UK-based pharmaceutical giant AstraZeneca (AZ, NASDAQ: AZN) reported total revenues of USD 54.07 billion in its 2024 financial report, marking a 21% year-on-year (YOY) increase in constant exchange rate terms. Product sales reached USD 50.98 billion, up 19% YOY, with Q4 product sales climbing 19% to USD 13.36 billion. The results exceeded analysts’ expectations, driven by strong performances across multiple therapeutic areas.
Therapeutic Area Highlights
Oncology sales surged 24% to USD 22.35 billion, while biopharmaceuticals grew 21% to USD 21.86 billion. The rare disease portfolio also saw robust growth, increasing 16% to USD 8.77 billion. These segments were key drivers of AstraZeneca’s overall revenue growth.
Top Performers in AstraZeneca’s Portfolio
AstraZeneca’s top-selling drug was diabetes therapy Farxiga (dapagliflozin), which posted USD 7.71 billion in sales, up 31% YOY. Other notable performers included lung cancer drug Tagrisso (osimertinib) with 16% growth to USD 6.58 billion, PD-L1 inhibitor Imfinzi (durvalumab) with 21% growth to USD 4.72 billion, BTK inhibitor Calquence (acalabrutinib) with 25% growth to USD 3.13 billion, PARP inhibitor Lynparza (olaparib) with 22% growth to USD 3.67 billion, respiratory drug Symbicort with 25% growth to USD 2.88 billion, and antibody drug conjugate (ADC) Enhertu (trastuzumab deruxtecan) with 58% YOY growth to USD 1.98 billion.
Regional Performance
Table 1 provides a breakdown of AstraZeneca’s total revenue by region for Q4 and the full year of 2024. The United States accounted for 43% of total revenues, with USD 23.235 billion in sales, up 22% YOY. Emerging markets contributed 25% of total revenues, with USD 13.675 billion in sales, up 22% YOY. China, a key emerging market, saw a 3% decline in Q4 to USD 1.364 billion, though full-year sales still grew 12% YOY.
Table 1: AstraZeneca Total Revenue by Region, Q4 and Full-Year 2024
| Region | Q4’24 revenues (USD, mil.) | YOY change (constant currencies) | 2024 revenues (USD, mil.) | YOY change (constant currencies) | % total revenues |
|---|---|---|---|---|---|
| United States | 6,532 | 28% | 23,235 | 22% | 43% |
| Emerging markets | 3,134 | 19% | 13,675 | 22% | 25% |
| – China | 1,364 | -3% | 6,413 | 11% | 12% |
| – Ex-China emerging | 1,770 | 42% | 7,262 | 32% | 13% |
| Europe | 3,948 | 35% | 12,188 | 26% | 23% |
| Established ROW | 1,277 | 2% | 4,975 | 3% | 9% |
China Market and Regulatory Challenges
In Q4’24, China was the one weak spot for AstraZeneca, with a 3% decline in revenues to USD 1.364 billion. However, full-year sales still grew 12% YOY. The Q4 decline was attributed to year-end hospital budget dynamics and stock compensation measures related to Enhertu’s inclusion in the National Reimbursement Drug List (NRDL).
In December 2024, AstraZeneca appointed Iskra Reic as executive vice-president for the International region, covering China, Asian and Eurasian markets, Middle East & Africa, Latin America, Australia & New Zealand. This followed the arrest of Leon Wang over cancer drug sale irregularities in China. The company continues to face fallout from this case, with the Shenzhen City Customs Office investigating unpaid importation taxes amounting to USD 0.9 million in relation to Imfinzi and Imjudo (tremelimumab). If found liable, AstraZeneca may face a fine of up to USD 4.5 million.
2025 Outlook
AstraZeneca issued guidance for 2025, expecting revenue and core EPS to grow in the high single-digit percentages and low double-digit percentages on a currency-adjusted basis, respectively. This outlook reflects the company’s continued focus on innovation and market expansion, despite regulatory challenges in China.-Fineline Info & Tech
