
Impact on profit: (loss)/gain
($m)
\u2013
\u2013
(13)
16
Impact on equity: gain/(loss)
($m)
\u2013
\u2013
101
(126)
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
2025
2024
$m
$m
Cash at bank and in hand
1,332
1,215
Money market liquidity funds
4,224
4,177
Other short-term cash equivalents
155
96
Total Cash and cash equivalents (Note 18)
5,711
5,488
Fixed income securities at fair value through profit or loss (Note 13)
8
37
Cash collateral pledged to counterparties (Note 13)
22
129
Total derivative financial instruments (Note 14)
90
54
Current assets subject to credit risk
5,831
5,708
Non-current assets
\n \n
2025
2024
$m
$m
Derivative financial instruments (Note 14)
498
182
Non-current assets subject to credit risk
498
182
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 15% 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 2025 was $473m
(2024: $181m) and the carrying value of such cash collateral posted by the Group at 31 December 2025 was $22m (2024: $129m). Cash collateral
held by the Group is unencumbered.
The impairment provision for other financial assets at 31 December 2025 was immaterial (2024: 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
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2024
$m
$m
$m
$m
Financial assets
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n \n
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2025
$m
$m
$m
$m
Financial assets
Derivatives
588
(63)
(448)
77
Other investments
1
22
\u2013
(17)
5
Total assets
610
(63)
(465)
82
Financial liabilities
Derivatives
(81)
63
17
(1)
Other payables
1
(473)
\u2013
448
(25)
Total liabilities
(554)
63
465
(26)
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to
minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2025 or 31 December 2024 respectively
and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and
forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables.
On that basis, the loss allowance was determined as follows:
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2025
Current
past due
past due
past due
Total
Expected loss rate
0.03%
1.8%
3.9%
10.8%
Gross carrying amount ($m)
9,529
272
128
360
10,289
Loss allowance ($m)
3
5
5
39
52
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 78% (2024: 74%; 2023: 80%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n \n
2025
2024
2023
$m
$m
$m
At 1 January
33
45
59
Net movement recognised in the Consolidated Statement of Comprehensive Income
20
(3)
(14)
Amounts utilised, exchange and other movements
(1)
(9)
\u2013
At 31 December
52
33
45
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 is 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 from page 134.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
2023
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2023
to OCI
statement
2023
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2212 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
2024
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2024
to OCI
statement
2024
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2212 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
2025
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average Average
amounts in
value
2025
to OCI
statement
2025 maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest 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
203
(66)
(242)
305
(3)
2029
1.08
USD 4.24%
FX Forwards \u2212 short-term FX risk
USD 1,769m
6
(4)
(11)
9
(6)
2026
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2, 3
Transactions matured pre-2025
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
171
(145)
(26)
\u2013
(171)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
(3)
1
\u2013
(2)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
469
(271)
31
\u2013
(240)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
936
(121)
106
\u2013
(15)
2029
n/a
EUR 0.38%
Contingent consideration liabilities \u2013
AZUK and AZAB USD investments
USD 323m
(323)
2,316
(155)
\u2013
2,161
\u2013
\u2013
\u2013
1
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2024: $nil; 2023: $nil).
2
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2024: $nil; 2023: $nil).
3
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.
4
Nominal amount of FX forwards in a cash flow hedge of $1,769m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 8,319m at FX rate
9.2158, JPY 14,730m at 156.57, GBP 243m at 0.7430, CNY 1,926m at 6.9901 and EUR 144m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2026.
5
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 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 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.
\n \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
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 \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
to calculate
recognised in
As at 31 December 2025
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
172
(168)
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "3 Operating pro\ufb01t
Operating profit includes the following significant items:
Cost of sales
In 2025, Cost of sales includes a charge of $25m (2024: $nil; 2023: $114m) in relation to the release, in line with sales, of fair value uplift to
inventory that was recognised under IFRS 3 \u2018Business Combinations\u2019.
Selling, general and administrative expense
In 2025, Selling, general and administrative expense includes a credit of $44m (2024: charge of $260m; 2023: charge of $520m) resulting from
changes in the fair value of contingent consideration arising from the acquisition of the diabetes alliance from Bristol-Myers Squibb Company
(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 2025, Selling, general and administrative expense also includes a charge of $218m (2024: $48m; 2023: $1,013m) 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
2025
2024
2023
$m
$m
$m
Gains/(losses) on forward foreign exchange contracts
190
(81)
42
Losses on receivables and payables
(190)
(143)
(260)
Total
\u2013
(224)
(218)
Financial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
(46)
107
13
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(76)
(38)
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
314
306
177
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,177)
(1,251)
(1,004)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives and
\n
debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net
\n
of derivatives, includes the following amounts related to these matured instruments: derivatives $nil (2024
: $nil; 2023
: loss of $1m) and debt
\n
$nil (2024: $nil; 2023
: gain of $7m).13 Other investments
2025
2024
$m
$m
Non-current investments
Equity securities at fair value through Other comprehensive income
2,212
1,632
Equity securities at fair value through profit and loss
11
\u2013
Total
2,223
1,632
Current investments
Fixed income securities at fair value through profit or loss
8
37
Cash collateral pledged to counterparties
22
129
Total
30
166
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 comprise a mixture of equity securities and 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).
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
Level 1
8
1,765
37
1,279
Level 2
\u2013
\u2013
\u2013
\u2013
Level 3
11
447
\u2013
353
Total
19
2,212
37
1,632
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:
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
At 1 January
\u2013
353
\u2013
313
Additions
11
124
\u2013
56
Revaluations
\u2013
(50)
\u2013
(9)
Impairments and exchange adjustments
\u2013
20
\u2013
(7)
At 31 December
11
447
\u2013
353
14 Derivative \ufb01nancial instruments
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$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 foreign exchange designated in a cash flow hedge
1
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
171
2
\u2013
\u2013
173
Cross-currency swaps designated in a cash flow hedge
203
\u2013
\u2013
\u2013
203
Cross-currency swaps designated in a fair value hedge
124
\u2013
\u2013
\u2013
124
Forward foreign exchange designated in a cash flow hedge
1
\u2013
8
(2)
\u2013
6
Other derivatives
\u2013
80
(79)
\u2013
1
31 December 2025
498
90
(81)
\u2013
507
1
Forward foreign exchange (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 at 31 December 2025 are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 13. During 2024
the Group held an equity warrant classed as Level 3 in the fair value hierarchy, this warrant expired on 31 December 2024. No derivatives have
been reclassified within the hierarchy during the year.
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 discounted cash flow 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:
2025
2024
Derivatives
0.7% to 3.7%
0.6% to 4.1%19 Interest-bearing loans and borrowings \n \n
Repayment
2025
2024
dates
$m
$m
Current liabilities
Bank overdrafts
On demand
13
59
Other short-term borrowings excluding overdrafts
158
90
Collateral received from derivative counterparties
473
181
Lease liabilities
382
339
3.375% Callable bond
US dollars
2025
\u2013
1,997
0.7% Callable bond
US dollars
2026
1,200
\u2013
1.2% Callable bond
US dollars
2026
1,250
\u2013
Other loans
Within one year
10
10
Total
3,486
2,676
Non-current liabilities
Lease liabilities
1,421
1,113
0.7% Callable bond
US dollars
2026
\u2013
1,198
1.2% Callable bond
US dollars
2026
\u2013
1,249
4.8% Callable bond
US dollars
2027
1,248
1,247
3.625% Callable bond
euros
2027
880
780
3.125% Callable bond
US dollars
2027
749
748
4.875% Callable bond
US dollars
2028
1,097
1,096
1.25% Callable bond
euros
2028
936
829
1.75% Callable bond
US dollars
2028
1,248
1,247
4% Callable bond
US dollars
2029
997
996
4.85% Callable bond
US dollars
2029
1,247
1,246
0.375% Callable bond
euros
2029
936
829
4.9% Callable bond
US dollars
2030
647
646
3.121% Callable bond
euros
2030
764
682
1.375% Callable bond
US dollars
2030
1,295
1,295
4.9% Callable bond
US dollars
2031
995
994
2.25% Callable bond
US dollars
2031
748
747
5.75% Non-callable bond
pounds sterling
2031
469
438
3.75% Callable bond
euros
2032
878
778
4.875% Callable bond
US dollars
2033
497
497
3.278% Callable bond
euros
2033
870
786
5% Callable bond
US dollars
2034
1,490
1,489
6.45% Callable bond
US dollars
2037
2,728
2,727
4% Callable bond
US dollars
2042
989
989
4.375% Callable bond
US dollars
2045
982
982
4.375% Callable bond
US dollars
2048
738
738
2.125% Callable bond
US dollars
2050
488
487
3% Callable bond
US dollars
2051
736
735
Other loans
US dollars
63
31
Total
26,136
27,619
Total interest-bearing loans and borrowings
1
29,622
30,295
1
All loans and borrowings above are unsecured.
\n \n
Total loans and
Total loans and
Total loans and
borrowings
borrowings
borrowings
2025
2024
2023
$m
$m
$m
At 1 January
30,295
28,622
29,232
Changes from financing cash flows
Issue of loans and borrowings
15
6,492
3,816
Repayment of loans and borrowings
(2,029)
(4,652)
(4,942)
Movement in short-term borrowings
364
(31)
161
Repayment of obligations under leases
(372)
(316)
(268)
Total changes in cash flows arising on financing activities from borrowings
(2,022)
1,493
(1,233)
Movement in overdrafts
(47)
(144)
20
New lease liabilities
566
710
444
Additions through business combinations
\u2013
12
\u2013
Exchange
692
(361)
187
Other movements
138
(37)
(28)
At 31 December
29,622
30,295
28,622
Included in prior year cash flows is $833m in 2024 and $867m in 2023 relating to the Acerta Pharma share purchase. This liability was fully
extinguished in 2024.
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
Instruments
Instruments
Instruments
Total
designated in net
designated in
designated in
Amortised
carrying
Fair
investment hedge
1
cash flow hedge
2
fair value hedge
3
cost
value
value
$m
$m
$m
$m
$m
$m
2024
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
1,267
2,387
1,468
21,384
26,506
25,405
Total at 31 December 2024
1,267
2,387
1,468
25,173
30,295
29,179
2025
Overdrafts
\u2013
\u2013
\u2013
13
13
13
Lease liabilities due within one year
\u2013
\u2013
\u2013
382
382
382
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
1,421
1,421
1,421
Loans and borrowings due within one year
\u2013
\u2013
\u2013
3,091
3,091
3,068
Loans and borrowings due after more than one year
1,405
2,694
1,634
18,982
24,715
24,337
Total at 31 December 2025
1,405
2,694
1,634
23,889
29,622
29,221
1
Instruments designated in a net investment hedge are our euro 800m 0.375% 2029 Callable bond and our pounds sterling 350m 5.75% 2031 Non-callable bond. The 2024 value of
$1,267m was previously presented within the Amortised cost column; from 2025 the presentation has been revised to present this within the Instruments designated in net investment
hedge column.
2
Instruments designated in cash flow hedges are 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 13. 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 13,
with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
The adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was a decrease in the liability of $21m,
and the cumulative adjustment was a decrease in the liability of $5m. A gain of $4m was made during the year on the fair value of bonds
designated in a fair value hedge. 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
2025
2024
Loans and borrowings
1.9% to 2.6%
2.0% to 2.9%
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 13
) and Cash
(Note 18). 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 draft 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 17.
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 decreased by $1,196m from a net debt position of $24,570m at the beginning of the year to a net debt position of $23,374m at 31 December
2025. Gross debt decreased from $30,295m to $29,622m, principally due to the repayment of $2,029m debt, partially offset by an increase
of $692m resulting from foreign currency movements.
\n\n
Liquidity risk
\n
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
\n
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
\n
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group uses
\n
US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and manages
\n
long-term liquidity by raising funds through the capital markets. At 31 December 2025, the Group was assigned short-term credit ratings of
\n
P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A1 by Moody\u2019s and A+ by Standard and Poor\u2019s.
\n
In addition to Cash and cash equivalents of $5,711m, short-term fixed income investments of $8m, less overdrafts of $13m at 31 December 2025,
\n
the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial covenants.
\n
The Group regularly monitors the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing
\n
on the committed facilities should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured
\n
Overnight Financing Rate (SOFR), plus a margin.
\n
At 31 December 2025, the Group has $5,733m outstanding from debt issued under a Euro Medium Term Note programme and $21,369m under
\n
an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate purposes of
\n
the Group.
\n
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
\n
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
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
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\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
669
3,495
450
25,282
29,896
(17,182)
17,205
23
29,919
In one to two years
\u2013
3,784
388
473
4,645
(1,031)
944
(87)
4,558
In two to three years
\u2013
4,097
292
1,425
5,814
(1,052)
1,035
(17)
5,797
In three to four years
\u2013
3,898
199
508
4,605
(637)
481
(156)
4,449
In four to five years
\u2013
3,368
156
166
3,690
(849)
1,516
667
4,357
In more than five years
\u2013
16,906
599
\u2013
17,505
(1,913)
2,596
683
18,188
669
35,548
2,084
27,854
66,155
(22,664)
23,777
1,113
67,268
Effect of interest
(25)
(8,223)
\u2013
\u2013
(8,248)
752
(2,370)
(1,618)
(9,866)
Effect of discounting, fair values and issue costs
\u2013
(150)
(281)
(195)
(626)
10
(12)
(2)
(628)
31 December 2025
644
27,175
1,803
27,659
57,281
(21,902)
21,395
(507)
56,774
\n
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
\n
exception of $550m of Contingent consideration held within Trade and other payables (see Note 20).
\n
Market risk
\n
Interest rate risk
\n
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
\n
agreements to manage this mix.
\n
The majority of surplus cash is currently invested in US dollar liquidity funds.
\n
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
\n
liabilities, the profile includes the impact of interest rate swaps which convert the debt to floating rate.
\n \n
2025
2024
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
$m
$m
$m
$m
$m
$m
Financial liabilities
Current
2,842
644
3,486
2,346
330
2,676
Non-current
24,502
1,634
26,136
26,151
1,468
27,619
Total
27,344
2,278
29,622
28,497
1,798
30,295
Financial assets
Cash collateral pledged to counterparties
\u2013
22
22
\u2013
129
129
Cash and cash equivalents
\u2013
5,711
5,711
\u2013
5,488
5,488
Total
\u2013
5,733
5,733
\u2013
5,617
5,617
In addition to the financial assets above, there are $13,988m (2024: $11,115m) 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
2025
2024
$m
$m
Equity securities at fair value through Other comprehensive income (Note 13)
2,212
1,632
Equity securities at fair value through profit and loss (Note 13)
11
\u2013
Total
2,223
1,632
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 59% of Group Total Revenue in 2025 was 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 2025, before the impact of derivatives or other forms of hedging, the Group held $564m of interest-bearing loans and
borrowings denominated in pound sterling and $5,620m denominated in euros.
Hedging arrangements for these loans are summarised in the table below:
\n \n
2025
2024
Euro
Pound sterling
Euro
Pound sterling
denominated
denominated
Total
denominated
denominated
Total
$m
$m
$m
$m
$m
$m
Interest-bearing loans
In a net investment hedge
1
936
469
1,405
829
438
1,267
In a cash flow hedge
2
2,694
\u2013
2,694
2,387
\u2013
2,387
In a fair value hedge
2
1,634
\u2013
1,634
1,468
\u2013
1,468
Not in a designated IFRS 9 hedge
356
95
451
192
110
302
Total
5,620
564
6,184
4,876
548
5,424
1
Hedges of underlying net euro and pound sterling investments of the same amount as the loan.
2
Loans in cash flow and fair value hedges are hedged by cross-currency swaps of the same notional value as the loan.
For further details of all designated hedging relationships, please refer to the Hedge accounting section within this Note 28, from page 176.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy from page 134 and
the Foreign currencies accounting policy on page 135 within Group Accounting Policies.
As at 31 December 2025, 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 2025,
with all other variables held constant. Based on the composition of our debt portfolio and cash reserves as at 31 December 2025, a 1% increase
in interest rates would result in an additional $23m in interest expense on the debt and an additional $57m interest income on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at 31 December
2025, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other currencies and the
-10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed in the
table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the table below.
\n \n
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($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 \n
Interest rates
Exchange rates
31 December 2025
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($m)
1,266
(1,406)
88
(111)
Impact on profit: (loss)/gain
($m)
\u2013
\u2013
(13)
16
Impact on equity: gain/(loss)
($m)
\u2013
\u2013
101
(126)
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
2025
2024
$m
$m
Cash at bank and in hand
1,332
1,215
Money market liquidity funds
4,224
4,177
Other short-term cash equivalents
155
96
Total Cash and cash equivalents (Note 18)
5,711
5,488
Fixed income securities at fair value through profit or loss (Note 13)
8
37
Cash collateral pledged to counterparties (Note 13)
22
129
Total derivative financial instruments (Note 14)
90
54
Current assets subject to credit risk
5,831
5,708
Non-current assets
\n \n
2025
2024
$m
$m
Derivative financial instruments (Note 14)
498
182
Non-current assets subject to credit risk
498
182
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 15% 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 2025 was $473m
(2024: $181m) and the carrying value of such cash collateral posted by the Group at 31 December 2025 was $22m (2024: $129m). Cash collateral
held by the Group is unencumbered.
The impairment provision for other financial assets at 31 December 2025 was immaterial (2024: 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
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2024
$m
$m
$m
$m
Financial assets
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n \n
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2025
$m
$m
$m
$m
Financial assets
Derivatives
588
(63)
(448)
77
Other investments
1
22
\u2013
(17)
5
Total assets
610
(63)
(465)
82
Financial liabilities
Derivatives
(81)
63
17
(1)
Other payables
1
(473)
\u2013
448
(25)
Total liabilities
(554)
63
465
(26)
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to
minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2025 or 31 December 2024 respectively
and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and
forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables.
On that basis, the loss allowance was determined as follows:
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2025
Current
past due
past due
past due
Total
Expected loss rate
0.03%
1.8%
3.9%
10.8%
Gross carrying amount ($m)
9,529
272
128
360
10,289
Loss allowance ($m)
3
5
5
39
52
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 78% (2024: 74%; 2023: 80%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n \n
2025
2024
2023
$m
$m
$m
At 1 January
33
45
59
Net movement recognised in the Consolidated Statement of Comprehensive Income
20
(3)
(14)
Amounts utilised, exchange and other movements
(1)
(9)
\u2013
At 31 December
52
33
45
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 is 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 from page 134.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
2023
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2023
to OCI
statement
2023
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2212 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
2024
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2024
to OCI
statement
2024
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2212 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
2025
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average Average
amounts in
value
2025
to OCI
statement
2025 maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest 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
203
(66)
(242)
305
(3)
2029
1.08
USD 4.24%
FX Forwards \u2212 short-term FX risk
USD 1,769m
6
(4)
(11)
9
(6)
2026
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2, 3
Transactions matured pre-2025
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
171
(145)
(26)
\u2013
(171)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
(3)
1
\u2013
(2)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
469
(271)
31
\u2013
(240)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
936
(121)
106
\u2013
(15)
2029
n/a
EUR 0.38%
Contingent consideration liabilities \u2013
AZUK and AZAB USD investments
USD 323m
(323)
2,316
(155)
\u2013
2,161
\u2013
\u2013
\u2013
1
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2024: $nil; 2023: $nil).
2
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2024: $nil; 2023: $nil).
3
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.
4
Nominal amount of FX forwards in a cash flow hedge of $1,769m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 8,319m at FX rate
9.2158, JPY 14,730m at 156.57, GBP 243m at 0.7430, CNY 1,926m at 6.9901 and EUR 144m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2026.
5
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 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 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.
\n \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
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 \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
to calculate
recognised in
As at 31 December 2025
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
172
(168)
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "Cost of sales
In 2025, Cost of sales includes a charge of $25m (2024: $nil; 2023: $114m) in relation to the release, in line with sales, of fair value uplift to
inventory that was recognised under IFRS 3 \u2018Business Combinations\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "Selling, general and administrative expense
In 2025, Selling, general and administrative expense includes a credit of $44m (2024: charge of $260m; 2023: charge of $520m) resulting from
changes in the fair value of contingent consideration arising from the acquisition of the diabetes alliance from Bristol-Myers Squibb Company
(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 2025, Selling, general and administrative expense also includes a charge of $218m (2024: $48m; 2023: $1,013m) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "Research and development expense: Government grants
During the year $nil (2024: $nil; 2023: $74m) of government grants were recognised within Research and development expense relating
to
Vaxzevria
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "Research and development expense: Government grants
During the year $nil (2024: $nil; 2023: $74m) of government grants were recognised within Research and development expense relating
to
Vaxzevria
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "Other operating income and expense \n \n
2025
2024
2023
$m
$m
$m
Royalty income
160
103
107
Gains on disposal of Intangible assets
168
64
251
Net (losses)/gains on disposal of other non-current assets
(14)
(4)
41
Update to the contractual relationships for
Beyfortus
\u2013
\u2013
712
Other income
1
201
210
393
Other expense
(134)
(121)
(164)
Other operating income and expense
381
252
1,340
1
Other income in 2025 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2024: $nil; 2023: $75m).
Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to
Pulmicort
Flexhaler to Cheplapharm
Arzneimittel GmbH in the US.
As part of the total consideration received in respect of the agreement to sell US rights to
Synagis
in 2019, $400m in total was 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 Swedish Orphan Biovitrum AB (Sobi) following achievement of a regulatory milestone. 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 Pasteur, Inc. and Sobi. As a result, in 2023 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "Other operating income and expense \n \n
2025
2024
2023
$m
$m
$m
Royalty income
160
103
107
Gains on disposal of Intangible assets
168
64
251
Net (losses)/gains on disposal of other non-current assets
(14)
(4)
41
Update to the contractual relationships for
Beyfortus
\u2013
\u2013
712
Other income
1
201
210
393
Other expense
(134)
(121)
(164)
Other operating income and expense
381
252
1,340
1
Other income in 2025 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2024: $nil; 2023: $75m).
Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to
Pulmicort
Flexhaler to Cheplapharm
Arzneimittel GmbH in the US.
As part of the total consideration received in respect of the agreement to sell US rights to
Synagis
in 2019, $400m in total was 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 Swedish Orphan Biovitrum AB (Sobi) following achievement of a regulatory milestone. 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 Pasteur, Inc. and Sobi. As a result, in 2023 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "Other operating income and expense \n \n
2025
2024
2023
$m
$m
$m
Royalty income
160
103
107
Gains on disposal of Intangible assets
168
64
251
Net (losses)/gains on disposal of other non-current assets
(14)
(4)
41
Update to the contractual relationships for
Beyfortus
\u2013
\u2013
712
Other income
1
201
210
393
Other expense
(134)
(121)
(164)
Other operating income and expense
381
252
1,340
1
Other income in 2025 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2024: $nil; 2023: $75m).
Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to
Pulmicort
Flexhaler to Cheplapharm
Arzneimittel GmbH in the US.
As part of the total consideration received in respect of the agreement to sell US rights to
Synagis
in 2019, $400m in total was 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 Swedish Orphan Biovitrum AB (Sobi) following achievement of a regulatory milestone. 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 Pasteur, Inc. and Sobi. As a result, in 2023 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "Total restructuring costs in 2025 includes a net impairment reversal to Property, plant and equipment of $3m (2024: charge of $43m; 2023
:
charge of $7m). \n \n
Assets in
Total Property,
Land and
Plant and
course of
plant and
buildings
equipment
construction
equipment
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
3
2
\u2013
5
Capital expenditure
25
91
2,811
2,927
Transfer of assets into use
278
779
(1,057)
\u2013
Disposals and other movements
(35)
(172)
1
(206)
Exchange adjustments
389
766
196
1,351
At 31 December 2025
7,240
10,320
4,740
22,300
Depreciation and impairment
At 1 January 2024
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
Depreciation charge for the year
249
630
\u2013
879
Impairment charge
4
8
1
13
Disposals and other movements
(32)
(148)
(1)
(181)
Exchange adjustments
188
468
\u2013
656
At 31 December 2025
3,265
6,073
\u2013
9,338
Net book value
At 31 December 2024
3,724
3,739
2,789
10,252
At 31 December 2025
3,975
4,247
4,740
12,962
\n \n
Total
Land and
Motor
Right-of-use
buildings
vehicles
Other
assets
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
1
\u2013
\u2013
1
Additions \u2013 separately acquired
362
215
10
587
Disposals and other movements
29
(91)
\u2013
(62)
Exchange adjustments
68
48
4
120
At 31 December 2025
2,048
836
61
2,945
Depreciation and impairment
At 1 January 2024
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
Depreciation charge for the year
205
188
11
404
Disposals and other movements
(65)
(93)
2
(156)
Exchange adjustments
29
21
2
52
At 31 December 2025
815
353
36
1,204
Net book value
At 31 December 2024
942
427
26
1,395
At 31 December 2025
1,233
483
25
1,741
10 Goodwill \n \n
2025
2024
$m
$m
Cost
At 1 January
21,335
20,361
Additions through business combinations (Note 27)
\u2013
1,083
Exchange and other adjustments
223
(109)
At 31 December
21,558
21,335
Amortisation and impairment losses
At 1 January
310
313
Exchange and other adjustments
6
(3)
At 31 December
316
310
Net book value
At 31 December
21,242
21,025
11 Intangible assets \n \n
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
50
\u2013
\u2013
50
Additions \u2013 separately acquired
3,392
170
463
4,025
Disposals
(312)
(128)
(8)
(448)
Exchange and other adjustments
2,151
131
118
2,400
At 31 December 2025
77,764
3,073
2,103
82,940
Amortisation and impairment losses
At 1 January 2024
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
Amortisation for year
3,928
181
98
4,207
Impairment charges
218
12
\u2013
230
Disposals
(312)
(128)
(8)
(448)
Exchange and other adjustments
1,247
61
61
1,369
At 31 December 2025
41,830
2,255
1,009
45,094
Net book value
At 31 December 2024
35,734
771
672
37,177
At 31 December 2025
35,934
818
1,094
37,846
Amortisation charges are recognised in the Consolidated Statement of Comprehensive Income as follows: \n \n
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Year ended 31 December 2023
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
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
Year ended 31 December 2025
Cost of sales
32
\u2013
54
86
Research and development expense
\u2013
26
21
47
Selling, general and administrative expense
3,896
155
22
4,073
Other operating income and expense
\u2013
\u2013
1
1
Total
3,928
181
98
4,207
Net impairment charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n \n
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Year ended 31 December 2023
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
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
Year ended 31 December 2025
Research and development expense
210
\u2013
\u2013
210
Selling, general and administrative expense
8
12
\u2013
20
Total
218
12
\u2013
230
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 predominantly 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 2025 and 7.5% for 2024) 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 2025, the Group recorded impairment charges of $8m in respect of launched products. Impairment charges recorded against products in
development totalled $210m.
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 Pharmaceuticals, Inc. (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.
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. No impairment reversals were recorded in 2025. Impairment reversals of $8m were recorded in 2024 against products
in development. No impairment reversals were recorded in 2023.
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.
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
At 1 January
\u2013
353
\u2013
313
Additions
11
124
\u2013
56
Revaluations
\u2013
(50)
\u2013
(9)
Impairments and exchange adjustments
\u2013
20
\u2013
(7)
At 31 December
11
447
\u2013
353
The impairment provision for other financial assets at 31 December 2025 was immaterial (2024: immaterial). Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to
minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2025 or 31 December 2024 respectively
and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and
forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables.
On that basis, the loss allowance was determined as follows:
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2025
Current
past due
past due
past due
Total
Expected loss rate
0.03%
1.8%
3.9%
10.8%
Gross carrying amount ($m)
9,529
272
128
360
10,289
Loss allowance ($m)
3
5
5
39
52
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 78% (2024: 74%; 2023: 80%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n \n
2025
2024
2023
$m
$m
$m
At 1 January
33
45
59
Net movement recognised in the Consolidated Statement of Comprehensive Income
20
(3)
(14)
Amounts utilised, exchange and other movements
(1)
(9)
\u2013
At 31 December
52
33
45
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "Financial instruments
Included within Operating profit are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Gains/(losses) on forward foreign exchange contracts
190
(81)
42
Losses on receivables and payables
(190)
(143)
(260)
Total
\u2013
(224)
(218)
14 Derivative \ufb01nancial instruments
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$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 foreign exchange designated in a cash flow hedge
1
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
171
2
\u2013
\u2013
173
Cross-currency swaps designated in a cash flow hedge
203
\u2013
\u2013
\u2013
203
Cross-currency swaps designated in a fair value hedge
124
\u2013
\u2013
\u2013
124
Forward foreign exchange designated in a cash flow hedge
1
\u2013
8
(2)
\u2013
6
Other derivatives
\u2013
80
(79)
\u2013
1
31 December 2025
498
90
(81)
\u2013
507
1
Forward foreign exchange (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 at 31 December 2025 are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 13. During 2024
the Group held an equity warrant classed as Level 3 in the fair value hierarchy, this warrant expired on 31 December 2024. No derivatives have
been reclassified within the hierarchy during the year.
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 discounted cash flow 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:
2025
2024
Derivatives
0.7% to 3.7%
0.6% to 4.1%17 Current trade and other receivables
2025
2024
$m
$m
Trade receivables
10,289
8,335
Less: Expected credit loss provision (Note 28)
(52)
(33)
10,237
8,302
Other receivables
2,017
1,579
Prepayments
2,034
1,737
Government grants receivable
45
25
Accrued income
844
1,329
Trade and other receivables
15,177
12,972
Trade receivables include $2,681m (2024: $667m) 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.
18 Cash and cash equivalents
2025
2024
2023
$m
$m
$m
Cash at bank and in hand
1,332
1,215
1,325
Short-term deposits
4,379
4,273
4,515
Cash and cash equivalents
5,711
5,488
5,840
Unsecured bank overdrafts
(13)
(59)
(203)
Cash and cash equivalents in the Consolidated Statement of Cash Flows
5,698
5,429
5,637
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:
2025
2024
2023
$m
$m
$m
Share-based payments charge for the period (Note 29)
719
660
579
Settlement of share plan awards
(353)
(618)
(650)
Pension contributions
(186)
(166)
(188)
Pension charges recorded in Operating profit
65
86
55
Long-term provision charges recorded in Operating profit
203
106
460
Loss/(gain) on disposal of Property, plant and equipment
13
4
(41)
Update to the contractual relationships for
Beyfortus
\u2013
\u2013
(729)
Foreign exchange and other
1
201
(193)
128
Total operating activities non-cash and other movements
662
(121)
(386)
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
2025
2024
dates
$m
$m
Current liabilities
Bank overdrafts
On demand
13
59
Other short-term borrowings excluding overdrafts
158
90
Collateral received from derivative counterparties
473
181
Lease liabilities
382
339
3.375% Callable bond
US dollars
2025
\u2013
1,997
0.7% Callable bond
US dollars
2026
1,200
\u2013
1.2% Callable bond
US dollars
2026
1,250
\u2013
Other loans
Within one year
10
10
Total
3,486
2,676
Non-current liabilities
Lease liabilities
1,421
1,113
0.7% Callable bond
US dollars
2026
\u2013
1,198
1.2% Callable bond
US dollars
2026
\u2013
1,249
4.8% Callable bond
US dollars
2027
1,248
1,247
3.625% Callable bond
euros
2027
880
780
3.125% Callable bond
US dollars
2027
749
748
4.875% Callable bond
US dollars
2028
1,097
1,096
1.25% Callable bond
euros
2028
936
829
1.75% Callable bond
US dollars
2028
1,248
1,247
4% Callable bond
US dollars
2029
997
996
4.85% Callable bond
US dollars
2029
1,247
1,246
0.375% Callable bond
euros
2029
936
829
4.9% Callable bond
US dollars
2030
647
646
3.121% Callable bond
euros
2030
764
682
1.375% Callable bond
US dollars
2030
1,295
1,295
4.9% Callable bond
US dollars
2031
995
994
2.25% Callable bond
US dollars
2031
748
747
5.75% Non-callable bond
pounds sterling
2031
469
438
3.75% Callable bond
euros
2032
878
778
4.875% Callable bond
US dollars
2033
497
497
3.278% Callable bond
euros
2033
870
786
5% Callable bond
US dollars
2034
1,490
1,489
6.45% Callable bond
US dollars
2037
2,728
2,727
4% Callable bond
US dollars
2042
989
989
4.375% Callable bond
US dollars
2045
982
982
4.375% Callable bond
US dollars
2048
738
738
2.125% Callable bond
US dollars
2050
488
487
3% Callable bond
US dollars
2051
736
735
Other loans
US dollars
63
31
Total
26,136
27,619
Total interest-bearing loans and borrowings
1
29,622
30,295
1
All loans and borrowings above are unsecured.
\n \n
Total loans and
Total loans and
Total loans and
borrowings
borrowings
borrowings
2025
2024
2023
$m
$m
$m
At 1 January
30,295
28,622
29,232
Changes from financing cash flows
Issue of loans and borrowings
15
6,492
3,816
Repayment of loans and borrowings
(2,029)
(4,652)
(4,942)
Movement in short-term borrowings
364
(31)
161
Repayment of obligations under leases
(372)
(316)
(268)
Total changes in cash flows arising on financing activities from borrowings
(2,022)
1,493
(1,233)
Movement in overdrafts
(47)
(144)
20
New lease liabilities
566
710
444
Additions through business combinations
\u2013
12
\u2013
Exchange
692
(361)
187
Other movements
138
(37)
(28)
At 31 December
29,622
30,295
28,622
Included in prior year cash flows is $833m in 2024 and $867m in 2023 relating to the Acerta Pharma share purchase. This liability was fully
extinguished in 2024.
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
Instruments
Instruments
Instruments
Total
designated in net
designated in
designated in
Amortised
carrying
Fair
investment hedge
1
cash flow hedge
2
fair value hedge
3
cost
value
value
$m
$m
$m
$m
$m
$m
2024
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
1,267
2,387
1,468
21,384
26,506
25,405
Total at 31 December 2024
1,267
2,387
1,468
25,173
30,295
29,179
2025
Overdrafts
\u2013
\u2013
\u2013
13
13
13
Lease liabilities due within one year
\u2013
\u2013
\u2013
382
382
382
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
1,421
1,421
1,421
Loans and borrowings due within one year
\u2013
\u2013
\u2013
3,091
3,091
3,068
Loans and borrowings due after more than one year
1,405
2,694
1,634
18,982
24,715
24,337
Total at 31 December 2025
1,405
2,694
1,634
23,889
29,622
29,221
1
Instruments designated in a net investment hedge are our euro 800m 0.375% 2029 Callable bond and our pounds sterling 350m 5.75% 2031 Non-callable bond. The 2024 value of
$1,267m was previously presented within the Amortised cost column; from 2025 the presentation has been revised to present this within the Instruments designated in net investment
hedge column.
2
Instruments designated in cash flow hedges are 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 13. 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 13,
with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
The adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was a decrease in the liability of $21m,
and the cumulative adjustment was a decrease in the liability of $5m. A gain of $4m was made during the year on the fair value of bonds
designated in a fair value hedge. 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
2025
2024
Loans and borrowings
1.9% to 2.6%
2.0% to 2.9%
20 Trade and other payables
2025
2024
$m
$m
Current liabilities
Trade payables
3,820
3,640
Value-added and payroll taxes and social security
580
401
Rebates, chargebacks, returns and other revenue accruals
9,681
7,805
Clinical trial accruals
1,780
1,419
Other accruals
7,258
6,463
Collaboration Revenue contract liabilities
\u2013
7
Vaccine contract liabilities
142
119
Deferred government grant income
2
\u2013
Contingent consideration
346
1,170
Other payables
1,671
1,441
Total
25,280
22,465
Non-current liabilities
Accruals
85
65
Deferred government grant income
55
\u2013
Contingent consideration
204
581
Other payables
2,035
1,124
Total
2,379
1,770
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $63m (2024: $114m). The revenue recognised
in the year from opening contract liabilities is $107m, comprising $100m 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
2025 amounted to $5,941m (2024: $4,978m), of which Rare Disease comprises $336m (2024: $240m), and China where the liability at
31 December 2025 amounted to $619m (2024: $532m).
Trade payables includes $100m (2024: $105m) 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 2025, 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 2025, the programme had 310 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 relating to future sales related payments to Daiichi Sankyo totalling $673m (2024: $377m)
resulting from the collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other
payables are liabilities relating to future sales related payments totalling $579m (2024: $456m) as a result of the
Enhertu
collaboration agreement,
$499m (2024: $462m) owed to Bond Avillion 2 Development LP as a result of the
Airsupra
collaboration agreement entered into in March 2018
and $201m (2024: $nil) owed to MSD as a result of the
Koselugo
collaboration agreement entered into in 2017 and amended in August 2025.
In November 2020,
Calquence
received marketing approval in the European Union, 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 final payment of $833m made in 2024. Interest arising from amortising the liability
was included within Finance expense (see Note 4). The associated cash flows were disclosed as financing activities within the Consolidated
Statement of Cash Flows.
With the exception of Contingent consideration payables of $550m (2024: $1,751m) which are held at fair value within Level 3 of the fair value
hierarchy as defined in Note 13, all other financial liabilities are held at amortised cost with carrying value being a reasonable approximation of
fair value.
Contingent consideration
2025
2024
2023
$m
$m
$m
At 1 January
1,751
2,137
2,222
Additions through business combinations
\u2013
198
60
Settlements
(1,164)
(1,008)
(826)
Revaluations
(97)
311
549
Discount unwind (Note 4)
60
113
132
At 31 December
550
1,751
2,137
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 a decrease of $44m in 2025
\n
(2024: increase of $260m; 2023: increase of $520m) based on revenue and royalty forecasts, relating to the acquisition of BMS\u2019s share of the
\n
Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 4).
\n
The discount rates used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration balance
\n
is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
\n
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful trial
\n
results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may cause
\n
the calculated fair value of the above contingent consideration to vary materially in future years.
\n
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $257m (2024: $1,309m; 2023: $1,945m) is due for
\n
final payment in 2026.
\n
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
\n
combinations are as follows:
\n\n \n
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen Sarl
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall, S.A.
2014
Milestones and royalties
345
Fusion Pharmaceuticals, Inc.
2024
Milestones
304
Gracell Biotechnologies, Inc.
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
\nthe 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 13
) and Cash
(Note 18). 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 draft 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 17.
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 decreased by $1,196m from a net debt position of $24,570m at the beginning of the year to a net debt position of $23,374m at 31 December
2025. Gross debt decreased from $30,295m to $29,622m, principally due to the repayment of $2,029m debt, partially offset by an increase
of $692m resulting from foreign currency movements.
\n\n
Liquidity risk
\n
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
\n
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
\n
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group uses
\n
US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and manages
\n
long-term liquidity by raising funds through the capital markets. At 31 December 2025, the Group was assigned short-term credit ratings of
\n
P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A1 by Moody\u2019s and A+ by Standard and Poor\u2019s.
\n
In addition to Cash and cash equivalents of $5,711m, short-term fixed income investments of $8m, less overdrafts of $13m at 31 December 2025,
\n
the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial covenants.
\n
The Group regularly monitors the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing
\n
on the committed facilities should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured
\n
Overnight Financing Rate (SOFR), plus a margin.
\n
At 31 December 2025, the Group has $5,733m outstanding from debt issued under a Euro Medium Term Note programme and $21,369m under
\n
an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate purposes of
\n
the Group.
\n
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
\n
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
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
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\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
669
3,495
450
25,282
29,896
(17,182)
17,205
23
29,919
In one to two years
\u2013
3,784
388
473
4,645
(1,031)
944
(87)
4,558
In two to three years
\u2013
4,097
292
1,425
5,814
(1,052)
1,035
(17)
5,797
In three to four years
\u2013
3,898
199
508
4,605
(637)
481
(156)
4,449
In four to five years
\u2013
3,368
156
166
3,690
(849)
1,516
667
4,357
In more than five years
\u2013
16,906
599
\u2013
17,505
(1,913)
2,596
683
18,188
669
35,548
2,084
27,854
66,155
(22,664)
23,777
1,113
67,268
Effect of interest
(25)
(8,223)
\u2013
\u2013
(8,248)
752
(2,370)
(1,618)
(9,866)
Effect of discounting, fair values and issue costs
\u2013
(150)
(281)
(195)
(626)
10
(12)
(2)
(628)
31 December 2025
644
27,175
1,803
27,659
57,281
(21,902)
21,395
(507)
56,774
\n
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
\n
exception of $550m of Contingent consideration held within Trade and other payables (see Note 20).
\n
Market risk
\n
Interest rate risk
\n
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
\n
agreements to manage this mix.
\n
The majority of surplus cash is currently invested in US dollar liquidity funds.
\n
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
\n
liabilities, the profile includes the impact of interest rate swaps which convert the debt to floating rate.
\n \n
2025
2024
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
$m
$m
$m
$m
$m
$m
Financial liabilities
Current
2,842
644
3,486
2,346
330
2,676
Non-current
24,502
1,634
26,136
26,151
1,468
27,619
Total
27,344
2,278
29,622
28,497
1,798
30,295
Financial assets
Cash collateral pledged to counterparties
\u2013
22
22
\u2013
129
129
Cash and cash equivalents
\u2013
5,711
5,711
\u2013
5,488
5,488
Total
\u2013
5,733
5,733
\u2013
5,617
5,617
In addition to the financial assets above, there are $13,988m (2024: $11,115m) 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
2025
2024
$m
$m
Equity securities at fair value through Other comprehensive income (Note 13)
2,212
1,632
Equity securities at fair value through profit and loss (Note 13)
11
\u2013
Total
2,223
1,632
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 59% of Group Total Revenue in 2025 was 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 2025, before the impact of derivatives or other forms of hedging, the Group held $564m of interest-bearing loans and
borrowings denominated in pound sterling and $5,620m denominated in euros.
Hedging arrangements for these loans are summarised in the table below:
\n \n
2025
2024
Euro
Pound sterling
Euro
Pound sterling
denominated
denominated
Total
denominated
denominated
Total
$m
$m
$m
$m
$m
$m
Interest-bearing loans
In a net investment hedge
1
936
469
1,405
829
438
1,267
In a cash flow hedge
2
2,694
\u2013
2,694
2,387
\u2013
2,387
In a fair value hedge
2
1,634
\u2013
1,634
1,468
\u2013
1,468
Not in a designated IFRS 9 hedge
356
95
451
192
110
302
Total
5,620
564
6,184
4,876
548
5,424
1
Hedges of underlying net euro and pound sterling investments of the same amount as the loan.
2
Loans in cash flow and fair value hedges are hedged by cross-currency swaps of the same notional value as the loan.
For further details of all designated hedging relationships, please refer to the Hedge accounting section within this Note 28, from page 176.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy from page 134 and
the Foreign currencies accounting policy on page 135 within Group Accounting Policies.
As at 31 December 2025, 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 2025,
with all other variables held constant. Based on the composition of our debt portfolio and cash reserves as at 31 December 2025, a 1% increase
in interest rates would result in an additional $23m in interest expense on the debt and an additional $57m interest income on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at 31 December
2025, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other currencies and the
-10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed in the
table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the table below.
\n \n
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($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 \n
Interest rates
Exchange rates
31 December 2025
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($m)
1,266
(1,406)
88
(111)
Impact on profit: (loss)/gain
($m)
\u2013
\u2013
(13)
16
Impact on equity: gain/(loss)
($m)
\u2013
\u2013
101
(126)
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
2025
2024
$m
$m
Cash at bank and in hand
1,332
1,215
Money market liquidity funds
4,224
4,177
Other short-term cash equivalents
155
96
Total Cash and cash equivalents (Note 18)
5,711
5,488
Fixed income securities at fair value through profit or loss (Note 13)
8
37
Cash collateral pledged to counterparties (Note 13)
22
129
Total derivative financial instruments (Note 14)
90
54
Current assets subject to credit risk
5,831
5,708
Non-current assets
\n \n
2025
2024
$m
$m
Derivative financial instruments (Note 14)
498
182
Non-current assets subject to credit risk
498
182
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 15% 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 2025 was $473m
(2024: $181m) and the carrying value of such cash collateral posted by the Group at 31 December 2025 was $22m (2024: $129m). Cash collateral
held by the Group is unencumbered.
The impairment provision for other financial assets at 31 December 2025 was immaterial (2024: 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
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2024
$m
$m
$m
$m
Financial assets
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n \n
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2025
$m
$m
$m
$m
Financial assets
Derivatives
588
(63)
(448)
77
Other investments
1
22
\u2013
(17)
5
Total assets
610
(63)
(465)
82
Financial liabilities
Derivatives
(81)
63
17
(1)
Other payables
1
(473)
\u2013
448
(25)
Total liabilities
(554)
63
465
(26)
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to
minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2025 or 31 December 2024 respectively
and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and
forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables.
On that basis, the loss allowance was determined as follows:
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2025
Current
past due
past due
past due
Total
Expected loss rate
0.03%
1.8%
3.9%
10.8%
Gross carrying amount ($m)
9,529
272
128
360
10,289
Loss allowance ($m)
3
5
5
39
52
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 78% (2024: 74%; 2023: 80%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n \n
2025
2024
2023
$m
$m
$m
At 1 January
33
45
59
Net movement recognised in the Consolidated Statement of Comprehensive Income
20
(3)
(14)
Amounts utilised, exchange and other movements
(1)
(9)
\u2013
At 31 December
52
33
45
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 is 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 from page 134.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
2023
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2023
to OCI
statement
2023
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2212 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
2024
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2024
to OCI
statement
2024
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2212 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
2025
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average Average
amounts in
value
2025
to OCI
statement
2025 maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest 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
203
(66)
(242)
305
(3)
2029
1.08
USD 4.24%
FX Forwards \u2212 short-term FX risk
USD 1,769m
6
(4)
(11)
9
(6)
2026
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2, 3
Transactions matured pre-2025
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
171
(145)
(26)
\u2013
(171)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
(3)
1
\u2013
(2)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
469
(271)
31
\u2013
(240)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
936
(121)
106
\u2013
(15)
2029
n/a
EUR 0.38%
Contingent consideration liabilities \u2013
AZUK and AZAB USD investments
USD 323m
(323)
2,316
(155)
\u2013
2,161
\u2013
\u2013
\u2013
1
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2024: $nil; 2023: $nil).
2
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2024: $nil; 2023: $nil).
3
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.
4
Nominal amount of FX forwards in a cash flow hedge of $1,769m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 8,319m at FX rate
9.2158, JPY 14,730m at 156.57, GBP 243m at 0.7430, CNY 1,926m at 6.9901 and EUR 144m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2026.
5
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 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 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.
\n \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
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 \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
to calculate
recognised in
As at 31 December 2025
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
172
(168)
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "4 Finance income and expense \n \n
2025
2024
2023
$m
$m
$m
Finance income
Returns on deposits and equity securities
280
339
291
Fair value gains on debt and interest rate swaps
\u2013
113
43
Interest income on income tax balances
80
6
10
Total
360
458
344
Finance expense
Interest on debt, leases and other financing costs
(1,335)
(1,391)
(1,132)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(51)
(50)
(38)
Net exchange losses
(31)
(42)
(34)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(60)
(113)
(132)
Discount unwind on other long-term liabilities
1
(138)
(116)
(200)
Fair value losses on debt and interest rate swaps
(49)
(18)
(3)
Interest expense on income tax balances
(30)
(12)
(87)
Total
(1,694)
(1,742)
(1,626)
Net finance expense
(1,334)
(1,284)
(1,282)
\n
1
\n
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma B.V. (Acerta Pharma) share purchase liability (2024: $nil; 2023: $55m) and the discount
\n
unwind of other payables of $116m (2024: $91m; 2023: $100m) that have arisen from intangible asset additions, see Note 20 for further details.
