ASTRAZENECA PLC

“The pricing and market access environment is highly complex and subject to dynamic economic, political and social pressures. Deterioration in socio-economic conditions may affect customers’ ability or willingness to purchase our medicines and may adversely affect our business and results of operations. • Implementation of pricing, reimbursement and policy frameworks. • Focus on key products. • Demonstrate value of medicines/health economics. • Implement innovative value-based agreements focused on patient outcomes. • Global footprint. • Diversified portfolio.”

Annual report 2025A · The company itself

“Pricing, affordability, access, competitive pressures and failures or delays in the quality or execution of the Group’s commercial strategies. – Scenario 1: Government action on pricing, higher than anticipated competition and other commercial headwinds result in lower than anticipated growth rates for our medicines. – Scenario 2: A significant incident leads to reputational damage in a key market resulting in an ongoing 10% reduction in revenue achieved in this market. • Principal Risk: Failure or delay in the delivery of our pipeline or launch of new medicines. – Scenario 3: Assumes no launches of new products. • Principal Risk: Failure to maintain supply of compliant, quality medicines. – Scenario 4: Major equipment failure or a significant regulatory observation at one of our major manufacturing sites results in a 12-month loss of manufacturing capability for one of our key oncology products, leading to supply interruption.”

Annual report 2025A · The company itself

“Datroway was approved in the US for the treatment of adult patients with locally advanced or metastatic EGFR-mutated NSCLC who have received prior EGFR-directed therapy and platinumbased chemotherapy. In December 2025, As anticipated, 2025 was an unprecedented year in advancing the 2030 ambition. Financially, we continued to make strong progress towards our $80 billion Total Revenue goal, while sustaining significant investment in the R&D that will drive growth well beyond 2030.”

Annual report 2025A · The company itself

““AstraZeneca achieved Total Revenue of $58.7 billion in 2025, driven predominantly by $58.6 billion of Product Revenue, representing growth of 9% (CER: 8%).” 2025 delivered strong commercial performance, driven by business-wide growth and exceptional pipeline delivery.”

Annual report 2025A · The company itself

“Product Sales grew by 9% (CER: 9%) to $55.6 billion, with 13 blockbuster medicines. Demand growth for our Oncology and CVRM products and new launch indications in Oncology, delivered continued Product Sales growth, with Oncology achieving 17% (CER: 16%) and CVRM achieving 3% (CER: 2%).”

Annual report 2025A · The company itself

“Failure to collect and manage data or AI in line with legal and regulatory requirements and strategic objectives There is an increasing range of legislative and regulatory requirements to manage data across all countries where we conduct business such as restricting the movement of data between countries or how we make use of new technological capabilities such as AI. Failure to protect data effectively or the inappropriate use of technologies such as AI may lead to competitive disadvantage and/or loss of trust from key stakeholders, including patients, and prevent us from reaching our strategic objectives. In addition, failure to identify, prioritise and scale the appropriate AI opportunities may limit our ability to realise the benefits of AI in support of our strategic objectives.”

Annual report 2025A · The company itself

“This included capitalising on new pipeline opportunities in weight management, radioconjugates and next generation immunology bispecifics.”

Annual report 2025A · The company itself

“With AI reshaping the pace of science and business, Mr Soriot announced the creation of a dedicated Enterprise AI unit which will rapidly advance enterprise AI transformation. This unit will deliver a single data foundation and accelerate high value AI initiatives that will enable the delivery of Ambition 2030.”

Annual report 2025A · The company itself

“This included capitalising on new pipeline opportunities in weight management, radioconjugates and next generation immunology bispecifics.”

Annual report 2025A · The company itself

“Alliance Revenue, comprising our share of gross profits, share of revenues and royalties, increased in the year by 39% (CER: 38%), to $3,067 million, including $1,798 million from Enhertu and $673 million from Tezspire , which achieved blockbuster status in 2024.”

