AstraZeneca PLC (AZN): Business Model Canvas [Dec-2025 Updated]

You're looking at the engine room of one of pharma's giants, and honestly, the numbers for AstraZeneca PLC heading into late 2025 are sharp. We've seen $28.045 billion in revenue in just the first half, and they are guiding for a high single-digit growth for the full year, driven by blockbusters like Tagrisso and the ADC Enhertu. But to get there, they are pouring money into R&D-expecting costs in the low 20s percentage of revenue-and hiking capital spending by about 50% this year alone to build out manufacturing for their metabolic portfolio. This canvas breaks down exactly how AstraZeneca PLC is structuring its massive bets across Oncology and Rare Disease to hit that $80 billion revenue goal by 2030, so dig in to see the structure behind the science.

AstraZeneca PLC (AZN) - Canvas Business Model: Key Partnerships

You're looking at the external engines driving AstraZeneca PLC's growth, the strategic alliances that fill out the right side of the Business Model Canvas. These partnerships aren't just handshake agreements; they represent concrete financial commitments and access to specialized capabilities that AstraZeneca needs to maintain its pipeline velocity, especially in complex areas like oncology and AI. Honestly, the sheer scale of the financial commitments here shows how critical external innovation is to their strategy.

The Key Partnerships block for AstraZeneca is heavily weighted toward co-development and technology access, particularly in oncology. Here's the quick math on the major players and the associated financial figures we have as of late 2025.

Antibody-Drug Conjugates (ADCs) with Daiichi Sankyo:

The collaboration with Daiichi Sankyo for the ADC Enhertu remains a cornerstone. This partnership shares development and commercialization costs and profits globally, excluding Japan. The momentum is clear: combined sales for Enhertu reached more than $3.7 billion in CY2024. AstraZeneca is projecting this asset alone to become a $5 billion blockbuster by the end of 2025. This success is definitely reflected in the market, with AstraZeneca's stock seeing a 12% year-to-date gain in 2025, in part due to Enhertu's expanding label.

AI and Data Science Collaboration with Tempus AI/Pathos AI:

AstraZeneca expanded its strategic alliance with Tempus AI and Pathos AI to build what they call the largest multimodal foundation model in oncology. This is about accelerating R&D by analyzing vast, rich data sets. Under the terms, Tempus is set to receive $200 million in data licensing and model development fees. Tempus is contributing a massive repository of de-identified oncology data, which includes:

• Over 7.3 million de-identified patient records.
• 1.4 million records with imaging data.
• 1.3 million records with genomic information.
• 260,000 records with full transcriptomics profiles.

Novel Oral Drug Discovery with CSPC Pharmaceutical Group:

AstraZeneca entered a significant research collaboration with CSPC Pharmaceutical Group to discover novel oral candidates, leveraging CSPC's AI-driven platform. The total potential value of this deal is up to $5.33 billion. This builds on prior work; for instance, a separate exclusive license agreement for a lipid-lowering therapy with CSPC was worth over $1.9 billion. The new oral drug discovery deal structure is quite detailed:

What this estimate hides is that the actual cash flow is spread over many years, contingent on clinical and commercial success. Still, the upfront commitment is $110 million.

Vaccine Joint Venture with BioKangtai:

AstraZeneca is establishing its first and only vaccine production hub in China through a joint venture with BioKangtai. The total investment is approximately USD 400 million (RMB 2.76 billion). The registered capital for the venture is RMB 345 million, which is about USD 50 million. The equity split is even, with both BioKangtai and AstraZeneca holding 50% equity in the new entity.

Customer Engagement Platform with Salesforce:

To unify global customer engagement with healthcare professionals (HCPs), AstraZeneca selected Salesforce's Agentforce Life Sciences platform. This move is designed to enhance medical-commercial coordination and scale personalized engagement using 'next-best action' recommendations. This partnership is happening while AstraZeneca is showing strong operational momentum; the company reported robust revenue growth of 13.52% over the past year, and its stock had surged 41.56% year-to-date as of December 2025. The platform will be deployed as Agentforce 360 for Life Sciences globally.

You can see the focus here is on externalizing specialized R&D capabilities and digitizing commercial outreach. Finance: draft 13-week cash view by Friday.

AstraZeneca PLC (AZN) - Canvas Business Model: Key Activities

You're looking at the core engine driving AstraZeneca PLC's performance right now, which is heavily weighted toward aggressive, high-stakes research and massive capital deployment. The key activities are all about pipeline delivery, securing future manufacturing capacity, and integrating digital capabilities deep into the process.