\n
There was no interest capitalised during the year.
\n
Financial instruments
\n
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
(46)
107
13
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(76)
(38)
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
314
306
177
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,177)
(1,251)
(1,004)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives and
\n
debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net
\n
of derivatives, includes the following amounts related to these matured instruments: derivatives $nil (2024
: $nil; 2023
: loss of $1m) and debt
\n
$nil (2024: $nil; 2023
: gain of $7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "4 Finance income and expense \n \n
2025
2024
2023
$m
$m
$m
Finance income
Returns on deposits and equity securities
280
339
291
Fair value gains on debt and interest rate swaps
\u2013
113
43
Interest income on income tax balances
80
6
10
Total
360
458
344
Finance expense
Interest on debt, leases and other financing costs
(1,335)
(1,391)
(1,132)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(51)
(50)
(38)
Net exchange losses
(31)
(42)
(34)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(60)
(113)
(132)
Discount unwind on other long-term liabilities
1
(138)
(116)
(200)
Fair value losses on debt and interest rate swaps
(49)
(18)
(3)
Interest expense on income tax balances
(30)
(12)
(87)
Total
(1,694)
(1,742)
(1,626)
Net finance expense
(1,334)
(1,284)
(1,282)
\n
1
\n
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma B.V. (Acerta Pharma) share purchase liability (2024: $nil; 2023: $55m) and the discount
\n
unwind of other payables of $116m (2024: $91m; 2023: $100m) that have arisen from intangible asset additions, see Note 20 for further details.
\n
There was no interest capitalised during the year.
\n
Financial instruments
\n
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
(46)
107
13
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(76)
(38)
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
314
306
177
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,177)
(1,251)
(1,004)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives and
\n
debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net
\n
of derivatives, includes the following amounts related to these matured instruments: derivatives $nil (2024
: $nil; 2023
: loss of $1m) and debt
\n
$nil (2024: $nil; 2023
: gain of $7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "4 Finance income and expense \n \n
2025
2024
2023
$m
$m
$m
Finance income
Returns on deposits and equity securities
280
339
291
Fair value gains on debt and interest rate swaps
\u2013
113
43
Interest income on income tax balances
80
6
10
Total
360
458
344
Finance expense
Interest on debt, leases and other financing costs
(1,335)
(1,391)
(1,132)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(51)
(50)
(38)
Net exchange losses
(31)
(42)
(34)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(60)
(113)
(132)
Discount unwind on other long-term liabilities
1
(138)
(116)
(200)
Fair value losses on debt and interest rate swaps
(49)
(18)
(3)
Interest expense on income tax balances
(30)
(12)
(87)
Total
(1,694)
(1,742)
(1,626)
Net finance expense
(1,334)
(1,284)
(1,282)
\n
1
\n
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma B.V. (Acerta Pharma) share purchase liability (2024: $nil; 2023: $55m) and the discount
\n
unwind of other payables of $116m (2024: $91m; 2023: $100m) that have arisen from intangible asset additions, see Note 20 for further details.
\n
There was no interest capitalised during the year.
\n
Financial instruments
\n
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
(46)
107
13
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(76)
(38)
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
314
306
177
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,177)
(1,251)
(1,004)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives and
\n
debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net
\n
of derivatives, includes the following amounts related to these matured instruments: derivatives $nil (2024
: $nil; 2023
: loss of $1m) and debt
\n
$nil (2024: $nil; 2023
: gain of $7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "4 Finance income and expense \n \n
2025
2024
2023
$m
$m
$m
Finance income
Returns on deposits and equity securities
280
339
291
Fair value gains on debt and interest rate swaps
\u2013
113
43
Interest income on income tax balances
80
6
10
Total
360
458
344
Finance expense
Interest on debt, leases and other financing costs
(1,335)
(1,391)
(1,132)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(51)
(50)
(38)
Net exchange losses
(31)
(42)
(34)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(60)
(113)
(132)
Discount unwind on other long-term liabilities
1
(138)
(116)
(200)
Fair value losses on debt and interest rate swaps
(49)
(18)
(3)
Interest expense on income tax balances
(30)
(12)
(87)
Total
(1,694)
(1,742)
(1,626)
Net finance expense
(1,334)
(1,284)
(1,282)
\n
1
\n
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma B.V. (Acerta Pharma) share purchase liability (2024: $nil; 2023: $55m) and the discount
\n
unwind of other payables of $116m (2024: $91m; 2023: $100m) that have arisen from intangible asset additions, see Note 20 for further details.
\n
There was no interest capitalised during the year.
\n
Financial instruments
\n
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
(46)
107
13
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(76)
(38)
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
314
306
177
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,177)
(1,251)
(1,004)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives and
\n
debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net
\n
of derivatives, includes the following amounts related to these matured instruments: derivatives $nil (2024
: $nil; 2023
: loss of $1m) and debt
\n
$nil (2024: $nil; 2023
: gain of $7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "4 Finance income and expense \n \n
2025
2024
2023
$m
$m
$m
Finance income
Returns on deposits and equity securities
280
339
291
Fair value gains on debt and interest rate swaps
\u2013
113
43
Interest income on income tax balances
80
6
10
Total
360
458
344
Finance expense
Interest on debt, leases and other financing costs
(1,335)
(1,391)
(1,132)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(51)
(50)
(38)
Net exchange losses
(31)
(42)
(34)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(60)
(113)
(132)
Discount unwind on other long-term liabilities
1
(138)
(116)
(200)
Fair value losses on debt and interest rate swaps
(49)
(18)
(3)
Interest expense on income tax balances
(30)
(12)
(87)
Total
(1,694)
(1,742)
(1,626)
Net finance expense
(1,334)
(1,284)
(1,282)
\n
1
\n
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma B.V. (Acerta Pharma) share purchase liability (2024: $nil; 2023: $55m) and the discount
\n
unwind of other payables of $116m (2024: $91m; 2023: $100m) that have arisen from intangible asset additions, see Note 20 for further details.
\n
There was no interest capitalised during the year.
\n
Financial instruments
\n
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
(46)
107
13
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(76)
(38)
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
314
306
177
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,177)
(1,251)
(1,004)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives and
\n
debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net
\n
of derivatives, includes the following amounts related to these matured instruments: derivatives $nil (2024
: $nil; 2023
: loss of $1m) and debt
\n
$nil (2024: $nil; 2023
: gain of $7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "4 Finance income and expense \n \n
2025
2024
2023
$m
$m
$m
Finance income
Returns on deposits and equity securities
280
339
291
Fair value gains on debt and interest rate swaps
\u2013
113
43
Interest income on income tax balances
80
6
10
Total
360
458
344
Finance expense
Interest on debt, leases and other financing costs
(1,335)
(1,391)
(1,132)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(51)
(50)
(38)
Net exchange losses
(31)
(42)
(34)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(60)
(113)
(132)
Discount unwind on other long-term liabilities
1
(138)
(116)
(200)
Fair value losses on debt and interest rate swaps
(49)
(18)
(3)
Interest expense on income tax balances
(30)
(12)
(87)
Total
(1,694)
(1,742)
(1,626)
Net finance expense
(1,334)
(1,284)
(1,282)
\n
1
\n
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma B.V. (Acerta Pharma) share purchase liability (2024: $nil; 2023: $55m) and the discount
\n
unwind of other payables of $116m (2024: $91m; 2023: $100m) that have arisen from intangible asset additions, see Note 20 for further details.
\n
There was no interest capitalised during the year.
\n
Financial instruments
\n
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
(46)
107
13
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(76)
(38)
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
314
306
177
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,177)
(1,251)
(1,004)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives and
\n
debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net
\n
of derivatives, includes the following amounts related to these matured instruments: derivatives $nil (2024
: $nil; 2023
: loss of $1m) and debt
\n
$nil (2024: $nil; 2023
: gain of $7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "4 Finance income and expense \n \n
2025
2024
2023
$m
$m
$m
Finance income
Returns on deposits and equity securities
280
339
291
Fair value gains on debt and interest rate swaps
\u2013
113
43
Interest income on income tax balances
80
6
10
Total
360
458
344
Finance expense
Interest on debt, leases and other financing costs
(1,335)
(1,391)
(1,132)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
(51)
(50)
(38)
Net exchange losses
(31)
(42)
(34)
Discount unwind on contingent consideration arising from business combinations (Note 20)
(60)
(113)
(132)
Discount unwind on other long-term liabilities
1
(138)
(116)
(200)
Fair value losses on debt and interest rate swaps
(49)
(18)
(3)
Interest expense on income tax balances
(30)
(12)
(87)
Total
(1,694)
(1,742)
(1,626)
Net finance expense
(1,334)
(1,284)
(1,282)
\n
1
\n
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma B.V. (Acerta Pharma) share purchase liability (2024: $nil; 2023: $55m) and the discount
\n
unwind of other payables of $116m (2024: $91m; 2023: $100m) that have arisen from intangible asset additions, see Note 20 for further details.
\n
There was no interest capitalised during the year.
\n
Financial instruments
\n
Included within Finance income and expense are the following net gains and losses on financial instruments:
\n\n \n
2025
2024
2023
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
(46)
107
13
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
(76)
(38)
\u2013
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
314
306
177
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
(1,177)
(1,251)
(1,004)
\n
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives and
\n
debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net
\n
of derivatives, includes the following amounts related to these matured instruments: derivatives $nil (2024
: $nil; 2023
: loss of $1m) and debt
\n
$nil (2024: $nil; 2023
: gain of $7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "5 Taxation
Taxation charge/(credit) recognised in the Consolidated Statement of Comprehensive Income is as follows:
\n \n
2025
2024
2023
$m
$m
$m
Current tax
Current year
2,199
2,314
2,417
Pillar Two income tax charge
194
238
\u2013
Adjustment to prior years
(60)
(107)
28
Total
2,333
2,445
2,445
Deferred tax
Origination and reversal of temporary differences
(117)
(818)
(1,473)
Adjustment to prior years
(47)
23
(34)
Total
(164)
(795)
(1,507)
Taxation charge recognised in the profit for the year
2,169
1,650
938
Taxation (charge)/credit recognised in Other comprehensive income is as follows:
\n \n
2025
2024
2023
$m
$m
$m
Current and deferred tax
Items that will not be reclassified to profit and loss:
Remeasurement of the defined benefit liability
(69)
(23)
102
Equity investments measured at fair value through Other comprehensive income
(25)
(20)
(1)
Total
(94)
(43)
101
Items that may be reclassified subsequently to profit and loss:
Foreign exchange arising on designated liabilities in net investment hedges
(66)
28
(24)
Fair value movement on cash flow hedges
16
(3)
12
Total
(50)
25
(12)
Taxation (charge)/credit recognised in Other comprehensive income
(144)
(18)
89
The reported tax rate in the year was 18%.
Taxation has been provided at current rates on the profits earned for the years covered by the Group Financial Statements.
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:
\n \n
2025
2024
2023
$m
$m
$m
Profit before tax
12,402
8,691
6,899
Notional taxation charge at UK corporation tax rate of 25% (2024: 25%; 2023: 23.5%)
3,101
2,173
1,621
Differences in effective overseas tax rates
(168)
(60)
(224)
Deferred tax credit relating to change in tax rates
1
(23)
(24)
(66)
Unrecognised deferred tax asset
2
86
104
341
Items not deductible for tax purposes
101
64
46
Intellectual Property incentive regimes
3
(655)
(561)
(367)
Pillar Two income taxes
194
238
\u2013
Other items
4
(360)
(200)
(406)
Adjustments to prior periods
(107)
(84)
(7)
Total tax charge for the year
2,169
1,650
938
1
The 2023 item relates to the impact of the difference in the UK current and deferred tax rates during 2023.
2
This includes the non-recognition of deferred tax assets where it is not probable that there will be sufficient forecast future profits to utilise the assets.
3
The Group receives intellectual property incentives in certain jurisdictions.
4
Other items in 2025 includes the release of tax provisions due to updates to estimates of prior period tax liabilities following settlements with tax authorities and the expiry of the relevant
statute of limitations, and the impact of internal transfers of assets. 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).
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.
Current tax
Current income tax balances on the Statement of Financial Position as at 31 December are as follows:
\n \n
2025
2024
$m
$m
Non-current income tax receivable
1,391
\u2013
Current income tax receivable
1,158
1,859
Total income tax receivable
2,549
1,859
Current income tax payable
(1,084)
(1,406)
Non-current income tax payable
(700)
(238)
Total income tax payable
(1,784)
(1,644)
Net income tax receivable
765
215
Management assesses at each balance sheet date whether income tax receivables and payables will be realisable within 12 months. Amounts
expected to be realisable after 12 months are reflected as non-current income tax receivables and payables.
Deferred tax
The total movement in the net deferred tax balance in the year was $277m. The movements are as follows:
\n \n
Intangibles,
Elimination of
Losses and
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
and equipment
on inventory
reserves
1
carried forward
expenses
Other
Total
$m
$m
$m
$m
$m
$m
$m
Net deferred tax balance at 1 January 2024
(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
(2,166)
2,472
(778)
1,199
925
390
2,042
Income statement
33
45
(46)
87
52
(7)
164
Other comprehensive income
(32)
\u2013
\u2013
\u2013
\u2013
(59)
(91)
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
105
105
Exchange
(92)
162
(147)
105
46
25
99
Net deferred tax balance at 31 December 2025
2
(2,257)
3
2,679
(971)
1,391
1,023
454
2,319
1
Untaxed reserves relate to taxable profits where the tax liability is deferred to later periods.
2
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 $94m as at 31 December 2025 which includes tax losses and other deductible temporary
differences. The Group has performed an assessment of recovery of deferred tax assets and the Group has forecasted future taxable profits for relevant entities and considers that it is
probable that sufficient future taxable profits will arise against which these deductible temporary differences can be utilised within 10 years. In arriving at these forecasts, the Group has
reviewed the Group-level budgets and forecasts and the ability of relevant entities to generate future income from developing and commercialising products. 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.
3
Includes deferred tax assets of $178m on liabilities in respect of intangibles and $327m 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
Intangibles,
Elimination of
Losses and
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
and equipment
on inventory
reserves
carried forward
expenses
Other
Total
$m
$m
$m
$m
$m
$m
$m
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
Deferred tax assets at 31 December 2025
2,020
2,679
3
1,424
1,201
672
7,999
Deferred tax liabilities at 31 December 2025
(4,277)
\u2013
(974)
(33)
(178)
(218)
(5,680)
Net deferred tax balance at 31 December 2025
(2,257)
2,679
(971)
1,391
1,023
454
2,319
Analysed in the Consolidated Statement of Financial Position, after offset of balances within countries, as follows:
\n \n
2025
2024
$m
$m
Deferred tax assets
5,819
5,347
Deferred tax liabilities
(3,500)
(3,305)
Net deferred tax balance
2,319
2,042
Unrecognised deferred tax assets
Deferred tax assets (DTA) of $1,738m (2024: $1,523m) 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
2025
2025
2024
2024
Temporary
Unrecognised
Temporary
Unrecognised
differences
DTA
differences
DTA
$m
$m
$m
$m
Temporary differences expiring:
Within 10 years
409
81
161
37
More than 10 years
152
32
217
46
Indefinite
4,460
885
3,883
816
5,021
998
4,261
899
Tax credits and State tax losses expiring:
Within 10 years
137
162
More than 10 years
386
373
Indefinite
217
89
740
624
Total
1,738
1,523
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
$8,460m at 31 December 2025, $3,657m 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "5 Taxation
Taxation charge/(credit) recognised in the Consolidated Statement of Comprehensive Income is as follows:
\n \n
2025
2024
2023
$m
$m
$m
Current tax
Current year
2,199
2,314
2,417
Pillar Two income tax charge
194
238
\u2013
Adjustment to prior years
(60)
(107)
28
Total
2,333
2,445
2,445
Deferred tax
Origination and reversal of temporary differences
(117)
(818)
(1,473)
Adjustment to prior years
(47)
23
(34)
Total
(164)
(795)
(1,507)
Taxation charge recognised in the profit for the year
2,169
1,650
938
Taxation (charge)/credit recognised in Other comprehensive income is as follows:
\n \n
2025
2024
2023
$m
$m
$m
Current and deferred tax
Items that will not be reclassified to profit and loss:
Remeasurement of the defined benefit liability
(69)
(23)
102
Equity investments measured at fair value through Other comprehensive income
(25)
(20)
(1)
Total
(94)
(43)
101
Items that may be reclassified subsequently to profit and loss:
Foreign exchange arising on designated liabilities in net investment hedges
(66)
28
(24)
Fair value movement on cash flow hedges
16
(3)
12
Total
(50)
25
(12)
Taxation (charge)/credit recognised in Other comprehensive income
(144)
(18)
89
The reported tax rate in the year was 18%.
Taxation has been provided at current rates on the profits earned for the years covered by the Group Financial Statements.
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:
\n \n
2025
2024
2023
$m
$m
$m
Profit before tax
12,402
8,691
6,899
Notional taxation charge at UK corporation tax rate of 25% (2024: 25%; 2023: 23.5%)
3,101
2,173
1,621
Differences in effective overseas tax rates
(168)
(60)
(224)
Deferred tax credit relating to change in tax rates
1
(23)
(24)
(66)
Unrecognised deferred tax asset
2
86
104
341
Items not deductible for tax purposes
101
64
46
Intellectual Property incentive regimes
3
(655)
(561)
(367)
Pillar Two income taxes
194
238
\u2013
Other items
4
(360)
(200)
(406)
Adjustments to prior periods
(107)
(84)
(7)
Total tax charge for the year
2,169
1,650
938
1
The 2023 item relates to the impact of the difference in the UK current and deferred tax rates during 2023.
2
This includes the non-recognition of deferred tax assets where it is not probable that there will be sufficient forecast future profits to utilise the assets.
3
The Group receives intellectual property incentives in certain jurisdictions.
4
Other items in 2025 includes the release of tax provisions due to updates to estimates of prior period tax liabilities following settlements with tax authorities and the expiry of the relevant
statute of limitations, and the impact of internal transfers of assets. 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).
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.
Current tax
Current income tax balances on the Statement of Financial Position as at 31 December are as follows:
\n \n
2025
2024
$m
$m
Non-current income tax receivable
1,391
\u2013
Current income tax receivable
1,158
1,859
Total income tax receivable
2,549
1,859
Current income tax payable
(1,084)
(1,406)
Non-current income tax payable
(700)
(238)
Total income tax payable
(1,784)
(1,644)
Net income tax receivable
765
215
Management assesses at each balance sheet date whether income tax receivables and payables will be realisable within 12 months. Amounts
expected to be realisable after 12 months are reflected as non-current income tax receivables and payables.
Deferred tax
The total movement in the net deferred tax balance in the year was $277m. The movements are as follows:
\n \n
Intangibles,
Elimination of
Losses and
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
and equipment
on inventory
reserves
1
carried forward
expenses
Other
Total
$m
$m
$m
$m
$m
$m
$m
Net deferred tax balance at 1 January 2024
(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
(2,166)
2,472
(778)
1,199
925
390
2,042
Income statement
33
45
(46)
87
52
(7)
164
Other comprehensive income
(32)
\u2013
\u2013
\u2013
\u2013
(59)
(91)
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
105
105
Exchange
(92)
162
(147)
105
46
25
99
Net deferred tax balance at 31 December 2025
2
(2,257)
3
2,679
(971)
1,391
1,023
454
2,319
1
Untaxed reserves relate to taxable profits where the tax liability is deferred to later periods.
2
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 $94m as at 31 December 2025 which includes tax losses and other deductible temporary
differences. The Group has performed an assessment of recovery of deferred tax assets and the Group has forecasted future taxable profits for relevant entities and considers that it is
probable that sufficient future taxable profits will arise against which these deductible temporary differences can be utilised within 10 years. In arriving at these forecasts, the Group has
reviewed the Group-level budgets and forecasts and the ability of relevant entities to generate future income from developing and commercialising products. 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.
3
Includes deferred tax assets of $178m on liabilities in respect of intangibles and $327m 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
Intangibles,
Elimination of
Losses and
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
and equipment
on inventory
reserves
carried forward
expenses
Other
Total
$m
$m
$m
$m
$m
$m
$m
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
Deferred tax assets at 31 December 2025
2,020
2,679
3
1,424
1,201
672
7,999
Deferred tax liabilities at 31 December 2025
(4,277)
\u2013
(974)
(33)
(178)
(218)
(5,680)
Net deferred tax balance at 31 December 2025
(2,257)
2,679
(971)
1,391
1,023
454
2,319
Analysed in the Consolidated Statement of Financial Position, after offset of balances within countries, as follows:
\n \n
2025
2024
$m
$m
Deferred tax assets
5,819
5,347
Deferred tax liabilities
(3,500)
(3,305)
Net deferred tax balance
2,319
2,042
Unrecognised deferred tax assets
Deferred tax assets (DTA) of $1,738m (2024: $1,523m) 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
2025
2025
2024
2024
Temporary
Unrecognised
Temporary
Unrecognised
differences
DTA
differences
DTA
$m
$m
$m
$m
Temporary differences expiring:
Within 10 years
409
81
161
37
More than 10 years
152
32
217
46
Indefinite
4,460
885
3,883
816
5,021
998
4,261
899
Tax credits and State tax losses expiring:
Within 10 years
137
162
More than 10 years
386
373
Indefinite
217
89
740
624
Total
1,738
1,523
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
$8,460m at 31 December 2025, $3,657m 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "the UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "Deferred tax
The total movement in the net deferred tax balance in the year was $277m. The movements are as follows:
\n \n
Intangibles,
Elimination of
Losses and
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
and equipment
on inventory
reserves
1
carried forward
expenses
Other
Total
$m
$m
$m
$m
$m
$m
$m
Net deferred tax balance at 1 January 2024
(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
(2,166)
2,472
(778)
1,199
925
390
2,042
Income statement
33
45
(46)
87
52
(7)
164
Other comprehensive income
(32)
\u2013
\u2013
\u2013
\u2013
(59)
(91)
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
105
105
Exchange
(92)
162
(147)
105
46
25
99
Net deferred tax balance at 31 December 2025
2
(2,257)
3
2,679
(971)
1,391
1,023
454
2,319
1
Untaxed reserves relate to taxable profits where the tax liability is deferred to later periods.
2
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 $94m as at 31 December 2025 which includes tax losses and other deductible temporary
differences. The Group has performed an assessment of recovery of deferred tax assets and the Group has forecasted future taxable profits for relevant entities and considers that it is
probable that sufficient future taxable profits will arise against which these deductible temporary differences can be utilised within 10 years. In arriving at these forecasts, the Group has
reviewed the Group-level budgets and forecasts and the ability of relevant entities to generate future income from developing and commercialising products. 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.
3
Includes deferred tax assets of $178m on liabilities in respect of intangibles and $327m 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
Intangibles,
Elimination of
Losses and
Property, plant
unrealised profit
Untaxed
tax credits
Accrued
and equipment
on inventory
reserves
carried forward
expenses
Other
Total
$m
$m
$m
$m
$m
$m
$m
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
Deferred tax assets at 31 December 2025
2,020
2,679
3
1,424
1,201
672
7,999
Deferred tax liabilities at 31 December 2025
(4,277)
\u2013
(974)
(33)
(178)
(218)
(5,680)
Net deferred tax balance at 31 December 2025
(2,257)
2,679
(971)
1,391
1,023
454
2,319
Analysed in the Consolidated Statement of Financial Position, after offset of balances within countries, as follows:
\n \n
2025
2024
$m
$m
Deferred tax assets
5,819
5,347
Deferred tax liabilities
(3,500)
(3,305)
Net deferred tax balance
2,319
2,042
Unrecognised deferred tax assets
Deferred tax assets (DTA) of $1,738m (2024: $1,523m) 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
2025
2025
2024
2024
Temporary
Unrecognised
Temporary
Unrecognised
differences
DTA
differences
DTA
$m
$m
$m
$m
Temporary differences expiring:
Within 10 years
409
81
161
37
More than 10 years
152
32
217
46
Indefinite
4,460
885
3,883
816
5,021
998
4,261
899
Tax credits and State tax losses expiring:
Within 10 years
137
162
More than 10 years
386
373
Indefinite
217
89
740
624
Total
1,738
1,523
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
$8,460m at 31 December 2025, $3,657m 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "6 Earnings per $0.25 Ordinary Share \n \n
2025
2024
2023
Profit for the year attributable to equity holders ($m)
10,225
7,035
5,955
Basic earnings per Ordinary Share
$6.60
$4.54
$3.84
Diluted earnings per Ordinary Share
$6.54
$4.50
$3.81
Weighted average number of Ordinary Shares in issue for basic earnings (millions)
1,550
1,550
1,549
Dilutive impact of share incentive awards outstanding (millions)
12
13
13
Diluted weighted average number of Ordinary Shares in issue (millions)
1,562
1,563
1,562
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "7 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
Total Revenue
2025
2024
2023
$m
$m
$m
UK
4,359
4,740
3,368
Rest of Europe
France
1,408
1,283
1,152
Germany
2,890
2,524
2,099
Italy
1,078
949
813
Spain
1,136
994
847
Sweden
2,623
2,290
1,704
Others
4,320
3,663
3,110
13,455
11,703
9,725
The Americas
Canada
954
937
967
US
23,970
21,806
18,121
Others
2,633
2,246
1,683
27,557
24,989
20,771
Asia, Africa & Australasia
Australia
454
439
390
China
6,636
6,419
5,872
Japan
3,556
3,452
3,640
Others
2,722
2,331
2,045
13,368
12,641
11,947
Total Revenue
58,739
54,073
45,811
Total Revenue outside of the UK totalled $54,380m for the year ended 31 December 2025 (2024: $49,333m; 2023: $42,443m).
\n \n
Operating profit
Profit/(loss) before tax
2025
2024
2023
2025
2024
2023
$m
$m
$m
$m
$m
$m
UK
7,066
2,680
665
6,152
1,349
(577)
Rest of Europe
5,233
5,924
4,885
5,468
6,057
4,999
The Americas
440
423
1,495
(213)
318
1,328
Asia, Africa & Australasia
1,004
976
1,148
995
967
1,149
Continuing operations
13,743
10,003
8,193
12,402
8,691
6,899
\n \n
Non-current assets
1
Total assets
2025
2024
2025
2024
$m
$m
$m
$m
UK
10,328
8,699
21,983
20,139
Rest of Europe
31,974
30,654
41,596
37,884
The Americas
29,714
28,730
42,201
38,544
Asia, Africa & Australasia
2,409
2,181
8,294
7,468
Continuing operations
74,425
70,264
114,074
104,035
\n \n
Assets acquired
2
Net operating assets
3
2025
2024
2025
2024
$m
$m
$m
$m
UK
1,759
582
7,936
7,173
Rest of Europe
2,814
2,225
33,217
30,852
The Americas
1,877
3,925
26,374
24,501
Asia, Africa & Australasia
557
1,394
2,764
2,602
Continuing operations
7,007
8,126
70,291
65,128
1
Non-current assets exclude Deferred tax assets, Income tax receivable, Derivative financial instruments, certain other financial assets and post-employment benefit assets.
2
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).
3
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
Property, plant and equipment
2025
2024
$m
$m
UK
3,138
2,847
Ireland
1,645
1,323
Sweden
2,282
1,692
US
3,558
2,856
Rest of the world
2,339
1,534
Continuing operations
12,962
10,252
Geographic markets
The table below shows Product Sales in each geographic market in which customers are located.
\n \n
2025
2024
2023
$m
$m
$m
UK
1,111
1,314
978
Rest of Europe
12,412
10,686
8,201
The Americas
27,273
25,081
20,855
Asia, Africa & Australasia
14,777
13,857
13,755
Continuing operations
55,573
50,938
43,789
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. Two wholesalers (2024: one; 2023: one) individually represented greater than 10% of Product Sales. The value of
Product Sales to the two wholesalers was $8,218m (2024: $7,567m; 2023: $6,513m) and $5,957m (2024: $4,468m; 2023: $3,795m), respectively", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "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
Total Revenue
2025
2024
2023
$m
$m
$m
UK
4,359
4,740
3,368
Rest of Europe
France
1,408
1,283
1,152
Germany
2,890
2,524
2,099
Italy
1,078
949
813
Spain
1,136
994
847
Sweden
2,623
2,290
1,704
Others
4,320
3,663
3,110
13,455
11,703
9,725
The Americas
Canada
954
937
967
US
23,970
21,806
18,121
Others
2,633
2,246
1,683
27,557
24,989
20,771
Asia, Africa & Australasia
Australia
454
439
390
China
6,636
6,419
5,872
Japan
3,556
3,452
3,640
Others
2,722
2,331
2,045
13,368
12,641
11,947
Total Revenue
58,739
54,073
45,811
Total Revenue outside of the UK totalled $54,380m for the year ended 31 December 2025 (2024: $49,333m; 2023: $42,443m).
\n \n
Operating profit
Profit/(loss) before tax
2025
2024
2023
2025
2024
2023
$m
$m
$m
$m
$m
$m
UK
7,066
2,680
665
6,152
1,349
(577)
Rest of Europe
5,233
5,924
4,885
5,468
6,057
4,999
The Americas
440
423
1,495
(213)
318
1,328
Asia, Africa & Australasia
1,004
976
1,148
995
967
1,149
Continuing operations
13,743
10,003
8,193
12,402
8,691
6,899
\n \n
Non-current assets
1
Total assets
2025
2024
2025
2024
$m
$m
$m
$m
UK
10,328
8,699
21,983
20,139
Rest of Europe
31,974
30,654
41,596
37,884
The Americas
29,714
28,730
42,201
38,544
Asia, Africa & Australasia
2,409
2,181
8,294
7,468
Continuing operations
74,425
70,264
114,074
104,035
\n \n
Assets acquired
2
Net operating assets
3
2025
2024
2025
2024
$m
$m
$m
$m
UK
1,759
582
7,936
7,173
Rest of Europe
2,814
2,225
33,217
30,852
The Americas
1,877
3,925
26,374
24,501
Asia, Africa & Australasia
557
1,394
2,764
2,602
Continuing operations
7,007
8,126
70,291
65,128
1
Non-current assets exclude Deferred tax assets, Income tax receivable, Derivative financial instruments, certain other financial assets and post-employment benefit assets.
2
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).
3
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
Property, plant and equipment
2025
2024
$m
$m
UK
3,138
2,847
Ireland
1,645
1,323
Sweden
2,282
1,692
US
3,558
2,856
Rest of the world
2,339
1,534
Continuing operations
12,962
10,252
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "8 Property, plant and equipment \n \n
Assets in
Total Property,
Land and
Plant and
course of
plant and
buildings
equipment
construction
equipment
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
3
2
\u2013
5
Capital expenditure
25
91
2,811
2,927
Transfer of assets into use
278
779
(1,057)
\u2013
Disposals and other movements
(35)
(172)
1
(206)
Exchange adjustments
389
766
196
1,351
At 31 December 2025
7,240
10,320
4,740
22,300
Depreciation and impairment
At 1 January 2024
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
Depreciation charge for the year
249
630
\u2013
879
Impairment charge
4
8
1
13
Disposals and other movements
(32)
(148)
(1)
(181)
Exchange adjustments
188
468
\u2013
656
At 31 December 2025
3,265
6,073
\u2013
9,338
Net book value
At 31 December 2024
3,724
3,739
2,789
10,252
At 31 December 2025
3,975
4,247
4,740
12,962
\n \n
2025
2024
$m
$m
The net book value of land and buildings comprised:
Freeholds
3,564
3,329
Leaseholds
411
395
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "8 Property, plant and equipment \n \n
Assets in
Total Property,
Land and
Plant and
course of
plant and
buildings
equipment
construction
equipment
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
3
2
\u2013
5
Capital expenditure
25
91
2,811
2,927
Transfer of assets into use
278
779
(1,057)
\u2013
Disposals and other movements
(35)
(172)
1
(206)
Exchange adjustments
389
766
196
1,351
At 31 December 2025
7,240
10,320
4,740
22,300
Depreciation and impairment
At 1 January 2024
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
Depreciation charge for the year
249
630
\u2013
879
Impairment charge
4
8
1
13
Disposals and other movements
(32)
(148)
(1)
(181)
Exchange adjustments
188
468
\u2013
656
At 31 December 2025
3,265
6,073
\u2013
9,338
Net book value
At 31 December 2024
3,724
3,739
2,789
10,252
At 31 December 2025
3,975
4,247
4,740
12,962
\n \n
2025
2024
$m
$m
The net book value of land and buildings comprised:
Freeholds
3,564
3,329
Leaseholds
411
395
9 Leases
Right-of-use assets
\n \n
Total
Land and
Motor
Right-of-use
buildings
vehicles
Other
assets
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
1
\u2013
\u2013
1
Additions \u2013 separately acquired
362
215
10
587
Disposals and other movements
29
(91)
\u2013
(62)
Exchange adjustments
68
48
4
120
At 31 December 2025
2,048
836
61
2,945
Depreciation and impairment
At 1 January 2024
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
Depreciation charge for the year
205
188
11
404
Disposals and other movements
(65)
(93)
2
(156)
Exchange adjustments
29
21
2
52
At 31 December 2025
815
353
36
1,204
Net book value
At 31 December 2024
942
427
26
1,395
At 31 December 2025
1,233
483
25
1,741
Lease liabilities
\n \n
2025
2024
$m
$m
The present value of lease liabilities is as follows:
Within one year
(382)
(339)
Later than one year and not later than five years
(991)
(825)
Later than five years
(430)
(288)
Total lease liabilities
(1,803)
(1,452)
The interest expense on lease liabilities included within Finance expense was $80m (2024: $61m; 2023: $33m).
The total cash outflow for leases in 2025 was $452m (2024: $377m; 2023: $301m).
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 $1,702m as of 31 December 2025. 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.11 Intangible assets \n \n
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
50
\u2013
\u2013
50
Additions \u2013 separately acquired
3,392
170
463
4,025
Disposals
(312)
(128)
(8)
(448)
Exchange and other adjustments
2,151
131
118
2,400
At 31 December 2025
77,764
3,073
2,103
82,940
Amortisation and impairment losses
At 1 January 2024
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
Amortisation for year
3,928
181
98
4,207
Impairment charges
218
12
\u2013
230
Disposals
(312)
(128)
(8)
(448)
Exchange and other adjustments
1,247
61
61
1,369
At 31 December 2025
41,830
2,255
1,009
45,094
Net book value
At 31 December 2024
35,734
771
672
37,177
At 31 December 2025
35,934
818
1,094
37,846
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 accrued in Other payables of $1,624m (2024: $365m), 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
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Year ended 31 December 2023
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
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
Year ended 31 December 2025
Cost of sales
32
\u2013
54
86
Research and development expense
\u2013
26
21
47
Selling, general and administrative expense
3,896
155
22
4,073
Other operating income and expense
\u2013
\u2013
1
1
Total
3,928
181
98
4,207
Net impairment charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n \n
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Year ended 31 December 2023
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
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
Year ended 31 December 2025
Research and development expense
210
\u2013
\u2013
210
Selling, general and administrative expense
8
12
\u2013
20
Total
218
12
\u2013
230
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 predominantly 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 2025 and 7.5% for 2024) 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 2025, the Group recorded impairment charges of $8m in respect of launched products. Impairment charges recorded against products in
development totalled $210m.
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 Pharmaceuticals, Inc. (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.
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. No impairment reversals were recorded in 2025. Impairment reversals of $8m were recorded in 2024 against products
in development. No impairment reversals were recorded in 2023.
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
Carrying value
Remaining amortisation
$m
period
C5 franchise (
Soliris
/
Ultomiris
) intangible assets arising from the acquisition of Alexion
10,981
2 to 10 years
Intangible assets arising from the acquisition of Acerta Pharma
3,371
7 years
Enhertu
intangible assets acquired from Daiichi Sankyo, Inc.
3,331
8 years
Strensiq
,
Kanuma
intangible assets arising from the acquisition of Alexion
2,846
7 to 13 years
Intangible asset products in development arising from the acquisition of Alexion
1
1,944
Not amortised
Intangible assets arising from the acquisition of ZS Pharma, Inc.
1,460
6 years
Baxdrostat intangible asset acquired from CinCor Pharma, Inc.
1
1,291
Not amortised
Intangible asset products in development arising from the acquisition of Fusion
1
1,182
Not amortised
Datroway
intangible assets acquired from Daiichi Sankyo, Inc.
1,020
13 years
Intangible asset products in development arising from the acquisition of Gracell Biotechnologies, Inc.
1
975
Not amortised
Intangible asset products in development arising from the acquisition of Amolyt Pharma SAS
1
861
Not amortised
Koselugo
intangible asset acquired from Merck & Co., Inc.
835
6 years
Intangible asset products in development arising from the acquisition of Icosavax, Inc.
1
639
Not amortised
Airsupra
intangible asset acquired from Bond Avillion 2 Development LP
526
9 years
ENaBL platform asset arising from the acquisition of EsoBiotec SA
1
441
Not amortised
1
Assets in development are not amortised but are tested annually for impairment.
In 2025, the
Koselugo
intangible asset was recognised on acquisition of the remaining 50% of global rights from Merck & Co., Inc. (MSD) following
the amendment of an existing global development and commercialisation arrangement.
The Engineered NanoBody Lentiviral (ENaBL) platform intangible asset recognised on acquisition of EsoBiotec SA in 2025 was assessed under
the optional concentration test in IFRS 3 \u2018Business Combinations\u2019 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.
In 2024, the intangible assets recognised on acquisition of Amolyt Pharma SAS and Icosavax, Inc. were separately assessed under the optional
concentration test in IFRS 3 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "9 Leases
Right-of-use assets
\n \n
Total
Land and
Motor
Right-of-use
buildings
vehicles
Other
assets
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
1
\u2013
\u2013
1
Additions \u2013 separately acquired
362
215
10
587
Disposals and other movements
29
(91)
\u2013
(62)
Exchange adjustments
68
48
4
120
At 31 December 2025
2,048
836
61
2,945
Depreciation and impairment
At 1 January 2024
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
Depreciation charge for the year
205
188
11
404
Disposals and other movements
(65)
(93)
2
(156)
Exchange adjustments
29
21
2
52
At 31 December 2025
815
353
36
1,204
Net book value
At 31 December 2024
942
427
26
1,395
At 31 December 2025
1,233
483
25
1,741
Lease liabilities
\n \n
2025
2024
$m
$m
The present value of lease liabilities is as follows:
Within one year
(382)
(339)
Later than one year and not later than five years
(991)
(825)
Later than five years
(430)
(288)
Total lease liabilities
(1,803)
(1,452)
The interest expense on lease liabilities included within Finance expense was $80m (2024: $61m; 2023: $33m).
The total cash outflow for leases in 2025 was $452m (2024: $377m; 2023: $301m).
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 $1,702m as of 31 December 2025. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "9 Leases
Right-of-use assets
\n \n
Total
Land and
Motor
Right-of-use
buildings
vehicles
Other
assets
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
1
\u2013
\u2013
1
Additions \u2013 separately acquired
362
215
10
587
Disposals and other movements
29
(91)
\u2013
(62)
Exchange adjustments
68
48
4
120
At 31 December 2025
2,048
836
61
2,945
Depreciation and impairment
At 1 January 2024
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
Depreciation charge for the year
205
188
11
404
Disposals and other movements
(65)
(93)
2
(156)
Exchange adjustments
29
21
2
52
At 31 December 2025
815
353
36
1,204
Net book value
At 31 December 2024
942
427
26
1,395
At 31 December 2025
1,233
483
25
1,741
Lease liabilities
\n \n
2025
2024
$m
$m
The present value of lease liabilities is as follows:
Within one year
(382)
(339)
Later than one year and not later than five years
(991)
(825)
Later than five years
(430)
(288)
Total lease liabilities
(1,803)
(1,452)
The interest expense on lease liabilities included within Finance expense was $80m (2024: $61m; 2023: $33m).
The total cash outflow for leases in 2025 was $452m (2024: $377m; 2023: $301m).
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 $1,702m as of 31 December 2025. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "value": "10 Goodwill \n \n
2025
2024
$m
$m
Cost
At 1 January
21,335
20,361
Additions through business combinations (Note 27)
\u2013
1,083
Exchange and other adjustments
223
(109)
At 31 December
21,558
21,335
Amortisation and impairment losses
At 1 January
310
313
Exchange and other adjustments
6
(3)
At 31 December
316
310
Net book value
At 31 December
21,242
21,025
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 7, 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 2025
(and 31 December 2024). No goodwill impairment was identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "value": "10 Goodwill \n \n
2025
2024
$m
$m
Cost
At 1 January
21,335
20,361
Additions through business combinations (Note 27)
\u2013
1,083
Exchange and other adjustments
223
(109)
At 31 December
21,558
21,335
Amortisation and impairment losses
At 1 January
310
313
Exchange and other adjustments
6
(3)
At 31 December
316
310
Net book value
At 31 December
21,242
21,025
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 7, 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 2025
(and 31 December 2024). No goodwill impairment was identified.
11 Intangible assets
\n \n
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
50
\u2013
\u2013
50
Additions \u2013 separately acquired
3,392
170
463
4,025
Disposals
(312)
(128)
(8)
(448)
Exchange and other adjustments
2,151
131
118
2,400
At 31 December 2025
77,764
3,073
2,103
82,940
Amortisation and impairment losses
At 1 January 2024
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
Amortisation for year
3,928
181
98
4,207
Impairment charges
218
12
\u2013
230
Disposals
(312)
(128)
(8)
(448)
Exchange and other adjustments
1,247
61
61
1,369
At 31 December 2025
41,830
2,255
1,009
45,094
Net book value
At 31 December 2024
35,734
771
672
37,177
At 31 December 2025
35,934
818
1,094
37,846
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 accrued in Other payables of $1,624m (2024: $365m), 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
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Year ended 31 December 2023
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
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
Year ended 31 December 2025
Cost of sales
32
\u2013
54
86
Research and development expense
\u2013
26
21
47
Selling, general and administrative expense
3,896
155
22
4,073
Other operating income and expense
\u2013
\u2013
1
1
Total
3,928
181
98
4,207
Net impairment charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n \n
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Year ended 31 December 2023
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
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
Year ended 31 December 2025
Research and development expense
210
\u2013
\u2013
210
Selling, general and administrative expense
8
12
\u2013
20
Total
218
12
\u2013
230
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 predominantly 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 2025 and 7.5% for 2024) 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 2025, the Group recorded impairment charges of $8m in respect of launched products. Impairment charges recorded against products in
development totalled $210m.
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 Pharmaceuticals, Inc. (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.
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. No impairment reversals were recorded in 2025. Impairment reversals of $8m were recorded in 2024 against products
in development. No impairment reversals were recorded in 2023.
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
Carrying value
Remaining amortisation
$m
period
C5 franchise (
Soliris
/
Ultomiris
) intangible assets arising from the acquisition of Alexion
10,981
2 to 10 years
Intangible assets arising from the acquisition of Acerta Pharma
3,371
7 years
Enhertu
intangible assets acquired from Daiichi Sankyo, Inc.
3,331
8 years
Strensiq
,
Kanuma
intangible assets arising from the acquisition of Alexion
2,846
7 to 13 years
Intangible asset products in development arising from the acquisition of Alexion
1
1,944
Not amortised
Intangible assets arising from the acquisition of ZS Pharma, Inc.
1,460
6 years
Baxdrostat intangible asset acquired from CinCor Pharma, Inc.
1
1,291
Not amortised
Intangible asset products in development arising from the acquisition of Fusion
1
1,182
Not amortised
Datroway
intangible assets acquired from Daiichi Sankyo, Inc.
1,020
13 years
Intangible asset products in development arising from the acquisition of Gracell Biotechnologies, Inc.
1
975
Not amortised
Intangible asset products in development arising from the acquisition of Amolyt Pharma SAS
1
861
Not amortised
Koselugo
intangible asset acquired from Merck & Co., Inc.
835
6 years
Intangible asset products in development arising from the acquisition of Icosavax, Inc.
1
639
Not amortised
Airsupra
intangible asset acquired from Bond Avillion 2 Development LP
526
9 years
ENaBL platform asset arising from the acquisition of EsoBiotec SA
1
441
Not amortised
1
Assets in development are not amortised but are tested annually for impairment.
In 2025, the
Koselugo
intangible asset was recognised on acquisition of the remaining 50% of global rights from Merck & Co., Inc. (MSD) following
the amendment of an existing global development and commercialisation arrangement.
The Engineered NanoBody Lentiviral (ENaBL) platform intangible asset recognised on acquisition of EsoBiotec SA in 2025 was assessed under
the optional concentration test in IFRS 3 \u2018Business Combinations\u2019 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.
In 2024, the intangible assets recognised on acquisition of Amolyt Pharma SAS and Icosavax, Inc. were separately assessed under the optional
concentration test in IFRS 3 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "11 Intangible assets \n \n
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Cost
At 1 January 2024
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
Additions through business combinations (Note 27)
50
\u2013
\u2013
50
Additions \u2013 separately acquired
3,392
170
463
4,025
Disposals
(312)
(128)
(8)
(448)
Exchange and other adjustments
2,151
131
118
2,400
At 31 December 2025
77,764
3,073
2,103
82,940
Amortisation and impairment losses
At 1 January 2024
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
Amortisation for year
3,928
181
98
4,207
Impairment charges
218
12
\u2013
230
Disposals
(312)
(128)
(8)
(448)
Exchange and other adjustments
1,247
61
61
1,369
At 31 December 2025
41,830
2,255
1,009
45,094
Net book value
At 31 December 2024
35,734
771
672
37,177
At 31 December 2025
35,934
818
1,094
37,846
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 accrued in Other payables of $1,624m (2024: $365m), 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
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Year ended 31 December 2023
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
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
Year ended 31 December 2025
Cost of sales
32
\u2013
54
86
Research and development expense
\u2013
26
21
47
Selling, general and administrative expense
3,896
155
22
4,073
Other operating income and expense
\u2013
\u2013
1
1
Total
3,928
181
98
4,207
Net impairment charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
\n \n
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Year ended 31 December 2023
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
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
Year ended 31 December 2025
Research and development expense
210
\u2013
\u2013
210
Selling, general and administrative expense
8
12
\u2013
20
Total
218
12
\u2013
230
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 predominantly 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 2025 and 7.5% for 2024) 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 2025, the Group recorded impairment charges of $8m in respect of launched products. Impairment charges recorded against products in
development totalled $210m.
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 Pharmaceuticals, Inc. (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.
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. No impairment reversals were recorded in 2025. Impairment reversals of $8m were recorded in 2024 against products
in development. No impairment reversals were recorded in 2023.
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
Carrying value
Remaining amortisation
$m
period
C5 franchise (
Soliris
/
Ultomiris
) intangible assets arising from the acquisition of Alexion
10,981
2 to 10 years
Intangible assets arising from the acquisition of Acerta Pharma
3,371
7 years
Enhertu
intangible assets acquired from Daiichi Sankyo, Inc.
3,331
8 years
Strensiq
,
Kanuma
intangible assets arising from the acquisition of Alexion
2,846
7 to 13 years
Intangible asset products in development arising from the acquisition of Alexion
1
1,944
Not amortised
Intangible assets arising from the acquisition of ZS Pharma, Inc.