Annual report 2025A · The company itself

“In October 2025, AstraZeneca, by exercise of an option, completed the acquisition of the remaining share capital of SixPeaks Bio AG (SixPeaks), following an initial investment of $15 million made in 2024. $170 million was paid on closing, $30 million to be paid after two years and up to a further $100 million is payable on achievement of regulatory milestones. SixPeaks is investigating potential therapies for weight-management with the aim of preserving lean muscle mass.”

Annual report 2025A · The company itself

“Our continued investment in the pipeline yielded several significant approvals and milestones in the year, notably for Saphnelo , Beyonttra , Datroway and Enhertu .”

Annual report 2025A · The company itself

“2025 saw an unprecedented proportion of programmes in the pipeline delivering positive news, including 16 Phase III positive clinical readouts. Results to highlight include the delivery of strong clinical data on surovatamig (which has the potential to become a backbone standard of care across six haematologic malignancies) and the acceleration of baxdrostat from Phase II acquisition to delivery of Phase III data and regulatory filing in two years.”

Annual report 2025A · The company itself

“We apply a science-based approach to our management of PFAS use, which includes ongoing evaluation and implementation of reductions or substitutions of PFAS materials wherever possible, while continuing to protect medicines for patients, including ensuring supply security, patient safety and regulatory compliance. Proposals for blanket bans of PFAS that do not account for essential uses could potentially affect development, manufacturing, packaging and drug delivery of medicines, raising a potential risk of shortages or the removal of therapeutic options, with significant impact for patients and public health.”

Annual report 2025A · The company itself

“The Company also expanded efforts in genomic medicine and cell therapy including the highly competitive acquisition of EsoBiotec.”

Annual report 2025A · The company itself

“As described earlier in this Annual Report, sales of our products are directly influenced by medical need and are generally paid for by health insurance schemes or national healthcare budgets.”

Annual report 2025A · The company itself

“In 2025, we delivered 16 blockbuster medicines in total, including Tezspire , Enhertu and Beyfortus which are medicines included in collaborations with alliance partners.”

Annual report 2025A · The company itself

“Alliance Revenue, comprising our share of gross profits, share of revenues and royalties, increased in the year by 39% (CER: 38%), to $3,067 million, including $1,798 million from Enhertu and $673 million from Tezspire , which achieved blockbuster status in 2024.”

Annual report 2025A · The company itself

“We apply a science-based approach to our management of PFAS use, which includes ongoing evaluation and implementation of reductions or substitutions of PFAS materials wherever possible, while continuing to protect medicines for patients, including ensuring supply security, patient safety and regulatory compliance. Proposals for blanket bans of PFAS that do not account for essential uses could potentially affect development, manufacturing, packaging and drug delivery of medicines, raising a potential risk of shortages or the removal of therapeutic options, with significant impact for patients and public health.”

Annual report 2025A · The company itself

“In July 2024, AstraZeneca completed the acquisition of Amolyt Pharma SAS (Amolyt), a clinical-stage biotechnology company focused on developing novel treatments for rare endocrine diseases.”

Annual report 2025A · The company itself

“Supply chain difficulties may result in product shortages which could lead to lost product sales and materially affect our reputation and results of operations. • Establishment of new manufacturing facilities, creating capacity and technical capability to support new product launches. • Contingency plans, including dual sourcing, multiple suppliers and close monitoring and maintenance of stock levels. • Business continuity and resilience initiatives, disaster and data recovery, and emergency response plans. • Quality management systems.”

Annual report 2025A · The company itself

“In February 2024, AstraZeneca completed the acquisition of Icosavax, Inc. (Icosavax), a US-based clinical-stage biopharmaceutical company focused on developing differentiated, high-potential vaccines using an innovative, protein virus-like particle platform.”

Annual report 2025A · The company itself

“IP risks related to our products The pharmaceutical industry is experiencing pressure from governments and other payers to impose limits on IP protections to manage healthcare costs. If we are unable to obtain, defend and enforce our IP, we may experience accelerated and intensified competition.”