Extensive R&D and Clinical Trials

The R&D engine is clearly firing on all cylinders, which is the lifeblood of any biopharma. You saw excellent pipeline delivery in the first half of 2025. Specifically, AstraZeneca reported 12 positive key Phase III trial readouts during H1 2025. This momentum followed a strong start to the year, with five positive Phase III study readouts announced in Q1 2025 alone. These readouts included data for key assets like baxdrostat, gefurulimab, and Tagrisso. That's a lot of data points moving through the system.

Manufacturing Expansion and Capacity Building

AstraZeneca is making a huge commitment to US-based production, which is a direct response to the shifting geopolitical and tariff landscape we've been watching. The company announced a sweeping $50 billion investment in the United States by 2030 for both manufacturing and R&D. The centerpiece of this is a new, multi-billion dollar drug substance manufacturing facility planned for the Commonwealth of Virginia. This Virginia site is touted as AstraZeneca's largest single manufacturing investment globally to date. This investment builds upon the $3.5 billion commitment made back in November 2024. More recently, in October 2025, the company specified that the Virginia investment would total $4.5 billion, which includes an added $500 million to support the production of their cancer portfolio alongside the weight management and metabolic drugs. This massive build-out is expected to create approximately 3,600 jobs.

Strategic Acquisitions for Platform Enhancement

To secure next-generation technology, AstraZeneca executed a key strategic acquisition in the cell therapy space. They completed the purchase of EsoBiotec in May 2025. This deal was valued at up to $1 billion in total consideration. The structure involved an initial payment of $425 million upon closing, with up to $575 million more contingent on hitting specific development and regulatory milestones. This acquisition brings in the EsoBiotec Engineered NanoBody Lentiviral (ENaBL) platform, which is an in vivo cell therapy approach.

Global Commercialization and Regulatory Approvals

The R&D success translates directly into market access, which is a critical activity for realizing revenue. Following the H1 2025 readouts, AstraZeneca secured 19 approvals in major regions during that first half of the year. To give you a sense of the pace, they had already achieved 13 approvals in major regions just by the end of Q1 2025. The company is definitely pushing hard for global market penetration.

Data Science and AI Integration

You can't run a modern pharma operation without serious digital backbone, and AstraZeneca is investing to embed this across the board. The new Virginia manufacturing site, for example, is planned to leverage AI, automation, and data analytics to optimize production. On the R&D front, in April 2025, they entered agreements with Tempus AI and Pathos AI to develop a foundational large multimodal model specifically for oncology insights and target discovery. Furthermore, in September 2025, the company committed 176 crore rupees (US$21.1 million) to expand its Global Innovation and Technology Centre in Chennai to hire specialists in AI, data analytics, machine learning, and data science. They also established a new R&D centre in Beijing featuring a state-of-the-art artificial intelligence and data science laboratory.

Here's a quick look at the financial scale of some of these key activities:

Finance: draft the Q3 2025 capital expenditure forecast incorporating the Virginia facility spend by next Tuesday.

AstraZeneca PLC (AZN) - Canvas Business Model: Key Resources

You're looking at the core assets that power AstraZeneca PLC's performance as of late 2025. These aren't just line items; they are the engines driving the ambition to reach $80 billion in Total Revenue by 2030. So, let's break down the tangible and intangible resources.

The intellectual property (IP) portfolio is a massive moat, especially in oncology. This includes the deep pipeline, which features six next-generation ADCs (Antibody-Drug Conjugates) that are key to future growth. The success of current ADCs like Enhertu is a testament to this IP strength.

AstraZeneca PLC continues to heavily invest in its physical and intellectual infrastructure. The company is leveraging its two large R&D sites in Gaithersburg, MD, and Cambridge, MA, as part of a larger commitment. This commitment includes a planned $3.5 billion capital investment in U.S. manufacturing and R&D by the end of 2026, and an even larger pledge of $50 billion in U.S. investment by 2030.

The company's commercial success is anchored by several key blockbuster drugs. The performance of these medicines in the first half of 2025 shows the immediate value of these resources. For instance, Farxiga, used for diabetes, heart failure, and kidney disease, generated $4.21 billion in sales in the first half of 2025 alone.