1,460
6 years
Baxdrostat intangible asset acquired from CinCor Pharma, Inc.
1
1,291
Not amortised
Intangible asset products in development arising from the acquisition of Fusion
1
1,182
Not amortised
Datroway
intangible assets acquired from Daiichi Sankyo, Inc.
1,020
13 years
Intangible asset products in development arising from the acquisition of Gracell Biotechnologies, Inc.
1
975
Not amortised
Intangible asset products in development arising from the acquisition of Amolyt Pharma SAS
1
861
Not amortised
Koselugo
intangible asset acquired from Merck & Co., Inc.
835
6 years
Intangible asset products in development arising from the acquisition of Icosavax, Inc.
1
639
Not amortised
Airsupra
intangible asset acquired from Bond Avillion 2 Development LP
526
9 years
ENaBL platform asset arising from the acquisition of EsoBiotec SA
1
441
Not amortised
1
Assets in development are not amortised but are tested annually for impairment.
In 2025, the
Koselugo
intangible asset was recognised on acquisition of the remaining 50% of global rights from Merck & Co., Inc. (MSD) following
the amendment of an existing global development and commercialisation arrangement.
The Engineered NanoBody Lentiviral (ENaBL) platform intangible asset recognised on acquisition of EsoBiotec SA in 2025 was assessed under
the optional concentration test in IFRS 3 \u2018Business Combinations\u2019 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.
In 2024, the intangible assets recognised on acquisition of Amolyt Pharma SAS and Icosavax, Inc. were separately assessed under the optional
concentration test in IFRS 3 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "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 predominantly 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 2025 and 7.5% for 2024) 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 2025, the Group recorded impairment charges of $8m in respect of launched products. Impairment charges recorded against products in
development totalled $210m.
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 Pharmaceuticals, Inc. (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.
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. No impairment reversals were recorded in 2025. Impairment reversals of $8m were recorded in 2024 against products
in development. No impairment reversals were recorded in 2023.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "12 Investments in associates and joint ventures
2025
2024
$m
$m
At 1 January
268
147
Additions
14
158
Share of after tax losses
(7)
(28)
Exchange and other adjustments
27
(9)
At 31 December
302
268
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 an 18.75% interest in the associate entity.
On 1 November 2023, AstraZeneca entered into an agreement with Cellectis S.A., 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 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 has contributed $74m in cumulative funds to date.
On 23 September 2021, AstraZeneca entered into an agreement with VaxEquity Limited (VaxEquity) 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 21 April 2025, VaxEquity was dissolved.
All investments are accounted for using the equity method. At 31 December 2025, unrecognised losses in associates and joint ventures totalled
$209m (2024: $177m) 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:
2025
2024
$m
$m
Non-current assets
690
577
Current assets
756
508
Total liabilities
(553)
(516)
Net assets
893
569
Amount attributable to AstraZeneca
122
131
Goodwill
161
152
Exchange adjustments
19
(15)
Carrying value of investments in associates and joint ventures
302
268
Joint contractual arrangements were entered into between AstraZeneca and Daiichi Sankyo, Inc. (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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00534": { "value": "12 Investments in associates and joint ventures
2025
2024
$m
$m
At 1 January
268
147
Additions
14
158
Share of after tax losses
(7)
(28)
Exchange and other adjustments
27
(9)
At 31 December
302
268
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 an 18.75% interest in the associate entity.
On 1 November 2023, AstraZeneca entered into an agreement with Cellectis S.A., 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 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 has contributed $74m in cumulative funds to date.
On 23 September 2021, AstraZeneca entered into an agreement with VaxEquity Limited (VaxEquity) 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 21 April 2025, VaxEquity was dissolved.
All investments are accounted for using the equity method. At 31 December 2025, unrecognised losses in associates and joint ventures totalled
$209m (2024: $177m) 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:
2025
2024
$m
$m
Non-current assets
690
577
Current assets
756
508
Total liabilities
(553)
(516)
Net assets
893
569
Amount attributable to AstraZeneca
122
131
Goodwill
161
152
Exchange adjustments
19
(15)
Carrying value of investments in associates and joint ventures
302
268
Joint contractual arrangements were entered into between AstraZeneca and Daiichi Sankyo, Inc. (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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "12 Investments in associates and joint ventures
2025
2024
$m
$m
At 1 January
268
147
Additions
14
158
Share of after tax losses
(7)
(28)
Exchange and other adjustments
27
(9)
At 31 December
302
268
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 an 18.75% interest in the associate entity.
On 1 November 2023, AstraZeneca entered into an agreement with Cellectis S.A., 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 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 has contributed $74m in cumulative funds to date.
On 23 September 2021, AstraZeneca entered into an agreement with VaxEquity Limited (VaxEquity) 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 21 April 2025, VaxEquity was dissolved.
All investments are accounted for using the equity method. At 31 December 2025, unrecognised losses in associates and joint ventures totalled
$209m (2024: $177m) 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:
2025
2024
$m
$m
Non-current assets
690
577
Current assets
756
508
Total liabilities
(553)
(516)
Net assets
893
569
Amount attributable to AstraZeneca
122
131
Goodwill
161
152
Exchange adjustments
19
(15)
Carrying value of investments in associates and joint ventures
302
268
Joint contractual arrangements were entered into between AstraZeneca and Daiichi Sankyo, Inc. (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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "13 Other investments
2025
2024
$m
$m
Non-current investments
Equity securities at fair value through Other comprehensive income
2,212
1,632
Equity securities at fair value through profit and loss
11
\u2013
Total
2,223
1,632
Current investments
Fixed income securities at fair value through profit or loss
8
37
Cash collateral pledged to counterparties
22
129
Total
30
166
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 comprise a mixture of equity securities and 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).
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
Level 1
8
1,765
37
1,279
Level 2
\u2013
\u2013
\u2013
\u2013
Level 3
11
447
\u2013
353
Total
19
2,212
37
1,632
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:
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
At 1 January
\u2013
353
\u2013
313
Additions
11
124
\u2013
56
Revaluations
\u2013
(50)
\u2013
(9)
Impairments and exchange adjustments
\u2013
20
\u2013
(7)
At 31 December
11
447
\u2013
353
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "13 Other investments
2025
2024
$m
$m
Non-current investments
Equity securities at fair value through Other comprehensive income
2,212
1,632
Equity securities at fair value through profit and loss
11
\u2013
Total
2,223
1,632
Current investments
Fixed income securities at fair value through profit or loss
8
37
Cash collateral pledged to counterparties
22
129
Total
30
166
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 comprise a mixture of equity securities and 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).
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
Level 1
8
1,765
37
1,279
Level 2
\u2013
\u2013
\u2013
\u2013
Level 3
11
447
\u2013
353
Total
19
2,212
37
1,632
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:
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
At 1 January
\u2013
353
\u2013
313
Additions
11
124
\u2013
56
Revaluations
\u2013
(50)
\u2013
(9)
Impairments and exchange adjustments
\u2013
20
\u2013
(7)
At 31 December
11
447
\u2013
353
19 Interest-bearing loans and borrowings \n \n
Repayment
2025
2024
dates
$m
$m
Current liabilities
Bank overdrafts
On demand
13
59
Other short-term borrowings excluding overdrafts
158
90
Collateral received from derivative counterparties
473
181
Lease liabilities
382
339
3.375% Callable bond
US dollars
2025
\u2013
1,997
0.7% Callable bond
US dollars
2026
1,200
\u2013
1.2% Callable bond
US dollars
2026
1,250
\u2013
Other loans
Within one year
10
10
Total
3,486
2,676
Non-current liabilities
Lease liabilities
1,421
1,113
0.7% Callable bond
US dollars
2026
\u2013
1,198
1.2% Callable bond
US dollars
2026
\u2013
1,249
4.8% Callable bond
US dollars
2027
1,248
1,247
3.625% Callable bond
euros
2027
880
780
3.125% Callable bond
US dollars
2027
749
748
4.875% Callable bond
US dollars
2028
1,097
1,096
1.25% Callable bond
euros
2028
936
829
1.75% Callable bond
US dollars
2028
1,248
1,247
4% Callable bond
US dollars
2029
997
996
4.85% Callable bond
US dollars
2029
1,247
1,246
0.375% Callable bond
euros
2029
936
829
4.9% Callable bond
US dollars
2030
647
646
3.121% Callable bond
euros
2030
764
682
1.375% Callable bond
US dollars
2030
1,295
1,295
4.9% Callable bond
US dollars
2031
995
994
2.25% Callable bond
US dollars
2031
748
747
5.75% Non-callable bond
pounds sterling
2031
469
438
3.75% Callable bond
euros
2032
878
778
4.875% Callable bond
US dollars
2033
497
497
3.278% Callable bond
euros
2033
870
786
5% Callable bond
US dollars
2034
1,490
1,489
6.45% Callable bond
US dollars
2037
2,728
2,727
4% Callable bond
US dollars
2042
989
989
4.375% Callable bond
US dollars
2045
982
982
4.375% Callable bond
US dollars
2048
738
738
2.125% Callable bond
US dollars
2050
488
487
3% Callable bond
US dollars
2051
736
735
Other loans
US dollars
63
31
Total
26,136
27,619
Total interest-bearing loans and borrowings
1
29,622
30,295
1
All loans and borrowings above are unsecured.
\n \n
Total loans and
Total loans and
Total loans and
borrowings
borrowings
borrowings
2025
2024
2023
$m
$m
$m
At 1 January
30,295
28,622
29,232
Changes from financing cash flows
Issue of loans and borrowings
15
6,492
3,816
Repayment of loans and borrowings
(2,029)
(4,652)
(4,942)
Movement in short-term borrowings
364
(31)
161
Repayment of obligations under leases
(372)
(316)
(268)
Total changes in cash flows arising on financing activities from borrowings
(2,022)
1,493
(1,233)
Movement in overdrafts
(47)
(144)
20
New lease liabilities
566
710
444
Additions through business combinations
\u2013
12
\u2013
Exchange
692
(361)
187
Other movements
138
(37)
(28)
At 31 December
29,622
30,295
28,622
Included in prior year cash flows is $833m in 2024 and $867m in 2023 relating to the Acerta Pharma share purchase. This liability was fully
extinguished in 2024.
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
Instruments
Instruments
Instruments
Total
designated in net
designated in
designated in
Amortised
carrying
Fair
investment hedge
1
cash flow hedge
2
fair value hedge
3
cost
value
value
$m
$m
$m
$m
$m
$m
2024
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
1,267
2,387
1,468
21,384
26,506
25,405
Total at 31 December 2024
1,267
2,387
1,468
25,173
30,295
29,179
2025
Overdrafts
\u2013
\u2013
\u2013
13
13
13
Lease liabilities due within one year
\u2013
\u2013
\u2013
382
382
382
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
1,421
1,421
1,421
Loans and borrowings due within one year
\u2013
\u2013
\u2013
3,091
3,091
3,068
Loans and borrowings due after more than one year
1,405
2,694
1,634
18,982
24,715
24,337
Total at 31 December 2025
1,405
2,694
1,634
23,889
29,622
29,221
1
Instruments designated in a net investment hedge are our euro 800m 0.375% 2029 Callable bond and our pounds sterling 350m 5.75% 2031 Non-callable bond. The 2024 value of
$1,267m was previously presented within the Amortised cost column; from 2025 the presentation has been revised to present this within the Instruments designated in net investment
hedge column.
2
Instruments designated in cash flow hedges are 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 13. 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 13,
with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
The adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was a decrease in the liability of $21m,
and the cumulative adjustment was a decrease in the liability of $5m. A gain of $4m was made during the year on the fair value of bonds
designated in a fair value hedge. 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
2025
2024
Loans and borrowings
1.9% to 2.6%
2.0% to 2.9%
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 13
) and Cash
(Note 18). 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 draft 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 17.
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 decreased by $1,196m from a net debt position of $24,570m at the beginning of the year to a net debt position of $23,374m at 31 December
2025. Gross debt decreased from $30,295m to $29,622m, principally due to the repayment of $2,029m debt, partially offset by an increase
of $692m resulting from foreign currency movements.
\n\n
Liquidity risk
\n
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
\n
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
\n
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group uses
\n
US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and manages
\n
long-term liquidity by raising funds through the capital markets. At 31 December 2025, the Group was assigned short-term credit ratings of
\n
P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A1 by Moody\u2019s and A+ by Standard and Poor\u2019s.
\n
In addition to Cash and cash equivalents of $5,711m, short-term fixed income investments of $8m, less overdrafts of $13m at 31 December 2025,
\n
the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial covenants.
\n
The Group regularly monitors the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing
\n
on the committed facilities should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured
\n
Overnight Financing Rate (SOFR), plus a margin.
\n
At 31 December 2025, the Group has $5,733m outstanding from debt issued under a Euro Medium Term Note programme and $21,369m under
\n
an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate purposes of
\n
the Group.
\n
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
\n
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
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
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\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
669
3,495
450
25,282
29,896
(17,182)
17,205
23
29,919
In one to two years
\u2013
3,784
388
473
4,645
(1,031)
944
(87)
4,558
In two to three years
\u2013
4,097
292
1,425
5,814
(1,052)
1,035
(17)
5,797
In three to four years
\u2013
3,898
199
508
4,605
(637)
481
(156)
4,449
In four to five years
\u2013
3,368
156
166
3,690
(849)
1,516
667
4,357
In more than five years
\u2013
16,906
599
\u2013
17,505
(1,913)
2,596
683
18,188
669
35,548
2,084
27,854
66,155
(22,664)
23,777
1,113
67,268
Effect of interest
(25)
(8,223)
\u2013
\u2013
(8,248)
752
(2,370)
(1,618)
(9,866)
Effect of discounting, fair values and issue costs
\u2013
(150)
(281)
(195)
(626)
10
(12)
(2)
(628)
31 December 2025
644
27,175
1,803
27,659
57,281
(21,902)
21,395
(507)
56,774
\n
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
\n
exception of $550m of Contingent consideration held within Trade and other payables (see Note 20).
\n
Market risk
\n
Interest rate risk
\n
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
\n
agreements to manage this mix.
\n
The majority of surplus cash is currently invested in US dollar liquidity funds.
\n
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
\n
liabilities, the profile includes the impact of interest rate swaps which convert the debt to floating rate.
\n \n
2025
2024
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
$m
$m
$m
$m
$m
$m
Financial liabilities
Current
2,842
644
3,486
2,346
330
2,676
Non-current
24,502
1,634
26,136
26,151
1,468
27,619
Total
27,344
2,278
29,622
28,497
1,798
30,295
Financial assets
Cash collateral pledged to counterparties
\u2013
22
22
\u2013
129
129
Cash and cash equivalents
\u2013
5,711
5,711
\u2013
5,488
5,488
Total
\u2013
5,733
5,733
\u2013
5,617
5,617
In addition to the financial assets above, there are $13,988m (2024: $11,115m) 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
2025
2024
$m
$m
Equity securities at fair value through Other comprehensive income (Note 13)
2,212
1,632
Equity securities at fair value through profit and loss (Note 13)
11
\u2013
Total
2,223
1,632
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 59% of Group Total Revenue in 2025 was 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 2025, before the impact of derivatives or other forms of hedging, the Group held $564m of interest-bearing loans and
borrowings denominated in pound sterling and $5,620m denominated in euros.
Hedging arrangements for these loans are summarised in the table below:
\n \n
2025
2024
Euro
Pound sterling
Euro
Pound sterling
denominated
denominated
Total
denominated
denominated
Total
$m
$m
$m
$m
$m
$m
Interest-bearing loans
In a net investment hedge
1
936
469
1,405
829
438
1,267
In a cash flow hedge
2
2,694
\u2013
2,694
2,387
\u2013
2,387
In a fair value hedge
2
1,634
\u2013
1,634
1,468
\u2013
1,468
Not in a designated IFRS 9 hedge
356
95
451
192
110
302
Total
5,620
564
6,184
4,876
548
5,424
1
Hedges of underlying net euro and pound sterling investments of the same amount as the loan.
2
Loans in cash flow and fair value hedges are hedged by cross-currency swaps of the same notional value as the loan.
For further details of all designated hedging relationships, please refer to the Hedge accounting section within this Note 28, from page 176.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy from page 134 and
the Foreign currencies accounting policy on page 135 within Group Accounting Policies.
As at 31 December 2025, 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 2025,
with all other variables held constant. Based on the composition of our debt portfolio and cash reserves as at 31 December 2025, a 1% increase
in interest rates would result in an additional $23m in interest expense on the debt and an additional $57m interest income on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at 31 December
2025, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other currencies and the
-10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed in the
table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the table below.
\n \n
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($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 \n
Interest rates
Exchange rates
31 December 2025
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($m)
1,266
(1,406)
88
(111)
Impact on profit: (loss)/gain
($m)
\u2013
\u2013
(13)
16
Impact on equity: gain/(loss)
($m)
\u2013
\u2013
101
(126)
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
2025
2024
$m
$m
Cash at bank and in hand
1,332
1,215
Money market liquidity funds
4,224
4,177
Other short-term cash equivalents
155
96
Total Cash and cash equivalents (Note 18)
5,711
5,488
Fixed income securities at fair value through profit or loss (Note 13)
8
37
Cash collateral pledged to counterparties (Note 13)
22
129
Total derivative financial instruments (Note 14)
90
54
Current assets subject to credit risk
5,831
5,708
Non-current assets
\n \n
2025
2024
$m
$m
Derivative financial instruments (Note 14)
498
182
Non-current assets subject to credit risk
498
182
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 15% 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 2025 was $473m
(2024: $181m) and the carrying value of such cash collateral posted by the Group at 31 December 2025 was $22m (2024: $129m). Cash collateral
held by the Group is unencumbered.
The impairment provision for other financial assets at 31 December 2025 was immaterial (2024: 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
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2024
$m
$m
$m
$m
Financial assets
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n \n
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2025
$m
$m
$m
$m
Financial assets
Derivatives
588
(63)
(448)
77
Other investments
1
22
\u2013
(17)
5
Total assets
610
(63)
(465)
82
Financial liabilities
Derivatives
(81)
63
17
(1)
Other payables
1
(473)
\u2013
448
(25)
Total liabilities
(554)
63
465
(26)
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to
minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2025 or 31 December 2024 respectively
and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and
forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables.
On that basis, the loss allowance was determined as follows:
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2025
Current
past due
past due
past due
Total
Expected loss rate
0.03%
1.8%
3.9%
10.8%
Gross carrying amount ($m)
9,529
272
128
360
10,289
Loss allowance ($m)
3
5
5
39
52
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 78% (2024: 74%; 2023: 80%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n \n
2025
2024
2023
$m
$m
$m
At 1 January
33
45
59
Net movement recognised in the Consolidated Statement of Comprehensive Income
20
(3)
(14)
Amounts utilised, exchange and other movements
(1)
(9)
\u2013
At 31 December
52
33
45
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 is 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 from page 134.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
2023
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2023
to OCI
statement
2023
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2212 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
2024
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2024
to OCI
statement
2024
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2212 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
2025
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average Average
amounts in
value
2025
to OCI
statement
2025 maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest 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
203
(66)
(242)
305
(3)
2029
1.08
USD 4.24%
FX Forwards \u2212 short-term FX risk
USD 1,769m
6
(4)
(11)
9
(6)
2026
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2, 3
Transactions matured pre-2025
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
171
(145)
(26)
\u2013
(171)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
(3)
1
\u2013
(2)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
469
(271)
31
\u2013
(240)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
936
(121)
106
\u2013
(15)
2029
n/a
EUR 0.38%
Contingent consideration liabilities \u2013
AZUK and AZAB USD investments
USD 323m
(323)
2,316
(155)
\u2013
2,161
\u2013
\u2013
\u2013
1
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2024: $nil; 2023: $nil).
2
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2024: $nil; 2023: $nil).
3
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.
4
Nominal amount of FX forwards in a cash flow hedge of $1,769m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 8,319m at FX rate
9.2158, JPY 14,730m at 156.57, GBP 243m at 0.7430, CNY 1,926m at 6.9901 and EUR 144m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2026.
5
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 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 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.
\n \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
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 \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
to calculate
recognised in
As at 31 December 2025
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
172
(168)
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "13 Other investments
2025
2024
$m
$m
Non-current investments
Equity securities at fair value through Other comprehensive income
2,212
1,632
Equity securities at fair value through profit and loss
11
\u2013
Total
2,223
1,632
Current investments
Fixed income securities at fair value through profit or loss
8
37
Cash collateral pledged to counterparties
22
129
Total
30
166
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 comprise a mixture of equity securities and 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).
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
Level 1
8
1,765
37
1,279
Level 2
\u2013
\u2013
\u2013
\u2013
Level 3
11
447
\u2013
353
Total
19
2,212
37
1,632
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:
2025
2025
2024
2024
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m
$m
At 1 January
\u2013
353
\u2013
313
Additions
11
124
\u2013
56
Revaluations
\u2013
(50)
\u2013
(9)
Impairments and exchange adjustments
\u2013
20
\u2013
(7)
At 31 December
11
447
\u2013
353
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "14 Derivative \ufb01nancial instruments
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$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 foreign exchange designated in a cash flow hedge
1
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
171
2
\u2013
\u2013
173
Cross-currency swaps designated in a cash flow hedge
203
\u2013
\u2013
\u2013
203
Cross-currency swaps designated in a fair value hedge
124
\u2013
\u2013
\u2013
124
Forward foreign exchange designated in a cash flow hedge
1
\u2013
8
(2)
\u2013
6
Other derivatives
\u2013
80
(79)
\u2013
1
31 December 2025
498
90
(81)
\u2013
507
1
Forward foreign exchange (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 at 31 December 2025 are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 13. During 2024
the Group held an equity warrant classed as Level 3 in the fair value hierarchy, this warrant expired on 31 December 2024. No derivatives have
been reclassified within the hierarchy during the year.
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 discounted cash flow 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:
2025
2024
Derivatives
0.7% to 3.7%
0.6% to 4.1%", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "14 Derivative \ufb01nancial instruments
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$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 foreign exchange designated in a cash flow hedge
1
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
171
2
\u2013
\u2013
173
Cross-currency swaps designated in a cash flow hedge
203
\u2013
\u2013
\u2013
203
Cross-currency swaps designated in a fair value hedge
124
\u2013
\u2013
\u2013
124
Forward foreign exchange designated in a cash flow hedge
1
\u2013
8
(2)
\u2013
6
Other derivatives
\u2013
80
(79)
\u2013
1
31 December 2025
498
90
(81)
\u2013
507
1
Forward foreign exchange (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 at 31 December 2025 are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 13. During 2024
the Group held an equity warrant classed as Level 3 in the fair value hierarchy, this warrant expired on 31 December 2024. No derivatives have
been reclassified within the hierarchy during the year.
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 discounted cash flow 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:
2025
2024
Derivatives
0.7% to 3.7%
0.6% to 4.1%", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "14 Derivative \ufb01nancial instruments
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$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 foreign exchange designated in a cash flow hedge
1
\u2013
5
(1)
\u2013
4
Other derivatives
\u2013
49
(49)
\u2013
\u2013
31 December 2024
182
54
(50)
(115)
71
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$m
$m
$m
$m
$m
Cross-currency swaps designated in a net investment hedge
171
2
\u2013
\u2013
173
Cross-currency swaps designated in a cash flow hedge
203
\u2013
\u2013
\u2013
203
Cross-currency swaps designated in a fair value hedge
124
\u2013
\u2013
\u2013
124
Forward foreign exchange designated in a cash flow hedge
1
\u2013
8
(2)
\u2013
6
Other derivatives
\u2013
80
(79)
\u2013
1
31 December 2025
498
90
(81)
\u2013
507
1
Forward foreign exchange (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 at 31 December 2025 are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 13. During 2024
the Group held an equity warrant classed as Level 3 in the fair value hierarchy, this warrant expired on 31 December 2024. No derivatives have
been reclassified within the hierarchy during the year.
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 discounted cash flow 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:
2025
2024
Derivatives
0.7% to 3.7%
0.6% to 4.1%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
\n
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
\n
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group uses
\n
US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and manages
\n
long-term liquidity by raising funds through the capital markets. At 31 December 2025, the Group was assigned short-term credit ratings of
\n
P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A1 by Moody\u2019s and A+ by Standard and Poor\u2019s.
\n
In addition to Cash and cash equivalents of $5,711m, short-term fixed income investments of $8m, less overdrafts of $13m at 31 December 2025,
\n
the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial covenants.
\n
The Group regularly monitors the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing
\n
on the committed facilities should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured
\n
Overnight Financing Rate (SOFR), plus a margin.
\n
At 31 December 2025, the Group has $5,733m outstanding from debt issued under a Euro Medium Term Note programme and $21,369m under
\n
an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate purposes of
\n
the Group.
\n
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
\n
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
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
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\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
669
3,495
450
25,282
29,896
(17,182)
17,205
23
29,919
In one to two years
\u2013
3,784
388
473
4,645
(1,031)
944
(87)
4,558
In two to three years
\u2013
4,097
292
1,425
5,814
(1,052)
1,035
(17)
5,797
In three to four years
\u2013
3,898
199
508
4,605
(637)
481
(156)
4,449
In four to five years
\u2013
3,368
156
166
3,690
(849)
1,516
667
4,357
In more than five years
\u2013
16,906
599
\u2013
17,505
(1,913)
2,596
683
18,188
669
35,548
2,084
27,854
66,155
(22,664)
23,777
1,113
67,268
Effect of interest
(25)
(8,223)
\u2013
\u2013
(8,248)
752
(2,370)
(1,618)
(9,866)
Effect of discounting, fair values and issue costs
\u2013
(150)
(281)
(195)
(626)
10
(12)
(2)
(628)
31 December 2025
644
27,175
1,803
27,659
57,281
(21,902)
21,395
(507)
56,774
\n
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
\n
exception of $550m of Contingent consideration held within Trade and other payables (see Note 20).
\n
Market risk
\n
Interest rate risk
\n
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
\n
agreements to manage this mix.
\n
The majority of surplus cash is currently invested in US dollar liquidity funds.
\n
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
\n
liabilities, the profile includes the impact of interest rate swaps which convert the debt to floating rate.
\n \n
2025
2024
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
$m
$m
$m
$m
$m
$m
Financial liabilities
Current
2,842
644
3,486
2,346
330
2,676
Non-current
24,502
1,634
26,136
26,151
1,468
27,619
Total
27,344
2,278
29,622
28,497
1,798
30,295
Financial assets
Cash collateral pledged to counterparties
\u2013
22
22
\u2013
129
129
Cash and cash equivalents
\u2013
5,711
5,711
\u2013
5,488
5,488
Total
\u2013
5,733
5,733
\u2013
5,617
5,617
In addition to the financial assets above, there are $13,988m (2024: $11,115m) 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
2025
2024
$m
$m
Equity securities at fair value through Other comprehensive income (Note 13)
2,212
1,632
Equity securities at fair value through profit and loss (Note 13)
11
\u2013
Total
2,223
1,632
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 59% of Group Total Revenue in 2025 was 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 2025, before the impact of derivatives or other forms of hedging, the Group held $564m of interest-bearing loans and
borrowings denominated in pound sterling and $5,620m denominated in euros.
Hedging arrangements for these loans are summarised in the table below:
\n \n
2025
2024
Euro
Pound sterling
Euro
Pound sterling
denominated
denominated
Total
denominated
denominated
Total
$m
$m
$m
$m
$m
$m
Interest-bearing loans
In a net investment hedge
1
936
469
1,405
829
438
1,267
In a cash flow hedge
2
2,694
\u2013
2,694
2,387
\u2013
2,387
In a fair value hedge
2
1,634
\u2013
1,634
1,468
\u2013
1,468
Not in a designated IFRS 9 hedge
356
95
451
192
110
302
Total
5,620
564
6,184
4,876
548
5,424
1
Hedges of underlying net euro and pound sterling investments of the same amount as the loan.
2
Loans in cash flow and fair value hedges are hedged by cross-currency swaps of the same notional value as the loan.
For further details of all designated hedging relationships, please refer to the Hedge accounting section within this Note 28, from page 176.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy from page 134 and
the Foreign currencies accounting policy on page 135 within Group Accounting Policies.
As at 31 December 2025, 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
2025
2024
$m
$m
Cash at bank and in hand
1,332
1,215
Money market liquidity funds
4,224
4,177
Other short-term cash equivalents
155
96
Total Cash and cash equivalents (Note 18)
5,711
5,488
Fixed income securities at fair value through profit or loss (Note 13)
8
37
Cash collateral pledged to counterparties (Note 13)
22
129
Total derivative financial instruments (Note 14)
90
54
Current assets subject to credit risk
5,831
5,708
Non-current assets
\n \n
2025
2024
$m
$m
Derivative financial instruments (Note 14)
498
182
Non-current assets subject to credit risk
498
182
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 15% 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 2025 was $473m
(2024: $181m) and the carrying value of such cash collateral posted by the Group at 31 December 2025 was $22m (2024: $129m). Cash collateral
held by the Group is unencumbered.
The impairment provision for other financial assets at 31 December 2025 was immaterial (2024: 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
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2024
$m
$m
$m
$m
Financial assets
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n \n
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2025
$m
$m
$m
$m
Financial assets
Derivatives
588
(63)
(448)
77
Other investments
1
22
\u2013
(17)
5
Total assets
610
(63)
(465)
82
Financial liabilities
Derivatives
(81)
63
17
(1)
Other payables
1
(473)
\u2013
448
(25)
Total liabilities
(554)
63
465
(26)
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 is 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 from page 134.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
2023
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2023
to OCI
statement
2023
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2212 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
2024
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2024
to OCI
statement
2024
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2212 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
2025
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average Average
amounts in
value
2025
to OCI
statement
2025 maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest 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
203
(66)
(242)
305
(3)
2029
1.08
USD 4.24%
FX Forwards \u2212 short-term FX risk
USD 1,769m
6
(4)
(11)
9
(6)
2026
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2, 3
Transactions matured pre-2025
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
171
(145)
(26)
\u2013
(171)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
(3)
1
\u2013
(2)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
469
(271)
31
\u2013
(240)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
936
(121)
106
\u2013
(15)
2029
n/a
EUR 0.38%
Contingent consideration liabilities \u2013
AZUK and AZAB USD investments
USD 323m
(323)
2,316
(155)
\u2013
2,161
\u2013
\u2013
\u2013
1
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2024: $nil; 2023: $nil).
2
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2024: $nil; 2023: $nil).
3
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.
4
Nominal amount of FX forwards in a cash flow hedge of $1,769m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 8,319m at FX rate
9.2158, JPY 14,730m at 156.57, GBP 243m at 0.7430, CNY 1,926m at 6.9901 and EUR 144m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2026.
5
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 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 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.
\n \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
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 \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
to calculate
recognised in
As at 31 December 2025
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
172
(168)
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00542": { "value": "15 Non-current other receivables
2025
2024
$m
$m
Prepayments
559
356
Accrued income
75
60
Retirement benefit scheme surpluses (Note 22)
106
99
Other receivables
587
415
Non-current other receivables
1,327
930
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00547": { "value": "15 Non-current other receivables
2025
2024
$m
$m
Prepayments
559
356
Accrued income
75
60
Retirement benefit scheme surpluses (Note 22)
106
99
Other receivables
587
415
Non-current other receivables
1,327
930
17 Current trade and other receivables
2025
2024
$m
$m
Trade receivables
10,289
8,335
Less: Expected credit loss provision (Note 28)
(52)
(33)
10,237
8,302
Other receivables
2,017
1,579
Prepayments
2,034
1,737
Government grants receivable
45
25
Accrued income
844
1,329
Trade and other receivables
15,177
12,972
Trade receivables include $2,681m (2024: $667m) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00543": { "value": "16 Inventories
2025
2024
$m
$m
Raw materials and consumables
1,857
1,489
Inventories in process
2,777
2,282
Finished goods and goods for resale
1,923
1,517
Inventories
6,557
5,288
The Group recognised $7,600m (2024: $7,001m; 2023: $6,038m) of inventories as an expense within Cost of sales during the year.
Net inventory write-downs in the year amounted to $314m (2024: $664m; 2023: $574m), principally arising from the reassessment of usage or
demand expectations prior to inventory expiration. The decreased charge in the year is due to partial reversals of $407m
Andexxa
provisions
previously recognised in 2024 following the decision to cease promotional activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00546": { "value": "17 Current trade and other receivables
2025
2024
$m
$m
Trade receivables
10,289
8,335
Less: Expected credit loss provision (Note 28)
(52)
(33)
10,237
8,302
Other receivables
2,017
1,579
Prepayments
2,034
1,737
Government grants receivable
45
25
Accrued income
844
1,329
Trade and other receivables
15,177
12,972
Trade receivables include $2,681m (2024: $667m) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00545": { "value": "17 Current trade and other receivables
2025
2024
$m
$m
Trade receivables
10,289
8,335
Less: Expected credit loss provision (Note 28)
(52)
(33)
10,237
8,302
Other receivables
2,017
1,579
Prepayments
2,034
1,737
Government grants receivable
45
25
Accrued income
844
1,329
Trade and other receivables
15,177
12,972
Trade receivables include $2,681m (2024: $667m) 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
2025
2024
$m
$m
Cash at bank and in hand
1,332
1,215
Money market liquidity funds
4,224
4,177
Other short-term cash equivalents
155
96
Total Cash and cash equivalents (Note 18)
5,711
5,488
Fixed income securities at fair value through profit or loss (Note 13)
8
37
Cash collateral pledged to counterparties (Note 13)
22
129
Total derivative financial instruments (Note 14)
90
54
Current assets subject to credit risk
5,831
5,708
Non-current assets
\n \n
2025
2024
$m
$m
Derivative financial instruments (Note 14)
498
182
Non-current assets subject to credit risk
498
182
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 15% 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 2025 was $473m
(2024: $181m) and the carrying value of such cash collateral posted by the Group at 31 December 2025 was $22m (2024: $129m). Cash collateral
held by the Group is unencumbered.
The impairment provision for other financial assets at 31 December 2025 was immaterial (2024: 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
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2024
$m
$m
$m
$m
Financial assets
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n \n
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2025
$m
$m
$m
$m
Financial assets
Derivatives
588
(63)
(448)
77
Other investments
1
22
\u2013
(17)
5
Total assets
610
(63)
(465)
82
Financial liabilities
Derivatives
(81)
63
17
(1)
Other payables
1
(473)
\u2013
448
(25)
Total liabilities
(554)
63
465
(26)
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to
minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2025 or 31 December 2024 respectively
and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and
forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables.
On that basis, the loss allowance was determined as follows:
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2025
Current
past due
past due
past due
Total
Expected loss rate
0.03%
1.8%
3.9%
10.8%
Gross carrying amount ($m)
9,529
272
128
360
10,289
Loss allowance ($m)
3
5
5
39
52
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 78% (2024: 74%; 2023: 80%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n \n
2025
2024
2023
$m
$m
$m
At 1 January
33
45
59
Net movement recognised in the Consolidated Statement of Comprehensive Income
20
(3)
(14)
Amounts utilised, exchange and other movements
(1)
(9)
\u2013
At 31 December
52
33
45
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00544": { "value": "17 Current trade and other receivables
2025
2024
$m
$m
Trade receivables
10,289
8,335
Less: Expected credit loss provision (Note 28)
(52)
(33)
10,237
8,302
Other receivables
2,017
1,579
Prepayments
2,034
1,737
Government grants receivable
45
25
Accrued income
844
1,329
Trade and other receivables
15,177
12,972
Trade receivables include $2,681m (2024: $667m) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00549": { "value": "18 Cash and cash equivalents
2025
2024
2023
$m
$m
$m
Cash at bank and in hand
1,332
1,215
1,325
Short-term deposits
4,379
4,273
4,515
Cash and cash equivalents
5,711
5,488
5,840
Unsecured bank overdrafts
(13)
(59)
(203)
Cash and cash equivalents in the Consolidated Statement of Cash Flows
5,698
5,429
5,637
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:
2025
2024
2023
$m
$m
$m
Share-based payments charge for the period (Note 29)
719
660
579
Settlement of share plan awards
(353)
(618)
(650)
Pension contributions
(186)
(166)
(188)
Pension charges recorded in Operating profit
65
86
55
Long-term provision charges recorded in Operating profit
203
106
460
Loss/(gain) on disposal of Property, plant and equipment
13
4
(41)
Update to the contractual relationships for
Beyfortus
\u2013
\u2013
(729)
Foreign exchange and other
1
201
(193)
128
Total operating activities non-cash and other movements
662
(121)
(386)
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "18 Cash and cash equivalents
2025
2024
2023
$m
$m
$m
Cash at bank and in hand
1,332
1,215
1,325
Short-term deposits
4,379
4,273
4,515
Cash and cash equivalents
5,711
5,488
5,840
Unsecured bank overdrafts
(13)
(59)
(203)
Cash and cash equivalents in the Consolidated Statement of Cash Flows
5,698
5,429
5,637
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:
2025
2024
2023
$m
$m
$m
Share-based payments charge for the period (Note 29)
719
660
579
Settlement of share plan awards
(353)
(618)
(650)
Pension contributions
(186)
(166)
(188)
Pension charges recorded in Operating profit
65
86
55
Long-term provision charges recorded in Operating profit
203
106
460
Loss/(gain) on disposal of Property, plant and equipment
13
4
(41)
Update to the contractual relationships for
Beyfortus
\u2013
\u2013
(729)
Foreign exchange and other
1
201
(193)
128
Total operating activities non-cash and other movements
662
(121)
(386)
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00551": { "value": "19 Interest-bearing loans and borrowings \n \n
Repayment
2025
2024
dates
$m
$m
Current liabilities
Bank overdrafts
On demand
13
59
Other short-term borrowings excluding overdrafts
158
90
Collateral received from derivative counterparties
473
181
Lease liabilities
382
339
3.375% Callable bond
US dollars
2025
\u2013
1,997
0.7% Callable bond
US dollars
2026
1,200
\u2013
1.2% Callable bond
US dollars
2026
1,250
\u2013
Other loans
Within one year
10
10
Total
3,486
2,676
Non-current liabilities
Lease liabilities
1,421
1,113
0.7% Callable bond
US dollars
2026
\u2013
1,198
1.2% Callable bond
US dollars
2026
\u2013
1,249
4.8% Callable bond
US dollars
2027
1,248
1,247
3.625% Callable bond
euros
2027
880
780
3.125% Callable bond
US dollars
2027
749
748
4.875% Callable bond
US dollars
2028
1,097
1,096
1.25% Callable bond
euros
2028
936
829
1.75% Callable bond
US dollars
2028
1,248
1,247
4% Callable bond
US dollars
2029
997
996
4.85% Callable bond
US dollars
2029
1,247
1,246
0.375% Callable bond
euros
2029
936
829
4.9% Callable bond
US dollars
2030
647
646
3.121% Callable bond
euros
2030
764
682
1.375% Callable bond
US dollars
2030
1,295
1,295
4.9% Callable bond
US dollars
2031
995
994
2.25% Callable bond
US dollars
2031
748
747
5.75% Non-callable bond
pounds sterling
2031
469
438
3.75% Callable bond
euros
2032
878
778
4.875% Callable bond
US dollars
2033
497
497
3.278% Callable bond
euros
2033
870
786
5% Callable bond
US dollars
2034
1,490
1,489
6.45% Callable bond
US dollars
2037
2,728
2,727
4% Callable bond
US dollars
2042
989
989
4.375% Callable bond
US dollars
2045
982
982
4.375% Callable bond
US dollars
2048
738
738
2.125% Callable bond
US dollars
2050
488
487
3% Callable bond
US dollars
2051
736
735
Other loans
US dollars
63
31
Total
26,136
27,619
Total interest-bearing loans and borrowings
1
29,622
30,295
1
All loans and borrowings above are unsecured.
\n \n
Total loans and
Total loans and
Total loans and
borrowings
borrowings
borrowings
2025
2024
2023
$m
$m
$m
At 1 January
30,295
28,622
29,232
Changes from financing cash flows
Issue of loans and borrowings
15
6,492
3,816
Repayment of loans and borrowings
(2,029)
(4,652)
(4,942)
Movement in short-term borrowings
364
(31)
161
Repayment of obligations under leases
(372)
(316)
(268)
Total changes in cash flows arising on financing activities from borrowings
(2,022)
1,493
(1,233)
Movement in overdrafts
(47)
(144)
20
New lease liabilities
566
710
444
Additions through business combinations
\u2013
12
\u2013
Exchange
692
(361)
187
Other movements
138
(37)
(28)
At 31 December
29,622
30,295
28,622
Included in prior year cash flows is $833m in 2024 and $867m in 2023 relating to the Acerta Pharma share purchase. This liability was fully
extinguished in 2024.
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
Instruments
Instruments
Instruments
Total
designated in net
designated in
designated in
Amortised
carrying
Fair
investment hedge
1
cash flow hedge
2
fair value hedge
3
cost
value
value
$m
$m
$m
$m
$m
$m
2024
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
1,267
2,387
1,468
21,384
26,506
25,405
Total at 31 December 2024
1,267
2,387
1,468
25,173
30,295
29,179
2025
Overdrafts
\u2013
\u2013
\u2013
13
13
13
Lease liabilities due within one year
\u2013
\u2013
\u2013
382
382
382
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
1,421
1,421
1,421
Loans and borrowings due within one year
\u2013
\u2013
\u2013
3,091
3,091
3,068
Loans and borrowings due after more than one year
1,405
2,694
1,634
18,982
24,715
24,337
Total at 31 December 2025
1,405
2,694
1,634
23,889
29,622
29,221
1
Instruments designated in a net investment hedge are our euro 800m 0.375% 2029 Callable bond and our pounds sterling 350m 5.75% 2031 Non-callable bond. The 2024 value of
$1,267m was previously presented within the Amortised cost column; from 2025 the presentation has been revised to present this within the Instruments designated in net investment
hedge column.
2
Instruments designated in cash flow hedges are 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 13. 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 13,
with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
The adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was a decrease in the liability of $21m,
and the cumulative adjustment was a decrease in the liability of $5m. A gain of $4m was made during the year on the fair value of bonds
designated in a fair value hedge. 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
2025
2024
Loans and borrowings
1.9% to 2.6%
2.0% to 2.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00550": { "value": "19 Interest-bearing loans and borrowings \n \n
Repayment
2025
2024
dates
$m
$m
Current liabilities
Bank overdrafts
On demand
13
59
Other short-term borrowings excluding overdrafts
158
90
Collateral received from derivative counterparties
473
181
Lease liabilities
382
339
3.375% Callable bond
US dollars
2025
\u2013
1,997
0.7% Callable bond
US dollars
2026
1,200
\u2013
1.2% Callable bond
US dollars
2026
1,250
\u2013
Other loans
Within one year
10
10
Total
3,486
2,676
Non-current liabilities
Lease liabilities
1,421
1,113
0.7% Callable bond
US dollars
2026
\u2013
1,198
1.2% Callable bond
US dollars
2026
\u2013
1,249
4.8% Callable bond
US dollars
2027
1,248
1,247
3.625% Callable bond
euros
2027
880
780
3.125% Callable bond
US dollars
2027
749
748
4.875% Callable bond
US dollars
2028
1,097
1,096
1.25% Callable bond
euros
2028
936
829
1.75% Callable bond
US dollars
2028
1,248
1,247
4% Callable bond
US dollars
2029
997
996
4.85% Callable bond
US dollars
2029
1,247
1,246
0.375% Callable bond
euros
2029
936
829
4.9% Callable bond
US dollars
2030
647
646
3.121% Callable bond
euros
2030
764
682
1.375% Callable bond
US dollars
2030
1,295
1,295
4.9% Callable bond
US dollars
2031
995
994
2.25% Callable bond
US dollars
2031
748
747
5.75% Non-callable bond
pounds sterling
2031
469
438
3.75% Callable bond
euros
2032
878
778
4.875% Callable bond
US dollars
2033
497
497
3.278% Callable bond
euros
2033
870
786
5% Callable bond
US dollars
2034
1,490
1,489
6.45% Callable bond
US dollars
2037
2,728
2,727
4% Callable bond
US dollars
2042
989
989
4.375% Callable bond
US dollars
2045
982
982
4.375% Callable bond
US dollars
2048
738
738
2.125% Callable bond
US dollars
2050
488
487
3% Callable bond
US dollars
2051
736
735
Other loans
US dollars
63
31
Total
26,136
27,619
Total interest-bearing loans and borrowings
1
29,622
30,295
1
All loans and borrowings above are unsecured.
\n \n
Total loans and
Total loans and
Total loans and
borrowings
borrowings
borrowings
2025
2024
2023
$m
$m
$m
At 1 January
30,295
28,622
29,232
Changes from financing cash flows
Issue of loans and borrowings
15
6,492
3,816
Repayment of loans and borrowings
(2,029)
(4,652)
(4,942)
Movement in short-term borrowings
364
(31)
161
Repayment of obligations under leases
(372)
(316)
(268)
Total changes in cash flows arising on financing activities from borrowings
(2,022)
1,493
(1,233)
Movement in overdrafts
(47)
(144)
20
New lease liabilities
566
710
444
Additions through business combinations
\u2013
12
\u2013
Exchange
692
(361)
187
Other movements
138
(37)
(28)
At 31 December
29,622
30,295
28,622
Included in prior year cash flows is $833m in 2024 and $867m in 2023 relating to the Acerta Pharma share purchase. This liability was fully
extinguished in 2024.
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
Instruments
Instruments
Instruments
Total
designated in net
designated in
designated in
Amortised
carrying
Fair
investment hedge
1
cash flow hedge
2
fair value hedge
3
cost
value
value
$m
$m
$m
$m
$m
$m
2024
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
1,267
2,387
1,468
21,384
26,506
25,405
Total at 31 December 2024
1,267
2,387
1,468
25,173
30,295
29,179
2025
Overdrafts
\u2013
\u2013
\u2013
13
13
13
Lease liabilities due within one year
\u2013
\u2013
\u2013
382
382
382
Lease liabilities due after more than one year
\u2013
\u2013
\u2013
1,421
1,421
1,421
Loans and borrowings due within one year
\u2013
\u2013
\u2013
3,091
3,091
3,068
Loans and borrowings due after more than one year
1,405
2,694
1,634
18,982
24,715
24,337
Total at 31 December 2025
1,405
2,694
1,634
23,889
29,622
29,221
1
Instruments designated in a net investment hedge are our euro 800m 0.375% 2029 Callable bond and our pounds sterling 350m 5.75% 2031 Non-callable bond. The 2024 value of
$1,267m was previously presented within the Amortised cost column; from 2025 the presentation has been revised to present this within the Instruments designated in net investment
hedge column.
