olivLaw · European equity research
AstraZeneca PLC AZN.L
United Kingdom · London Stock Exchange · ISIN GB0009895292 · Vertical: Listed companies from United Kingdom
AstraZeneca PLC is the English parent company that holds the investments of its pharmaceutical group, and its 2025 financial profile is dominated by a sharp rise in profit over the prior year. The picture shows how the group is financed through borrowings and dividends, while ongoing proceedings could bring unforeseen costs. The profile rests solely on the parent company financial statements.
At the close of 05 Nov 2026, AstraZeneca PLC (AZN.L) stock was 140.42 GBP (+0.13% on the day), with beta 0.40, 52-week range 114.60–155.42 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 72.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 115.54 – 142.40
- in the upper half of the band · %B 0.93 · band width 20.8%
- SMA 50 / 200
- 124.40 / 134.22
- mixed trend
- MACD (12, 26, 9)
- 4.44 / 3.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +17.4% | +0.4% | +17.1 pp | — |
| 3 months | +18.5% | −3.3% | +21.8 pp | — |
| 6 months | +5.5% | +4.0% | +1.5 pp | — |
| Year to date | +1.8% | +8.1% | −6.3 pp | — |
| 1 year | +12.8% | +10.7% | +2.1 pp | +7.3% |
| 3 years | +36.6% | +50.1% | −13.4 pp | +23.3% |
| 5 years | +50.8% | +43.6% | +7.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 45.8 bn | 54.1 bn | 58.7 bn |
| Revenue YoY | unavailable | +18.0% | +8.6% |
| Net income | 6.0 bn | 7.0 bn | 10.2 bn |
| Net income YoY | unavailable | +18.1% | +45.3% |
| Diluted EPS | 3.81 | 4.50 | 6.54 |
| Diluted EPS YoY | unavailable | +18.1% | +45.3% |
| net % | 13.0% | 13.0% | 17.4% |
| Free cash flow | 9.0 bn | 9.9 bn | 11.8 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.7 bn USD
- Financial debt
- 24.7 bn USD
- Net debt
- 19.0 bn USD
- Equity
- 48.7 bn USD
- Total assets
- 114.1 bn USD
- Debt / equity
- 0.51x
- Current ratio
- 0.94x
- ROE
- 22.8%
- ROA
- 9.4%
- FCF margin
- 20.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 45.8 bn | 54.1 bn | 58.7 bn | esef· 04 Mar 2026verified |
| Cost of revenue | 8.3 bn | 10.2 bn | 10.6 bn | esef· 04 Mar 2026verified |
| Gross profit | 37.5 bn | 43.9 bn | 48.1 bn | esef· 04 Mar 2026verified |
| Research & development | 10.9 bn | 13.6 bn | 14.2 bn | esef· 04 Mar 2026verified |
| Operating income | 8.2 bn | 10.0 bn | 13.7 bn | esef· 04 Mar 2026verified |
| Interest expense | 1.6 bn | 1.7 bn | 1.7 bn | esef· 04 Mar 2026verified |
| Pre-tax income | 6.9 bn | 8.7 bn | 12.4 bn | esef· 04 Mar 2026verified |
| Income tax | 938.0 m | 1.7 bn | 2.2 bn | esef· 04 Mar 2026verified |
| Net income | 6.0 bn | 7.0 bn | 10.2 bn | esef· 04 Mar 2026verified |
| Diluted EPS | 3.81 | 4.50 | 6.54 | esef· 04 Mar 2026verified |
| Weighted average diluted shares | 1.6 bn | 1.6 bn | 1.6 bn | esef· 04 Mar 2026verified |
| Dividend per share | 2.89 | 2.99 | 3.21 | esef· 04 Mar 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 5.5 bn | 5.7 bn | esef· 04 Mar 2026verified |
| Receivables | — | 13.0 bn | 15.2 bn | esef· 04 Mar 2026verified |
| Inventories | — | 5.3 bn | 6.6 bn | esef· 04 Mar 2026verified |
| Current assets | — | 25.8 bn | 28.7 bn | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | — | 10.3 bn | 13.0 bn | esef· 04 Mar 2026verified |
| Goodwill | — | 21.0 bn | 21.2 bn | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 37.2 bn | 37.8 bn | esef· 04 Mar 2026verified |
| Total assets | — | 104.0 bn | 114.1 bn | esef· 04 Mar 2026verified |
| Long-term debt | — | 26.5 bn | 24.7 bn | esef· 04 Mar 2026verified |
| Current liabilities | — | 27.9 bn | 30.6 bn | esef· 04 Mar 2026verified |
| Total liabilities | — | 63.2 bn | 65.4 bn | esef· 04 Mar 2026verified |
| Equity | 39.2 bn | 40.9 bn | 48.7 bn | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 1.6 bn | 1.5 bn | 1.5 bn | esef· 04 Mar 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 10.3 bn | 11.9 bn | 14.6 bn | esef· 04 Mar 2026verified |
| Capex | 1.4 bn | 1.9 bn | 2.8 bn | esef· 04 Mar 2026verified |
| Free cash flow | 9.0 bn ≈ | 9.9 bn ≈ | 11.8 bn ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -4.1 bn | -8.0 bn | -6.8 bn | esef· 04 Mar 2026verified |
| Financing cash flow | -6.6 bn | -4.0 bn | -7.5 bn | esef· 04 Mar 2026verified |
| Dividends paid | 4.5 bn | 4.6 bn | 5.0 bn | esef· 04 Mar 2026verified |
| Share repurchases | 0 | 81.0 m | 521.0 m | esef· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 42.17 – 140.25 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E77.47 – 140.25 (Mid 100.32)18 companies used · median multiple 15.3x · quartiles 11.8x – 21.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APN.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)42.17 – 56.71 (Mid 48.37)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.5% | 71 (vs peers) | 28% |
| Net margin · Quality | 17.4% | 66 (vs peers) | 17% |
| FCF conversion · Quality | 115.1% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.1x | 100 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 0.9x | 12 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 42.3% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality77/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ASTRAZENECA PLC (AZN.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 58.7 bn USD in 2025; YoY growth 8.6%; net margin 17.4%; ROE 22.9%.