Here's a look at the recent revenue contribution from these key products:

The global manufacturing network is critical for supply chain resilience and growth. AstraZeneca PLC maintains a significant footprint in the U.S., which is its largest market, generating 42% of its Total Revenue. This network includes 11 production sites across the US, covering small molecules, biologics, and cell therapy. The planned $50 billion U.S. investment includes the drug substance facility in Virginia, set to be AstraZeneca PLC's largest single manufacturing investment globally.

The human capital supporting this operation is substantial. The company has over 80,000 employees worldwide, specializing in science and commercialization. In the United States alone, AstraZeneca PLC employed approximately 17,800 people across 17 R&D, manufacturing, and commercial sites as of late 2024, supporting an estimated 92,000 total jobs across the country.

The scale of the U.S. presence and investment is significant:

• U.S. R&D and manufacturing investment planned by 2030: $50 billion.
• U.S. employees (as of late 2024): Approximately 17,800.
• U.S. manufacturing sites: 11.
• Total jobs supported in the U.S. (as of July 2025): Approximately 92,000.
• FY 2024 U.S. direct economic contribution: $5 billion.

Finance: draft 13-week cash view by Friday.

AstraZeneca PLC (AZN) - Canvas Business Model: Value Propositions

AstraZeneca PLC offers value through a focused portfolio of prescription medicines across three core pillars: Oncology, Rare Disease, and BioPharmaceuticals, which includes Cardiovascular, Renal & Metabolism (CVRM), and Respiratory & Immunology.

The company has set a clear financial ambition, which underpins the value proposition of its pipeline innovation.

The value proposition in Oncology is driven by blockbuster assets and targeted advancements for difficult-to-treat cancers.

• Oncology drug sales jumped 19% to $6.6 billion in Q3 2025.
• Tagrisso sales climbed 11% to $1.9 billion in Q3 2025.
• Imfinzi generated revenue of $1.6 billion in Q3 2025, a jump of 33% year-on-year.
• The pipeline includes targeted therapies like ADCs (Antibody-Drug Conjugates) and specific inhibitors such as AZD0022 (KRas G12D inhibitor).

For chronic diseases within BioPharmaceuticals, solutions like Farxiga demonstrate value through broad indication expansion.

• AstraZeneca increased its cardiovascular portfolio, headed by Farxiga, by 25% through PS1.8 billion following rising indications in heart failure and chronic kidney disease (CKD).
• Farxiga reported sales of nearly $4.4 billion in 2022, a 56% increase over 2021, driven by CKD and heart failure approvals.
• Farxiga reduced the risk of cardiovascular death by 14% and hospitalization for heart failure by 29% in heart failure patients when compared to placebo in combined trials.

A key area of value creation is the rapid delivery of advanced cell therapy treatments through strategic acquisitions.

AstraZeneca acquired EsoBiotec in May 2025 to gain the Engineered NanoBody Lentiviral (ENaBL) platform, which enables in vivo immune cell engineering.

The ENaBL platform offers value by potentially transforming treatment administration:

• Therapy delivery is an intravenous injection that takes minutes.
• This contrasts with traditional cell therapy, which takes weeks.
• The platform can potentially treat hundreds of patients from a single batch, unlike autologous therapies.

AstraZeneca PLC (AZN) - Canvas Business Model: Customer Relationships

You're looking at how AstraZeneca PLC (AZN) connects with the key people who prescribe and use their medicines as of late 2025. It's a shift from broad outreach to highly specific, data-informed interactions, especially given their focus areas like Oncology and Rare Diseases.

Dedicated field teams and medical science liaisons (MSLs) for HCP engagement

AstraZeneca PLC continues to rely on its field force, which includes Medical Science Liaisons (MSLs), to serve as scientific conduits to Healthcare Professionals (HCPs). While the exact headcount for the global field team isn't public, we know the scale of the US operation is significant, with the company's US workforce exceeding 25,000 people in 2025. The relationship strategy is now heavily intertwined with digital enablement. The field teams' interactions are being refined to ensure scientific exchange is timely and relevant, moving away from purely transactional visits.

• Collaborate with medical field team members to identify knowledge gaps.
• Support field medical teams where needed for quality oversight.
• Focus on strategic customer outcomes rather than just volume of contacts.

Personalized, data-driven engagement via the new Salesforce Agentforce platform

A major relationship pivot was announced in December 2025: AstraZeneca selected Salesforce Agentforce Life Sciences as its unified global platform to transform customer engagement. This platform is designed to foster stronger relationships with HCPs using data-driven, AI-powered engagement. The goal is to unlock a new era of intelligent engagement globally.