2
Instruments designated in cash flow hedges are 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 13. 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 13,
with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
The adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was a decrease in the liability of $21m,
and the cumulative adjustment was a decrease in the liability of $5m. A gain of $4m was made during the year on the fair value of bonds
designated in a fair value hedge. 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
2025
2024
Loans and borrowings
1.9% to 2.6%
2.0% to 2.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00556": { "value": "20 Trade and other payables
2025
2024
$m
$m
Current liabilities
Trade payables
3,820
3,640
Value-added and payroll taxes and social security
580
401
Rebates, chargebacks, returns and other revenue accruals
9,681
7,805
Clinical trial accruals
1,780
1,419
Other accruals
7,258
6,463
Collaboration Revenue contract liabilities
\u2013
7
Vaccine contract liabilities
142
119
Deferred government grant income
2
\u2013
Contingent consideration
346
1,170
Other payables
1,671
1,441
Total
25,280
22,465
Non-current liabilities
Accruals
85
65
Deferred government grant income
55
\u2013
Contingent consideration
204
581
Other payables
2,035
1,124
Total
2,379
1,770
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $63m (2024: $114m). The revenue recognised
in the year from opening contract liabilities is $107m, comprising $100m 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
2025 amounted to $5,941m (2024: $4,978m), of which Rare Disease comprises $336m (2024: $240m), and China where the liability at
31 December 2025 amounted to $619m (2024: $532m).
Trade payables includes $100m (2024: $105m) 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 2025, 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 2025, the programme had 310 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 relating to future sales related payments to Daiichi Sankyo totalling $673m (2024: $377m)
resulting from the collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other
payables are liabilities relating to future sales related payments totalling $579m (2024: $456m) as a result of the
Enhertu
collaboration agreement,
$499m (2024: $462m) owed to Bond Avillion 2 Development LP as a result of the
Airsupra
collaboration agreement entered into in March 2018
and $201m (2024: $nil) owed to MSD as a result of the
Koselugo
collaboration agreement entered into in 2017 and amended in August 2025.
In November 2020,
Calquence
received marketing approval in the European Union, 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 final payment of $833m made in 2024. Interest arising from amortising the liability
was included within Finance expense (see Note 4). The associated cash flows were disclosed as financing activities within the Consolidated
Statement of Cash Flows.
With the exception of Contingent consideration payables of $550m (2024: $1,751m) which are held at fair value within Level 3 of the fair value
hierarchy as defined in Note 13, all other financial liabilities are held at amortised cost with carrying value being a reasonable approximation of
fair value.
Contingent consideration
2025
2024
2023
$m
$m
$m
At 1 January
1,751
2,137
2,222
Additions through business combinations
\u2013
198
60
Settlements
(1,164)
(1,008)
(826)
Revaluations
(97)
311
549
Discount unwind (Note 4)
60
113
132
At 31 December
550
1,751
2,137
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.
\n
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include a decrease of $44m in 2025
\n
(2024: increase of $260m; 2023: increase of $520m) based on revenue and royalty forecasts, relating to the acquisition of BMS\u2019s share of the
\n
Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 4).
\n
The discount rates used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration balance
\n
is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
\n
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful trial
\n
results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may cause
\n
the calculated fair value of the above contingent consideration to vary materially in future years.
\n
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $257m (2024: $1,309m; 2023: $1,945m) is due for
\n
final payment in 2026.
\n
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
\n
combinations are as follows:
\n\n \n
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen Sarl
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall, S.A.
2014
Milestones and royalties
345
Fusion Pharmaceuticals, Inc.
2024
Milestones
304
Gracell Biotechnologies, Inc.
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
\nthe 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00555": { "value": "20 Trade and other payables
2025
2024
$m
$m
Current liabilities
Trade payables
3,820
3,640
Value-added and payroll taxes and social security
580
401
Rebates, chargebacks, returns and other revenue accruals
9,681
7,805
Clinical trial accruals
1,780
1,419
Other accruals
7,258
6,463
Collaboration Revenue contract liabilities
\u2013
7
Vaccine contract liabilities
142
119
Deferred government grant income
2
\u2013
Contingent consideration
346
1,170
Other payables
1,671
1,441
Total
25,280
22,465
Non-current liabilities
Accruals
85
65
Deferred government grant income
55
\u2013
Contingent consideration
204
581
Other payables
2,035
1,124
Total
2,379
1,770
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $63m (2024: $114m). The revenue recognised
in the year from opening contract liabilities is $107m, comprising $100m 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
2025 amounted to $5,941m (2024: $4,978m), of which Rare Disease comprises $336m (2024: $240m), and China where the liability at
31 December 2025 amounted to $619m (2024: $532m).
Trade payables includes $100m (2024: $105m) 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 2025, 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 2025, the programme had 310 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 relating to future sales related payments to Daiichi Sankyo totalling $673m (2024: $377m)
resulting from the collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other
payables are liabilities relating to future sales related payments totalling $579m (2024: $456m) as a result of the
Enhertu
collaboration agreement,
$499m (2024: $462m) owed to Bond Avillion 2 Development LP as a result of the
Airsupra
collaboration agreement entered into in March 2018
and $201m (2024: $nil) owed to MSD as a result of the
Koselugo
collaboration agreement entered into in 2017 and amended in August 2025.
In November 2020,
Calquence
received marketing approval in the European Union, 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 final payment of $833m made in 2024. Interest arising from amortising the liability
was included within Finance expense (see Note 4). The associated cash flows were disclosed as financing activities within the Consolidated
Statement of Cash Flows.
With the exception of Contingent consideration payables of $550m (2024: $1,751m) which are held at fair value within Level 3 of the fair value
hierarchy as defined in Note 13, all other financial liabilities are held at amortised cost with carrying value being a reasonable approximation of
fair value.
Contingent consideration
2025
2024
2023
$m
$m
$m
At 1 January
1,751
2,137
2,222
Additions through business combinations
\u2013
198
60
Settlements
(1,164)
(1,008)
(826)
Revaluations
(97)
311
549
Discount unwind (Note 4)
60
113
132
At 31 December
550
1,751
2,137
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.
\n
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include a decrease of $44m in 2025
\n
(2024: increase of $260m; 2023: increase of $520m) based on revenue and royalty forecasts, relating to the acquisition of BMS\u2019s share of the
\n
Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 4).
\n
The discount rates used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration balance
\n
is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
\n
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful trial
\n
results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may cause
\n
the calculated fair value of the above contingent consideration to vary materially in future years.
\n
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $257m (2024: $1,309m; 2023: $1,945m) is due for
\n
final payment in 2026.
\n
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
\n
combinations are as follows:
\n\n \n
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen Sarl
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall, S.A.
2014
Milestones and royalties
345
Fusion Pharmaceuticals, Inc.
2024
Milestones
304
Gracell Biotechnologies, Inc.
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
\nthe 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00554": { "value": "20 Trade and other payables
2025
2024
$m
$m
Current liabilities
Trade payables
3,820
3,640
Value-added and payroll taxes and social security
580
401
Rebates, chargebacks, returns and other revenue accruals
9,681
7,805
Clinical trial accruals
1,780
1,419
Other accruals
7,258
6,463
Collaboration Revenue contract liabilities
\u2013
7
Vaccine contract liabilities
142
119
Deferred government grant income
2
\u2013
Contingent consideration
346
1,170
Other payables
1,671
1,441
Total
25,280
22,465
Non-current liabilities
Accruals
85
65
Deferred government grant income
55
\u2013
Contingent consideration
204
581
Other payables
2,035
1,124
Total
2,379
1,770
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $63m (2024: $114m). The revenue recognised
in the year from opening contract liabilities is $107m, comprising $100m 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
2025 amounted to $5,941m (2024: $4,978m), of which Rare Disease comprises $336m (2024: $240m), and China where the liability at
31 December 2025 amounted to $619m (2024: $532m).
Trade payables includes $100m (2024: $105m) 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 2025, 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 2025, the programme had 310 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 relating to future sales related payments to Daiichi Sankyo totalling $673m (2024: $377m)
resulting from the collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other
payables are liabilities relating to future sales related payments totalling $579m (2024: $456m) as a result of the
Enhertu
collaboration agreement,
$499m (2024: $462m) owed to Bond Avillion 2 Development LP as a result of the
Airsupra
collaboration agreement entered into in March 2018
and $201m (2024: $nil) owed to MSD as a result of the
Koselugo
collaboration agreement entered into in 2017 and amended in August 2025.
In November 2020,
Calquence
received marketing approval in the European Union, 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 final payment of $833m made in 2024. Interest arising from amortising the liability
was included within Finance expense (see Note 4). The associated cash flows were disclosed as financing activities within the Consolidated
Statement of Cash Flows.
With the exception of Contingent consideration payables of $550m (2024: $1,751m) which are held at fair value within Level 3 of the fair value
hierarchy as defined in Note 13, all other financial liabilities are held at amortised cost with carrying value being a reasonable approximation of
fair value.
Contingent consideration
2025
2024
2023
$m
$m
$m
At 1 January
1,751
2,137
2,222
Additions through business combinations
\u2013
198
60
Settlements
(1,164)
(1,008)
(826)
Revaluations
(97)
311
549
Discount unwind (Note 4)
60
113
132
At 31 December
550
1,751
2,137
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.
\n
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include a decrease of $44m in 2025
\n
(2024: increase of $260m; 2023: increase of $520m) based on revenue and royalty forecasts, relating to the acquisition of BMS\u2019s share of the
\n
Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 4).
\n
The discount rates used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration balance
\n
is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
\n
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful trial
\n
results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may cause
\n
the calculated fair value of the above contingent consideration to vary materially in future years.
\n
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $257m (2024: $1,309m; 2023: $1,945m) is due for
\n
final payment in 2026.
\n
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
\n
combinations are as follows:
\n\n \n
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen Sarl
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall, S.A.
2014
Milestones and royalties
345
Fusion Pharmaceuticals, Inc.
2024
Milestones
304
Gracell Biotechnologies, Inc.
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
\nthe 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00553": { "value": "20 Trade and other payables
2025
2024
$m
$m
Current liabilities
Trade payables
3,820
3,640
Value-added and payroll taxes and social security
580
401
Rebates, chargebacks, returns and other revenue accruals
9,681
7,805
Clinical trial accruals
1,780
1,419
Other accruals
7,258
6,463
Collaboration Revenue contract liabilities
\u2013
7
Vaccine contract liabilities
142
119
Deferred government grant income
2
\u2013
Contingent consideration
346
1,170
Other payables
1,671
1,441
Total
25,280
22,465
Non-current liabilities
Accruals
85
65
Deferred government grant income
55
\u2013
Contingent consideration
204
581
Other payables
2,035
1,124
Total
2,379
1,770
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $63m (2024: $114m). The revenue recognised
in the year from opening contract liabilities is $107m, comprising $100m 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
2025 amounted to $5,941m (2024: $4,978m), of which Rare Disease comprises $336m (2024: $240m), and China where the liability at
31 December 2025 amounted to $619m (2024: $532m).
Trade payables includes $100m (2024: $105m) 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 2025, 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 2025, the programme had 310 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 relating to future sales related payments to Daiichi Sankyo totalling $673m (2024: $377m)
resulting from the collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other
payables are liabilities relating to future sales related payments totalling $579m (2024: $456m) as a result of the
Enhertu
collaboration agreement,
$499m (2024: $462m) owed to Bond Avillion 2 Development LP as a result of the
Airsupra
collaboration agreement entered into in March 2018
and $201m (2024: $nil) owed to MSD as a result of the
Koselugo
collaboration agreement entered into in 2017 and amended in August 2025.
In November 2020,
Calquence
received marketing approval in the European Union, 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 final payment of $833m made in 2024. Interest arising from amortising the liability
was included within Finance expense (see Note 4). The associated cash flows were disclosed as financing activities within the Consolidated
Statement of Cash Flows.
With the exception of Contingent consideration payables of $550m (2024: $1,751m) which are held at fair value within Level 3 of the fair value
hierarchy as defined in Note 13, all other financial liabilities are held at amortised cost with carrying value being a reasonable approximation of
fair value.
Contingent consideration
2025
2024
2023
$m
$m
$m
At 1 January
1,751
2,137
2,222
Additions through business combinations
\u2013
198
60
Settlements
(1,164)
(1,008)
(826)
Revaluations
(97)
311
549
Discount unwind (Note 4)
60
113
132
At 31 December
550
1,751
2,137
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.
\n
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include a decrease of $44m in 2025
\n
(2024: increase of $260m; 2023: increase of $520m) based on revenue and royalty forecasts, relating to the acquisition of BMS\u2019s share of the
\n
Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 4).
\n
The discount rates used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration balance
\n
is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
\n
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful trial
\n
results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may cause
\n
the calculated fair value of the above contingent consideration to vary materially in future years.
\n
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $257m (2024: $1,309m; 2023: $1,945m) is due for
\n
final payment in 2026.
\n
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
\n
combinations are as follows:
\n\n \n
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen Sarl
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall, S.A.
2014
Milestones and royalties
345
Fusion Pharmaceuticals, Inc.
2024
Milestones
304
Gracell Biotechnologies, Inc.
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
\nthe 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00552": { "value": "20 Trade and other payables
2025
2024
$m
$m
Current liabilities
Trade payables
3,820
3,640
Value-added and payroll taxes and social security
580
401
Rebates, chargebacks, returns and other revenue accruals
9,681
7,805
Clinical trial accruals
1,780
1,419
Other accruals
7,258
6,463
Collaboration Revenue contract liabilities
\u2013
7
Vaccine contract liabilities
142
119
Deferred government grant income
2
\u2013
Contingent consideration
346
1,170
Other payables
1,671
1,441
Total
25,280
22,465
Non-current liabilities
Accruals
85
65
Deferred government grant income
55
\u2013
Contingent consideration
204
581
Other payables
2,035
1,124
Total
2,379
1,770
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $63m (2024: $114m). The revenue recognised
in the year from opening contract liabilities is $107m, comprising $100m 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
2025 amounted to $5,941m (2024: $4,978m), of which Rare Disease comprises $336m (2024: $240m), and China where the liability at
31 December 2025 amounted to $619m (2024: $532m).
Trade payables includes $100m (2024: $105m) 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 2025, 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 2025, the programme had 310 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 relating to future sales related payments to Daiichi Sankyo totalling $673m (2024: $377m)
resulting from the collaboration agreement in relation to
Enhertu
entered into in March 2019. Additionally, included within non-current Other
payables are liabilities relating to future sales related payments totalling $579m (2024: $456m) as a result of the
Enhertu
collaboration agreement,
$499m (2024: $462m) owed to Bond Avillion 2 Development LP as a result of the
Airsupra
collaboration agreement entered into in March 2018
and $201m (2024: $nil) owed to MSD as a result of the
Koselugo
collaboration agreement entered into in 2017 and amended in August 2025.
In November 2020,
Calquence
received marketing approval in the European Union, 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 final payment of $833m made in 2024. Interest arising from amortising the liability
was included within Finance expense (see Note 4). The associated cash flows were disclosed as financing activities within the Consolidated
Statement of Cash Flows.
With the exception of Contingent consideration payables of $550m (2024: $1,751m) which are held at fair value within Level 3 of the fair value
hierarchy as defined in Note 13, all other financial liabilities are held at amortised cost with carrying value being a reasonable approximation of
fair value.
Contingent consideration
2025
2024
2023
$m
$m
$m
At 1 January
1,751
2,137
2,222
Additions through business combinations
\u2013
198
60
Settlements
(1,164)
(1,008)
(826)
Revaluations
(97)
311
549
Discount unwind (Note 4)
60
113
132
At 31 December
550
1,751
2,137
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.
\n
Revaluations of Contingent consideration are recognised in Selling, general and administrative expense and include a decrease of $44m in 2025
\n
(2024: increase of $260m; 2023: increase of $520m) based on revenue and royalty forecasts, relating to the acquisition of BMS\u2019s share of the
\n
Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 4).
\n
The discount rates used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration balance
\n
is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
\n
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful trial
\n
results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may cause
\n
the calculated fair value of the above contingent consideration to vary materially in future years.
\n
The contingent consideration balance relating to BMS\u2019s share of Global Diabetes Alliance of $257m (2024: $1,309m; 2023: $1,945m) is due for
\n
final payment in 2026.
\n
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business
\n
combinations are as follows:
\n\n \n
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen Sarl
2013
Milestones
171
Amplimmune, Inc.
2013
Milestones
150
Almirall, S.A.
2014
Milestones and royalties
345
Fusion Pharmaceuticals, Inc.
2024
Milestones
304
Gracell Biotechnologies, Inc.
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
\nthe 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00558": { "value": "21 Provisions \n \n
Employee
Other
Severance
Environmental
benefits
Legal
provisions
Total
$m
$m
$m
$m
$m
$m
At 1 January 2024
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
Charge for year
190
27
40
252
189
698
Cash paid
(217)
(25)
(5)
(720)
(282)
(1,249)
Reversals
(64)
\u2013
(7)
(18)
(68)
(157)
Exchange and other movements
13
\u2013
(4)
3
110
122
At 31 December 2025
197
107
190
376
734
1,604
\n\n \n
2025
2024
$m
$m
Due within one year
686
1,269
Due after more than one year
918
921
Total
1,604
2,190
\n
Provisions are often subject to substantial uncertainties with regard to the timing and final amounts of any payments. These uncertainties can
\n
also cause a reversal in previously established provisions once final settlement is reached. Once established, these amounts remain in Provisions
\n
even after settlement is reached and uncertainty resolved, with no transfer to Trade and other payables prior to payment. This is to provide more
\n
transparent disclosure of subsequent movements in brought forward and carried forward balances. Settled legal claims included within Provisions
\n
are held at amortised cost with carrying value being a reasonable approximation of fair value.
\n
Severance provisions arise predominantly in connection with global restructuring initiatives, including the Alexion PAAGR, which involve
\n
rationalisation of the global supply chain, the sales and marketing organisation, IT and business support infrastructure, and R&D.
\n
Employee costs in connection with the initiatives are recognised in severance provisions when a detailed formal plan has been communicated
\n
to those employees affected. Final severance costs are often subject to the completion of the requisite consultations on the areas impacted,
\n
with the majority of the cost expected to be paid within one year. AstraZeneca endeavours to support employees affected by restructuring
\n
initiatives to seek alternative roles within the organisation. Where the employee is successful, any severance provisions will be released.
\n
Details of the Environmental provisions totalling $107m (2024: $105m) and ongoing matters are provided in Note 30.
A significant proportion of the total legal provision ($194m (2024: $626m) due within one year and $177m (2024: $210m) 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 $166m (2024: $145m), 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 2025 included $7m (2024: $184m)
in relation to the PAAGR restructuring programme, which has a closing provision of $78m (2024: $80m), including $59m (2024: $58m) held in
non-current provisions expected to be settled over time by 2028.
No provision has been released or applied for any purpose other than that for which it was established.
1
The expected profile of future payments of legal provisions due after one year is as follows: in one to two years $19m (2024
: $167m); in two to three years $131m (2024: $9m); in three to
four years $11m (2024: $12m); in four to five years $9m (2024: $9m); and in more than five years $7m (2024: $13m). 30 Commitments, contingent liabilities and contingent assets \n \n
2025
2024
Commitments
$m
$m
Contracts placed for future capital expenditure on Property, plant and equipment and
software development costs not provided for in these Financial Statements
1,727
1,575
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
Years 5
Total
Under 1 year
Years 1 and 2
Years 3 and 4
and greater
$m
$m
$m
$m
$m
Future potential research and development milestone payments
10,182
1,226
3,698
3,013
2,245
Future potential revenue milestone payments
21,301
45
1,290
4,742
15,224
The table includes all potential payments for achievement of milestones under ongoing research and development arrangements. Revenue-
related milestone payments represent the maximum possible amount payable on achievement of specified levels of revenue as set out in
individual contract agreements, but exclude variable payments that are based on unit sales (e.g. royalty-type payments) which are expensed
as the associated sale is recognised. The table excludes any payments already capitalised in the Financial Statements for the year ended
31 December 2025 which have been capitalised with reference to the latest Group sales forecasts for approved indications.
The future payments we disclose represent contracted payments and, as such, are not discounted and are not risk-adjusted. As detailed in the
Risk Overview section from page 47, the development of any pharmaceutical product candidate is a complex and risky process that may fail
at any stage in the development process due to a number of factors (including items such as failure to obtain regulatory approval, unfavourable
data from key studies, adverse reactions to the product candidate or indications of other safety concerns). The timing of the payments is based
on the Group\u2019s current best estimate of achievement of the relevant milestone.
Environmental costs and liabilities
The Group\u2019s expenditure on environmental protection, including both capital and revenue items, relates to costs that are necessary for
implementing internal systems and programmes, and meeting legal and regulatory requirements for processes and products. This includes
investment to conserve natural resources and otherwise minimise the impact of our activities on the environment. They are an integral part of
normal ongoing expenditure for carrying out the Group\u2019s research, manufacturing and commercial operations and are not separated from
overall operating and development costs. There are no known changes in legal, regulatory or other requirements resulting in material changes to
the levels of expenditure for 2023, 2024 or 2025.
In addition to expenditure for meeting current and foreseen environmental protection requirements, the Group incurs costs in investigating and
cleaning up legacy land and groundwater contamination. In particular, AstraZeneca has environmental liabilities at some currently or formerly
owned, leased and third-party sites.
In the US, Zeneca Inc., and/or its indemnitees, have been named as potentially responsible parties (PRPs) or defendants at a number of sites
where Zeneca Inc. is likely to incur future environmental investigation, remediation, operation and maintenance costs under federal, state, statutory
or common law environmental liability allocation schemes (together, US Environmental Consequences). Similarly, Stauffer Management
Company LLC (SMC), which was established to own and manage certain assets and liabilities of Stauffer Chemical Company, and/or its
indemnitees, have been named as PRPs or defendants at a number of sites where SMC is likely to incur US Environmental Consequences.
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 or
\n
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 2025 in the aggregate of $107m (2024: $105m), mainly relating to the US.
\n
Where we are jointly liable or otherwise have cost-sharing agreements with third parties, we reflect only our share of the obligation. Where
\n
the liability is insured in part or in whole by insurance or other arrangements for reimbursement, an asset is recognised to the extent that this
\n
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 remedial
\n
action, if any, that may be selected at sites where the remedy is presently not known; (4) the potential for recoveries from or allocation of liability
\n
to third parties; and (5) the length of time that the environmental investigation, remediation and liability allocation process can take. As per our
\n
Provisions accounting policy on page 135, Provisions for these costs are made when there is a present obligation and where it is probable that
\n
expenditure on remedial work will be required and a reliable estimate can be made of the cost. Notwithstanding and subject to the foregoing,
\n
we estimate the potential additional loss for future environmental investigation, remediation, remedial operation and maintenance activity above
\n
and beyond our provisions to be, in aggregate, between $115m and $192m (2024: $113m and $190m) 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 of
\n
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 liability
\n
and discloses information with respect to the nature and facts of the cases in accordance with IAS 37 \u2018Provisions, Contingent Liabilities and
\n
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 length
\n
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, damages
\n
and governing law; (iv) uncertainties in timing of litigation; and (v) the possible need for further legal proceedings to establish the appropriate
\n
amount of damages, if any.
\n
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 appeal
\n
(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 indicate
\n
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 as they
\n
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 costs
\n
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, the best
\n
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 in
\n
any of these cases could result in loss of patent protection on the related product.
The consequences of any such loss could be a significant decrease in Product Sales, which could have a material adverse effect on our results.
\n
The lawsuits filed by AstraZeneca for patent infringement against companies that have filed abbreviated new drug applications (ANDAs) in the
\n
US, seeking to market generic forms of products sold by the Group prior to the expiry of the applicable patents covering these products, typically
\n
also involve allegations of non-infringement, invalidity and unenforceability of these patents by the ANDA filers. In the event that the Group is
\n
unsuccessful in these actions or the statutory 30-month stay expires before a ruling is obtained, the ANDA filers involved will also have the
\n
ability, subject to US Food and Drug Administration (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 2025, a significant number of commercial litigation claims in which AstraZeneca is involved
\n
have been resolved, particularly in the US, thereby reducing potential contingent liability exposure arising from such litigation. Similarly, in part
\n
due to patent litigation and settlement developments, greater certainty has been achieved regarding possible generic entry dates with respect
\n
to some of our patented products. At the same time, like other companies in the pharmaceutical sector and other industries, AstraZeneca continues
\n
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 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 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 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.
\u2022
In December 2025, the US Court of Appeals for the Federal Circuit issued decisions in both the District Court and PGR
appeals finding that Seagen\u2019s patent is invalid and vacating the District Court\u2019s prior judgment and damages award.
\n\n \n
Factor Bioscience
Considered to be a contingent liability
patent proceedings
US
\u2022
In September 2025, Factor Bioscience Inc. (Factor) filed a complaint against AstraZeneca, and others in the US District
Court for the District of Delaware, alleging infringement of several Factor patents related to technology for producing
gene-edited cells using synthetic messenger ribonucleic acid (mRNA) molecules encoding transcription activator-like
effector nuclease (TALEN) gene-editing proteins.
\u2022
The complaint alleges that certain drug research, design and development activities by AstraZeneca and others
infringe Factor\u2019s patents.
\n\n \n
Forxiga
patent proceedings
Considered to be a contingent liability
Europe
\u2022
In November 2025, in France, Biogaran SAS challenged one of AstraZeneca\u2019s patents covering
Forxiga
. No trial date
has been set.
\u2022
In Poland and in Portugal, multiple generic companies have challenged one of AstraZeneca\u2019s patents covering
Forxiga
.
No trial date has been set.
\u2022
In Poland, in January 2026, AstraZeneca obtained interim injunctions against the generic companies that have
challenged the patent.
\n\n \n
Forxiga
patent proceedings
Matter concluded
UK
\u2022
In the UK, one of AstraZeneca\u2019s patents relating to
Forxiga
was challenged by Generics (UK) Limited, Teva Pharmaceutical
Industries Limited, and Glenmark Pharmaceuticals Europe Limited.
\u2022
Trial regarding patent validity occurred in March 2025. In April 2025, the UK Patents Court held the patent invalid.
AstraZeneca appealed the decision. In July 2025, the UK Court of Appeal dismissed AstraZeneca\u2019s appeal and upheld
the lower court\u2019s invalidity decision. AstraZeneca\u2019s application for permission to appeal to the UK Supreme Court
was denied.
\u2022
In March 2025 and onward, AstraZeneca obtained injunctions against generic manufacturers\u2019 at-risk sales of dapagliflozin
products in the UK. All injunctions have since been lifted.
\u2022
This matter has concluded.
\n \n
Soliris
patent proceedings
Considered to be a contingent liability
Turkey
\u2022
In November 2024, Salute HC \u0130la\u00e7lar\u0131 Sanayi ve Ticaret A.\u015e served an action in the Industrial and Intellectual Property
Rights Court in Turkey seeking to invalidate and enjoin enforcement of AstraZeneca\u2019s patent relating to eculizumab.
\n\n \n
Tagrisso
patent proceedings
Considered to be a contingent liability
China
\u2022
In January 2025, an individual filed invalidity challenges against several Chinese patents protecting
Tagrisso
.
\u2022
A hearing before the Chinese Patent Office (Patent Office) was held in July 2025.
\u2022
In November 2025, the Patent Office issued decisions maintaining the compound patents.
\u2022
In January 2026, the Patent Office dismissed the invalidity case against the formulation patent.
\n\n \n
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
. 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.
\u2022
Additional proceedings are ongoing in the District Court.
\u2022
No trial date has been set.
\n\n \n
Calquence
patent proceedings
Considered to be a contingent asset
US
\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 US District Court for the District of Delaware (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. Trial has been scheduled for April 2027.
\u2022
In December 2025, AstraZeneca entered into a settlement agreement with MSN and the District Court dismissed the
corresponding litigation. The litigation with Cipla is ongoing.
\n\n \n
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
AstraZeneca has entered into separate settlement agreements and the District Court entered a consent judgment to
dismiss the corresponding litigation. Additional ANDA challenges are pending.
\n\n \n
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.
\n\n \n
Forxiga
patent proceedings
Considered to be a contingent asset
Australia
\u2022
In December 2025, in the Federal Court of Australia, AstraZeneca initiated patent infringement litigation against
Pharmacor Pty Limited in reference to one of the patents that protects
Forxiga
.
\u2022
No trial date has been set.
\n \n
Lokelma
patent proceedings
Matter concluded
US
\u2022
In August 2022, in response to Paragraph IV notices, AstraZeneca initiated ANDA litigation against five generic filers in
the US District Court for the District of Delaware.
\u2022
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 the five generic manufacturers which resulted in
dismissal of the corresponding litigations.
\u2022
This matter is now concluded.
\n\n \n
Lynparza
patent proceedings
Considered to be a contingent asset
Canada
\u2022
In July 2025, AstraZeneca was served with a Notice of Allegation from Cipla Ltd. challenging a patent relating to
Lynparza
.
AstraZeneca commenced an action in response in August 2025. Trial is scheduled to begin in April 2027.
\u2022
In August 2025, AstraZeneca was served with a Notice of Allegation from Natco Pharma (Canada) Inc. challenging a
patent relating to
Lynparza
. AstraZeneca commenced an action in response in October 2025. Trial is scheduled to begin
in June 2027.
\u2022
In November 2025, AstraZeneca was served with a Notice of Allegation from Zydus Lifesciences Limited challenging a
patent relating to
Lynparza
. AstraZeneca commenced an action in response in December 2025. No trial date has been set.
\n\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.
\u2022
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.
\n\n \n
Soliris
patent proceedings
Matter concluded
Canada
\u2022
In May 2023, AstraZeneca initiated patent litigation in Canada alleging that Amgen Canada Inc.\u2019s (Amgen) biosimilar
eculizumab product infringed AstraZeneca\u2019s patents.
\u2022
In September 2023, AstraZeneca initiated patent litigations in Canada alleging that Samsung Bioepis Co. Ltd.\u2019s (Samsung)
biosimilar eculizumab product infringed AstraZeneca\u2019s patents.
\u2022
In June and November 2025, AstraZeneca settled with Samsung and Amgen, respectively.
\n\n \n
Soliris
patent proceedings
Matter concluded
Europe
\u2022
In March 2024, AstraZeneca filed motions for provisional measures against the relevant corporate entities of Amgen
Inc. (Amgen) and Samsung Bioepis Co. Ltd. (Samsung
) 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 AstraZeneca patent. In
November 2025 and January 2026, AstraZeneca entered into global settlement agreements with Amgen and
Samsung, respectively, resolving all eculizumab patent disputes between the parties.
\n\n \n
Soliris
patent proceedings
Matter concluded
UK
\u2022
In May 2024, AstraZeneca initiated patent infringement proceedings against Amgen Ltd. (Amgen) and Samsung Bioepis
UK Limited (Samsung) in the UK High Court of Justice alleging that their respective biosimilar eculizumab products
infringe an AstraZeneca patent; on the same day, Samsung initiated a revocation action for the same patent.
\u2022
In November 2025 and January 2026, AstraZeneca settled the UK eculizumab patent matters with Amgen and
Samsung, respectively.
\n \n
Tagrisso
patent proceedings
Considered to be a contingent asset
Russia
\u2022
In August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow region (Court) against the Russian
Ministry of Health (MOH) and Axelpharm LLC (Axelpharm) for improper use of AstraZeneca information in the authorisation
of a generic version of
Tagrisso
. The suit against the MOH was dismissed in July 2024, after two appeals. The case
against Axelpharm was dismissed in September 2024, and a subsequent appeal by AstraZeneca was also dismissed.
\u2022
In November 2023, Axelpharm sought a compulsory licence under a patent related to
Tagrisso
; the action remains
pending. The Axelpharm patent on which the compulsory licensing action was based was held invalid by the Russian
Patent and Trademark Office (PTO) in August 2024 following challenge by AstraZeneca. The PTO\u2019s decision was upheld
in June 2025, following an appeal by Axelpharm. At a further appeal hearing in November 2025, the Intellectual Property
Court Presidium reversed earlier decisions and held Axelpharm\u2019s patent valid. In January 2026, AstraZeneca appealed
to the Supreme Court, which was rejected. AstraZeneca expects to file a further appeal.
\u2022
In July 2024, AstraZeneca filed a patent infringement claim against Axelpharm in relation to a generic version of
Tagrisso
.
The action was stayed by the court pending resolution of the compulsory licensing action.
\u2022
In August 2024, after AstraZeneca filed a complaint, the Federal Anti-Monopoly Service of Russia (FAS) initiated a case
against Axelpharm and OncoTarget LLC (OncoTarget). In November 2024, the FAS found Axelpharm
(but not OncoTarget)
to have committed unfair competition. In June 2025, the finding against Axelpharm was reversed on appeal. In December
2025, on appeal by AstraZeneca, the appellate decision was affirmed. Also in December 2025, AstraZeneca filed a
further appeal.
\n
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.
\u2022
The parties have reached a settlement in principle for a non-material amount to resolve the single case scheduled for
trial in March 2026.
\u2022
All remaining claims are filed in Delaware State Court and the earliest trial is now scheduled for September 2026.
\n\n \n
Nexium
and
Prilosec
A provision has been taken
US
\u2022
AstraZeneca has defended 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
Between 2022 and 2024, AstraZeneca resolved the claims by way of settlement agreements.
\u2022
A relatively small number of plaintiffs have opted out of the settlement.
\n\n \n
Nexium
and
Losec
Matter concluded
Canada
\u2022
In Canada, in July and August 2017, AstraZeneca was served with three putative class action lawsuits.
\u2022
As of September 2025, all three lawsuits have been dismissed.
\u2022
The Canada proceedings are concluded.
\n\n \n
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, Inc. 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. In March 2024, Plaintiffs filed an appeal.
\u2022
In August 2025, the US Court of Appeals for the Second Circuit decided in the plaintiffs\u2019 favour, ordering the District Court
to accept the amended complaint.
\n\n \n
Amyndas Trade
Considered to be a contingent liability
Secrets Litigation
US
\u2022
AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and Amyndas Pharmaceuticals,
LLC (collectively Amyndas), in the US District Court for the District of Massachusetts alleging trade secret
misappropriation and breach of contract claims against AstraZeneca and Zealand Pharma U.S. Inc. related to
Amyndas\u2019 C3 inhibitor candidate.
\u2022
No trial date has been scheduled.
\n \n
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 remanding to the
Appellate Court for reconsideration under new case law. In January 2026, after reconsideration, the Second Circuit
issued a decision again allowing the claims to proceed and returning the matter to the District Court, where AstraZeneca
has a separate motion to dismiss pending.
\n\n \n
Definiens
Considered to be a contingent liability
Germany
\u2022
In July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of Arbitration from the sellers
of Definiens AG (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 $46m in favour of the Sellers.
\u2022
In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court (Court) to set aside the arbitration award.
\u2022
In April 2025, the Court ruled in favour of AstraZeneca, annulled the arbitration award, and referred the dispute back to
the same arbitration panel for a second determination.
\u2022
In May 2025, the Sellers appealed the Court\u2019s decision to the German Federal Court of Justice (Court of Justice).
AstraZeneca also appealed the decision to refer the dispute back to the same arbitration panel.
\u2022
In January 2026, the Court of Justice upheld the Court\u2019s decision to annul the arbitration award and referred the dispute
back to the same arbitration panel.
\n\n \n
Employment Litigation
Considered to be a contingent liability
US
\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.
\u2022
All but one claim has been resolved by settlement or disposed of by motion practice.
\n\n \n
Novartis Advertising Litigation
Considered to be a contingent liability
US
\u2022
In October 2025, Novartis Pharmaceuticals Corp. filed a lawsuit in the US District Court for the District of Delaware
alleging false and misleading representation claims under the Lanham Act and state law unfair competition and
deceptive practices claims.
\u2022
The complaint alleges that statements in AstraZeneca\u2019s marketing for treatment for paroxysmal nocturnal hemoglobinuria
are false and misleading.
\n\n \n
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, and the opt-in period
has closed.
\n\n \n
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.
\u2022
The case was subsequently transferred to the US District Court for the Southern District of New York.
\n\n \n
Seroquel
XR Antitrust Litigation
Matter concluded
US
\u2022
In 2019, AstraZeneca was named in several related complaints in US District Court in Delaware (District Court), including
several putative class action lawsuits brought on behalf of classes of direct purchasers or end payors of
Seroquel
XR,
alleging 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 which the
court approved.
\u2022
In May 2025, AstraZeneca resolved the matter with all remaining plaintiffs for a total payment of $97m. In September
2025, the District Court approved the class-related portion of the settlement.
\u2022
This matter is now concluded.
\n \n
Soliris
Antitrust Class Action
Considered to be a contingent liability
US
\u2022
In April 2025, AstraZeneca was named in a lawsuit filed in the US District Court for the District of Massachusetts
(District Court) alleging antitrust claims on behalf of a potential class of end payors for
Soliris
from March 2022.
\u2022
The plaintiff alleges that AstraZeneca violated federal and state antitrust and business practices laws by obtaining
improper patents for
Soliris
, delaying biosimilar entry and improperly extending
Soliris
\u2019 market exclusivity.
\u2022
In December 2025, the District Court partially granted AstraZeneca\u2019s motion to dismiss.
\n\n \n
Syntimmune Milestone Litigation
Considered to be a contingent liability
US
\u2022
In connection with AstraZeneca\u2019s acquisition of Syntimmune, Inc. (Syntimmune) in December 2020, AstraZeneca was
served with a lawsuit filed by the stockholders\u2019 representative for Syntimmune in Delaware State Court (Court) that
alleged, among other things, breaches of the 2018 merger agreement (Merger Agreement).
\u2022
The stockholders\u2019 representative alleges that AstraZeneca failed to meet its obligations under the Merger Agreement
to use commercially reasonable efforts to achieve the milestones. AstraZeneca also filed a claim for breach of the
representations in the Merger Agreement.
\u2022
A trial was held in July 2023.
\u2022
In September 2024, the Court issued a partial decision, concluding that the first milestone in the amount of $130m was
achieved, and that AstraZeneca had breached its contractual obligation to use commercially reasonable efforts to
achieve the milestones. The Court requested additional briefing regarding damages and further proceedings regarding
AstraZeneca\u2019s claim for breach.
\u2022
In June 2025, the Court issued a further partial decision awarding an additional $181m in damages on its September
2024 breach determination.
\u2022
Additional proceedings regarding AstraZeneca\u2019s claim are ongoing.
\n\n \n
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 licence agreement
relating to
Lynparza
.
\u2022
Trial has been scheduled to begin in June 2026.
\n\n \n
Viela Bio, Inc.
Matter concluded
Shareholder Litigation
US
\u2022
In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware State Court (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.
\u2022
In March 2025, the Delaware Supreme Court affirmed the dismissal.
\u2022
This matter is now concluded.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
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.
\u2022
In May 2021, AstraZeneca filed a lawsuit against GSK in the Commercial Court of England and Wales (Trial Court)
alleging that GSK had failed to pay all of the royalties due on niraparib sales under the license agreements.
\u2022
In April 2023, after trial, the Trial Court issued a decision in AstraZeneca\u2019s favour.
\u2022
In February 2024, the Court of Appeal reversed the decision.
\u2022
In March 2024, AstraZeneca filed a request for permission to appeal with the Supreme Court of the United Kingdom.
In May 2024, the Supreme Court denied permission to appeal.
\u2022
The case will return to the Trial Court for further proceedings.
Government investigations and proceedings
\n
Legal proceedings brought against AstraZeneca
\n\n \n
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.
\n\n \n
Beyfortus
Civil
Considered to be a contingent liability
Investigative Demand
US
\u2022
In March 2025, AstraZeneca received a subpoena from the US Attorney\u2019s Office seeking certain records relating to
Beyfortus
. The subpoena requests that the Company produce various documents from January 2020 to present,
including communications related to specific batches of
Beyfortus
, customer complaints, and FDA inspection reports.
\u2022
AstraZeneca is cooperating with this enquiry.
\n\n \n
Boston US
Considered to be a contingent liability
Attorney Investigation
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.
\n\n \n
Brazilian Tax
Considered to be a contingent liability
Assessment Matter
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 AstraZeneca subsidiaries in Brazil, as well as to two additional
entities, a logistics provider utilised by AstraZeneca and a distributor. The Tax Assessment focuses on the importation
of
Soliris
vials pursuant to AstraZeneca\u2019s free drug supply to patients\u2019 programme in Brazil.
\u2022
AstraZeneca prevailed in the first level of administrative appeals in the Brazilian federal administrative proceeding system.
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.
\n\n \n
China Personal Information
Considered to be a contingent liability
Infringement and Illegal
Trade Matters
China
\u2022
In relation to the personal information infringement allegation, in April 2025, AstraZeneca Investment (China) Co., Ltd.
received a Notice of Transfer to the Prosecutor from the Shenzhen Bao\u2019an District Public Security Bureau regarding
suspected unlawful collection of personal information.
\u2022
In relation to the illegal trade allegation, in October 2025, AstraZeneca Investment (China) Co., Ltd. received a final
appraisal opinion from the Shenzhen City Customs Office, informing AstraZeneca Investment (China) Co., Ltd. that the
total amount of unpaid import taxes is RMB 24m (approximately USD $3.5m). The import taxes mentioned in the Appraisal
Opinion relate to
Imfinzi
,
Imjudo
, and
Enhertu
. In October 2025, AstraZeneca Investment (China) Co., Ltd. prepaid the
full amount as voluntary compensation to the State. A fine of between one and five times the amount of these paid
importation taxes may also be levied if AstraZeneca Investment (China) Co., Ltd. is found liable for illegal trade.
\u2022
In November 2025, the Shenzhen Prosecutor concluded its evaluation. AstraZeneca Investment (China) Co., Ltd.,
the former EVP and one former senior employee were indicted on charges of unlawful collection of personal information
and illegal trade, although no illegal gain to AstraZeneca Investment (China) Co., Ltd. was alleged resulting from unlawful
collection of personal information.
\u2022
The former EVP and former senior employee were additionally indicted on charges of medical insurance fraud.
AstraZeneca Investment (China) Co., Ltd. has not been indicted on charges of medical insurance fraud.
\u2022
The matters have been consolidated into one proceeding before the Shenzhen City Intermediate Court. No trial date
has been scheduled.
\n\n \n
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 in Harrison County, which alleges that AstraZeneca engaged in unlawful
marketing practices.
\u2022
In July 2025, the State of Texas intervened in the matter and filed an amended petition.
\u2022
In November 2025, the case was transferred to the Texas State Court in Travis County.
\u2022
No trial date has been scheduled.
\n \n
US Department of Justice
Considered to be a contingent liability
Civil Investigative Demand
US
\u2022
In January 2026, AstraZeneca was served with a civil investigative demand issued by the US Department of Justice,
seeking documents and information relating to AstraZeneca's data purchases and quality improvement projects.
\u2022
AstraZeneca is cooperating with this enquiry.
\n\n \n
Vermont US
Considered to be a contingent liability
Attorney Investigation
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 is cooperating in this enquiry.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
340B State Litigation
Considered to be a contingent asset
US
\u2022
AstraZeneca has filed lawsuits against Arkansas, Colorado, Hawaii, Kansas, Louisiana, Maine, Maryland, Minnesota,
Mississippi, Missouri, Nebraska, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota,
Tennessee, Utah, Vermont, and West Virginia challenging the constitutionality of each state\u2019s 340B statute.
\u2022
AstraZeneca has ongoing enforcement actions in Arkansas and Louisiana for alleged non-compliance with each state\u2019s
340B statute. In April 2025, an order was issued in the Arkansas proceeding requiring AstraZeneca to pause its contract
pharmacy policy, which AstraZeneca has appealed.
\u2022
In Arkansas, the Court denied a motion to dismiss.
\u2022
In Colorado, the Court denied AstraZeneca\u2019s motion for a preliminary injunction, which AstraZeneca has appealed.
\u2022
In Kansas, 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 Louisiana, the Court denied AstraZeneca\u2019s motion for summary judgement, which AstraZeneca has appealed.
\u2022
In Maryland and Mississippi, the Court denied AstraZeneca\u2019s motion for a preliminary injunction.
\u2022
In Minnesota, the Court found that the government officials lacked enforcement authority and dismissed AstraZeneca\u2019s
complaint for lack of standing.
\u2022
In Missouri, the Court granted in part and denied in part the state\u2019s motion to dismiss.
\u2022
In Oklahoma, the Court granted AstraZeneca\u2019s motion for a preliminary injunction, which Oklahoma has appealed.
\u2022
AstraZeneca\u2019s lawsuits are stayed in Rhode Island, Utah, and West Virginia.
\n\n \n
Calquence
Inflation
Considered to be a contingent asset
Reduction Act Litigation
US
\u2022
In December 2025, AstraZeneca filed a lawsuit in the US District Court for the District of Maryland challenging the
US Department of Health and Human Services\u2019 interpretation of \u201cqualifying single source drug\u201d under the Inflation
Reduction Act and its application in selecting
Calquence
for drug price negotiation.
\n\n \n
Farxiga
Inflation
Considered to be a contingent asset
Reduction Act Litigation
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
In May 2025, the US Court of Appeals for the Third Circuit affirmed the District Court\u2019s dismissal of AstraZeneca\u2019s challenge.
\u2022
In September 2025, AstraZeneca sought review by the US Supreme Court.
\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 acceptance of an uncertain
\n
tax treatment is not considered probable, a tax liability is recognised based on either the most likely amount method or the expected value method
\n
depending on which method management expects to better predict the resolution of the uncertainty. Due to inherent complexities in the
\n
resolution of the uncertain tax treatments and the resulting liabilities due, management exercise judgement in the measurement of the potential
\n
liability, based on information available at the present time.
\n
Tax liabilities for uncertain tax treatments can be built up over a long period of time but the resolution occurs at a point in time. Therefore, to the
\n
extent the information changes in future periods, there may be adjustments to the liabilities, which may have either a negative or positive effect
\n
on our results. Such changes could arise from commencement, progress or conclusion of tax authority challenge, negotiations under competent
\n
authority arrangements in relevant double tax treaties and expiry of relevant statutes of limitation. Details of the movements of material uncertain
\n
tax treatments are included below.
KJ
AstraZeneca faces a number of audits and reviews in jurisdictions around the world and, in some cases, is in dispute with the tax authorities.
The issues under discussion are often complex and can require many years to resolve. Tax liabilities recognised for uncertain tax treatments
require management to make key judgements with respect to the outcome of current and potential future tax audits, and actual results could
vary from these estimates. Management does not believe a significant risk exists of material change to uncertain tax positions in the next
12 months.
The total net tax liability recognised in the Group Financial Statements in respect of uncertain tax positions is $1,104m (2024: $1,321m). The net
tax liability consists of $1,126m (2024: $1,157m) included within income tax payable, $1,628m (2024: $1,304m) included within deferred tax
asset, partially offset by $205m (2024: $122m) included within deferred tax liabilities, and $1,445m (2024: $1,018m) 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 $120m (2024: $384m). The decrease in the net tax liability for uncertain tax positions relating to transfer pricing
of $264m compared with 2024 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,
as discussed above.
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 $79m (2024: $422m) including
associated interest.
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 $984m (2024: $937m) relating to a number of other uncertain tax treatments. The increase of $47m 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
which are offset by movements relating to uncertainty over the timing of tax deductions. This uncertainty includes movements between income
taxes receivable of $1,391m (2024: $742m), and deferred tax liabilities of $234m (2024: $133m) offset by related deferred tax assets of $1,611m
(2024: $929m) and income taxes payable of $496m (2024: $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.
AstraZeneca estimates the potential for additional liabilities due to other uncertain tax treatments above the amount provided where the possibility
of the additional liabilities falling due is more than remote, to be up to $127m (2024: $214m) including associated interest. 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 (2024: $nil). Management believes that it is unlikely that these additional liabilities will arise.