Annual report 2025A · The company itself

“Brilinta sales decreased by 38% (CER: 38%) driven by generic entry in the US and Europe in the first half of 2025.”

Annual report 2025A · The company itself

“With an active presence in more than 80 countries, we are subject to political, socio-economic and financial factors around the world. A sustained global economic downturn or significant changes to exchange rates may adversely impact our business. Geopolitical tensions may lead to the imposition, alteration or escalation of trade controls, tariffs, taxes or other restrictions to market access, which may increase our costs or reduce revenues. • Focus on key products. • Demonstrate value of medicines/health economics. • Diversified portfolio. • Global manufacturing capability.”

Annual report 2025A · The company itself

“Pricing, affordability, access, competitive pressures and failures or delays in the quality or execution of the Group’s commercial strategies. – Scenario 1: Government action on pricing, higher than anticipated competition and other commercial headwinds result in lower than anticipated growth rates for our medicines. – Scenario 2: A significant incident leads to reputational damage in a key market resulting in an ongoing 10% reduction in revenue achieved in this market. • Principal Risk: Failure or delay in the delivery of our pipeline or launch of new medicines. – Scenario 3: Assumes no launches of new products. • Principal Risk: Failure to maintain supply of compliant, quality medicines. – Scenario 4: Major equipment failure or a significant regulatory observation at one of our major manufacturing sites results in a 12-month loss of manufacturing capability for one of our key oncology products, leading to supply interruption.”

Annual report 2025A · The company itself

“The pricing and market access environment is highly complex and subject to dynamic economic, political and social pressures. Deterioration in socio-economic conditions may affect customers’ ability or willingness to purchase our medicines and may adversely affect our business and results of operations. • Implementation of pricing, reimbursement and policy frameworks. • Focus on key products. • Demonstrate value of medicines/health economics. • Implement innovative value-based agreements focused on patient outcomes. • Global footprint. • Diversified portfolio.”

Annual report 2025A · The company itself

“With an active presence in more than 80 countries, we are subject to political, socio-economic and financial factors around the world. A sustained global economic downturn or significant changes to exchange rates may adversely impact our business. Geopolitical tensions may lead to the imposition, alteration or escalation of trade controls, tariffs, taxes or other restrictions to market access, which may increase our costs or reduce revenues. • Focus on key products. • Demonstrate value of medicines/health economics. • Diversified portfolio. • Global manufacturing capability.”

Annual report 2025A · The company itself

“Supply chain difficulties may result in product shortages which could lead to lost product sales and materially affect our reputation and results of operations. • Establishment of new manufacturing facilities, creating capacity and technical capability to support new product launches. • Contingency plans, including dual sourcing, multiple suppliers and close monitoring and maintenance of stock levels. • Business continuity and resilience initiatives, disaster and data recovery, and emergency response plans. • Quality management systems. Failure in information technology or cybersecurity Significant disruption to our IT systems, including cybersecurity breaches, or failure to comply with applicable laws or regulations could harm our reputation and materially affect our financial condition or results of operations. • Penetration testing and targeted remediation. • Data and application access hardening.”

Annual report 2025A · The company itself

“Failure to meet regulatory or ethical requirements for medicine development or approval We are subject to laws and regulations that control our ability to market our pharmaceutical products. Delays in regulatory approvals could delay our ability to market our products and may adversely affect our revenue.”

Annual report 2025A · The company itself

“To ensure the patient safety of injectable medicines there are global regulatory requirements to test raw materials, water systems and products for the presence of endotoxins, a significant risk to patient safety. Until recently, the blood of horseshoe crabs has been the only ingredient suitable to make the reagents needed to perform these tests. We are advocating for harmonised regulations to simplify the transition for product testing from horseshoe crab blood to synthetics. In the interim, most of our labs have transitioned to more efficient methods for endotoxin testing of water systems and in 2025, have reduced this dependency further by transitioning to a synthetic alternative for this purpose.”