This technology directly impacts the quality of the relationship by providing concrete guidance to commercial and medical teams.

• Consolidate HCP insights for Medical-Commercial Coordination across teams.
• Scale personalized engagement by offering next-best action recommendations to key account, reimbursement, and field teams.
• Orchestrate and automate digital campaigns across multiple channels based on customer preferences.
• Use Model Context Protocol (MCP) interoperability to orchestrate internal and external agent actions seamlessly.

High-touch, specialized support for Rare Disease patients and prescribers

For Rare Disease, the relationship model demands a higher degree of specialized, high-touch support, often extending beyond the initial prescription. The AZ&Me Prescription Savings Program, which supports eligible patients who cannot afford their AstraZeneca medications, saw an update effective April 1, 2025, specifically regarding BRILINTA enrollment changes, showing ongoing management of patient affordability programs. Furthermore, the company is making significant investments to support this portfolio, planning a $2 billion expansion in Maryland manufacturing that will enable, for the first time, production across the entire rare disease portfolio. This commitment signals a long-term relationship focus with this patient segment.

The focus on rare hematologic conditions is evident in their late 2025 scientific presentations, such as new data on ULTOMIRIS for HSCT-TMA, demonstrating deep engagement with specialized prescribers in that therapeutic area.

Long-term strategic alliances with governments and payers for market access

Market access is fundamentally a relationship with payers and government bodies, securing formulary placement and favorable reimbursement. AstraZeneca PLC's strategic moves reflect these long-term commitments. For instance, the July 2025 acquisition of EsoBiotec, valued up to $1bn, included an initial payment of $403m and up to $575m in contingent milestones. Such large-scale, staged investments are indicative of building a pipeline that requires long-term negotiation and partnership with access gatekeepers.

Here's a quick look at some of the scale and financial commitments shaping these relationships:

The selection of Agentforce 360 for Life Sciences as the unified global engagement solution is a clear action to professionalize and scale these critical HCP and payer relationships using AI-driven insights.

Finance: draft Q4 2025 impact analysis on field force efficiency by next Tuesday.

AstraZeneca PLC (AZN) - Canvas Business Model: Channels

You're looking at how AstraZeneca PLC gets its medicines from the lab to the patient, which is a massive, multi-pronged operation given its global scale. The channels strategy is clearly shifting toward data-driven precision, especially in how they interact with doctors and navigate complex government pricing structures.

Direct sales force targeting Healthcare Professionals (HCPs) and key accounts.

The sheer scale of AstraZeneca PLC's US presence underpins the direct sales effort. The company's US workforce exceeds 25,000 people, supporting over 100,000 jobs overall across the country as of late 2025. This infrastructure supports the face-to-face engagement required for high-value specialty and oncology products. The US market remains central, having accounted for 43% of total revenue in the first nine months of 2024. The company is backing this up with a commitment to invest $50 billion in US manufacturing and R&D through 2030.

Pharmaceutical wholesalers and distributors for global product delivery.

Global delivery relies on a highly sophisticated supply chain, recognized recently for its technological advancements. AstraZeneca PLC won the 2025 Gartner Supply Chain Award for Process/Technology Breakthrough, specifically for developing an innovative tablet manufacturing technology that leverages digital twins to accelerate product build and delivery. This focus on efficiency supports a global footprint where innovative medicines are sold in over 125 countries. The company maintains eleven production sites in the US alone as of Q1 2025, covering small molecules, biologics, and cell therapy.

Direct engagement with governments and national health systems for pricing and formulary inclusion.

Direct negotiation with national health systems is a critical channel for market access and revenue realization. In October 2025, AstraZeneca PLC announced an agreement with the US government to delay Section 232 tariffs for three years, contingent on several pricing concessions. Key elements of this channel engagement include:

• Providing discounts for the Medicaid channel.
• Guaranteeing harmonized prices in developed nations on all new innovative medicines.
• Offering Direct-to-Consumer (DTC) sales to eligible cash-paying Americans for three respiratory drugs at up to 80% off list prices via the TrumpRx.gov platform.
• Committing to launch all new innovative medicines at Most Favored Nation (MFN) prices, matching the lowest costs in OECD countries.

Digital and automated campaigns for HCPs based on customer preferences.