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 possible that tax payments may be required in relation to a number of 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 $126m (2024: $164m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00557": { "value": "21 Provisions \n \n
Employee
Other
Severance
Environmental
benefits
Legal
provisions
Total
$m
$m
$m
$m
$m
$m
At 1 January 2024
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
Charge for year
190
27
40
252
189
698
Cash paid
(217)
(25)
(5)
(720)
(282)
(1,249)
Reversals
(64)
\u2013
(7)
(18)
(68)
(157)
Exchange and other movements
13
\u2013
(4)
3
110
122
At 31 December 2025
197
107
190
376
734
1,604
\n\n \n
2025
2024
$m
$m
Due within one year
686
1,269
Due after more than one year
918
921
Total
1,604
2,190
\n
Provisions are often subject to substantial uncertainties with regard to the timing and final amounts of any payments. These uncertainties can
\n
also cause a reversal in previously established provisions once final settlement is reached. Once established, these amounts remain in Provisions
\n
even after settlement is reached and uncertainty resolved, with no transfer to Trade and other payables prior to payment. This is to provide more
\n
transparent disclosure of subsequent movements in brought forward and carried forward balances. Settled legal claims included within Provisions
\n
are held at amortised cost with carrying value being a reasonable approximation of fair value.
\n
Severance provisions arise predominantly in connection with global restructuring initiatives, including the Alexion PAAGR, which involve
\n
rationalisation of the global supply chain, the sales and marketing organisation, IT and business support infrastructure, and R&D.
\n
Employee costs in connection with the initiatives are recognised in severance provisions when a detailed formal plan has been communicated
\n
to those employees affected. Final severance costs are often subject to the completion of the requisite consultations on the areas impacted,
\n
with the majority of the cost expected to be paid within one year. AstraZeneca endeavours to support employees affected by restructuring
\n
initiatives to seek alternative roles within the organisation. Where the employee is successful, any severance provisions will be released.
\n
Details of the Environmental provisions totalling $107m (2024: $105m) and ongoing matters are provided in Note 30.
A significant proportion of the total legal provision ($194m (2024: $626m) due within one year and $177m (2024: $210m) 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 $166m (2024: $145m), 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 2025 included $7m (2024: $184m)
in relation to the PAAGR restructuring programme, which has a closing provision of $78m (2024: $80m), including $59m (2024: $58m) held in
non-current provisions expected to be settled over time by 2028.
No provision has been released or applied for any purpose other than that for which it was established.
1
The expected profile of future payments of legal provisions due after one year is as follows: in one to two years $19m (2024
: $167m); in two to three years $131m (2024: $9m); in three to
four years $11m (2024: $12m); in four to five years $9m (2024: $9m); and in more than five years $7m (2024: $13m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00559": { "value": "22 Post-retirement pension and other de\ufb01ned bene\ufb01t schemes
Background
This section predominantly covers defined benefit (DB) arrangements such as 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 DB 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 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 296 employees.
The Group\u2019s DB plans are largely funded through ring-fenced, 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 53% of net obligations) at 31 December 2025 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 64% of the Group\u2019s DB obligations at 31 December 2025. 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.
Guaranteed Minimum Pensions (GMP) equalisation of member benefits, as required by UK legislation, was completed for pensioner and
dependent members in 2024 and, for non-pensioner members, a process is in place to equalise their benefits at their point of retirement.
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-
\n
out DB pension plans were invalid if they were not accompanied by the correct actuarial confirmation. In July 2025, the UK Government confirmed
\n
that it will introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic
\n
benefit changes met the necessary standards. The Trustee has considered this matter with their legal adviser. The Trustee has not conducted
\n
any detailed investigations as they have no reason to believe that any such confirmations were not provided and so no impact is expected on
\n
the UK Pension Fund.
\n
Funding requirements and security
\n
UK legislation requires that an actuarial valuation is completed for all DB pension schemes every three years, which compares the schemes\u2019
\n
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
\n
liabilities and determine the contributions required, if any, to ensure the UK Pension Fund is fully funded over an appropriate time period and
\n
on a suitably prudent measure. The assumptions used to value the liabilities for the triennial actuarial valuation are required to be prudent,
\n
whereas the assumptions used to prepare an IAS 19 accounting valuation are required to be \u2018best estimate\u2019.
\n
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 2023 annual report. The
\n
actuarial valuation at 31 March 2025 will be the first valuation under the Pensions Regulator\u2019s new DB funding code of practice, and is currently
\n
in progress, with a likely timescale for completion during the second quarter of 2026. However, the value of the Fund\u2019s obligations disclosed at
\n
31 December 2025 incorporates data from this latest actuarial valuation including updated membership information and demographic assumptions.
\n
Aspects of the triennial actuarial valuation are governed by a long-term funding agreement, effective since October 2016, which sets out a path
\n
to full funding on a low-risk measure. Under this agreement, if a deficit exists, the Group is required to provide security. This security takes
\n
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 was
\n
enacted in December 2023, and provides long-term security to the Trustee in respect of the Group\u2019s future deficit recovery contributions. At
\n
the last assessment date (1 December 2023), the value of the charge was \u00a3317m ($427m at December 2025 exchange rates
) and it is capped
\n
at \u00a3350m ($471m). The value of the charge will vary and is expected to reduce over time, before falling away. Under the terms of the charge,
\n
the Trustee can only exercise its right over the ownership of the site in a Group insolvency event.
\n
In relation to deficit recovery contributions, in March 2025, the Group made a lump sum contribution of \u00a339m ($49m). Further annual
\n
contributions of \u00a339m are due before 31 March 2026 and each year up to 31 March 2028. Based on 31 December 2025 IAS 19 assumptions,
\n
it is expected that ongoing contributions (excluding past service deficit contributions) during the year ending 31 December 2026 for the UK
\n
will be approximately $17m.
\n
GMP equalisation of member benefits has been completed for pensioner and dependent members and, for non-pensioner members, a process
\n
is in place to equalise their benefits at their point of retirement. The method of equalisation converts GMP to non-GMP pension to simplify the
\n
structure and administration of benefits.
\n
A new, voluntary, Flexible Pension Option was introduced from 1 July 2025, allowing retiring members to reshape their pension benefit. A $33m
\n
past service credit was taken to the Consolidated Statement of Comprehensive Income in May 2025 reflecting expected take-up of this
\n
option.
\n
Under the governing documentation of the UK Pension Fund, any future surplus in the Fund would be returnable to the Group by refund assuming
\n
gradual settlement of the liabilities over the lifetime of the Fund. In particular, the Trustee has no unilateral right to wind up the Fund without
\n
Company consent nor does it have the power to unilaterally use any surplus to augment benefits prior to wind-up. As such, there are no
\n
adjustments required in respect of IFRIC 14 \u2018IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019.
\n
Sweden
\n
The Swedish plans account for 22% of the Group\u2019s DB obligations. They are governed by Fiduciary Bodies with responsibility for the investment
\n
of the assets. These plans are funded in line with the Group\u2019s long-term funding framework and local regulations.
\n
The Swedish DB pension plans were actuarially valued at 31 December 2024, when plan obligations were estimated to amount to $1,508m and
\n
plan assets were $1,056m. The local Swedish GAAP funding position can influence contribution policy. Over 2025, for the largest pension plan,
\n
the Group did not request a reimbursement of benefit payments made throughout the year as the funding level was below 100% on the Swedish
\n
GAAP basis and so any such reimbursement is not permitted. These benefit payments over 2025, totalling approximately $60m, are therefore
\n
regarded as Group contributions.
\n
Based on 31 December 2025 IAS 19 assumptions, it is expected that contributions during the year ending 31 December 2026 for Sweden will
\n
be approximately $64m.
Other defined benefit plans
\n
The Group provides DB plans other than pensions which are reported under IAS 19. These include lump sum plans, long-service awards and
\n
defined contribution pension plans which have a guaranteed minimum benefit. However, the largest category of these \u2018other\u2019 non-pension plans
\n
are healthcare benefits.
\n
The cost of post-retirement benefits other than pensions for the Group in 2025 was $1m (2024: $1m; 2023: $1m). Plan assets were $141m and
\n
plan obligations were $83m at 31 December 2025.
\n
Financial assumptions
\n
Qualified independent actuaries have updated the actuarial valuations under IAS 19 for the major DB plans operated by the Group to 31 December
\n
2025. The assumptions used may not necessarily be borne out in practice, due to the inherent financial and demographic uncertainty associated
\n
with making long-term projections. These assumptions reflect the changes which have the most material impact on the results of the Group
\n
and were as follows:
\n\n \n
2024
UK
Sweden
Rest of Group
1
Inflation assumption
3.2%
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
5.5%
3.5%
3.5%
Discount rate \u2013 interest cost
5.4%
3.4%
3.5%
Discount rate \u2013 service cost
5.5%
3.5%
3.5%
\n\n \n
2025
UK
Sweden
Rest of Group
1
Inflation assumption
2.8%
2
1.7%
2.0%
Rate of increase in salaries
\u2013
3
3.2%
3.5%
Rate of increase in pensions in payment
2.7%
1.7%
2.0%
Discount rate \u2013 defined benefit obligation
4
5.5%
3.8%
4.3%
Discount rate \u2013 interest cost
5
5.1%
3.6%
3.9%
Discount rate \u2013 service cost
5
5.7%
3.9%
4.5%
\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 2025.
\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 2025 calculated using discount rates based on market conditions as at 31 December 2025.
\n
5
\n
2025 interest costs and service costs calculated using discount rates based on market conditions as at 31 December 2024.
\n
The weighted average duration of the post-retirement scheme obligations is approximately 10 years in the UK, 16 years in Sweden and 12 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 sufficient
\n
data are available. Additional allowance for future improvements in life expectancy is included for all major plans where there is credible data
\n
to support a continuing trend.
\n
The table below illustrates life expectancy assumptions at age 65 for male and female members retiring in 2025 and male and female members
\n
expected to retire in 2045 (2024: 2024 and 2044 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
2025
2045
2024
2044
2025
2045
2024
2044
UK
23.0
24.3
22.1
23.1
24.2
25.6
23.7
24.8
Sweden
22.8
24.3
21.8
24.1
24.4
25.3
23.9
26.3
\n
In the UK, the Group updated the mortality tables used, reflecting analysis carried out as part of the latest actuarial valuation and adopted the
\n
CMI Core 2024 Mortality Projections Model with core fitting parameters (H=1.0, SK=7.0), an addition to initial rates of improvement of 0.5% p.a.
\n
and a 1.0% p.a. long-term improvement rate. Other demographic assumptions were updated based on analysis carried out as part of the 2025
\n
actuarial valuation. The Group has assumed that 15% of members (2024: 15%) will transfer out of the DB section of the UK Pension Fund at an
\n
average age of 59 (2024: 57).
\n
In Sweden, the Group continues to use the most recently published mortality tables, DUS23, for the year.
Risks associated with the Group\u2019s defined benefit pension plans
\n
The UK DB plan accounts for 64% of the Group\u2019s DB obligations and exposes the Group to a number of risks, which the Group monitors and works
\n
with the Trustee to mitigate (noting it is the Trustee who has the remit and ultimate decision making powers). 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 returns
with different return drivers and investment managers. Investment
that differ from the discount rate will create an element of volatility
strategy will evolve to further improve the expected risk/return
in the solvency ratio. Approximately 45% of the UK Pension Fund
profile as opportunities arise and funding solvency improves.
is exposed to growth assets, including global investments, most of
which are not sterling denominated. Although these growth assets
The Trustee has hedged approximately 87% of unintended non-
are expected to outperform AA-rated corporate bonds in the long
sterling, overseas currency risk within the UK Pension Fund assets.
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 value
The interest rate hedge of the UK Pension Fund is predominantly
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 100% hedged as a percentage of assets at the end of 2025
(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.
3 Inflation
The majority of the DBO is indexed in line with price inflation (mainly
The UK Pension Fund holds RPI index-linked gilts and \u2018gilt repo\u2019.
inflation as measured by the UK Retail Price Index (RPI) but also for
The inflation hedge of the UK Pension Fund protects to some degree
some members, a component of pensions is indexed by the UK
against higher-than-expected inflation increases on the DBO and is
Consumer Price Index (CPI)) and higher inflation will lead to higher
approximately 96% hedged as a percentage of assets at the end of
liabilities (although, in the vast majority of cases, this is capped at
2025 (versus a target of 100%).
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 7,500 of the UK Pension
Fund\u2019s pensioners, equivalent to $2.0bn of Pension Fund liability.
A one-year increase in life expectancy would result in a $161m
increase in Pension Fund obligations, which would be partially
offset by a $81m increase in the value of the longevity swap and
hence the pension fund assets.
5 Cash flow
The UK Pension Fund is maturing and is 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 for
policy, maintaining a minimum liquidity \u2018buffer\u2019. As at the end of
derivative holdings.
2025, 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 the
an orderly manner.
Group to meet margin calls or expenditure, if the liquidity position
of the UK Pension Fund is not effectively monitored and managed.
At 31 December 2025, 8% of assets are invested in a cash-flow driven
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 risks
\n
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 Fund.
\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 as
\n
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 regulation
\n
allows, have policies in place to monitor and manage such risks and comply with local legislation and disclosure requirements.
Assets and obligations of defined benefit plans
\n
The assets and obligations of the DB schemes operated by the Group at 31 December 2025, as calculated in accordance with IAS 19, are
\n
shown below.
\n
Scheme assets
\n\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\n \n
2025
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
2,231
\u2013
\u2013
\u2013
2
48
2,233
48
2,281
Corporate bonds
2
387
\u2013
\u2013
\u2013
4
1
391
1
392
Derivatives
3
\u2013
(316)
\u2013
(38)
\u2013
(1)
\u2013
(355)
(355)
Investment funds: Listed Equities
4
\u2013
215
\u2013
\u2013
51
3
51
218
269
Investment funds: Absolute Return/Multi Strategy
4
\u2013
1,021
\u2013
529
\u2013
6
\u2013
1,556
1,556
Investment funds: Corporate Bonds/Credit
4
\u2013
628
\u2013
205
186
\u2013
186
833
1,019
Cash and cash equivalents
\u2013
431
\u2013
626
7
7
7
1,064
1,071
Other
\u2013
\u2013
\u2013
\u2013
1
247
1
247
248
Total fair value of scheme assets
5
2,618
1,979
\u2013
1,322
251
311
2,869
3,612
6,481
\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 from page 164. Derivative fair values 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 funds,
\n
including Listed Equities (primarily developed markets with some emerging markets), Corporate Bonds/Credit (a range of investment-grade and non-investment-grade credit) and
\n
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 (2024: $nil).
\n
Scheme obligations
\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
2025
UK
Sweden
Rest of Group
Total
$m
$m
$m
$m
Present value of scheme obligations in respect of:
Active membership
(150)
(577)
(532)
(1,259)
Deferred membership
(566)
(431)
(199)
(1,196)
Pensioners
(4,051)
(672)
(302)
(5,025)
Total value of scheme obligations
(4,767)
(1,680)
(1,033)
(7,480)
Net (deficit)/surplus in the scheme
\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 15)
\u2013
\u2013
99
1
99
Included in Retirement benefit obligations
(317)
(452)
(561)
(1,330)
(317)
(452)
(462)
(1,231)
\n\n \n
2025
UK
Sweden
Rest of Group
Total
$m
$m
$m
$m
Total fair value of scheme assets
4,597
1,322
562
6,481
Total value of scheme obligations
(4,767)
(1,680)
(1,033)
(7,480)
Deficit in the scheme as recognised in the Consolidated Statement of Financial Position
(170)
(358)
(471)
(999)
Included in Non-current other receivables (Note 15)
\u2013
\u2013
106
1
106
Included in Retirement benefit obligations
(170)
(358)
(577)
(1,105)
(170)
(358)
(471)
(999)
\n
1
\n
Surpluses were recognised in the US, Ireland and Belgium.
\n
Fair value of scheme assets
\n\n \n
2025
2024
UK
Sweden
Rest of Group
Total
UK
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
At beginning of year
4,275
1,056
517
5,848
4,759
1,068
652
6,479
Interest income on scheme assets
232
40
17
289
214
33
15
262
Expenses
(5)
\u2013
\u2013
(5)
(5)
\u2013
\u2013
(5)
Actuarial gains/(losses)
61
25
(1)
85
(370)
55
\u2013
(315)
Exchange and other adjustments
304
202
37
543
(67)
(98)
(20)
(185)
Employer contributions
65
57
64
186
66
50
50
166
Participant contributions
1
\u2013
12
13
1
\u2013
12
13
Benefits paid
(336)
(58)
(84)
(478)
(323)
(52)
(76)
(451)
Settlements
1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(116)
(116)
Scheme assets\u2019 fair value at end of year
4,597
1,322
562
6,481
4,275
1,056
517
5,848
\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 gain of $374m (2024: loss of $53m).
\n
Movement in post-retirement scheme obligations
\n\n \n
2025
2024
UK
Sweden
Rest of Group
Total
UK
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
Present value of obligations
in scheme at beginning of year
(4,592)
(1,508)
(979)
(7,079)
(5,161)
(1,602)
(1,144)
(7,907)
Current service cost
(5)
(41)
(40)
(86)
(6)
(26)
(40)
(72)
Past service credit/(cost)
32
(5)
(1)
26
(2)
(8)
1
(9)
Participant contributions
(1)
\u2013
(12)
(13)
(1)
\u2013
(12)
(13)
Benefits paid
336
58
84
478
323
52
76
451
Interest expense on post-retirement
scheme obligations
(248)
(55)
(37)
(340)
(231)
(47)
(34)
(312)
Actuarial gains/(losses)
30
149
26
205
416
(23)
2
395
Exchange and other adjustments
(319)
(278)
(87)
(684)
70
146
56
272
Settlements
1
\u2013
\u2013
13
13
\u2013
\u2013
116
116
Present value of obligations
in scheme at end of year
(4,767)
(1,680)
(1,033)
(7,480)
(4,592)
(1,508)
(979)
(7,079)
\n
1
\n
The 2024 settlement is the buyout of post-retirement pension plans in Norway and the Netherlands.
The obligations arise from the following plans:
\n\n \n
2025
2024
UK
Sweden
Rest of Group
Total
UK
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
Funded \u2013 pension schemes
1
(4,758)
(1,678)
(777)
(7,213)
(4,582)
(1,505)
(717)
(6,804)
Funded \u2013 post-retirement healthcare
\u2013
\u2013
(67)
(67)
\u2013
\u2013
(78)
(78)
Unfunded \u2013 pension schemes
1
\u2013
(2)
(179)
(181)
\u2013
(3)
(167)
(170)
Unfunded \u2013 post-retirement healthcare
(9)
\u2013
(10)
(19)
(10)
\u2013
(17)
(27)
Total
(4,767)
(1,680)
(1,033)
(7,480)
(4,592)
(1,508)
(979)
(7,079)
\n
1
\n
Includes defined benefit pension schemes and other plans, such as lump sum, long-service awards and DC plans with underpins.
\n
Consolidated Statement of Comprehensive Income disclosures
\n
The amounts that have been charged to the Consolidated Statement of Comprehensive Income, in respect of DB schemes for the years ended
\n
31 December 2025 and 31 December 2024, are set out below.
\n\n \n
2025
2024
UK
Sweden
Rest of Group
Total
UK
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
Operating profit
Current service cost
(5)
(41)
(40)
(86)
(6)
(26)
(40)
(72)
Past service credit/(cost)
32
(5)
(1)
26
(2)
(8)
1
(9)
Expenses
(5)
\u2013
\u2013
(5)
(5)
\u2013
\u2013
(5)
Total credit/(charge) to Operating profit
22
(46)
(41)
(65)
(13)
(34)
(39)
(86)
Finance expense
Interest income on scheme assets
232
40
17
289
214
33
15
262
Interest expense on post-retirement
scheme obligations
(248)
(55)
(37)
(340)
(231)
(47)
(34)
(312)
Net interest on post-employment
defined benefit plan liabilities
(16)
(15)
(20)
(51)
(17)
(14)
(19)
(50)
Credit/(charge) before taxation
6
(61)
(61)
(116)
(30)
(48)
(58)
(136)
Other comprehensive income
Difference between the actual return
and the expected return on the post-
retirement scheme assets
61
25
(1)
85
(370)
55
\u2013
(315)
Experience gains/(losses) arising on the
post-retirement scheme obligations
17
60
(18)
59
3
(33)
(10)
(40)
Changes in financial assumptions
underlying the present value of the
post-retirement scheme obligations
87
89
44
220
414
11
11
436
Changes in demographic assumptions
(74)
\u2013
\u2013
(74)
(1)
(1)
1
(1)
Remeasurement of the
defined benefit liability
91
174
25
290
46
32
2
80
\n
Past service cost includes granting early retirement in UK and Sweden.
\n
Total Group pension costs in respect of defined contribution and DB schemes during the year are set out below (see Note 29).
\n\n \n
2025
2024
$m
$m
Defined contribution plans
553
528
Defined benefit plans \u2212 Current service cost and expenses
91
77
Defined benefit plans \u2212 Past service (credit)/cost
(26)
9
Pension costs
618
614
SE
Rate sensitivities
The following tables show the US dollar effect of a change in the significant actuarial assumptions used to determine the retirement benefits
obligations in our two main DB pension obligation countries.
\n \n
2025
2024
+0.5%
\u22120.5%
+0.5%
\u22120.5%
Discount rate
UK ($m)
219
(238)
219
(239)
Sweden ($m)
116
(129)
110
(126)
Total ($m)
335
(367)
329
(365)
\n \n
2025
2024
+0.5%
\u22120.5%
+0.5%
\u22120.5%
Inflation rate
1
UK ($m)
(155)
142
(148)
142
Sweden ($m)
(104)
95
(119)
104
Total ($m)
(259)
237
(267)
246
\n \n
2025
2024
+0.5%
\u22120.5%
+0.5%
\u22120.5%
Rate of increase in salaries
2
UK ($m)
n/a
n/a
n/a
n/a
Sweden ($m)
(33)
32
(46)
43
Total ($m)
(33)
32
(46)
43
\n \n
2025
2024
+1 year
\u22121 year
+1 year
\u22121 year
Mortality rate
3
UK ($m)
(161)
4
163
5
(178)
175
Sweden ($m)
(58)
58
(74)
54
Total ($m)
(219)
221
(252)
229
1
Rate of increase in pensions in payment follows inflation. The inflation sensitivity allows for the impact of a change in inflation on salary increases and pension increases (where these
assumptions are inflation-linked).
2
The salary increase sensitivity reflects the impact of an increase of only salary relative to inflation.
3
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.
4
Of the $161m increase, $81m is covered by the longevity swap.
5
Of the $163m decrease, $81m is covered by the longevity swap.
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00562": { "value": "23 Reserves
Retained earnings
The cumulative amount of goodwill written off directly to reserves resulting from acquisitions, net of disposals, amounted to $603m (2024: $580m;
2023: $595m) using year-end rates of exchange.
At 31 December 2025, 147,547 shares, at a cost of $25m, have been deducted from Retained earnings (2024: 442,342 shares, at a cost of $68m;
2023: 1,580,137 shares, at a cost of $129m) 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 5).
\n \n
2025
2024
2023
$m
$m
$m
Cumulative translation differences included within Retained earnings
At 1 January
(4,069)
(3,014)
(3,694)
Foreign exchange arising on consolidation
2,387
(957)
608
Exchange adjustments on goodwill (recorded against Other reserves)
23
(15)
4
Foreign exchange arising on designated liabilities in net investment hedges
1
18
(122)
24
Fair value movements on derivatives designated in net investment hedges
14
39
44
Net exchange movement in Retained earnings
2,442
(1,055)
680
At 31 December
(1,627)
(4,069)
(3,014)
1
Foreign exchange arising on designated liabilities in net investment hedges includes $(137)m in respect of designated bonds and $155m in respect of designated contingent consideration
and other liabilities. The change in value of designated contingent consideration liabilities relates to $152m in respect of BMS\u2019 share of Global Diabetes Alliance.
The cumulative loss with respect to costs of hedging is $42m (2024: $43m; 2023: $22m) and the gain during the year was $1m (2024
: loss
of $21m; 2023: loss of $19m).
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 176.
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.
In the prior year, 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 is reflected as an adjustment against Other reserves.
24 Share capital
\n \n
Allotted, called-up and fully paid
2025
2024
2023
$m
$m
$m
Issued Ordinary Shares ($0.25 each)
388
388
388
Redeemable Preference Shares (\u00a31 each \u2013 \u00a350,000)
\u2013
\u2013
\u2013
At 31 December
388
388
388
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:
\n \n
No. of shares
2025
2024
2023
At 1 January
1,550,546,239
1,550,162,626
1,549,800,030
Issue of shares (share schemes)
361,688
383,613
362,596
At 31 December
1,550,907,927
1,550,546,239
1,550,162,626
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 2025 (2024: nil; 2023: nil).
Shares held by subsidiaries
At 31 December 2025, AstraZeneca-controlled Employee Benefit Trust arrangements held 147,547 (2024: 442,342) Ordinary Shares in the
Company at a cost of $25m (2024: $68m). The market value of these Ordinary Shares at 31 December 2025 was $27m (2024: $58m). No
comparable arrangements were in place at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00561": { "value": "23 Reserves
Retained earnings
The cumulative amount of goodwill written off directly to reserves resulting from acquisitions, net of disposals, amounted to $603m (2024: $580m;
2023: $595m) using year-end rates of exchange.
At 31 December 2025, 147,547 shares, at a cost of $25m, have been deducted from Retained earnings (2024: 442,342 shares, at a cost of $68m;
2023: 1,580,137 shares, at a cost of $129m) 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 5).
\n \n
2025
2024
2023
$m
$m
$m
Cumulative translation differences included within Retained earnings
At 1 January
(4,069)
(3,014)
(3,694)
Foreign exchange arising on consolidation
2,387
(957)
608
Exchange adjustments on goodwill (recorded against Other reserves)
23
(15)
4
Foreign exchange arising on designated liabilities in net investment hedges
1
18
(122)
24
Fair value movements on derivatives designated in net investment hedges
14
39
44
Net exchange movement in Retained earnings
2,442
(1,055)
680
At 31 December
(1,627)
(4,069)
(3,014)
1
Foreign exchange arising on designated liabilities in net investment hedges includes $(137)m in respect of designated bonds and $155m in respect of designated contingent consideration
and other liabilities. The change in value of designated contingent consideration liabilities relates to $152m in respect of BMS\u2019 share of Global Diabetes Alliance.
The cumulative loss with respect to costs of hedging is $42m (2024: $43m; 2023: $22m) and the gain during the year was $1m (2024
: loss
of $21m; 2023: loss of $19m).
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 176.
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.
In the prior year, 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 is reflected as an adjustment against Other reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00560": { "value": "23 Reserves
Retained earnings
The cumulative amount of goodwill written off directly to reserves resulting from acquisitions, net of disposals, amounted to $603m (2024: $580m;
2023: $595m) using year-end rates of exchange.
At 31 December 2025, 147,547 shares, at a cost of $25m, have been deducted from Retained earnings (2024: 442,342 shares, at a cost of $68m;
2023: 1,580,137 shares, at a cost of $129m) 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 5).
\n \n
2025
2024
2023
$m
$m
$m
Cumulative translation differences included within Retained earnings
At 1 January
(4,069)
(3,014)
(3,694)
Foreign exchange arising on consolidation
2,387
(957)
608
Exchange adjustments on goodwill (recorded against Other reserves)
23
(15)
4
Foreign exchange arising on designated liabilities in net investment hedges
1
18
(122)
24
Fair value movements on derivatives designated in net investment hedges
14
39
44
Net exchange movement in Retained earnings
2,442
(1,055)
680
At 31 December
(1,627)
(4,069)
(3,014)
1
Foreign exchange arising on designated liabilities in net investment hedges includes $(137)m in respect of designated bonds and $155m in respect of designated contingent consideration
and other liabilities. The change in value of designated contingent consideration liabilities relates to $152m in respect of BMS\u2019 share of Global Diabetes Alliance.
The cumulative loss with respect to costs of hedging is $42m (2024: $43m; 2023: $22m) and the gain during the year was $1m (2024
: loss
of $21m; 2023: loss of $19m).
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 176.
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.
In the prior year, 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 is reflected as an adjustment against Other reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00563": { "value": "24 Share capital \n \n
Allotted, called-up and fully paid
2025
2024
2023
$m
$m
$m
Issued Ordinary Shares ($0.25 each)
388
388
388
Redeemable Preference Shares (\u00a31 each \u2013 \u00a350,000)
\u2013
\u2013
\u2013
At 31 December
388
388
388
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:
\n \n
No. of shares
2025
2024
2023
At 1 January
1,550,546,239
1,550,162,626
1,549,800,030
Issue of shares (share schemes)
361,688
383,613
362,596
At 31 December
1,550,907,927
1,550,546,239
1,550,162,626
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 2025 (2024: nil; 2023: nil).
Shares held by subsidiaries
At 31 December 2025, AstraZeneca-controlled Employee Benefit Trust arrangements held 147,547 (2024: 442,342) Ordinary Shares in the
Company at a cost of $25m (2024: $68m). The market value of these Ordinary Shares at 31 December 2025 was $27m (2024: $58m). No
comparable arrangements were in place at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00564": { "value": "25 Dividends to shareholders \n \n
2025
2024
2023
2025
2024
2023
Per share
Per share
Per share
$m
$m
$m
Second interim (March 2025)
$2.10
$1.97
$1.97
3,249
3,052
3,047
First interim (September 2025)
$1.03
$1.00
$0.93
1,597
1,550
1,440
Total
$3.13
$2.97
$2.90
4,846
4,602
4,487
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 (2024: $nil; 2023: $nil) have been adjusted for in
Retained earnings in 2025.
The 2024 second interim dividend of $2.10 per share was paid on 24 March 2025. The 2025 first interim dividend of $1.03 per share was paid
on 8 September 2025.
Reconciliation of dividends charged to equity to the Consolidated Statement of Cash Flows:
\n \n
2025
2024
2023
$m
$m
$m
Dividends charged to equity
4,846
4,602
4,487
Exchange losses on payment of dividend
6
3
5
Hedge contracts relating to payment of dividends (Consolidated Statement of Cash Flows)
113
16
(19)
Dividends paid to non-controlling interests
6
4
4
Net movement of unclaimed dividends in the year
\u2013
4
4
Dividends paid (Consolidated Statement of Cash Flows)
4,971
4,629
4,481
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00566": { "value": "0.021", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-03-24T00:00:00/2025-03-25T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00565": { "value": "0.0103", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-09-08T00:00:00/2025-09-09T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00567": { "value": "26 Non-controlling interests
The Group Financial Statements at 31 December 2025 reflect equity of $52m (2024: $85m; 2023: $23m) and Total comprehensive income of
$16m (2024: $5m; 2023: $6m) attributable to the non-controlling interests in AstraZeneca Pharma India Limited, P.T. AstraZeneca Indonesia,
AstraZeneca Algeria Pharmaceutical Industries SPA, and VaxNewMo LLC.
On 22 October 2025 AstraZeneca completed the acquisition of the remaining $35m non-controlling interest in SixPeaks Bio AG in exchange
for $248m. The payment was recognised in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00568": { "value": "27 Acquisitions of business operations
Acquisitions of business operations in 2025
FibroGen China
On 29 August 2025, AstraZeneca completed the acquisition of FibroGen International (Hong Kong) Limited (FibroGen China) and its subsidiaries,
including the existing non-controlling interest in Beijing Falikang Pharmaceutical Co., Ltd. Through this acquisition AstraZeneca obtained control
of all rights to roxadustat in China, including manufacturing in China.
The total consideration fair value of $221m comprised $189m to acquire the equity of FibroGen China, $12m for the purchase of an existing
non-controlling interest in Beijing Falikang Pharmaceutical Co., Ltd, and $20m for the settlement of pre-existing net payables from AstraZeneca
Group to FibroGen China. The transaction was recorded as a business combination under IFRS 3 \u2018Business Combinations\u2019 using the acquisition
method of accounting. The purchase price allocation review has been completed. Net assets acquired amounted to $203m, including cash
and cash equivalents of $120m and intangible assets of $50m. FibroGen China\u2019s results were consolidated into the Group\u2019s results from
29 August 2025.
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 was recorded as a business combination using the acquisition method of accounting in accordance with IFRS 3. Consequently,
the assets acquired, and liabilities assumed are recorded at fair value. The purchase price allocation review has been completed.
\n \n
Fair value
$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
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 related 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
were the probability of technical and regulatory success, peak year sales and revenue erosion profiles.
The net deferred tax liability of $260m principally arose from the deferred tax impact of the uplift in fair value of intangible assets.
Goodwill of $136m was recognised, which principally comprised the premium attributable to the core technological capabilities and knowledge
base of the company. Goodwill was not expected to be deductible for tax purposes.
Gracell\u2019s results were 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 marked 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 complemented 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 was recorded as a business combination using the acquisition method of accounting in accordance with IFRS 3. Consequently,
the assets acquired, and liabilities assumed were recorded at fair value. The purchase price allocation review was completed.
\n \n
Fair value
$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
The total consideration fair value of $2,195m included 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 comprised 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 were the probability of technical and regulatory success, peak year sales and revenue erosion profiles.
The net deferred tax liability of $246m principally arose from the deferred tax impact of the uplift in fair value of intangible assets.
Goodwill amounting to $947m was recognised on acquisition and was underpinned by a number of elements, which individually could not be
quantified. These included 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 was not expected to be deductible
for tax purposes.
Fusion\u2019s results were 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 11). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00570": { "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 13
) and Cash
(Note 18). 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 draft 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 17.
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 decreased by $1,196m from a net debt position of $24,570m at the beginning of the year to a net debt position of $23,374m at 31 December
2025. Gross debt decreased from $30,295m to $29,622m, principally due to the repayment of $2,029m debt, partially offset by an increase
of $692m resulting from foreign currency movements.
\n\n
Liquidity risk
\n
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
\n
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
\n
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group uses
\n
US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and manages
\n
long-term liquidity by raising funds through the capital markets. At 31 December 2025, the Group was assigned short-term credit ratings of
\n
P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A1 by Moody\u2019s and A+ by Standard and Poor\u2019s.
\n
In addition to Cash and cash equivalents of $5,711m, short-term fixed income investments of $8m, less overdrafts of $13m at 31 December 2025,
\n
the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial covenants.
\n
The Group regularly monitors the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing
\n
on the committed facilities should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured
\n
Overnight Financing Rate (SOFR), plus a margin.
\n
At 31 December 2025, the Group has $5,733m outstanding from debt issued under a Euro Medium Term Note programme and $21,369m under
\n
an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate purposes of
\n
the Group.
\n
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
\n
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
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
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\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
669
3,495
450
25,282
29,896
(17,182)
17,205
23
29,919
In one to two years
\u2013
3,784
388
473
4,645
(1,031)
944
(87)
4,558
In two to three years
\u2013
4,097
292
1,425
5,814
(1,052)
1,035
(17)
5,797
In three to four years
\u2013
3,898
199
508
4,605
(637)
481
(156)
4,449
In four to five years
\u2013
3,368
156
166
3,690
(849)
1,516
667
4,357
In more than five years
\u2013
16,906
599
\u2013
17,505
(1,913)
2,596
683
18,188
669
35,548
2,084
27,854
66,155
(22,664)
23,777
1,113
67,268
Effect of interest
(25)
(8,223)
\u2013
\u2013
(8,248)
752
(2,370)
(1,618)
(9,866)
Effect of discounting, fair values and issue costs
\u2013
(150)
(281)
(195)
(626)
10
(12)
(2)
(628)
31 December 2025
644
27,175
1,803
27,659
57,281
(21,902)
21,395
(507)
56,774
\n
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
\n
exception of $550m of Contingent consideration held within Trade and other payables (see Note 20).
\n
Market risk
\n
Interest rate risk
\n
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
\n
agreements to manage this mix.
\n
The majority of surplus cash is currently invested in US dollar liquidity funds.
\n
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
\n
liabilities, the profile includes the impact of interest rate swaps which convert the debt to floating rate.
\n \n
2025
2024
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
$m
$m
$m
$m
$m
$m
Financial liabilities
Current
2,842
644
3,486
2,346
330
2,676
Non-current
24,502
1,634
26,136
26,151
1,468
27,619
Total
27,344
2,278
29,622
28,497
1,798
30,295
Financial assets
Cash collateral pledged to counterparties
\u2013
22
22
\u2013
129
129
Cash and cash equivalents
\u2013
5,711
5,711
\u2013
5,488
5,488
Total
\u2013
5,733
5,733
\u2013
5,617
5,617
In addition to the financial assets above, there are $13,988m (2024: $11,115m) 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
2025
2024
$m
$m
Equity securities at fair value through Other comprehensive income (Note 13)
2,212
1,632
Equity securities at fair value through profit and loss (Note 13)
11
\u2013
Total
2,223
1,632
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 59% of Group Total Revenue in 2025 was 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 2025, before the impact of derivatives or other forms of hedging, the Group held $564m of interest-bearing loans and
borrowings denominated in pound sterling and $5,620m denominated in euros.
Hedging arrangements for these loans are summarised in the table below:
\n \n
2025
2024
Euro
Pound sterling
Euro
Pound sterling
denominated
denominated
Total
denominated
denominated
Total
$m
$m
$m
$m
$m
$m
Interest-bearing loans
In a net investment hedge
1
936
469
1,405
829
438
1,267
In a cash flow hedge
2
2,694
\u2013
2,694
2,387
\u2013
2,387
In a fair value hedge
2
1,634
\u2013
1,634
1,468
\u2013
1,468
Not in a designated IFRS 9 hedge
356
95
451
192
110
302
Total
5,620
564
6,184
4,876
548
5,424
1
Hedges of underlying net euro and pound sterling investments of the same amount as the loan.
2
Loans in cash flow and fair value hedges are hedged by cross-currency swaps of the same notional value as the loan.
For further details of all designated hedging relationships, please refer to the Hedge accounting section within this Note 28, from page 176.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy from page 134 and
the Foreign currencies accounting policy on page 135 within Group Accounting Policies.
As at 31 December 2025, 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 2025,
with all other variables held constant. Based on the composition of our debt portfolio and cash reserves as at 31 December 2025, a 1% increase
in interest rates would result in an additional $23m in interest expense on the debt and an additional $57m interest income on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at 31 December
2025, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other currencies and the
-10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed in the
table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the table below.
\n \n
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($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 \n
Interest rates
Exchange rates
31 December 2025
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($m)
1,266
(1,406)
88
(111)
Impact on profit: (loss)/gain
($m)
\u2013
\u2013
(13)
16
Impact on equity: gain/(loss)
($m)
\u2013
\u2013
101
(126)
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
2025
2024
$m
$m
Cash at bank and in hand
1,332
1,215
Money market liquidity funds
4,224
4,177
Other short-term cash equivalents
155
96
Total Cash and cash equivalents (Note 18)
5,711
5,488
Fixed income securities at fair value through profit or loss (Note 13)
8
37
Cash collateral pledged to counterparties (Note 13)
22
129
Total derivative financial instruments (Note 14)
90
54
Current assets subject to credit risk
5,831
5,708
Non-current assets
\n \n
2025
2024
$m
$m
Derivative financial instruments (Note 14)
498
182
Non-current assets subject to credit risk
498
182
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 15% 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 2025 was $473m
(2024: $181m) and the carrying value of such cash collateral posted by the Group at 31 December 2025 was $22m (2024: $129m). Cash collateral
held by the Group is unencumbered.
The impairment provision for other financial assets at 31 December 2025 was immaterial (2024: 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
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2024
$m
$m
$m
$m
Financial assets
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n \n
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2025
$m
$m
$m
$m
Financial assets
Derivatives
588
(63)
(448)
77
Other investments
1
22
\u2013
(17)
5
Total assets
610
(63)
(465)
82
Financial liabilities
Derivatives
(81)
63
17
(1)
Other payables
1
(473)
\u2013
448
(25)
Total liabilities
(554)
63
465
(26)
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to
minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2025 or 31 December 2024 respectively
and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and
forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables.
On that basis, the loss allowance was determined as follows:
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2025
Current
past due
past due
past due
Total
Expected loss rate
0.03%
1.8%
3.9%
10.8%
Gross carrying amount ($m)
9,529
272
128
360
10,289
Loss allowance ($m)
3
5
5
39
52
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 78% (2024: 74%; 2023: 80%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n \n
2025
2024
2023
$m
$m
$m
At 1 January
33
45
59
Net movement recognised in the Consolidated Statement of Comprehensive Income
20
(3)
(14)
Amounts utilised, exchange and other movements
(1)
(9)
\u2013
At 31 December
52
33
45
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 is 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 from page 134.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
2023
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2023
to OCI
statement
2023
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2212 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
2024
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2024
to OCI
statement
2024
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2212 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
2025
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average Average
amounts in
value
2025
to OCI
statement
2025 maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest 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
203
(66)
(242)
305
(3)
2029
1.08
USD 4.24%
FX Forwards \u2212 short-term FX risk
USD 1,769m
6
(4)
(11)
9
(6)
2026
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2, 3
Transactions matured pre-2025
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
171
(145)
(26)
\u2013
(171)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
(3)
1
\u2013
(2)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
469
(271)
31
\u2013
(240)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
936
(121)
106
\u2013
(15)
2029
n/a
EUR 0.38%
Contingent consideration liabilities \u2013
AZUK and AZAB USD investments
USD 323m
(323)
2,316
(155)
\u2013
2,161
\u2013
\u2013
\u2013
1
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2024: $nil; 2023: $nil).
2
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2024: $nil; 2023: $nil).
3
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.
4
Nominal amount of FX forwards in a cash flow hedge of $1,769m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 8,319m at FX rate
9.2158, JPY 14,730m at 156.57, GBP 243m at 0.7430, CNY 1,926m at 6.9901 and EUR 144m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2026.
5
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 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 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.
\n \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
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 \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
to calculate
recognised in
As at 31 December 2025
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
172
(168)
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00569": { "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 13
) and Cash
(Note 18). 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 draft 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 17.
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 decreased by $1,196m from a net debt position of $24,570m at the beginning of the year to a net debt position of $23,374m at 31 December
2025. Gross debt decreased from $30,295m to $29,622m, principally due to the repayment of $2,029m debt, partially offset by an increase
of $692m resulting from foreign currency movements.
\n\n
Liquidity risk
\n
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
\n
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
\n
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group uses
\n
US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and manages
\n
long-term liquidity by raising funds through the capital markets. At 31 December 2025, the Group was assigned short-term credit ratings of
\n
P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A1 by Moody\u2019s and A+ by Standard and Poor\u2019s.
\n
In addition to Cash and cash equivalents of $5,711m, short-term fixed income investments of $8m, less overdrafts of $13m at 31 December 2025,
\n
the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial covenants.
\n
The Group regularly monitors the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing
\n
on the committed facilities should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured
\n
Overnight Financing Rate (SOFR), plus a margin.
\n
At 31 December 2025, the Group has $5,733m outstanding from debt issued under a Euro Medium Term Note programme and $21,369m under
\n
an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate purposes of
\n
the Group.
\n
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
\n
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
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
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\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
669
3,495
450
25,282
29,896
(17,182)
17,205
23
29,919
In one to two years
\u2013
3,784
388
473
4,645
(1,031)
944
(87)
4,558
In two to three years
\u2013
4,097
292
1,425
5,814
(1,052)
1,035
(17)
5,797
In three to four years
\u2013
3,898
199
508
4,605
(637)
481
(156)
4,449
In four to five years
\u2013
3,368
156
166
3,690
(849)
1,516
667
4,357
In more than five years
\u2013
16,906
599
\u2013
17,505
(1,913)
2,596
683
18,188
669
35,548
2,084
27,854
66,155
(22,664)
23,777
1,113
67,268
Effect of interest
(25)
(8,223)
\u2013
\u2013
(8,248)
752
(2,370)
(1,618)
(9,866)
Effect of discounting, fair values and issue costs
\u2013
(150)
(281)
(195)
(626)
10
(12)
(2)
(628)
31 December 2025
644
27,175
1,803
27,659
57,281
(21,902)
21,395
(507)
56,774
\n
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
\n
exception of $550m of Contingent consideration held within Trade and other payables (see Note 20).
\n
Market risk
\n
Interest rate risk
\n
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
\n
agreements to manage this mix.
\n
The majority of surplus cash is currently invested in US dollar liquidity funds.
\n
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
\n
liabilities, the profile includes the impact of interest rate swaps which convert the debt to floating rate.
\n \n
2025
2024
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
$m
$m
$m
$m
$m
$m
Financial liabilities
Current
2,842
644
3,486
2,346
330
2,676
Non-current
24,502
1,634
26,136
26,151
1,468
27,619
Total
27,344
2,278
29,622
28,497
1,798
30,295
Financial assets
Cash collateral pledged to counterparties
\u2013
22
22
\u2013
129
129
Cash and cash equivalents
\u2013
5,711
5,711
\u2013
5,488
5,488
Total
\u2013
5,733
5,733
\u2013
5,617
5,617
In addition to the financial assets above, there are $13,988m (2024: $11,115m) 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
2025
2024
$m
$m
Equity securities at fair value through Other comprehensive income (Note 13)
2,212
1,632
Equity securities at fair value through profit and loss (Note 13)
11
\u2013
Total
2,223
1,632
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 59% of Group Total Revenue in 2025 was 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 2025, before the impact of derivatives or other forms of hedging, the Group held $564m of interest-bearing loans and
borrowings denominated in pound sterling and $5,620m denominated in euros.
Hedging arrangements for these loans are summarised in the table below:
\n \n
2025
2024
Euro
Pound sterling
Euro
Pound sterling
denominated
denominated
Total
denominated
denominated
Total
$m
$m
$m
$m
$m
$m
Interest-bearing loans
In a net investment hedge
1
936
469
1,405
829
438
1,267
In a cash flow hedge
2
2,694
\u2013
2,694
2,387
\u2013
2,387
In a fair value hedge
2
1,634
\u2013
1,634
1,468
\u2013
1,468
Not in a designated IFRS 9 hedge
356
95
451
192
110
302
Total
5,620
564
6,184
4,876
548
5,424
1
Hedges of underlying net euro and pound sterling investments of the same amount as the loan.
2
Loans in cash flow and fair value hedges are hedged by cross-currency swaps of the same notional value as the loan.
For further details of all designated hedging relationships, please refer to the Hedge accounting section within this Note 28, from page 176.
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy from page 134 and
the Foreign currencies accounting policy on page 135 within Group Accounting Policies.
As at 31 December 2025, 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 2025,
with all other variables held constant. Based on the composition of our debt portfolio and cash reserves as at 31 December 2025, a 1% increase
in interest rates would result in an additional $23m in interest expense on the debt and an additional $57m interest income on the cash reserves.
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at 31 December
2025, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other currencies and the
-10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed in the
table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the table below.
\n \n
Interest rates
Exchange rates
31 December 2024
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($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 \n
Interest rates
Exchange rates
31 December 2025
+1%
\u22121%
+10%
\u221210%
Increase/(decrease) in fair value of financial instruments
($m)
1,266
(1,406)
88
(111)
Impact on profit: (loss)/gain
($m)
\u2013
\u2013
(13)
16
Impact on equity: gain/(loss)
($m)
\u2013
\u2013
101
(126)
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
2025
2024
$m
$m
Cash at bank and in hand
1,332
1,215
Money market liquidity funds
4,224
4,177
Other short-term cash equivalents
155
96
Total Cash and cash equivalents (Note 18)
5,711
5,488
Fixed income securities at fair value through profit or loss (Note 13)
8
37
Cash collateral pledged to counterparties (Note 13)
22
129
Total derivative financial instruments (Note 14)
90
54
Current assets subject to credit risk
5,831
5,708
Non-current assets
\n \n
2025
2024
$m
$m
Derivative financial instruments (Note 14)
498
182
Non-current assets subject to credit risk
498
182
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 15% 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 2025 was $473m
(2024: $181m) and the carrying value of such cash collateral posted by the Group at 31 December 2025 was $22m (2024: $129m). Cash collateral
held by the Group is unencumbered.