Annual report 2025A · The company itself

“To mitigate exposure and increase resilience to acute extreme weather events and longer-term shifts in climate patterns, identified climate risks are integrated into sites’ business continuity and mitigation plans. Examples of climate change adaptation solutions implemented in 2025 include improving emergency response plans in relation to climate hazards.”

Annual report 2025A · The company itself

“We recognise our most material water pollution impact as the APIs in our products. APIs are biologically active molecules and may interact with and impact wildlife in the environment. We have ongoing programmes and processes across the value chain to understand and minimise the impact of pharmaceuticals in the environment (PiE), as part of our ambition to lower the environmental burden of healthcare, while improving health outcomes and reducing our exposure to environmental risks.”

Annual report 2025A · The company itself

“Failure to collect and manage data or AI in line with legal and regulatory requirements and strategic objectives There is an increasing range of legislative and regulatory requirements to manage data across all countries where we conduct business such as restricting the movement of data between countries or how we make use of new technological capabilities such as AI. Failure to protect data effectively or the inappropriate use of technologies such as AI may lead to competitive disadvantage and/or loss of trust from key stakeholders, including patients, and prevent us from reaching our strategic objectives. In addition, failure to identify, prioritise and scale the appropriate AI opportunities may limit our ability to realise the benefits of AI in support of our strategic objectives.”

Annual report 2025A · The company itself

“Negative product mix effects from rising contributions of products with share of gross profit arrangements. Pricing adjustments, for example to sales reimbursed by the Medicare Part D programme in the US, diluted the Gross Margin.”

Annual report 2025A · The company itself

“We recognise our most material water pollution impact as the APIs in our products. APIs are biologically active molecules and may interact with and impact wildlife in the environment. We have ongoing programmes and processes across the value chain to understand and minimise the impact of pharmaceuticals in the environment (PiE), as part of our ambition to lower the environmental burden of healthcare, while improving health outcomes and reducing our exposure to environmental risks.”

Annual report 2025A · The company itself

“Product Sales rose in Emerging Markets by 11% (CER: 13%) to $15.1 billion and in Europe by 11% (CER: 7%) to $12.0 billion, with Oncology and Farxiga driving the increases in both regions.”

Annual report 2025A · The company itself

“In Established Rest of World markets, there was growth of 3% (CER: 3%) to $5.1 billion due to growth in Oncology.”

Annual report 2025A · The company itself

“Under Mr Soriot’s leadership, AstraZeneca delivered more medicines to patients around the world in 2025 than ever before, reflected in Total Revenue for the year increasing by 9% to $58.7 billion. Under Mr Soriot’s leadership in 2025, significant progress has been made with transformative modalities which will drive Ambition 2030.”

Annual report 2025A · The company itself

“Product Sales rose in Emerging Markets by 11% (CER: 13%) to $15.1 billion and in Europe by 11% (CER: 7%) to $12.0 billion, with Oncology and Farxiga driving the increases in both regions.”

Annual report 2025A · The company itself

“Under Mr Soriot’s leadership, AstraZeneca delivered more medicines to patients around the world in 2025 than ever before, reflected in Total Revenue for the year increasing by 9% to $58.7 billion. Under Mr Soriot’s leadership in 2025, significant progress has been made with transformative modalities which will drive Ambition 2030.”

Annual report 2025A · The company itself

“In the US, we had overall growth of 8%, with Product Sales of $23.4 billion, reflecting continued momentum across the Oncology portfolio.”

Annual report 2025A · The company itself

“Under Mr Soriot’s leadership, AstraZeneca delivered more medicines to patients around the world in 2025 than ever before, reflected in Total Revenue for the year increasing by 9% to $58.7 billion. Under Mr Soriot’s leadership in 2025, significant progress has been made with transformative modalities which will drive Ambition 2030.”

Annual report 2025A · The company itself