The estimated value range is 59.82–98.48 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.5%
- FCF conversion: 115.1%
- Interest coverage: 8.1x
- Payout ratio (FCF): 42.3%
What contradicts it
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for AZN.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AstraZeneca PLC is the English parent company that holds the investments of its pharmaceutical group, and its 2025 financial profile is dominated by a sharp rise in profit over the prior year. The picture shows how the group is financed through borrowings and dividends, while ongoing proceedings could bring unforeseen costs. The profile rests solely on the parent company financial statements 1.
SWOT
Strengths
Weaknesses
- Long-term debt is considerable, and guarantees given to subsidiaries add an exposure not fully shown on the balance sheet 1.
- The capacity to distribute depends on collecting receivables from subsidiaries, which introduces dependence on their performance 1.
- The parent company financial statements give a partial picture of the group, without details on operating segments 1.
Opportunities
Risks
- Securities litigationmedium
A class action filed in the US against the company and certain officers could lead to damages if the court establishes liability 1.
- Contract dispute with a universitymedium
The lawsuit brought by a British university over a licence agreement could involve costs if misrepresentation is proven 1.
- Dependence on subsidiarieshigh
The capacity to distribute reserves depends on collecting receivables from subsidiaries within a reasonable period, and a delay could limit dividends 1.
- Fixed-rate debtmedium
Borrowings in several currencies expose the company to refinancing risk, especially if maturities cluster in unfavourable periods 1.
- Guarantees for subsidiarieslow
Guarantees given for bonds issued by AstraZeneca Finance LLC could become a financial burden if the subsidiary fails to meet its obligations 1.
Investment thesis
What would need to be true (bull case)
- The company's profit rose considerably in 2025, and its equity is solid, which could support shareholder distributions if the trend holds 1.
- Most profit and loss reserves can be distributed, giving flexibility for dividends and investment, subject to legal compliance 1.
- A financing structure with fixed interest rates could shield the company from short-term cost increases over the periods covered by maturities 1.
What would break the thesis
- Debt and guarantees for subsidiaries could reduce financial flexibility if group results deteriorate 1.
- Class actions and contract disputes could generate unforeseen costs that affect future results 1.
- Dependence on collecting receivables from subsidiaries could limit distributions if they face liquidity problems 1.
What to watch
- Outcome of the University of Sheffield contract dispute2026
- Progress of the US securities class actionnext 10-K
- Repayment of the 0.7 percent bond maturing in 20262026
- Level of distributable reserves and subsidiaries' ability to settle receivablesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
AstraZeneca PLC is a public limited company incorporated and domiciled in England and Wales, with its registered office in Cambridge 1. The parent company financial statements show that its main activity consists of holding shares and loans to group subsidiaries, which form its principal assets 1. For 2025, the company's profit was 5812 million USD, compared with 457 million USD in 2024 1.
Equity reached 51851 million USD at 31 December 2025, and most profit and loss reserves could be distributed, subject to filing the financial statements with Companies House 1. The sustainability statement and annual report complete the picture of the group, but the data in this analysis come only from the parent company financial statements 1.
Segments
Investments in subsidiaries
Investments in subsidiaries, stated at cost, reached 60446 million USD at 31 December 2025, of which 48314 million USD in shares and the rest in loans granted to the group 1. The decline in share investments during the year reflected a return of capital of 500 million USD 1.
Market context
The company's activity takes place within the global pharmaceutical sector, where reporting follows IFRS as adopted in the United Kingdom, with exemptions under FRS 101 1. Exposure to capital markets is visible in borrowings issued in US dollars, euros and pounds sterling 1.