The impairment provision for other financial assets at 31 December 2025 was immaterial (2024: 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
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2024
$m
$m
$m
$m
Financial assets
Derivatives
236
(45)
(169)
22
Other investments
1
129
\u2013
(112)
17
Total assets
365
(45)
(281)
39
Financial liabilities
Derivatives
(165)
45
112
(8)
Other payables
1
(181)
\u2013
169
(12)
Total liabilities
(346)
45
281
(20)
\n \n
Related amounts not offset
Gross
Subject to
Financial
financial
master netting
instrument
Net
assets/(liabilities)
agreement
collateral
amount
31 December 2025
$m
$m
$m
$m
Financial assets
Derivatives
588
(63)
(448)
77
Other investments
1
22
\u2013
(17)
5
Total assets
610
(63)
(465)
82
Financial liabilities
Derivatives
(81)
63
17
(1)
Other payables
1
(473)
\u2013
448
(25)
Total liabilities
(554)
63
465
(26)
1
Balances are collateral pledged/received.
Trade receivables
Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the
customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned
pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to
minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss
approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade
receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due.
The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2025 or 31 December 2024 respectively
and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and
forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables.
On that basis, the loss allowance was determined as follows:
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2024
Current
past due
past due
past due
Total
Expected loss rate
0.01%
0.6%
3.5%
7.0%
Gross carrying amount ($m)
7,679
171
86
399
8,335
Loss allowance ($m)
1
1
3
28
33
\n \n
0-90 days
90-180 days
Over 180 days
31 December 2025
Current
past due
past due
past due
Total
Expected loss rate
0.03%
1.8%
3.9%
10.8%
Gross carrying amount ($m)
9,529
272
128
360
10,289
Loss allowance ($m)
3
5
5
39
52
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 78% (2024: 74%; 2023: 80%) of US sales.
The movements of the Group expected credit losses provision are as follows:
\n \n
2025
2024
2023
$m
$m
$m
At 1 January
33
45
59
Net movement recognised in the Consolidated Statement of Comprehensive Income
20
(3)
(14)
Amounts utilised, exchange and other movements
(1)
(9)
\u2013
At 31 December
52
33
45
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 is 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 from page 134.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
2023
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2023
to OCI
statement
2023
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2212 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
2024
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2024
to OCI
statement
2024
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2212 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
2025
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average Average
amounts in
value
2025
to OCI
statement
2025 maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest 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
203
(66)
(242)
305
(3)
2029
1.08
USD 4.24%
FX Forwards \u2212 short-term FX risk
USD 1,769m
6
(4)
(11)
9
(6)
2026
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2, 3
Transactions matured pre-2025
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
171
(145)
(26)
\u2013
(171)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
(3)
1
\u2013
(2)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
469
(271)
31
\u2013
(240)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
936
(121)
106
\u2013
(15)
2029
n/a
EUR 0.38%
Contingent consideration liabilities \u2013
AZUK and AZAB USD investments
USD 323m
(323)
2,316
(155)
\u2013
2,161
\u2013
\u2013
\u2013
1
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2024: $nil; 2023: $nil).
2
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2024: $nil; 2023: $nil).
3
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.
4
Nominal amount of FX forwards in a cash flow hedge of $1,769m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 8,319m at FX rate
9.2158, JPY 14,730m at 156.57, GBP 243m at 0.7430, CNY 1,926m at 6.9901 and EUR 144m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2026.
5
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 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 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.
\n \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
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 \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
to calculate
recognised in
As at 31 December 2025
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
172
(168)
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00573": { "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
\n
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by
\n
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group uses
\n
US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and manages
\n
long-term liquidity by raising funds through the capital markets. At 31 December 2025, the Group was assigned short-term credit ratings of
\n
P-1 by Moody\u2019s and A-1 by Standard and Poor\u2019s. The Group\u2019s long
-term credit rating was A1 by Moody\u2019s and A+ by Standard and Poor\u2019s.
\n
In addition to Cash and cash equivalents of $5,711m, short-term fixed income investments of $8m, less overdrafts of $13m at 31 December 2025,
\n
the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial covenants.
\n
The Group regularly monitors the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing
\n
on the committed facilities should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured
\n
Overnight Financing Rate (SOFR), plus a margin.
\n
At 31 December 2025, the Group has $5,733m outstanding from debt issued under a Euro Medium Term Note programme and $21,369m under
\n
an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate purposes of
\n
the Group.
\n
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group\u2019s financial liabilities, on an
\n
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
\n\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
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
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\n \n
Bank
Total non-
Derivative
Derivative
Total
overdrafts
Trade
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
669
3,495
450
25,282
29,896
(17,182)
17,205
23
29,919
In one to two years
\u2013
3,784
388
473
4,645
(1,031)
944
(87)
4,558
In two to three years
\u2013
4,097
292
1,425
5,814
(1,052)
1,035
(17)
5,797
In three to four years
\u2013
3,898
199
508
4,605
(637)
481
(156)
4,449
In four to five years
\u2013
3,368
156
166
3,690
(849)
1,516
667
4,357
In more than five years
\u2013
16,906
599
\u2013
17,505
(1,913)
2,596
683
18,188
669
35,548
2,084
27,854
66,155
(22,664)
23,777
1,113
67,268
Effect of interest
(25)
(8,223)
\u2013
\u2013
(8,248)
752
(2,370)
(1,618)
(9,866)
Effect of discounting, fair values and issue costs
\u2013
(150)
(281)
(195)
(626)
10
(12)
(2)
(628)
31 December 2025
644
27,175
1,803
27,659
57,281
(21,902)
21,395
(507)
56,774
\n
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the
\nexception of $550m of Contingent consideration held within Trade and other payables (see Note 20). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00574": { "value": "Market risk
Interest rate risk
\n
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate
\n
agreements to manage this mix.
\n
The majority of surplus cash is currently invested in US dollar liquidity funds.
\n
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
\n
liabilities, the profile includes the impact of interest rate swaps which convert the debt to floating rate.
\n \n
2025
2024
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
$m
$m
$m
$m
$m
$m
Financial liabilities
Current
2,842
644
3,486
2,346
330
2,676
Non-current
24,502
1,634
26,136
26,151
1,468
27,619
Total
27,344
2,278
29,622
28,497
1,798
30,295
Financial assets
Cash collateral pledged to counterparties
\u2013
22
22
\u2013
129
129
Cash and cash equivalents
\u2013
5,711
5,711
\u2013
5,488
5,488
Total
\u2013
5,733
5,733
\u2013
5,617
5,617
In addition to the financial assets above, there are $13,988m (2024: $11,115m) 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
2025
2024
$m
$m
Equity securities at fair value through Other comprehensive income (Note 13)
2,212
1,632
Equity securities at fair value through profit and loss (Note 13)
11
\u2013
Total
2,223
1,632
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00575": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00572": { "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 is 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 from page 134. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00571": { "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 is 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 from page 134.
The following table represents the Group\u2019s continuing designated hedge relationships under IFRS 9.
2023
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2023
to OCI
statement
2023
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 3,200m
49
34
(210)
139
(37)
2027
1.10
USD 3.80%
FX Forwards \u2212 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
2024
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average
Average
amounts in
value
2024
to OCI
statement
2024
maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest rate
Cash flow hedges \u2013 foreign currency
and interest rate risk
1, 3
Cross-currency interest rate swaps \u2013 Euro bonds
EUR 2,300m
(36)
(37)
151
(180)
(66)
2029
1.08
USD 4.24%
FX Forwards \u2212 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
2025
\n \n
Other comprehensive income
Fair value
Opening
Fair value
(gain)/loss
Closing
balance
(gain)/loss
recycled to
balance
Nominal
Carrying
1 January
deferred
the Income
31 December
Average Average
amounts in
value
2025
to OCI
statement
2025 maturity
USD FX
Average pay
local currency
$m
$m
$m
$m
$m
year
rate
interest 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
203
(66)
(242)
305
(3)
2029
1.08
USD 4.24%
FX Forwards \u2212 short-term FX risk
USD 1,769m
6
(4)
(11)
9
(6)
2026
\u2013
\u2013
Net investment hedge \u2013 foreign exchange risk
2, 3
Transactions matured pre-2025
\u2013
(527)
\u2013
\u2013
(527)
\u2013
\u2013
\u2013
Cross-currency interest rate swap \u2013 JPY investment
JPY 58.3bn
171
(145)
(26)
\u2013
(171)
2029
108.03
JPY 1.53%
Cross-currency interest rate swap \u2013 CNY investment
CNY 458m
2
(3)
1
\u2013
(2)
2026
6.68
CNY 4.80%
Foreign currency borrowing \u2013 GBP investment
GBP 350m
469
(271)
31
\u2013
(240)
2031
n/a
GBP 5.75%
Foreign currency borrowing \u2013 EUR investment
5
EUR 800m
936
(121)
106
\u2013
(15)
2029
n/a
EUR 0.38%
Contingent consideration liabilities \u2013
AZUK and AZAB USD investments
USD 323m
(323)
2,316
(155)
\u2013
2,161
\u2013
\u2013
\u2013
1
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2024: $nil; 2023: $nil).
2
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2024: $nil; 2023: $nil).
3
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.
4
Nominal amount of FX forwards in a cash flow hedge of $1,769m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 8,319m at FX rate
9.2158, JPY 14,730m at 156.57, GBP 243m at 0.7430, CNY 1,926m at 6.9901 and EUR 144m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2026.
5
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 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 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.
\n \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
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 \n
Change in
Change in
fair value
fair value
of hedging
of hedged
Hedge
Nominal
instrument used
item used
ineffectiveness
amounts in
to calculate
to calculate
recognised in
As at 31 December 2025
currency
ineffectiveness
ineffectiveness
profit and loss
Interest rate and foreign currency risk on finance debt
EUR 1,400m
172
(168)
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00578": { "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
2025
2024
2023
Employees
UK
10,600
11,100
10,700
Rest of Europe
26,900
25,500
23,000
The Americas
25,200
24,700
22,400
Asia, Africa & Australasia
32,400
31,600
30,300
Continuing operations
95,100
92,900
86,400
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 2025 was 96,100 (2024: 94,300; 2023: 89,900).
The costs incurred during the year in respect of these employees were:
\n \n
2025
2024
2023
$m
$m
$m
Wages and salaries
10,974
10,340
9,341
Social security costs
1,348
1,224
1,100
Pension costs
618
614
537
Other employment costs
1,608
1,531
1,357
Total
14,548
13,709
12,335
Severance costs of $190m are not included above (2024: $283m; 2023: $123m).
The charge for share-based payments in respect of share plans is $719m (2024: $660m; 2023: $579m). During 2025, payments totalling $521m
(2024: $81m) made to the EBT for the purchase of shares are recognised within financing cashflows. Prior to an amendment to the EBT on
10 June 2024, after which AstraZeneca obtained control and commenced consolidation of the EBT, $354m of payments to the EBT were
recognised during 2024 within operating cash flows. The plans are equity settled.
Bonus and share plans
US
In the US, there are two employee short-term, cash settled, performance bonus plans in operation. In addition, the AstraZeneca Performance
Share Plan and the AstraZeneca Global Restricted Share Plan, which are both equity settled, operate in respect of relevant employees in the US.
UK
The AstraZeneca UK Performance Bonus Plan
Employees of participating AstraZeneca UK companies are invited to participate in this cash settled bonus plan.
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. 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. New
shares are issued 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.
Sweden
Bonuses are paid 50% into a fund investing in AstraZeneca equities and 50% in cash, with the exception of certain senior management who
are paid 100% in cash.
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
\n
A portion of the bonus earned under the AstraZeneca Executive Annual Bonus Scheme is deferred into AstraZeneca shares in the Company for
\n
a period of three years. The plan currently operates only in respect of Executive Directors and members of the SET (with awards granted as
\n
AstraZeneca ADRs for members of the SET employed within the US). Awards of shares under this plan are typically made in March each year.
\n
The AstraZeneca Performance Share Plan
\n
This plan was approved by shareholders in 2020 for a period of 10 years, and subsequently amended by approval of shareholders in 2021 and
\n
2024. Generally, awards can be granted at any time, but not during a closed period of the Company. Awards granted under the plan vest after
\n
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
\n
achievement of performance conditions. For awards granted to all participants in 2025, vesting is subject to a combination of measures focused
\n
on science and innovation, revenue growth, financial performance and carbon reduction. The Remuneration Committee has responsibility for
\n
agreeing any awards under the plan and for setting the policy for the way in which the plan should be operated, including agreeing performance
\n
targets and which employees should be eligible to participate.
\n
The AstraZeneca Global Restricted Stock Plan
\n
The Global Restricted Stock Plan (GRSP) was introduced in 2010. This plan provides for the grant of restricted stock unit (RSU) awards to
\n
selected below SET-level employees and is used in conjunction with the AstraZeneca Performance Share Plan to provide a mix of RSUs and
\n
performance share units (PSUs). Awards typically vest on the third anniversary of the date of grant and are contingent on continued employment
\n
with the Company. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the
\n
way in which the plan should be operated.
\n
The AstraZeneca Restricted Share Plan
\n
This plan was introduced in 2008 and provides for the grant of restricted stock unit (RSU) awards to key employees, excluding Executive Directors.
\n
Awards are made on an ad hoc basis with variable vesting dates. The plan has been used four times in 2025 to make awards to 1,503 employees.
\n
The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the way in which the plan
\n
should be operated.
\n
The AstraZeneca Extended Incentive Plan
\n
This plan was introduced in 2018 and provides for the grant of awards to key employees, excluding Executive Directors. Awards are made on
\n
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
\n
grant. The award can be subject to the achievement of performance conditions. The Remuneration Committee has responsibility for agreeing
\n
any awards under the plan and for setting the policy for the way in which the plan should be operated, including agreeing performance targets
\n
(if any) and which employees should be invited to participate.
\n
Alexion employee share award plan
\n
At acquisition in 2021 Alexion employee share awards were converted into AstraZeneca restricted stock awards that continued to have, and were
\n
subject to, the same terms and conditions as applied in the corresponding Alexion awards immediately prior to completion. The fair value at the
\n
grant date was $57.54. In 2023 an additional 267,000 shares were issued with a grant date fair value of $65.62 which vested in 2023. During
\n
2023, 2,060,000 shares vested, 531,000 were forfeited/cancelled and the closing balance of these awards as of 31 December 2023 was
\n
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
\n
was 819,000. During 2025, 792,000 shares vested, 27,000 were forfeited and the closing balance of these awards as of 31 December 2025
\n
was nil. No further awards will be granted under this plan.
\n
Details of share incentive awards outstanding during the year for the main share plans are shown below:
\n\n \n
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
Ordinary Shares
ADR Shares
Ordinary Shares
ADR Shares
1
Ordinary Shares
ADR Shares
Ordinary Shares
ADR Shares
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
Outstanding at 1 January 2023
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
Granted
904
1,974
1,045
6,428
298
386
\u2013
\u2013
Forfeited
(99)
(553)
(250)
(1,616)
(33)
(214)
\u2013
(48)
Exercised
(986)
(1,781)
(1,030)
(4,809)
(114)
(343)
\u2013
\u2013
Outstanding at 31 December 2025
3,390
5,790
2,934
16,169
489
886
162
199
\n
1
\n
Shares issued to Alexion employees under the GRSP are covered under the Alexion employee share award below.
\n \n
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
WAFV
1
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
pence
$
pence
$
pence
$
pence
$
WAFV of 2023 grants
9929
59.95
10822
65.38
11135
65.37
11,748
74.78
WAFV of 2024 grants
9028
57.99
10085
64.91
11111
75.23
\u2013
\u2013
WAFV of 2025 grants
11054
70.34
11961
75.91
12142
78.96
\u2013
\u2013
1
Weighted average fair value.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00576": { "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
2025
2024
2023
Employees
UK
10,600
11,100
10,700
Rest of Europe
26,900
25,500
23,000
The Americas
25,200
24,700
22,400
Asia, Africa & Australasia
32,400
31,600
30,300
Continuing operations
95,100
92,900
86,400
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 2025 was 96,100 (2024: 94,300; 2023: 89,900).
The costs incurred during the year in respect of these employees were:
\n \n
2025
2024
2023
$m
$m
$m
Wages and salaries
10,974
10,340
9,341
Social security costs
1,348
1,224
1,100
Pension costs
618
614
537
Other employment costs
1,608
1,531
1,357
Total
14,548
13,709
12,335
Severance costs of $190m are not included above (2024: $283m; 2023: $123m).
The charge for share-based payments in respect of share plans is $719m (2024: $660m; 2023: $579m). During 2025, payments totalling $521m
(2024: $81m) made to the EBT for the purchase of shares are recognised within financing cashflows. Prior to an amendment to the EBT on
10 June 2024, after which AstraZeneca obtained control and commenced consolidation of the EBT, $354m of payments to the EBT were
recognised during 2024 within operating cash flows. The plans are equity settled.
Bonus and share plans
US
In the US, there are two employee short-term, cash settled, performance bonus plans in operation. In addition, the AstraZeneca Performance
Share Plan and the AstraZeneca Global Restricted Share Plan, which are both equity settled, operate in respect of relevant employees in the US.
UK
The AstraZeneca UK Performance Bonus Plan
Employees of participating AstraZeneca UK companies are invited to participate in this cash settled bonus plan.
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. 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. New
shares are issued 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.
Sweden
Bonuses are paid 50% into a fund investing in AstraZeneca equities and 50% in cash, with the exception of certain senior management who
are paid 100% in cash.
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
\n
A portion of the bonus earned under the AstraZeneca Executive Annual Bonus Scheme is deferred into AstraZeneca shares in the Company for
\n
a period of three years. The plan currently operates only in respect of Executive Directors and members of the SET (with awards granted as
\n
AstraZeneca ADRs for members of the SET employed within the US). Awards of shares under this plan are typically made in March each year.
\n
The AstraZeneca Performance Share Plan
\n
This plan was approved by shareholders in 2020 for a period of 10 years, and subsequently amended by approval of shareholders in 2021 and
\n
2024. Generally, awards can be granted at any time, but not during a closed period of the Company. Awards granted under the plan vest after
\n
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
\n
achievement of performance conditions. For awards granted to all participants in 2025, vesting is subject to a combination of measures focused
\n
on science and innovation, revenue growth, financial performance and carbon reduction. The Remuneration Committee has responsibility for
\n
agreeing any awards under the plan and for setting the policy for the way in which the plan should be operated, including agreeing performance
\n
targets and which employees should be eligible to participate.
\n
The AstraZeneca Global Restricted Stock Plan
\n
The Global Restricted Stock Plan (GRSP) was introduced in 2010. This plan provides for the grant of restricted stock unit (RSU) awards to
\n
selected below SET-level employees and is used in conjunction with the AstraZeneca Performance Share Plan to provide a mix of RSUs and
\n
performance share units (PSUs). Awards typically vest on the third anniversary of the date of grant and are contingent on continued employment
\n
with the Company. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the
\n
way in which the plan should be operated.
\n
The AstraZeneca Restricted Share Plan
\n
This plan was introduced in 2008 and provides for the grant of restricted stock unit (RSU) awards to key employees, excluding Executive Directors.
\n
Awards are made on an ad hoc basis with variable vesting dates. The plan has been used four times in 2025 to make awards to 1,503 employees.
\n
The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the way in which the plan
\n
should be operated.
\n
The AstraZeneca Extended Incentive Plan
\n
This plan was introduced in 2018 and provides for the grant of awards to key employees, excluding Executive Directors. Awards are made on
\n
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
\n
grant. The award can be subject to the achievement of performance conditions. The Remuneration Committee has responsibility for agreeing
\n
any awards under the plan and for setting the policy for the way in which the plan should be operated, including agreeing performance targets
\n
(if any) and which employees should be invited to participate.
\n
Alexion employee share award plan
\n
At acquisition in 2021 Alexion employee share awards were converted into AstraZeneca restricted stock awards that continued to have, and were
\n
subject to, the same terms and conditions as applied in the corresponding Alexion awards immediately prior to completion. The fair value at the
\n
grant date was $57.54. In 2023 an additional 267,000 shares were issued with a grant date fair value of $65.62 which vested in 2023. During
\n
2023, 2,060,000 shares vested, 531,000 were forfeited/cancelled and the closing balance of these awards as of 31 December 2023 was
\n
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
\n
was 819,000. During 2025, 792,000 shares vested, 27,000 were forfeited and the closing balance of these awards as of 31 December 2025
\n
was nil. No further awards will be granted under this plan.
\n
Details of share incentive awards outstanding during the year for the main share plans are shown below:
\n\n \n
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
Ordinary Shares
ADR Shares
Ordinary Shares
ADR Shares
1
Ordinary Shares
ADR Shares
Ordinary Shares
ADR Shares
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
Outstanding at 1 January 2023
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
Granted
904
1,974
1,045
6,428
298
386
\u2013
\u2013
Forfeited
(99)
(553)
(250)
(1,616)
(33)
(214)
\u2013
(48)
Exercised
(986)
(1,781)
(1,030)
(4,809)
(114)
(343)
\u2013
\u2013
Outstanding at 31 December 2025
3,390
5,790
2,934
16,169
489
886
162
199
\n
1
\n
Shares issued to Alexion employees under the GRSP are covered under the Alexion employee share award below.
\n \n
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
WAFV
1
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
pence
$
pence
$
pence
$
pence
$
WAFV of 2023 grants
9929
59.95
10822
65.38
11135
65.37
11,748
74.78
WAFV of 2024 grants
9028
57.99
10085
64.91
11111
75.23
\u2013
\u2013
WAFV of 2025 grants
11054
70.34
11961
75.91
12142
78.96
\u2013
\u2013
1
Weighted average fair value.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00577": { "value": "Bonus and share plans
US
In the US, there are two employee short-term, cash settled, performance bonus plans in operation. In addition, the AstraZeneca Performance
Share Plan and the AstraZeneca Global Restricted Share Plan, which are both equity settled, operate in respect of relevant employees in the US.
UK
The AstraZeneca UK Performance Bonus Plan
Employees of participating AstraZeneca UK companies are invited to participate in this cash settled bonus plan.
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. 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. New
shares are issued 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.
Sweden
Bonuses are paid 50% into a fund investing in AstraZeneca equities and 50% in cash, with the exception of certain senior management who
are paid 100% in cash.
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
\n
A portion of the bonus earned under the AstraZeneca Executive Annual Bonus Scheme is deferred into AstraZeneca shares in the Company for
\n
a period of three years. The plan currently operates only in respect of Executive Directors and members of the SET (with awards granted as
\n
AstraZeneca ADRs for members of the SET employed within the US). Awards of shares under this plan are typically made in March each year.
\n
The AstraZeneca Performance Share Plan
\n
This plan was approved by shareholders in 2020 for a period of 10 years, and subsequently amended by approval of shareholders in 2021 and
\n
2024. Generally, awards can be granted at any time, but not during a closed period of the Company. Awards granted under the plan vest after
\n
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
\n
achievement of performance conditions. For awards granted to all participants in 2025, vesting is subject to a combination of measures focused
\n
on science and innovation, revenue growth, financial performance and carbon reduction. The Remuneration Committee has responsibility for
\n
agreeing any awards under the plan and for setting the policy for the way in which the plan should be operated, including agreeing performance
\n
targets and which employees should be eligible to participate.
\n
The AstraZeneca Global Restricted Stock Plan
\n
The Global Restricted Stock Plan (GRSP) was introduced in 2010. This plan provides for the grant of restricted stock unit (RSU) awards to
\n
selected below SET-level employees and is used in conjunction with the AstraZeneca Performance Share Plan to provide a mix of RSUs and
\n
performance share units (PSUs). Awards typically vest on the third anniversary of the date of grant and are contingent on continued employment
\n
with the Company. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the
\n
way in which the plan should be operated.
\n
The AstraZeneca Restricted Share Plan
\n
This plan was introduced in 2008 and provides for the grant of restricted stock unit (RSU) awards to key employees, excluding Executive Directors.
\n
Awards are made on an ad hoc basis with variable vesting dates. The plan has been used four times in 2025 to make awards to 1,503 employees.
\n
The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the way in which the plan
\n
should be operated.
\n
The AstraZeneca Extended Incentive Plan
\n
This plan was introduced in 2018 and provides for the grant of awards to key employees, excluding Executive Directors. Awards are made on
\n
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
\n
grant. The award can be subject to the achievement of performance conditions. The Remuneration Committee has responsibility for agreeing
\n
any awards under the plan and for setting the policy for the way in which the plan should be operated, including agreeing performance targets
\n
(if any) and which employees should be invited to participate.
\n
Alexion employee share award plan
\n
At acquisition in 2021 Alexion employee share awards were converted into AstraZeneca restricted stock awards that continued to have, and were
\n
subject to, the same terms and conditions as applied in the corresponding Alexion awards immediately prior to completion. The fair value at the
\n
grant date was $57.54. In 2023 an additional 267,000 shares were issued with a grant date fair value of $65.62 which vested in 2023. During
\n
2023, 2,060,000 shares vested, 531,000 were forfeited/cancelled and the closing balance of these awards as of 31 December 2023 was
\n
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
\n
was 819,000. During 2025, 792,000 shares vested, 27,000 were forfeited and the closing balance of these awards as of 31 December 2025
\n
was nil. No further awards will be granted under this plan.
\n
Details of share incentive awards outstanding during the year for the main share plans are shown below:
\n\n \n
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
Ordinary Shares
ADR Shares
Ordinary Shares
ADR Shares
1
Ordinary Shares
ADR Shares
Ordinary Shares
ADR Shares
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
\u02bc000
Outstanding at 1 January 2023
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
Granted
904
1,974
1,045
6,428
298
386
\u2013
\u2013
Forfeited
(99)
(553)
(250)
(1,616)
(33)
(214)
\u2013
(48)
Exercised
(986)
(1,781)
(1,030)
(4,809)
(114)
(343)
\u2013
\u2013
Outstanding at 31 December 2025
3,390
5,790
2,934
16,169
489
886
162
199
\n
1
\n
Shares issued to Alexion employees under the GRSP are covered under the Alexion employee share award below.
\n \n
The AstraZeneca
The AstraZeneca
The AstraZeneca
The AstraZeneca
Performance Share Plan
Global Restricted Stock Plan
Restricted Share Plan
Extended Incentive Plan
WAFV
1
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
pence
$
pence
$
pence
$
pence
$
WAFV of 2023 grants
9929
59.95
10822
65.38
11135
65.37
11,748
74.78
WAFV of 2024 grants
9028
57.99
10085
64.91
11111
75.23
\u2013
\u2013
WAFV of 2025 grants
11054
70.34
11961
75.91
12142
78.96
\u2013
\u2013
1
Weighted average fair value.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00579": { "value": "30 Commitments, contingent liabilities and contingent assets \n \n
2025
2024
Commitments
$m
$m
Contracts placed for future capital expenditure on Property, plant and equipment and
software development costs not provided for in these Financial Statements
1,727
1,575
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
Years 5
Total
Under 1 year
Years 1 and 2
Years 3 and 4
and greater
$m
$m
$m
$m
$m
Future potential research and development milestone payments
10,182
1,226
3,698
3,013
2,245
Future potential revenue milestone payments
21,301
45
1,290
4,742
15,224
The table includes all potential payments for achievement of milestones under ongoing research and development arrangements. Revenue-
related milestone payments represent the maximum possible amount payable on achievement of specified levels of revenue as set out in
individual contract agreements, but exclude variable payments that are based on unit sales (e.g. royalty-type payments) which are expensed
as the associated sale is recognised. The table excludes any payments already capitalised in the Financial Statements for the year ended
31 December 2025 which have been capitalised with reference to the latest Group sales forecasts for approved indications.
The future payments we disclose represent contracted payments and, as such, are not discounted and are not risk-adjusted. As detailed in the
Risk Overview section from page 47, the development of any pharmaceutical product candidate is a complex and risky process that may fail
at any stage in the development process due to a number of factors (including items such as failure to obtain regulatory approval, unfavourable
data from key studies, adverse reactions to the product candidate or indications of other safety concerns). The timing of the payments is based
on the Group\u2019s current best estimate of achievement of the relevant milestone.
Environmental costs and liabilities
The Group\u2019s expenditure on environmental protection, including both capital and revenue items, relates to costs that are necessary for
implementing internal systems and programmes, and meeting legal and regulatory requirements for processes and products. This includes
investment to conserve natural resources and otherwise minimise the impact of our activities on the environment. They are an integral part of
normal ongoing expenditure for carrying out the Group\u2019s research, manufacturing and commercial operations and are not separated from
overall operating and development costs. There are no known changes in legal, regulatory or other requirements resulting in material changes to
the levels of expenditure for 2023, 2024 or 2025.
In addition to expenditure for meeting current and foreseen environmental protection requirements, the Group incurs costs in investigating and
cleaning up legacy land and groundwater contamination. In particular, AstraZeneca has environmental liabilities at some currently or formerly
owned, leased and third-party sites.
In the US, Zeneca Inc., and/or its indemnitees, have been named as potentially responsible parties (PRPs) or defendants at a number of sites
where Zeneca Inc. is likely to incur future environmental investigation, remediation, operation and maintenance costs under federal, state, statutory
or common law environmental liability allocation schemes (together, US Environmental Consequences). Similarly, Stauffer Management
Company LLC (SMC), which was established to own and manage certain assets and liabilities of Stauffer Chemical Company, and/or its
indemnitees, have been named as PRPs or defendants at a number of sites where SMC is likely to incur US Environmental Consequences.
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 or
\n
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 2025 in the aggregate of $107m (2024: $105m), mainly relating to the US.
\n
Where we are jointly liable or otherwise have cost-sharing agreements with third parties, we reflect only our share of the obligation. Where
\n
the liability is insured in part or in whole by insurance or other arrangements for reimbursement, an asset is recognised to the extent that this
\n
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 remedial
\n
action, if any, that may be selected at sites where the remedy is presently not known; (4) the potential for recoveries from or allocation of liability
\n
to third parties; and (5) the length of time that the environmental investigation, remediation and liability allocation process can take. As per our
\n
Provisions accounting policy on page 135, Provisions for these costs are made when there is a present obligation and where it is probable that
\n
expenditure on remedial work will be required and a reliable estimate can be made of the cost. Notwithstanding and subject to the foregoing,
\n
we estimate the potential additional loss for future environmental investigation, remediation, remedial operation and maintenance activity above
\n
and beyond our provisions to be, in aggregate, between $115m and $192m (2024: $113m and $190m) 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 of
\n
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 liability
\n
and discloses information with respect to the nature and facts of the cases in accordance with IAS 37 \u2018Provisions, Contingent Liabilities and
\n
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 length
\n
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, damages
\n
and governing law; (iv) uncertainties in timing of litigation; and (v) the possible need for further legal proceedings to establish the appropriate
\n
amount of damages, if any.
\n
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 appeal
\n
(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 indicate
\n
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 as they
\n
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 costs
\n
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, the best
\n
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 in
\n
any of these cases could result in loss of patent protection on the related product.
\n\n
The consequences of any such loss could be a significant decrease in Product Sales, which could have a material adverse effect on our results.
\n
The lawsuits filed by AstraZeneca for patent infringement against companies that have filed abbreviated new drug applications (ANDAs) in the
\n
US, seeking to market generic forms of products sold by the Group prior to the expiry of the applicable patents covering these products, typically
\n
also involve allegations of non-infringement, invalidity and unenforceability of these patents by the ANDA filers. In the event that the Group is
\n
unsuccessful in these actions or the statutory 30-month stay expires before a ruling is obtained, the ANDA filers involved will also have the
\n
ability, subject to US Food and Drug Administration (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 2025, a significant number of commercial litigation claims in which AstraZeneca is involved
\n
have been resolved, particularly in the US, thereby reducing potential contingent liability exposure arising from such litigation. Similarly, in part
\n
due to patent litigation and settlement developments, greater certainty has been achieved regarding possible generic entry dates with respect
\n
to some of our patented products. At the same time, like other companies in the pharmaceutical sector and other industries, AstraZeneca continues
\n
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 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 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 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.
\u2022
In December 2025, the US Court of Appeals for the Federal Circuit issued decisions in both the District Court and PGR
appeals finding that Seagen\u2019s patent is invalid and vacating the District Court\u2019s prior judgment and damages award.
\n\n \n
Factor Bioscience
Considered to be a contingent liability
patent proceedings
US
\u2022
In September 2025, Factor Bioscience Inc. (Factor) filed a complaint against AstraZeneca, and others in the US District
Court for the District of Delaware, alleging infringement of several Factor patents related to technology for producing
gene-edited cells using synthetic messenger ribonucleic acid (mRNA) molecules encoding transcription activator-like
effector nuclease (TALEN) gene-editing proteins.
\u2022
The complaint alleges that certain drug research, design and development activities by AstraZeneca and others
infringe Factor\u2019s patents.
\n\n \n
Forxiga
patent proceedings
Considered to be a contingent liability
Europe
\u2022
In November 2025, in France, Biogaran SAS challenged one of AstraZeneca\u2019s patents covering
Forxiga
. No trial date
has been set.
\u2022
In Poland and in Portugal, multiple generic companies have challenged one of AstraZeneca\u2019s patents covering
Forxiga
.
No trial date has been set.
\u2022
In Poland, in January 2026, AstraZeneca obtained interim injunctions against the generic companies that have
challenged the patent.
\n\n \n
Forxiga
patent proceedings
Matter concluded
UK
\u2022
In the UK, one of AstraZeneca\u2019s patents relating to
Forxiga
was challenged by Generics (UK) Limited, Teva Pharmaceutical
Industries Limited, and Glenmark Pharmaceuticals Europe Limited.
\u2022
Trial regarding patent validity occurred in March 2025. In April 2025, the UK Patents Court held the patent invalid.
AstraZeneca appealed the decision. In July 2025, the UK Court of Appeal dismissed AstraZeneca\u2019s appeal and upheld
the lower court\u2019s invalidity decision. AstraZeneca\u2019s application for permission to appeal to the UK Supreme Court
was denied.
\u2022
In March 2025 and onward, AstraZeneca obtained injunctions against generic manufacturers\u2019 at-risk sales of dapagliflozin
products in the UK. All injunctions have since been lifted.
\u2022
This matter has concluded.
\n \n
Soliris
patent proceedings
Considered to be a contingent liability
Turkey
\u2022
In November 2024, Salute HC \u0130la\u00e7lar\u0131 Sanayi ve Ticaret A.\u015e served an action in the Industrial and Intellectual Property
Rights Court in Turkey seeking to invalidate and enjoin enforcement of AstraZeneca\u2019s patent relating to eculizumab.
\n\n \n
Tagrisso
patent proceedings
Considered to be a contingent liability
China
\u2022
In January 2025, an individual filed invalidity challenges against several Chinese patents protecting
Tagrisso
.
\u2022
A hearing before the Chinese Patent Office (Patent Office) was held in July 2025.
\u2022
In November 2025, the Patent Office issued decisions maintaining the compound patents.
\u2022
In January 2026, the Patent Office dismissed the invalidity case against the formulation patent.
\n\n \n
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
. 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.
\u2022
Additional proceedings are ongoing in the District Court.
\u2022
No trial date has been set.
\n\n \n
Calquence
patent proceedings
Considered to be a contingent asset
US
\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 US District Court for the District of Delaware (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. Trial has been scheduled for April 2027.
\u2022
In December 2025, AstraZeneca entered into a settlement agreement with MSN and the District Court dismissed the
corresponding litigation. The litigation with Cipla is ongoing.
\n\n \n
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
AstraZeneca has entered into separate settlement agreements and the District Court entered a consent judgment to
dismiss the corresponding litigation. Additional ANDA challenges are pending.
\n\n \n
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.
\n\n \n
Forxiga
patent proceedings
Considered to be a contingent asset
Australia
\u2022
In December 2025, in the Federal Court of Australia, AstraZeneca initiated patent infringement litigation against
Pharmacor Pty Limited in reference to one of the patents that protects
Forxiga
.
\u2022
No trial date has been set.
\n\n\n \n
Lokelma
patent proceedings
Matter concluded
US
\u2022
In August 2022, in response to Paragraph IV notices, AstraZeneca initiated ANDA litigation against five generic filers in
the US District Court for the District of Delaware.
\u2022
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 the five generic manufacturers which resulted in
dismissal of the corresponding litigations.
\u2022
This matter is now concluded.
\n\n \n
Lynparza
patent proceedings
Considered to be a contingent asset
Canada
\u2022
In July 2025, AstraZeneca was served with a Notice of Allegation from Cipla Ltd. challenging a patent relating to
Lynparza
.
AstraZeneca commenced an action in response in August 2025. Trial is scheduled to begin in April 2027.
\u2022
In August 2025, AstraZeneca was served with a Notice of Allegation from Natco Pharma (Canada) Inc. challenging a
patent relating to
Lynparza
. AstraZeneca commenced an action in response in October 2025. Trial is scheduled to begin
in June 2027.
\u2022
In November 2025, AstraZeneca was served with a Notice of Allegation from Zydus Lifesciences Limited challenging a
patent relating to
Lynparza
. AstraZeneca commenced an action in response in December 2025. No trial date has been set.
\n\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.
\u2022
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.
\n\n \n
Soliris
patent proceedings
Matter concluded
Canada
\u2022
In May 2023, AstraZeneca initiated patent litigation in Canada alleging that Amgen Canada Inc.\u2019s (Amgen) biosimilar
eculizumab product infringed AstraZeneca\u2019s patents.
\u2022
In September 2023, AstraZeneca initiated patent litigations in Canada alleging that Samsung Bioepis Co. Ltd.\u2019s (Samsung)
biosimilar eculizumab product infringed AstraZeneca\u2019s patents.
\u2022
In June and November 2025, AstraZeneca settled with Samsung and Amgen, respectively.
\n\n \n
Soliris
patent proceedings
Matter concluded
Europe
\u2022
In March 2024, AstraZeneca filed motions for provisional measures against the relevant corporate entities of Amgen
Inc. (Amgen) and Samsung Bioepis Co. Ltd. (Samsung
) 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 AstraZeneca patent. In
November 2025 and January 2026, AstraZeneca entered into global settlement agreements with Amgen and
Samsung, respectively, resolving all eculizumab patent disputes between the parties.
\n\n \n
Soliris
patent proceedings
Matter concluded
UK
\u2022
In May 2024, AstraZeneca initiated patent infringement proceedings against Amgen Ltd. (Amgen) and Samsung Bioepis
UK Limited (Samsung) in the UK High Court of Justice alleging that their respective biosimilar eculizumab products
infringe an AstraZeneca patent; on the same day, Samsung initiated a revocation action for the same patent.
\u2022
In November 2025 and January 2026, AstraZeneca settled the UK eculizumab patent matters with Amgen and
Samsung, respectively.
\n \n
Tagrisso
patent proceedings
Considered to be a contingent asset
Russia
\u2022
In August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow region (Court) against the Russian
Ministry of Health (MOH) and Axelpharm LLC (Axelpharm) for improper use of AstraZeneca information in the authorisation
of a generic version of
Tagrisso
. The suit against the MOH was dismissed in July 2024, after two appeals. The case
against Axelpharm was dismissed in September 2024, and a subsequent appeal by AstraZeneca was also dismissed.
\u2022
In November 2023, Axelpharm sought a compulsory licence under a patent related to
Tagrisso
; the action remains
pending. The Axelpharm patent on which the compulsory licensing action was based was held invalid by the Russian
Patent and Trademark Office (PTO) in August 2024 following challenge by AstraZeneca. The PTO\u2019s decision was upheld
in June 2025, following an appeal by Axelpharm. At a further appeal hearing in November 2025, the Intellectual Property
Court Presidium reversed earlier decisions and held Axelpharm\u2019s patent valid. In January 2026, AstraZeneca appealed
to the Supreme Court, which was rejected. AstraZeneca expects to file a further appeal.
\u2022
In July 2024, AstraZeneca filed a patent infringement claim against Axelpharm in relation to a generic version of
Tagrisso
.
The action was stayed by the court pending resolution of the compulsory licensing action.
\u2022
In August 2024, after AstraZeneca filed a complaint, the Federal Anti-Monopoly Service of Russia (FAS) initiated a case
against Axelpharm and OncoTarget LLC (OncoTarget). In November 2024, the FAS found Axelpharm
(but not OncoTarget)
to have committed unfair competition. In June 2025, the finding against Axelpharm was reversed on appeal. In December
2025, on appeal by AstraZeneca, the appellate decision was affirmed. Also in December 2025, AstraZeneca filed a
further appeal.
\n
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.
\u2022
The parties have reached a settlement in principle for a non-material amount to resolve the single case scheduled for
trial in March 2026.
\u2022
All remaining claims are filed in Delaware State Court and the earliest trial is now scheduled for September 2026.
\n\n \n
Nexium
and
Prilosec
A provision has been taken
US
\u2022
AstraZeneca has defended 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
Between 2022 and 2024, AstraZeneca resolved the claims by way of settlement agreements.
\u2022
A relatively small number of plaintiffs have opted out of the settlement.
\n\n \n
Nexium
and
Losec
Matter concluded
Canada
\u2022
In Canada, in July and August 2017, AstraZeneca was served with three putative class action lawsuits.
\u2022
As of September 2025, all three lawsuits have been dismissed.
\u2022
The Canada proceedings are concluded.
\n\n \n
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, Inc. 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. In March 2024, Plaintiffs filed an appeal.
\u2022
In August 2025, the US Court of Appeals for the Second Circuit decided in the plaintiffs\u2019 favour, ordering the District Court
to accept the amended complaint.
\n\n \n
Amyndas Trade
Considered to be a contingent liability
Secrets Litigation
US
\u2022
AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and Amyndas Pharmaceuticals,
LLC (collectively Amyndas), in the US District Court for the District of Massachusetts alleging trade secret
misappropriation and breach of contract claims against AstraZeneca and Zealand Pharma U.S. Inc. related to
Amyndas\u2019 C3 inhibitor candidate.
\u2022
No trial date has been scheduled.
\n\n\n \n
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 remanding to the
Appellate Court for reconsideration under new case law. In January 2026, after reconsideration, the Second Circuit
issued a decision again allowing the claims to proceed and returning the matter to the District Court, where AstraZeneca
has a separate motion to dismiss pending.
\n\n \n
Definiens
Considered to be a contingent liability
Germany
\u2022
In July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of Arbitration from the sellers
of Definiens AG (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 $46m in favour of the Sellers.
\u2022
In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court (Court) to set aside the arbitration award.
\u2022
In April 2025, the Court ruled in favour of AstraZeneca, annulled the arbitration award, and referred the dispute back to
the same arbitration panel for a second determination.
\u2022
In May 2025, the Sellers appealed the Court\u2019s decision to the German Federal Court of Justice (Court of Justice).
AstraZeneca also appealed the decision to refer the dispute back to the same arbitration panel.
\u2022
In January 2026, the Court of Justice upheld the Court\u2019s decision to annul the arbitration award and referred the dispute
back to the same arbitration panel.
\n\n \n
Employment Litigation
Considered to be a contingent liability
US
\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.
\u2022
All but one claim has been resolved by settlement or disposed of by motion practice.
\n\n \n
Novartis Advertising Litigation
Considered to be a contingent liability
US
\u2022
In October 2025, Novartis Pharmaceuticals Corp. filed a lawsuit in the US District Court for the District of Delaware
alleging false and misleading representation claims under the Lanham Act and state law unfair competition and
deceptive practices claims.
\u2022
The complaint alleges that statements in AstraZeneca\u2019s marketing for treatment for paroxysmal nocturnal hemoglobinuria
are false and misleading.
\n\n \n
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, and the opt-in period
has closed.
\n\n \n
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.
\u2022
The case was subsequently transferred to the US District Court for the Southern District of New York.
\n\n \n
Seroquel
XR Antitrust Litigation
Matter concluded
US
\u2022
In 2019, AstraZeneca was named in several related complaints in US District Court in Delaware (District Court), including
several putative class action lawsuits brought on behalf of classes of direct purchasers or end payors of
Seroquel
XR,
alleging 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 which the
court approved.
\u2022
In May 2025, AstraZeneca resolved the matter with all remaining plaintiffs for a total payment of $97m. In September
2025, the District Court approved the class-related portion of the settlement.
\u2022
This matter is now concluded.
\n \n
Soliris
Antitrust Class Action
Considered to be a contingent liability
US
\u2022
In April 2025, AstraZeneca was named in a lawsuit filed in the US District Court for the District of Massachusetts
(District Court) alleging antitrust claims on behalf of a potential class of end payors for
Soliris
from March 2022.
\u2022
The plaintiff alleges that AstraZeneca violated federal and state antitrust and business practices laws by obtaining
improper patents for
Soliris
, delaying biosimilar entry and improperly extending
Soliris
\u2019 market exclusivity.
\u2022
In December 2025, the District Court partially granted AstraZeneca\u2019s motion to dismiss.
\n\n \n
Syntimmune Milestone Litigation
Considered to be a contingent liability
US
\u2022
In connection with AstraZeneca\u2019s acquisition of Syntimmune, Inc. (Syntimmune) in December 2020, AstraZeneca was
served with a lawsuit filed by the stockholders\u2019 representative for Syntimmune in Delaware State Court (Court) that
alleged, among other things, breaches of the 2018 merger agreement (Merger Agreement).
\u2022
The stockholders\u2019 representative alleges that AstraZeneca failed to meet its obligations under the Merger Agreement
to use commercially reasonable efforts to achieve the milestones. AstraZeneca also filed a claim for breach of the
representations in the Merger Agreement.
\u2022
A trial was held in July 2023.
\u2022
In September 2024, the Court issued a partial decision, concluding that the first milestone in the amount of $130m was
achieved, and that AstraZeneca had breached its contractual obligation to use commercially reasonable efforts to
achieve the milestones. The Court requested additional briefing regarding damages and further proceedings regarding
AstraZeneca\u2019s claim for breach.
\u2022
In June 2025, the Court issued a further partial decision awarding an additional $181m in damages on its September
2024 breach determination.
\u2022
Additional proceedings regarding AstraZeneca\u2019s claim are ongoing.
\n\n \n
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 licence agreement
relating to
Lynparza
.
\u2022
Trial has been scheduled to begin in June 2026.
\n\n \n
Viela Bio, Inc.
Matter concluded
Shareholder Litigation
US
\u2022
In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware State Court (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.
\u2022
In March 2025, the Delaware Supreme Court affirmed the dismissal.
\u2022
This matter is now concluded.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
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.
\u2022
In May 2021, AstraZeneca filed a lawsuit against GSK in the Commercial Court of England and Wales (Trial Court)
alleging that GSK had failed to pay all of the royalties due on niraparib sales under the license agreements.
\u2022
In April 2023, after trial, the Trial Court issued a decision in AstraZeneca\u2019s favour.
\u2022
In February 2024, the Court of Appeal reversed the decision.
\u2022
In March 2024, AstraZeneca filed a request for permission to appeal with the Supreme Court of the United Kingdom.
In May 2024, the Supreme Court denied permission to appeal.