The company is actively digitizing its engagement with Healthcare Professionals (HCPs). AstraZeneca PLC selected Salesforce's Agentforce Life Sciences platform to transform this global customer engagement. This move is designed to orchestrate digital campaigns based on specific customer preferences and scale operations using next-best action recommendations. This channel supports a company that, as of late 2025, is valued at $279 billion and saw its stock surge 41.56% year-to-date. The underlying business momentum is strong, with Total Revenue growing 21% in FY 2024 to $54,073m, and Q1 2025 Total Revenue reaching $13,588m.

Here's a look at the financial context surrounding the channels as of late 2025:

The digital push, using platforms like Agentforce 360 for Life Sciences, is intended to consolidate HCP insights across teams and orchestrate actions across field engagement and commercial operations. This technology integration is key to maximizing the effectiveness of the direct sales force and digital outreach simultaneously.

AstraZeneca PLC (AZN) - Canvas Business Model: Customer Segments

Global Patients across Oncology, Rare Disease, and BioPharmaceuticals.

AstraZeneca PLC medicines are used by millions of patients worldwide, with Total Revenue for H1 2025 reaching $28,045 million.

The revenue contribution by therapeutic area for H1 2025 shows the primary patient focus:

Specific product performance indicates patient demand:

• Ultomiris sales in Rare Disease were $1,180 million in Q2 2025, up 25%.
• Soliris sales in Rare Disease were $530 million in Q2 2025, down 24%.
• Enhertu revenue in Oncology was $666 million in Q2 2025, up 41%.
• Farxiga in CVRM accounted for 15% of CVRM sales, reaching $2,150 million.

Healthcare Professionals (HCPs): Oncologists, Cardiologists, Pulmonologists, and Specialists.

The clinical trial success directly impacts the specialists who prescribe AstraZeneca PLC's medicines. The company announced 12 positive Phase III trial readouts in H1 2025, including for Baxdrostat, Gefurulimab, and Tagrisso.

The focus areas for these specialists are reflected in the revenue breakdown:

• Oncologists drive the largest segment, with Oncology revenue up 18% in Q2 2025.
• Cardiologists and specialists in Renal/Metabolism are served by the CVRM segment, which grew 3% in Q2 2025.
• Pulmonologists and specialists in Immunology are key for the R&I segment, which grew 13% in Q2 2025.

Institutional Payers and Governments (e.g., US Medicare, China VBP).

These entities control access and reimbursement, directly impacting realized revenue. AstraZeneca PLC is making significant commitments in the US market, a key payer segment.

Financial commitments to the US payer environment include:

• Pledged $50 billion to continue growth in the US by 2030.
• Broke ground on a new $4.5 billion manufacturing facility in Virginia in October 2025.
• Announced a historic agreement with the US administration in October 2025 to lower the cost of prescription medicines for American patients.

In China, a specific payer/regulatory issue involved Shenzhen City Customs Office regarding suspected unpaid importation taxes for Enhertu amounting to $1.6 million.

Alliance Partners (e.g., Daiichi Sankyo) for co-development and co-commercialization.

Strategic alliances generate Alliance Revenue, which was $639 million in Q1 2025 (up 40%) and $1,293 million in H1 2025 (up 38%).

Key partnerships and associated financial figures include:

AstraZeneca PLC (AZN) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving AstraZeneca PLC's spending as we head into the end of 2025. It's a cost structure dominated by heavy investment in the pipeline and significant operational scaling.

High Core R&D Expenditure

Research and Development spending remains a massive fixed cost driver for AstraZeneca PLC, reflecting the long-term nature of drug development. For the twelve months ending September 30, 2025, Research and Development expenses totaled $15.047B. This intense investment is part of the broader commitment to drive growth toward the 2030 ambition, which includes a pledge of $50 billion in US manufacturing and R&D investment through 2030. The company is focused on late-stage pipeline readouts, with 16 positive Phase III trials announced through the first nine months of 2025.

Significant Capital Expenditure (CapEx)

Capital expenditure is seeing a major step-up to support this pipeline and future commercialization. The Group expected to increase expenditure on tangible assets and Software-related intangible assets by approximately 50% in fiscal year 2025, building on the $2,218m spent in fiscal year 2024. This investment is being channeled into manufacturing expansion projects and technology upgrades. For instance, in October 2025, AstraZeneca broke ground on its new $4.5bn manufacturing facility in Virginia.