The rise in profit from 457 million USD to 5812 million USD in 2025 points to a significant change in the parent company's results, although the source does not explain all the factors behind it 1. Competition and regulatory pressure on drug pricing are not covered in the company's financial statements and remain unknown from this source 1.
Trends
- Refinancing through bondsmixed
The company has repaid and issued bonds with new maturities, which could ease short-term liquidity pressure if markets remain stable 1. If financing conditions worsen, the cost of refinancing could rise.
- Rising profitabilitytailwind
The parent company's profit rose significantly in 2025, which could provide a margin of safety for dividends and investment 1. If this trend is not sustained, distributions to shareholders could become harder to support.
- Litigation in the US and UKheadwind
Securities class actions in the US and the contract dispute with a British university are ongoing, and the UK trial is scheduled for 2026 1. Their outcome could generate additional costs if liability is established.
- Distributable reservesmixed
Almost all profit and loss reserves could be distributed, but their availability depends on subsidiaries' ability to settle their receivables within a reasonable period 1. This dependence could limit distributions if subsidiaries face liquidity difficulties.
Competitive position
The parent company financial statements do not identify direct competitors and do not describe the group's market position 1. A competitive analysis cannot be built from this source alone.
The information available concerns the company's financial structure, not a comparison with other pharmaceutical companies, so a complete competitive profile would require additional sources 1.
- No competitor named in the source
The source names no competitors, so no direct comparisons are presented.
- Insufficient data for comparison
With no competitor names in the parent company financial statements, the comparison remains open.
- Lack of sector references
The source does not describe the markets in which the group operates, so rivals cannot be identified.
- Further sources needed for analysis
Identifying rivals would require sector reports or statements from the consolidated group.
News & filings
In the press
- Following midterm losses, MAHA is at a crossroadsThe Hill · 05 Nov 2026 · EN
- Мэрия Москвы не видит рисков в строительстве в столице фармзавода AstraZenecaInterfax Russia (RU) · 05 Nov 2026 · RU
- Democrats get their health agenda ready ahead of takeoverThe Hill · 04 Nov 2026 · EN
- AI Fighter Pilots Academy, where Saab trains its AI AgentsEuropean Defence Review · 03 Nov 2026 · RO
- STAT+: Pharmalittle: We’re reading about payments to Russian middlemen, a possible Dupixent rival, and moreSTAT News · 02 Nov 2026 · EN
- AstraZeneca to launch new cancer drugs lineTASS (RU, EN) · 02 Nov 2026 · EN
- Рынки акций Европы преимущественно снизились в пятницуInterfax Russia (RU) · 02 Nov 2026 · RU
- Global, regional and national burden of cervical cancer in 1990–2023 with forecasts to 2050: a Global Burden of Disease studyNature Medicine · 02 Nov 2026 · EN
- Neoadjuvant botensilimab with or without balstilimab in pMMR and dMMR colon cancer: the phase 2 UNICORN trialNature Medicine · 02 Nov 2026 · EN
- Novel chemical reaction expands options for building DNA-encoded librariesPhys.org · 30 Oct 2026 · EN
- STAT+: Pharmalittle: We’re reading about AstraZeneca cost-cutting, Sun Pharma facility problems, and moreSTAT News · 30 Oct 2026 · EN
- 5-year outcomes of chemotherapy de-escalation in HER2-positive early breast cancer and exploratory circulating tumor DNA analyses from the randomized phase 2 PHERGain trialNature Medicine · 29 Oct 2026 · EN
- Insights into early-onset colorectal cancer from a single-nucleus RNA-seq atlas of colorectal cancer across the age continuumNature Medicine · 29 Oct 2026 · EN
- VIDEO UPDATE Accident feroviar în Spania: Bilanțul tragediei a urcat la 64 de morți - AgerpresAgerpres · 28 Oct 2026 · RO
- VIDEO UPDATE Spania: Cel puțin 30 de morți în urma ciocnirii a două trenuri - AgerpresAgerpres · 28 Oct 2026 · RO
- VIDEO LIVE UPDATE Accident feroviar în Spania: Bilanțul tragediei a urcat la 64 de morți - AgerpresAgerpres · 28 Oct 2026 · RO
- Două trenuri de mare viteză s-au ciocnit în Spania - AgerpresAgerpres · 28 Oct 2026 · RO
- Birth weight, cognitive reserve and outcomes after first-episode psychosisNature Mental Health · 28 Oct 2026 · EN
- Progres major în tratamentul cancerului gastric: medicamentul experimental AstraZeneca reduce riscul de deces cu 53% față de chimioterapieLibertatea.ro · 26 Oct 2026 · RO
- STUDIU: Două medicamente combinate prelungesc perioada de supravieţuire în cazul pacienților diagnosticați cu cancer pulmonarG4Media · 26 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202504 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / AstraZeneca PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.