\u2022
The case will return to the Trial Court for further proceedings.
\n\n
Government investigations and proceedings
\n
Legal proceedings brought against AstraZeneca
\n\n \n
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.
\n\n \n
Beyfortus
Civil
Considered to be a contingent liability
Investigative Demand
US
\u2022
In March 2025, AstraZeneca received a subpoena from the US Attorney\u2019s Office seeking certain records relating to
Beyfortus
. The subpoena requests that the Company produce various documents from January 2020 to present,
including communications related to specific batches of
Beyfortus
, customer complaints, and FDA inspection reports.
\u2022
AstraZeneca is cooperating with this enquiry.
\n\n \n
Boston US
Considered to be a contingent liability
Attorney Investigation
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.
\n\n \n
Brazilian Tax
Considered to be a contingent liability
Assessment Matter
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 AstraZeneca subsidiaries in Brazil, as well as to two additional
entities, a logistics provider utilised by AstraZeneca and a distributor. The Tax Assessment focuses on the importation
of
Soliris
vials pursuant to AstraZeneca\u2019s free drug supply to patients\u2019 programme in Brazil.
\u2022
AstraZeneca prevailed in the first level of administrative appeals in the Brazilian federal administrative proceeding system.
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.
\n\n \n
China Personal Information
Considered to be a contingent liability
Infringement and Illegal
Trade Matters
China
\u2022
In relation to the personal information infringement allegation, in April 2025, AstraZeneca Investment (China) Co., Ltd.
received a Notice of Transfer to the Prosecutor from the Shenzhen Bao\u2019an District Public Security Bureau regarding
suspected unlawful collection of personal information.
\u2022
In relation to the illegal trade allegation, in October 2025, AstraZeneca Investment (China) Co., Ltd. received a final
appraisal opinion from the Shenzhen City Customs Office, informing AstraZeneca Investment (China) Co., Ltd. that the
total amount of unpaid import taxes is RMB 24m (approximately USD $3.5m). The import taxes mentioned in the Appraisal
Opinion relate to
Imfinzi
,
Imjudo
, and
Enhertu
. In October 2025, AstraZeneca Investment (China) Co., Ltd. prepaid the
full amount as voluntary compensation to the State. A fine of between one and five times the amount of these paid
importation taxes may also be levied if AstraZeneca Investment (China) Co., Ltd. is found liable for illegal trade.
\u2022
In November 2025, the Shenzhen Prosecutor concluded its evaluation. AstraZeneca Investment (China) Co., Ltd.,
the former EVP and one former senior employee were indicted on charges of unlawful collection of personal information
and illegal trade, although no illegal gain to AstraZeneca Investment (China) Co., Ltd. was alleged resulting from unlawful
collection of personal information.
\u2022
The former EVP and former senior employee were additionally indicted on charges of medical insurance fraud.
AstraZeneca Investment (China) Co., Ltd. has not been indicted on charges of medical insurance fraud.
\u2022
The matters have been consolidated into one proceeding before the Shenzhen City Intermediate Court. No trial date
has been scheduled.
\n\n \n
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 in Harrison County, which alleges that AstraZeneca engaged in unlawful
marketing practices.
\u2022
In July 2025, the State of Texas intervened in the matter and filed an amended petition.
\u2022
In November 2025, the case was transferred to the Texas State Court in Travis County.
\u2022
No trial date has been scheduled.
\n \n
US Department of Justice
Considered to be a contingent liability
Civil Investigative Demand
US
\u2022
In January 2026, AstraZeneca was served with a civil investigative demand issued by the US Department of Justice,
seeking documents and information relating to AstraZeneca's data purchases and quality improvement projects.
\u2022
AstraZeneca is cooperating with this enquiry.
\n\n \n
Vermont US
Considered to be a contingent liability
Attorney Investigation
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 is cooperating in this enquiry.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
340B State Litigation
Considered to be a contingent asset
US
\u2022
AstraZeneca has filed lawsuits against Arkansas, Colorado, Hawaii, Kansas, Louisiana, Maine, Maryland, Minnesota,
Mississippi, Missouri, Nebraska, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota,
Tennessee, Utah, Vermont, and West Virginia challenging the constitutionality of each state\u2019s 340B statute.
\u2022
AstraZeneca has ongoing enforcement actions in Arkansas and Louisiana for alleged non-compliance with each state\u2019s
340B statute. In April 2025, an order was issued in the Arkansas proceeding requiring AstraZeneca to pause its contract
pharmacy policy, which AstraZeneca has appealed.
\u2022
In Arkansas, the Court denied a motion to dismiss.
\u2022
In Colorado, the Court denied AstraZeneca\u2019s motion for a preliminary injunction, which AstraZeneca has appealed.
\u2022
In Kansas, 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 Louisiana, the Court denied AstraZeneca\u2019s motion for summary judgement, which AstraZeneca has appealed.
\u2022
In Maryland and Mississippi, the Court denied AstraZeneca\u2019s motion for a preliminary injunction.
\u2022
In Minnesota, the Court found that the government officials lacked enforcement authority and dismissed AstraZeneca\u2019s
complaint for lack of standing.
\u2022
In Missouri, the Court granted in part and denied in part the state\u2019s motion to dismiss.
\u2022
In Oklahoma, the Court granted AstraZeneca\u2019s motion for a preliminary injunction, which Oklahoma has appealed.
\u2022
AstraZeneca\u2019s lawsuits are stayed in Rhode Island, Utah, and West Virginia.
\n\n \n
Calquence
Inflation
Considered to be a contingent asset
Reduction Act Litigation
US
\u2022
In December 2025, AstraZeneca filed a lawsuit in the US District Court for the District of Maryland challenging the
US Department of Health and Human Services\u2019 interpretation of \u201cqualifying single source drug\u201d under the Inflation
Reduction Act and its application in selecting
Calquence
for drug price negotiation.
\n\n \n
Farxiga
Inflation
Considered to be a contingent asset
Reduction Act Litigation
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
In May 2025, the US Court of Appeals for the Third Circuit affirmed the District Court\u2019s dismissal of AstraZeneca\u2019s challenge.
\u2022
In September 2025, AstraZeneca sought review by the US Supreme Court.
\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 acceptance of an uncertain
\n
tax treatment is not considered probable, a tax liability is recognised based on either the most likely amount method or the expected value method
\n
depending on which method management expects to better predict the resolution of the uncertainty. Due to inherent complexities in the
\n
resolution of the uncertain tax treatments and the resulting liabilities due, management exercise judgement in the measurement of the potential
\n
liability, based on information available at the present time.
\n
Tax liabilities for uncertain tax treatments can be built up over a long period of time but the resolution occurs at a point in time. Therefore, to the
\n
extent the information changes in future periods, there may be adjustments to the liabilities, which may have either a negative or positive effect
\n
on our results. Such changes could arise from commencement, progress or conclusion of tax authority challenge, negotiations under competent
\n
authority arrangements in relevant double tax treaties and expiry of relevant statutes of limitation. Details of the movements of material uncertain
\n
tax treatments are included below.
KJ
AstraZeneca faces a number of audits and reviews in jurisdictions around the world and, in some cases, is in dispute with the tax authorities.
The issues under discussion are often complex and can require many years to resolve. Tax liabilities recognised for uncertain tax treatments
require management to make key judgements with respect to the outcome of current and potential future tax audits, and actual results could
vary from these estimates. Management does not believe a significant risk exists of material change to uncertain tax positions in the next
12 months.
The total net tax liability recognised in the Group Financial Statements in respect of uncertain tax positions is $1,104m (2024: $1,321m). The net
tax liability consists of $1,126m (2024: $1,157m) included within income tax payable, $1,628m (2024: $1,304m) included within deferred tax
asset, partially offset by $205m (2024: $122m) included within deferred tax liabilities, and $1,445m (2024: $1,018m) 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 $120m (2024: $384m). The decrease in the net tax liability for uncertain tax positions relating to transfer pricing
of $264m compared with 2024 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,
as discussed above.
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 $79m (2024: $422m) including
associated interest.
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 $984m (2024: $937m) relating to a number of other uncertain tax treatments. The increase of $47m 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
which are offset by movements relating to uncertainty over the timing of tax deductions. This uncertainty includes movements between income
taxes receivable of $1,391m (2024: $742m), and deferred tax liabilities of $234m (2024: $133m) offset by related deferred tax assets of $1,611m
(2024: $929m) and income taxes payable of $496m (2024: $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.
AstraZeneca estimates the potential for additional liabilities due to other uncertain tax treatments above the amount provided where the possibility
of the additional liabilities falling due is more than remote, to be up to $127m (2024: $214m) including associated interest. 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 (2024: $nil). Management believes that it is unlikely that these additional liabilities will arise.
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 possible that tax payments may be required in relation to a number of 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 $126m (2024: $164m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00580": { "value": "30 Commitments, contingent liabilities and contingent assets \n \n
2025
2024
Commitments
$m
$m
Contracts placed for future capital expenditure on Property, plant and equipment and
software development costs not provided for in these Financial Statements
1,727
1,575
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
Years 5
Total
Under 1 year
Years 1 and 2
Years 3 and 4
and greater
$m
$m
$m
$m
$m
Future potential research and development milestone payments
10,182
1,226
3,698
3,013
2,245
Future potential revenue milestone payments
21,301
45
1,290
4,742
15,224
The table includes all potential payments for achievement of milestones under ongoing research and development arrangements. Revenue-
related milestone payments represent the maximum possible amount payable on achievement of specified levels of revenue as set out in
individual contract agreements, but exclude variable payments that are based on unit sales (e.g. royalty-type payments) which are expensed
as the associated sale is recognised. The table excludes any payments already capitalised in the Financial Statements for the year ended
31 December 2025 which have been capitalised with reference to the latest Group sales forecasts for approved indications.
The future payments we disclose represent contracted payments and, as such, are not discounted and are not risk-adjusted. As detailed in the
Risk Overview section from page 47, the development of any pharmaceutical product candidate is a complex and risky process that may fail
at any stage in the development process due to a number of factors (including items such as failure to obtain regulatory approval, unfavourable
data from key studies, adverse reactions to the product candidate or indications of other safety concerns). The timing of the payments is based
on the Group\u2019s current best estimate of achievement of the relevant milestone.
Environmental costs and liabilities
The Group\u2019s expenditure on environmental protection, including both capital and revenue items, relates to costs that are necessary for
implementing internal systems and programmes, and meeting legal and regulatory requirements for processes and products. This includes
investment to conserve natural resources and otherwise minimise the impact of our activities on the environment. They are an integral part of
normal ongoing expenditure for carrying out the Group\u2019s research, manufacturing and commercial operations and are not separated from
overall operating and development costs. There are no known changes in legal, regulatory or other requirements resulting in material changes to
the levels of expenditure for 2023, 2024 or 2025.
In addition to expenditure for meeting current and foreseen environmental protection requirements, the Group incurs costs in investigating and
cleaning up legacy land and groundwater contamination. In particular, AstraZeneca has environmental liabilities at some currently or formerly
owned, leased and third-party sites.
In the US, Zeneca Inc., and/or its indemnitees, have been named as potentially responsible parties (PRPs) or defendants at a number of sites
where Zeneca Inc. is likely to incur future environmental investigation, remediation, operation and maintenance costs under federal, state, statutory
or common law environmental liability allocation schemes (together, US Environmental Consequences). Similarly, Stauffer Management
Company LLC (SMC), which was established to own and manage certain assets and liabilities of Stauffer Chemical Company, and/or its
indemnitees, have been named as PRPs or defendants at a number of sites where SMC is likely to incur US Environmental Consequences.
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 or
\n
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 2025 in the aggregate of $107m (2024: $105m), mainly relating to the US.
\n
Where we are jointly liable or otherwise have cost-sharing agreements with third parties, we reflect only our share of the obligation. Where
\n
the liability is insured in part or in whole by insurance or other arrangements for reimbursement, an asset is recognised to the extent that this
\n
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 remedial
\n
action, if any, that may be selected at sites where the remedy is presently not known; (4) the potential for recoveries from or allocation of liability
\n
to third parties; and (5) the length of time that the environmental investigation, remediation and liability allocation process can take. As per our
\n
Provisions accounting policy on page 135, Provisions for these costs are made when there is a present obligation and where it is probable that
\n
expenditure on remedial work will be required and a reliable estimate can be made of the cost. Notwithstanding and subject to the foregoing,
\n
we estimate the potential additional loss for future environmental investigation, remediation, remedial operation and maintenance activity above
\n
and beyond our provisions to be, in aggregate, between $115m and $192m (2024: $113m and $190m) 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 of
\n
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 liability
\n
and discloses information with respect to the nature and facts of the cases in accordance with IAS 37 \u2018Provisions, Contingent Liabilities and
\n
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 length
\n
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, damages
\n
and governing law; (iv) uncertainties in timing of litigation; and (v) the possible need for further legal proceedings to establish the appropriate
\n
amount of damages, if any.
\n
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 appeal
\n
(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 indicate
\n
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 as they
\n
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 costs
\n
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, the best
\n
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 in
\n
any of these cases could result in loss of patent protection on the related product.
\n\n
The consequences of any such loss could be a significant decrease in Product Sales, which could have a material adverse effect on our results.
\n
The lawsuits filed by AstraZeneca for patent infringement against companies that have filed abbreviated new drug applications (ANDAs) in the
\n
US, seeking to market generic forms of products sold by the Group prior to the expiry of the applicable patents covering these products, typically
\n
also involve allegations of non-infringement, invalidity and unenforceability of these patents by the ANDA filers. In the event that the Group is
\n
unsuccessful in these actions or the statutory 30-month stay expires before a ruling is obtained, the ANDA filers involved will also have the
\n
ability, subject to US Food and Drug Administration (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 2025, a significant number of commercial litigation claims in which AstraZeneca is involved
\n
have been resolved, particularly in the US, thereby reducing potential contingent liability exposure arising from such litigation. Similarly, in part
\n
due to patent litigation and settlement developments, greater certainty has been achieved regarding possible generic entry dates with respect
\n
to some of our patented products. At the same time, like other companies in the pharmaceutical sector and other industries, AstraZeneca continues
\n
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 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 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 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.
\u2022
In December 2025, the US Court of Appeals for the Federal Circuit issued decisions in both the District Court and PGR
appeals finding that Seagen\u2019s patent is invalid and vacating the District Court\u2019s prior judgment and damages award.
\n\n \n
Factor Bioscience
Considered to be a contingent liability
patent proceedings
US
\u2022
In September 2025, Factor Bioscience Inc. (Factor) filed a complaint against AstraZeneca, and others in the US District
Court for the District of Delaware, alleging infringement of several Factor patents related to technology for producing
gene-edited cells using synthetic messenger ribonucleic acid (mRNA) molecules encoding transcription activator-like
effector nuclease (TALEN) gene-editing proteins.
\u2022
The complaint alleges that certain drug research, design and development activities by AstraZeneca and others
infringe Factor\u2019s patents.
\n\n \n
Forxiga
patent proceedings
Considered to be a contingent liability
Europe
\u2022
In November 2025, in France, Biogaran SAS challenged one of AstraZeneca\u2019s patents covering
Forxiga
. No trial date
has been set.
\u2022
In Poland and in Portugal, multiple generic companies have challenged one of AstraZeneca\u2019s patents covering
Forxiga
.
No trial date has been set.
\u2022
In Poland, in January 2026, AstraZeneca obtained interim injunctions against the generic companies that have
challenged the patent.
\n\n \n
Forxiga
patent proceedings
Matter concluded
UK
\u2022
In the UK, one of AstraZeneca\u2019s patents relating to
Forxiga
was challenged by Generics (UK) Limited, Teva Pharmaceutical
Industries Limited, and Glenmark Pharmaceuticals Europe Limited.
\u2022
Trial regarding patent validity occurred in March 2025. In April 2025, the UK Patents Court held the patent invalid.
AstraZeneca appealed the decision. In July 2025, the UK Court of Appeal dismissed AstraZeneca\u2019s appeal and upheld
the lower court\u2019s invalidity decision. AstraZeneca\u2019s application for permission to appeal to the UK Supreme Court
was denied.
\u2022
In March 2025 and onward, AstraZeneca obtained injunctions against generic manufacturers\u2019 at-risk sales of dapagliflozin
products in the UK. All injunctions have since been lifted.
\u2022
This matter has concluded.
\n \n
Soliris
patent proceedings
Considered to be a contingent liability
Turkey
\u2022
In November 2024, Salute HC \u0130la\u00e7lar\u0131 Sanayi ve Ticaret A.\u015e served an action in the Industrial and Intellectual Property
Rights Court in Turkey seeking to invalidate and enjoin enforcement of AstraZeneca\u2019s patent relating to eculizumab.
\n\n \n
Tagrisso
patent proceedings
Considered to be a contingent liability
China
\u2022
In January 2025, an individual filed invalidity challenges against several Chinese patents protecting
Tagrisso
.
\u2022
A hearing before the Chinese Patent Office (Patent Office) was held in July 2025.
\u2022
In November 2025, the Patent Office issued decisions maintaining the compound patents.
\u2022
In January 2026, the Patent Office dismissed the invalidity case against the formulation patent.
\n\n \n
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
. 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.
\u2022
Additional proceedings are ongoing in the District Court.
\u2022
No trial date has been set.
\n\n \n
Calquence
patent proceedings
Considered to be a contingent asset
US
\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 US District Court for the District of Delaware (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. Trial has been scheduled for April 2027.
\u2022
In December 2025, AstraZeneca entered into a settlement agreement with MSN and the District Court dismissed the
corresponding litigation. The litigation with Cipla is ongoing.
\n\n \n
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
AstraZeneca has entered into separate settlement agreements and the District Court entered a consent judgment to
dismiss the corresponding litigation. Additional ANDA challenges are pending.
\n\n \n
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.
\n\n \n
Forxiga
patent proceedings
Considered to be a contingent asset
Australia
\u2022
In December 2025, in the Federal Court of Australia, AstraZeneca initiated patent infringement litigation against
Pharmacor Pty Limited in reference to one of the patents that protects
Forxiga
.
\u2022
No trial date has been set.
\n\n\n \n
Lokelma
patent proceedings
Matter concluded
US
\u2022
In August 2022, in response to Paragraph IV notices, AstraZeneca initiated ANDA litigation against five generic filers in
the US District Court for the District of Delaware.
\u2022
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 the five generic manufacturers which resulted in
dismissal of the corresponding litigations.
\u2022
This matter is now concluded.
\n\n \n
Lynparza
patent proceedings
Considered to be a contingent asset
Canada
\u2022
In July 2025, AstraZeneca was served with a Notice of Allegation from Cipla Ltd. challenging a patent relating to
Lynparza
.
AstraZeneca commenced an action in response in August 2025. Trial is scheduled to begin in April 2027.
\u2022
In August 2025, AstraZeneca was served with a Notice of Allegation from Natco Pharma (Canada) Inc. challenging a
patent relating to
Lynparza
. AstraZeneca commenced an action in response in October 2025. Trial is scheduled to begin
in June 2027.
\u2022
In November 2025, AstraZeneca was served with a Notice of Allegation from Zydus Lifesciences Limited challenging a
patent relating to
Lynparza
. AstraZeneca commenced an action in response in December 2025. No trial date has been set.
\n\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.
\u2022
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.
\n\n \n
Soliris
patent proceedings
Matter concluded
Canada
\u2022
In May 2023, AstraZeneca initiated patent litigation in Canada alleging that Amgen Canada Inc.\u2019s (Amgen) biosimilar
eculizumab product infringed AstraZeneca\u2019s patents.
\u2022
In September 2023, AstraZeneca initiated patent litigations in Canada alleging that Samsung Bioepis Co. Ltd.\u2019s (Samsung)
biosimilar eculizumab product infringed AstraZeneca\u2019s patents.
\u2022
In June and November 2025, AstraZeneca settled with Samsung and Amgen, respectively.
\n\n \n
Soliris
patent proceedings
Matter concluded
Europe
\u2022
In March 2024, AstraZeneca filed motions for provisional measures against the relevant corporate entities of Amgen
Inc. (Amgen) and Samsung Bioepis Co. Ltd. (Samsung
) 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 AstraZeneca patent. In
November 2025 and January 2026, AstraZeneca entered into global settlement agreements with Amgen and
Samsung, respectively, resolving all eculizumab patent disputes between the parties.
\n\n \n
Soliris
patent proceedings
Matter concluded
UK
\u2022
In May 2024, AstraZeneca initiated patent infringement proceedings against Amgen Ltd. (Amgen) and Samsung Bioepis
UK Limited (Samsung) in the UK High Court of Justice alleging that their respective biosimilar eculizumab products
infringe an AstraZeneca patent; on the same day, Samsung initiated a revocation action for the same patent.
\u2022
In November 2025 and January 2026, AstraZeneca settled the UK eculizumab patent matters with Amgen and
Samsung, respectively.
\n \n
Tagrisso
patent proceedings
Considered to be a contingent asset
Russia
\u2022
In August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow region (Court) against the Russian
Ministry of Health (MOH) and Axelpharm LLC (Axelpharm) for improper use of AstraZeneca information in the authorisation
of a generic version of
Tagrisso
. The suit against the MOH was dismissed in July 2024, after two appeals. The case
against Axelpharm was dismissed in September 2024, and a subsequent appeal by AstraZeneca was also dismissed.
\u2022
In November 2023, Axelpharm sought a compulsory licence under a patent related to
Tagrisso
; the action remains
pending. The Axelpharm patent on which the compulsory licensing action was based was held invalid by the Russian
Patent and Trademark Office (PTO) in August 2024 following challenge by AstraZeneca. The PTO\u2019s decision was upheld
in June 2025, following an appeal by Axelpharm. At a further appeal hearing in November 2025, the Intellectual Property
Court Presidium reversed earlier decisions and held Axelpharm\u2019s patent valid. In January 2026, AstraZeneca appealed
to the Supreme Court, which was rejected. AstraZeneca expects to file a further appeal.
\u2022
In July 2024, AstraZeneca filed a patent infringement claim against Axelpharm in relation to a generic version of
Tagrisso
.
The action was stayed by the court pending resolution of the compulsory licensing action.
\u2022
In August 2024, after AstraZeneca filed a complaint, the Federal Anti-Monopoly Service of Russia (FAS) initiated a case
against Axelpharm and OncoTarget LLC (OncoTarget). In November 2024, the FAS found Axelpharm
(but not OncoTarget)
to have committed unfair competition. In June 2025, the finding against Axelpharm was reversed on appeal. In December
2025, on appeal by AstraZeneca, the appellate decision was affirmed. Also in December 2025, AstraZeneca filed a
further appeal.
\n
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.
\u2022
The parties have reached a settlement in principle for a non-material amount to resolve the single case scheduled for
trial in March 2026.
\u2022
All remaining claims are filed in Delaware State Court and the earliest trial is now scheduled for September 2026.
\n\n \n
Nexium
and
Prilosec
A provision has been taken
US
\u2022
AstraZeneca has defended 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
Between 2022 and 2024, AstraZeneca resolved the claims by way of settlement agreements.
\u2022
A relatively small number of plaintiffs have opted out of the settlement.
\n\n \n
Nexium
and
Losec
Matter concluded
Canada
\u2022
In Canada, in July and August 2017, AstraZeneca was served with three putative class action lawsuits.
\u2022
As of September 2025, all three lawsuits have been dismissed.
\u2022
The Canada proceedings are concluded.
\n\n \n
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, Inc. 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. In March 2024, Plaintiffs filed an appeal.
\u2022
In August 2025, the US Court of Appeals for the Second Circuit decided in the plaintiffs\u2019 favour, ordering the District Court
to accept the amended complaint.
\n\n \n
Amyndas Trade
Considered to be a contingent liability
Secrets Litigation
US
\u2022
AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and Amyndas Pharmaceuticals,
LLC (collectively Amyndas), in the US District Court for the District of Massachusetts alleging trade secret
misappropriation and breach of contract claims against AstraZeneca and Zealand Pharma U.S. Inc. related to
Amyndas\u2019 C3 inhibitor candidate.
\u2022
No trial date has been scheduled.
\n\n\n \n
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 remanding to the
Appellate Court for reconsideration under new case law. In January 2026, after reconsideration, the Second Circuit
issued a decision again allowing the claims to proceed and returning the matter to the District Court, where AstraZeneca
has a separate motion to dismiss pending.
\n\n \n
Definiens
Considered to be a contingent liability
Germany
\u2022
In July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of Arbitration from the sellers
of Definiens AG (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 $46m in favour of the Sellers.
\u2022
In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court (Court) to set aside the arbitration award.
\u2022
In April 2025, the Court ruled in favour of AstraZeneca, annulled the arbitration award, and referred the dispute back to
the same arbitration panel for a second determination.
\u2022
In May 2025, the Sellers appealed the Court\u2019s decision to the German Federal Court of Justice (Court of Justice).
AstraZeneca also appealed the decision to refer the dispute back to the same arbitration panel.
\u2022
In January 2026, the Court of Justice upheld the Court\u2019s decision to annul the arbitration award and referred the dispute
back to the same arbitration panel.
\n\n \n
Employment Litigation
Considered to be a contingent liability
US
\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.
\u2022
All but one claim has been resolved by settlement or disposed of by motion practice.
\n\n \n
Novartis Advertising Litigation
Considered to be a contingent liability
US
\u2022
In October 2025, Novartis Pharmaceuticals Corp. filed a lawsuit in the US District Court for the District of Delaware
alleging false and misleading representation claims under the Lanham Act and state law unfair competition and
deceptive practices claims.
\u2022
The complaint alleges that statements in AstraZeneca\u2019s marketing for treatment for paroxysmal nocturnal hemoglobinuria
are false and misleading.
\n\n \n
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, and the opt-in period
has closed.
\n\n \n
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.
\u2022
The case was subsequently transferred to the US District Court for the Southern District of New York.
\n\n \n
Seroquel
XR Antitrust Litigation
Matter concluded
US
\u2022
In 2019, AstraZeneca was named in several related complaints in US District Court in Delaware (District Court), including
several putative class action lawsuits brought on behalf of classes of direct purchasers or end payors of
Seroquel
XR,
alleging 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 which the
court approved.
\u2022
In May 2025, AstraZeneca resolved the matter with all remaining plaintiffs for a total payment of $97m. In September
2025, the District Court approved the class-related portion of the settlement.
\u2022
This matter is now concluded.
\n \n
Soliris
Antitrust Class Action
Considered to be a contingent liability
US
\u2022
In April 2025, AstraZeneca was named in a lawsuit filed in the US District Court for the District of Massachusetts
(District Court) alleging antitrust claims on behalf of a potential class of end payors for
Soliris
from March 2022.
\u2022
The plaintiff alleges that AstraZeneca violated federal and state antitrust and business practices laws by obtaining
improper patents for
Soliris
, delaying biosimilar entry and improperly extending
Soliris
\u2019 market exclusivity.
\u2022
In December 2025, the District Court partially granted AstraZeneca\u2019s motion to dismiss.
\n\n \n
Syntimmune Milestone Litigation
Considered to be a contingent liability
US
\u2022
In connection with AstraZeneca\u2019s acquisition of Syntimmune, Inc. (Syntimmune) in December 2020, AstraZeneca was
served with a lawsuit filed by the stockholders\u2019 representative for Syntimmune in Delaware State Court (Court) that
alleged, among other things, breaches of the 2018 merger agreement (Merger Agreement).
\u2022
The stockholders\u2019 representative alleges that AstraZeneca failed to meet its obligations under the Merger Agreement
to use commercially reasonable efforts to achieve the milestones. AstraZeneca also filed a claim for breach of the
representations in the Merger Agreement.
\u2022
A trial was held in July 2023.
\u2022
In September 2024, the Court issued a partial decision, concluding that the first milestone in the amount of $130m was
achieved, and that AstraZeneca had breached its contractual obligation to use commercially reasonable efforts to
achieve the milestones. The Court requested additional briefing regarding damages and further proceedings regarding
AstraZeneca\u2019s claim for breach.
\u2022
In June 2025, the Court issued a further partial decision awarding an additional $181m in damages on its September
2024 breach determination.
\u2022
Additional proceedings regarding AstraZeneca\u2019s claim are ongoing.
\n\n \n
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 licence agreement
relating to
Lynparza
.
\u2022
Trial has been scheduled to begin in June 2026.
\n\n \n
Viela Bio, Inc.
Matter concluded
Shareholder Litigation
US
\u2022
In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware State Court (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.
\u2022
In March 2025, the Delaware Supreme Court affirmed the dismissal.
\u2022
This matter is now concluded.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
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.
\u2022
In May 2021, AstraZeneca filed a lawsuit against GSK in the Commercial Court of England and Wales (Trial Court)
alleging that GSK had failed to pay all of the royalties due on niraparib sales under the license agreements.
\u2022
In April 2023, after trial, the Trial Court issued a decision in AstraZeneca\u2019s favour.
\u2022
In February 2024, the Court of Appeal reversed the decision.
\u2022
In March 2024, AstraZeneca filed a request for permission to appeal with the Supreme Court of the United Kingdom.
In May 2024, the Supreme Court denied permission to appeal.
\u2022
The case will return to the Trial Court for further proceedings.
\n\n
Government investigations and proceedings
\n
Legal proceedings brought against AstraZeneca
\n\n \n
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.
\n\n \n
Beyfortus
Civil
Considered to be a contingent liability
Investigative Demand
US
\u2022
In March 2025, AstraZeneca received a subpoena from the US Attorney\u2019s Office seeking certain records relating to
Beyfortus
. The subpoena requests that the Company produce various documents from January 2020 to present,
including communications related to specific batches of
Beyfortus
, customer complaints, and FDA inspection reports.
\u2022
AstraZeneca is cooperating with this enquiry.
\n\n \n
Boston US
Considered to be a contingent liability
Attorney Investigation
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.
\n\n \n
Brazilian Tax
Considered to be a contingent liability
Assessment Matter
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 AstraZeneca subsidiaries in Brazil, as well as to two additional
entities, a logistics provider utilised by AstraZeneca and a distributor. The Tax Assessment focuses on the importation
of
Soliris
vials pursuant to AstraZeneca\u2019s free drug supply to patients\u2019 programme in Brazil.
\u2022
AstraZeneca prevailed in the first level of administrative appeals in the Brazilian federal administrative proceeding system.
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.
\n\n \n
China Personal Information
Considered to be a contingent liability
Infringement and Illegal
Trade Matters
China
\u2022
In relation to the personal information infringement allegation, in April 2025, AstraZeneca Investment (China) Co., Ltd.
received a Notice of Transfer to the Prosecutor from the Shenzhen Bao\u2019an District Public Security Bureau regarding
suspected unlawful collection of personal information.
\u2022
In relation to the illegal trade allegation, in October 2025, AstraZeneca Investment (China) Co., Ltd. received a final
appraisal opinion from the Shenzhen City Customs Office, informing AstraZeneca Investment (China) Co., Ltd. that the
total amount of unpaid import taxes is RMB 24m (approximately USD $3.5m). The import taxes mentioned in the Appraisal
Opinion relate to
Imfinzi
,
Imjudo
, and
Enhertu
. In October 2025, AstraZeneca Investment (China) Co., Ltd. prepaid the
full amount as voluntary compensation to the State. A fine of between one and five times the amount of these paid
importation taxes may also be levied if AstraZeneca Investment (China) Co., Ltd. is found liable for illegal trade.
\u2022
In November 2025, the Shenzhen Prosecutor concluded its evaluation. AstraZeneca Investment (China) Co., Ltd.,
the former EVP and one former senior employee were indicted on charges of unlawful collection of personal information
and illegal trade, although no illegal gain to AstraZeneca Investment (China) Co., Ltd. was alleged resulting from unlawful
collection of personal information.
\u2022
The former EVP and former senior employee were additionally indicted on charges of medical insurance fraud.
AstraZeneca Investment (China) Co., Ltd. has not been indicted on charges of medical insurance fraud.
\u2022
The matters have been consolidated into one proceeding before the Shenzhen City Intermediate Court. No trial date
has been scheduled.
\n\n \n
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 in Harrison County, which alleges that AstraZeneca engaged in unlawful
marketing practices.
\u2022
In July 2025, the State of Texas intervened in the matter and filed an amended petition.
\u2022
In November 2025, the case was transferred to the Texas State Court in Travis County.
\u2022
No trial date has been scheduled.
\n \n
US Department of Justice
Considered to be a contingent liability
Civil Investigative Demand
US
\u2022
In January 2026, AstraZeneca was served with a civil investigative demand issued by the US Department of Justice,
seeking documents and information relating to AstraZeneca's data purchases and quality improvement projects.
\u2022
AstraZeneca is cooperating with this enquiry.
\n\n \n
Vermont US
Considered to be a contingent liability
Attorney Investigation
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 is cooperating in this enquiry.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
340B State Litigation
Considered to be a contingent asset
US
\u2022
AstraZeneca has filed lawsuits against Arkansas, Colorado, Hawaii, Kansas, Louisiana, Maine, Maryland, Minnesota,
Mississippi, Missouri, Nebraska, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota,
Tennessee, Utah, Vermont, and West Virginia challenging the constitutionality of each state\u2019s 340B statute.
\u2022
AstraZeneca has ongoing enforcement actions in Arkansas and Louisiana for alleged non-compliance with each state\u2019s
340B statute. In April 2025, an order was issued in the Arkansas proceeding requiring AstraZeneca to pause its contract
pharmacy policy, which AstraZeneca has appealed.
\u2022
In Arkansas, the Court denied a motion to dismiss.
\u2022
In Colorado, the Court denied AstraZeneca\u2019s motion for a preliminary injunction, which AstraZeneca has appealed.
\u2022
In Kansas, 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 Louisiana, the Court denied AstraZeneca\u2019s motion for summary judgement, which AstraZeneca has appealed.
\u2022
In Maryland and Mississippi, the Court denied AstraZeneca\u2019s motion for a preliminary injunction.
\u2022
In Minnesota, the Court found that the government officials lacked enforcement authority and dismissed AstraZeneca\u2019s
complaint for lack of standing.
\u2022
In Missouri, the Court granted in part and denied in part the state\u2019s motion to dismiss.
\u2022
In Oklahoma, the Court granted AstraZeneca\u2019s motion for a preliminary injunction, which Oklahoma has appealed.
\u2022
AstraZeneca\u2019s lawsuits are stayed in Rhode Island, Utah, and West Virginia.
\n\n \n
Calquence
Inflation
Considered to be a contingent asset
Reduction Act Litigation
US
\u2022
In December 2025, AstraZeneca filed a lawsuit in the US District Court for the District of Maryland challenging the
US Department of Health and Human Services\u2019 interpretation of \u201cqualifying single source drug\u201d under the Inflation
Reduction Act and its application in selecting
Calquence
for drug price negotiation.
\n\n \n
Farxiga
Inflation
Considered to be a contingent asset
Reduction Act Litigation
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
In May 2025, the US Court of Appeals for the Third Circuit affirmed the District Court\u2019s dismissal of AstraZeneca\u2019s challenge.
\u2022
In September 2025, AstraZeneca sought review by the US Supreme Court.
\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 acceptance of an uncertain
\n
tax treatment is not considered probable, a tax liability is recognised based on either the most likely amount method or the expected value method
\n
depending on which method management expects to better predict the resolution of the uncertainty. Due to inherent complexities in the
\n
resolution of the uncertain tax treatments and the resulting liabilities due, management exercise judgement in the measurement of the potential
\n
liability, based on information available at the present time.
\n
Tax liabilities for uncertain tax treatments can be built up over a long period of time but the resolution occurs at a point in time. Therefore, to the
\n
extent the information changes in future periods, there may be adjustments to the liabilities, which may have either a negative or positive effect
\n
on our results. Such changes could arise from commencement, progress or conclusion of tax authority challenge, negotiations under competent
\n
authority arrangements in relevant double tax treaties and expiry of relevant statutes of limitation. Details of the movements of material uncertain
\n
tax treatments are included below.
KJ
AstraZeneca faces a number of audits and reviews in jurisdictions around the world and, in some cases, is in dispute with the tax authorities.
The issues under discussion are often complex and can require many years to resolve. Tax liabilities recognised for uncertain tax treatments
require management to make key judgements with respect to the outcome of current and potential future tax audits, and actual results could
vary from these estimates. Management does not believe a significant risk exists of material change to uncertain tax positions in the next
12 months.
The total net tax liability recognised in the Group Financial Statements in respect of uncertain tax positions is $1,104m (2024: $1,321m). The net
tax liability consists of $1,126m (2024: $1,157m) included within income tax payable, $1,628m (2024: $1,304m) included within deferred tax
asset, partially offset by $205m (2024: $122m) included within deferred tax liabilities, and $1,445m (2024: $1,018m) 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 $120m (2024: $384m). The decrease in the net tax liability for uncertain tax positions relating to transfer pricing
of $264m compared with 2024 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,
as discussed above.
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 $79m (2024: $422m) including
associated interest.
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 $984m (2024: $937m) relating to a number of other uncertain tax treatments. The increase of $47m 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
which are offset by movements relating to uncertainty over the timing of tax deductions. This uncertainty includes movements between income
taxes receivable of $1,391m (2024: $742m), and deferred tax liabilities of $234m (2024: $133m) offset by related deferred tax assets of $1,611m
(2024: $929m) and income taxes payable of $496m (2024: $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.
AstraZeneca estimates the potential for additional liabilities due to other uncertain tax treatments above the amount provided where the possibility
of the additional liabilities falling due is more than remote, to be up to $127m (2024: $214m) including associated interest. 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 (2024: $nil). Management believes that it is unlikely that these additional liabilities will arise.
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 possible that tax payments may be required in relation to a number of 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 $126m (2024: $164m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00581": { "value": "30 Commitments, contingent liabilities and contingent assets \n \n
2025
2024
Commitments
$m
$m
Contracts placed for future capital expenditure on Property, plant and equipment and
software development costs not provided for in these Financial Statements
1,727
1,575
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
Years 5
Total
Under 1 year
Years 1 and 2
Years 3 and 4
and greater
$m
$m
$m
$m
$m
Future potential research and development milestone payments
10,182
1,226
3,698
3,013
2,245
Future potential revenue milestone payments
21,301
45
1,290
4,742
15,224
The table includes all potential payments for achievement of milestones under ongoing research and development arrangements. Revenue-
related milestone payments represent the maximum possible amount payable on achievement of specified levels of revenue as set out in
individual contract agreements, but exclude variable payments that are based on unit sales (e.g. royalty-type payments) which are expensed
as the associated sale is recognised. The table excludes any payments already capitalised in the Financial Statements for the year ended
31 December 2025 which have been capitalised with reference to the latest Group sales forecasts for approved indications.
The future payments we disclose represent contracted payments and, as such, are not discounted and are not risk-adjusted. As detailed in the
Risk Overview section from page 47, the development of any pharmaceutical product candidate is a complex and risky process that may fail
at any stage in the development process due to a number of factors (including items such as failure to obtain regulatory approval, unfavourable
data from key studies, adverse reactions to the product candidate or indications of other safety concerns). The timing of the payments is based
on the Group\u2019s current best estimate of achievement of the relevant milestone.
Environmental costs and liabilities
The Group\u2019s expenditure on environmental protection, including both capital and revenue items, relates to costs that are necessary for
implementing internal systems and programmes, and meeting legal and regulatory requirements for processes and products. This includes
investment to conserve natural resources and otherwise minimise the impact of our activities on the environment. They are an integral part of
normal ongoing expenditure for carrying out the Group\u2019s research, manufacturing and commercial operations and are not separated from
overall operating and development costs. There are no known changes in legal, regulatory or other requirements resulting in material changes to
the levels of expenditure for 2023, 2024 or 2025.
In addition to expenditure for meeting current and foreseen environmental protection requirements, the Group incurs costs in investigating and
cleaning up legacy land and groundwater contamination. In particular, AstraZeneca has environmental liabilities at some currently or formerly
owned, leased and third-party sites.
In the US, Zeneca Inc., and/or its indemnitees, have been named as potentially responsible parties (PRPs) or defendants at a number of sites
where Zeneca Inc. is likely to incur future environmental investigation, remediation, operation and maintenance costs under federal, state, statutory
or common law environmental liability allocation schemes (together, US Environmental Consequences). Similarly, Stauffer Management
Company LLC (SMC), which was established to own and manage certain assets and liabilities of Stauffer Chemical Company, and/or its
indemnitees, have been named as PRPs or defendants at a number of sites where SMC is likely to incur US Environmental Consequences.
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 or
\n
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 2025 in the aggregate of $107m (2024: $105m), mainly relating to the US.
\n
Where we are jointly liable or otherwise have cost-sharing agreements with third parties, we reflect only our share of the obligation. Where
\n
the liability is insured in part or in whole by insurance or other arrangements for reimbursement, an asset is recognised to the extent that this
\n
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 remedial
\n
action, if any, that may be selected at sites where the remedy is presently not known; (4) the potential for recoveries from or allocation of liability
\n
to third parties; and (5) the length of time that the environmental investigation, remediation and liability allocation process can take. As per our
\n
Provisions accounting policy on page 135, Provisions for these costs are made when there is a present obligation and where it is probable that
\n
expenditure on remedial work will be required and a reliable estimate can be made of the cost. Notwithstanding and subject to the foregoing,
\n
we estimate the potential additional loss for future environmental investigation, remediation, remedial operation and maintenance activity above
\n
and beyond our provisions to be, in aggregate, between $115m and $192m (2024: $113m and $190m) 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 of
\n
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 liability
\n
and discloses information with respect to the nature and facts of the cases in accordance with IAS 37 \u2018Provisions, Contingent Liabilities and
\n
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 length
\n
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, damages
\n
and governing law; (iv) uncertainties in timing of litigation; and (v) the possible need for further legal proceedings to establish the appropriate
\n
amount of damages, if any.
\n
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 appeal
\n
(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 indicate
\n
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 as they
\n
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 costs
\n
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, the best
\n
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 in
\n
any of these cases could result in loss of patent protection on the related product.
\n\n
The consequences of any such loss could be a significant decrease in Product Sales, which could have a material adverse effect on our results.
\n
The lawsuits filed by AstraZeneca for patent infringement against companies that have filed abbreviated new drug applications (ANDAs) in the
\n
US, seeking to market generic forms of products sold by the Group prior to the expiry of the applicable patents covering these products, typically
\n
also involve allegations of non-infringement, invalidity and unenforceability of these patents by the ANDA filers. In the event that the Group is
\n
unsuccessful in these actions or the statutory 30-month stay expires before a ruling is obtained, the ANDA filers involved will also have the
\n
ability, subject to US Food and Drug Administration (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 2025, a significant number of commercial litigation claims in which AstraZeneca is involved
\n
have been resolved, particularly in the US, thereby reducing potential contingent liability exposure arising from such litigation. Similarly, in part
\n
due to patent litigation and settlement developments, greater certainty has been achieved regarding possible generic entry dates with respect
\n
to some of our patented products. At the same time, like other companies in the pharmaceutical sector and other industries, AstraZeneca continues
\n
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 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 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 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.
\u2022
In December 2025, the US Court of Appeals for the Federal Circuit issued decisions in both the District Court and PGR
appeals finding that Seagen\u2019s patent is invalid and vacating the District Court\u2019s prior judgment and damages award.
\n\n \n
Factor Bioscience
Considered to be a contingent liability
patent proceedings
US
\u2022
In September 2025, Factor Bioscience Inc. (Factor) filed a complaint against AstraZeneca, and others in the US District
Court for the District of Delaware, alleging infringement of several Factor patents related to technology for producing
gene-edited cells using synthetic messenger ribonucleic acid (mRNA) molecules encoding transcription activator-like
effector nuclease (TALEN) gene-editing proteins.
\u2022
The complaint alleges that certain drug research, design and development activities by AstraZeneca and others
infringe Factor\u2019s patents.
\n\n \n
Forxiga
patent proceedings
Considered to be a contingent liability
Europe
\u2022
In November 2025, in France, Biogaran SAS challenged one of AstraZeneca\u2019s patents covering
Forxiga
. No trial date
has been set.
\u2022
In Poland and in Portugal, multiple generic companies have challenged one of AstraZeneca\u2019s patents covering
Forxiga
.
No trial date has been set.
\u2022
In Poland, in January 2026, AstraZeneca obtained interim injunctions against the generic companies that have
challenged the patent.
\n\n \n
Forxiga
patent proceedings
Matter concluded
UK
\u2022
In the UK, one of AstraZeneca\u2019s patents relating to
Forxiga
was challenged by Generics (UK) Limited, Teva Pharmaceutical
Industries Limited, and Glenmark Pharmaceuticals Europe Limited.
\u2022
Trial regarding patent validity occurred in March 2025. In April 2025, the UK Patents Court held the patent invalid.
AstraZeneca appealed the decision. In July 2025, the UK Court of Appeal dismissed AstraZeneca\u2019s appeal and upheld
the lower court\u2019s invalidity decision. AstraZeneca\u2019s application for permission to appeal to the UK Supreme Court
was denied.
\u2022
In March 2025 and onward, AstraZeneca obtained injunctions against generic manufacturers\u2019 at-risk sales of dapagliflozin
products in the UK. All injunctions have since been lifted.
\u2022
This matter has concluded.
\n \n
Soliris
patent proceedings
Considered to be a contingent liability
Turkey
\u2022
In November 2024, Salute HC \u0130la\u00e7lar\u0131 Sanayi ve Ticaret A.\u015e served an action in the Industrial and Intellectual Property
Rights Court in Turkey seeking to invalidate and enjoin enforcement of AstraZeneca\u2019s patent relating to eculizumab.
\n\n \n
Tagrisso
patent proceedings
Considered to be a contingent liability
China
\u2022
In January 2025, an individual filed invalidity challenges against several Chinese patents protecting
Tagrisso
.
\u2022
A hearing before the Chinese Patent Office (Patent Office) was held in July 2025.
\u2022
In November 2025, the Patent Office issued decisions maintaining the compound patents.
\u2022
In January 2026, the Patent Office dismissed the invalidity case against the formulation patent.
\n\n \n
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
. 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.
\u2022
Additional proceedings are ongoing in the District Court.
\u2022
No trial date has been set.
\n\n \n
Calquence
patent proceedings
Considered to be a contingent asset
US
\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 US District Court for the District of Delaware (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. Trial has been scheduled for April 2027.
\u2022
In December 2025, AstraZeneca entered into a settlement agreement with MSN and the District Court dismissed the
corresponding litigation. The litigation with Cipla is ongoing.
\n\n \n
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
AstraZeneca has entered into separate settlement agreements and the District Court entered a consent judgment to
dismiss the corresponding litigation. Additional ANDA challenges are pending.
\n\n \n
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.
\n\n \n
Forxiga
patent proceedings
Considered to be a contingent asset
Australia
\u2022
In December 2025, in the Federal Court of Australia, AstraZeneca initiated patent infringement litigation against
Pharmacor Pty Limited in reference to one of the patents that protects
Forxiga
.
\u2022
No trial date has been set.
\n\n\n \n
Lokelma
patent proceedings
Matter concluded
US
\u2022
In August 2022, in response to Paragraph IV notices, AstraZeneca initiated ANDA litigation against five generic filers in
the US District Court for the District of Delaware.
\u2022
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 the five generic manufacturers which resulted in
dismissal of the corresponding litigations.
\u2022
This matter is now concluded.
\n\n \n
Lynparza
patent proceedings
Considered to be a contingent asset
Canada
\u2022
In July 2025, AstraZeneca was served with a Notice of Allegation from Cipla Ltd. challenging a patent relating to
Lynparza
.