Cost of Sales and Alliance Partner Payaways

The Cost of Sales line reflects the direct costs of producing and delivering medicines, but it is significantly impacted by profit-sharing agreements. Effective January 1, 2025, AstraZeneca adopted a new 'Gross Margin' measure, calculated as Gross Profit as a percentage of Total Revenue, which now encompasses alliance and collaboration revenue components that previously impacted the margin calculation differently. The rising contribution of Product Sales with profit-sharing arrangements-for products like Lynparza, Enhertu, and Tezspire-negatively impacts the Gross Margin because AstraZeneca records the sales but pays away a share of the gross profits to collaboration partners.

For example, in a recent collaboration with CSPC Pharmaceuticals Group Limited, AstraZeneca is eligible to pay up to $3.6bn in sales milestone payments plus potential single-digit royalties based on annual net sales.

Selling, General, and Administrative (SG&A) Costs

SG&A costs are being managed relative to revenue growth, with the Core SG&A as a percentage of Total Revenue showing some compression. For the first half of 2025, Core SG&A was reported at 26% of Total Revenue. By the nine months ending September 30, 2025, this figure had slightly improved to 25% of Total Revenue. The absolute SG&A expense for the twelve months ending September 30, 2025, was $20.420B, representing a slight decline year-over-year from the prior twelve-month period. The primary driver for SG&A expense changes in the first half of 2025 was market development activities supporting launches and existing brand growth.

Here's a look at key cost structure metrics as of late 2025:

Pricing Pressure Dynamics

External pricing mechanisms are directly impacting the Gross Margin line. The 2025 Medicare Part D program redesign introduced new financial responsibilities for manufacturers. Specifically, manufacturers are now obligated to contribute:

• 10% of patient costs for all branded drugs during the coverage period.
• 20% of patient costs during the catastrophic period.

These adjustments, such as those for sales reimbursed by the Medicare Part D program, have diluted the Gross Margin. Furthermore, AstraZeneca entered a historic agreement in October 2025 to lower costs for American patients, which includes providing Direct-to-Consumer sales at discounts up to 80% off list prices. In China, while the company faces ongoing investigations, it is also navigating the pricing environment, having previously seen revenues hurt by Volume-Based Procurement (VBP) dynamics. The company also noted an agreement with the US Department of Commerce to delay Section 232 tariffs for three years.

AstraZeneca PLC (AZN) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving AstraZeneca PLC's top line as of late 2025. The revenue streams are clearly segmented, showing a heavy reliance on product sales, supplemented by strategic partnerships.

AstraZeneca PLC's H1 2025 Total Revenue was $28.045 billion. For the full year 2025, the company guided for total revenue to increase by a high single-digit percentage at Constant Exchange Rates (CER).

Here's the quick math on the components making up that first half performance:

Product Sales form the bulk of the revenue, which you'd expect from a major pharmaceutical firm. The growth in Alliance Revenue is particularly strong, reflecting successful profit-sharing arrangements on partnered products.

Product Sales from key growth drivers are a major focus. While the full H1 2025 breakdown for every requested product isn't explicitly detailed here, we see strong performance from the Oncology portfolio, which is a primary driver for products like Tagrisso and Enhertu (partnered with Daiichi Sankyo). For context, looking at the Q2 2025 results:

• Revenue from Tagrisso climbed 13% to $1.8 billion.
• Sales from Imfinzi were up 10% to $1.5 billion in Q2 2025.

Farxiga, a key cardiovascular, renal, and metabolism (CVRM) driver, contributes significantly to the overall Product Sales figure, which totaled $26,670 million for H1 2025.

Alliance Revenue is derived from profit-sharing on partnered medicines. Tezspire, partnered with Amgen, is a key contributor in the Respiratory & Immunology (R&I) segment, which saw strong growth. The 38% year-over-year growth in Alliance Revenue to $1,293 million in H1 2025 highlights the value of these arrangements.

Collaboration Revenue captures upfront payments and milestones from licensing deals. This stream is highly variable but shows strategic activity. For example, in the first half of 2025, AstraZeneca executed several deals that feed into this category:

• Acquisition of EsoBiotec for up to $1bn, including an initial payment of $425 million.
• Acquisition of FibroGen China for approximately $160 million total.
• Establishment of a joint venture with BioKangtai, representing a total investment of approx. $400 million.

Collaboration Revenue for H1 2025 was $82 million, showing a substantial 68% increase year-over-year at CER. Finance: draft 13-week cash view by Friday.