AstraZeneca commenced an action in response in August 2025. Trial is scheduled to begin in April 2027.
\u2022
In August 2025, AstraZeneca was served with a Notice of Allegation from Natco Pharma (Canada) Inc. challenging a
patent relating to
Lynparza
. AstraZeneca commenced an action in response in October 2025. Trial is scheduled to begin
in June 2027.
\u2022
In November 2025, AstraZeneca was served with a Notice of Allegation from Zydus Lifesciences Limited challenging a
patent relating to
Lynparza
. AstraZeneca commenced an action in response in December 2025. No trial date has been set.
\n\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.
\u2022
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.
\n\n \n
Soliris
patent proceedings
Matter concluded
Canada
\u2022
In May 2023, AstraZeneca initiated patent litigation in Canada alleging that Amgen Canada Inc.\u2019s (Amgen) biosimilar
eculizumab product infringed AstraZeneca\u2019s patents.
\u2022
In September 2023, AstraZeneca initiated patent litigations in Canada alleging that Samsung Bioepis Co. Ltd.\u2019s (Samsung)
biosimilar eculizumab product infringed AstraZeneca\u2019s patents.
\u2022
In June and November 2025, AstraZeneca settled with Samsung and Amgen, respectively.
\n\n \n
Soliris
patent proceedings
Matter concluded
Europe
\u2022
In March 2024, AstraZeneca filed motions for provisional measures against the relevant corporate entities of Amgen
Inc. (Amgen) and Samsung Bioepis Co. Ltd. (Samsung
) 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 AstraZeneca patent. In
November 2025 and January 2026, AstraZeneca entered into global settlement agreements with Amgen and
Samsung, respectively, resolving all eculizumab patent disputes between the parties.
\n\n \n
Soliris
patent proceedings
Matter concluded
UK
\u2022
In May 2024, AstraZeneca initiated patent infringement proceedings against Amgen Ltd. (Amgen) and Samsung Bioepis
UK Limited (Samsung) in the UK High Court of Justice alleging that their respective biosimilar eculizumab products
infringe an AstraZeneca patent; on the same day, Samsung initiated a revocation action for the same patent.
\u2022
In November 2025 and January 2026, AstraZeneca settled the UK eculizumab patent matters with Amgen and
Samsung, respectively.
\n \n
Tagrisso
patent proceedings
Considered to be a contingent asset
Russia
\u2022
In August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow region (Court) against the Russian
Ministry of Health (MOH) and Axelpharm LLC (Axelpharm) for improper use of AstraZeneca information in the authorisation
of a generic version of
Tagrisso
. The suit against the MOH was dismissed in July 2024, after two appeals. The case
against Axelpharm was dismissed in September 2024, and a subsequent appeal by AstraZeneca was also dismissed.
\u2022
In November 2023, Axelpharm sought a compulsory licence under a patent related to
Tagrisso
; the action remains
pending. The Axelpharm patent on which the compulsory licensing action was based was held invalid by the Russian
Patent and Trademark Office (PTO) in August 2024 following challenge by AstraZeneca. The PTO\u2019s decision was upheld
in June 2025, following an appeal by Axelpharm. At a further appeal hearing in November 2025, the Intellectual Property
Court Presidium reversed earlier decisions and held Axelpharm\u2019s patent valid. In January 2026, AstraZeneca appealed
to the Supreme Court, which was rejected. AstraZeneca expects to file a further appeal.
\u2022
In July 2024, AstraZeneca filed a patent infringement claim against Axelpharm in relation to a generic version of
Tagrisso
.
The action was stayed by the court pending resolution of the compulsory licensing action.
\u2022
In August 2024, after AstraZeneca filed a complaint, the Federal Anti-Monopoly Service of Russia (FAS) initiated a case
against Axelpharm and OncoTarget LLC (OncoTarget). In November 2024, the FAS found Axelpharm
(but not OncoTarget)
to have committed unfair competition. In June 2025, the finding against Axelpharm was reversed on appeal. In December
2025, on appeal by AstraZeneca, the appellate decision was affirmed. Also in December 2025, AstraZeneca filed a
further appeal.
\n
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.
\u2022
The parties have reached a settlement in principle for a non-material amount to resolve the single case scheduled for
trial in March 2026.
\u2022
All remaining claims are filed in Delaware State Court and the earliest trial is now scheduled for September 2026.
\n\n \n
Nexium
and
Prilosec
A provision has been taken
US
\u2022
AstraZeneca has defended 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
Between 2022 and 2024, AstraZeneca resolved the claims by way of settlement agreements.
\u2022
A relatively small number of plaintiffs have opted out of the settlement.
\n\n \n
Nexium
and
Losec
Matter concluded
Canada
\u2022
In Canada, in July and August 2017, AstraZeneca was served with three putative class action lawsuits.
\u2022
As of September 2025, all three lawsuits have been dismissed.
\u2022
The Canada proceedings are concluded.
\n\n \n
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, Inc. 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. In March 2024, Plaintiffs filed an appeal.
\u2022
In August 2025, the US Court of Appeals for the Second Circuit decided in the plaintiffs\u2019 favour, ordering the District Court
to accept the amended complaint.
\n\n \n
Amyndas Trade
Considered to be a contingent liability
Secrets Litigation
US
\u2022
AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and Amyndas Pharmaceuticals,
LLC (collectively Amyndas), in the US District Court for the District of Massachusetts alleging trade secret
misappropriation and breach of contract claims against AstraZeneca and Zealand Pharma U.S. Inc. related to
Amyndas\u2019 C3 inhibitor candidate.
\u2022
No trial date has been scheduled.
\n\n\n \n
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 remanding to the
Appellate Court for reconsideration under new case law. In January 2026, after reconsideration, the Second Circuit
issued a decision again allowing the claims to proceed and returning the matter to the District Court, where AstraZeneca
has a separate motion to dismiss pending.
\n\n \n
Definiens
Considered to be a contingent liability
Germany
\u2022
In July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of Arbitration from the sellers
of Definiens AG (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 $46m in favour of the Sellers.
\u2022
In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court (Court) to set aside the arbitration award.
\u2022
In April 2025, the Court ruled in favour of AstraZeneca, annulled the arbitration award, and referred the dispute back to
the same arbitration panel for a second determination.
\u2022
In May 2025, the Sellers appealed the Court\u2019s decision to the German Federal Court of Justice (Court of Justice).
AstraZeneca also appealed the decision to refer the dispute back to the same arbitration panel.
\u2022
In January 2026, the Court of Justice upheld the Court\u2019s decision to annul the arbitration award and referred the dispute
back to the same arbitration panel.
\n\n \n
Employment Litigation
Considered to be a contingent liability
US
\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.
\u2022
All but one claim has been resolved by settlement or disposed of by motion practice.
\n\n \n
Novartis Advertising Litigation
Considered to be a contingent liability
US
\u2022
In October 2025, Novartis Pharmaceuticals Corp. filed a lawsuit in the US District Court for the District of Delaware
alleging false and misleading representation claims under the Lanham Act and state law unfair competition and
deceptive practices claims.
\u2022
The complaint alleges that statements in AstraZeneca\u2019s marketing for treatment for paroxysmal nocturnal hemoglobinuria
are false and misleading.
\n\n \n
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, and the opt-in period
has closed.
\n\n \n
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.
\u2022
The case was subsequently transferred to the US District Court for the Southern District of New York.
\n\n \n
Seroquel
XR Antitrust Litigation
Matter concluded
US
\u2022
In 2019, AstraZeneca was named in several related complaints in US District Court in Delaware (District Court), including
several putative class action lawsuits brought on behalf of classes of direct purchasers or end payors of
Seroquel
XR,
alleging 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 which the
court approved.
\u2022
In May 2025, AstraZeneca resolved the matter with all remaining plaintiffs for a total payment of $97m. In September
2025, the District Court approved the class-related portion of the settlement.
\u2022
This matter is now concluded.
\n \n
Soliris
Antitrust Class Action
Considered to be a contingent liability
US
\u2022
In April 2025, AstraZeneca was named in a lawsuit filed in the US District Court for the District of Massachusetts
(District Court) alleging antitrust claims on behalf of a potential class of end payors for
Soliris
from March 2022.
\u2022
The plaintiff alleges that AstraZeneca violated federal and state antitrust and business practices laws by obtaining
improper patents for
Soliris
, delaying biosimilar entry and improperly extending
Soliris
\u2019 market exclusivity.
\u2022
In December 2025, the District Court partially granted AstraZeneca\u2019s motion to dismiss.
\n\n \n
Syntimmune Milestone Litigation
Considered to be a contingent liability
US
\u2022
In connection with AstraZeneca\u2019s acquisition of Syntimmune, Inc. (Syntimmune) in December 2020, AstraZeneca was
served with a lawsuit filed by the stockholders\u2019 representative for Syntimmune in Delaware State Court (Court) that
alleged, among other things, breaches of the 2018 merger agreement (Merger Agreement).
\u2022
The stockholders\u2019 representative alleges that AstraZeneca failed to meet its obligations under the Merger Agreement
to use commercially reasonable efforts to achieve the milestones. AstraZeneca also filed a claim for breach of the
representations in the Merger Agreement.
\u2022
A trial was held in July 2023.
\u2022
In September 2024, the Court issued a partial decision, concluding that the first milestone in the amount of $130m was
achieved, and that AstraZeneca had breached its contractual obligation to use commercially reasonable efforts to
achieve the milestones. The Court requested additional briefing regarding damages and further proceedings regarding
AstraZeneca\u2019s claim for breach.
\u2022
In June 2025, the Court issued a further partial decision awarding an additional $181m in damages on its September
2024 breach determination.
\u2022
Additional proceedings regarding AstraZeneca\u2019s claim are ongoing.
\n\n \n
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 licence agreement
relating to
Lynparza
.
\u2022
Trial has been scheduled to begin in June 2026.
\n\n \n
Viela Bio, Inc.
Matter concluded
Shareholder Litigation
US
\u2022
In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware State Court (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.
\u2022
In March 2025, the Delaware Supreme Court affirmed the dismissal.
\u2022
This matter is now concluded.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
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.
\u2022
In May 2021, AstraZeneca filed a lawsuit against GSK in the Commercial Court of England and Wales (Trial Court)
alleging that GSK had failed to pay all of the royalties due on niraparib sales under the license agreements.
\u2022
In April 2023, after trial, the Trial Court issued a decision in AstraZeneca\u2019s favour.
\u2022
In February 2024, the Court of Appeal reversed the decision.
\u2022
In March 2024, AstraZeneca filed a request for permission to appeal with the Supreme Court of the United Kingdom.
In May 2024, the Supreme Court denied permission to appeal.
\u2022
The case will return to the Trial Court for further proceedings.
\n\n
Government investigations and proceedings
\n
Legal proceedings brought against AstraZeneca
\n\n \n
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.
\n\n \n
Beyfortus
Civil
Considered to be a contingent liability
Investigative Demand
US
\u2022
In March 2025, AstraZeneca received a subpoena from the US Attorney\u2019s Office seeking certain records relating to
Beyfortus
. The subpoena requests that the Company produce various documents from January 2020 to present,
including communications related to specific batches of
Beyfortus
, customer complaints, and FDA inspection reports.
\u2022
AstraZeneca is cooperating with this enquiry.
\n\n \n
Boston US
Considered to be a contingent liability
Attorney Investigation
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.
\n\n \n
Brazilian Tax
Considered to be a contingent liability
Assessment Matter
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 AstraZeneca subsidiaries in Brazil, as well as to two additional
entities, a logistics provider utilised by AstraZeneca and a distributor. The Tax Assessment focuses on the importation
of
Soliris
vials pursuant to AstraZeneca\u2019s free drug supply to patients\u2019 programme in Brazil.
\u2022
AstraZeneca prevailed in the first level of administrative appeals in the Brazilian federal administrative proceeding system.
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.
\n\n \n
China Personal Information
Considered to be a contingent liability
Infringement and Illegal
Trade Matters
China
\u2022
In relation to the personal information infringement allegation, in April 2025, AstraZeneca Investment (China) Co., Ltd.
received a Notice of Transfer to the Prosecutor from the Shenzhen Bao\u2019an District Public Security Bureau regarding
suspected unlawful collection of personal information.
\u2022
In relation to the illegal trade allegation, in October 2025, AstraZeneca Investment (China) Co., Ltd. received a final
appraisal opinion from the Shenzhen City Customs Office, informing AstraZeneca Investment (China) Co., Ltd. that the
total amount of unpaid import taxes is RMB 24m (approximately USD $3.5m). The import taxes mentioned in the Appraisal
Opinion relate to
Imfinzi
,
Imjudo
, and
Enhertu
. In October 2025, AstraZeneca Investment (China) Co., Ltd. prepaid the
full amount as voluntary compensation to the State. A fine of between one and five times the amount of these paid
importation taxes may also be levied if AstraZeneca Investment (China) Co., Ltd. is found liable for illegal trade.
\u2022
In November 2025, the Shenzhen Prosecutor concluded its evaluation. AstraZeneca Investment (China) Co., Ltd.,
the former EVP and one former senior employee were indicted on charges of unlawful collection of personal information
and illegal trade, although no illegal gain to AstraZeneca Investment (China) Co., Ltd. was alleged resulting from unlawful
collection of personal information.
\u2022
The former EVP and former senior employee were additionally indicted on charges of medical insurance fraud.
AstraZeneca Investment (China) Co., Ltd. has not been indicted on charges of medical insurance fraud.
\u2022
The matters have been consolidated into one proceeding before the Shenzhen City Intermediate Court. No trial date
has been scheduled.
\n\n \n
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 in Harrison County, which alleges that AstraZeneca engaged in unlawful
marketing practices.
\u2022
In July 2025, the State of Texas intervened in the matter and filed an amended petition.
\u2022
In November 2025, the case was transferred to the Texas State Court in Travis County.
\u2022
No trial date has been scheduled.
\n \n
US Department of Justice
Considered to be a contingent liability
Civil Investigative Demand
US
\u2022
In January 2026, AstraZeneca was served with a civil investigative demand issued by the US Department of Justice,
seeking documents and information relating to AstraZeneca's data purchases and quality improvement projects.
\u2022
AstraZeneca is cooperating with this enquiry.
\n\n \n
Vermont US
Considered to be a contingent liability
Attorney Investigation
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 is cooperating in this enquiry.
\n
Legal proceedings brought by AstraZeneca
\n\n \n
340B State Litigation
Considered to be a contingent asset
US
\u2022
AstraZeneca has filed lawsuits against Arkansas, Colorado, Hawaii, Kansas, Louisiana, Maine, Maryland, Minnesota,
Mississippi, Missouri, Nebraska, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota,
Tennessee, Utah, Vermont, and West Virginia challenging the constitutionality of each state\u2019s 340B statute.
\u2022
AstraZeneca has ongoing enforcement actions in Arkansas and Louisiana for alleged non-compliance with each state\u2019s
340B statute. In April 2025, an order was issued in the Arkansas proceeding requiring AstraZeneca to pause its contract
pharmacy policy, which AstraZeneca has appealed.
\u2022
In Arkansas, the Court denied a motion to dismiss.
\u2022
In Colorado, the Court denied AstraZeneca\u2019s motion for a preliminary injunction, which AstraZeneca has appealed.
\u2022
In Kansas, 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 Louisiana, the Court denied AstraZeneca\u2019s motion for summary judgement, which AstraZeneca has appealed.
\u2022
In Maryland and Mississippi, the Court denied AstraZeneca\u2019s motion for a preliminary injunction.
\u2022
In Minnesota, the Court found that the government officials lacked enforcement authority and dismissed AstraZeneca\u2019s
complaint for lack of standing.
\u2022
In Missouri, the Court granted in part and denied in part the state\u2019s motion to dismiss.
\u2022
In Oklahoma, the Court granted AstraZeneca\u2019s motion for a preliminary injunction, which Oklahoma has appealed.
\u2022
AstraZeneca\u2019s lawsuits are stayed in Rhode Island, Utah, and West Virginia.
\n\n \n
Calquence
Inflation
Considered to be a contingent asset
Reduction Act Litigation
US
\u2022
In December 2025, AstraZeneca filed a lawsuit in the US District Court for the District of Maryland challenging the
US Department of Health and Human Services\u2019 interpretation of \u201cqualifying single source drug\u201d under the Inflation
Reduction Act and its application in selecting
Calquence
for drug price negotiation.
\n\n \n
Farxiga
Inflation
Considered to be a contingent asset
Reduction Act Litigation
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
In May 2025, the US Court of Appeals for the Third Circuit affirmed the District Court\u2019s dismissal of AstraZeneca\u2019s challenge.
\u2022
In September 2025, AstraZeneca sought review by the US Supreme Court.
\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 acceptance of an uncertain
\n
tax treatment is not considered probable, a tax liability is recognised based on either the most likely amount method or the expected value method
\n
depending on which method management expects to better predict the resolution of the uncertainty. Due to inherent complexities in the
\n
resolution of the uncertain tax treatments and the resulting liabilities due, management exercise judgement in the measurement of the potential
\n
liability, based on information available at the present time.
\n
Tax liabilities for uncertain tax treatments can be built up over a long period of time but the resolution occurs at a point in time. Therefore, to the
\n
extent the information changes in future periods, there may be adjustments to the liabilities, which may have either a negative or positive effect
\n
on our results. Such changes could arise from commencement, progress or conclusion of tax authority challenge, negotiations under competent
\n
authority arrangements in relevant double tax treaties and expiry of relevant statutes of limitation. Details of the movements of material uncertain
\n
tax treatments are included below.
KJ
AstraZeneca faces a number of audits and reviews in jurisdictions around the world and, in some cases, is in dispute with the tax authorities.
The issues under discussion are often complex and can require many years to resolve. Tax liabilities recognised for uncertain tax treatments
require management to make key judgements with respect to the outcome of current and potential future tax audits, and actual results could
vary from these estimates. Management does not believe a significant risk exists of material change to uncertain tax positions in the next
12 months.
The total net tax liability recognised in the Group Financial Statements in respect of uncertain tax positions is $1,104m (2024: $1,321m). The net
tax liability consists of $1,126m (2024: $1,157m) included within income tax payable, $1,628m (2024: $1,304m) included within deferred tax
asset, partially offset by $205m (2024: $122m) included within deferred tax liabilities, and $1,445m (2024: $1,018m) 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 $120m (2024: $384m). The decrease in the net tax liability for uncertain tax positions relating to transfer pricing
of $264m compared with 2024 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,
as discussed above.
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 $79m (2024: $422m) including
associated interest.
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 $984m (2024: $937m) relating to a number of other uncertain tax treatments. The increase of $47m 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
which are offset by movements relating to uncertainty over the timing of tax deductions. This uncertainty includes movements between income
taxes receivable of $1,391m (2024: $742m), and deferred tax liabilities of $234m (2024: $133m) offset by related deferred tax assets of $1,611m
(2024: $929m) and income taxes payable of $496m (2024: $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.
AstraZeneca estimates the potential for additional liabilities due to other uncertain tax treatments above the amount provided where the possibility
of the additional liabilities falling due is more than remote, to be up to $127m (2024: $214m) including associated interest. 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 (2024: $nil). Management believes that it is unlikely that these additional liabilities will arise.
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 possible that tax payments may be required in relation to a number of 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 $126m (2024: $164m).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00582": { "value": "
2025
2024
2023
$m
$m
$m
Fees payable to PricewaterhouseCoopers LLP and its associates:
Group audit fee
12.5
10.6
10.2
Fees payable to PricewaterhouseCoopers LLP and its associates for other services:
The audit of subsidiaries pursuant to legislation
15.8
14.8
15.0
Attestation under s404 of Sarbanes-Oxley Act 2002
3.7
3.5
3.3
Audit-related assurance services
1.3
2.2
1.1
Other assurance services
0.2
0.3
0.2
Fees payable to PricewaterhouseCoopers Associates in respect of the Group\u2019s pension schemes:
The audit of subsidiaries\u2019 pension schemes
0.3
0.4
0.3
33.8
31.8
30.1
Fees payable in the year of $0.8m (2024: $0.2m) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00584": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00583": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00585": { "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.
2025
2024
2023
$\u2019000
$\u02bc000
$\u02bc000
Short-term employee benefits
39,483
40,893
38,636
Post-employment benefits
995
1,045
1,354
Share-based payments
58,915
49,121
58,242
99,393
91,059
98,232
Total remuneration is included within employee costs (see Note 29).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00586": { "value": "32 Subsequent events There were no material subsequent events.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00587": { "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 2025 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 2025.
\n \n
At 31 December 2025
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
Belgium
AstraZeneca S.A. / N.V.
100%
Alfons Gossetlaan 40, bus 201,
1702 Groot-Bijgaarden, Belgium
Alexion Pharma Belgium Sprl
100%
Alexion Services Europe Sprl
100%
Rue des Deux Eglises 29-33,
1000 Brussels, Belgium
EsoBiotec SA
1
100%
Rue Andr\u00e9 Dumont 5,
1435 Mont-Saint-Guibert, 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
\n \n
At 31 December 2025
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.
100%
Evinova Canada Inc.
100%
Suite 5000, 1004 Middlegate Road,
Mississauga, ON, L4Y 1M4, Canada
Alexion Pharma Canada Corp.
100%
Suite 1300, 1969 Upper Water Street, 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 (Shanghai)
100%
Company Limited (in liquidation)
Room 1703, Level 17, No. 88 Xizang North
Road, Jing\u2019an District, Shanghai, China
AstraZeneca Global R&D (Beijing) Co., Ltd
100%
Room 1101, Floor 11, Building No. 4,
No. 8 Courtyard, No. 1 Kegu Street, Beijing
Economic-Technological Development Area,
Beijing, 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
\n \n
At 31 December 2025
Group Interest
AstraZeneca Pharmaceutical
100%
(Beijing) Co., Ltd.
1F, Building No. 4, No. 8 Courtyard,
No. 1 Kegu Street, Beijing Economic-
Technological Development Area,
Beijing, China
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
100%
Manufacturing (Qingdao) Co., Ltd.
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
100%
(China) Co., Ltd.
88 Yaocheng Avenue,
Jiangsu Province, Taizhou, China
AstraZeneca Rare Disease R&D
100%
(Beijing) Co., Ltd
Room 1102, Floor 11, Building No. 4,
No. 8 Courtyard, No. 1 Kegu Street,
Beijing Economic-Technological
Development Area, Beijing, China
AstraZeneca (Wuxi) Trading Co., Ltd.
100%
Building E (Building No. 5), Huirong
Commercial Plaza, East Jinghui Road,
Xinwu District, Wuxi, China
Beijing Falikang Pharmaceutical Co., Ltd.
100%
Room 113, Floor 1, Unit 1, Building No. 6, No.
88 Kechuang 6th Street, Beijing Economic-
Technological Development Area,
Beijing, China
FibroGen (China) Medical Technology
100%
Development Co., Ltd
Building A2, No. 88 Kechuang 6th Street,
Beijing Economic-Technological Development
Area, Beijing, China
Gracell Biomedicine (Shanghai) Co., Ltd.
2
100%
12th Floor, Building 1, No. 926, Yishan Road,
Xuhui District, Shanghai 200233, China
\n \n
At 31 December 2025
Group Interest
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
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
Colombia
AstraZeneca Colombia S.A.S.
100%
Av Carrera 9 No. 101-67 Office 601,
Bogot\u00e1, 110231, 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%
Ulica 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 Pharmaceutical
100%
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
1
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
\n \n
At 31 December 2025
Group Interest
AstraZeneca Dunkerque Production SCS
100%
224 Avenue de la Dordogne,
59640 Dunkerque, France
Alexion Europe SAS
100%
Alexion Pharma France SAS
100%
15 Chemin du Saquin, Espace Europ\u00e9en,
69130 \u00c9cully, France
Germany
AstraZeneca GmbH
100%
AstraZeneca Holding GmbH
3
100%
Friesenweg 26, 22763, Hamburg, Germany
AstraZeneca Computational Pathology GmbH
1
100%
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
FibroGen International (Hong Kong) Limited
100%
26th Floor, Three Exchange Square,
8 Connaught Place Central, 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
4
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
Evinova Health Tech India Private Limited
4
100%
496/4, II Floor, 10th Cross, Near Bashyam
Circle, Sadashivanagar, Bangalore \u2013 560080,
Karnataka, India
Indonesia
P.T. AstraZeneca Indonesia
100%
Perkantoran Hijau Arkadia, Tower G, 16th Floor,
Unit 02-05, Jl. T.B. Simatupang Kav. 88,
Kebagusan, Pasar Minggu, South Jakarta
12520, DKI Jakarta, Indonesia
Iran
AstraZeneca Pars Company
100%
Suite 1, 1st Floor No. 39, Alvand Ave.,
Argantin Sq., Tehran 1516673114, Iran
\n \n
At 31 December 2025
Group Interest
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%
1 Atirei Yeda Street O-Tech Building No. 2,
5th Floor Kfar Saba, 4464301, Israel
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 Business
100%
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%
The Bousteador, Level 11 & 12, No. 10, Jalan
PJU 7/6, Mutiara Damansara, 47800 Petaling
Jaya, Selangor Darul Ehsan, Malaysia
\n \n
At 31 December 2025
Group Interest
Mexico
AstraZeneca Health Care Division,
100%
S.A. de C.V.
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
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. (in liquidation)
100%
Basisweg 10, 1043 AP, Amsterdam,
The Netherlands
Neogene Therapeutics B.V.
100%
35C Tafelbergweg, 1105 BC, 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%
42 Vibranium Valley, Local Airport Road, Ikeja,
Lagos, Nigeria
Norway
AstraZeneca AS
100%
Karvesvingen 7, 0579 Oslo, Norway
\n \n
At 31 December 2025
Group Interest
Pakistan
AstraZeneca Pharmaceuticals Pakistan
100%
(Private) Limited
5
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%
18th Floor, EcoPrime Tower, 32nd Street
corner 9th Avenue, Bonifacio Global City,
Taguig City, 1634, Philippines
Poland
AstraZeneca Pharma Poland Sp.z.o.o.
100%
Alexion Pharma Poland Sp.z.o.o.
100%
Evinova Poland sp. z o.o
100%
Post\u0119pu 14, 02-676, 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
100%
Produtos Farmac\u00eauticos Lda
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 OOO 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
\n \n
At 31 December 2025
Group Interest
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
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 06164, 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%
Avinguda de Roma, 81, Floor 7,
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%
SE-151 85 S\u00f6dert\u00e4lje, Sweden
Evinova AB
100%
431, 53 M\u00f6lndal, Stockholm,
S\u00f6dert\u00e4lje, Sweden
Alexion Pharma Nordics Holding AB
100%
Alexion Pharma Nordics AB
100%
Hagaplan 4, 113 68 Stockholm, Sweden
\n \n
At 31 December 2025
Group Interest
Switzerland
Alexion Pharma GmbH
100%
AstraZeneca AG
100%
Evinova AG
100%
Neuhofstrasse 34, 6340 Baar, Switzerland
SixPeaks Bio AG
100%
Aeschenvorstadt 36, 4501 Basel, 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
Turkey
AstraZeneca \u0130la\u00e7 Sanayi ve
100%
Ticaret Limited \u015eirketi
Zeneca \u0130la\u00e7 Sanayi ve Ticaret Anonim \u015eirketi
100%
(in liquidation)
Esentepe Mah. B\u00fcy\u00fckdere Cad. Levent 199
No: 199 \u0130\u00e7 Kap\u0131 No: 93 \u015ei\u015fli, \u0130stanbul, Turkey
Alexion \u0130la\u00e7 Ticaret Limited \u015eirketi
100%
\u0130\u00e7erenk\u00f6y Mahallesi 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
United Kingdom
Alexion Pharma UK Limited
100%
Ardea Biosciences 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
6
100%
AstraZeneca Investments Limited
100%
AstraZeneca Japan Limited
100%
AstraZeneca Nominees Limited
100%
AstraZeneca Quest Limited
100%
\n \n
At 31 December 2025
Group Interest
AstraZeneca Share Trust Limited
100%
AstraZeneca Sweden Investments Limited
100%
AstraZeneca Treasury Limited
100%
AstraZeneca UK Limited
100%
AstraZeneca US Investments Limited
6
100%
AZENCO4 Limited
100%
AZENCO6 Limited
100%
Cambridge Antibody Technology
100%
Group Limited
Evinova Limited
100%
KuDOS Horsham Limited
100%
KuDOS Pharmaceuticals Limited
100%
Syntimmune 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
MedImmune U.K. Limited
100%
Plot 6, Renaissance Way,
Boulevard Industry Park,
Liverpool, L24 9JW, United Kingdom
United States
Acerta Pharma LLC
7
100%
121 Oyster Point Boulevard, South San Francisco,
CA 94080, United States
Alexion Pharmaceuticals, Inc.
100%
Achillion Pharmaceuticals Inc.
100%
Alexion US1 LLC
7
100%
Syntimmune LLC
7
100%
TeneoTwo, Inc.
100%
121 Seaport Boulevard Boston,
MA 02210, United States
AlphaCore Pharma, LLC
7, 12
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
7
100%
Amylin Pharmaceuticals, LLC
7
100%
Ardea Biosciences, Inc.
100%
AstraZeneca Collaboration Ventures, LLC
7
100%
AstraZeneca Finance and Holdings Inc.
100%
AstraZeneca Finance LLC
7
100%
AstraZeneca Pharmaceuticals LP
8
100%
Atkemix Nine Inc.
100%
Atkemix Ten Inc.
100%
AZ Biotech Holdings, Inc.
100%
Cincor Pharma Inc.
100%
Corpus Christi Holdings Inc.
100%
LogicBio Therapeutics, Inc.
100%
Omthera Pharmaceuticals, Inc.
100%
Optein, Inc.
100%
Stauffer Management Company LLC
7
100%
Zeneca Inc.
100%
Zeneca Holdings Inc.
100%
Zeneca Wilmington Inc.
6
100%
1800 Concord Pike, Wilmington,
DE 19803, United States
\n \n
At 31 December 2025
Group Interest
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
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
7
100%
MedImmune Ventures, Inc.
100%
One MedImmune Way, Gaithersburg,
MD 20878, United States
Modella AI, Inc.
100%
72, Winthrop Street, Charlestown,
MA 02129, United States
Pearl Therapeutics, Inc.
100%
200 Cardinal Way, Redwood City,
CA 94063, United States
Portola Pharmaceuticals LLC
7
100%
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 \n
At 31 December 2025
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
India
AstraZeneca Pharma India Limited
4
75%
Block N1, 12th Floor, Manyata Embassy
Business Park, Rachenahalli, Outer Ring Road,
Bangalore-560 045, India
United States
VaxNewMo, LLC
9, 10
19.66%
4447 McPherson Avenue, St. Louis,
MO 63108, United States
Joint Ventures
Hong Kong
IHP HK Holdings Limited (in liquidation)
50%
Unit 1402, 14th Floor, Henley Building,
No. 5 Queen\u2019s Road Central, Hong Kong
United States
Montrose Chemical Corporation of California
50%
Suite 380, 600 Ericksen Ave N/E,
Bainbridge Island, WA 98110, United States
\n \n
At 31 December 2025
Group Interest
Significant Holdings
China
Dizal (Jiangsu) Pharmaceutical Co., Ltd.
23.71
%
Room 404, 405, 416, Building C,
Huirong Business Plaza, 26 Hefeng Road,
Xinwu City, Jiangsu 214028, China
Wuxi AstraZeneca-CICC Venture Capital
22.13
%
Partnership (Limited Partnership)
Room 808, 8F, Building 99-2 Linghu Avenue,
Xinwu District, Wuxi, Jiangsu, China
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
10
18.75
%
Palm Grove Unit 4, 265 Smith Road,
George Town, P.O. Box 52A Edgewater Way,
#1653, Grand Cayman KY1-9006,
Cayman lslands
HBM Holdings Limited
8.78
%
P.O. Box 472, Harbour Place, 2nd Floor,
103 South Church Street, George Town,
Grand Cayman, KY1-1106, Cayman Islands
France
Medetia SAS
10
10%
Institute Imagine, 24 Boulevard du
Montparnasse, 75015 Paris, France
Cellectis S.A.
1
43.85
%
8, rue de la Croix Jarry, 75013 Paris, France
Israel
AION Labs Innovation Lab Ltd.
19.23
%
CombinAble.AI Ltd.
10
11.25
%
ProPhet Bio Ltd.
10
11.70%
Renasis Bio Ltd.
10
11.25
%
TenAces Biosciences Ltd.
10
12.50
%
4 Oppenheimer Street, Building B,
Rehovot, 7670104, Israel
\n \n
At 31 December 2025
Group Interest
Sweden
Swedish Orphan Biovitrum AB (publ)
9.72
%
Norra Stationsgatan 93A, 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
Sferical AI Holding AB
11
20.00
%
Arsenalsgatan 8C, Box 16066,
103 22 Stockholm, Sweden
United Kingdom
Niox Group plc
15.82
%
Magdalen Centre, 1 Robert Robinson Ave,
Science Park, Oxford, OX4 4GA,
United Kingdom
United States
AbMed Corporation
1
18.00
%
68 Cummings Park Drive, Woburn,
MA 01801, United States
Amani Therapeutics, Inc.
10
15.00%
251 Little Falls Drive, Wilmington,
DE 19808, United States
Pathos AI, Inc
10
11.26
%
600 W Chicago Ave, 510 Chicago,
IL 60654, United States
Regio Biosciences, Inc.
10
19.54%
5237 River Road, #361 Bethesda,
MD 20816, United States
Employee Benefit Trusts
\n \n
The AstraZeneca Employee Benefit Trust
AstraZeneca PSP/GRSP EBP
for Canadian Employees
1
Ownership held in ordinary and preference shares.
2
Ownership held by way of capital contribution.
3
10% directly held by AstraZeneca PLC.
4
Accounting year end is 31 March.
5
Accounting year end is 30 June.
6
Directly held by AstraZeneca PLC.
7
Ownership held as membership interest.
8
Ownership held as partnership interest.
9
Consolidated due to Zeneca Inc. having an option to acquire.
10
Ownership held in preference shares.
11
7.14% voting rights and preference shares.
12
Liquidated on 09 January 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00588": { "value": "Company Balance Sheet
at 31 December
AstraZeneca PLC
2025
2024
Notes
$m
$m
Fixed assets
Fixed asset investments
1
60,446
62,019
60,446
62,019
Current assets
Debtors \u2013 other
6
8
Debtors \u2013 amounts owed by Group undertakings
6,659
5,807
Cash and cash equivalents
17
\u2013
6,682
5,815
Creditors: Amounts falling due within one year
Other payables
2
(203)
(202)
Income tax payable
(36)
\u2013
Interest-bearing loans and borrowings
3
(1,200)
(1,997)
(1,439)
(2,199)
Net current assets
5,243
3,616
Total assets less current liabilities
65,689
65,635
Creditors: Amounts falling due after more than one year
Interest-bearing loans and borrowings
3
(13,801)
(14,549)
Income tax payable
\u2013
(36)
Other payables
2
(37)
(47)
(13,838)
(14,632)
Net assets
51,851
51,003
Capital and reserves
Called-up share capital
4
388
388
Share premium account
35,266
35,226
Capital redemption reserve
153
153
Other reserves
1,583
1,741
Profit and loss account
14,461
13,495
Shareholders\u2019 funds
51,851
51,003
$m means millions of US dollars.
The Company\u2019s profit for the year was $5,812m (2024: $457m).
The Company Financial Statements from pages 197 to 203 were approved by the Board and were signed on its behalf by
Pascal Soriot
Aradhana Sarin
Director
Director
10 February 2026
Company\u2019s registered number 02723534
Company Statement of Changes in Equity
\n
for the year ended 31 December
\n
Share
Capital
\n
Share
premium
redemption
Other
Profit and
Total
\n
capital
account
reserve
reserves
\n
1
\n
loss account
\n
2
\n
equity
\n
$m
$m
$m
$m
$m
$m
\n
At 1 January 2024
388
35,188
153
1,779
17,640
55,148
\n
Total comprehensive income for the period
\n
Profit for the period
\u2013
\u2013
\u2013
\u2013
457
457
\n
Total comprehensive income for the period
\u2013
\u2013
\u2013
\u2013
457
457
\n
Transactions with owners, recorded directly in equity
\n
Dividends
\u2013
\u2013
\u2013
\u2013
(4,602)
(4,602)
\n
Capital reimbursements for share-based payments
\u2013
\u2013
\u2013
(38)
\u2013
(38)
\n
Issue of Ordinary Shares
\u2013
38
\u2013
\u2013
\u2013
38
\n
Total contributions by and distributions to owners
\u2013
38
\u2013
(38)
(4,602)
(4,602)
\n
At 31 December 2024
388
35,226
153
1,741
13,495
51,003
\n
Total comprehensive income for the period
\n
Profit for the period
\u2013
\u2013
\u2013
\u2013
5,812
5,812
\n
Total comprehensive income for the period
\u2013
\u2013
\u2013
\u2013
5,812
5,812
\n
Transactions with owners, recorded directly in equity
\n
Dividends
\u2013
\u2013
\u2013
\u2013
(4,846)
(4,846)
\n
Capital reimbursements for share-based payments
\u2013
\u2013
\u2013
(158)
\u2013
(158)
\n
Issue of Ordinary Shares
\u2013
40
\u2013
\u2013
\u2013
40
\n
Total contributions by and distributions to owners
\u2013
40
\u2013
(158)
(4,846)
(4,964)
\n
At 31 December 2025
388
35,266
153
1,583
14,461
51,851
\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 reserves
\n
at 31 December 2025 is a debit of $258m (31 December 2024: debit of $100m) in respect of cumulative share-based payment awards, which reduces the Company's ability to make
\n
distributions out of its distributable reserves by an equivalent amount.
\n
2
\n
At 31 December 2025, all of the Profit and loss account reserve of $14,461m (31 December 2024: the overwhelming majority of $13,495m) was available for distribution, subject to filing
\n
these Financial Statements with Companies House. When making a distribution to shareholders, the Directors determine profits available for distribution by reference to guidance on
\n
realised and distributable profits under the Companies Act 2006 issued by the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of
\n
Scotland in April 2017. The profits of the Company have been received in the form of receivables due from subsidiaries. The availability of distributable reserves in the Company is
\n
dependent on those receivables meeting the definition of qualifying consideration within the guidance, and in particular on the ability of subsidiaries to settle those receivables within
\n
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 other accessible sources of funds,
\n
at 31 December 2025 all (31 December 2024: the overwhelming majority) of the Company\u2019s profit and loss reserves were 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
\n
of 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 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 125 to 196) 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
\n
the 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
\n
of 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 are
\n
recognised to the extent that there are future
\n
taxable temporary differences or it is probable
\n
that future taxable profit will be available
\n
against which the asset can be utilised. This
\n
requires judgements to be made in respect
\n
of the availability of future 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 the
\n
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 about
\n
deferred tax assets and liabilities related to
\n
Pillar Two income taxes, as provided in the
\n
amendments to IAS 12 \u2018Income Taxes\u2019 issued
\n
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
based upon interpretation of applicable laws
\n
and regulations and the expectation of how
\n
the tax authority will resolve the matter. Tax
\n
benefits are recognised when it is probable
\n
the tax positions will be accepted by the tax
\n
authorities. When a position is not considered
\n
probable of being accepted, management
\n
reviews each material tax benefit and reflects
\n
the effect of the uncertainty in determining
\n
the related taxable result. This is measured
\n
using either the most likely amount or the
\n
expected value amount depending on which
\n
method the entity expects to better predict
\n
the resolution of the uncertainty.
Investments
\n
Fixed asset investments, including investments
\n
in subsidiaries, are stated at cost and reviewed
\n
for impairment if there are indications that
\n
the carrying value may not be recoverable.
\n
Debtors
\n
Amounts owed by Group undertakings are
\n
recognised initially at fair value. Subsequent
\n
to initial recognition they are measured at
\n
amortised cost using the effective interest
\n
method, less any impairment losses.
\n
The recoverability of these balances has
\n
been assessed in accordance with IFRS 9
\n
\u2018Financial Instruments\u2019 and no impairment has
\n
been identified. The amounts owed by Group
\n
undertakings are considered to have low
\n
credit risk, due to timely payment of interest
\n
and settlement of principal amounts on
\n
agreed due dates, limiting the loss allowance
\n
to 12-month expected credit losses.
\n
Amounts owed by Group undertakings are
\n
written off where there is no reasonable
\n
expectation of recovery. Impairment losses
\n
are presented as net impairment losses
\n
within Operating profit, any subsequent
\n
recoveries are credited against the same line.
\n
Other payables
\n
Liabilities included in Other payables are
\n
recognised initially at fair value. Subsequent
\n
to initial recognition they are remeasured at
\n
either amortised cost using the effective
\n
interest method or at fair value using an
\n
expected credit loss model.
\n
Financial instruments
\n
Interest-bearing loans are initially measured
\n
at fair value (with direct transaction costs
\n
being amortised over the life of the loan) and
\n
are subsequently measured at amortised
\n
cost using the effective interest method at
\n
each reporting date. Changes in carrying
\n
value are recognised in profit.
\n
Share-based payments
\n
The issuance by the Company to employees
\n
of its subsidiaries of a grant of awards over
\n
the Company\u2019s shares, represents additional
\n
capital contributions by the Company to its
\n
subsidiaries (or capital reimbursement from
\n
those subsidiaries). An additional investment/
\n
divestment in subsidiaries results in a
\n
corresponding increase/decrease in
\n
shareholders\u2019 equity. The additional capital
\n
contribution/reimbursement is based on the
\n
fair value of the grant issued, allocated over
\n
the underlying grant\u2019s vesting period, less the
\n
market cost of shares charged to subsidiaries
\n
in settlement of such share awards.
\n
Litigation
\n
Through the normal course of business,
\n
the AstraZeneca Group is involved in legal
\n
disputes, the settlement of which may
\n
involve cost to the Company. A provision is
\n
made where an adverse outcome is probable
\n
and associated costs, including related legal
\n
costs, can be estimated reliably. In other
\n
cases, appropriate disclosures are included.
Notes to the Company Financial Statements
\n
1 Fixed asset investments
\n
Investments in subsidiaries
\n
Shares
Loans
Total
\n
$m
$m
$m
\n
At 1 January 2024
49,059
15,130
64,189
\n
Additions during the year
33,745
\u2013
33,745
\n
Disposals during the year
(33,745)
\u2013
(33,745)
\n
Transfer to Debtors \u2013 amounts owed by Group undertakings
\u2013
(1,997)
(1,997)
\n
Capital reimbursement
(54)
\u2013
(54)
\n
Exchange
\u2013
(156)
(156)
\n
Amortisation
\u2013
11
11
\n
Other movements
26
\u2013
26
\n
At 31 December 2024
49,031
12,988
62,019
\n
Return of capital from subsidiaries
(500)
\u2013
(500)
\n
Transfer to Debtors \u2013 amounts owed by Group undertakings
\u2013
(1,199)
(1,199)
\n
Capital reimbursement
(207)
\u2013
(207)
\n
Exchange
\u2013
335
335
\n
Amortisation
\u2013
8
8
\n
Other movements
(10)
\u2013
(10)
\n
At 31 December 2025
48,314
12,132
60,446
\n
Loans to subsidiaries consists of bonds which are issued externally and are issued back to Group undertakings with comparable terms on interest
\n
rates and are repayable on maturity, details of which are disclosed in Note 3. The recoverability of these inter-company loans has been assessed
\n
in accordance with IFRS 9 \u2018Financial Instruments\u2019 with no impairment identified. The inter-company balances are considered to have low credit
\n
risk due to timely payment of interest and settlement of principal amount on agreed due dates, limiting the loss allowance to 12-month expected
\n
credit losses. In 2025, there have been no credit losses (2024: $nil).
\n
Return of capital from subsidiaries relates to an income dividend received, which has been accounted for as return of capital due to a potential
\n
future simplification of the organisational structure.
\n
The other movements comprise a reduction of $10m representing revaluation of carrying value of guarantees provided by the Company to its
\n
subsidiary as explained in Notes 2 and 3.
\n
2 Other payables
\n
2025
2024
\n
$m
$m
\n
Amounts falling due within one year
\n
Other creditors
200
199
\n
Deferred income
3
3
\n
203
202
\n
Amounts falling due after more than one year
\n
Other creditors
37
47
\n
Other creditors due after more than one year comprise an amount representing the carrying value of the guarantees provided by the Company
\n
to its subsidiary for the bonds issued externally as explained in Note 3. As at 31 December 2025, the carrying value of the guarantees was $37m
\n
(2024: $47m).
3 Loans and borrowings
\n
Repayment
2025
2024
\n
dates
$m
$m
\n
Amounts due within one year
\n
Interest-bearing loans and borrowings (unsecured)
\n
3.375% Callable bond
US dollars
2025
\u2013
1,997
\n
0.7% Callable bond
US dollars
2026
1,200
\u2013
\n
Total amounts due within one year
1,200
1,997
\n
Amounts due after more than one year
\n
Interest-bearing loans and borrowings (unsecured)
\n
0.7% Callable bond
US dollars
2026
\u2013
1,198
\n
3.625% Callable bond
euros
2027
880
780
\n
3.125% Callable bond
US dollars
2027
749
748
\n
1.25% Callable bond
euros
2028
936
829
\n
4% Callable bond
US dollars
2029
997
996
\n
0.375% Callable bond
euros
2029
936
829
\n
1.375% Callable bond
US dollars
2030
1,295
1,295
\n
5.75% Non-callable bond
pounds sterling
2031
469
438
\n
3.75% Callable bond
euros
2032
878
778
\n
6.45% Callable bond
US dollars
2037
2,728
2,727
\n
4% Callable bond
US dollars
2042
989
989
\n
4.375% Callable bond
US dollars
2045
982
982
\n
4.375% Callable bond
US dollars
2048
738
738
\n
2.125% Callable bond
US dollars
2050
488
487
\n
3% Callable bond
US dollars
2051
736
735
\n
Total amounts due after more than one year
13,801
14,549
\n
Total loans and borrowings
15,001
16,546
\n
2025
2024
\n
$m
$m
\n
Loans and borrowings are repayable:
\n
After five years from balance sheet date
8,008
9,169
\n
From two to five years
4,164
4,182
\n
From one to two years
1,629
1,198
\n
Within one year
1,200
1,997
\n
Total unsecured
15,001
16,546
\n
All borrowings are issued with fixed interest rates.
\n
In addition, the Company acts as guarantor for bonds issued by its wholly-owned subsidiary, AstraZeneca Finance LLC. AstraZeneca Finance LLC
\n
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% Notes
\n
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 due
\n
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 2034
\n
(the \u2018AstraZeneca Finance Notes\u2019). Each series of AstraZeneca Finance Notes has been fully and unconditionally guaranteed by the Company.
\n
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, none
\n
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
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.
\u2022
The case was subsequently transferred to the US District Court for the Southern District of New York.
University of Sheffield
Contract Dispute
Considered to be a contingent liability
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 licence agreement
relating to
Lynparza
.
\u2022
Trial has been scheduled to begin in June 2026.
6 Statutory and other information
The Directors of the Company were paid by another Group company in 2025 and 2024.
7 Subsequent events
There were no material subsequent events.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "1 Francis Crick Avenue Cambridge Biomedical Campus \nCambridge CB2 0AA \nUK", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:PY6ZZQWO2IZFZC3IOL08", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }