AstraZeneca
Annual Report 2024

What  
science  
can do
AstraZeneca Annual Report and Form 20-F Information 2024

 What 
 science 
 can do
We are a global, science-led, patient-focused 
pharmaceutical business, committed to 
excellence in the research, development and 
commercialisation of prescription medicines. 
We aim to transform the lives of patients with 
improved outcomes and a better quality of life.
Our Supplements
Detailed information on our Development 
Pipeline, Patent Expiries of Key Marketed 
Products and Risk.
  See our website, 
www.astrazeneca.com/annualreport2024.
Our sustainability reporting
Our sustainability reporting is 
prepared in line with the 
UK Companies Act 2006, sections 
414CA and 414CB. In anticipation 
of the EU Corporate Sustainability 
Reporting Directive (CSRD), we have 
started to incorporate selected 
disclosures in this Annual Report. 
  Our key topics covered include material 
sustainability topics, which have been identified 
through our double materiality assessment, 
see page 60 for more information.
Front cover image:
Oncology research and development (R&D) strategy.
In Oncology R&D, we have a breadth of scientific 
platforms to attack cancer from multiple angles, 
and we are harnessing the power of combinations 
to drive even deeper responses and bring potential 
for cure to more patients.
Use of terms:
In this Annual Report, unless the context otherwise 
requires, ‘AstraZeneca’, ‘the Group’, ‘we’, ‘us’ and ‘our’ 
refer to AstraZeneca PLC and its consolidated entities.
Welcome

Strategic Report
Chair’s Statement 2
Chief Executive Officer’s Review 3
What science can do 5
AstraZeneca at a Glance 6
Healthcare in a Changing World 7
Our Purpose, Values and Business Model 10
Our Strategy and Key Performance Indicators 12
Therapy Area Review 16
Business Review 32
Disclosure Statements 59
Risk Overview 64
Financial Review 67
Financial Statements
Preparation of the Financial Statements  
and Directors’ Responsibilities 138
Directors’ Annual Report on Internal 
Controls over Financial Reporting 138
Independent Auditors’ Report 139
Consolidated Statements 148
Group Accounting Policies 152
Notes to the Group Financial Statements 160
Group Subsidiaries and Holdings 214
Company Statements 219
Company Accounting Policies 221
Notes to the Company Financial Statements 223
Group Financial Record 226
Corporate Governance
Chair’s Introduction 86
Corporate Governance Overview 87
Board of Directors 88
Senior Executive Team (SET) 90
Corporate Governance Report 91
Nomination and Governance Committee Report 100
Science Committee Report 102
Sustainability Committee Report 103
Audit Committee Report 104
Directors’ Remuneration Report 112
Additional Information
Shareholder information 228
Directors’ Report 230
Sustainability supplementary information 233
Trade Marks 239
Glossary 240
Cautionary statement regarding  
forward-looking statements 244
Contents
Key
  For more information within 
this Annual Report.
  For more information, 
see www.astrazeneca.com.
BV   Denotes sustainability 
information independently 
assured by Bureau Veritas.
	 Material sustainability 
metric, is independently 
assured by Bureau Veritas, 
see definitions from 
page 234.
Total Revenue1
Up 18% at actual rate of exchange to 
$54,073 million (up 21% at CER), comprising 
Product Sales of $50,938 million (up 16%; 19% 
at CER), Alliance Revenue of $2,212 million 
(up 55%; 55% at CER) and Collaboration 
Revenue of $923 million (up 56%; 54% at CER)
Net cash inflow from operating activities
Up 15% at actual rate of exchange to 
$11,861 million 
2024
2023
2022
$45,811m
$44,351m
$54,073m
$54.1bn
$54.1bn
$11,861m
$10,345m
$9,808m
2024
2023
2022
$11.9bn
$11.9bn
Reported Operating profit
Up 22% at actual rate of exchange to 
$10,003 million (up 32% at CER) 
Core Operating profit
Up 16% at actual rate of exchange to 
$16,928 million (up 22% at CER) 
$10,003m
$8,193m
$3,757m
2024
2023
2022
$10.0bn
$10.0bn
$16.9bn
$16.9bn
$16,928m
$14,534m
$13,350m
2024
2023
2022
Reported EPS
Up 18% at actual rate of exchange to $4.54 
(up 29% at CER)
Core EPS
Up 13% at actual rate of exchange to $8.21 
(up 19% at CER) 
$4.54
$3.84
$2.12
2024
2023
2022
$4.54
$4.54
$8.21
$7.26
$6.66
2024
2023
2022
$8.21
$8.21
1	
As detailed from page 152, Total Revenue consists of Product Sales, Alliance Revenue and Collaboration Revenue.
Denotes a scale break. Throughout 
this Annual Report, all bar chart 
scales start from zero. We use a 
scale break where charts of a 
different magnitude, but the same 
unit of measurement, are 
presented alongside each other.
For more information in relation 
to the inclusion of Reported 
performance, Core financial 
measures and constant exchange 
rate (CER) growth rates as used 
in this Annual Report, see the 
Financial Review from page 67 
and for more information on the 
reconciliation between Reported 
and Core performance, see the 
Reconciliation of Reported results 
to Core results in the Financial 
Review on page 72.
Financial highlights
1
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Contents

$3.10
Full-year dividend of $3.10 
per share (2023: $2.90)
“2025 marks the beginning of an unprecedented, 
catalyst-rich period for AstraZeneca, an important 
step on our Ambition 2030 journey.”
It starts with our science, and is a powerful 
vindication of the value of innovation. It is also 
a source of great pride, as it holds the hope 
of improving care for millions of people. 
Likewise, what we are doing resonates with 
the stakeholders I speak to – healthcare 
professionals, patient advocacy groups, 
policymakers and investors. Whatever their 
perspective, they want to see us succeed 
and deliver the value of better health for 
people, society and the planet.
A world in flux
Geopolitical shifts, crises and conflict are 
changing the world around us. They interact 
with economic, demographic, societal, 
environmental and technological 
transformations, constantly changing the 
conditions in which we operate. Business 
cannot hope to predict every event or 
outcome but we can strengthen, through 
active risk management, our capabilities 
to absorb shocks and adapt our operations. 
Appropriate risk management enables us to 
continue implementing our overall strategy 
to achieve growth, drive innovation and 
reach more patients.
We are, for example, seeing a more 
economically diverse landscape with 
the rise of key emerging markets and a 
relative decline of economic concentration 
in the West. In addition, governments 
are increasingly focused on strategic 
autonomy, driven by concern over national 
security, crisis preparedness, economic 
competitiveness and sovereignty in key 
sectors. There is also strong pressure to 
build resilient supply chains, particularly in 
response to climate change. Such trends 
are interlinked, presenting challenges and 
risks we need to mitigate. But they also present 
opportunities for growth and innovation.
A strategic approach to healthcare
Given the well-evidenced societal and 
economic benefits, we believe governments 
must prioritise investment in Health and 
develop sustainable financing solutions. 
This requires public and private sectors to 
collaborate to ensure healthcare investments 
are strategic and targeted to maximise 
positive impact, transform service delivery 
and generate long-term savings for health 
systems. By prioritising investment in 
screening and treating disease early, by 
keeping people healthy, out of hospital and 
economically productive, we can reduce 
healthcare costs. At the same time, 
investing in more climate-resilient, net-zero 
health systems can help build a more 
sustainable and equitable future. And, 
eventually, it will considerably improve 
health equity and leave nobody behind.
Finally, strengthening health systems will help 
them be more resilient, ensuring they are 
prepared for future crises and able to adapt 
to changing needs. Global collaborations 
like the Partnership for Health System 
Sustainability and Resilience (PHSSR) are 
driving this transformation. AstraZeneca is a 
founding member of the PHSSR, now active 
in more than 30 countries, which commissions 
independent research and develops 
evidence-based policy recommendations 
for change.
Outlook
2025 marks the beginning of an 
unprecedented, catalyst-rich period for 
AstraZeneca, an important step on our 
Ambition 2030 journey. We are also investing 
in and making significant progress with 
transformative technologies that have the 
potential to drive our growth well beyond 2030.
Michel Demaré
Chair
From my perspective, as AstraZeneca’s Chair, 
I have once again witnessed first-hand the 
impact we are making for patients and 
communities across the globe. We are 
making a real difference.
Performance
AstraZeneca sustained strong momentum 
in 2024, with Total Revenue up 18% (21% at 
CER) and Reported EPS up 18% (29% at CER). 
Core EPS was up 13% (19% at CER).
Following the announcement at our Annual 
General Meeting in April, the Board has 
declared a second interim dividend of 
$2.10 per share, making a total dividend 
declared for the full year of $3.10 per share. 
The increase, of 7%, over 2023 underscores 
our confidence in future growth.
A dedicated team
Of course, every global company is from time 
to time exposed to difficulties and 2024 was 
no different for AstraZeneca, as we navigated 
some challenging geopolitical circumstances. 
These included investigations by the Chinese 
authorities, with whom we continue to 
cooperate fully. However, it is in times such 
as these that we can really appreciate the 
team ethos and dedication of our people and 
the Board to deliver for patients. On behalf 
of the Directors, I extend my thanks to Pascal, 
the Senior Executive Team and everyone for 
the contributions they made to our success.
Strategic ambition
At our Investor Day, we set out our Ambition 
2030, an exercise in which the Board was 
deeply involved and supportive, and which 
demonstrates the trust in our pipeline. 
AstraZeneca has ambitious 
plans and is working in 
collaboration for healthier 
people, society and the planet.
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AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Chair’s Statement

$54.1bn
Total Revenue (2023: $45.8bn)
74
Regulatory events – submissions 
or approvals in major markets
“By 2030, we aim to launch at least 20 new 
medicines and achieve $80 billion in Total 
Revenue, with sustained growth thereafter.”
against our 2030 target. Our science was 
selected for plenary sessions at the annual 
meeting of the American Society of Clinical 
Oncology, for the sixth year running, as well 
as a remarkable five Presidential Plenary 
sessions at lung cancer and European 
oncology congresses. 
We also continued to move earlier in the 
treatment of disease, where there is 
greatest chance of success, and stepped 
up efforts to improve patient outcomes by 
harnessing the power of combinations, not 
only in oncology but prospectively in weight 
management, as well as through patient-
friendly devices and formulations. Our focus 
on patients is demonstrated by Airsupra, 
where the readout from the BATURA trial 
both showed overwhelming efficacy in 
treating asthma but importantly was the 
first pivotal study to eliminate all in-person 
clinic visits.
Growing and leading
We delivered a very strong performance 
in 2024, with Total Revenue increasing to 
$54.1 billion.
In our therapy areas, Total Revenue for 
Oncology increased 21% (24% at CER), 
Cardiovascular, Renal & Metabolism by 18% 
(20% at CER), Respiratory & Immunology by 
23% (25% at CER), Vaccines & Immune 
Therapies by 8% (8% at CER) and Rare 
Disease grew by 13% (16% at CER).
In our regions, Total Revenue increased by 
22% in the US, 14% (22% at CER) in 
Emerging Markets and by 27% (26% at CER) 
in Europe. Total Revenue decreased by 2% 
(increased by 3% at CER) in Established RoW.
In 2024, the US represented 43% of Total 
Revenue. Across the world, our therapy area 
leadership is reflected in the fact that, for 
the first time, we are the number one 
pharmaceutical company across our 
2024 was a truly memorable year for 
AstraZeneca. First, it was yet another year 
in which we advanced our high-quality 
pipeline, successfully delivered medicines 
to millions of patients and further increased 
our contribution to society and the planet. 
Secondly, it was the year in which we were 
able to look back and celebrate 25 years of 
pioneering science since the formation of 
AstraZeneca in 1999. Additionally, it was 
the year in which we took the opportunity 
to look forward to 2030 and beyond as we 
outlined the scale of our ambition and what 
we aim to achieve today, tomorrow, and the 
day after.
That ambition, set out in our Investor Day 
in May, is to be pioneers in science, lead 
in our disease areas and transform patient 
outcomes. By 2030, we aim to launch at 
least 20 new medicines and achieve 
$80 billion in Total Revenue, with sustained 
growth thereafter. We are also pursuing 
ambitious science-based decarbonisation 
targets in support of achieving net zero 
by 2045.
Achieving today
Outstanding science
2024 was a year of scientific breakthroughs. 
For example, we received approvals for 
Voydeya (danicopan), Kavigale (sipavibart) 
and Datroway (datopotamab deruxtecan), 
taking us to a total of eight medicines 
A year in which we 
delivered medicines 
to millions of patients, 
looked back on 25 
years of pioneering 
science and outlined 
the scale of our 
ambition for the future.
Emerging Markets, achieving this milestone 
one year ahead of plan. This includes China, 
where we are committed to contributing to 
the long-term development of the life 
sciences sector. We are also one of the top 
three pharmaceutical companies across our 
Europe and Canada region and are making 
great progress to become the number one 
company in Japan, where we are already 
number one in oncology.
Talented people working sustainably
Our strong progress is made possible by 
the commitment and efforts of our team, not 
least by the way they are embracing digital, 
data and AI to speed our progress and 
improve how we work. And, as we grow, 
we have increased our focus on learning 
and development – building the skills and 
capabilities that will sustain our success – 
as well as continuing to cultivate an 
inclusive culture that reflects our patients 
and communities, and supports innovation.
As mentioned by Michel Demaré, our 
Chair, in 2024 we continued to invest in 
collaborations and initiatives to strengthen 
health systems. We are also investing in 
climate and nature action, and maintain a 
leading role in industry efforts to address 
the effects of climate change and accelerate 
the delivery of net-zero sustainable 
healthcare, while improving health outcomes 
and decreasing our impact on the planet, 
reducing carbon emissions, water 
consumption and waste generation. Our 
sustained progress in reducing greenhouse 
gas emissions has enabled a 77.5% 
reduction in Scope 1 and 2 emissions 
from our 2015 baseline.
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AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Chief Executive Officer’s Review
Chief Executive Officer’s Review

Delivering tomorrow
Industry-leading pipeline
Our ability to deliver for patients tomorrow 
was underlined in 2024 by our pipeline 
which saw a record number of 74 regulatory 
events, namely submissions or approvals 
for our medicines in a major market, an 
increase of almost one third over 2023.
The year also saw nine positive high-value 
Phase III readouts. In Oncology, Imfinzi’s 
further potential was apparent in two trials: 
NIAGARA demonstrated that immunotherapy 
could significantly extend the lives of 
patients with bladder cancer while, in 
ADRIATIC, it was the first and only 
immuno-oncology to show survival benefit 
in limited-stage small cell lung cancer. 
The ECHO and AMPLIFY trials demonstrated 
the potential for Calquence in mantle cell 
lymphoma and chronic lymphocytic 
leukaemia. It was also great to see positive 
results from LAURA, which cemented 
Tagrisso as the standard of care in 
unresectable EGFRm non-small cell lung 
cancer. DESTINY-Breast06 confirmed 
Enhertu’s potential to evolve the current 
HR-positive breast cancer treatment 
landscape. In BioPharmaceuticals, the 
WAYPOINT trial showed Tezspire’s potential 
as an important new treatment option for 
patients with nasal polyps while, in Rare 
Disease, the KOMET trial results for 
Koselugo support its potential expanded 
use in adults living with NF1 PN – a 
devastating rare genetic disease. 
Additionally, we had 24 pipeline progressions 
in 2024, being Phase II starts/progressions 
and Phase III investment decisions. Once 
again, the strength and quality of our 
pipeline was recognised in the granting by 
regulators of 28 designations across 18 
projects, including Breakthrough Therapy, 
Priority Review or Fast Track designations.
Even in such a year of success, when pushing 
the boundaries of science, it is normal to 
experience setbacks which included the 
termination of the vemircopan (ALXN2050) 
Phase II development programme for rare 
diseases. On such occasions, we are 
committed to living our Values of following 
the science and putting patients first, by 
learning from what challenges tell us and 
how they can help us in realising the full 
potential of our medicines and benefit as 
many patients as possible. We also share 
data with the wider scientific community. 
Datroway exemplifies our approach. 
While we voluntarily withdrew applications 
in the US and EU for the treatment of 
non-squamous non-small cell lung cancer 
(NSCLC), it was subsequently granted 
Breakthrough Therapy Designation in the 
US for patients with previously treated 
advanced EGFR-mutated NSCLC. In 
January 2025, it was also granted Priority 
Review, given by the FDA to applications 
for medicines that, if approved, would offer 
significant improvements over available 
options. I was also delighted when, in 
December, our partner, Daiichi Sankyo, 
received the first approval for Datroway for 
the treatment of patients with metastatic 
HR-positive, HER2-negative breast cancer 
in Japan. This was swiftly followed in 
January by the approval in the US of the 
similar AstraZeneca-led application. 
Datroway offers patients an effective and 
better tolerated alternative to traditional 
chemotherapy and the approvals 
underscore the potential of the medicine to 
replace chemotherapy and deliver improved 
outcomes across multiple cancer types. 
Health equity and climate
In Rare Disease, as part of our ambition 
for 2030, we are committed to reaching 
six times as many patients as 2022 across 
100 countries with our transformative rare 
disease medicines. We are on track to reach 
this commitment – in 2024, our medicines 
were available in more than 70 countries. 
As we grow across new and existing 
markets, we are working with local rare 
disease advocates, healthcare systems 
and policy makers to help shape the rare 
disease ecosystem to shorten the 
diagnostic journey, improve access to 
treatment and ensure stakeholders 
understand the societal value of rare 
disease innovation. 
Our efforts in Rare Disease complement 
those across all our therapy areas to close 
healthcare gaps and give people everywhere 
the chance to be as healthy as possible. 
We are doing so by embedding health 
equity across the whole enterprise, from 
science to the delivery of care. We want to 
better understand the factors that drive 
poor health outcomes among diverse 
populations, partnering with governments, 
health systems and communities to 
co-create solutions.
The climate crisis is the largest health crisis 
of our time and has a significant impact on 
respiratory diseases which can be complex, 
difficult to treat, often poorly controlled and 
associated with a higher carbon footprint of 
care. We are focused on addressing this 
challenge by optimising care with our portfolio 
of respiratory medicines. At the same time, 
we are transitioning our inhaled medicines 
to a next-generation propellant (NGP) with 
near-zero global warming potential – 99.9% 
lower than current propellants, and were 
proud to make our first regulatory submission 
for Breztri NGP in the EU in 2024.
Preparing for the day after tomorrow
Our ambition for AstraZeneca extends 
beyond 2030 and, as shown on the next 
page, we are working on technologies 
that will, we believe, shape the future of 
medicine and sustain our growth. Our work 
is built on our internal efforts but we have 
also leveraged external innovation to 
expand and accelerate our pipeline.
For example, the acquisition of Fusion 
brought new expertise in actinium-based 
radioconjugates, including one for prostate 
cancer, as well as state-of-the-art 
manufacturing capabilities, while our 
acquisition of Gracell in China allows us to 
accelerate our ambitions in cell therapy, 
particularly in haematology and 
autoimmune disease.
Weight management is a particular 
challenge as many affected people are 
living with complex, interconnected 
diseases. Treating each disease separately 
without addressing obesity as a root cause 
does not optimise outcomes for them or 
healthcare systems. Building on our existing 
expertise, our rapidly developing weight 
management portfolio looks beyond 
short-term weight loss to address individual 
patient needs. Our aim with these therapies 
is to provide durable weight loss, with 
cardiometabolic benefit and new options for 
patients by targeting linked disease biology.
Appreciation
AstraZeneca only achieved what we did in 
2024, and can only deliver our ambition for 
2030 – and beyond – with great people in 
high-performing teams. On behalf of the 
Senior Executive Team, I would like to 
thank everyone in AstraZeneca for all they 
accomplished in 2024 and for their focus 
on realising our goals for people, society 
and the planet.
Pascal Soriot 
Chief Executive Officer
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AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report

   For more information, see Research & Development from page 34.
Investing in transformative new technologies and 
modalities that will shape the future of medicine 
and sustain AstraZeneca’s growth post 2030.
Our investments in 
transformative R&D 
technologies include:
Antibody drug conjugates 
and radioconjugates that 
aim to replace systemic 
chemotherapy and 
radiotherapy, see 
page 36.
Cell therapy and T-cell 
engagers that are more 
scalable across therapy 
areas, see page 44. 
Gene therapy and gene 
editing that could make 
cures possible for a range 
of rare diseases, see 
page 49.
Next-generation immuno-
oncology bispecifics that 
establish new immuno-
oncology segments, see 
page 55.
Weight management that 
looks beyond short-term 
weight loss to address 
individual patient needs, 
see page 46.
What science  
 can do
Medicines for today,  
tomorrow and the day after.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
5
AstraZeneca Annual Report & Form 20-F Information 2024
What Science Can Do

Our strategic priorities 
Our priorities reflect how we are 
working to deliver our Growth 
Through Innovation strategy and 
achieve our Purpose of pushing 
the boundaries of science to 
deliver life‑changing medicines.
1. Science and 
Innovation
2. Growth and 
Therapy Area 
Leadership
3. People and 
Sustainability
Science and innovation-led
We invest in new technologies 
and modalities to deliver the 
next wave of pipeline innovation 
and life-changing medicines.
191 
projects in our 
development 
pipeline1
19
new molecular 
entities (NMEs) in 
our late-stage 
pipeline
130
NME or major 
life-cycle 
management (LCM) 
projects in Phase II 
and Phase III
$13.6bn
invested in our 
science
1	
Includes NME and major LCM projects up to launch in all applicable major markets.
Leading in our therapy areas 
We focus on areas where we 
can transform patient outcomes 
through novel medicines and 
combinations. 
Total Revenue  
by therapy area2
$22.4bn, 41%
Oncology 
$21.9bn, 40%
BioPharmaceuticals 
$8.8bn, 16%
Rare Disease 
$1.1bn, 2%
Other Medicines
Total Revenue 
$54.1bn
$54.1bn
$45.8bn
$44.4bn
2024
2023
2022
2	 Due to rounding, the sum of subtotals and percentages may not agree to totals.
Diversified portfolio and 
global reach 
We deliver a diversified portfolio 
of medicines across primary 
care, specialty care and rare 
diseases through our broad-
based network and increasing 
presence in emerging markets.
Total Revenue  
by reporting region
$23.2bn, 43%  
$13.7bn, 25%
$12.2bn, 23% 
$5.0bn, 9% 
Total Revenue growth by reporting region3
22%
14%
27%
-2%
3	 Actual growth percentage.
Positively impacting the health 
of people, society and the 
planet BV
We operate responsibly, 
harnessing the power of science 
and innovation, and our global 
reach, to help build a healthier, 
more sustainable future.
90.5m 
people reached by 
our access to 
healthcare 
programmes
77.5% 
reduction in 
Scope 1 and 2 
GHG emissions 
since 2015
Rating of AA in the 
MSCI ESG Ratings 
assessment 
Ranked in the 
top five of the 
Access to Medicine 
Index 2024
Key
  US 
  Emerging Markets 
  Europe 
  Established Rest of World
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AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
AstraZeneca at a Glance
We are a global, science-led, patient-focused pharmaceutical 
company. We are dedicated to transforming the future of 
healthcare by unlocking the power of what science can do 
for people, society and the planet.

2024
2023
2022
107
100
111
Established RoW ($bn)
$111bn (+4.3%)
$111bn (+4.3%)
686
608
762
US ($bn)
2024
2023
2022
$762bn (+11.1%)
$762bn (+11.1%)
290
269
318
Emerging Markets ($bn)
2024
2023
2022
$318bn (+9.7%)
$318bn (+9.7%)
259
240
280
Europe ($bn)
2024
2023
2022
$280bn (+8.2%)
$280bn (+8.2%)
1,343
1,219
1,473
World ($bn)
2024
2023
2022
The external environment presents both 
challenges and opportunities that require 
us to adapt, innovate and build trust.
Global pharmaceutical sales
In 2024, Established Markets1 saw an 
average revenue increase of 9.7% and 
Emerging Markets revenue grew by 9.7%. 
The US, China, Japan, Germany and France 
are the world’s top five pharmaceutical 
markets by 2023 sales. In 2024, the US had 
51.8% (2023: 51.1%; 2022: 49.9%) of global 
sales, while China had around 7%.
Data based on world market sales using AstraZeneca Market definitions as set out on page 240. Changes in data subscriptions, exchange rates and subscription coverage, as well as 
restated IQVIA data, have led to the restatement of total market values for prior years. Source: IQVIA, IQVIA Midas Quantum Q3 2024 (including US data). Reported values and growth 
are based on CER. Value figures are rounded to the nearest billion and growth percentages are rounded to the nearest tenth.
We expect both developed and developing 
markets, including North America, Other 
(Non-EU) Europe, the Indian subcontinent 
and Latin America to fuel pharmaceutical 
growth. Market growth in China is expected 
to remain below historical levels at a 
compound annual growth rate of 2.6% 
(±1.5%). This is due to the continued 
slowdown of the major hospital sector. 
1	
Established Markets means US, Europe and 
Established RoW.
2	 North America means US.
3	 Non-EU countries; including the UK.
4 	 Commonwealth of Independent States; includes 
Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, 
Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan 
and Uzbekistan and excludes Ukraine.
$1,473bn  (+9.7%)
	 Estimated pharmaceutical sales 2028. 
Data is based on ex-manufacturer 
prices at CER. Source: IQVIA.
	 Estimated pharmaceutical market 
growth. Data is based on the 
compound annual growth rate from 
2023 to 2028. Source: IQVIA Market 
Prognosis Global 2023–2028.
Other  
Europe3
$71.7bn
11.8%
Japan
$66.7bn
0.9%
China
$159.9bn
2.6%
Oceania
$18.1bn
3.3%
Southeast 
and East Asia
$222.0bn
3.6%
Middle East
$26.8bn
7.7%
Africa
$22.7bn
5.7%
Indian 
subcontinent
$37.8bn
9.4%
CIS4
$28.9bn
6.8%
EU
$290.1bn
6.3%
North America2
$853.1bn 
8.2%
Latin America
$94.1bn
14.3%
Estimated pharmaceutical sales and market growth to 2028
A growing pharmaceutical sector 
The pharmaceutical sector continues to grow against a backdrop 
of increasing demand for healthcare. Global pharmaceutical sales 
grew by 9.7% in 2024. Global healthcare spending is projected to 
increase at an annual rate of 7.4% from 2023 to 2028.
Healthcare in a Changing World
Corporate Governance
Additional Information
Financial Statements
Strategic Report
7
AstraZeneca Annual Report & Form 20-F Information 2024
Healthcare in a Changing World

The pharmaceutical sector faces economic challenges, geopolitical uncertainty and 
the impacts of ageing populations and the climate crisis. Rapidly-advancing technologies 
offer many benefits, while demographic change is driving an increased demand for 
healthcare. Successful organisations are transparent, accessible, and build trust with 
their stakeholders.
Impact of global trends
Escalating geopolitical 
tensions present 
profound challenges 
and opportunities for 
global business.
Global growth remains 
low but stable after decline 
in inflation and rising 
protectionist policies. 
Accelerating pace of 
ageing populations in 
low- and middle-income 
countries.
The world continues to shift from a period 
of global cooperation to one of heightened 
competition and discord, producing a more 
volatile and confrontational geopolitical 
environment. This trend has acute 
consequences for security, trade and 
global collaboration. 
In this fragmented climate, new forms 
of conflict are emerging. With the rise of 
emerging powers such as India and Brazil, 
sustained strategic rivalry between the US 
and China, as well as conflicts, such as the 
war in Ukraine, adversaries are beginning to 
wield new weapons of disinformation, cyber 
threats and competition space which are 
emerging alongside traditional warfare. 
Some are choosing to exploit economic 
interdependence to create geopolitical 
dependencies, which can impact supply 
chains of both traditional and emerging 
sectors vital for the digital and green 
transitions. However, such trends also 
present opportunities as companies are 
encouraged to localise operations to 
mitigate supply chain risks.
(Source: ESPAS Global Trends to 2040: Choosing 
Europe’s Future, April 2024)
These growth projections remain below 
pre-pandemic averages. For advanced 
economies, GDP is expected to rise from 
1.7% in 2023 to 1.8% in both 2024 and 2025. 
Growth in emerging markets and developing 
economies is projected to slow from 4.4% 
in 2023 to 4.2% in both 2024 and 2025, 
generally as a result of increased regional 
conflicts and extreme weather events. 
Forecasts for global growth over the 
medium term remain at 3.1%, with low 
productivity growth, investment and ageing 
populations hindering advancement.
Recent election results, particularly in 
the US, also pose potentially significant 
consequences for the global economy. 
Prospective trade tariffs and other 
protectionist policies could exacerbate 
inflation, trade tensions and supply chain 
disruption across the world, and could 
hamper medium-term growth.
Global inflation is forecast to further decline, 
from a peak of 9.4% in 2022 to 3.5% by the 
end of 2025.
(Source: IMF World Economic Outlook, October 2024; 
Reuters, November 2024)
By 2050, two thirds of the world’s ageing 
population is expected to live in low- and 
middle-income countries (LMICs). LMICs 
are disproportionately affected by non-
communicable diseases (NCDs). In total, 
NCDs represent 75% of non-pandemic 
related deaths globally. Cardiovascular 
diseases account for the most NCD deaths 
annually (19 million in 2021), followed by 
cancers (10 million), chronic respiratory 
diseases (four million) and diabetes (two 
million). Nearly 75% of these global NCD 
deaths (32 million) occur in LMICs. This 
rise places increasing strain on poverty-
reduction initiatives and on already-
stretched healthcare systems. 
Increasing demand for healthcare is putting 
pressure on healthcare budgets which, 
exacerbated by the impact of the COVID-19 
pandemic, is leading to downward pressure 
on pricing. The pandemic also saw rising 
concern around vaccines and the 
proliferation of vaccine misinformation 
which has potentially significant 
consequences for public health.
(Source: WHO; The Lancet, Volume 401, Issue 10380, 
967-970)
 Two billion
Approximately two billion people were 
eligible to vote in national elections 
held in over 70 countries in 2024.
(Source: Statista, November 2024)
 3.2%
Global GDP growth forecast to stabilise 
from 3.3% in 2023 to 3.2% in both 2024 
and 2025.
(Source: International Monetary Fund (IMF) 
World Economic Outlook, October 2024)
426 million
Between 2020 and 2050, the number of 
people aged 80 years or older is expected 
to triple to 426 million.
(Source: World Health Organization (WHO))
Political
Increasing geopolitical  
friction
Economic
Activity remains below  
pre-pandemic levels
Societal
Growing population ageing and 
downward pressure on pricing
  These risks are explored 
further in the Risk Overview 
from page 64 and Accessible 
and affordable healthcare from 
page 52.
Strategic Report
8
AstraZeneca Annual Report & Form 20-F Information 2024
Healthcare in a Changing World continued

The significant potential of 
AI is already transforming 
the pharmaceutical 
industry.
The climate crisis is 
the greatest public 
health crisis of our time, 
increasing ill health 
and jeopardising access 
to healthcare.
In research and early discovery, data 
and AI could accelerate the identification 
processes for potential new drugs and 
increase our understanding of the 
underlying conditions, helping new 
medicines to be approved and marketed 
for use more quickly. For medical 
professionals, data and AI could also 
boost productivity and reduce errors 
and costs by automating the more time-
consuming exercises of record keeping 
and document creation. 
However, these new technologies have 
inherent risks. For example, the dangers 
of IP infringement and data privacy, 
AI hallucination and inaccuracy. Against 
the backdrop of the evolving uncharted 
regulatory landscape and high stakes 
associated with developing treatments for 
disease, these risks mean that companies 
will need to put strong controls and policies 
in place to manage data and AI and to fully 
realise the benefits. 
(Source: McKinsey & Company, January 2024)
The impacts of the climate emergency, 
coupled with ageing populations and a rise 
in chronic diseases, are worsening health 
inequities and adding further pressure to 
health systems. Certain populations are 
disproportionately impacted including 
women, the elderly, children, those with 
existing health issues and the most 
marginalised in society, who have often 
contributed least to the climate crisis, 
making this a health equity crisis. 
The immediate health impacts of climate 
change could also limit the ability of primary 
care resources to treat longer-term, complex 
diseases. Furthermore, there is a growing 
recognition of the importance of nature and 
acting to protect and restore ecosystems 
for the health of people and the planet.
(Source: The Lancet, Volume 404, Issue 10465, 
1847-1896)
The accelerating pace 
of innovation offers 
potential for success 
but may exacerbate 
issues with trust.
With the continued advancements in 
science and digital technologies, the rate 
of innovation in society is accelerating at 
an unprecedented pace. With the rise of AI, 
multi-omics, gene-based therapies and 
functional genomics, the scientific industry 
is flourishing. Pharmaceutical companies 
are using these innovations to uncover 
novel drivers of disease and progress new 
drug modalities, ultimately leading to more 
successful outcomes for patients.
While offering the potential to revolutionise 
the healthcare industry, this rapid rise 
could exacerbate already-present trust 
issues. Concerns around the politicisation 
of science and the regulation of these 
emerging innovations remain at the heart of 
discussions around the acceptance of these 
innovations. To succeed, pharmaceutical 
companies and the scientific industry as a 
whole need to more effectively communicate 
with the general public, engaging them in 
dialogue and making science more 
transparent and accessible.
(Source: 2024 Edelman Trust Barometer)
$110 billion
Generative AI is estimated to produce 
$60 billion to $110 billion in economic value 
annually for the pharmaceutical industry.
(Source: McKinsey & Company, January 2024)
 167%
Record-breaking increase in 
heat-related deaths among those 
over 65 years old in 2023.
(Source: The Lancet, Volume 404, Issue 10465, 
1847-1896) 
 73%
In a 28-country survey, 73% of people 
questioned rated the healthcare 
industry trustworthy, but only 50% 
trusted gene-based medicine.
(Source: 2024 Edelman Trust Barometer)
Technological
Emerging opportunities and  
risks with data and AI
Environmental
Deep interconnection between 
climate and health
Outlook
Opportunities and challenges 
for the sector
Corporate Governance
Additional Information
Financial Statements
Strategic Report
9
AstraZeneca Annual Report & Form 20-F Information 2024
Healthcare in a Changing World

How we deliver on our business model 
How we add value
Improved health
Continuous scientific innovation is vital 
to achieving sustainable healthcare, 
which creates value by:
	
• Improving health outcomes and 
transforming the lives of patients who 
use our medicines.
	
• Enabling healthcare systems to reduce 
costs and increase efficiency.
	
• Improving access to healthcare and 
healthcare infrastructure.
	
• Helping develop the communities 
in which we operate through local 
employment and partnering.
Financial value
Revenue from our Product Sales and 
collaboration activities generates cash 
flow, which helps us:
	
• Fund our investment in science and 
the business to drive long-term value.
	
• Follow our progressive dividend policy.
	
• Meet our debt service obligations.
>134m1
Our main therapy area medicines impact 
more than 134 million patient lives annually.
Inspired by our Values and what science 
can do, we are focused on accelerating 
the delivery of life-changing medicines 
that create enduring value for patients, 
society, the planet and our shareholders.
Our Purpose
Our Values
Our business model
We push the boundaries of science 
to deliver life-changing medicines.
Our Values determine how we work 
together and the behaviours that drive 
our success. They guide our decision 
making and define our beliefs.
	
• We follow the science 
	
• We put patients first 
	
• We play to win
	
• We do the right thing
	
• We are entrepreneurial
We are a global pharmaceutical business with a science-led and patient-focused value proposition 
committed to excellence in the research, development, manufacturing and commercialisation 
of prescription medicines across primary care, specialty care and rare diseases. We are also 
committed to operating responsibly, and in an ethical and transparent way, to help build a healthier, 
more sustainable future. We invest resources to create financial and non‑financial value that 
benefits patients, society, the planet and our business.
Our Purpose, Values and Business Model
  For more information, see 
Business Review from page 32.
Strategic Report
Ability to acquire, retain and develop 
a talented and diverse workforce.  
50.6% 
of our senior middle management 
roles and above are filled by women
Global commercial presence and skills 
that ensure our medicines are available 
to patients when needed.
>80 
countries in which we have an 
active presence
A leadership position in science that 
enables us to deliver life-changing 
medicines. 
$13.6bn 
invested in our science in 2024
Patent protection for our intellectual 
property for a reasonable period of 
time to prevent our new medicines 
being copied.
>90 
countries where we obtained 
patent protection
Reduction of Scope 1 and 2 GHG 
emissions from 2015 baseline year. 
77.5% 
Ambition Zero Carbon (Scope 1 and 2)
A supply of high-quality medicines, 
whether from our own operations 
or from suppliers.
$26.1bn 
spent with suppliers
Effective collaborations that supplement 
and strengthen our pipeline and our 
efforts to achieve scientific leadership. 
 
>1,000 
collaborations worldwide
Financial strength, including access to 
financing and ability to bear the financial 
risk of investing in the life‑cycle of 
a medicine.
$11.9bn 
net cash inflow from operating activities
10
AstraZeneca Annual Report & Form 20-F Information 2024

In
ve
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me
nt
 in
 d
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ve
ry
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nt
, 
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rc
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 p
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ne
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Re
in
ve
st
me
nt 
of
 r
et
ur
ns
Inputs 
• Applying our 
resources to 
address unmet 
medical need 
Outputs  
• Improved health
• Returns to 
shareholders
Our 
Purpose
Re
se
ar
ch
 a
nd
 d
ev
el
op
m
en
t 
ph
as
es
 5
-1
5 
ye
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 L
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 y
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 2
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 y
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1 
2 
3
4 
5 
6 
7
8
9
1 	 The patient numbers reached for AstraZeneca medicines is an estimation of the average number of patients on therapy in a given year. For historic periods, the calculation is based 
upon the volume that AstraZeneca manufactured globally, converted using the number of days of therapy (DoT) and the average patient compliance with their treatment. If a patient 
is treated by more than one AstraZeneca product they are double-counted.
This is a high-level overview of a medicine’s life-cycle and is illustrative only. It is neither intended to, nor does it, represent the life-cycle of any particular medicine or of every 
medicine discovered and/or developed by AstraZeneca, or the probability of success or approval of any AstraZeneca medicine.
We create financial value throughout 
the life-cycle of a medicine
Investment
 
We invest in the discovery, 
development, manufacturing and 
commercialisation of our pipeline 
of innovative prescription medicines.
Revenue generation
 
We generate revenue from Product 
Sales of our existing medicines and 
new medicine launches, as well as from 
our collaboration activities. Our focus 
is on creating medicines that facilitate 
profitable future revenue generation, 
while bringing benefits to patients.
Reinvestment
 
We reinvest in developing the next 
generation of innovative medicines and 
in our business to provide the platform 
for future sources of revenue in the 
face of losses of key patents.
We also assess opportunities to invest in 
value-enhancing additions to our portfolio.
Launch phase – duration: 5-15 years
	
 7. Launch new medicine while 
continuously monitoring, 
recording and analysing 
reported side effects. 
	
8. Post-launch R&D to further 
understand the benefit/risk 
profile of the medicine and 
life-cycle management 
activities to understand 
its full potential.
Post-exclusivity – duration: 20+ years
	
9. Patent expiry and generic 
medicine entry.
Research and development phases – duration: 5-15 years
	
1. Undertake scientific 
research to identify 
potential new medicines.
	
2. Preclinical studies in the 
laboratory and animals to 
understand if the potential 
medicine is safe to 
introduce into humans. 
	
3. Phase I trials with small groups 
of healthy human volunteers 
(small molecules) or patients 
(biologics) to understand how 
the potential medicine is 
absorbed into the body, 
distributed and excreted.
	
4. Phase II trials on small- 
to medium-sized groups 
of patients to test 
effectiveness, safety 
and tolerability of the 
medicine and determine 
optimal dose.
	
5. Phase III trials in a larger 
group of patients to 
gather information about 
effectiveness and safety 
of the medicine and 
evaluate the overall  
benefit/risk profile.
	
6. Seek regulatory approvals for 
manufacturing, marketing 
and selling the medicine.
Life-cycle of a medicine
  For more information on our 
pipeline progression, see our 
Development Pipeline Supplement 
on our website, www.astrazeneca.
com/annualreport2024.
11
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Our Purpose, Values and Business Model

2024
2023
2022
$11,861m
$10,345m
$9,808m
$11,861m
$11,861m
Net cash inflow from operating activities
$8.21
$7.26
$6.66
Core EPS
2024
2023
2022
$8.21
$8.21
2024
2023
2022
$4.54
$3.84
$2.12
$4.54
$4.54
Reported EPS
Key Performance Indicators
Cash generation is a key driver 
of long-term shareholder returns 
and facilitates reinvestment in 
our pipeline, which is critical for 
delivering new medicines and 
future value.
Earnings per share (EPS) is an 
important profitability metric and 
a key driver of shareholder value. 
Actual growth 
2024 +15% 
2023 +5%
2022 +64%
Actual growth 
2024 +13% 
2023 +9%
2022 +26%
CER growth
2024 +19% 
2023 +15%
2022 +33%
Actual growth 
2024 +18% 
2023 +81%
2022 n/m
CER growth
2024 +29% 
2023 +96%
2022 n/m
Key
 Used for remuneration of Executive Directors 
 Material sustainability metric, is independently assured by 
Bureau Veritas, see definitions from page 234.
  For more information on:
	
Our Core measures see the 
Financial Review from page 67.
	
How Group financial targets are 
considered when calculating 
the annual bonus, see page 121.
Ambition 2030 
Our ambition is to be pioneers in science, 
lead in our disease areas and transform 
patient outcomes. As announced at our 
Investor Day in May 2024, by 2030, we aim 
to launch at least 20 new medicines and 
achieve $80 billion in Total Revenue with 
sustained growth thereafter. 
Our Key Performance Indicators 
and remuneration 
We measure our productivity and success 
against our Key Performance Indicators (KPIs), 
which are aligned to our strategic priorities. 
Several KPIs in this section are used to 
measure the remuneration of Executive 
Directors, allowing us to disclose 
aggregated targets without disclosing 
sensitive commercial information at the 
individual KPI level. Any variances between 
the KPI and values used in determining 
remuneration are explained in the Directors’ 
Remuneration Report from page 112. Since 
2021, we have included the delivery of our 
Ambition Zero Carbon commitments in our 
executive incentive arrangements. 
 Achieve Group Financial Targets
Our ambition is to launch at 
least 20 new medicines by 2030. 
AstraZeneca:
	
• is science and innovation led
	
• is focused on our chosen therapy 
areas: Oncology; BioPharmaceuticals 
(comprising Cardiovascular, Renal 
& Metabolism (CVRM), Respiratory 
& Immunology (R&I) and Vaccines 
& Immune Therapies (V&I)); and 
Rare Disease
	
• is focused on patients and a 
diversified portfolio that spans 
across primary care, specialty 
care and rare disease
	
• has global strength with a balanced 
presence across regions
	
• has a commitment to people, 
society and the planet.
Our Growth Through Innovation strategy has three priorities, whose effective delivery will 
help us achieve our financial targets.
Our capital allocation priorities include: investing in the business and pipeline; maintaining 
a strong, investment-grade credit rating; potential value-enhancing business development 
opportunities; and supporting the progressive dividend policy.
1. Science and 
Innovation
3. People and 
Sustainability
2. Growth and Therapy 
Area Leadership
Achieve Group 
Financial Targets
12
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Strategic Report
Our Strategy and Key Performance Indicators

241
302
293
24
1
24
1
Pipeline progression events 
2024
2023
2022
2024
2023
2022
741
562
723
74
1   
74
1   
Regulatory events
1 	 The target of 20 reflects medicines 
approved since October 2022 and 
replaces the goal of delivering 15 new 
medicines between 2023 and 2030 
referred to in our 2023 annual report.
Three
NME approvals
74
regulatory events
24
pipeline progression 
events
191
projects included 
in our pipeline, 
of which 169 are 
in the clinical phase 
of development
19
NME projects in 
pivotal trials or 
under regulatory 
review covering 29 
indications
17
projects were 
discontinued
2024 developments
  For more information, see:
	
Research & Development 
from page 34 of the 
Business Review.
	
AI from page 44 of the 
Business Review.
	
2024 Group scorecard 
assessment on page 121 for 
performance against the 
Group scorecard.
Key Performance Indicators BV
Our science measures incentivise 
the development of NMEs and the 
maximisation of the potential of 
existing medicines. Pipeline 
progression events (Phase II NME 
starts/progressions and Phase III 
investment decisions) measure 
innovation and sustainability. 
Regulatory events (regulatory 
submissions and approvals) 
demonstrate the advancement 
of this innovation to patients and 
the value to the Group.
1	
24 against our Group scorecard 
for determining annual bonus.
2	 30 against our Group scorecard 
for determining annual bonus.
3	 25 against our Group scorecard 
for determining annual bonus.
1	
52 against our Group scorecard 
for determining annual bonus.
2	 46 against our Group scorecard 
for determining annual bonus.
3	 50 against our Group scorecard 
for determining annual bonus.
Accelerate platform of therapeutic 
modalities 
By harnessing innovation from around 
the world, we are pioneering new ways 
of targeting the drivers of disease and 
accelerating promising therapeutic 
modalities, including novel radioconjugates, 
cell therapy and genomic medicines. 
This breadth of research and clinical 
development exemplifies the diversity 
of approaches and technologies we are 
applying across our growing pipeline, 
alongside pipeline combinations that 
strengthen our therapy area leadership.
Transform R&D ways of working
We are transforming processes, data and 
how we work across R&D and reimagining 
patient recruitment and retention to help 
meet our portfolio ambition and deliver 
medicines to patients faster. We continue 
to expand our capabilities by making our 
ways of working smarter, and by introducing 
new digital tools, connected data and 
simpler processes.
Advances in science and technology 
are revolutionising the way we work, 
enabling us to push the boundaries to 
deliver new and better medicines and 
treatments more quickly to more patients.
Our strategic focus areas
Deliver the next wave of pipeline 
innovation
We are rapidly advancing an industry-
leading pipeline and investing in new 
technologies and modalities to deliver the 
next wave of medicines across therapy 
areas. Our diverse pipeline comprises 
around 200 projects spanning multiple 
mechanisms and modalities, designed to 
improve outcomes, drive clinical remission 
and provide cures for patients around 
the world.
  Science and Innovation
Eight new molecular 
entities delivered 
against our Ambition 
2030 of launching 
at least 20 new 
medicines.1
13
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Our Strategy and Key Performance Indicators

$54,073m
$45,811m
$44,351m
$54,073m
$54,073m
Total Revenue
2024
2023
2022
Realise world-class supply chains 
With next‑generation technologies and 
modalities, we aim to launch 20 new 
medicines and achieve industry-leading 
growth through sustainable world-class 
supply chains. We will harness AI-powered 
drug development, continuous, autonomous 
manufacturing techniques and real-time 
product release, taking us from smart to 
intelligent supply. We strive to leverage 
green technologies to drive low‑carbon 
products and sites by design, increase 
circularity by reducing waste across our 
manufacturing sites and accelerate our 
supply chain and supplier decarbonisation. 
2024 developments
Total Revenue, comprising Product Sales, 
Alliance Revenue and Collaboration 
Revenue, increased by 18% (21% at CER) 
to $54,073 million. 
	
• Alliance Revenue increased by 55% 
(55% at CER) to $2,212 million. 
	
• Collaboration Revenue increased by 56% 
(54% at CER) to $923 million.
	
• Grew Total Revenue across our Therapy 
Areas: Oncology 21% (24% at CER) to 
$22,353 million; CVRM 18% (20% at CER) 
to $12,517 million; R&I 23% (25% at CER) 
to $7,876 million; V&I 8% (8% at CER) to 
$1,462 million; and Rare Disease 13% 
(16% at CER) to $8,768 million. 
	
• Total Revenue in the US grew by 22% to 
$23,235 million. In Emerging Markets it 
grew by 14% (22% at CER) to $13,675 
million and in Europe it grew by 27% 
(26% at CER) to $12,188 million.
Key Performance Indicators
Our Total Revenue measure reflects 
the importance of incentivising 
sustainable growth in both the 
short and long term.
We are working across our therapy 
areas to transform care and meet the 
increasing demand for healthcare by 
improving access to our medicines, 
expanding treatment options and 
enabling patients to take control 
of their own health. 
Our strategic focus areas
Achieve industry-leading growth in 
our therapy areas
Our diversified portfolio across therapy 
areas with broad geographic presence, will 
help us achieve industry-leading growth.
Transform care 
AstraZeneca is collaborating with 
governments, healthcare systems and 
providers to make a positive impact on 
the global burden of disease and support 
healthcare systems to become more 
resilient for future generations, helping 
deliver better outcomes for all. 
In partnership with healthcare systems 
around the world, we aim to reduce disease 
progression, hospital admissions and 
premature deaths by half – enhancing the 
lives of millions of people. We envision a 
health system that is proactive and integrated 
with patient-centred care models. Our focus 
is on four key areas of healthcare delivery: 
	
• 	proactive screening and early diagnosis
	
• guideline adoption at the practice level
	
• specialist pathways and personalised care
	
• building resilient health systems.
  Growth and Therapy Area Leadership
Actual growth 
2024 +18% 
2023 +3%
2022 +19%
CER growth
2024 +21% 
2023 +6%
2022 +25%
Through partnering 
with healthcare 
systems from more 
than 40 countries, 
our practice-changing 
initiatives have already 
enabled millions more 
people to gain access to 
guideline-directed care.
  For details of how Total 
Revenue is considered when 
calculating the annual bonus, 
see from page 121.
	
For more information, see:
	
Therapy Area Review from 
page 16.
	
Affordability and pricing on 
page 52 and Operations from 
page 41 of the Business Review.
Our Strategy and Key Performance Indicators continued
14
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report

86%
84%
86%
84%
84%
Employee belief that AstraZeneca 
is a great place to work1
2024
2023
2022
2024  25/27
2023  25/27
2022  7/9
Green 
Amber
Red
25/27
25/27
Sustainability KPIs 
performance2
2024 developments BV
	
• We continued to invest in our people 
to ensure we recruit, retain and develop 
a talented workforce.
	
• We continued to score highly in our 
Pulse survey for questions relating to 
our Purpose, direction, patient centricity 
and employee commitment.
	
• We continued to invest in global 
collaborations, Group initiatives and local 
partnerships to strengthen health 
systems.
	
• We maintained a leading role in industry 
efforts to address the impact of climate 
change and accelerate the delivery of 
net-zero healthcare, while improving 
health outcomes and minimising our 
environmental impact.
	
• Our Ambition Zero Carbon strategy 
delivered further reductions in our GHG 
emissions across our operations – 
Scopes 1 and 2 – and we made progress 
on initiatives, including through supply 
chain decarbonisation, as we work 
towards achieving a 50% target reduction 
in Scope 3 emissions by 2030. 
	
• We announced the completion of the 
clinical programme for submissions in 
Europe, UK and China to support the 
transition of the first inhaled medicine 
delivered by pressurised metered-dose 
inhaler (Breztri/Trixeo) to a next-
generation propellant (NGP) with 
near-zero Global Warming Potential.
Key Performance Indicators  BV
Our People KPI is based on our Pulse 
survey measure of those employees 
who believe that AstraZeneca is a 
great place to work.
Our Sustainability KPIs, including 
climate-related targets, reflect 
our success in achieving our 
sustainability goals. They are 
based on nine focus areas that 
have guided our sustainability 
strategy since 2021. 
Recognising the interconnection 
between business growth, the needs 
of society and our dependency on nature, 
we promote health equity and resilient 
healthcare, and play an active role 
in addressing the climate crisis. 
We cultivate an inclusive and diverse 
work environment where employees can 
thrive and are empowered to make an 
impact for people, society and the planet.
Our strategic focus areas
Deliver a great employee experience 
We are dedicated to being a great place to 
work by maintaining employee engagement, 
delivering our inclusion and diversity 
strategy, and offering learning and 
development programmes.
Lead on climate, equity and resilience 
We are harnessing the power of science 
and innovation in ways that positively 
impact more patients and healthcare 
systems while reducing our impact on 
the environment.
We are working towards absolute 
reductions in all our direct and indirect 
GHG emissions sources across the value 
chain – Scope 1, 2 and 3 – and decoupling 
carbon emissions from revenue growth.
We are advancing our sustainability 
priorities across the interconnected 
dimensions of climate and nature, focusing 
on mitigating the impacts of climate change, 
restoring and protecting nature, building 
resilient health systems and improving 
health equity.
Enable an agile organisation
We are harnessing the potential of 
technology, simplifying how we work and 
scaling our business for the future.
  For more information, see:
	
People and Sustainability 
from page 47 of the 
Business Review.
  For more information on our 
Sustainability KPIs, including 
definitions, methodology and 
restatements, see our 
Sustainability Data Annex at 
www.astrazeneca.com/
sustainability/resources.html.
  People and Sustainability
Through science, 
we can drive positive 
change and help build 
a healthier future for 
people, society and 
the planet.
1	
Source: November Pulse survey 
for each year.
2	 In 2024, we assessed our performance 
against 27 publicly available targets. 
At least 90% of targets need to be 
‘on plan’ or ‘target met’ to achieve a 
rating of green; at least 70% for amber; 
and red signifies any percentage 
below this.
15
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Our Strategy and Key Performance Indicators

 Redefine  
 cancer care
 Oncology
Source: IQVIA.
AstraZeneca focuses on specific segments within this overall therapy area market. Oncology Therapy Area 
submarket totals ($217.1bn) do not sum up exactly to the therapy area total ($218.8bn) due to rounding.
2024 overview
	
• Commercial delivery and sales 
performance driven by five 
multiblockbuster medicines: Tagrisso, 
Lynparza, Calquence, Imfinzi and Enhertu.
	
• Broad penetration of our Oncology 
medicines with 22 major market approvals 
across 15 indications.
	
• First approval for our latest new medicine 
Datroway (Dato-DXd) in the US and Japan.
	
• 10 positive Phase III readouts across 
multiple tumour types including lung, 
breast, bladder, prostate and blood cancers, 
including two from China-led trials.
Total Revenue
$22,353m
up 21% (24% at CER)
2023: $18,447m
2022: $15,539m
$65.0bn Small molecule targeted agents 
$52.6bn Immune checkpoint inhibitors 
$47.8bn Monoclonal antibodies (mAbs) 
$25.5bn Chemotherapy 
$21.0bn Hormonal therapies 
$4.0bn PARP inhibitors 
$1.2bn Other oncology therapies 
$218.8bn
Annual worldwide market value
Therapy area world market
(MAT Q3-24)
Therapy Area Review
Unmet medical need 
and world market
2nd
Cancer is the second 
leading cause of death 
worldwide.
16.3m
By 2040, cancer is 
expected to account 
for 16.3 million deaths 
annually across the globe.
Over 30m
The global burden of 
cancer is expected to 
grow, with over 30 million 
newly diagnosed patients 
estimated by 2040. 
Two thirds of those patients 
are expected to be in low-
to-middle income countries.
We are leading a revolution  
to transform cancer care.
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AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report

Our strategy in Oncology
Our ambition is to eliminate cancer as 
a cause of death. We seek to transform 
outcomes for people living with cancer 
through innovative medicines, powerful 
combinations and a world-class, 
purpose-driven team. 
Our commercial strategy to transform 
patient outcomes centres on three 
key areas:
	
• Medicines that matter: building 
transformative brands that raise the 
standard of care for patients.
	
• Leveraging scale: strengthening 
leadership and expertise in key tumour 
types (lung, haematology, genitourinary/
gynaecological, breast and 
gastrointestinal).
	
• Transforming patient care: closing the 
care gaps to deliver optimal care for every 
patient, improving access and building 
more resilient healthcare systems 
through partnerships.
Our R&D strategy focuses on these 
key pillars:
1.	Innovative science across seven 
scientific platforms that attack cancer 
from multiple angles:
a.	Tumour drivers and resistance – 
targeting genetic mutations and 
resistance mechanisms that can 
disrupt the ability of cancer cells to 
survive and proliferate.
b.	DNA damage response – targeting 
the DNA repair process to block 
cancer cells from reproducing.
c.	Antibody drug conjugates (ADCs) 
and radioconjugates – highly potent 
cancer-killing agents delivered directly 
to cancer cells via a linker attached to 
a targeting molecule such as an 
antibody, peptide or small molecule.
d.	Epigenetics – targeting changes to 
genome expression caused by cancer.
e.	Immuno-oncology – activating the 
body’s own immune system to help 
fight cancer.
f.	 Cell therapies – harnessing living 
cells to target cancer.
g.	Immune engagers – redirecting the 
immune system’s T-cells to the tumour 
and amplifying that patient’s own 
anti-cancer immune response.
2.	Treating cancer earlier and smarter 
with early detection and personalised 
treatments.
3. Pioneering new technologies to help 
us advance science and achieve the 
next wave of breakthroughs.
  Full details are given in the 
Development Pipeline and 
Patent Expiries of Key Marketed 
Products Supplements on our 
website, www.astrazeneca.
com/annualreport2024.
Key marketed products 
Product 
Disease
Total Revenue
Commentary
Tagrisso 
(osimertinib)
Lung cancer
$6,580m, 
up 13% 
(16% at CER) 
Approved in 112 countries for adjuvant early-stage EGFRm NSCLC and in 113 countries for 1st- and 
2nd-line treatment of advanced EGFRm NSCLC. Approved in combination with chemotherapy in 1st-line 
advanced EGFRm NSCLC in 27 countries and in several countries as a maintenance treatment after 
definitive chemoradiation in unresectable Stage III EGFRm NSCLC.
Imfinzi
(durvalumab)
Lung cancer
Biliary tract cancer (BTC)
Liver cancer
Endometrial cancer
$4,717m, 
up 17% 
(21% at CER) 
Approved in 97 countries in the curative-intent setting of unresectable, Stage III NSCLC and in 
63 countries for metastatic NSCLC. Approved in nine countries for resectable NSCLC. Approved in 
97 countries for extensive-stage SCLC and in three countries including the US for limited-stage SCLC.
Approved in 89 countries for locally advanced or metastatic BTC. Approved in 71 countries in combination 
with Imjudo for uHCC and 33 countries as monotherapy. Approved in 36 countries for advanced or 
recurrent endometrial cancer.
Calquence
(acalabrutinib)
CLL
MCL
SLL
$3,129m, 
up 24% 
(25% at CER)
Approved in 92 countries for the treatment of chronic lymphocytic leukaemia (CLL) and in 47 countries 
for the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL) who have 
received at least one prior therapy; approved in the US for previously untreated MCL patients. Approved 
in the US, Japan and China for small lymphocytic lymphoma (SLL).
Lynparza 
(olaparib)
Ovarian cancer
Breast cancer
Pancreatic cancer
Prostate cancer
Endometrial cancer
$3,672m, 
up 20% 
(22% at CER)
Approved in 101 countries as maintenance therapy for platinum-sensitive relapsed ovarian cancer, 101 
countries for 1st-line BRCAm ovarian cancer, and in 100 countries with bevacizumab for HRD-positive 
advanced ovarian cancer. Approved in 101 countries for gBRCAm, HER2-negative early breast cancer and in 
the metastatic setting in 86 countries. Approved in 99 countries for gBRCAm metastatic pancreatic cancer. 
Approved in 101 countries for HRR gene-mutated mCRPC (BRCAm only in certain countries) and in 90 
countries in combination with abiraterone for the 1st-line treatment of adult patients with mCRPC. Approved 
in 31 countries as maintenance therapy in advanced or recurrent endometrial cancer that is pMMR.
Enhertu
(trastuzumab  
deruxtecan) 
Breast cancer
Lung cancer
Gastric cancer
Tumour agnostic
$1,982m, 
up 54% 
(58% at CER) 
Approved in more than 75 countries for HER2-positive metastatic breast cancer following one or more 
prior anti-HER2-based regimens. Approved in more than 70 countries for HER2-low metastatic breast 
cancer following chemotherapy. Approved in more than 50 countries for previously treated HER2-
mutant metastatic NSCLC and in 60 countries for previously treated HER2-positive advanced gastric or 
gastroesophageal junction adenocarcinoma. Approved in the US and several countries for previously 
treated metastatic HER2-positive (IHC 3+) solid tumours. Also approved in the US for HR-positive, 
HER2-low or HER2-ultralow metastatic breast cancer following one or more endocrine therapies.
Zoladex
(goserelin 
acetate implant)
Prostate cancer
Breast cancer
$1,097m, 
up 11% 
(17% at CER)
Approved in 122 countries for the treatment of prostate cancer and in 64 countries for the treatment of 
breast cancer in premenopausal women.
Imjudo
(tremelimumab)
Liver cancer
Lung cancer 
$281m, 
up 29% 
(31% at CER)
Approved in 71 countries in combination with Imfinzi for unresectable HCC and in 63 countries in 
combination with Imfinzi and chemotherapy for metastatic NSCLC. 
Truqap
(capivasertib)
Breast cancer
$430m, 
up $424m
Approved in more than 45 countries in combination with Faslodex for HR- or ER-positive, 
HER2-negative locally advanced or metastatic breast cancer with one or more biomarker alterations 
(PIK3CA, AKT1 or PTEN) following recurrence or progression. Approved in Australia for HR-positive, 
HER2-negative locally advanced or metastatic breast cancer following recurrence or progression.
Orpathys 
(savolitinib)
Lung cancer
$46m, 
stable  
(up 2% at CER)
Approved in China and Macau for treatment of locally advanced or metastatic NSCLC with MET 
gene alterations.
Datroway
(datopotamab 
deruxtecan)
Breast cancer
n/a
Approved in the US and Japan for patients with previously treated metastatic HR-positive, 
HER2-negative breast cancer.
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AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Therapy Area Review  |  Oncology

2024 review – strategy in action
Lung cancer
Scientific advances in early detection 
and precision medicine are strengthening 
the potential to offer meaningful patient 
outcomes and long-term survival in lung 
cancer. We have a comprehensive portfolio, 
along with a promising pipeline of potential 
new medicines and combinations across 
diverse mechanisms of action. By 2030, 
we aim to have an AstraZeneca medicine 
for more than half of all patients treated 
for lung cancer.
	
• Tagrisso is the world-leading third-
generation TKI and backbone therapy for 
EGFRm NSCLC across multiple stages. 
Across markets we see continued 
demand growth for Tagrisso in both the 
adjuvant and metastatic settings. Tagrisso 
with the addition of chemotherapy was 
approved in more than 45 countries, 
including the US, EU, China and Japan, 
for the 1st-line treatment of adult patients 
with locally advanced or metastatic 
EGFRm NSCLC. Approvals were based 
on positive results from the FLAURA2 
Phase III trial, which showed Tagrisso 
in combination with chemotherapy 
demonstrated a statistically significant 
and clinically meaningful improvement 
in PFS. 
	
• Positive results from the LAURA Phase III 
trial showed Tagrisso demonstrated a 
statistically significant and highly 
clinically meaningful improvement in PFS 
in patients with unresectable, Stage III 
EGFRm NSCLC. Tagrisso is now approved 
for these patients in the US, Switzerland, 
the EU and China. 
	
• Since its first approval, more than 
374,000 patients have been treated 
with Imfinzi and it’s the only approved 
immunotherapy in limited-stage SCLC 
and the global SoC in the curative-intent 
setting of unresectable, Stage III NSCLC 
in patients whose disease has not 
progressed after CRT. Imfinzi was 
approved in the US and several other 
countries for the perioperative treatment 
of resectable, early-stage (IIa-IIIb) 
NSCLC with no known EGFRm or ALK 
rearrangements, based on the AEGEAN 
Phase III trial. 
	
• Imfinzi was approved in the US and 
Switzerland and recommended for 
approval in the EU for patients with 
limited-stage SCLC whose disease had 
not progressed following platinum-based 
concurrent CRT based on the positive 
ADRIATIC Phase III trial results.
	
• Results from the ADJUVANT BR.31 
Phase III trial showed Imfinzi did not achieve 
statistical significance for disease-free 
survival in early-stage (Ib-IIIa) NSCLC 
after complete tumour resection in 
patients whose tumours express PD-L1 
on 25% or more tumour cells.
	
• Final OS results were announced from 
the TROPION-Lung01 Phase III trial which 
showed a favourable trend in OS with 
Datroway in patients with previously 
treated advanced or metastatic non-
squamous NSCLC. Data from TROPION-
Lung01 using a predictive computational 
pathology biomarker was also presented 
at the World Conference on Lung Cancer. 
Ongoing Phase III trials in 1st-line NSCLC 
have the potential to validate the use of 
this patient selection biomarker. Datroway 
is jointly developed and commercialised 
with Daiichi Sankyo.
	
• Datroway was granted Priority Review in 
the US for the treatment of patients with 
locally advanced or metastatic EGFRm 
NSCLC who have received prior systemic 
therapies, including an EGFR-directed 
therapy, based on results from the 
TROPION-Lung05 Phase II trial and 
supported by data from the TROPION-
Lung01 Phase III trial. The companies 
voluntarily withdrew an application in the 
US, as well as the marketing authorisation 
application in the EU, for Datroway for 
patients with advanced or metastatic 
non-squamous NSCLC. 
	
• Enhertu is the first HER2-directed therapy 
approved for patients with HER2-mutant 
metastatic NSCLC. In 2024, it received 
conditional approval in China in this 
setting based on the DESTINY-Lung02 
and DESTINY-Lung05 Phase II trials. 
Enhertu is jointly developed and 
commercialised with Daiichi Sankyo. 
Breast cancer
We are aiming to redefine clinical practice 
and transform outcomes across all subtypes 
and stages of breast cancer. Our portfolio 
of approved medicines and promising 
medicines in development leverage 
different mechanisms of action to address 
the biologically diverse breast cancer 
tumour environment.
	
• Enhertu is the established SoC in 
HER2-positive (DESTINY-Breast03) and 
HER2-low (DESTINY-Breast04) metastatic 
breast cancer. Positive results from the 
DESTINY-Breast06 Phase III trial showed 
that Enhertu provided a statistically 
significant and clinically meaningful 
improvement in PFS for patients with 
HER2-low or HER2-ultralow metastatic 
breast cancer who had received at least 
one line of endocrine therapy. Enhertu is 
now approved in the US in this setting 
based on these results.
	
• Continued strong demand growth with 
strong uptake for Truqap worldwide in a 
biomarker-altered subgroup of HR-positive, 
HER2-negative metastatic breast cancer. 
	
• Truqap was approved in the EU and 
Japan in combination with Faslodex as 
the first AKT-inhibitor for patients with 
HR-positive, HER2-negative locally 
advanced or metastatic breast cancer 
with one or more biomarker alterations 
(PIK3CA, AKT1 or PTEN) following disease 
progression or recurrence, based on the 
CAPItello-291 Phase III trial.
	
• Truqap in combination with paclitaxel did 
not meet a primary endpoint of OS in the 
CAPItello-290 Phase III trial in patients 
with locally advanced or metastatic 
triple-negative breast cancer.
	
• The TROPION-Breast01 Phase III trial of 
Datroway versus chemotherapy, which 
previously met the dual primary endpoint 
of PFS, did not meet its OS endpoint in 
patients with previously treated 
metastatic HR-positive, HER2-low or 
HER2-negative breast cancer. Datroway 
is approved in the US and Japan and 
recommended for approval in the EU in 
this setting.
	
• Lynparza remains the first-in-class PARP 
inhibitor across four tumour types as 
measured by total prescription volume, 
achieving 10% growth in 2024 versus 
2023, and is the only PARP inhibitor to 
improve survival in early breast cancer. 
Updated results from the OlympiA Phase III 
trial showed Lynparza demonstrated 
sustained, clinically meaningful 
improvements in OS, invasive disease-
free survival and distant disease-free 
survival at six years for patients with 
germline BRCA-mutated (gBRCAm) 
HER2-negative high-risk early breast 
cancer. Lynparza was recently approved 
in China for these patients.
Genitourinary/gynaecological cancers
In genitourinary cancers, we aim to 
transform treatment paradigms with our 
portfolio of approved medicines and a 
diverse pipeline of innovative treatments 
to help more patients. This includes 
solidifying Lynparza plus abiraterone and 
prednisone as a SoC in 1st-line metastatic 
castration-resistant prostate cancer 
(mCRPC) and aiming to bring Imfinzi as a 
new treatment option for muscle-invasive 
bladder cancer (MIBC). In gynaecological 
cancers, we will continue to redefine 
survival expectations, maximising 
Lynparza’s position as a SoC in advanced 
ovarian cancer, and in combination with 
Imfinzi in endometrial cancer.
	
• Imfinzi and Lynparza were approved in 
several countries for the treatment of 
patients with advanced or recurrent 
endometrial cancer based on the DUO-E 
Phase III results:
	– In the US, Imfinzi with platinum-based 
chemotherapy was approved as 1st-line 
treatment followed by Imfinzi 
monotherapy for patients with 
dMMR disease.
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AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Therapy Area Review | Oncology continued 

	– In the EU, Imfinzi plus chemotherapy as 
1st-line treatment followed by Lynparza 
and Imfinzi has been approved for 
patients with pMMR disease. Imfinzi 
plus chemotherapy followed by Imfinzi 
alone has also been approved for 
patients with dMMR disease.
	– In Japan, Imfinzi with platinum-based 
chemotherapy was approved as 
1st-line treatment followed by Imfinzi 
monotherapy for patients regardless 
of mismatch repair status. Imfinzi plus 
chemotherapy as 1st-line treatment 
followed by Lynparza and Imfinzi has 
also been approved for patients with 
pMMR disease.
	
• Results from the NIAGARA Phase III 
trial showed Imfinzi in combination 
with chemotherapy demonstrated a 
statistically significant and clinically 
meaningful improvement in event-free 
survival and OS for patients with MIBC. 
It is now under Priority Review in the 
US in this setting.
	
• Positive results from the CAPItello-281 
trial showed Truqap in combination with 
abiraterone and androgen deprivation 
therapy demonstrated a statistically 
significant and clinically meaningful 
improvement in radiographic PFS in 
PTEN-deficient metastatic hormone-
sensitive prostate cancer (mHSPC).
Gastrointestinal cancers
We have a broad and robust portfolio and 
development programme for the treatment 
of gastrointestinal (GI) cancers in many 
stages and disease types across multiple 
approved and potential new medicines. 
Imfinzi in GI cancers was a major growth 
driver in 2024, based on market approvals 
in BTC (TOPAZ-1) and HCC (HIMALAYA) 
worldwide.
	
• Enhertu received conditional approval in 
China for patients with previously treated 
HER2-positive advanced or metastatic 
gastric cancer based on the DESTINY-
Gastric06 and DESTINY-Gastric01 trials.
	
• Data from a Phase I trial of C-CAR31, a 
novel autologous armoured Glypican 3 
(GPC3) targeting chimeric antigen 
receptor T-cell (CAR-T) therapy, showed 
encouraging safety and preliminary 
efficacy results in patients with HCC.
Blood cancers
In haematology, we are unleashing the 
potential of Calquence, the current SoC 
in multiple forms of blood cancer, while 
pushing the boundaries of science to 
redefine care through ambitious clinical 
development, deep clinical insights and a 
focus on improving the patient experience.
	
• Positive results from the AMPLIFY 
Phase III trial showed a fixed-duration 
of Calquence in combination with 
venetoclax, with or without 
obinutuzumab, demonstrated a 
statistically significant and clinically 
meaningful improvement in PFS in 
previously untreated CLL. 
	
• Results from the ECHO Phase III trial 
showed that Calquence plus 
chemoimmunotherapy significantly 
improved PFS as a 1st-line treatment 
of patients with MCL. Calquence is 
now approved in the US in this setting.
	
• Early data from our novel CD19xCD3 
bispecific T-cell engager, surovatamig, 
(AZD0486) in follicular lymphoma and 
diffuse large B-cell lymphoma showed 
promising clinical efficacy and 
safety profile.
Pan-tumour
Together with Daiichi Sankyo, we are 
exploring the role of HER2-directed 
therapies in treating multiple solid tumour 
types. We see encouraging early uptake 
for Enhertu following tumour-agnostic 
approvals worldwide.
	
• Enhertu was approved in the US for 
previously treated patients with 
metastatic HER2-positive solid tumours 
based on three Phase II trials (DESTINY-
PanTumor02, DESTINY-Lung01 and 
DESTINY-CRC02) which showed clinically 
meaningful responses across a broad 
range of tumours. The approval marked 
the first tumour-agnostic approval of a 
HER2-directed therapy and an ADC.
The 
transformative 
potential of cell 
therapies
Cell therapies are one of the transformative 
technologies in which we are investing to 
bring their curative potential to patients. 
We accelerated their delivery with the 
acquisition of Gracell, whose FasTCAR 
platform significantly shortens 
manufacturing time and aims to improve 
the activity of therapeutic CAR-Ts, as well 
as reduce treatment waiting times. 
A collaboration with the Moffitt Cancer 
Center is designed to accelerate our cell 
therapy pipeline and we are also 
progressing our T-cell receptor therapies 
from our Neogene acquisition. We have 
announced a new manufacturing facility 
in Maryland, US, to expand capacity.
19
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Additional Information
Financial Statements
Corporate Governance
Therapy Area Review  |  Oncology

Our ambition is to transform care for billions 
of people living with chronic diseases and 
deliver long-lasting immunity. We are working 
to intervene earlier to protect vital organs, slow 
or reverse disease progression, and achieve 
remission for often degenerative, debilitating 
and life-threatening conditions, so many more 
people can live better, healthier lives.
 Transform 
 care for  
billions
BioPharmaceuticals
Therapy Area Review
20
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report

Total Revenue
$12,517m
up 18% (20% at CER) 
2023: $10,628m
2022: $9,211m
Total Revenue
$7,876m
up 23% (25% at CER)
2023: $6,404m
2022: $5,963m
Total Revenue
$1,462m
up 8% (8% at CER)
2023: $1,357m
2022: $4,836m
Our ambition is to improve care to 
save lives for the millions living with 
cardiovascular, renal and metabolic 
diseases, stop disease progression and, 
ultimately, pave the way to a cure. 
Our ambition is to transform respiratory 
and immunology care for millions of 
patients worldwide, moving beyond 
symptom control to disease modification, 
remission and, one day, cure.
Our ambition is to develop and deliver 
innovative vaccines and antibodies to 
protect patients from serious viral and 
bacterial infections, providing 
long-lasting immunity to millions.
Unmet medical need and world market
1.4 billion people 
across the globe are affected by 
CVRM diseases. 
4 of the top 7
causes of death worldwide are predicted 
to be CVRM diseases by 2040. 
Unmet medical need and world market
~500 million
people worldwide have chronic 
respiratory diseases, which carry a high 
disease burden.
>40 million
people worldwide have the immune-
mediated diseases we are targeting, 
with few achieving remission.
$4.8 trillion
the estimated global burden of chronic 
obstructive pulmonary disease (COPD) 
by 2050, a leading cause of hospital 
admissions and the world’s third leading 
cause of death.¹
¹	 Excluding COVID-19.
Unmet medical need and world market
~300,000 
hMPV and RSV-related hospitalisations 
combined among older adults in the US 
each year.
One billion 
cases of seasonal influenza annually.
Up to 4%
of the population is immunocompromised 
and is at a higher risk of hospitalisation 
from COVID-19 than the general 
population.
2024 overview
	
• Farxiga retained its position as the 
number one SGLT2 inhibitor worldwide 
by volume, growing faster than the 
overall SGLT2 market in all major 
regions, driven by continued demand in 
heart failure (HF) and chronic kidney 
disease (CKD).
	
• Wainzua recommended for approval in 
the EU for the treatment of adult patients 
with polyneuropathy of hereditary 
transthyretin-mediated amyloidosis.
	
• The CVRM pipeline was bolstered by an 
exclusive licence agreement with CSPC 
Pharmaceutical Group Ltd. to develop 
an early stage, novel small molecule 
Lipoprotein (a) (Lp(a)) disruptor.
2024 overview
	
• Achieved double-digit growth driven 
by key launch brands (Breztri, Fasenra, 
Tezspire, Saphnelo, Airsupra). Tezspire 
secured blockbuster status with 
combined sales recorded by Amgen 
and AstraZeneca of $1.2 billion, of which 
AstraZeneca recorded Total Revenue 
of $684 million.
	
• Progressed the late-stage portfolio 
including four major market approvals 
and four Phase II and Phase III data 
readouts. 
	
• Submitted the first regulatory filings 
to support the transition of Breztri to 
next-generation propellant with near-zero 
Global Warming Potential (GWP).
2024 overview
	
• Completed the acquisition of Icosavax 
enhancing late-stage pipeline with 
potential first-in-class RSV/human 
metapneumovirus (hMPV) 
combination vaccine. 
	
• Beyfortus demonstrated a 90% reduction 
in RSV-related hospitalisations in its 
first season. Following 2023 and 2024 
approvals in the US and China, Beyfortus 
is now approved in 50 countries as the 
first and only RSV lower respiratory tract 
disease (LRTD) preventative option for 
a broad infant population. 
	
• FluMist was approved in the US as the 
only influenza vaccine for self- or 
caregiver-administration at home, 
recognised in TIME Magazine 2024 
Innovations of the Year. 
Cardiovascular, Renal & Metabolism 
Respiratory & Immunology
Vaccines & Immune Therapies
Corporate Governance
Additional Information
Financial Statements
Strategic Report
21
AstraZeneca Annual Report & Form 20-F Information 2024
Therapy Area Review  |  BioPharmaceuticals

$194.1bn Diabetes 
$39.5bn High blood pressure 
$21.8bn Abnormal levels 
of blood cholesterol 
$9.6bn CKD  
$7.2bn Thrombosis 
$5.0bn CKD-associated anaemia 
$1.0bn Hyperkalaemia  
$72.6bn Other CV  
$323.0bn
$323.0bn
Annual worldwide market value
Therapy area world market
(MAT Q3-24)
Our strategy in CVRM
Our ambition is to improve and save lives 
for the millions of people who are living 
with the complexities of CVRM diseases.
	
• The impact of CVRM diseases on people, 
society and our planet is immense and 
growing, yet these diseases remain 
underdiagnosed, undertreated, and their 
interconnections under-recognised. 
	
• By 2040, it is expected that CVRM 
diseases and comorbidities will account 
for four of the top seven causes of death 
globally (heart disease, diabetes, kidney 
disease and stroke), and five of the top 
eight leading risk factors of premature 
death (high blood pressure, BMI, glucose, 
cholesterol and impaired kidney function). 
These are complex and interconnected 
conditions, with the majority of patients 
living with two or more of them.
	
• We are building the broadest and deepest 
pipelines through novel mechanisms and 
combinations to:
	– Slow and stop cardiorenal disease 
and protect vital organs.
	– Address major risk factors of 
hypertension, dyslipidaemia and 
obesity to help prevent them. 
	
• By understanding their interconnections 
and targeting the mechanisms that drive 
CVRM diseases, we will be able to detect, 
diagnose and treat people earlier and 
more effectively, stop disease 
progression and, ultimately, pave the 
way to a cure. 
2024 review – strategy in action
Our strategy focuses on three areas: 
cardiovascular, renal, and metabolic 
diseases. 
Cardiovascular (CV)
CV disease is the leading cause of death 
worldwide. Our ambition is to reduce CV 
disease by addressing risk factors such 
as hypertension control and dyslipidaemia, 
as well as treating CVRM comorbidities.
	
• In February 2024, together with Ionis, 
we received Fast Track designation in 
the US for Wainua in the treatment of 
transthyretin-mediated amyloid 
cardiomyopathy of wild-type or 
hereditary transthyretin-mediated 
amyloidosis (ATTRv) in adults.
	
• Wainzua (Wainua in the US) was 
recommended for approval in the EU for 
the treatment of ATTRv in adult patients 
with Stage 1 or Stage 2 polyneuropathy. 
This follows the US FDA approval in 2023. 
	
• New real-world evidence demonstrated 
the need for earlier diagnosis and rapid 
initiation of guideline-directed medical 
therapy in HF patients. REVOLUTION HF 
showed that delayed diagnosis led to 
increased hospitalisations, mortality rates, 
and four-times higher healthcare costs. 
	
• Baxdrostat, an aldosterone synthase 
inhibitor, has progressed into Phase III 
trials for treatment-resistant and 
uncontrolled hypertension. Targeting 
aldosterone aims to reduce the risk of 
Key marketed products 
Product
Disease
Total Revenue 
Commentary
Farxiga/Forxiga
(dapagliflozin)
Type 2 diabetes 
(T2D)
Heart failure (HF)
Chronic kidney 
disease (CKD)
$7,717m, 
up 29% 
(31% at CER)
Farxiga continues to be the number one SGLT2 
inhibitor worldwide by volume, growing faster 
than the overall SGLT2 market in all major regions, 
driven by continued demand in HF and CKD.
Brilinta/Brilique 
(ticagrelor)
Acute coronary 
syndromes (ACS)
$1,333m, 
up 1% 
(2% at CER) 
Brilinta plus aspirin is currently approved in 
more than 124 countries for the prevention of 
atherothrombotic events in adult patients with 
ACS and in 80 countries for the secondary 
prevention of CV events among high-risk patients 
who have experienced a heart attack.
Crestor 
(rosuvastatin calcium)
Dyslipidaemia 
Hyper-
cholesterolaemia
$1,155m, 
up 4% 
(8% at CER) 
Approved in 91 countries as an adjunct to diet 
to reduce elevated Total-C, LDL-C, ApoB, 
non-HDL-C, and triglycerides and to increase 
HDL-C in adult patients with primary 
hyperlipidaemia or mixed dyslipidaemia. 
Seloken/Toprol-XL 
(metoprolol succinate)
Hypertension 
HF 
Angina
$606m, 
down 5% 
(stable at 
CER) 
Approved in 62 countries to treat hypertension, 
angina, cardiac arrhythmias and post-CV event 
prophylaxis. 
Lokelma 
(sodium zirconium 
cyclosilicate)
Hyperkalaemia (HK)
$542m, 
up 32% 
(34% at CER) 
Approved in 56 markets and is market leader by 
days-of-therapy volume in branded HK market 
and the number one ranked K+ binder across 
13 countries. 
Roxadustat
Anaemia of CKD
$336m, 
up 22% 
(23% at CER) 
Roxadustat is used to treat adults with 
symptomatic anaemia associated with CKD.
Andexxa/Ondexxya
(andexanet alfa)
Factor Xa (FXa) 
inhibitor reversal 
agent 
$219m, 
up 20% 
(22% at CER) 
Andexxa holds an accelerated approval in the US 
and a conditional approval by the EMA for reversal 
of the anticoagulant effect of FXa in patients with 
life-threatening or uncontrolled bleeds. In the 
third quarter of 2024, following a strategic review 
of portfolio priorities, the business decision was 
made to cease promotional activity for Andexxa. 
Wainua/Wainzua
(eplontersen)
Polyneuropathy 
of hereditary 
transthyretin-
mediated 
amyloidosis 
(ATTRv-PN)
$85m
Approved in six countries, including in the US, for 
the treatment of adult patients with stage one or 
two ATTRv-PN.
Source: IQVIA.
AstraZeneca focuses on specific segments within 
this overall therapy area market. Sales for CKD 
($9.6bn) and CKD-associated anaemia ($5.0bn) 
fall outside the CVRM total market. All sales for 
CKD-associated anaemia ($5.0bn) fall within the 
CKD market and should not be double counted.
  Full details are given in the 
Development Pipeline and 
Patent Expiries of Key Marketed 
Products Supplements on our 
website, www.astrazeneca.
com/annualreport2024.
Cardiovascular, Renal & Metabolism 
22
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Therapy Area Review | BioPharmaceuticals continued

mortality, cardiovascular outcomes, 
and deterioration of kidney function 
that is independent of blood pressure.
	
• Balcinrenone/dapagliflozin aims to 
address the unmet medical need in HF 
patients with impaired kidney function 
by delivering the benefits of 
mineralocorticoid receptor antagonists 
(MRAs) without hyperkalaemia risk. 
The Phase III BalanceD-HF trial 
commenced recruitment.
	
• Our ambition is to lead dyslipidaemia 
care, helping patients to reduce risk of 
chronic CV disease. Our pipeline includes 
AZD0780 (oPCSK9i) as an adjunct to 
statins and in combination with other 
lipid-lowering therapies. Phase II studies 
of AZD0780 will complete and be 
presented in 2025. 
	
• Our relaxin portfolio aims to improve 
cardiac function by recapitulating the 
biology of relaxin, a natural pregnancy 
hormone, in patients with HF and 
pulmonary hypertension (PH). AZD3427, 
currently in Phase IIb trials, is a long-
acting peptide analogue of relaxin and 
one of the first therapies to specifically 
address group 2 PH, the largest PH 
population, in HF. AZD5462 is the first 
and only small molecule targeting relaxin 
biology to enter clinical trials, currently in 
Phase IIb. We are exploring its potential to 
become a foundational therapy in a broad 
range of patients with HF.
Renal
Nearly 850 million people worldwide are 
affected by kidney disease. Our ambition 
in CKD is to eliminate progression to 
kidney failure. 
	
• In 2024, the Kidney Disease Improving 
Global Outcomes CKD guidelines 
included use of SGLT2s as a class 1a 
recommendation for patients with CKD 
regardless of T2D status, including use 
in patients with CKD and HF.
	
• New modelling analyses (IMPACT 
CKD, DISCOVER CKD, PaCE CKD) 
demonstrated the benefits of earlier 
CKD diagnosis and access to guideline-
directed medical therapies for economies, 
healthcare systems, and quality of life 
for patients. 
	
• We are focusing on subpopulations 
of patients with CKD in our clinical 
development programme, with unique 
mechanisms that target disease drivers 
and risk factors that impact disease 
progression, on top of the proven 
cardiorenal protection of dapagliflozin. 
	
• Zibotentan/dapagliflozin has advanced 
into Phase III ZENITH High Proteinuria for 
patients with CKD and high proteinuria. 
The combination is also being developed 
in liver cirrhosis and entered Phase II 
development with the ZEAL trial.
	
• Baxdrostat/dapagliflozin has advanced 
into Phase III BaxDuo Arctic for patients 
with CKD and hypertension.
	
• Balcinrenone/dapagliflozin has advanced 
into Phase IIb MIRO-CKD for patients 
with CKD at higher risk of developing 
hyperkalaemia.
	
• AZD2373, developed in collaboration 
with Ionis, has the potential to be the first 
precision medicine in our renal pipeline 
for treatment of APOL-1 mediated kidney 
disease (AMKD). Phase I data has 
demonstrated safety, tolerability and proof 
of mechanism in healthy participants. 
Metabolism
Sixty per cent of people diagnosed with 
obesity or as overweight (BMI >27kg/m2) 
have at least one comorbidity. 
	
• We continue to build a comprehensive 
weight management portfolio to deliver 
durable weight management and to 
provide organ protection. Three key 
assets (AZD5004 (oral GLP-1RA), 
AZD6234 (LA amylin) and AZD9550 
(GLP‑1/GCG RA)) delivered positive 
Phase I data in 2024. We have entered 
Phase II trials in T2D (AZD5004 
SOLSTICE) and obesity (AZD5004 VISTA 
and AZD6234 APRICUS studies). A triple 
mechanism combination therapy 
(AZD9550+AZD6234) is set to enter 
Phase II in the first half of 2025. 
	
• We are also advancing an innovative 
pipeline in metabolic dysfunction-
associated steatohepatitis (MASH) 
and advanced liver disease to specifically 
target the main disease drivers. This 
includes a precision medicine approach 
with AZD2693 (PNPLA3 ASO) in patients 
with a genetic predisposition to MASH, 
currently in Phase IIb studies, and 
AZD2389 (small molecule FAP inhibitor) 
targeting advanced liver fibrosis currently 
in Phase II studies.
	
• In June 2024, following the T2NOW 
Phase III trial, Farxiga was approved by 
the FDA to improve glycaemic control in 
paediatric patients aged 10 years and 
older with T2D.
Healthcare in the community
AstraZeneca is proud to support the 
Everton in the Community (Everton 
Football Club’s official charity) NexGen 
Breathlessness Hub. The Hub enables 
prompt review of people with chronic 
breathlessness to establish a diagnosis, 
such as heart failure or COPD. It serves 
one of the most deprived UK 
neighbourhoods, and its convenient 
location in Everton’s ‘The People’s 
Place’ embeds rapid, equitable access 
to essential diagnostics in the community. 
Over 1,000 people have received lung and 
heart health checks, 25% underwent 
NT-proBNP testing and AI-assisted 
echocardiography to assess cardiac 
function with ~3% newly diagnosed with 
HF. There is a significant correlation 
between deprivation levels and HF 
hospitalisation and survival; providing rapid 
diagnosis and early treatment could 
improve long-term outcomes.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
23
AstraZeneca Annual Report & Form 20-F Information 2024
Therapy Area Review  |  BioPharmaceuticals  |  Cardiovascular, Renal & Metabolism

$29.7bn Asthma
$17.1bn COPD
$44.9bn Other
$91.9bn
$91.9bn
Annual worldwide market value
Therapy area world market
(MAT Q3-24)
Our strategy in R&I 
Our ambition is to transform care in 
respiratory and immune-mediated 
diseases by moving beyond symptom 
control to achieve disease modification, 
remission and, one day, cures for millions 
of patients worldwide.
COPD
We are working to eliminate COPD as a 
leading cause of death, transforming care 
through our broad portfolio by:
	
• Driving timely diagnosis, optimising 
therapeutic intervention and reducing 
mortality by addressing 
cardiopulmonary risk.
	
• Advancing innovative medicines including 
next-generation biologics and orals to 
slow disease progression and reverse 
the structural damage caused by COPD.
Asthma
We strive to eliminate asthma attacks and 
achieve clinical remission by: 
	
• Reinforcing our anti-inflammatory reliever 
inhaled portfolio as the backbone of care.
	
• Driving towards clinical remission with 
systemic biologics.
	
• Introducing novel oral and inhaled 
medicines to address patients who are 
not controlled on SoC inhaled therapy.
Other Respiratory
We are moving beyond asthma and COPD 
to address other respiratory diseases with 
significant unmet medical need, including 
severe viral lower respiratory tract disease, 
non-cystic fibrosis bronchiectasis, 
interstitial lung disease and idiopathic 
pulmonary fibrosis (IPF).
Immunology
We aim to disrupt in immunology, redefining 
treatment paradigms in areas of high unmet 
medical need, moving to clinical remission 
and eventually cure by:
	
• Targeting underlying disease drivers in 
lupus and related diseases to address 
high unmet medical need at each stage 
of the patient journey. 
	
• Exceeding current efficacy expectations 
in established diseases with suboptimal 
treatment outcomes through targeting 
novel mechanisms and applying precision 
medicine in diseases such as Crohn’s 
disease and rheumatoid arthritis. 
	
• Accelerating transformative technologies, 
such as complex biologics and cell 
therapy, with the goal of moving 
towards cure.
Sustainability
Within R&I, we are leading the way in 
reducing the environmental burden of care 
by driving improvements in patient outcomes 
as well as transitioning to inhaled respiratory 
medicines with a propellant that has 
near-zero GWP.
Key marketed products
Product
Disease
Total Revenue
Commentary 
Symbicort 
(budesonide/
formoterol)
Asthma 
COPD
$2,879m, 
up 22% 
(25% at CER) 
Symbicort continued its volume market leadership 
as the number one inhaled corticosteroid (ICS)/
LABA combination globally and had significant 
growth across Emerging Markets. It is the only 
branded ICS/LABA approved in mild asthma as 
an anti-inflammatory reliever in 47 countries. 
Fasenra 
(benralizumab)
Severe eosinophilic 
asthma (SEA) 
Eosinophilic 
granulomatosis with 
polyangiitis (EGPA)
$1,689m, 
up 9% 
(9% at CER) 
Approved as an add-on maintenance treatment 
for SEA in 83 countries including the US, EU, 
Japan and now China. Also broadened the 
population in the US and Japan to patients six 
years and older. Expanded into immunology with 
approvals in more than 35 countries including the 
US, EU and Japan for the treatment of EGPA. 
Pulmicort 
(budesonide)
Asthma
COPD
Croup
$682m, 
down 4% 
(1% at CER) 
 Approved in more than 115 countries.
Breztri/Trixeo 
(budesonide/ 
glycopyrrolate/ 
formoterol)
COPD
$978m, 
up 44% 
(46% at CER) 
Approved in more than 80 countries, including the 
US, EU, Japan and China. GOLD 2025 emphasises 
the important role of fixed-dose triple therapy1, 
particularly for reducing mortality, preventing 
exacerbations and addressing CV risk. It also 
highlights more direct pathways for patients to 
get treated with triple therapy.
Tezspire
(tezepelumab)
Severe asthma
$684m, 
up 98% 
(99% at CER) 
Approved in more than 60 countries including the 
US, EU and Japan for the treatment of severe 
asthma without biomarkers or phenotypic 
limitations. 
Saphnelo 
(anifrolumab)
Systemic lupus 
erythematosus
(SLE)
$474m, 
up 69% 
(70% at CER) 
Approved for the treatment of SLE in more than 
65 countries, including the US, EU and Japan. 
First biologic to demonstrate sustained SLE 
remission in a clinical trial over four years 
compared to standard therapy; aligned with 
updated 2023 EULAR recommendations, which 
focus on remission as a treatment goal.
Airsupra 
(albuterol/budesonide)
Asthma
$66m 
The only FDA-approved short-acting beta2-
agonist (SABA)/ICS anti-inflammatory rescue 
treatment approved in asthma for the treatment 
of symptoms and prevention of exacerbations. 
The anti-inflammatory rescue approach is the 
preferred treatment approach as recommended 
by the Global Initiative for Asthma.
1	
Global triple therapy market definition: Breztri, Enerzair, Trelegy, Trimbow.
Source: IQVIA.
AstraZeneca focuses on specific segments 
within this overall therapy area market. 
  Full details are given in the 
Development Pipeline and 
Patent Expiries of Key Marketed 
Products Supplements on our 
website, www.astrazeneca.
com/annualreport2024.
Respiratory & Immunology
24
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Therapy Area Review | BioPharmaceuticals continued

2024 review – strategy in action
COPD
Breztri remains the fastest-growing triple 
inhaled therapy within the growing 
fixed‑dose combination triple class¹ across 
major markets. Breztri has demonstrated 
a reduction in mortality that has been 
recognised in the 2025 Report published 
by the Global Initiative for Lung Disease 
(GOLD). In March 2024, we initiated the first 
Phase III cardiopulmonary outcomes trial in 
COPD, THARROS, to investigate Breztri’s 
potential to improve cardiopulmonary 
outcomes, including death from respiratory 
and cardiac causes.
In the fourth quarter of 2024, we submitted 
regulatory filings in the EU, UK and China to 
support the transition of Breztri (marketed 
as Trixeo in Europe) as the first medicine in 
our inhaled portfolio to use our next-
generation propellant with near-zero GWP. 
We remain on track to transition our 
portfolio of inhaled respiratory medicines 
delivered by pressurised metered-dose 
inhalers (pMDIs) by 2030, as part of our 
Ambition Zero Carbon strategy. While 
pMDIs contribute less than 0.04% of GHG 
emissions, AstraZeneca is committed to 
significantly reducing this burden.
We have a robust late-stage biologics 
programme in COPD: tozorakimab (Phase III 
LUNA programme), which has a unique dual 
mechanism of action targeting IL-33, plus 
indication expansion opportunities with 
Fasenra (Phase III RESOLUTE trial) and 
Tezspire (Phase III trial planned). Our 
innovative early pipeline in COPD is aimed 
at reaching patients who will not have 
access to biologics, but no longer respond 
to inhaled therapy. AZD6793 is an oral 
small molecule IRAK4 inhibitor in Phase I 
development targeting key COPD disease 
drivers triggered by bacterial and viral 
infections, smoke and other 
environmental factors.
Asthma
Airsupra has had strong uptake in the US 
as the first and only FDA-approved 
anti-inflammatory rescue therapy that treats 
symptoms and prevents exacerbations. In 
October 2024, we announced that Airsupra 
demonstrated a statistically significant and 
clinically meaningful reduction in the risk 
of a severe exacerbation in patients with 
intermittent or mild or persistent asthma 
in the BATURA Phase III trial. 
Symbicort maintained its position as the 
leading inhaled corticosteroid (ICS)/long 
acting beta2-agonist (LABA) globally by 
volume and value. Performance has been 
driven by strong growth in Emerging 
Markets, and resilient performance in the 
US offset by generic erosion in the EU 
and Japan.
Tezspire continues gaining market share, 
achieving labels for a broad population 
of severe asthma patients, and securing 
reimbursement globally. We also announced 
positive high-level results from the Phase III 
WAYPOINT trial studying Tezspire for the 
treatment of chronic rhinosinusitis with 
nasal polyps.
In 2024, US and Japan regulatory 
authorities approved the paediatric 
indication for Fasenra for SEA, in patients 
as young as six years old. In August 2024, 
we announced the approval of Fasenra for 
SEA in China in people 12 years of age and 
older based on positive results from the 
MIRACLE Phase III trial. 
Two Phase III pivotal trials, KALOS and 
LOGOS are investigating Breztri in asthma.
Our early pipeline is exploring innovative 
compounds including new modalities, 
aimed at targeting key disease mechanisms: 
	
• AZD8630, an inhaled fragment antibody 
(inhaled biologic) in Phase II in 
co‑development with Amgen, targets 
thymic stromal lymphopoietin (TSLP).
	
• Atuliflapon, an oral 5-lipoxygenase-
activating protein (FLAP) inhibitor in 
Phase IIa, could offer an alternative for 
uncontrolled patients before systemic 
biologics.
	
• AZD4604, an inhaled JAK1 inhibitor in 
Phase IIa has the potential to block the 
effects of T2-high pro-inflammatory 
pathways (IL4/13, TSLP) and T2-lower 
pathways (IL6, interferon).
Other Respiratory
The TILIA Phase III trial of tozorakimab in 
severe viral lower respiratory tract disease 
is ongoing.
AZD8965, an oral small molecule arginase 
inhibitor, in Phase I for IPF has the potential 
to stop disease progression by blocking 
collagen synthesis, which is deposited in 
the lungs of patients with IPF.
Immunology
Saphnelo continues its rapid growth. 
At the European Lupus Meeting 2024, we 
announced results from a post-hoc analysis 
of the Phase III TULIP programme in SLE 
that showed 30% of patients treated with 
Saphnelo achieved remission using the 
Definition of Remission in SLE (DORIS) 
criteria. Phase III trials are ongoing exploring 
Saphnelo for SLE in China as well as globally 
in lupus nephritis, cutaneous lupus 
erythematosus, idiopathic inflammatory 
myopathies, systemic sclerosis, and in 
SLE for subcutaneous delivery.
  For more information on:
	
pMDI inhalers, Scope 1 and 2 
Decarbonisation levers, 
Scope 3 Decarbonisation 
levers and Transition risk and 
opportunities, see Climate 
Change from page 53.
Fasenra is now approved for the treatment 
of EGPA in more than 35 countries including 
the US, EU and Japan, based on positive 
results from the MANDARA Phase III trial. 
Tezspire is also being investigated in 
eosinophilic oesophagitis, a chronic 
inflammatory disease of the 
gastrointestinal tract.
Compounds in early-stage clinical 
development include three potential 
first-in-class medicines: 
	
• AZD0120, a CD19xBCMA biCAR-T therapy 
in Phase I that may lead to a complete 
immune reset by targeting both B-cells 
and plasma cells in SLE patients. 
	
• AZD7798, a CCR9-depleting mAb in 
Phase II. CCR9 is the main chemokine 
receptor for trafficking lymphocytes to 
the small intestine and considered central 
to the generation of small bowel 
inflammation in Crohn’s disease.
	
• AZD1163, a PAD2/4 inhibitor in Phase I 
targeting the enzyme activity which 
drives the autoimmune response leading 
to inflammation and tissue damage in 
rheumatoid arthritis.
25
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Therapy Area Review  |  BioPharmaceuticals  |  Respiratory & Immunology

Key marketed products
Product
Disease
Total Revenue
Commentary
Beyfortus 
(nirsevimab)
Respiratory syncytial 
virus (RSV)
$722m, 
up 176% 
(173% at 
CER) 
Approved in 50 countries. Commercialised in 
collaboration with Sanofi in all territories except 
the US where Sanofi has full commercial control.
Synagis 
(palivizumab)
RSV
$447m, 
down 18% 
(14% at CER)
Available in more than 100 countries outside the 
US. Sobi holds the US rights.
FluMist (live attenuated 
influenza vaccine)
Influenza
$258m, 
up 14% 
(10% at CER)
Approved in the US, EU and other countries. 
Approved for self-administration in the US. Daiichi 
Sankyo holds rights to FluMist in Japan.
COVID-19 mAbs1 
(tixagevimab and 
cilgavimab, and 
sipavibart)
COVID-19
$31m, 
down 90% 
(90% at CER)
Use of COVID-19 mAbs is extremely limited due to 
the high prevalence of non-susceptible variants.
1	
In 2024 Evusheld was no longer a key marketed product.
Source: IQVIA.
AstraZeneca focuses on specific segments 
within this overall therapy area market. 
Therapy area world market
(MAT Q3-24)
$21.7bn
Annual worldwide market value
26
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Our strategy in V&I 
Our ambition is to develop innovative 
vaccines and antibodies to protect 
patients from serious viral and bacterial 
infections. Our complementary approach 
includes vaccines for broad populations 
and antibodies for targeted patient groups 
including the immunocompromised, 
older adults and infants.
Vaccines
We are engineering next-generation 
vaccines utilising innovations such as mRNA, 
virus-like particles and bioconjugates. These 
technologies have the potential to generate 
potent and long-lasting immune responses 
against viral and bacterial pathogens.
The acquisition of Icosavax included the 
potential first-in-class combination RSV and 
human metapneumovirus (hMPV) vaccine, 
building on our expertise in RSV prevention 
and accelerating our ambition to deliver a 
portfolio of protective interventions to 
address high unmet medical need in 
infectious diseases.
The collaboration agreement with US-based 
biotechnology company Omniose enabled 
research vaccines for serious bacterial 
diseases. AstraZeneca holds exclusive rights 
to Omniose’s proprietary bioconjugation 
platform for up to three years.
Antibodies
We are pioneering novel approaches to 
develop highly-targeted, long-acting 
antibodies, using several engineering 
advances to isolate highly potent antibodies 
to deliver protection to vulnerable patients, 
including the immunocompromised, older 
adults and infants.
2024 review – strategy in action
Our V&I strategy is focused on reducing 
the burden of infectious diseases among 
people at highest risk of more severe 
outcomes. This includes patients that 
we already serve, such as those with 
chronic respiratory or CV disease whose 
underlying condition may worsen due 
to serious infection.
RSV
	
• In February 2024, AstraZeneca 
announced the successful completion of 
the acquisition of Icosavax, a US-based 
clinical-stage biopharmaceutical 
company, including IVX-A12, a potential 
first-in-class combination protein 
virus-like particle vaccine which targets 
both RSV and hMPV. These two viruses 
are leading causes of severe respiratory 
infection and hospitalisation in adults 
60 years of age and older and those 
with chronic conditions such as CV, 
renal and respiratory disease. 
	
• Beyfortus is a long-acting antibody 
(LAAB), developed by AstraZeneca and 
commercialised from an alliance with 
Sanofi, using AstraZeneca’s YTE 
extended half-life technology. In its first 
year of implementation, Beyfortus has 
demonstrated significant real-world 
effectiveness, showing a 90% reduction 
in RSV-associated hospitalisations across 
multiple countries. 
	
• In March 2024, Beyfortus was approved 
in Japan for the prevention of RSV LRTD 
in all neonates, infants and children 
entering their first RSV season, and the 
prevention of RSV LRTD in neonates, 
infants and children at risk of serious RSV 
infection entering their first or second 
RSV season. Beyfortus is now approved 
in 50 countries, with further regulatory 
applications currently under review. 
	
• 2024 saw significant expansion of 
Beyfortus supply ahead of the 2024 to 
2025 RSV season to meet global demand 
through an expanded manufacturing 
network, and a second manufacturing 
filling line approved by regulatory 
authorities in the US, Canada and Europe. 
A third filling line was approved by the 
EMA and is under review by the US FDA. 
	
• Since its initial approval in 1998, Synagis 
has become a global SoC for RSV 
prevention and helps protect at-risk 
babies against the virus. Our agreement 
with Sobi for the rights to Synagis in the 
US remains ongoing. As anticipated, 
Synagis demand decreased following 
rapid adoption of Beyfortus. 
Influenza
	
• FluMist is a live attenuated influenza 
vaccine, given as an intranasal spray. 
FluMist is recommended as an influenza 
vaccine option by the Advisory 
Committee on Immunization Practices 
and American Academy of Pediatrics. 
	
• In September 2024, FluMist was approved 
in the US as the only self-administered 
influenza vaccine. The US FDA approved 
an expansion to those who can administer 
FluMist to include self-administration for 
eligible 18 to 49 year olds or administration 
by a caregiver for eligible two to 17 year 
olds. The self-/caregiver-administration 
option will be available as early as the 
2025 to 2026 influenza season. 
COVID-19
	
• Kavigale (sipavibart), our LAAB designed 
to provide COVID-19 protection in 
immunocompromised individuals, 
received approvals in Japan and the EU. 
Both approvals are supported by positive 
data from the SUPERNOVA Phase III 
COVID-19 prevention trial.
  Full details are given in the 
Development Pipeline and 
Patent Expiries of Key Marketed 
Products Supplements on our 
website, www.astrazeneca.
com/annualreport2024.
Vaccines & Immune Therapies
Therapy Area Review | BioPharmaceuticals continued

27
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Additional Information
Financial Statements
Corporate Governance
Therapy Area Review  |  BioPharmaceuticals | Vaccine & Immune Therapies
	
• 2024 saw the withdrawal of marketing 
authorisations globally for Vaxzevria, the 
Oxford-AstraZeneca vaccine, concluding 
AstraZeneca’s significant contribution to 
the COVID-19 pandemic, with over three 
billion doses made available across 180 
countries, estimated to have saved over 
six million lives.
Early science 
Compounds in early-stage clinical 
development include AZD5148, an anti-toxin 
B neutralising mAb now in Phase I trials, 
which may provide protection against 
Clostridioides difficile (C. diff) infection, 
a condition that can cause life-threatening 
diarrhoea and intestinal inflammation. 
Preclinical data for AZD5148 were presented 
at the 34th European Congress of Clinical 
Microbiology & Infectious Diseases and 
IDWeek 2024. 
In January 2025, the first patient was dosed 
in the Staphylococcus aureus mAb 
combination trial.
Delivering public 
health impact 
through reducing 
the burden of  
RSV in infants
The introduction of Beyfortus marked a 
significant step forward in our ambition 
to improve public health globally, as for 
the first time we could protect a broad 
infant population against RSV. While 
our confidence in the value of RSV 
prevention was underscored by our 
extensive trial programme, real-world 
data collected following our first season 
surpassed all expectations, with ~90% 
reduction in RSV hospitalisations seen 
across many countries. Beyond its impact 
on RSV, clinicians also reported a reduction 
in all-cause hospitalisations, demonstrating 
the value of RSV prevention with Beyfortus 
in not only reducing the burden on infants 
and their families, but delivering against 
our commitment to support sustainable 
and resilient healthcare systems.

2024 overview
	
• 	Delivering robust and sustainable growth since 
AstraZeneca’s acquisition of Alexion. 
	
• 	Performance driven by durable growth in C5 
inhibition, increased demand beyond complement 
inhibition, as well as market expansion.
	
• 	Advancing next wave of innovative therapies with 
a focus on first- and/or best-in-class medicines 
and new modalities with curative potential. 
	
• 	A continued focus in launching in new 
countries globally and addressing underserved 
rare populations.
	
• Furthering a commitment to overcome societal 
and policy challenges and improve health equity 
for people living with rare diseases.
Total Revenue
$8,768m
up 13% (16% at CER) 
2023: $7,764m
2022: $7,053m
Therapy Area Review
Transform
lives 
 Rare Disease
Alexion, AstraZeneca Rare Disease continues to build a 
diversified pipeline across disease areas with significant 
unmet medical need, using an array of innovative modalities, 
while expanding our global geographic footprint.
Unmet medical need  
and world market
400m
people around the world are living 
with a rare disease.
<10%
of rare diseases have approved 
treatment options.
>70
countries we are reaching with rare 
disease treatments, with an ambition 
to reach 100 countries by 2030.
28
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report

Our strategy in Rare Disease 
We are dedicated to improving the lives 
of those living with rare diseases, and 
the people who support them, through:
	
• 	Building on our pioneering legacy of 
innovation and diversifying our portfolio 
to advance innovative therapies with a 
focus on developing first- and/or 
best-in-class medicines. 
	
• 	Investing in promising new and potentially 
curative modalities including cell and 
gene therapy.
	
• 	Enhancing science-led innovation across 
the enterprise to accelerate drug 
development and delivery.
	
• 	Bringing transformative medicines to new 
markets, reaching more patients in a 
sustainable and equitable way.
2024 review – strategy in action
Sustained leadership in complement
In 2024, we saw durable growth in our C5 
franchise, driven particularly by demand 
growth in neurology indications, including in 
gMG and NMOSD. Additionally, we continue 
to see successful conversion from Soliris to 
Ultomiris across indications. 
gMG is a rare autoimmune disorder which 
can impact mobility, speech and breathing, 
and can occur at any age, but most 
commonly begins for women before the 
age of 40 and for men after the age of 60. 
NMOSD is a rare and debilitating 
autoimmune disease characterised by 
unpredictable relapses that can lead to 
permanent disability. 
In March 2024, Ultomiris was approved in 
the US for the treatment of adults with AQP4 
Ab+ NMOSD. The FDA approval was based 
on positive results from the CHAMPION-
NMOSD Phase III trial, in which zero 
relapses were observed among Ultomiris-
treated patients. 
Data presented at scientific congresses 
throughout the year, including at the Annual 
meetings of the American Academy of 
Neurology and the European Academy of 
Neurology, reinforce the long-term safety 
and efficacy profiles of Ultomiris and Soliris, 
and demonstrates how these medicines can 
transform outcomes for rare neurological 
diseases, including gMG and NMOSD. 
Ultomiris is also being investigated in 
several disease areas in which the 
complement pathway is thought to play 
a role, including ongoing Phase III trials 
in haematopoietic stem cell transplant-
associated thrombotic microangiopathy 
(HSCT-TMA), cardiac surgery-associated 
acute kidney injury (CSA-AKI) and 
immunoglobulin A nephropathy (IgAN). 
HSCT-TMA is a potentially life-threatening 
complication of HSCT which in some cases 
can be worsened by overactivation of the 
complement system, believed to fuel 
Key marketed products 
Product
Disease
Total Revenue
Commentary
Ultomiris1
(ravulizumab)
Paroxysmal nocturnal
haemoglobinuria (PNH)
Atypical haemolytic uremic 
syndrome (aHUS)
Generalised myasthenia gravis 
(gMG)
Neuromyelitis optica spectrum 
disorder (NMOSD)
$3,924m, 
up 32% 
(34% at CER) 
Approved in 70 countries for the treatment of patients with PNH and patients with aHUS, including the 
US, EU and Japan.
Approved in 68 countries for the treatment of adult patients with gMG who are anti-acetylcholine 
receptor antibody-positive (AChR Ab+), including the US, EU and Japan.
Approved in 61 countries for the treatment of adult patients with NMOSD who are anti-aquaporin-4 
antibody-positive (AQP4 Ab+), including the US, EU and Japan.
Soliris2
(eculizumab)
PNH
aHUS
gMG
NMOSD
$2,588m, 
down 18% 
(14% at CER)
Approved in 56 countries for the treatment of patients with PNH and patients with aHUS, including the 
US, EU, Japan and China.
Approved in 46 countries for the treatment of patients with gMG who are AChR Ab+ including the US, 
EU, Japan and China.
Approved in 47 countries for the treatment of adult patients with NMOSD who are AQP4 Ab+, including 
the US, EU, Japan and China.
Strensiq 
(asfotase alfa)
Hypophosphatasia 
(HPP)
$1,416m, 
up 23% 
(24% at CER)
Approved in 60 countries for the treatment of certain patients with HPP, including the US, EU and Japan.
Koselugo
(selumetinib)
Neurofibromatosis type 1 (NF1) 
Plexiform neurofibromas (PN) 
$631m, 
up 91% 
(96% at CER)
Approved in 66 countries for the treatment of paediatric patients, including the US, EU, Japan and China.
Kanuma 
(sebelipase alfa)
Lysosomal acid lipase 
deficiency (LAL-D)
$209m, 
up 22% 
(24% at CER)
Approved in 51 countries, including the US, EU and Japan.
1	
Ultomiris Total Revenue includes revenue of Voydeya which commenced in 2024.
2	 We continue to see successful conversion from Soliris to Ultomiris across indications.
  Full details are given in the 
Development Pipeline and 
Patent Expiries of Key Marketed 
Products Supplements on our 
website, www.astrazeneca.
com/annualreport2024.
endothelial cell damage and the 
development of TMAs. Survival and clinical 
outcomes are poor, with a mortality rate of 
>50% at one year post-HSCT, and currently 
there are no approved treatments. 
IgAN is a rare, chronic kidney disease that 
begins when the body develops abnormal 
IgA proteins that result in the build-up of 
immune complexes in the kidneys, causing 
damage. This can impact the ability of the 
kidneys to function properly, resulting in 
chronic kidney disease that can progress to 
end-stage kidney disease. Approximately 
25-30% of people with IgAN will progress to 
end-stage kidney disease, or kidney failure.
Complement innovation beyond Soliris 
and Ultomiris
We are developing a broad portfolio of 
potential medicines that target various 
components of the complement system, 
with opportunities to pursue indications 
across a wide range of therapeutic areas 
of interest, including haematology, 
nephrology and neurology.
29
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Therapy Area Review  |  Rare Disease

Our next-generation investigational ALP 
replacement therapy, efzimfotase alfa, 
is designed to help reduce the treatment 
burden for patients via more convenient, 
less frequent dosing. 
Through patient-centred innovation, 
three Phase III trials have been initiated to 
evaluate efzimfotase alfa. These include: 
paediatric patients who have not been 
treated with Strensiq; paediatric patients 
switching from Strensiq to efzimfotase alfa; 
and adolescent and adult patients who have 
not been treated with Strensiq. 
Hypoparathyroidism (HypoPT)
In 2024, we acquired Amolyt Pharma, 
expanding into endocrine disease and 
extending our bone metabolism franchise 
with the addition of eneboparatide, a 
Phase III investigational parathyroid 
hormone receptor 1 (PTHR1) agonist with a 
novel mechanism of action designed to meet 
key therapeutic goals for HypoPT. In patients 
with HypoPT, a deficiency in parathyroid 
hormone production results in significant 
dysregulation of calcium and phosphate, 
which can lead to life-altering symptoms 
and complications, including CKD.
Encouraging Phase II data for eneboparatide 
has demonstrated normalisation of serum 
calcium levels as well as the potential to 
eliminate dependence on daily calcium and 
vitamin D supplementation. In adults with 
chronic HypoPT and hypercalciuria, results 
showed that eneboparatide normalised 
calcium in urine. In addition, for patients 
with HypoPT, eneboparatide preserved 
bone mineral density, an important potential 
benefit in patients with an increased risk of 
osteopenia or osteoporosis. Data from the 
Phase III trial are anticipated in 2025.
Neurofibromatosis Type 1 (NF1) Plexiform 
Neurofibromas (PN)
NF1 PN is a rare, progressive, genetic 
condition that involves the development of 
non-malignant (non-cancerous) tumours 
that may affect the brain, spinal cord and 
nerves. NF1 affects an estimated 1.7 million 
individuals worldwide, approximately 70% 
of whom are adults. In 30-50% of patients, 
tumours develop on the nerve sheaths 
and may cause debilitating symptoms.
High-level results from the KOMET Phase III 
trial with Koselugo demonstrated a 
statistically significant and clinically 
meaningful objective response rate 
compared to placebo in adults with NF1 
who have symptomatic, inoperable PN. 
In January 2024, Voydeya (danicopan) – 
our first-in-class oral Factor D inhibitor 
– received its first-ever regulatory approval 
in Japan, followed by additional approvals in 
the US, EU and other countries. Voydeya is 
approved as add-on therapy to ravulizumab 
or eculizumab to address the needs of the 
subset of patients (approximately 10-20%) 
with PNH who experience extravascular 
haemolysis while treated with a C5 inhibitor. 
Approval was based on the positive results 
from the pivotal ALPHA Phase III trial; 
results from the 12-week primary 
evaluation period of the trial were 
published in The Lancet Haematology. 
Through a global Phase III trial, we are 
evaluating the efficacy and safety of 
gefurulimab, an investigational bispecific 
VHH antibody targeting C5, designed for 
weekly subcutaneous self-administration, 
in adults with AChR Ab+ gMG, and exploring 
the ability to treat earlier-line and broader 
gMG patient populations. 
In January 2025, the vemircopan 
(ALXN2050) Phase II development 
programme was terminated. The decision 
was based on safety and efficacy data from 
Phase II trials across multiple indications.
Expanding beyond complement
We have continued to expand our rare 
disease focus with novel assets for 
non-complement-mediated diseases 
with a focus on first- and/or best-in-
class medicines.
Amyloidosis
Amyloidosis is a group of complex rare 
diseases with significant unmet medical 
need caused by abnormal proteins that 
misfold and clump together to form amyloid 
that deposits in tissues or organs, including 
the heart. The build-up of these amyloids 
can result in significant organ damage and 
organ failure that can severely impact 
quality of life and ultimately be fatal. We are 
advancing one of the industry’s broadest 
and fastest-growing amyloidosis pipelines 
across our therapeutic areas, evaluating 
a broad range of modalities to address 
the two most common types of cardiac 
amyloidosis. 
Our portfolio includes two novel anti-fibril 
depleters, anselamimab and ALXN2220, 
that seek to address the most prevalent 
amyloidosis cardiomyopathies, light-chain 
amyloidosis and transthyretin amyloidosis, 
respectively, by selectively binding to and 
removing amyloid deposits. It also includes 
acoramidis, a stabiliser designed to prevent 
further breakdown of transthyretin (TTR) 
proteins and their deposition in tissue.
Amyloid light-chain (AL) amyloidosis
AL amyloidosis occurs when defective 
plasma cells in bone marrow produce 
abnormal proteins which aggregate to form 
toxic amyloid fibril deposits. Amyloid fibril 
accumulation in organs, particularly in the 
heart and kidneys, may cause systemic 
and progressive organ damage and high 
mortality rates caused most often from 
cardiac failure. 
Anselamimab is being investigated in a 
Phase III clinical programme in patients with 
AL amyloidosis. By removing amyloid fibrils 
from affected organs, anselamimab has the 
potential to be the first treatment to address 
the devastating organ damage caused by 
amyloidosis on top of SoC.
Transthyretin amyloidosis (ATTR)
ATTR cardiomyopathy (ATTR-CM) is a 
systemic, progressive, debilitating condition 
that can lead to HF. Median survival in 
patients with advanced cardiomyopathy is 
between one to two years from diagnosis. 
Because the symptoms can be similar 
to other diseases, there are frequent 
misdiagnoses and ATTR-CM can often 
go undetected.
ALXN2220 is an investigational mAb 
designed to selectively bind to and remove 
ATTR amyloid fibrils, with the potential to 
reverse the course of disease. A Phase III 
trial is underway evaluating ALXN2220 as 
an add-on treatment to SoC in patients with 
ATTR-CM. In September 2024, ALXN2220 
was granted Fast Track Designation by the 
FDA based on efficacy and safety data from 
the positive Phase Ib trial, which were 
published in the New England Journal of 
Medicine, and additional non-clinical data. 
We also hold an exclusive licence from 
BridgeBio’s affiliate, Eidos, to develop and 
commercialise acoramidis, an investigational, 
next-generation, orally-administered, 
highly-potent, small-molecule stabiliser of 
TTR, in Japan. In February 2024, positive 
high-level results from the Japan Phase III 
trial of acoramidis in adults with ATTR-CM 
showed consistency to those in the global 
BridgeBio ATTRibute-CM Phase III trial, 
including survival, cardiac-related 
hospitalisations and other measures of 
improved functions and quality of life at 
30 months. In November 2024, BridgeBio 
announced the US approval of acoramidis 
for the treatment of adults with ATTR-CM.
Hypophosphatasia (HPP)
HPP is a rare, inherited and progressive 
metabolic disease characterised by 
defective mineralisation, impaired calcium 
and phosphate regulation and non-skeletal 
manifestations such as muscle weakness, 
generalised fatigue and pain. HPP is caused 
by deficient activity of an enzyme known 
as alkaline phosphatase (ALP).
30
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Therapy Area Review | Rare Disease continued

Genomic medicine and cell therapy
Supported by recent strategic acquisitions, 
investments and collaborations, we are 
advancing an industry-leading suite of 
next-generation genomic medicines, cell 
therapies and platforms, with the objective 
to develop innovative therapies with improved 
safety and efficacy profiles. This includes 
filing an Investigational New Drug (IND) 
Application for a potential first-in-class 
gene therapy in a rare cardiovascular 
disease and plans to expand clinical 
investigations in cell therapy into rare 
diseases in 2025.
Rare cancers
Rare cancers account for approximately a 
quarter of cancer deaths and have a lower 
five-year survival rate than most common 
cancers, representing a significant unmet 
medical need. We are partnering with 
colleagues across AstraZeneca to follow the 
science and identify opportunities where 
we intend to leverage our expertise and 
infrastructure to deliver transformative 
outcomes for patients.
Expansion 
into rare 
endocrinology
We expanded our pipeline into rare 
endocrinology with the acquisition of 
Amolyt Pharma and the addition of 
eneboparatide, a Phase III investigational 
peptide. HypoPT is a rare disease 
affecting over 200,000 people in the US 
and EU, approximately 80% of whom are 
women. Eneboparatide is a parathyroid 
hormone (PTH) receptor 1 (PTHR1) agonist 
with a novel mechanism of action rationally 
designed to restore PTH function to 
manage the symptoms of HypoPT, while 
preserving kidney function and bone 
health. Encouraging Phase II data supports 
the potential for eneboparatide to lessen 
the often debilitating impact of low 
parathyroid hormone and avoid the risks 
of high-dose calcium supplementation. 
A commitment to health 
equity in rare disease
Being born with a rare disease is 
inherently inequitable. We are committed 
to taking bold steps to overcome societal 
and policy challenges and improve 
health equity for people living with 
rare diseases. 
This includes improving access to care 
and treatment. Rare disease patients – 
regardless of where they live – face 
significant obstacles to accessing quality 
healthcare and treatment. We are 
working to reduce these obstacles by 
focusing on developing and delivering 
new medicines, serving more patients 
in more geographies as we grow our 
global footprint, improving the reach 
and diversity of our clinical trials, and 
enabling access by bridging treatment 
gaps with our alternative access 
programmes. 
It also includes reducing time to 
diagnosis. Access to effective screening 
and diagnostic tools remains inequitable 
for many patients with rare conditions. 
We are working to expand access to 
screenings for newborn babies and 
next-generation sequencing, to provide 
needed answers more rapidly.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
AstraZeneca Annual Report & Form 20-F Information 2024
31
Therapy Area Review  |  Rare Disease

Delivering our strategic priorities 
sustainably, supporting scientific 
innovation and promoting 
commercial excellence.
Our business is organised to deliver our Growth Through 
Innovation strategy. The success of our functions is built 
on recruiting, retaining and developing talented people.
  Our key topics covered include 
material sustainability topics, 
which have been identified 
through our double materiality 
assessment, see page 60 for 
more information.
  Science and  
Innovation
We are focused on science and 
innovation, from discovery through to 
development and life-cycle management, 
and on transforming care and outcomes 
for patients. We have three therapy 
area focused R&D organisations – 
Oncology, BioPharmaceuticals and 
Rare Disease.
Key topics covered
Summary and performance indicators
Research & Development
Development pipeline overview
Sustainable innovation BV
Patient safety and product quality BV
  Growth and Therapy 
Area Leadership
We are focused on launching 
medicines that deliver sustainable 
growth and realising the potential 
of our pipeline. Our Commercial 
regions align product strategy 
and commercial delivery while our 
Operations function manufactures 
and delivers our medicines.
Key topics covered
Summary and performance indicators
Sales and marketing
Operations
Business conduct BV
IT and IS resources
Cybersecurity and data privacy BV
Business development
  People and  
Sustainability
We are committed to our people, 
ensuring that AstraZeneca remains 
a great place to work. We promote 
health equity and resilient healthcare, 
and play an active role in addressing 
the climate crisis. We operate in a 
responsible and sustainable way to 
build a healthy future for people, 
society and the planet.
Key topics covered
Summary and performance indicators BV
People
	
• Talent attraction and retention BV
Sustainability
	
• Accessible and affordable healthcare BV
	
• Climate change BV
	
• Pollution BV
  Material sustainability metric, is independently 
assured by Bureau Veritas.
Strategic Report
32
AstraZeneca Annual Report & Form 20-F Information 2024
 Business Review

Global reach and presence
2
4
5
6
7 
8 9
10
3
1
4
1
2
5
3
18,400  
(19%) US
7,000  
(7%) Established Rest of World 
37,100 
(39%) Europe   
31,800  
(34%) Emerging Markets 
  Our Strategic R&D centres
1.	
Gaithersburg, MD, US
2.	 Boston, MA, US
3. Cambridge, UK (HQ)
4.	 Gothenburg, Sweden
5.	 Shanghai, China
  Our Global hubs
1.	
Guadalajara, Mexico
2.	 San José, Costa Rica
3.	 Mississauga, Canada
4.	 Lisbon, Portugal
5.	 Dublin, Ireland
6.	 Barcelona, Spain
7.	
Warsaw, Poland
8.	 Bangalore, India
9.	 Chennai, India
10.	 Kuala Lumpur, Malaysia 
  Operations sites
Employees by reporting region1
16,300 
employees across our 
manufacturing sites
94,300
employees
44
countries of origin 
represented in 
executive levels
Strategic R&D centres
We have five global strategic R&D 
centres that are the driving force of 
our R&D strategy, leveraging cutting- 
edge science and technology to 
deliver life-changing medicines.
Operations
Manufacturing supports business 
growth and pipeline development, 
maintaining excellence in product 
launch, quality and supply.
26 
Operations sites  
in 16 countries
202
successful 
market launches
People
We have a global commitment to 
inclusion and diversity.
15,200 
R&D employees 
across our global sites
Global hubs
Our network of 10 global hubs bring 
together complementary capabilities, 
skills and expertise to help build 
resilience for the future.
1	
Due to rounding, the sum of percentages 
may not agree to totals.
47,200
Commercial 
employees
33
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Business Review  |  Global reach and presence

39% Discovery 
and early-stage 
development 
61% Late-stage 
development 
Research & Development
2024
2023
2022
10
6
6
NME Phase II starts/
progressions
10
10
2024
2023
2022
43
31
38
NME and major 
LCM submissions
43
43
2024
2023
2022
14
24
23
NME and major LCM Phase III 
investment decisions
14
14
2024
2023
2022
31
25
34
NME and major 
LCM approvals 
31
31
1	
Thomson Reuters five-year impact factor score.
  Science and Innovation
Performance indicators 
Our Key Performance Indicators include 
the measurement of Phase II and III pipeline 
progressions, which are critical for ensuring 
both near-term and long-term delivery. The 
initiation of Phase II new molecular entities 
(NMEs) is essential for maintaining the 
robustness and stability of our pipeline. 
Meanwhile, investments in Phase III are 
focused on delivering near-term value. 
Additionally, our submission and approval 
metrics serve as indicators of our 
innovation’s advancement in four major 
markets: the US, EU, China and Japan.
Research & Development
In 2024, we continued to progress 
our science and pipeline, committed 
to early diagnosis and treatment, 
improving our understanding of 
disease biology and advancing 
our scientific modalities across 
disease areas. 
Summary and 
performance indicators
We are using our scientific 
capabilities and focusing on 
transformative science to 
accelerate the delivery of high 
quality, life-changing medicines.
Our performance in 2024 
	
• Invested $13.6 billion in our R&D.
	
• Three first approvals for new medicines.
	
• 74 regulatory events and 24 pipeline 
progressions.
	
• 191 pipeline projects, of which 169 are 
in the clinical phase of development.
	
• More than 2,000 people working in 
The Discovery Centre in Cambridge, UK. 
	
• Published 1,223 manuscripts with 175 in 
‘high-impact’ journals.
	
• Invested in new technologies and 
modalities such as cell therapies, 
genomic medicines and radioconjugates.
Our R&D resources 
Our strategic R&D centres
As we deliver on our strategy, we are 
focused on maximising our investment in 
science and innovation, embracing new 
ways of working to become even more 
productive, and have a bigger impact on 
people, society and the planet. Our five 
strategic R&D centres are the driving force 
of our strategy, our science and our 
long-term success. We are also investing 
in a network of global hubs to ensure we 
are best positioned to deliver our 
Ambition 2030. 
Further expanding our footprint opens new 
opportunities for us around the world and 
provides greater access to the talent and 
capabilities we need to achieve our growth 
ambitions. We are creating sustainable, 
digitally-enabled workplaces of the future, 
designed to inspire and motivate people to 
produce their most innovative work.
Investing in R&D
In 2024, R&D expenditure was 
$13,583 million (2023: $10,935 million; 
2022: $9,762 million), including Core R&D 
costs of $12,211 million (2023: $10,267 
million; 2022: $9,500 million). In addition, 
we spent $2,226 million on acquiring 
product rights (such as through in-licensing) 
(2023: $2,530 million; 2022: $2,051 million). 
We also invested $275 million in the 
implementation of our R&D restructuring 
strategy (2023: $212 million; 2022: 
$111 million). Allocations of spend by 
early- and late-stage development are 
shown in the chart to the left.
Our R&D in 2024
In 2024, we continued to focus on key areas 
of transformative science. Our scientists 
published 1,223 manuscripts with 175 in 
‘high-impact’ peer-reviewed journals, each 
with an impact factor exceeding 15.1 The 
ongoing high impact continues to reflect the 
quality of, and drive to share, our science. 
34
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Strategic Report
Business Review continued

Enhancing our understanding 
of disease biology 
Advancing our understanding of disease 
biology is helping uncover novel drivers for 
the diseases we aim to prevent, treat and 
even cure. Selecting the right target remains 
the most important decision in drug discovery.
2024 developments included:
	
• Through the Centre for Genomics 
Research, we leveraged clinical and 
genetic data from 1.4 million people to 
enable 60 novel hypotheses, 16 new 
target selections and 50 pipeline 
decisions. On track for two million 
people by 2026.
	
• Published several high-impact papers 
showcasing how multi-omic data impacts 
our understanding of disease biology and 
enables the advancement of our pipeline, 
for example by helping us better segment 
diseases such as prostate cancer.
	
• Developed the first genome-wide CRISPR 
activation screen at the Functional 
Genomics Centre to identify 
overexpression genes that drive 
resistance to Enhertu.
	
• Opened a genomic medicine research 
centre in Cambridge, Massachusetts, 
US, to advance our pipeline of 
genomic therapies. 
Creating the next generation 
of therapeutics
We continue to expand our modalities 
across therapy areas and design new ways 
of targeting drivers of disease with novel 
platform technologies such as cell therapies 
and T-cell engagers, biologics, including 
antibodies or their fragments, ADCs and 
radioconjugates. We are also progressing 
a pipeline of genomic medicines and 
innovative small molecules, including 
oligonucleotides and PROTACs.
2024 developments included:
	
• Accelerated our cell therapy strategy 
with the acquisition of Gracell, including 
AZD0120 (BCMAxCD19 CAR-T) for 
haematologic and immune-mediated 
diseases. Initiated Phase I study in 
refractory systemic lupus erythematosus 
(SLE) patients in China. Presented early 
clinical data at ASCO for AZD7003 
(GPC3 CAR-T) which is being co-
developed with AbelZeta in solid tumours, 
and developed a collaboration with 
Moffitt Cancer Center to accelerate 
our oncology cell therapy pipeline.
	
• Advanced first next-generation CD8+ 
guided T-cell engager designed using 
our proprietary Target Induced 
T-cell Activating Nanobody (TITAN) 
platform into the clinic (AZD5492: 
CD20xCD8xTCR) in R/R B-cell 
malignancies. 
	
• Showcased proprietary ADC technology 
with promising first clinical data at ESMO 
for AZD8205 (B7H4 Top1i) and AZD5335 
(FRα Top1i).
	
• Accelerated pipeline of actinium-based 
radioconjugates through the acquisition 
of Fusion, including Phase II FPI-2265 
targeting prostate-specific membrane 
antigen in prostate cancer.
	
• Expanded CVRM portfolio via 
collaboration with SixPeaks Bio and 
in-licensing deal with CSPC, and 
advanced early clinical development for 
three novel therapies that could transform 
weight management and interconnected 
CVRM diseases.
	
• Expanded into rare endocrinology with 
Amolyt Pharma acquisition and 
eneboparatide (AZP-3601), a Phase III 
novel parathyroid hormone receptor 1 
(PTHR1) agonist in hypoparathyroidism.
Better predicting clinical success of our 
candidate drug molecules
We are adopting a range of cutting-edge 
technologies, generating data that are more 
relevant to patients than previous methods, 
to help us predict the clinical effectiveness 
of our candidate drug molecules.
2024 developments included:
	
• Advanced genomic medicine in rare 
diseases with enhanced precision gene 
editing using novel CRISPR enzyme, 
ePsCas9, published in Nature 
Communications. 
	
• Unveiled MILTON, a cutting-edge machine 
learning genomics research tool with 
potential to accelerate target discovery 
and advance early disease detection. 
	
• Advanced integration of AI into biologics 
drug discovery, with 85% of our small 
molecule and PROTAC projects being 
already AI assisted.
	
• Developing advanced organoids to model 
kidney disease in collaboration with 
Center for iPS Cell Research and 
Application (CiRA), Kyoto University 
and Rege Nephro Co., Ltd.
	
• Collaborating with Novoheart, a wholly-
owned subsidiary of Medera Inc, to 
develop an innovative cardiac screening 
platform using bioengineered human 
cardiac tissue strips that can advance 
research and drug development.
	
• Demonstrated that our novel 
computational pathology-based TROP2 
biomarker was predictive of clinical 
outcomes in patients with non-small 
cell lung cancer at WCLC Presidential 
Symposium, and announced the 
extension of our collaboration with Roche 
Tissue Diagnostics to co-develop and 
commercialise the companion diagnostic. 
Pioneering new approaches to 
engagement in the clinic
We are pioneering clinical innovation to 
design and deliver patient-centric clinical 
trials that improve the patient and site team 
experience while optimising the use of data, 
digital technologies and AI to improve patient 
outcomes in clinical trials and beyond.
2024 developments included:
	
• Collaborated with the Karolinska Institute 
to advance positron emission tomography 
(PET) tracer as a non-invasive clinical 
imaging tool to monitor Crohn’s disease 
treatment response. 
	
• Commercialised Evinova, with multiple 
contracts in place including Parexel and 
Fortrea, empowering the industry to 
accelerate better health outcomes with 
digital solutions to optimise clinical 
development.
	
• Implemented clinical trial simulations to 
identify and address potential barriers to 
help reduce the burden of participation and 
improve protocol adherence, including 
informed protocol changes, mitigation 
plans and enhanced support services.
	
• Advanced collaborations to bring to 
market novel AI Software as a Medical 
Device to improve diagnosis of rare 
diseases, including with InVision 
(cardiac amyloidosis).
	
• Announced collaboration with ImmunAI to 
generate and contextualise data through 
a single cell multi-omics platform, with the 
aim of better informing patient selection. 
	
• Delivered BATURA, the first fully 
decentralised trial for asthma, which 
employed approaches including 100% 
virtual clinic visits and home delivery of 
study medication, to reduce patient burden 
to significantly accelerate trial recruitment 
and expand trial access to a broader 
patient population.
  For more information on 
Fusion, Amolyt Pharma and 
CSPC deals, see Business 
development on page 46.
35
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Business Review  |  Science and Innovation

Phase I1
Phase II1
Late-stage 
development1
Life-cycle management  
projects2
54% Oncology
13% CVRM 
13% R&I
10% V&I 
8% Rare Disease 
3% Other
39
39
44% Oncology
28% CVRM 
16% R&I
3% V&I 
3% Rare Disease 
6% Other 
 
32
32
53% Oncology
16% CVRM 
13% R&I
3% V&I 
16% Rare Disease 
0% Other 
 
38
38
73% Oncology
1% CVRM 
17% R&I
0% V&I 
9% Rare Disease 
0% Other 
 
82
82
  Science and Innovation
1 
Includes NMEs and additional indications if the lead is not yet launched.
Due to rounding, the sum of percentages may not agree to totals.
2	 Only includes major LCM projects.
Investing in transformative R&D technologies
Development pipeline overview
2024 was another remarkable year. 
We achieved 74 regulatory events, 
either submissions or approvals for 
our medicines in major markets, 
including three NME first approvals.
This success is supported by a robust 
pipeline of promising medicines. We had 
24 significant pipeline progression events, 
including NME Phase II starts and Phase III 
investment decisions, showcasing our 
potential for sustainable growth.
Our pipeline comprises 191 projects, with 
169 in the clinical phase of development. 
We have 19 NME projects in pivotal trials 
or under regulatory review, up from 17 at the 
end of 2023. In 2024, 27 NMEs progressed 
to their next development phase, while 17 
projects were discontinued: 10 due to safety 
or efficacy and seven due to strategic shifts.
Accelerating our pipeline
We are prioritising our investment in 
specific programmes, focusing on scientific 
innovation. This has led to receiving 23 
Regulatory Designations for Breakthrough 
Therapy, Priority Review, Accelerated or 
Fast Track for 17 new medicines which offer 
potential to address unmet medical need in 
certain diseases. We also secured Orphan 
Drug Designation for the development of 
two medicines to treat rare diseases and 
Qualified Infectious Disease Product 
Designation for three projects.
Antibody drug conjugates 
and radioconjugates
Building on antibody drug conjugate 
(ADC) technology, our vision is for 
ADCs and radioconjugates to become 
the backbone of novel cancer therapies, 
including combination approaches, by 
improving and, in some cases, replacing 
current chemotherapy and radiotherapy 
treatments. Radioconjugates have 
emerged as a promising modality in 
cancer treatment, aiming to deliver 
a DNA-damaging radioactive isotope 
directly to cancer cells, to provide a 
more precise mechanism of killing 
cancer cells. 
  For more information, see 
Therapy Area Review from 
page 16.
We have also begun to identify 
complementary mechanisms between 
modalities to help develop effective, 
transformative combinations of ADCs, 
radioconjugates, and next-generation 
immuno-oncology medicines. We are 
working to use these regimens to treat 
earlier stages of cancer, where there is the 
greatest potential for deeper and durable 
responses for some patients. As such, 
we are building our oncology portfolio 
with a multitude of diverse mechanisms 
that can effectively combine to deliver 
these transformative regimens. 
36
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Business Review continued

 
Sustainable innovation 
We are focused on accelerating the 
delivery of life-changing medicines 
that create enduring value, pushing 
the boundaries of science to discover 
innovations that transform and 
sustain health.
BV
In our Code of Ethics, we outline our belief 
that science is at the core of everything we 
do; it is the heart of our business and our 
Values. By leading in science, we improve 
the lives of patients around the world. We 
conduct innovative research, development 
and manufacturing to high standards of 
ethics and integrity everywhere we operate, 
following the laws, regulations, codes, 
guidelines, and good practice standards 
related to safety, quality, research and 
bioethics. Our holistic health equity strategy 
is built on science and embedded across 
the entire R&D process. We are committed 
to improving diversity through inclusive and 
accessible studies, to develop innovative 
medicines that work for all patient groups. 
We are also strengthening the research 
ecosystem by increasing the breadth and 
diversity of human data, and sharing our 
science and capabilities with researchers, 
recognising that scientific breakthroughs 
only happen through open collaboration. 
Pipeline governance
The pipeline governance and review 
processes follow AstraZeneca’s Product 
to Patient (P2P) Pathway. The P2P Pathway 
comprises vital investment decisions and 
other key development milestones from 
the Candidate Drug Investment Decision to 
health authority approval. The framework 
relies on empowered teams supported by 
cross-functional governance committees 
and review bodies to enable investment 
decisions and optimise clinical delivery 
to advance the pipeline, to the benefit 
of both patients and AstraZeneca. 
These committees, comprised of executive 
and senior leaders, play an integral role in 
a range of key decisions throughout the 
development pathway. Presentations to the 
committees are given to enable the right 
decisions at any given stage. Key decision 
factors include R&D resource allocation, 
based on overall therapeutic considerations 
and strategy. 
The P2P Pathway is managed by the Pipeline 
and Portfolio Operations team within Global 
Portfolio and Project Management. 
The Early-Stage Product Committee and 
Late-Stage Product Committee are 
governance advisory bodies that review, 
debate, endorse and make recommendations 
in support of investment decisions.
Our drug discovery and development is 
informed by our 5R Framework – (right 
target, right patient, right tissue/right 
exposure, right safety, right commercial 
potential) which champions quality over 
quantity and has helped transform the 
	 For more information, see: 
 
Life-cycle of a medicine, 
page 11.
	
Standards and policies, 
including Code of Ethics, 
page 42.
	
Material sustainability metrics 	
	
associated with Sustainable 	
	
innovation, page 234.
	
Accessible and affordable 
healthcare on page 52, for 
more information on IP.
	
Details of the Science 
Committee’s activities during 
2024, page 102.
Screening for better patient outcomes
Up to 59% of patients attending 
lung cancer screening programmes 
globally have evidence of COPD and 
many are missing opportunities for 
earlier diagnosis, treatment and 
participation in clinical research. As a 
pilot, we collaborated with two National 
Health Service sites in the UK delivering 
targeted lung health checks to a general 
population to determine if we could 
identify more patients with COPD and 
increase enrolment in our Phase II COPD 
trial (CRESCENDO). As a result, 33% 
(17 of 51), of those randomised for the 
CRESCENDO trial in the UK were 
identified directly from targeted lung health 
checks, triple the average site randomisation 
rate for the study from other sources (such 
as referral from primary care physicians). 
Based on this successful pilot, we are 
scaling the initiative more broadly in the 
UK and expanding to the US and Canada 
to accelerate clinical trial delivery and 
broaden diversity of participants within our 
studies, also helping identify undiagnosed 
symptomatic patients with COPD within 
this high-risk group to support optimised 
intervention with guidelines-based therapy. 
culture of R&D and our business. Looking at 
our productivity and success rates over the 
past five years we can see a transformation 
in our productivity, enabling us to discover 
more innovative therapies for patients than 
ever before.
Intellectual property 
IP rights provide the incentives our industry 
needs to do R&D that leads to new medicines. 
Developing a drug is a long process and 
bringing a new drug to market is typically 
a lengthy and cost-intensive process, 
considering the cost of failures. Thousands 
and sometimes millions of compounds may 
be screened and assessed early in the R&D 
process to get the few that will ultimately 
receive regulatory approval. AstraZeneca 
innovates to make discoveries that improve 
patients’ lives and may one day eliminate 
disease altogether. The ability to obtain and 
maintain patent protection, under a robust 
IP protection and enforcement framework, 
is an important part of a sustainable 
framework for innovations in R&D that 
result in life-changing medicines. 
Corporate Governance
Additional Information
Financial Statements
Strategic Report
37
AstraZeneca Annual Report & Form 20-F Information 2024
Business Review  |  Science and Innovation

49  
inspections from all
health authorities 
relating to Good
Manufacturing 
Practice (GMP)
Seven  
product recalls
Zero  
critical findings 
from health 
authorities relating 
to GMP
Patient safety and product quality 
Our business model requires the 
supply of safe and high-quality 
medicines, which are constantly 
and carefully monitored during their 
entire life-cycle. We are dedicated 
to patient safety and base our 
behaviours and decisions on our 
belief that everyone deserves to 
have confidence in the safety, quality 
and efficacy of our medicines.
BV
  Science and Innovation
Pharmacovigilance 
We have a comprehensive 
pharmacovigilance programme which 
constantly monitors all products throughout 
their life-cycle. Our pharmacovigilance system 
follows global regulatory requirements, GxP 
principles and quality management standards. 
For all our medicines, including those under 
development as well as those on the market, 
we have systems and processes in place for 
identifying and evaluating possible adverse 
drug effects. Information concerning the 
safety profile of our medicines is provided 
to regulators, healthcare professionals and, 
where appropriate, patients. Each medicine 
has a dedicated safety team, which includes 
a responsible global safety physician and 
one or more pharmacovigilance scientists. 
Marketing companies have assigned patient 
safety directors in place. 
AstraZeneca Medical is a public website 
to report on adverse events (AEs) or ask for 
medical information. We actively promote 
these communication channels with all our 
key stakeholders, including healthcare 
providers and patients, through our 
Commercial teams and at congresses. 
For this purpose, personal data that could 
be used for identification will be added 
as a pseudonym, according to legal 
requirements, when added to our AE 
database. Our Privacy Policy outlines 
how AstraZeneca handles the processing 
of personal information when dealing with 
any enquiry, complaint or AE report. 
AstraZeneca employees, as well as 
contractors and third-party employees 
who sign a contract with AstraZeneca, are 
obliged to collect and report AEs involving 
AstraZeneca products or partner products, 
to ensure that the Company complies with 
regulations and/or contractual requirements 
and fulfils the mission of protecting patients. 
AE training on what and how to report is 
given to new hires and regularly repeated 
to employees.
Patient safety 
The Global Patient Safety organisation is 
part of the Chief Medical Office and has 
product responsibility from the time of 
initial development all the way through to 
the end of the life-cycle. Two major areas 
of accountability include clinical safety 
strategies for investigational and marketed 
products and activities linked to our licence 
to operate. Clinical safety strategy involves 
the anticipation and prioritisation of potential 
safety concerns, understanding their 
possible consequences and the proactive 
development of appropriate management 
plans to address these. 
Licence to operate includes collecting 
and processing safety data from various 
sources, performing comprehensive safety 
surveillance, providing both individual case 
reports and summary periodic safety reports 
to various health authority stakeholders, on 
time and to a high quality. Health authorities 
globally conduct regular inspections of the 
AstraZeneca pharmacovigilance system to 
check and ensure robustness of processes 
and technology tools. Feedback from 
inspections supports continuous 
improvement of the pharmacovigilance 
system. As part of our commitment to 
patient safety, we continue to develop the 
capabilities of the patient safety team, and 
refine our processes, systems and tools. 
This includes exploring the use of emerging 
technologies, such as automation support, 
machine learning and digital communication 
interfaces which have the potential to 
further enhance our product safety 
evaluation, communication and risk 
mitigation capabilities.
Product quality
Our Operations Quality function has the 
remit of GMP/Good Distribution Practice 
(GDP) quality oversight from clinical and 
commercial product manufacturing and 
throughout the further life-cycle of a 
product. Operations Quality is accountable 
for ensuring all manufacturing, testing and 
distribution, whether internal or through 
our contract manufacturing organisations, 
is carried out following all applicable 
GMP/GDP regulations, to ensure the highest 
levels of product quality and protect our 
licence to operate. The function ensures 
continuous improvement of our Quality 
Management System (QMS) via multiple 
mechanisms such as Corrective and 
Preventative Actions, Risk Management 
and Internal Audits. Periodic Quality 
Management reviews are performed at 
all management levels of the Operations 
organisation to ensure QMS performance, 
issue awareness and action accountability 
are maintained in alignment with 
management responsibilities. Product and 
process performance assessments are 
executed to review, evaluate and investigate 
product and process data and customer 
feedback. This ensures the identity, quality, 
durability, reliability, usability, safety, efficacy 
and performance of our products all meet 
our quality standards throughout the 
product life-cycle. We have a process for 
issue management in place to address 
quality issues affecting patients, products 
or processes, where we escalate, 
communicate, and take appropriate actions 
as required by regulations and in a timely 
manner. In 2024, we carried out seven 
recalls of our products, none of which 
were at the patient level.
Ensuring quality and compliance
As outlined in our Code of Ethics in Standards 
and policies on page 42, we are committed 
to high ethical standards. As members of the 
Biotechnology Innovation Organization, 
International Federation of Pharmaceutical 
Manufacturers and Associations and the 
European Federation of Pharmaceutical 
Industries and Associations (EFPIA), we 
adhere to their codes. 
The development, product licensing, 
manufacture, distribution and monitoring 
of active pharmaceutical ingredients (APIs), 
medicinal products and devices by the Group 
must be conducted in compliance with 
relevant international codes and standards, 
regulations for Good Pharmaceutical 
Practices (GxP), including GMP, Good 
Pharmacovigilance Practices and 
AstraZeneca Good Regulatory Practice. 
Health authorities regularly carry out 
inspections and in 2024, 49 GMP 
inspections were carried out. No critical 
findings related to GMP were identified 
in AstraZeneca’s operations.
  For more information, see: 
  
Standards and policies, including 
Code of Ethics, page 42.
	
Cybersecurity and data privacy, 
see page 45.
38
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Business Review continued

Actual growth
2024 +22%
2023 +6%
2022 +47%
CER growth
2024 +22%
2023 +6%
2022 +47%
2024
2023
2022
$19,077m
$17,920m
$23,235m
US
$23,235m
$23,235m
Actual growth
2024 +27%
2023 +10%
2022 +9%
CER growth
2024 +26%
2023 +8%
2022 +21%
$9,611m
$8,738m
$12,188m
Europe
2024
2023
2022
$12,188m
$12,188m
Actual growth
2024 +14%
2023 +2%
2022 -4%
CER growth
2024 +22%
2023 +9%
2022 +1%
$12,025m
$11,745m
$13,675m
Emerging Markets
2024
2023
2022
$13,675m
$13,675m
Actual growth
2024 -2%
2023 -14%
2022 +22%
CER growth
2024 +3%
2023 -8%
2022 +40%
2024
2023
2022
$5,099m
$5,948m
$4,975m
Established RoW
$4,975m
$4,975m
  Growth and Therapy Area Leadership
Summary and 
performance indicators
We grow our business and serve 
more patients globally by working 
ethically, maintaining excellence 
in manufacturing and supply, 
and through the use of AI and 
new technologies.
Our performance in 2024 
	
• Total Revenue, comprising Product Sales, 
Alliance Revenue and Collaboration 
Revenue, increased by 18% (21% at CER) 
to $54,073 million. 
	
• Total Revenue in the US increased by 
22% to $23,235 million, Emerging 
Markets increased by 14% (22% at CER) 
to $13,675 million and Europe increased 
by 27% (26% at CER) to $12,188 million.
	
• Committed to high ethical standards: 
401 employees and third parties were 
removed from their role as a result 
of a breach.
	
• Delivered 202 successful market 
launches.
	
• Completed more than 20 major or 
strategically important business 
development transactions.
Performance indicators
Global Total Revenue by geography
Our regions
We strive to meet our growth and 
profitability goals through commercial 
excellence and by aligning product strategy 
and commercial delivery in each of the 
three regions into which we are organised: 
the US, Europe-Canada and International 
(which comprises Emerging Markets, 
including China, Australia and New Zealand). 
Japan reports separately. The reconciliation 
of these organisational regions to our financial 
reporting regions of the US, Europe, 
Established RoW and Emerging Markets can 
be found in Market definitions on page 240.
Within the International region, AstraZeneca 
is aware of a number of investigations by 
Chinese authorities which, to the best of 
AstraZeneca’s knowledge, relate to 
allegations of medical insurance fraud, 
illegal drug importation, and personal 
information breaches by current and former 
AstraZeneca employees. In January 2025, 
AstraZeneca received a Notice of Transfer 
to the Prosecutor and an Appraisal Opinion 
from the Shenzhen City Customs Office 
regarding suspected unpaid importation 
taxes as further described on page 211 
in Note 30 to the Financial Statements. 
AstraZeneca continues to fully cooperate 
with the Chinese authorities.
In December 2024, AstraZeneca 
announced the appointment of Iskra Reic 
as Executive Vice-President, International. 
Iskra succeeded Leon Wang who is on 
extended leave from the Company while 
under investigation in China.
39
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Business Review  |  Growth and Therapy Area Leadership

Sales and marketing
Our growth is delivered by our 
Commercial teams, which employed 
47,200 people at the end of 2024. 
During the year, we had an active presence 
in more than 80 countries and sold our 
products in more than 125 countries. In most 
markets, we sell our medicines through 
wholly-owned local marketing companies. 
We also sell through distributors and local 
representative offices. We market our 
products largely to primary and specialty 
care physicians.
  Growth and Therapy Area Leadership
US
As the twelfth largest prescription-based 
pharmaceutical company in the US, we have 
a 3.5% market share of US pharmaceuticals 
by sales value.1
Total Revenue increased by 22% in 2024 
to $23,235 million, driven by the continued 
growth of our Oncology and 
BioPharmaceuticals medicines. Recent 
launches of Wainua and Airsupra are 
significant additions to our product portfolio, 
expanding our offerings in key therapeutic 
areas and strengthening our position in 
the market.
The US healthcare system is complex. 
Multiple payers and intermediaries influence 
patient access to branded medicines 
through regulatory rebates in government 
programmes and voluntary rebates paid to 
managed care organisations and pharmacy 
benefit managers for commercially insured 
patients. Significant pricing pressure is 
driven by payer consolidation, restrictive 
reimbursement policies and cost control 
tools, such as exclusionary formularies and 
price protection clauses. Many formularies 
employ ‘generic first’ strategies and/or 
require physicians to obtain prior approval 
for the use of a branded medicine where 
a generic alternative exists.
The Inflation Reduction Act (IRA) of 
2022 was passed to address Medicare 
spending concerns. Farxiga was selected 
for the first round of Medicare price 
negotiations under the IRA. As the 
Maximum Fair Price for Medicare will take 
effect in 2026, which is the same year we 
expect to lose market exclusivity that will 
also reduce Farxiga’s price, the impact is 
expected to be manageable. 
Calquence has been selected for the 
second round of price negotiations in 2025. 
Its Maximum Fair Price for Medicare would 
take effect in 2027 and the business impact 
is also expected to be manageable. We are 
well-positioned to communicate to the 
Centers for Medicare & Medicaid Services 
the value of Calquence for people covered 
by Medicare. We have a diversified product 
portfolio providing a broad spectrum of 
treatments in different therapy areas, 
allowing access for patients in need of 
our innovative medicine.
Emerging Markets
AstraZeneca was the largest multinational 
pharmaceutical company, as measured by 
prescription sales, and the fastest-growing 
top 10 multinational pharmaceutical 
company in Emerging Markets in 2024. 
Total Revenue was $13,675 million, up 14% 
(22% at CER).
In China, AstraZeneca is the largest 
pharmaceutical company in the hospital 
sector, as measured by sales value.
In 2024, Total Revenue for China increased 
by 9% (11% at CER) to $6,413 million (2023: 
$5,876 million). In the fourth quarter, sales 
of respiratory medicines such as Pulmicort 
and Symbicort were impacted by a reduction 
in hospitalisations from seasonal respiratory 
viruses. Roxadustat and Lokelma were 
renewed in the National Reimbursement 
Drug List (NRDL) and Xigduo, Tagrisso 
(ADAURA), Lynparza (PAOLA-1), Calquence, 
Soliris and Koselugo achieved listing for the 
first time. Since the implementation of VBP, 
several AstraZeneca brands have been 
impacted. In the most recent cycles of VBP 
implementation, Faslodex was included and 
a number of previously included brands 
such as Crestor and Losec faced 
International Reference Pricing (IRP) driven 
price cuts. Additional AstraZeneca brands 
are expected to be included in future VBP 
and IRP cycles. 
We were shocked following the Russian 
invasion of Ukraine in February 2022 and, 
since then, have provided practical support 
to ensure the safety, health and wellbeing 
of our employees. As a healthcare business, 
we are doing everything possible to ensure 
medical supply chains continue to operate 
and that patients in both countries are able 
to access our medicines, while complying 
with sanctions imposed on Russia.
Europe
The total European pharmaceutical market 
was worth $280 billion in 2024. We are 
the fourth largest prescription-based 
pharmaceutical company in Europe (see 
Market definitions on page 240) with a 
3.8% market share of pharmaceutical 
sales by value.1
Total Revenue was $12,188 million, 
up 27% (26% at CER).
Established RoW
In Japan, AstraZeneca was the second 
largest prescription-based pharmaceutical 
manufacturer with a 6.5% value market 
share of Innovative Branded pharmaceutical 
sales by value.1
Established RoW comprises Japan, Canada, 
Australia and New Zealand. In 2024, Total 
Revenue decreased by 2% (increased by 
3% at CER) to $4,975 million, with sales in 
Japan down 4% (increase of 4% at CER) to 
$3,564 million.
¹ 	 In the US and Japan, IQVIA data does not include Alexion. 
40
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Business Review continued

Operations 
Our manufacturing and supply 
function continued to support 
business growth and pipeline 
development, maintaining excellence 
in product launch, quality and 
resilient supply, with focus on 
progressive, sustainable processes.
In 2024, we made strong progress against 
our Operations strategic goals, expanding 
capacity and new modality capability, 
while leveraging new technology and 
digital innovations to sustainably support 
the demands of the business.
	
• Delivered 202 launches across markets. 
	
• Progressed our investments in 
manufacturing footprint, technology and 
digital innovations.
	
• As we continue to progress our Ambition 
Zero Carbon strategy, Södertälje is our 
latest site that has delivered a 98% 
reduction in Scope 1 and Scope 2 GHG 
emissions (from 2015 baseline) measured 
against science-based targets.
Managing our supply chain 
The global environment remains 
challenging, volatile and uncertain. The 
conflict in the Middle East has disrupted 
shipping lanes, resulting in increased sea 
lane transit times and the closure of several 
seaports. Furthermore, the impact of climate 
change has exacerbated the occurrence of 
weather events, from floods in Brazil in the 
second quarter to strong typhoons in Asia 
and hurricanes in the Americas. Despite the 
external environment, we have continued to 
meet our responsibilities to patients by 
maintaining high customer service levels. 
We have demonstrated flexibility to adapt 
the network to new challenges and capitalise 
on growth opportunities. In 2024, 
AstraZeneca maintained industry-leading 
quality performance, with zero patient-level 
recalls during this period.
Supply chain finance
AstraZeneca has a supply chain finance 
programme to support the cash flow of 
our external supply base. The programme 
is managed by Taulia Inc. (with funding 
provided by some of the Group’s relationship 
banks) and provides suppliers with visibility 
of invoices and payment dates via a 
dedicated platform. Suppliers can access 
this platform free of charge and have 
flexibility to select individual invoices for 
early payment. 
On election of an early payment, a charge 
is incurred by the supplier based on the 
period of acceleration, central bank interest 
rate and the rate agreed between Taulia Inc. 
and each supplier. All early payments are 
processed by the funders and AstraZeneca 
settles the original invoice amount with the 
funders at maturity of the original invoice 
due date. The programme operates in the 
US, UK, Sweden and Germany. As at 
31 December 2024, the programme had 
432 suppliers enrolled and a potential early 
payment balance of $105 million. We have 
a separate programme in China with 26 
suppliers enrolled and a potential early 
payment balance of $1 million.
Global manufacturing capability
Our principal tablet and capsule formulation 
and packing sites are in the UK, Sweden, 
China, Puerto Rico and the US, with local 
supply sites in Egypt, India, Japan and 
Russia, and regional supply sites in Brazil, 
Indonesia and Mexico. We also have major 
formulation sites for the global supply of 
parenteral and/or inhalation products in the 
US, Sweden, France, Australia and the UK. 
Most of the manufacture of active 
pharmaceutical ingredients (APIs) is 
delivered through the efficient use of 
external sourcing that is complemented 
by internal capabilities. For biologics, 
our principal commercial manufacturing 
facilities are in the US, Ireland, Sweden, 
the UK and the Netherlands. Our network 
contains capabilities in process development, 
drug substance and drug product 
manufacturing, and distribution.
In May 2024, we announced our intention 
to build a $1.5 billion manufacturing facility 
in Singapore for antibody drug conjugates 
(ADCs), enhancing global supply of our 
ADC portfolio. The facility will be ready for 
commercial production in 2029. As part 
of AstraZeneca’s commitment to driving 
sustainability in healthcare, the Company 
will work with Singapore’s government 
and others on green solutions for the ADC 
facility. This facility will be designed to 
contribute positively to Ambition Zero 
Carbon from its first day of operations. 
In November 2024, manufacturing ceased 
at our tablet packing facility in Reims, 
France. The intent to exit was announced 
in September 2022.
At the end of 2024, we employed 
16,300 people at 26 manufacturing sites 
in 16 countries. 
 
  For more information on 
progress we are making with 
ADCs, see our Oncology 
Therapy Area Review, from 
page 16.
41
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Business Review  |  Growth and Therapy Area Leadership

  Growth and Therapy Area Leadership
Building trust by demonstrating integrity, 
transparency and fair treatment is central to 
everything we do, and supports our ability to 
operate, innovate and bring healthcare to 
patients. Our shared Values underpin all our 
activities and serve as a compass to guide us.
Standards and policies 
Our Code of Ethics (the Code), and its 
supporting Standards, embodies our 
Values, including expected behaviours, 
principles and policies, and is the 
foundation of our global compliance 
programme. The Code covers global 
policies on: Science, Interactions, 
Workplace and Sustainability. It applies to 
all Executive and Non-Executive Directors, 
officers, employees and contract staff of 
our Group, empowering them to make the 
right decisions in the best interests of the 
Group, our communities and those we 
serve. The Code is implemented through 
our Chief Compliance Officer and Chief 
Executive Officer and supported by all 
members of the Senior Executive Team 
(SET). In 2024, 100% of active employees, 
including the SET, completed mandatory 
annual training on the Code. 
A Finance Code complements the Code 
of Ethics and applies to the Chief Financial 
Officer (CFO), the Group’s principal 
accounting officers (including key finance 
staff in all overseas subsidiaries) and all 
managers in the Finance function. This 
reinforces the importance of the integrity 
of the Group’s Financial Statements, the 
reliability of the accounting records on 
which they are based, and the robustness 
of the relevant controls and processes.
The Code of Ethics and Finance Code ask 
employees to report possible violations 
and provide information on how to do so, 
including via the AZ Ethics helpline and 
website which are also available to third 
parties, including anonymously where 
permitted by local law. Anyone who raises 
a potential breach in good faith is fully 
supported by management on a confidential 
basis (subject to disclosure obligations in 
local markets) and we do not tolerate 
retaliation. Most cases are reported through 
line managers, local Human Resources (HR), 
Legal or Compliance functions. Cases are 
investigated by HR, Compliance Assurance, 
or the Global Compliance Investigations 
(GCI) team, an above-market investigatory 
unit within the Global Compliance function, 
depending on the nature of the matter. 
There were 3,853 instances (instances 
can involve multiple people) of employee 
and third-party non-compliance with our 
policies (2023: 3,756). A total of 401 
employees and third parties were removed 
from their role as a result of a breach 
(2023: 296) and 2,498 received warnings 
(2023: 2,968). We brief the Audit Committee 
quarterly on breach statistics, serious 
incidents and corresponding remediation. 
Breaches primarily consist of low-impact 
incidents. We continue to foster a culture 
where employees can speak their minds, 
with strong first-line oversight (and related 
reporting) as well as targeted second-line 
monitoring to identify concerns early and 
use learnings to improve our programme.
Our Pulse survey enables management 
and Board Directors to understand the 
views and sentiments of our employees, 
including the proportion of employees 
who feel comfortable speaking up at work. 
The resulting report also demonstrates how 
our Values and behaviours are embedded 
across the workforce, including a summary 
metric dashboard organised by category, 
with remedial action taken on any concerns 
identified and discussed as necessary.
Anti-bribery and anti-corruption
We do not tolerate bribery or any other 
form of corruption. Potential bribery and 
corruption risk factors vary, for example 
by geography, the nature of the business, 
and the role of third-party vendors, as 
well as over time. Preventing bribery and 
corruption is a focus of our third-party risk 
management (3PRM) and due diligence 
processes, as well as our monitoring and 
audit programmes. Our Anti-Bribery and 
Anti-Corruption Global Standard outlines 
our key anti-bribery and anti-corruption 
principles and is complemented by 
additional Global Standards and local 
requirements. Through our Global 
Compliance programme and associated 
policies and other controls, we strive to 
comply with all applicable anti-bribery and 
anti-corruption legislation, including the 
UK Bribery Act 2010 which is aligned 
with the United Nations Convention 
against Corruption.
There are three lines of defence in our risk 
management framework: line management, 
Risk and Global Compliance functions and 
Group Internal Audit (GIA). GIA is responsible 
for reporting significant risk exposures and 
control issues to the Board and senior 
management, including matters that are 
referred by the Audit Committee. In addition 
to the GIA review of risk, Global Compliance 
provides overviews of significant incidents 
and their outcomes to the Audit Committee.
Business conduct 
We seek to create positive societal 
impact beyond the direct benefit of 
our life-changing medicines. We 
embed ethical behaviour in all our 
business activities, markets and 
across our value chain. We promote 
ethical, transparent and inclusive 
policies, both internally and with 
our partners and suppliers.
BV
42
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Business Review continued

As outlined, we provide various methods by 
which ethical concerns can be confidentially 
reported to the Group and these are centrally 
recorded within our incident reporting 
systems. Any whistleblower will have the 
opportunity to report violations inside and 
outside of the organisation (to the 
designated authority or to the media), and 
we ensure that the level of protection is the 
same, regardless of the means of reporting. 
The most material incident reports from 
whistleblowers – those implicating senior 
leaders or involving other allegations of 
serious misconduct (including alleged 
bribery or corruption) – are promptly, 
independently and objectively investigated 
by our GCI team. We maintain confidentiality 
and separation between reporters and 
implicated parties during our compliance 
investigations to ensure a safe environment 
that encourages employees to feel 
comfortable speaking up.
Learning pathways are available to Global 
Ethics & Compliance and Employee Relations 
employees focusing on the principles of 
conducting an investigation. Modules include 
connecting with the reporter, planning and 
fact gathering, interview techniques, 
credibility assessments, reporting and case 
closure. In 2024, work was undertaken to 
update and improve our global investigations 
Standard Operating Procedure and develop 
a global investigations playbook to enhance 
the consistency and quality of the 
investigations our employees conduct.
Material government investigations or 
proceedings including material investigations 
related to anti-bribery and anti-corruption 
are detailed in Note 30 to the Financial 
Statements on page 203.
Responsible sales and marketing 
Our compliance professionals advise on, 
and monitor adherence to, our Code and 
policies, and work with local staff to ensure 
we meet our commitment to high ethical 
standards. Nominated signatories review 
product promotional materials and activities 
to ensure compliance with applicable 
regulations and codes of practice, and that 
information is accurate and balanced. GIA 
conducts audits of selected marketing 
companies. In 2024, we identified 12 
confirmed external breaches across our 
Commercial business (2023: four). 
Confirmed external breaches comprise 
cases where AstraZeneca has been found 
to violate a law, industry code, or regulation 
by an external authority.
Animals in research
The responsible use of animals is a vital 
part of biomedical research and product 
safety testing, where suitable alternatives 
are not available. At the centre of our 
commitment to quality science and animal 
welfare are the Replacement, Reduction and 
Refinement of animals in research (the 3Rs). 
All animal studies are undertaken in 
compliance with all relevant local and 
national laws and regulations, and with the 
principles of the ‘Guide for the Care and Use 
of Laboratory Animals’ 8th Edition (Institute 
for Laboratory Animal Research). Wherever 
possible, we work with third parties 
accredited by the Association for 
the Assessment and Accreditation of 
Laboratory Animal Care International. 
Animals were needed for in-house studies 
141,947 times in 2024 (2023: 122,768), and 
on our behalf in contract research studies 
63,810 times (2023: 59,690). In total, over 
97% were rodents or fish, with the majority 
being mice (86%). The remainder is made 
up of rabbits, camelids, ferrets, dogs, pigs, 
non-human primates, chickens and sheep. 
Dogs and non-human primates make up 
less than 1% of the total. AstraZeneca does 
not conduct research using wild-caught 
non-human primates or great ape species. 
AstraZeneca is committed to transparency 
and is signatory to the Concordat on 
Openness on Animal Research (UK), the 
Openness Agreement on Animal Research 
and Teaching (Australia/New Zealand) and 
has endorsed the statement of intent for a 
U.S. Animal Research Openness Agreement. 
AstraZeneca has an animal welfare 
assurance programme that ensures 
research conducted by third parties 
meets our high standards.
Supplier management 
All employees and contractors who 
source goods and services on behalf of 
AstraZeneca are expected to follow our 
Global Standard for Procuring Goods and 
Services. Through assessments and 
improvement programmes, including our 
3PRM system, we monitor supplier 
compliance with our published Expectations 
of Third Parties policy. Before and after 
we contract with third parties, we assess 
whether their reputation and actions align 
with our expectations and any concerns 
or changes are addressed.
As a member of the Pharmaceutical 
Supply Chain Initiative (PSCI), AstraZeneca 
supports the PSCI Principles for Responsible 
Supply Chain Management, which outline 
industry expectations of the supply chain in 
ethics, human rights and labour, health and 
safety, environment, and related 
management systems.
We have a 3PRM process in place to 
identify and assess potential risks with our 
suppliers. This includes human and labour 
rights as a standalone risk area and 
assessing risks such as forced or bonded 
labour, child labour, wages and benefits, 
hours/rest periods and leave, collective 
bargaining, grievance procedures, 
discrimination and harassment. Relevant 
commitments and policies are detailed in 
our published Modern Slavery Statement. 
The 3PRM process also identifies and 
assesses supplier activities across multiple 
other risk areas, including safety, health and 
environment, anti-bribery and anti-corruption, 
data privacy and IT security.
In 2024, we conducted 59 audits (2023: 47) 
on high-risk commercial suppliers (external 
manufacturing partners) to ensure 
appropriate practices and controls. Of these, 
48% fully met our expectations while 52% 
had improvement plans for minor instances 
of non-compliance. There were two audits 
indicating a high risk to AstraZeneca and 
action has been taken to mitigate these 
supply and/or reputational risks.
Our Global Procurement function uses 
the EcoVadis platform to assess the 
sustainability performance of our suppliers, 
rating their environmental, social and 
governance (ESG) performance against 
four themes: Environment, Labour & Human 
Rights, Ethics, and Sustainable Procurement. 
Our Sustainable Procurement programme 
embeds responsible sourcing practices 
through our procurement activity and 
promotes ethical behaviour by our suppliers 
in support of our own procurement policies, 
targets and commitments. Our Supplier 
Diversity Programme maximises opportunities 
for small and diverse businesses to be part 
of our value chain and supports their growth.
As part of our Ambition Zero Carbon 
strategy, we aim to engage with the top 
95% of our suppliers by spend covering 
purchased goods and services and capital 
goods, and 50% of our suppliers by spend 
covering upstream transportation and 
distribution and business travel, to support 
them to set validated science-based GHG 
emissions targets (SBTs) by end of 2025. 
 
43
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Business Review  |  Growth and Therapy Area Leadership

Cell therapy and 
T-cell engagers
IT and IS resources 
AI is transforming how we work and 
helping us push the boundaries of 
science, enabling us to deliver new 
medicines faster and improve the 
patient experience. 
We continue to expand our core 
competencies in data science and AI 
engineering and are investing in our people 
to ensure our workforce can maximise the 
potential of emerging technologies. We are 
building communities of practice, delivering 
world-class training and bringing together 
people for collaboration and insight.
In R&D, we are now using AI and data 
science across 85% of our small molecule 
programmes – from target identification to 
clinical trials. AI is also being used to design 
and develop other therapeutic modalities 
including peptide or protein therapeutics, 
nucleotide-based therapeutics and 
cell-based therapeutics. Our researchers 
and scientists now have access to a range 
of generative AI tools to guide complex 
tasks such as hypothesis generation and 
protocol authoring. Early measurement 
shows that 92% of 1,200 employees 
surveyed who use the Microsoft CoPilot tool 
are experiencing time savings as a result. 
In Commercial, we are partnering with 
leading technology companies to apply 
AI to global healthcare challenges. In one 
example, our work with local healthcare 
systems in 22 countries has led to 3.5 million 
AI-powered, routine chest x-rays being 
used as early screening to identify high-risk 
lung nodules. We are also deploying 
AI-powered, integrated, marketing technology 
platforms to support our increasing number 
of new brands and indications. 
In Operations, technology is transforming 
our supply chain into an intelligent, 
autonomous system with an emphasis 
on sustainability. By implementing over 
30 digital tools and AI solutions, for selected 
processes and products, our plant in Wuxi, 
China, has achieved a 55% output increase, 
44% lead time reduction and a 54% boost 
in productivity. In Sweden, which is 
responsible for a significant part of our 
global production, digital and AI solutions 
have elevated productivity by 56% and cut 
product launch lead times by 67%. Both 
have earned recognition in 2024 from the 
World Economic Forum as lighthouse 
manufacturing sites.
Our Enterprise AI Governance Framework 
aligns with international regulations and 
standards, including the EU AI Act and the 
NIST AI Risk Management Framework. The 
framework contains policies, processes and 
guardrails for building, buying, deploying 
and using AI, including for procurement, 
third-party due diligence and guidelines 
on employee usage. 
  Growth and Therapy Area Leadership
Investing in transformative R&D technologies
We are investing in these therapies to 
bring them to more patients, across 
oncology, immune-mediated diseases 
and rare disease. 
In Oncology, we are exploring new ways 
to harness the immune system to fight 
cancer, including T-cell engagers that 
can engage and activate a patient’s 
T-cells against cancer. We are advancing 
next-generation CAR-T and TCR-T-cell 
therapies that are genetically engineered 
to target a patient’s specific tumour, and 
developing new ways to enhance the cells’ 
potential effectiveness, for example by 
resisting the immunosuppressive 
microenvironment. 
In Immunology, we aim to use similar 
approaches, including CAR-T-cells and 
CAR-Tregs, to target the root cause of 
immune-mediated diseases, to ‘reset’ the 
immune system and correct the immune 
dysfunction to return people to health.
We are also working to overcome the 
barriers to widespread adoption of cell 
therapy in terms of access, manufacturing 
and scale. 
Strategic Report
44
Business Review continued

Zero
material 
cybersecurity 
incidents
Zero  
material security 
breaches involving 
personal data
Cybersecurity and data privacy 
Innovative technology platforms are 
transforming the way we work, and 
we have measures in place to address 
the related cybersecurity and data 
privacy risks.
BV
Cybersecurity 
We operate an evergreen cybersecurity 
training and awareness programme that is 
mandatory for all employees and is designed 
to reduce risk and improve resilience. 
Cybersecurity performance is reviewed 
monthly and based on standardised service 
delivery, programme management, and 
operational performance metrics, with 
recurring oversight presentations to the SET, 
the Audit Committee and Board of Directors. 
There were no material business disruptions 
due to a cybersecurity incident in 2024, and 
we have recruited a third-party alert triage 
partner to free up capacity in our cyber 
team for forensic investigations and 
proactive threat detection. 
This year we also launched a process to 
re-baseline and prioritise critical business 
applications for our disaster recovery 
plans over a three-year period to 2026. 
This will improve resilience and 
preparedness for unexpected or 
uncontrolled events. Effectiveness is 
measured through standardised service 
delivery, programme management and 
operational performance metrics. 
We emphasise cybersecurity culture and 
workforce awareness via mandatory annual 
training, phishing tests and communication 
on internal social media. Recognising the 
elevated threat and risk environment, we 
have delivered workforce-wide messaging 
regarding each person’s responsibility to 
protect AstraZeneca. 
Data privacy 
Our three principles of data privacy are: 
1.	We respect and protect privacy by 
collecting, using, retaining, sharing 
and/or disclosing personal data lawfully, 
fairly, transparently and securely.
2.	We respect data subject rights and 
respond to queries and requests made 
by individuals about their personal data 
in a timely manner.
3.	We hold third parties with whom we work 
to the same expectations set out in the 
Global Privacy Standard.
Enhanced data governance practices are 
in place through our Enterprise Data Office 
(EDO), established in 2023, and sponsored 
by our Enterprise Data Council (EDC). The 
EDO strengthens and standardises data 
governance, including by partnering with 
other data functions across the Company 
and acting as a central hub for data 
management and related regulatory 
compliance. This approach also ensures 
that our data policies and standards are 
streamlined, clear and effective. 
Key privacy compliance concerns are 
reported via the SET data governance 
boards, EDO, EDC and appointed senior 
leaders. Breaches and policy deviations 
can also be reported to AZ Ethics via the 
helpline or website. In 2024, our data 
privacy focus has been to develop a set of 
new standards, aligned to evolving global 
privacy legislation and those of the EDO; 
the format standardisation and updating 
of content for global privacy notices; and 
enhancement and refinement of privacy risk 
assessments and management process.
In 2025, we will focus on continued 
alignment and refinement of processes 
with the EDO and Global Business Services, 
in particular regulatory intelligence and 
readiness, privacy risk management and 
reporting, and the automation and 
refinement of privacy operational activities.
  For more information, see:
	
Cybersecurity in the Risk 
overview, page 64.
	
AZ Ethics, page 42.
 
45
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Business Review  |  Growth and Therapy Area Leadership

  Growth and Therapy Area Leadership
In business development, we assess 
cutting-edge technologies and products 
that can help enhance the quality, 
effectiveness and productivity of our 
research and translational capabilities 
across our therapy areas. Partnerships 
include accessing key innovations across 
AI, precision medicine and genomics as well 
as data and digital technologies, to help 
inform the optimal treatments for patients. 
Our Business Development teams pursue 
opportunities to access the best science 
and innovation, and partners range from 
academia and governments to peer 
companies and biotechnology companies.
Our global strength, with balanced 
presence across regions and disease 
areas is supported by more than 1,000 
collaborations worldwide. In 2024, 
we completed more than 20 major, 
or strategically important, business 
development transactions, some of 
which are summarised below.
In 2024, new deals included:
Fusion 
The acquisition of all outstanding shares in 
Fusion Pharmaceuticals Inc., a clinical stage 
biopharmaceutical company developing 
next-generation radioconjugates. The 
acquisition complements AstraZeneca’s 
leading Oncology portfolio with the addition 
of the Fusion pipeline of radioconjugates, 
including FPI-2265, a potential new 
treatment for patients with metastatic 
castration-resistant prostate cancer, and 
brings new expertise and pioneering R&D, 
manufacturing and supply chain capabilities 
in actinium-based radioconjugates to 
AstraZeneca. Combined, the upfront 
payment and maximum potential contingent 
value payment, if achieved, represent a 
transaction value of approximately 
$2.4 billion.
Amolyt Pharma
The acquisition of Amolyt Pharma SAS, 
a clinical-stage biotechnology company 
focused on developing novel treatments for 
rare endocrine diseases. The acquisition 
Business development
Business development is an essential 
part of our strategy and portfolio 
prioritisation process, contributing to 
accelerating delivery of new medicines 
targeting unmet medical need. 
bolsters the Alexion, AstraZeneca Rare 
Disease late-stage pipeline and expands 
on its bone metabolism franchise with the 
notable addition of eneboparatide (AZP-
3601), a Phase III investigational therapeutic 
peptide with a novel mechanism of action 
designed to meet key therapeutic goals for 
hypoparathyroidism. AstraZeneca has 
acquired all of Amolyt Pharma’s outstanding 
shares for a total consideration of up to 
$1.05 billion, on a cash and debt-free basis.
CSPC
The licence agreement with CSPC 
Pharmaceutical Group Ltd to advance the 
development of an early stage, novel small 
molecule Lipoprotein (a) (Lp(a)) disruptor 
(YS2302018), which will be developed as a 
novel lipid-lowering therapy with potential 
in a range of cardiovascular disease 
indications alone or in combination, 
including with an oral small molecule 
PCSK9 inhibitor. CSPC will receive an 
upfront payment of $100 million from 
AstraZeneca. CSPC is also eligible to 
receive up to $1.92 billion in further 
development and commercialisation 
milestone payments plus tiered royalties.
Weight 
management 
and risk factors 
Investing in transformative R&D technologies
The World Health Organization recognises 
obesity as one of the most important public 
health challenges facing the world today. 
Approximately 60% of people diagnosed 
with obesity or as overweight have at least 
one comorbidity, such as type 2 diabetes, 
cardiovascular disease, heart failure and 
chronic kidney disease.
We are targeting the underlying causes 
of obesity with our growing pipeline of 
novel treatments and combinations with 
complementary (or synergistic) 
mechanisms. Our portfolio of molecules is 
designed to go beyond short-term weight 
loss targets and focus on healthy weight 
management, quality of weight loss, and 
cardiometabolic benefit.
Strategic Report
46
Business Review continued

  People and Sustainability
Summary and 
performance indicators
Our team values diversity and high 
performance, using technology and 
AI to make our work easier and more 
efficient. We focus on climate, nature 
and healthcare challenges in an 
ethical and transparent way.
Our performance in 2024 BV
People
	
• Received 1.3 million applications and 
hired 23,000 employees (7,700 internal 
and 15,300 external). 
	
• 4,300 of these hires were a direct result 
of our employee referral scheme.
	
• Over 5,900 employees participated in 
a development programme.
	
• 50.6% of our senior middle management 
roles and above are filled by women.
Sustainability
	
• Reached 90.5 million people through 
our flagship access to healthcare 
programmes.
	
• Conducted climate and water risk 
assessments at 40 sites to improve 
resilience.
	
• Reduced Scope 1 and 2 GHG emissions 
by 77.5% from 2015 baseline year.
-77.5%
-67.6%
-58.7%
2024
2023
2022
-77.5%
-77.5%
Ambition Zero Carbon
(Scope 1 and 2)1
2024
2023
2022
82%
83%
83%
82%
82%
Speak up culture2
2024
2023
2022
90.5m
66.4m
44.6m
90.5m
90.5m
People reached by our access 
to healthcare programmes3
Performance indicators BV
People
This priority is built on being a great place to 
work, patient-oriented, advancing a culture 
of lifelong learning, and achieving inclusion 
and diversity goals.
Performance indicators BV
Sustainability
Achieving a healthier, more sustainable 
future requires tackling the biggest 
challenges of our time – from climate 
change and nature loss to health equity 
and health system resilience – and doing 
so in a way that is ethical, transparent 
and inclusive.
1	
Reduction of Scope 1 and 2 GHG 
emissions from 2015 baseline year. 
2	 Based on an internal survey which 
asked all AstraZeneca employees if 
they felt comfortable to speak up/speak 
my mind and express my opinion at work.
3	 Cumulative data including current and 
historical programmes: Healthy Heart 
Africa, Young Health Programme, 
Healthy Lung and Phakamisa.
  For more information, see	
People from page 48 and 
Sustainability from page 51.
Great place to work
84%
believe that AstraZeneca  
is a great place to work
Patient-oriented
87%
believe that AstraZeneca 
is patient-oriented
Advance culture of 
lifelong learning
84%
receive coaching to  
improve contribution
Achieve inclusion and 
diversity goals
80%
feel valued for diverse  
opinions and thinking
47
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Business Review  |  People and Sustainability

  People and Sustainability
Achieving our inclusion 
and diversity goals 
At AstraZeneca, we place Inclusion before 
Diversity. That is because we first focus 
on creating a culture of inclusion and 
belonging, which enables us to attract 
and retain a rich and diverse workforce. 
Our global commitment to inclusion and 
diversity is woven into what we do, and is 
reflected in our Values and the behaviours 
that underpin them. 
Women comprise 54% (approximately 
51,000) of our global workforce and men 
46% (approximately 43,000). At the end of 
2024, there were six women on our Board 
(46% of the total). Five out of 10 SET 
members (50%) were women and five were 
men (50%). Directors of the Company’s 
subsidiaries comprised of 136 women (30%) 
and 310 men (70%).1
Our employees represent a diverse range 
of backgrounds and we recognise that 
everyone plays a role in inclusion and 
diversity. Our Global Inclusion and Diversity 
Ambassador Group, sponsored by our CEO, 
reflects the diversity of our global workforce 
and organisational structure. They are 
responsible for collaborating with local 
leaders to customise approaches that 
address local needs and drive progress 
towards our global inclusion and 
diversity commitments. 
Our Board of Directors and the SET conduct 
biannual and quarterly reviews, respectively, 
of our workforce composition, covering 
gender, ethnicity and age representation. In 
the US, where we have more comprehensive 
data available, 37.9% of our workforce 
identify as an ethnic minority (2023: 36.8%). 
We are committed to hiring and promoting 
talent ethically and in compliance with 
applicable laws. Our Code of Ethics and its 
supporting Standards are designed to help 
protect against unlawful discrimination on 
any grounds, including disability. The Code 
covers recruitment and selection, 
performance management, career 
development and promotion, transfer, 
training (including, if needed, for people 
who have become disabled), and reward. 
AstraZeneca embraces the cognitive 
differences of neurodivergent employees 
and supports employees with both seen 
and unseen disabilities in line with their 
country-specific laws and regulations. 
Where risk assessments can be performed, 
we will consider accommodating 
adjustments to the working environment 
that support an inclusive and safe workplace. 
Our Global Standard for Inclusion and 
Diversity sets out how we foster an inclusive 
and diverse workforce where everyone 
feels valued and respected because of their 
individual abilities and perspectives. In 2024, 
our inclusion and diversity efforts earned 
recognition externally. We were featured in:
	
• Forbes World’s Top Companies for Women
	
• Forbes World’s Best Employers
	
• Financial Times, Diversity Leaders 2025 
	
• TIME World’s Best Companies.
Human rights BV  
Our human rights principles support the 
basic rights of all people, such as the right 
to health, freedom from slavery, and 
privacy. Our Code of Ethics, Human Rights 
Statement and Expectations of Third Parties 
commit us to respecting and promoting 
international human rights, both within our 
own operations and our wider spheres of 
influence. To that end, we integrate human 
rights considerations into our processes 
and practices. We are also committed to 
ensuring that there is no modern slavery 
or human trafficking in any part of our 
business, including our value chain. 
Our human rights policies are designed 
to ensure we consider the impact of our 
operations on all human rights including 
those of the communities around our 
operations. The output of our work to 
mitigate human rights risks is detailed in 
our Modern Slavery Statement, which is 
published annually. We also provide 
assurance annually to the Audit Committee.
Workforce safety and health BV  
We are committed to providing a safe 
and healthy working environment for our 
employees and partners. Our Global Safety, 
Health and Environment (SHE) Standard 
describes our commitment to, management 
of, and accountability for SHE.
We set and monitor our safety and health 
targets to support our workforce and aim to 
achieve the highest performance standards. 
In 2024, our work-related injury rate 
reduced by 58% and our collision rate 
reduced 51% from the 2015 baselines. 
We are also committed to supporting 
employee mental health and wellness 
and there are several resources available. 
This includes our Safe Space Employee 
Resource Group and our Healthy Minds app, 
which provides access to mental health and 
wellbeing support anytime in 24 languages.
People 
We rely on our global workforce 
to uphold our Code of Ethics and 
behaviours in line with our Values, 
to deliver our strategic priorities and 
work to sustain and improve short- 
and long-term performance.
  For more information on our 
standards and Code of Ethics 
and for our full statement 
detailing how we work to 
mitigate the risks of modern 
slavery, see our website, 
www.astrazeneca.com/
sustainability/resources.html. 
1	
For the purposes of section 414C(8)(c)(ii) of the Companies Act 2006, ‘Senior Managers’ are the SET, the Directors 
of all of the subsidiaries of the Company and other individuals holding named positions within those subsidiaries. 
Individuals on multiple boards are counted once. 
Enabling an agile organisation 
In 2024, we continued to build talent 
internally by developing critical skills across 
our workforce, ensuring we have the 
capabilities to achieve our Ambition 2030.
Key highlights:
	
• Increased focus on building capability 
at our Global hubs: Mississauga, Lisbon, 
Barcelona and Warsaw. In 2024, 
1,700 external hires were made in 
these locations.
	
• Continued to develop internal talent and 
made 5,800 promotions during 2024.
	
• Received external recognition for our 
female leaders: Sharon Barr and Susan 
Galbraith were awarded in the Women in 
Biopharma 2024 report, Pam Cheng was 
recognised in the TIME100 Health leaders 
and Iskra Reic was acknowledged by 
Fierce Pharma. 
Listening to our workforce
Encouraging employees to provide 
continuous feedback through various 
mechanisms helps us to foster an inclusive 
culture and be a great place to work. We 
collect feedback through onboarding 
surveys, exit interviews and our global 
employee engagement survey. We 
encourage managers to listen to the 
workforce by providing them with access 
to the aggregated results for their teams 
and, in 2024, we launched a new reporting 
tool to further support managers with 
understanding engagement across their 
teams. To ensure we are fully transparent 
we share our global results with the 
Board of Directors, the SET, line 
managers and employees.
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84%  
employee belief 
that AstraZeneca 
is a great place 
to work 
10.9%  
employee turnover
6.5%  
employee overall 
promotion rate
88%  
employee belief 
that in the last 
12 months, I have 
improved my
existing skills, 
or learned new
skills, or had a 
development
opportunity 
 
Central to our success is ensuring all our 
employees have the potential to develop 
and grow and we are committed to being 
a great place to work. We face increasing 
external competition for market-leading 
talent. We must attract and retain highly 
skilled personnel to support critical 
position succession planning and the 
implementation of our strategic objectives 
and business operations. Our recruitment, 
deployment, reward and development 
practices, and our approach to working 
arrangements, are designed to attract and 
retain diverse individual talent at different 
career and life stages. As a Group, our 
global footprint, bolstered by the locations 
of our strategic sites and Global hubs, 
provides AstraZeneca with access to a 
greater diversity of talent to strengthen 
market and global teams.
Talent acquisition
We target our recruitment and retention 
activities to secure critical skills and 
capabilities and invest in innovative 
technology (such as AI-automated interview 
scheduling and job advert writing tools) to 
reduce administrative tasks and enable 
Talent attraction and retention
Attracting, retaining and developing 
talented individuals is key to our 
growth and success. We achieve this 
by cultivating a great place to work 
that values and rewards innovation, 
entrepreneurship and outstanding 
performance. 
BV
positive candidate and employee 
experiences. Our deployment team is 
focused on providing an exceptional talent 
acquisition partnering service to secure 
the best talent for our business from the 
1.3 million applications we receive for 
24,800 roles each year. 
Talent scouts are an integral part of our 
approach. Working globally, their deep 
understanding of business needs develops 
robust capability pipelines, ensuring that 
engaged, validated candidates are available 
when needed. They also build external 
succession plans for critical senior executive 
roles, sourcing market-leading talent, 
particularly where internal succession plans 
do not fully meet business requirements, 
thus mitigating risk to business continuity. 
In 2024, we expanded the remit of our 
talent scout organisation to include niche 
and critical skill hiring and pipeline-building, 
and proactive engagement with top talent 
to share opportunities and provide expert 
coaching and guidance throughout the 
hiring experience. 
Gene therapy 
and gene editing 
Investing in transformative R&D technologies
Gene therapy and gene editing have 
the potential to transform patient 
outcomes by directly addressing the 
underlying cause of genetic diseases, 
which represent an estimated 80% of 
rare diseases. We are focusing on 
diseases with a well-established genetic 
basis and indications where we can 
apply our expertise, including diseases 
affecting the liver, heart, muscle and 
brain. We are developing and advancing 
new technologies to improve the precision 
and delivery of gene therapies and gene 
editing, opening new possibilities to meet 
the needs of patients with few, if any, 
treatment options. 
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Financial Statements
Strategic Report
Business Review  |  People and Sustainability

This extended model has created 
capacity for business partnerships beyond 
executive search and succession planning, 
strengthening the business’s overall talent 
agenda and allowing us to move at pace to 
fill niche roles where competition for talent 
is high. We are also building talent attraction 
and sourcing centres in Guadalajara, Lisbon 
and Chennai, and expanding our scouting 
model across the new global hub locations, 
enabling pipeline-building and sourcing of 
top talent and reducing the time taken to 
fill key roles, working enterprise-wide to 
enhance the service offered. 
Future initiatives as part of our employee 
experience workstream include deploying 
a talent intelligence platform, which will 
connect people to opportunities by 
leveraging data-led insights, breaking 
barriers to internal mobility and democratising 
how our employees discover and prepare 
for their next career move. Another future 
initiative is Onboarding 2030, which aims to 
deliver inspiring onboarding experiences 
that accelerate performance, foster 
connection and unlock potential. 
Development programmes 
We develop capabilities for the future 
through targeted and inclusive development 
programmes, from early talent to enterprise 
leaders. Our digital learning portal supports 
a continuous learning mindset underpinning 
a high-performing and innovative 
organisation. Our development programmes 
help us to unlock potential, drive innovation 
and foster an inclusive culture, building the 
capabilities of diverse future leaders in 
support of our People strategy. 
All employees (and contingent workers) 
have access to our global learning platform. 
Global learning and development 
opportunities are provided alongside high 
potential talent initiatives, such as our talent 
development centres. We evaluate the 
impact of our development programmes 
two years after attendance, looking at 
promotions, talent moves and retention.
During 2024, we launched foreign 
language skills development in 70 
languages to support talent mobility and 
employee progression. We also offered all 
employees the opportunity to join a 
generative AI programme and have seen 
over 10,000 enrolments. We have a global 
operating model and governance in place 
which includes all our SET areas. We can 
therefore measure the impact of our global 
development programmes, experiences and 
platforms across all our geographies and 
stakeholders. In 2024, 88% of employees 
believe they have improved their existing 
skills, learned new skills or had a 
development opportunity.
Coaching and recognition
We focus on performance coaching, 
development and continuous recognition 
of the contributions of our employees. Our 
approach’s effectiveness can be seen in the 
completion rate of end-of-year insights by 
managers and employees, which consider 
deliverables, impacts and key learnings to 
carry forward which were completed by 
over 90% of employees. This is reinforced 
through quarterly coaching check-ins 
between employees and their manager 
and regular coaching conversations, 
the frequency of which is measured in our 
Pulse survey, where 84% of employees 
said that they have regular coaching from 
their line manager.
Our Values are central to employee reward 
and performance, and are the basis of our 
CatAlyZe global recognition platform.
Employee relations 
We have a Global Employee Relations team 
that supports the application of our global 
employment standards and policies, 
ensuring consistency in managing issues 
such as sexual harassment, and bullying 
and harassment. In addition, our local 
Employee Relations resource applies 
these Standards in the context of local 
law and practices, and provides advice on 
country‑specific policies. Many markets 
within AstraZeneca have a dedicated 
Employee Relations function engaging 
with employee representative groups 
and trade unions. Our ambition is to build 
a positive and safe working environment 
for employees. To achieve this, Employee 
Relations works in partnership with Legal, 
Compliance and HR functions and 
employee representative groups, such as 
the European Consultation Committee, 
Works Councils and, where applicable, 
our nationally recognised trade unions. 
According to our internal Human Rights 
survey carried out in 2024, we have a 
relationship with trade unions in 29% of 
the countries in which AstraZeneca 
operates. Where trade unions do not exist, 
all countries have established arrangements 
for similar workforce engagement. 
Accountability for these processes is with 
the Chief Human Resources Officer and 
delegated to members of the leadership 
team. On a day-to-day basis, this is 
managed by senior leaders. 
We regularly receive feedback on 
engagement with our workforce through a 
range of sources including team meetings, 
townhall meetings, and our internal social 
media platform. Our annual Pulse survey 
also provides structured employee 
feedback and we use a Pulse GPT tool to 
analyse comments and provide additional 
insights into themes raised. We also hear 
the views of employee representatives and 
trade unions in relevant countries, and from 
our Employee Resource Groups (ERGs), 
which are voluntary, employee-led groups 
based on shared identities and other 
diversity cohorts. We have seven Global 
ERGs with chapters in more than 15 
countries as well as 12 country-specific 
ERGs. Examples of ERGs include Network 
of Women and Allies, TH!NK Neurodiversity 
and AZ Pride. Leadership teams work with 
their HR functions to drive employee 
engagement activity in their areas. 
Engagement feedback gives us a good 
understanding of employees’ views and 
priorities and is an important input as we 
develop and review our employment 
policies and practices.
We have pledged our commitment to the 
United Nations Global LGBTI Standards 
of Conduct and United Nations Women’s 
Empowerment Principles. We are committed 
to equal pay and regularly monitor the 
reward of employees at all levels in the 
organisation to ensure that it is equitable.
  People and Sustainability
  For more information, see: 
	
Standards and Policies, 
including Code of Ethics, on 
page 42.
	
Engaging with our workforce, 
on page 98.
Talent attraction and retention
continued
BV
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Business Review continued

Overview
We seek to create value beyond the 
impact of our medicines by embedding 
sustainability into everything we do – from 
the lab to the patient – supporting health 
system resilience and increasing access 
to sustainable healthcare.
During 2024, we were recognised for 
our efforts across all our sustainability 
priorities, including:
	
• Received a rating of AA (on a scale of 
AAA-CCC) in the MSCI ESG Ratings 
assessment.
	
• Included in the Dow Jones Sustainability 
World Enlarged and Europe Index.
	
• Included in the 2024 Access to Medicine 
Index top five.
	
• Listed in the Financial Times European 
Climate Leaders for the third 
consecutive year.
Our approach to sustainability
Our Purpose, to push the boundaries of 
science to deliver life-changing medicines, 
is underpinned by our commitment to 
contribute to the health of people, society 
and the planet. As a global business, we are 
playing our part by operating ethically and 
responsibly, and helping tackle the biggest 
challenges of our time, including climate 
change, nature loss and health equity. 
These challenges are interdependent and 
require collaboration to be successfully 
addressed, implementing a variety of 
approaches across a network of 
relationships. By working together to find 
science-based solutions, we believe we can 
drive real change and build a better future. 
Governance
Our sustainability strategy is developed by 
the SET, which reviews our Group scorecard 
quarterly, and is approved by the Board, 
whose Sustainability Committee monitors 
the execution of the strategy, overseeing 
our approach to communicating 
sustainability activities with stakeholders, 
and providing input to the Board and other 
Board Committees on sustainability matters 
as required. The Audit Committee is 
responsible for overseeing sustainability 
reporting in the Company’s Annual Reports, 
Form 20-F filings and quarterly results 
announcements. For further details on 
Corporate Governance, see from page 85.
Our executive Sustainability Reporting 
Steering Committee is comprised of 
leaders representing functions relevant to 
the sustainability strategy and reporting. 
The Committee is co-chaired by the SVP, 
Finance, Group Controller and Head of 
Global Finance Services and the VP, Global 
Sustainability and SHE, and reports on 
progress to the Audit and Sustainability 
Committees and keeps the SET updated 
on current developments.
Sustainability
Sustainability at AstraZeneca means 
harnessing the power of science and 
innovation and our global reach, to 
build a healthier future for people, 
society and the planet. 
BV
Benchmarking and assurance
We contribute to key global ESG 
performance evaluations, recognising 
the value of independent third-party 
assessment and insights. Our performance 
is also assessed independently based on 
the information and data we make publicly 
available. Bureau Veritas has provided 
limited independent assurance for the 
sustainability information contained within 
this Annual Report and Form 20-F. 
Assurance is in accordance with the 
International Standard on Assurance 
Engagements (ISAE) 3000 (Revised) and 
ISAE 3410 Assurance Engagements on 
Greenhouse Gas (GHG) Statements.
Community investment 
Community investment at AstraZeneca 
is built upon the principles of equity, 
transparency and partnership, and we 
work together to build healthy and resilient 
communities. In 2024, we contributed 
$126.8 million in financial and non-financial 
donations, including product donations, 
to 928 non-profit organisations across 
65 countries. We also donated $4.6 billion 
(2023: $4.7 billion) of medicines through 
patient assistance programmes around the 
world, the largest of which is our AZ&Me 
Prescription Savings Program in the US.
 
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Additional Information
Financial Statements
Strategic Report
Business Review  |  People and Sustainability

  People and Sustainability
In support of our commitments and 
approach, AstraZeneca engages in ongoing 
access initiatives enterprise-wide. We 
continue to implement innovative solutions 
to optimise affordability and accessibility, 
where necessary, addressing barriers 
beyond a medicine’s price. Each market 
makes decisions based on their local 
context to implement initiatives or access 
strategies that ensure broader access to 
our medicines, tracking and evaluating 
outcomes to assess their effectiveness 
and impact.
Affordability and pricing
The price of a medicine should reflect its 
value, maximise patient access and provide 
flexibility to accommodate variation in global 
health systems and economic realities for 
patients. Working closely with payers and 
policymakers, we tailor approaches and 
programmes to address local health system 
resilience and patient needs to deliver 
locally affordable medicines. We work 
with payers to conclude value-based 
reimbursement models that improve patient 
outcomes and enable access to medicines 
across key therapeutic areas and 
geographic regions, adapting our prices 
across the countries in which we operate. 
For patients, this includes offering local 
solutions to help bridge out-of-pocket 
payment gaps, enabling patients to begin 
and continue their prescribed treatments. 
We also have various initiatives which 
provide discounts and assistance. At a 
market level, we offer training to healthcare 
providers, promote health education and 
awareness-raising activities and facilitate 
access to treatment where appropriate. 
Since 2017, we have implemented and 
evolved a tiered pricing model to support 
broader and accelerated patient access 
to medicines in low- and middle-income 
countries (LMICs). This establishes four 
tiers of countries based on standardised 
Gross National Income per capita aligned 
to the World Bank classifications and allows 
us to recognise income and ability to pay 
differences across countries, providing 
price flexibility in a commercially 
sustainable way.
Patent protection and access
We are committed to not filing patent 
applications in any low-income or least-
developed countries and many LMICs. We 
will consider approaches from third parties 
seeking non-exclusive voluntary IP licences 
in developing countries. We are committed 
to providing transparency about where our 
patents are filed and enforced. Where we 
maintain patent protection for assets which 
may have relevance to Access to Medicine 
Index diseases, we provide patent identity 
and expiry information. We also provide 
patent expiry information for the US, China, 
the EU and Japan. The best way to address 
the healthcare challenges faced by LMICs 
is through the engagement of our industry 
with other stakeholders to find constructive 
ways to improve access to medicines and 
delivery of healthcare. However, we 
recognise the right of countries to use the 
provisions of the World Trade Organization 
Agreement on Trade-Related Aspects of 
Intellectual Property Rights, and we 
support the principles outlined in the 
Doha Declaration, including compulsory 
licensing in a ‘national emergency or other 
circumstances of extreme urgency’ where 
no appropriate alternative is available. 
Early and post-trial access to medicines
We will provide access in certain 
circumstances to a medicine before 
approval within a country where other 
treatments are not available. As such, prior 
to commercial availability of our medicines, 
we prioritise access to our medicinal 
products through participation in a clinical 
trial. We have ongoing clinical trials across 
our therapy areas, details of which are given 
in the Development Pipeline Supplement 
on our website, www.astrazeneca.com/
annualreport2024. 
Promoting access to healthcare 
products for priority diseases and 
in priority countries 
For our access initiatives we had a 2025 
target of 50 million people reached, which 
was met in 2023, two years ahead of 
schedule. In 2024, we continue to track 
progress in reaching people through our 
patient access programmes and new 
targets relating to health equity will be 
communicated in 2025. 
We work across our main disease areas 
to address non-communicable diseases 
(NCDs) for patients with unmet medical needs 
and collaborate with experts within health 
systems to improve outcomes for patients. 
Our ongoing access programmes include: 
	
• Oncology: Cancer Care Africa, the Lung 
Ambition Alliance
	
• BioPharmaceuticals (CVRM): Accelerate 
Change Together on Chronic Kidney 
Disease, Healthy Heart Africa 
	
• BioPharmaceuticals (R&I): PUMUA 
(Africa), Breeze of Air (Egypt), Healthy 
Lungs 
	
• Rare Disease: BeginNGS Consortium, 
deciphEHR, Genomenon.
Disease prevention
Our Young Health Programme, which is 
active in 41 countries and has directly 
reached more than 19 million young people, 
advances disease prevention and 
awareness with the aim to prevent the most 
common NCDs such as cancer, diabetes, 
heart disease and respiratory disease 
among young people.
Health system strengthening 
We participate in the Partnership for 
Health System Sustainability and Resilience 
(PHSSR), which is a non-profit, multisector, 
global collaboration with a unified goal of 
building more sustainable and resilient 
health systems, active in more than 30 
countries. PHSSR has commissioned over 
20 research reports to date, providing 
independent, evidence-based 
recommendations to strengthen health 
systems and facilitate cross-border best 
practice sharing, working with national 
experts with first-hand experience.
Accessible and 
affordable healthcare
We are committed to addressing 
barriers to access to healthcare 
and innovating to deliver our 
life‑changing medicines in a 
sustainable and equitable way. Our 
approach includes integrating health 
equity within our core business and 
therapy areas, understanding the 
factors that drive poor outcomes in 
certain populations, and addressing 
health equity issues along the entire 
patient pathway.
BV
  For more information, see 
Patent Expiries of Key 
Marketed Products Supplement 
on our website: 
www.astrazeneca.com/
annualreport2024.
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Strategic Report
Business Review continued

139,594
gross Scope 1 and 2 GHG emissions
(market-based) (tonnes CO2e)
2.58  
Scope 1 and 2 GHG emissions intensity 
(tCO2 per million of Total Revenue) 
5,897,822  
gross Scope 3 GHG emissions 
(tonnes CO2e)
59%  
primary activity data in Scope 3 reporting
 
In 2020, we launched our Ambition Zero 
Carbon strategy, through which we are 
pursuing ambitious science-based 
decarbonisation targets and making 
progress towards achieving net zero by 
2045. We also aim to become carbon 
negative from 2030 for all residual 
GHG emissions.
Transition plan for climate change
Achieving our verified Science Based 
Targets initiative (SBTi) Net-Zero Corporate 
standard targets will require decarbonisation 
across the whole value chain. We are using 
decarbonisation levers to address every 
aspect of our GHG footprint, following a 
hierarchy (eliminate-reduce-substitute) to 
address each emission source across 
Scopes 1, 2 and 3. Specific decarbonisation 
levers are described below. Over 95% of 
our total GHG emissions are in the upstream 
and downstream value chain, reported 
under Scope 3. Target achievement will 
therefore require extensive decarbonisation 
across our supply chain, including our 
product portfolios. 
We are progressing towards our SBTi 
near-term target of 98% absolute reduction 
in Scope 1 and 2 GHG emissions by 2026 
from a 2015 baseline, having already 
doubled our energy productivity since 2015 
(unit revenue per unit of energy consumed 
at our sites), continuing the transition to 
electric vehicles in our road fleet (EV100) by 
the end of 2025 and using 100% renewable 
energy (RE100) for electricity and heat by 
2026. To support delivery of our longer-
term target of 50% reduction in total 
Scope 3 GHG emissions by 2030 and 90% 
reduction by 2045, from a 2019 baseline, 
we are engaging with suppliers for them to 
set validated SBTs to cover most of our 
supplier spend by the end of 2025.
Pharmaceutical products have a long 
development cycle, which makes it critical 
to design and embed climate considerations 
at an early stage. To achieve our goals, we 
must tackle emissions from our existing 
commercial portfolio, which creates 
challenges with heavily regulated 
production processes and materials. 
Climate governance 
The guide for our Environmental 
Management System is embedded in 
our Code of Ethics and supported by our 
already defined SHE Standard, together 
with our OneSHE Framework of internal 
standards, procedures and guidelines. 
Our SHE management system ensures the 
environmental risks of our activities are 
assessed, operational controls are in place, 
checks are completed through a risk-based 
audit programme guided by an independent 
organisation and there is an annual 
Climate change
As part of our Ambition 2030, 
we are focused on leading on climate, 
equity and resilience, including 
strategic initiatives to address the 
interconnection between climate 
and health.
BV
management review process. Climate 
change adaptation is managed under our 
Standards on Business Continuity Process, 
Enterprise Risk, Management of Change, 
Minimum Environmental Requirements for 
the Built Environment and SHE Assurance. 
The Sustainability Committee monitors 
progress on Ambition Zero Carbon. 
Sustainability reporting is overseen by the 
Audit Committee. The CEO’s responsibilities 
to the Board include the development and 
performance of the Ambition Zero Carbon 
strategy and related risks and opportunities. 
The EVP, Global Operations, IT & Chief 
Sustainability Officer is responsible for the 
Ambition Zero Carbon strategy and its 
execution, and all SET members have 
responsibility for working with their teams 
to ensure alignment of the Ambition Zero 
Carbon strategy with business priorities 
and climate risks and opportunities. 
Our executive-led Ambition Zero Carbon 
Governance Group is accountable for the 
delivery of Ambition Zero Carbon. Regular 
governance updates and proposals are 
provided to the Governance Group, which 
in 2024 included our CEO, CFO, and the 
EVP, Global Operations, IT & Chief 
Sustainability Officer. The Climate and 
Nature Steering Group co-ordinates the 
management of physical and transitional 
climate risks and opportunities and supports 
the Group’s adaptation and resilience 
actions. Our Ambition Zero Carbon 
investment is now being embedded into 
business financial planning, which is being 
adapted to incorporate the choices that will 
be made across our global portfolio and the 
impacts on the cost of goods. As our sites 
and markets develop their zero carbon 
roadmaps, they are identifying potential 
investments and embedding them into the 
annual long-range budgeting process.
Scope 1 and 2 Decarbonisation levers
Electrification (road fleet)
At the end of 2024 we had successfully 
transitioned 63% of our total owned and 
leased road vehicle fleet (over 20,000 
vehicles) to battery electric vehicles (BEVs). 
Our fleet accounts for 23% of our Scope 1 
and 2 GHG footprint in 2024 and switching 
to BEVs contributes to our Ambition Zero 
Carbon target through eliminating tailpipe 
GHG emissions and procuring renewable 
electricity certificates equivalent to the 
charging electricity requirements.
  For more information, see:
	
Standards and Policies, 
including Code of Ethics, on 
page 42.
	
Streamlined Energy and 
Carbon Reporting, on 
page 233.
	
Remuneration Report, from 
page 112.
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Additional Information
Financial Statements
Strategic Report
Business Review  |  People and Sustainability

  People and Sustainability
We are now operating over 14,000 BEVs 
globally and we are on track to achieve our 
target to transition 100% of our company-
owned and leased vehicles to BEVs where 
technically feasible by the end of 2025. 
The global transition is being delivered 
while some markets are experiencing 
challenges with the supply of vehicles and 
the availability of charging infrastructure.
Site F-gas management 
F-gases released during the production 
process of current pMDI medicines are 
reported as part of our Scope 1 GHG 
footprint and accounted for 80% of our 
global Scope 1 F-gas emissions in 2024, 
making them the priority for mitigation. 
Through a process change involving 
purging empty canisters in a vacuum 
instead of using a propellant, we have 
significantly reduced F-gas emissions. 
A second reduction initiative of capturing 
F-gas emissions from the production 
process, using cryogenic technology that 
liquefies the gases, has been scaled up 
during 2024, enabling the storage and 
removal from site for either incineration 
or recycling.
Energy efficiency and renewable energy
We have used Climate Group’s RE100 
corporate renewable energy initiative 
quality criteria as a robust baseline on 
which we have developed internal 
standards and scoring mechanisms for 
energy sourcing proposals – not only for 
electricity but also heat and fuels. Focus 
areas include targeting new-to-grid 
renewable energy capacity (additionality), 
energy purchase agreements that displace 
fossil energy sources close to where we 
consume that energy (geographic 
relevance), and investigating how to 
improve the alignment between when our 
energy is generated and consumed 
(temporal relevance) to improve utilisation 
and deliver GHG emissions reductions. We 
have achieved a 20% absolute reduction in 
total energy consumption at sites from our 
2015 baseline and our target is to use 100% 
renewable energy sources to meet all our 
needs by the end of 2025. 
Clean power
On-site solar photovoltaic installations
We recognise the benefits of self-generated 
renewables to site energy costs, resilience, 
temporal relevance and employee 
engagement, and have invested in on-site 
solar photovoltaic (PV) installations at 20 
locations in 11 countries. Once operational, 
the total output from all our on-site solar PV 
will be 21,000 megawatt hours of electricity, 
equivalent to 3% of our global electricity use.
Power Purchase Agreements
There is a limit to the scale that can be 
achieved through on-site solar PV, and 
so to deliver additional renewables with 
geographic and temporal relevance in line 
with our focus areas, we are aiming to meet 
most of our electricity needs in our primary 
locations – Sweden, the UK and US – 
through Power Purchase Agreements 
(PPAs) in the grids where we operate.
At the beginning of 2024, a 10-year PPA 
came into effect with Statkraft, Europe’s 
largest renewable energy producer, to 
source electricity from three new wind farms 
in Sweden that will supply 200 gigawatt 
hours (GWh) per year from new-to-grid 
projects. This provides additional zero 
carbon electricity to the grid and is 
expected to correspond to approximately 
80% of our total electricity needs at our 
Gothenburg and Södertälje sites. 
Fuel switching (clean heat) 
AstraZeneca signed a clean heat 
agreement in March 2024 to decarbonise 
our medicines manufacturing in China. 
Through this agreement, biomethane and 
biomethane-based steam will be supplied 
to our Wuxi manufacturing site, supporting 
the broader decarbonisation of the 
healthcare system.
Since 2023, we have been collaborating 
with Vanguard Renewables to enable the 
delivery of renewable natural gas (RNG 
– biomethane) to all of our sites in the US 
by the end of 2026, launching at our 
Newark campus in Delaware. By 2026, this 
collaboration is expected to enable up to 
230 GWh per year of RNG to be used across 
AstraZeneca’s US sites, equivalent to 46% 
of our total global gas consumption. 
As part of our 15-year agreement with 
Future Biogas, in 2024 construction 
progressed on the first unsubsidised supply 
of biomethane in the UK, to our sites in 
Macclesfield, Cambridge, Luton and Speke. 
The new plant will add renewable energy 
capacity to existing UK infrastructure and is 
expected to supply more than 100 GWh of 
biomethane, equivalent to 20% of our total 
global gas consumption. 
Scope 3 Decarbonisation levers
Product manufacture 
Manufacturing products is responsible 
for a significant proportion of our Scope 3 
footprint and decarbonising products is a 
key pillar of our strategy to achieve our 
2030 Scope 3 target. This will include 
collaborating with manufacturers of APIs 
used in our medicines, to identify 
opportunities for eliminating, reducing or 
substituting sources of GHG emissions. 
Interventions to decarbonise must be 
guided by data such as that from product 
Life-Cycle Assessments (LCAs). Similarly, 
the requirements for eco-design will be 
incorporated into new product development. 
We are also participating in initiatives 
including the Activate programme, which 
brings global pharmaceutical companies 
together with suppliers to decarbonise API 
supply chains, and Energize, which is 
increasing access to renewable sources of 
energy at scale for pharmaceutical suppliers.
Non-product supplier emissions
To address the Scope 3 footprint associated 
with purchased goods and services procured 
outside of product manufacture, we must 
understand the relative GHG emissions of 
activities across a diverse set of categories, 
from clinical trials to professional services 
and advertising. This will involve identifying 
emission hotspots for collaborative action 
and a drive towards improved activity-based 
emissions data. Efforts to reduce emissions 
across our supply chain include advocating 
that suppliers set SBTs of their own to 
reduce the environmental impact of the 
products and services supplied, cascading 
these expectations up the value chain and 
prioritising the use of renewable energy 
in their operations as an effective 
decarbonisation lever. 
Product use 
Chronic respiratory diseases such as 
asthma and COPD are complex, difficult to 
treat and often poorly controlled and are 
associated with a greater carbon footprint 
of care. As part of our efforts to provide 
patients with access to treatment with a 
lower carbon footprint, in 2024, we 
continued to focus on the next-generation 
propellant (NGP) transition for pMDI 
  For more information, 
see Streamlined Energy 
and Carbon Reporting on  
page 233.
Climate change continued
BV
54
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Strategic Report
Business Review continued

 
through our global AZ Forest initiative, 
which aims to mitigate the effects of climate 
change while also delivering multiple 
ecological, health, economic and community 
co-benefits. We do not purchase land for 
reforestation or own the trees but have the 
rights to carbon certificates generated by 
some projects.
Climate adaptation and resilience 
We follow the science to manage the risks 
and opportunities presented by climate 
change and to build resilience against any 
such risks. The strategy for adaptation to 
physical climate risks is aligned to a 
high-emission scenario for significant sites, 
so that the Group builds resilience under a 
worst-case scenario. Our climate strategy 
is designed to address transition risks and 
opportunities in a low-carbon scenario and 
a pathway aligned with our SBTs of limiting 
global warming to 1.5°C. The Group 
products in our respiratory portfolio. pMDIs 
deliver essential, life-saving medicines for 
millions of people living with respiratory 
diseases worldwide. The new propellant 
HFO-1234ze(E) has up to 99.9% less Global 
Warming Potential (GWP) than propellants 
currently used in respiratory medicines, 
which makes the transition to the NGP a key 
product-related element of our Ambition 
Zero Carbon strategy. In 2024, project 
milestones achieved included completion 
of key registrational studies and the first 
regulatory filing submissions of our NGP 
with Breztri/Trixeo in COPD to the EU, UK 
and China with further filings anticipated 
in 2025.
Transport – distribution and 
business travel
Product distribution is another key focus 
area within our Scope 3 footprint that we 
will work to decarbonise to meet our 2030 
Scope 3 target. This category of suppliers 
has a specific target to set SBTs by the 
end of 2025 to establish decarbonisation 
pathways which will inform actions. A modal 
switching programme is underway that aims 
to switch key distribution routes from air 
freight to sea freight and we will look to 
maximise its potential to deliver our 
emissions target. We will also support 
innovation for alternative technologies 
and fuels where the whole life-cycle 
sustainability impact can be demonstrated 
and quantified.
Employee business travel is a small but 
visible part of our Scope 3 emissions. New 
ways of working established in recent years 
have demonstrated that business travel can 
be reduced through efficient scheduling 
and target-setting, supported by 
management information providing 
visibility across the organisation.
Carbon removals
Recognising the urgency of the climate 
crisis, we have investigated how we can 
supplement our emission reduction targets 
and activities by also taking responsibility 
for all our residual emissions. This requires 
modelling our future emissions and 
establishing high-quality climate projects 
of sufficient scale and quality to remove 
the equivalent amount of carbon dioxide 
from the atmosphere. 
For our Scope 1 and 2 emissions we aim 
to balance the residual footprint from 2026 
onwards and for our Scope 3 emissions 
from 2030. Projects identified to date 
include our $400 million multi-year 
investment in nature-based solutions 
considers that it has built resilience into its 
strategy to respond to transition and physical 
risks identified on pages 56 and 57. 
In line with the guidance from the Task Force 
on Climate-related Financial Disclosures, 
we used a low/medium/high case scenario 
based on the Intergovernmental Panel on 
Climate Change scenarios, namely Shared 
Socioeconomic Pathways (SSPs) and 
Representative Concentration Pathways 
(RCPs). See page 236 for details. The 
identification and assessment of climate risk 
forms part of our existing risk management 
processes and as of 2024, the time horizons 
have also been updated to align; see page 
64 for our Risk Overview. 
Next-generation 
immuno-oncology 
bispecifics
Bispecific antibodies are engineered to 
bind to two different epitopes, or antigens, 
at the same time. Next-generation 
immuno‑oncology (IO) bispecifics will 
play a crucial part in shaping the future 
of medicine in many fields. We are working 
to expand immuno-oncology treatments 
beyond existing PD-L1 inhibitors and, in 
particular, are developing IO bispecifics 
that combine the potential of PD-1 together 
with additional targets that harness distinct 
T-cell biology, bringing the power of 
immuno-oncology into one molecule. 
By harnessing our broad oncology 
portfolio, we have the opportunity to 
combine bispecifics with other targeted 
therapies, such as ADCs, with the aim of 
transforming the outcomes of cancer 
diagnoses for patients. 
Investing in transformative R&D technologies
Corporate Governance
Additional Information
Financial Statements
Strategic Report
55
AstraZeneca Annual Report & Form 20-F Information 2024
Business Review  |  People and Sustainability

  People and Sustainability
Key
 Low risk
Time horizon for impact
 Medium risk
Short: one year
 High risk 
Medium: up to three years 
 Opportunity
Long: more than three years
Physical risks
Since 2020, we have completed a deep 
dive risk assessment for all significant sites. 
These assessments are based on a broad 
range of climate scenarios (SSP1-RCP2.6, 
SSP2-RCP4.5 and SSP5-RCP8.5) but focus 
on a worst-case assessment from actual 
and future events. Where appropriate, the 
risk mitigation measures and interventions 
are escalated to site management and 
captured on the local risk register. Identified 
risks are addressed in local business 
continuity plans or by technical mitigations 
in site master plans. Mid- and long-term 
financial planning includes required 
investments. In 2024, we complemented 
our existing assessments with a review of 
office-based locations at high climate risk 
locations. For new, significant sites, we are 
integrating adaptation solutions which 
reduce the most important physical risks at 
the time of design and construction before 
operating at the site, such as elevating the 
site floor in response to flood risk.
In 2022, chronic and acute physical risks 
were mapped to the supply chain, based on 
location, and then assessed using climate 
scenarios in the same way as for our own 
locations. The data has been used to map 
vulnerabilities in the unique supply chain 
for 10 selected medicines. We have also 
reviewed third-party owned distribution 
centres in high-risk areas. These locations 
Physical risks 
Time horizon
Short/Medium/Long
Potential impact
Mitigation
Acute
Event-driven 
climate-related 
physical risks 
(e.g. flood, high 
wind speed).
Natural disasters can lead to immediate 
damage and business interruption to 
our own operations or suppliers. 
Examples of this damage include:
	
• Heavy rainfall causing local flooding 
and resulting in flooded assets. 
	
• High wind events resulting in 
damaged site structures. 
Increased resilience to mitigate exposure to acute extreme weather events. 
Identified risks are integrated into local business continuity and mitigation 
plans and are covered by supply chain design (e.g. dual sourcing, holding 
safety stock) as part of product-level business continuity management. 
Nature-based mitigations are favoured where possible, e.g. storm water 
buffering ponds.
Chronic
Increased 
frequency of 
extreme weather 
and climate-related 
natural disasters 
(e.g. extreme heat, 
wildfires, 
precipitation 
patterns, water 
scarcity, water 
quality).
Disruption to own and third-party 
supplier sites and distribution due to: 
	
• Increased exposure to extreme 
heat events and an increased need 
for cooling. 
	
• Inability to secure a consistent 
high-quality water supply, which may 
lead to disruption of manufacturing 
and supply chain activity.
Increased resilience to mitigate exposure to longer-term shifts (chronic) in 
climate patterns. Identified risks are integrated into local business continuity 
and mitigation plans and are covered by supply chain design (e.g. dual 
sourcing, holding safety stock) as part of product-level business continuity 
management. Nature-based mitigations are favoured, where possible. 
Ongoing efforts to decouple water use from business growth, including 
targets to decrease water demand from products and sites.
  For more information, see 
Risk Overview from page 64.
have been added to a global risk register 
with a risk mitigation plan in place 
where needed. 
Physical risks from climate change 
primarily relate to disruption or delays to 
manufacturing and/or distribution, including 
cold chain logistics, increased insurance 
premiums, reputational damage and other 
resulting consequences. 
Climate change continued
BV
56
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Business Review continued

 
Transitional 
risks and 
opportunities
Time horizon
Short/Medium/Long
Potential impact
Mitigation
Reputation 
Failure to meet 
our sustainability 
targets, 
regulatory 
requirements and 
stakeholder 
expectations.
Failure to deliver on our commitments 
could impact our reputation and put us 
at a commercial disadvantage relative 
to our peers.
Reduction plans for Scope 1, 2 and 3 net-zero emissions are integrated in our 
internal governance model, with Scope 1 and 2 reduction plans integrated in 
our remuneration programme. Reduction plans for Scope 3 emissions are 
established in contractual agreements with suppliers. 
Required investments in the respiratory portfolio and in nature-based removal 
projects for residual emissions are approved. 
Progress against targets is part of external reporting. For more details, see the 
2024 Risk Supplement on our website: www.astrazeneca.com/annualreport2024.
Market
Transition to 
net-zero 
healthcare 
systems.
Some healthcare providers are 
transitioning to net-zero healthcare 
systems to meet their own climate 
targets, which may alter the demand 
for medicinal products based on their 
carbon footprint.
Reduction plans for Scope 1, 2 and 3 net-zero emissions integrated in internal 
governance model, with Scope 1 and 2 reduction plans integrated in our 
remuneration programme. 
Requirements for eco-design have been incorporated into new 
product development. 
AstraZeneca’s LCAs and Product Sustainability Index (PSI) for medicines 
enable assessment and proactive interventions to reduce the environmental 
footprint of medicines.
Policy and Legal 
New EU F-gas 
Regulation. 
The final EU F-gas Regulation includes 
the necessary safeguards allowing us 
to transition our pMDI portfolio to our 
NGP, which has near-zero GWP, 
by 2030.
Transition to near-zero GWP propellant across our respiratory pMDI portfolio 
by 2030, reducing the risk of F-gas exposure with opportunity to maintain 
patient access to inhaled respiratory medicines delivered by pMDIs. 
The transition to the NGP is expected to maintain continuity for pMDI 
medicines, while delivering a lower environmental impact. 
We are committed to completing this work as quickly and safely for patients as 
possible. For more information from page 54.
Policy and Legal 
Uncertainty over 
carbon pricing 
and future 
environmental 
taxation.
Potential for increased carbon pricing 
and environmental taxation driving 
increased costs, but also a commercial 
opportunity if managed correctly.
Our Ambition Zero Carbon strategy drives decarbonisation in our operations 
and wider value chain, mitigating some exposure to future carbon pricing and 
environmental taxation. 
We monitor market developments for carbon pricing to inform our strategy.
Market
Supply/demand of 
renewable energy.
Ensuring access to renewable energy 
requires higher investments and 
changes in geopolitics can lead to 
loss of access, which causes 
increased costs.
By reducing energy consumption at sites by 20% and achieving a 77.5% 
reduction in Scope 1 and 2 (market-based) emissions since 2015, we are 
reducing our exposure to incremental costs of renewable energy alternatives.
Collaboration with key organisations to scale renewable energy sources and 
secure access to supply chain.
Market
Cost of raw 
material/sourcing, 
and low-carbon 
technologies.
Impact of rising costs of raw material or 
sourcing, and transition to low-carbon 
technologies, on our supply chain.
Engagement with strategic supply chain organisations on their transition to a 
low-carbon economy.
Costing for drugs considers transition-related risks, such as fuel costs and 
changes to approval mechanisms.
Some carbon costs are factored into decision making.
Transition risk and opportunities
Transition risks and opportunities are 
primarily regulatory and market changes, 
technology shift and/or pressure, and ability 
to reduce product carbon footprints and 
decarbonise our value chain.
To understand the financial consequences 
of the transition to a low-carbon economy, 
risks and opportunities are assessed both 
at enterprise and product levels, including 
prioritised medicines where LCA data 
is available. 
Through scenario analysis, risks and 
opportunities were identified to now cover 
medicines in the therapy areas of Oncology, 
CVRM and R&I to see how drivers such as 
regulations, access to renewable energy, 
technology shifts, market expectations and 
reputational aspects can impact our 
financial forecast. In addition, transition 
risks and opportunities have been identified 
at enterprise level for transportation, 
renewable energy and raw materials 
represented by F-gases used in our 
inhaled respiratory portfolio.
The climate scenarios used are described on 
page 236. Significant findings are reflected 
in the financial planning process. Investments 
in GHG reduction and removal projects will 
be balanced out against maintaining revenue 
and avoiding costs of future regulations, 
carbon taxation and customer requirements 
in a low-carbon economy.
57
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Business Review  |  People and Sustainability

  People and Sustainability
Delivering medicines to patients leads to 
pharmaceuticals in the environment (PIE), 
which are APIs resulting mainly from patient 
use and absent or ineffective removal from 
wastewater, as well as improper disposal of 
medicines and waste from production.
We have ongoing programmes and 
processes across the value chain to 
minimise the impact of PIE, as part of 
our ambition to lower the economic and 
environmental burden of healthcare, while 
improving health outcomes and reducing 
our exposure to environmental risks. To 
understand the risks of PIE resulting from 
patient use and disposal, we complete 
Environmental Risk Assessments (ERAs) 
before the approval of a new medicine 
and, using experimental data, identify 
safe concentrations of our APIs. These 
demonstrate that PIE resulting from most 
of our products pose a low or insignificant 
environmental risk and are unlikely to 
cause adverse impacts. The data meets the 
international standards set by regulators 
and summaries of the results and ERAs 
are published on our website, 
www.astrazeneca.com/sustainability/
resources.html. The data and safe 
concentrations are also utilised to manage 
our own and contracted manufacturing 
emissions, ensuring risks from our supply 
chain are minimised.
Product Sustainability Index
Our internal Product Sustainability Index 
(PSI) is a key contributor to our management 
of pollution through using PIE as a metric 
for impact under water releases. The PSI 
indicates a product’s environmental 
footprint across six environmental impact 
categories: carbon, power, water resource, 
water releases, resource use, and 
innovation and improvement. 
EcoPharmacoVigilance 
Our EcoPharmacoVigilance (EPV) approach 
reviews emerging science and peer-reviewed 
literature to inform and improve our ERAs 
associated with our APIs. We collate and 
publish relevant reported measurements 
of our medicines in the environment to 
demonstrate transparently our potential 
impact. Our industry-leading dashboard, 
where users can visualise the relative risks 
of our APIs that are found in the environment, 
is available on our website. When our APIs 
have been detected, in almost all cases 
these APIs have been shown via our EPV 
process to pose low or insignificant 
environmental risk. There can be some 
location-specific environmental risks for 
particular pharmaceuticals, especially in 
regions where there may be inadequate 
sewage treatment and high populations 
of people discharging waste into rivers 
with low-dilution conditions.
Improper disposal 
Our ERAs account for disposal through 
worst-case assumptions about disposal of 
unused medicines. However, to tackle the 
improper disposal of unused pharmaceuticals 
we also encourage our patients to return 
unwanted medicines for safe disposal.
IHI PREMIER
As part of our commitment to drive thought 
leadership and innovation to manage PIE, 
we are the industry lead of the IHI PREMIER 
consortium, a public-private partnership 
between the European Commission and 
EFPIA. PREMIER is helping develop tools to 
identify potential environmental risks of APIs 
and make these tools and data more 
accessible to all stakeholders. Through our 
sector-wide collaborations, such as the 
PREMIER project, we are exploring the 
challenge of developing new medicinal 
products which are both safe and effective 
in patients and have less environmental 
impact after use. Taking environmental 
considerations into account in the R&D 
process is feasible. However, the properties 
which make medicines safe and effective 
for patients are not always fully compatible 
with properties which present the lowest 
risk in the environment. Therefore, while 
we are progressing with considerations 
which lower the pollution impact of new 
medicines, a prerequisite is the explicit 
recognition that patient health should not 
be compromised.
Potential restriction of PFAS in Europe 
The European Chemical Agency is currently 
evaluating a proposal to ban PFAS, often 
referred to as ‘forever chemicals’ in the EU. 
The proposal potentially impacts a family 
of more than 10,000 chemicals across many 
industries. However, not all PFAS present 
the same risks to the environment or 
health. PFAS are widely used in the 
biopharmaceutical industry, and it may 
not be possible to substitute all of them. 
Legislators have signalled a willingness 
to protect APIs in medicines and take a 
sector-based approach to the legislation. 
Importantly, the medical grade HFO-
1234ze(E), AstraZeneca’s NGP with 
near-zero GWP, is backed by comprehensive 
evidence that shows it is rapidly broken down 
in the environment, is non-bioaccumulative 
and non-toxic, and therefore does not 
possess the properties that are the stimulus 
for the legislation. Unsaturated molecules 
such as HFO-1234ze(E) do not fall under the 
definition of PFAS by other environmental 
regulatory agencies, such as the US 
Environmental Protection Agency. We are 
working with authorities and relevant 
stakeholders to ensure the differential 
characteristics of HFO-1234ze(E) are 
recognised in the regulations and they 
fully account for patient needs and public 
health while protecting the environment.
Pollution
Pollution comprises the introduction 
of pollutants into the environment 
which may be harmful, including 
to human health. For AstraZeneca, 
key potential pollutants include 
APIs and per- and polyfluoroalkyl 
substances (PFAS). Reduction of 
chemical pollution, including from 
pharmaceuticals, is a societal 
challenge as recognised by the 
development of a United Nations 
science policy panel on chemicals, 
waste and pollution prevention. 
BV
58
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Business Review continued

Our approach to sustainability reporting BV
Our sustainability reporting is prepared in line with the UK Companies Act 2006, the EU Non-Financial 
Reporting Directive, EU Taxonomy on Sustainable Activities and the recommendations of the Task Force 
on Climate-related Financial Disclosures (TCFD). In anticipation of the EU Corporate Sustainability 
Reporting Directive (CSRD), we have conducted a double materiality assessment and have incorporated 
selected disclosures from the European Sustainability Reporting Standards in this Annual Report.
In this section, we present our approach 
to sustainability reporting, Section 172(1) 
statement, and Viability statement.
UK statutory sustainability
reporting
Non-Financial and Sustainability 
Information Statement and the 
TCFD recommended disclosures 
 
Under sections 414CA and 414CB of the 
UK Companies Act 2006, as introduced by 
the Companies, Partnerships and Groups 
(Accounts and Non-Financial Reporting) 
Regulations 2016 and amended by the 
Companies (Strategic Report) (Climate-
related Financial Disclosure) Regulations 
2022, AstraZeneca is required to include 
in its Strategic Report, a non-financial and 
sustainability statement containing 
certain information. 
The areas listed below include references 
to our relevant policies, due diligence 
processes and information on how we 
are performing against various measures. 
Information on the key non-financial 
performance indicators relevant to our 
business are presented alongside the 
material sustainability matters. 
	
• Business model, page 10 and 11
	
• Environmental matters, pages 53 to 58
	
• Climate-related disclosures, pages 53 
to 57, 233, 235 to 236.
	
• Employees, page 48 to 50
	
• Social matters, pages 38 and 52
	
• Human rights, page 48
	
• Anti-corruption and anti-bribery matters, 
pages 42 and 43
	
• Principal risks, page 64 to 66.
We have made disclosures within the 
Annual Report consistent with the four 
recommendations of the TCFD, the 11 
recommended disclosures and all sector 
guidance, and in compliance with the 
requirements of UK Listing Rule 6.6.6(8) 
of the UK Financial Conduct Authority. 
The table on this page sets out the required 
climate-related financial disclosures from the 
TCFD framework and UK Companies Act 
2006, section 414CB, and shows where 
further information can be found.
BV
TCFD recommendations and  
recommended disclosures
 
UK Companies Act 2006, section 414CB
  
Page
Governance
Describe the Board’s oversight of 
climate‑related risks.
Describe management’s role in assessing 
and managing climate-related risks and 
opportunities.
Description of the company’s governance 
arrangements in relation to assessing and 
managing climate-related risks and 
opportunities.
53 
103
104 to 111
Strategy
Describe the climate-related risks and 
opportunities the organisation has 
identified over the short, medium and 
long term.
Description of:
(i) the principal climate-related risks and 
opportunities arising in connection with 
the company’s operations, and
(ii) the time periods by reference to which 
those risks and opportunities are 
assessed. 
55 to 57
64
236
Describe the impact of climate-related risks 
and opportunities on the organisation’s 
businesses, strategy and financial planning.
Description of the actual and potential 
impacts of the principal climate-related risks 
and opportunities on the company’s business 
model and strategy.
Describe the resilience of the organisation’s 
strategy, taking into consideration different 
climate-related scenarios, including a 2°C 
or lower scenario.
An analysis of the resilience of the company’s 
business model and strategy, taking into 
consideration different climate-related 
scenarios.
Risk management
Describe the organisation’s processes 
for identifying and assessing climate-
related risks.
Description of how the company identifies, 
assesses, and manages climate-related risks 
and opportunities. 
55 to 57
64
Describe the organisation’s processes for 
managing climate-related risks.
Describe how processes for identifying, 
assessing and managing climate-related 
risks are integrated into the organisation’s 
overall risk management.
Description of how processes for identifying, 
assessing, and managing climate-related 
risks are integrated into the company’s 
overall risk management process.
Metrics and targets
Disclose the metrics used by the 
organisation to assess climate-related risks 
and opportunities in line with its strategy 
and risk management process.
Description of the key performance 
indicators used to assess progress against 
targets used to manage climate-related risks 
and realise climate-related opportunities and 
of the calculations on which those key 
performance indicators are based.
53
233
235
Disclose Scope 1, Scope 2 and, if 
appropriate, Scope 3 GHG emissions, 
and the related risks.
Description of the targets used by the 
company to manage climate-related risks 
and to realise climate-related opportunities 
and of performance against those targets.
Describe the targets used by the 
organisation to manage climate-related 
risks and opportunities and performance 
against targets.
59
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Disclosure Statements
59
AstraZeneca Annual Report & Form 20-F Information 2024
Disclosure Statements

EU Corporate Sustainability 
Reporting Directive
In 2023, the EU CSRD entered into force. 
The new directive aims to provide investors 
and other stakeholders with information 
about companies’ sustainability-related 
impacts, risks and opportunities. 
AstraZeneca PLC is in scope of the CSRD 
from the 2025 financial year due to its listing 
on Nasdaq Stockholm, an EU-regulated 
market. In preparation for future reporting 
requirements, we are disclosing the 
outcomes of our double materiality 
assessment and selected disclosures from 
the European Sustainability Reporting 
Standards in this Annual Report.
Double materiality assessment 
The EU CSRD mandates companies in 
scope of the directive to conduct a double 
materiality assessment. The assessment 
identifies sustainability-related risks and 
opportunities to a company and a 
company’s impacts on people and 
the environment.
AstraZeneca performed a Group-level 
double materiality assessment in 2024. 
The Group’s impacts on people and the 
environment were identified through 
research using a variety of sources such 
as sector guidance and benchmarking, 
as well as understanding the interests and 
views of stakeholders through dialogue. 
Negative and positive impacts were initially 
scored using results of due diligence 
findings, internal assessments and 
research, based on factors such as scale, 
scope, irremediability and likelihood. 
Subsequently the assessment was 
confirmed by internal and external 
stakeholders. External stakeholders 
represented patient groups, suppliers, 
investors, academia and non-governmental 
organisations. Their input was used to refine 
and validate the assessments and scores.
BV
The Group’s capital expenditure (Capex) 
and operating expenditure (Opex) is also 
eligible for four other activities included in 
the Climate Delegated Act, with the most 
significant being activity 7.1 Construction 
of new buildings. 
Capex was assessed for Taxonomy-
eligibility on a project basis. Projects were 
assessed for alignment based on a set 
quantitative threshold. Opex was assessed 
for Taxonomy-eligibility based on the 
nature of the expense.
Alignment assessment
Substantial contribution 
Manufacture of medicinal products
The Manufacture of medicinal products 
criteria requires that products be both 
degradable1 and a substitute for an 
existing non-degradable product, in order 
to be aligned.
The Group’s portfolio of eligible products 
includes both biologics active pharmaceutical 
ingredients (APIs) and small molecule APIs. 
Innovative medicines by their very nature 
are not alternatives to existing products, 
hence they do not meet the substantial 
contribution criteria. Eligible products where 
the APIs are small molecules are generally 
considered to be not readily biodegradable. 
The biologics used in the Group’s APIs are 
mostly naturally occurring and generally 
considered to be degradable. However, in 
some instances excipients used in products 
may not be considered degradable. 
We have therefore assessed that, overall, 
our products do not meet the substantial 
contribution criteria and are not aligned 
for the Manufacture of medicinal 
products activity. 
The identification and assessment of 
sustainability-related risks and opportunities 
was carried out based on prevailing 
exposures, taking account of mitigations in 
place at the reporting date. This approach 
is aligned to the Group’s risk management 
framework (see page 64 for our Risk 
Overview). The double materiality 
assessment utilised quantitative and 
qualitative thresholds, aligned with the 
Group’s risk appetite, to determine material 
sustainability topics. The assessment was 
then reviewed by representatives of the 
SET and the Board.
For information on the impact of material 
sustainability topics on the Group’s financial 
statements, see the Group Accounting 
Policies in the Financial Statements from 
page 152.
EU Taxonomy Disclosure
The EU Taxonomy (Regulation (EU) 
2020/852) and associated Delegated 
Acts represent an evolving classification 
system for sustainable economic activities. 
An economic activity is Taxonomy-eligible 
if it is described in the Taxonomy Delegated 
Acts. An economic activity is Taxonomy-
aligned if it makes a substantial contribution 
to one or more of the specified 
environmental objectives, meets specified 
‘Do no significant harm’ (DNSH) criteria 
and is carried out in compliance with 
minimum safeguards. 
Eligibility assessment
The Group has identified its Taxonomy-
eligible activities by screening the economic 
activities in the Climate Delegated Act and 
the Environmental Delegated Act. 
The Group is eligible for a revenue 
generating economic activity included 
in the Environmental Delegated Act for 
the environmental objective of Pollution 
prevention and control (PPC), namely, PPC 
1.2 Manufacture of medicinal products. 
BV
1	
Whilst the criteria do refer to an alternative pathway where a product within a substance class cannot be degradable, it demands that the manufacturer performs an analysis that 
there is no degradable option for the product, publishes the core results of that analysis and demonstrates that they started initiatives to develop that alternative. As we have not 
performed this in the year, we have dismissed this pathway.
  Science and Innovation
	
• Sustainable innovation, see page 37.
	
• Patient safety and product quality, 
see page 38.
  Growth and Therapy 
Area Leadership
	
• Business conduct, see pages 42 and 43.
	
• Cybersecurity and data privacy, see 
page 45.
  People and Sustainability
	
• Talent attraction and retention, 
see page 49 and 50.
	
• Accessible and affordable healthcare, 
see page 52.
	
• Climate change, see pages 53 to 57.
	
• Pollution, see page 58.
Our material sustainability topics BV
The following sustainability topics were assessed as material in our double materiality assessment. 
Disclosures relating to these topics can be found in the Business Review, from page 32.
60
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Disclosure Statements continued

Identification of economic activities 
in the Taxonomy which are in scope 
for the Group.
Action
Step
Activities
Assessment of whether identified in scope 
activities meet the activity-specific criteria 
to qualify as substantially contributing 
to an environmental objective.
Assessment of whether activities which 
contribute substantially to an environmental 
objective, do no significant harm to other 
environmental objectives.  
Assessment of minimum safeguards 
at the Group level for specified social 
and governance areas.
Calculation of proportions of aligned 
Revenue, Capex and Opex.
Eligibility
1
Substantial
contribution
2
Do no
significant harm
3
Minimum
safeguards
4
Alignment
5
Sustainable use and protection of water 
and marine resources and Pollution 
prevention and control 
The Group has assessed relevant sites 
against the technical specifications and, 
in specific cases, the criteria have been 
met as part of being expected to achieve 
the LEED (Gold level) label. However, for 
certain construction sites based outside 
the EU, an equivalent Environmental Impact 
Assessment (EIA) as would be required 
within the EU is not available or locally 
mandated for those sites, hence criteria 
have not been met.
Transition to a circular economy
The Group expects to incorporate circular 
economy principles in the construction of 
new buildings and renovation of existing 
buildings as part of those projects being 
expected to achieve a LEED (Gold level) label. 
However, for some projects the relevant 
DNSH criteria have not been met, hence 
they are considered to be not aligned.
Protection and restoration of biodiversity 
and ecosystems
For activity 7.1, EIAs have been completed 
for specific construction sites and we have 
assessed these against the criteria. For 
certain sites based outside the EU, an 
equivalent EIA as that which would be 
required within the EU, is not available or 
locally-mandated for those sites and 
therefore the Group has assessed these 
sites as not aligned with the criteria.
A proportion of activity 7.2 Renovation 
of existing buildings has been assessed 
as aligned in 2024. Double-counting was 
avoided by reconciliation to underlying 
financial records and only assessing 
activities substantially contributing to 
a single environmental objective.
Minimum safeguards
The Group has performed an assessment 
of its compliance with the minimum 
safeguards criteria against published 
documents. These cover four key topics:
	
• Human Rights (including Labour and 
Consumer Rights)
	
• Anti-bribery and anti-corruption
	
• Taxation
	
• Fair Competition.
The Group’s Values, incorporated in the 
Code of Ethics (the Code), are the foundation 
of our compliance with the minimum 
safeguards, which are expanded through our 
policies and practices including our Global 
Standard on Expectations of Third Parties 
and Group’s Approach to Taxation. Our 
commitment to human rights is formalised 
in the Code and we integrate human rights 
considerations into our processes and 
practices. We do not tolerate bribery and 
corruption and violation of fair competition. 
The Group publishes its Approach to 
Taxation annually and we aim to pay the right 
amount of tax in compliance with all relevant 
tax law and regulations in every country in 
which we operate and do not tolerate tax 
evasion or facilitation of tax evasion.
Construction of new buildings
Climate change mitigation 
The Group is eligible where it is constructing 
new buildings. These buildings are 
expected to be aligned with a major 
environmental standard, namely Leadership 
in Energy and Environmental Design (LEED) 
Gold level. From the specifications expected 
to be met, the criteria related to Primary 
Energy Demand and life-cycle Global 
Warming Potential have been fulfilled. The 
Group expects to adopt robust controls for 
building airtightness and thermal integrity 
on newly-constructed sites. The specific 
projects which the Group has assessed 
have therefore met the relevant substantial 
contribution criteria.
Renovation of existing buildings 
Climate change mitigation 
A renovation of an existing building project 
was analysed under the Taxonomy’s 
technical screening criteria. The renovation 
is designed to achieve a net Primary Energy 
Demand saving of more than 30%. Hence, 
this project meets the relevant substantial 
contribution criteria.
Do no significant harm 
Climate change adaptation 
Sites which have met the substantial 
contribution criteria are included in the 
physical climate risk assessment. The 
Group’s assessment has identified no 
material physical climate risks and therefore 
this has been assessed to be aligned. For 
further information on the Group’s physical 
climate risk assessment see page 56. 
	 For more information, see:
	
Human rights, on page 48.
	
Anti-corruption and 
anti-bribery matters, on pages 
42 and 43.
	
Standards and Policies, including 
Code of Ethics, on page 42.
  AstraZeneca’s Approach to 
Taxation can be found on our 
website, www.astrazeneca.com/
sustainability/resources.html.
Key
  Manufacture of  
medicinal products
  Construction  
of new buildings
  Renovation of  
existing buildings
  Acquisition and  
ownership of buildings
  Transport by motorbikes, 
passenger cars and light 
commercial vehicles
EU Taxonomy assessment process
61
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Disclosure Statements

Capital expenditure
The Taxonomy-eligible Capex KPI is defined 
as Taxonomy-eligible Capex divided by 
Total Capex. 
	
• Taxonomy-eligible Capex is Capex 
related to assets or processes associated 
with Taxonomy-eligible activities. 
Purchase of IP, marketing and distribution 
rights over medicinal products is 
considered in total for Taxonomy-
eligibility under the activity ‘Manufacture 
of medicinal products’.
	
• Total Capex corresponds to the total 
of the ‘Additions through business 
combinations’ and ‘Capital expenditure’ 
movement types, the total of the 
‘Additions – separately acquired’ 
and ‘Additions through business 
combinations’ movement types as 
detailed in Note 7 – Property, plant 
and equipment (page 169), the total 
of the ‘Additions – separately acquired’ 
and ‘Additions through business 
combinations’ movement types as 
detailed in Note 8 – Leases (page 170), 
and the total of the ‘Additions – separately 
acquired’ and ‘Additions through business 
combinations’ movement types as 
detailed in Note 10 – Intangible assets 
(page 172).
The Group’s Taxonomy-eligible Capex KPI 
for the year ended 31 December 2024 is 
86% (2023: 83%).
Operating expenditure
The Taxonomy-eligible Opex KPI is defined 
as Taxonomy-eligible Opex divided by 
Taxonomy-defined Opex.
	
• The Group’s Taxonomy-eligible Opex is 
expenses related to assets or processes 
associated with Taxonomy-eligible 
economic activities. R&D expenses 
associated with functional areas which 
are involved directly in the manufacture 
and procurement of medicinal products 
are considered Taxonomy-eligible 
under the activity ‘Manufacture of 
medicinal products’.
	
• The Group’s Taxonomy-defined Opex 
is the total of R&D expenses, and other 
direct non-capitalised costs that relate to 
building renovation measures, short-term 
leases, maintenance and repair, and any 
other direct expenditures incurred in the 
day-to-day servicing of property, plant 
and equipment.
The Group’s Taxonomy-eligible Opex KPI 
for the year ended 31 December 2024 is 
18% (2023: 18%1).
EU Taxonomy Disclosure
continued
BV
BV
Interpretation of the EU Taxonomy and 
company-specific assumptions are required 
to fulfil the reporting requirements.
Revenue 
The Taxonomy-eligible Revenue KPI is 
defined as Taxonomy-eligible Revenue 
divided by Total Revenue, which corresponds 
to ‘Total Revenue’ in our Consolidated 
Statement of Comprehensive Income as 
detailed on page 148.
The Group’s Product Sales and sales 
milestones within Collaboration Revenue 
are associated with the manufacture of 
medicinal products, which we consider in 
total for Taxonomy-eligibility under the 
activity ‘Manufacture of medicinal 
products’. Consequently, our Taxonomy-
eligible Revenue KPI for the year ended 
31 December 2024 is 96% (2023: 96%1).
Taxonomy eligibility and alignment
KPIs
Total 
$m
Proportion of 
Taxonomy-eligible 
(non-aligned) 
economic activities
Proportion of 
Taxonomy-aligned 
economic activities
Proportion of 
Taxonomy-non-
eligible economic 
activities
2024
2023
2024
2023
2024
2023
2024
2023
Revenue
54,073
45,811
96%
96%1
0%
0%
4%
4%
Capex
7,755
4,918
86%
83%
2%
0%
12%
17%
Opex
14,130
11,380
18%
18%1
0%
0%
82%
82%
1	
For information on revised prior year amounts see EU Taxonomy templates in the Sustainability supplementary 
information, from page 237.
	 The Group’s Taxonomy 
eligibility and alignment are 
summarised in the table above. 
For more information, including 
the EU Taxonomy templates in 
Sustainability supplementary 
information section, see from 
page 237.
62
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Disclosure Statements continued

The Board and management engaged 
with key stakeholders throughout the year 
to understand the issues and factors that 
are significant for these stakeholders, and a 
number of actions were taken as a result of 
this engagement. These interactions, and 
impact thereof, are set out in the Connecting 
with our stakeholders section from page 94 
and throughout the Strategic Report.
We are committed to being a great place to 
work for the global workforce. Details on 
engagement with employees can be found 
from page 48 of the Business Review, from 
page 98 of the Corporate Governance 
Report, page 107 in the Audit Committee 
Report and page 131 and 132 of the 
Remuneration Committee Report.
We are committed to employing high ethical 
standards when carrying out all aspects of 
our business globally. Our Code of Ethics 
(the Code) is based on our Values, expected 
behaviours and key policy principles. More 
information on the Code can be found on 
page 42.
We recognise patients as people first and 
put them at the heart of what we do. Further 
information on the importance of patients 
to the business can be found on page 94.
The consideration and impact of the Group’s 
operations on the environment and how the 
Group has considered other factors, such 
as communities and suppliers, can be found 
throughout the People and Sustainability 
section from page 47. Details of how the 
Board operates and matters considered 
by the Board are set out in the Corporate 
Governance Report from page 91. Details on 
the Board and SET composition and gender 
diversity can be found on pages 48, 88, and 
101. Examples of how Directors discharged 
their duties and considered stakeholders 
when making Principal Decisions during 
2024 are set out from page 97. Principal 
Decisions are decisions and discussions 
which are material or strategic to the Group 
and also those that are significant to our 
key stakeholder groups.
Section 172(1) statement
The Board is required to promote the 
success of AstraZeneca for the 
shareholders and wider stakeholders 
who interact with and are impacted by 
our business. 
Throughout the year the Directors have 
considered the factors set out in section 172(1)
(a)-(f) of the UK Companies Act 2006, as well 
as other factors relevant to the decision being 
made. The Board acknowledges that not 
every decision made will necessarily result in 
a positive outcome for all stakeholders. By 
considering our Purpose and Values, together 
with AstraZeneca’s strategic priorities, the 
Board aims to ensure that the decisions made 
are consistent and intended to promote the 
Company’s long-term success.
	
• Principal Risks: 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 
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.
	
• Principal Risks: Failure in information 
technology or cybersecurity, adverse 
outcome of litigation and/or government 
investigations.
	– Scenario 5: Legal, regulatory, cyber 
or other non-compliance results in a 
payment of $500 million in 2026.
In addition, the Board has considered more 
stressed scenarios, including restrictions on 
debt factoring and no access to capital 
markets to raise new debt. In each scenario 
(or combination of scenarios above), the 
Group is able to rely on its existing cash, 
cash equivalents and short-term fixed 
income investments, committed credit 
facilities, leverage its cost base, reduce 
capital expenditure and take other cash 
management measures to mitigate the 
impacts and still have residual capacity 
to absorb further shocks.
Based on the results of this analysis, the 
Directors have a reasonable expectation 
that the Company will be able to continue 
in operation and meet its liabilities, as they 
fall due, over the three-year period of 
their assessment.
Viability statement 
In accordance with provision 31 of the 
2018 UK Corporate Governance Code, 
the Board has determined that a three-year 
period to 31 December 2027 constitutes an 
appropriate period over which to provide 
its viability statement. 
The Board assesses the Company’s 
prospects using a 10-year long-range 
projection. It notes the rich and varied 
portfolio of medicines in development 
across a range of therapy areas and the 
medicines currently commercialised in 
more than 100 markets, concluding that the 
Company’s long-term prospects remain 
strong. The Board also considers annually 
and on a rolling basis, a three-year bottom-
up detailed business plan and, given the 
inherent uncertainty involved, believes that 
the three-year statement presents readers 
of this Annual Report with a reasonable 
degree of assurance over the ongoing 
viability of the Company, while still 
providing a longer-term perspective.
The three-year detailed business plan 
captures risks to the sales and cost 
forecasts at market and SET functional 
levels. The plan is used to perform central 
net debt and headroom-profile analysis. 
The following scenarios have been applied to 
this analysis to create a severe but plausible 
downside combining a number of the 
Principal Risks detailed on pages 65 and 66. 
	 Our Risk Overview can be 
found from page 64 to 66. 
Full details are given in the Risk 
Supplement on our website, 
www.astrazeneca.com/
annualreport2024.
63
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Disclosure Statements

Managing risk 
Our approach to risk management is 
designed to encourage clear decision 
making on which risks we take and how we 
manage and mitigate these risks. We strive 
to embed sound risk management within 
our strategy, planning, budgeting and 
performance management processes. 
The Board defines the Group’s risk appetite. 
This enables the Group, in both quantitative 
and qualitative terms, to judge the level of 
risk it is prepared to take in achieving its 
overall objectives. The Board expresses the 
acceptable levels of risk for the Group using 
three key dimensions: (i) earnings and cash 
flow, (ii) return on investment and (iii) ethics 
and reputation. Annually, the Group 
develops a detailed three-year bottom-up 
business plan and 10-year long-range 
projection to support the delivery of its 
strategy. The Board considers these in 
the context of the Group’s risk appetite. 
Adjustments are made to the plan or risk 
appetite to ensure they remain aligned.
The Senior Executive Team (SET) is 
required by the Board to oversee and 
monitor the effectiveness of the risk 
management processes implemented by 
management. Within each SET function, 
leadership teams discuss the risks the 
business faces. Quarterly, each SET 
function assesses changes to these risks, 
new and emerging, and mitigation plans. 
These are assimilated into a Group Risk 
Report for the Board, Audit Committee 
and SET. 
Global Compliance, Finance and Group 
Internal Audit support the SET by advising 
on policy and standard setting, monitoring 
and auditing, communication and training, 
as well as reporting on the adequacy of line 
management processes as they apply to 
risk management. The Board believes that 
existing processes provide it with adequate 
information on the risks and uncertainties 
we face. The Board has carried out a robust 
assessment of the emerging and Principal 
Risks facing the Group. Our Principal Risks 
are those risks that are most likely to 
significantly impact delivery of our business 
strategy or future performance and are a 
subset of the total risk landscape facing the 
Group. The table on pages 65 and 66 
provides insight into these Principal Risks.
Emerging risks 
Emerging risks are ‘new’ risks that have the 
potential to crystallise in the future but are 
unlikely to impact the business during the 
next year. The outcome of such risks is 
often more uncertain. They may begin to 
evolve rapidly or simply not materialise. 
We monitor our business activities and 
external and internal environments for new, 
emerging and changing risks to ensure 
these are managed appropriately. Annually, 
we combine input from each SET function 
and external insight to scan the horizon for 
emerging risks and a summary is presented 
to the Audit Committee and the Board. 
Emerging risks continue to be monitored 
as part of the ongoing risk management 
processes outlined above.
Climate risk
The identification and assessment of 
climate risk form part of our existing risk 
management processes. ‘Failure to meet 
our sustainability targets, regulatory 
requirements and stakeholder expectations 
with respect to the environment’ 
incorporates climate risk within its scope 
and is a component of the Group’s risk 
landscape but is not currently considered 
to be a Principal Risk for the Group.
We support the Task Force on Climate-
related Financial Disclosures (TCFD) 
framework and continue to develop our 
disclosures in line with its recommendations. 
Our climate change disclosures from 
page 53 summarise the work undertaken 
to date to understand the potential impact 
of climate change on our business and 
outlines future areas of management focus.
Cybersecurity risk
Our approach to identifying, assessing 
and managing material cybersecurity risks 
(including those that result from the use of 
third parties in business processes and 
data management) is integrated within our 
Group-wide approach to managing risk. 
‘Failure in information technology or 
cybersecurity’ has been identified as a 
Principal Risk. Mitigations are in place to 
manage these risks and these are monitored 
and their effectiveness regularly reported, 
for example, in KPI dashboards provided to 
management and the Audit Committee. 
Incidents are managed and reported using 
the cybersecurity incident management 
framework which in turn is connected to 
the Group’s crisis management framework. 
Cybersecurity risks are overseen by the 
Audit Committee which performs an 
in-depth review annually. Its reviews are 
supported by senior management, the VP, 
Group Internal Audit and other assurance or 
providers as required. Cybersecurity risks 
(including previous incidents) have not 
materially affected our business strategy, 
results of operations or financial condition.
 “We strive to embed 
sound risk management 
in our strategy.” 
64
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Risk Overview

Risk category and Principal Risks
Context/potential impact
Management actions
Trend versus prior year
Product pipeline risks
Failure or delay 
in the delivery 
of our pipeline 
or launch of 
new medicines
 
 
The development of pharmaceutical product 
candidates is a complex, risky and lengthy 
process involving significant resources. A project 
may fail at any stage of the process due to a 
number of factors, which could adversely affect 
our future business and results of operations.
	
• Prioritise and accelerate our pipeline.
	
• Strengthen pipeline through acquisitions, 
licensing and collaborations.
	
• Focus on innovative science in our main 
therapy areas.
	
• Improve R&D productivity.
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.
	
• Quality management systems 
incorporating monitoring, training and 
assurance activities.
	
• Collaborating with regulatory bodies and 
advocacy groups to monitor and respond 
to changes in the regulatory 
environment, including revised 
processes, timelines and guidance.
Commercialisation risks
Pricing, 
affordability, 
access and 
competitive 
pressures
 
 
 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.
	
• Implement 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.
Failures or 
delays in the 
quality or 
execution of 
the Group’s 
commercial 
strategies
 
 
 A failure to execute our commercial strategies 
or achieve the level of sales anticipated for a 
medicine could materially impact our 
business results.
	
• Focus on key products.
	
• Substantial investment in sales 
and marketing activities.
	
• Accelerate execution of plans and risk 
share through business development and 
strategic collaborations and alliances.
Supply chain and business execution risks
Failure to 
maintain 
supply of 
compliant, 
quality 
medicines
 
 
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. 
	
• Cybersecurity incident management 
framework and dashboard.
	
• Disaster and data recovery plans.
	
• Strategies to secure critical systems 
and processes.
	
• Regular cybersecurity and privacy 
training for employees. 
Growing 
multi-faceted 
cyber threat.
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.
	
• Enterprise Data Council established.
	
• Enterprise AI Governance Framework 
and Standard established.
	
• Data Privacy Framework and 
privacy impact assessment 
process implemented.
Proliferation of 
more onerous data 
regulation may 
restrict, or require 
changes to, 
existing data 
processing 
practices.
Principal Risks
Strategy key
	 Science and Innovation
	 Growth and Therapy Area 
Leadership
	 People and Sustainability
	 Achieve Group 
Financial Targets
Trend key
	Increasing risk
	Decreasing risk
	Unchanged
65
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Risk Overview

Risk category and Principal Risks
Context/potential impact
Management actions
Trend versus prior year
Legal, regulatory and compliance risks
Safety and 
efficacy of 
marketed 
medicines is 
questioned
 
 
Safety concerns relating to our products may 
lead to recalls, seizures, interruption of supply 
and loss of product approvals, which could 
adversely affect patient access, our reputation 
and our revenues. Significant product liability 
claims could also arise, which may be costly, 
divert management attention, reduce demand 
for our products and damage our reputation.
	
• Robust processes and systems in place 
to manage patient safety and efficacy 
trends as well as externally reported risks 
through regulatory agencies and other 
parties. This includes a comprehensive 
pharmacovigilance programme 
supplemented by close monitoring 
and review of adverse events.
Adverse 
outcome of 
litigation 
and/or 
governmental 
investigations
 
Our business is subject to a wide range 
of laws and regulations around the world. 
Actual or perceived failure to comply may 
result in AstraZeneca and/or its employees 
being investigated by government agencies 
and authorities and/or in civil legal proceedings.
Government investigations, litigations, 
and other legal proceedings, regardless of 
outcome, could be costly, divert management 
attention, or damage our reputation and 
demand for our products.
Unfavourable resolutions to proceedings 
against us could subject us to criminal liability, 
fines, penalties or other monetary or non-
monetary remedies, including enhanced 
damages, requiring us to make significant 
provisions in our accounts relating to legal 
proceedings, and could materially adversely 
affect our business or results of operations.
	
• Established compliance framework with 
strong ethical and compliance culture.
	
• Combined internal and external 
counsel management.
Broadening of 
government 
investigations into 
the healthcare 
industry in China. 
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.
	
• Active management of IP rights and 
IP litigation.
Economic and financial risks
Geopolitical 
and/or 
macro-
economic 
volatility 
disrupts the 
operation of 
our global 
business
 
 
 
Operating in more than 100 countries, we are 
subject to political, socio-economic and financial 
factors around the world. A sustained global 
economic downturn may adversely impact our 
business. Geopolitical tensions may lead to the 
imposition 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.
Failure to 
achieve 
strategic plans 
or meet targets 
or expectations
 
 
 
Failure to successfully implement our 
business strategy may frustrate the 
achievement of our targets and materially 
damage our brand, business, financial position 
or results of operations. 
	
• Focus on key products and innovative 
science in our core therapy areas.
	
• Strengthen pipeline through acquisitions, 
licensing and collaborations.
	
• Appropriate capital structure and 
balance sheet.
	
• Portfolio-driven decision-making 
process governed by senior executive-
led committees.
66
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Risk Overview continued

 “AstraZeneca achieved Total Revenue 
of $54.1 billion in 2024, including 
$2.2 billion of Alliance Revenue and 
$0.9 billion of Collaboration Revenue, 
with growth of 18% (CER: 21%).”
2024 delivered excellent 
revenue growth and business 
performance, underpinned by 
strong growth momentum and 
encouraging pipeline progress.
Within Rare Disease, Ultomiris achieved 
Product Sales of $3.9 billion, an increase 
of 32% (CER: 34%), due to geographic 
expansion, increased demand and 
continued conversion from Soliris. In the US, 
we had overall growth of 21%, with Product 
Sales of $21.7 billion. In Emerging Markets, 
Product Sales grew by 15% (CER: 23%) 
to $13.5 billion, with notable growth in 
Oncology and Farxiga. In Europe, Product 
Sales increased by 20% (CER: 19%) to 
$10.8 billion, reflecting strong performances 
from Oncology and Forxiga and in 
Established Rest of World markets, there 
was a decline of 3% (CER: growth of 3%) to 
$4.9 billion due to decreases in Oncology 
offset by growth in CVRM.
Alliance Revenue increased by 55% (CER: 
55%) to $2.2 billion, including $1.4 billion 
from Enhertu, which has showed continued 
growth since achieving blockbuster status 
in 2023. Collaboration Revenue increased 
by 56% (CER: 54%) to $0.9 billion. 
Profitability
Reported EPS was $4.54 in the year (2023: 
$3.84) and Core EPS was $8.21 (2023: 
$7.26) driven by improved Product Sales 
Gross Margin from Total Revenue growth 
offset by a decline in Other operating 
income and expense following gains in 
2023 on updated contractual relationships 
with Sobi and Sanofi and the disposal of US 
rights to Pulmicort Flexhaler. Reported EPS 
also includes impairment charges of 
$753 million related to the vemircopan 
(ALXN2050) intangible asset and $504 
million recorded against the Andexxa 
intangible asset.
Key milestones/approvals
Our continued investment in the pipeline 
yielded several significant approvals and 
milestones in the year, including Voydeya, 
Kavigale and Datroway. Voydeya has been 
approved in Japan and in the US as an 
2024 was another remarkable year. 
Performance across the business continued 
to be strong and we had the opportunity to 
increase our guidance twice during the 
year. In May 2024, we hosted our first 
Investor Day in 10 years setting forth our 
ambition for 2030. 
In order to achieve our ambition, we will 
need to continue to invest not only in R&D 
but also transform the organisation from a 
technology and ways of working standpoint. 
We have started our journey to get onto a 
single Enterprise Resource Planning (ERP) 
platform and are looking into ways of 
incorporating the advances in AI into our 
processes across the Group.
Total Revenue growth
AstraZeneca achieved Total Revenue of 
$54.1 billion in 2024, including $2.2 billion 
of Alliance Revenue and $0.9 billion of 
Collaboration Revenue, with growth of 
18% (CER: 21%). In 2024, we delivered 
16 blockbuster medicines in total, including 
Tezspire, Enhertu and Beyfortus which are 
medicines included in collaborations with 
alliance partners.
Product Sales grew by 16% (CER: 19%) to 
$50.9 billion, with 13 blockbuster medicines. 
Our continued investment in Oncology and 
increased demand for CVRM medicines, 
supported sustained Product Sales growth, 
with Oncology achieving 18% (CER: 21%) 
and CVRM achieving 18% (CER: 20%). 
Standout performances came once again 
from Farxiga ($7.7 billion), Tagrisso 
($6.6 billion) and Imfinzi ($4.7 billion). 
add-on therapy to Ultomiris or Soliris. 
Kavigale was accepted, under an 
accelerated assessment procedure by 
the EMA, for the prevention of COVID-19 in 
immunocompromised patients. Datroway, 
an ADC discovered by Daiichi Sankyo being 
jointly developed by AstraZeneca and Daiichi 
Sankyo, has been approved in Japan for the 
treatment of adult patients with HR-positive, 
HER2-negative unresectable or recurrent 
breast cancer after prior chemotherapy. 
I am really proud of the achievements 
across the Group that allowed us to 
achieve the results that we did in 2024; 
2025 looks set to be another catalyst-rich 
year that will unlock a number of derisking 
events towards our 2030 ambition of new 
medicines. We will continue to maintain 
strong discipline to invest in the highest 
value opportunities while building 
a technology-enabled organisation. 
It is my privilege to be part of this 
incredible organisation. 
Aradhana Sarin
Chief Financial Officer
67
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Financial Review
Financial Review

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Summary performance in 2024
Reported
CER
Core
2024
$m
2023
$m
% Actual 
change
CER
growth1
$m
Growth
due to
exchange
effects
$m
% CER 
change
2024
$m
2023
$m
% Actual 
change
Product Sales 
50,938
43,789
16
8,308 
(1,159) 
19 
50,938
43,789
16
Alliance Revenue
2,212
1,428
55
792 
(8) 
55 
2,212
1,428
55
Collaboration Revenue
923
594
56
323 
6
54 
923
594
56
Total Revenue
54,073
45,811
18
9,423 
(1,161)
21 
54,073
45,811
18
Cost of sales 
(10,207)
(8,268)
23
(1,993) 
54
25
(9,601)
(8,011)
20
Gross profit 
43,866
37,543
17
7,430 
(1,107)
20
44,472
37,800
18
Operating expenses 
(34,115)
(30,690)
11
(3,684) 
259
12
(27,794)
(24,545)
13
Other operating income and expense
252
1,340
(81)
(1,088) 
1 
(81) 
250
1,279
(81)
Operating profit
10,003
8,193
22
2,658 
(848)
32
16,928
14,534
16
Net finance expense
(1,284)
(1,282)
–
42 
(44)
(3)
(1,169)
(984)
19
Share of after tax losses of joint ventures 
and associates
(28)
(12)
>2x
(16) 
–
>2x
(28)
(12)
>2x
Profit before tax 
8,691
6,899
26
2,683 
(891)
38
15,731
13,538
16
Taxation
(1,650)
(938)
76
(894) 
184
92
(3,001)
(2,291)
31
Profit after tax
7,041
5,961
18
1,789 
(709)
29
12,730
11,247
13
Basic earnings per share ($)
4.54
3.84
18
1.15
(0.46)
29
8.21
7.26
13
1	
As detailed on page 70, CER growth is calculated using prior year actual results adjusted for certain exchange rate effects, including hedging.
Highlights
Financial performance
Total Revenue: Therapy Areas
Total Revenue: geographical areas
Emerging Markets 
14%
growth
(CER: 22%)
CVRM 
18%
growth 
(CER: 20%)
US 
22%
growth 
Oncology
21%
growth 
(CER: 24%)
Europe
27%
growth 
(CER: 26%)
Rare 
Disease 
13%
growth 
(CER: 16%)
Established RoW 
-2%
decrease 
(CER: 3% growth)
Respiratory &
Immunology 
23%
growth 
(CER: 25%)
Vaccines &
Immune Therapies 
8%
growth 
(CER: 8%)
Other  
Medicines 
-9%
decrease 
(CER: -5%)
$50.9bn
16% growth 
(CER: 19%)
$2.2bn
55% growth
(CER: 55%)
$10.0bn
22% growth 
(CER: 32%)
$0.9bn
56% growth 
(CER: 54%)
$16.9bn
16% growth
(CER: 22%)
$4.54
18% growth 
(CER: 29%)
$8.21
13% growth
(CER: 19%)
Product  
Sales
Alliance  
Revenue
Operating  
profit – Reported
Operating  
profit – Core
Collaboration 
Revenue
EPS – 
Reported
EPS – 
Core
68
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Financial Review continued

Business background 
and results overview
The business background is covered in 
the Healthcare in a Changing World section 
from page 7, the Therapy Area Review from 
page 16, and the Our Strategy and Key 
Performance Indicators section from page 
12, which describe in detail the business 
developments of our products.
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. Our operating results 
can be affected by a number of factors 
other than the delivery of operating plans 
and normal competition.
Over the longer term, the success of our 
R&D is crucial and we devote substantial 
resources to this area. The benefits of this 
investment are expected to emerge over 
the long term and there is considerable 
inherent uncertainty as to the scale and 
timing of outcomes and their transition 
to saleable products.
Measuring performance 
Reported and Core performance are 
referred to in this Financial Review when 
reporting on our performance in absolute 
terms, but more often in comparison with 
earlier years:
	
• Reported performance takes into account 
all the factors (including those which we 
cannot influence, such as currency 
exchange rates) that have affected the 
results of our business. The Consolidated 
Financial Statements have been prepared 
in accordance with UK-adopted IAS 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 IASB and IAS 
as adopted by the EU.
	
• Core performance measures are adjusted 
to exclude certain significant items, using 
a set of established principles.
Use of non-GAAP performance measures
CER, Core performance measures, Product 
Sales Gross Margin, Operating Margin, 
EBITDA and Net debt are non-GAAP 
performance measures because they 
cannot be derived directly from the 
Financial Statements. 
By disclosing non-GAAP performance 
and growth measures, in addition to our 
Reported financial information, we are 
enhancing investors’ ability to evaluate 
and analyse the financial performance 
and trends of our ongoing business and 
the related key business drivers. The 
adjustments are made to our Reported 
financial information in order to show 
non-GAAP performance measures that 
illustrate clearly the impact on our 
performance of factors such as changes in 
revenues and expenses driven by volume, 
prices and cost levels relative to such prior 
years or periods. These non-GAAP 
performance measures are not a substitute 
for, or superior to, financial measures 
prepared in accordance with GAAP.
As shown in the 2024 Reconciliation of 
Reported results to Core results table on 
page 72, our reconciliation of Reported 
financial information to Core performance 
measures includes a breakdown of the 
items for which our Reported financial 
information is adjusted, and a further 
breakdown by specific line item, as such 
items are reflected in our Reported income 
statement. This illustrates the significant 
items that are excluded from Core 
performance measures and their impact on 
our Reported financial information, both as 
a whole and in respect of specific line items.
Management presents these results 
externally to meet investors’ requirements 
for transparency and clarity. Core financial 
measures are also used internally in the 
management of our business performance, 
in our budgeting process and when 
determining compensation. As a result, 
Core performance measures allow 
investors to differentiate between different 
kinds of costs, but they should not be used 
in isolation. 
Our determination of non-GAAP 
measures, and our presentation of them 
within this Financial Review, may differ from 
similarly titled non-GAAP measures of 
other companies.
The SET retains strategic management of 
the costs excluded from Reported financial 
information in arriving at Core financial 
measures, tracking their impact on Reported 
Operating profit and EPS, with operational 
management being delegated on a 
case-by-case basis to ensure clear 
accountability and consistency for each 
cost category.
We strongly encourage readers of this 
Annual Report not to rely on any single 
financial measure but to review our 
Financial Statements, including the Notes 
thereto, and our other publicly filed reports, 
carefully and in their entirety.
  Further details of the risks 
faced by the business are given 
in Risk Overview from page 64 
and in the Risk Supplement at 
www.astrazeneca.com/
annualreport2024.
  For a detailed definition of 
Core measures, see page 70. 
	
Also refer to the Summary 
performance in 2024 table on 
page 68, the 2024 
Reconciliation of Reported 
results to Core results and the 
Excluded from Core results 
tables on page 72, for our 
discussion of comparative 
growth measures.
69
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Financial Review

Non-GAAP measures: definitions
Revenue
Constant exchange rate 
(CER) growth rates 
  Reconciliation, 
see page 72
Definition: Retranslation of the current year’s performance at 
the previous year’s average exchange rates, adjusted for other 
exchange effects, including hedging.
Why we use them: CER measures allow us to focus on the 
changes in revenues and expenses driven by volume, prices 
and cost levels relative to the prior period. Revenues and cost 
growth expressed in CER allow management to understand 
the true local movement in revenues and costs, in order to 
compare recent trends and relative return on investment. CER 
growth rates can be used to analyse revenues in a number of 
ways but, most often, we consider CER growth by products 
and groups of products, and by countries and regions. 
CER revenue growth can be further analysed by revenue 
volumes and selling price. Similarly, CER cost growth helps 
us to focus on the real local change in costs so that we can 
manage the cost base effectively.
Limitations: CER measures are not always better indicators of 
performance. Where countries are subject to high inflation and 
currencies that depreciate persistently, adjusting out the effect 
of foreign exchange fluctuations could give an overly optimistic 
view of growth. 
Profitability
Core performance 
measures 
  Reconciliation, 
see page 72
Core performance measures are adjusted to exclude certain 
significant items. In determining the adjustments to arrive at 
the Core result, we use a set of established principles relating 
to the nature or materiality of individual items or groups of 
items, excluding, for example, events which are (i) outside 
the normal course of business, (ii) incurred in a pattern that is 
unrelated to the trends in the underlying financial performance 
of our ongoing business, or (iii) related to major acquisitions, 
to ensure that investors’ ability to evaluate and analyse the 
underlying financial performance of our ongoing business 
is enhanced. 
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.
Prior year Alexion acquisition-related items, primarily fair 
value adjustments on acquired inventories and fair value 
impact of replacement employee share awards. 
Why we use them: We adjust for this item 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.
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’s 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.
Product Sales Gross 
Margin 
  Reconciliation, 
see page 72
Definition: Product Sales Gross Margin is the percentage by 
which Product Sales exceeds the Cost of sales, calculated by 
dividing the difference between the two by the sales figure. 
The calculation of Reported and Core Product Sales Gross 
Margin excludes the impact of Alliance Revenue and 
Collaboration Revenue and any associated costs, thereby 
reflecting the underlying performance of Product Sales.
Why we use it: This measure sets out gross profitability of 
Product Sales when taking account of only direct Cost of sales. 
It is a key performance measure of the contribution to fund 
operating costs and overall quality of the business. 
Limitations: Product Sales Gross Margin percentage excludes 
the impact of Alliance Revenue and Collaboration Revenue and 
related costs and therefore should not be regarded as giving a 
full picture of Total Revenue performance.
70
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Financial Review continued

Operating Margin 
  Reconciliation, 
see page 72
Definition: Operating profit as a percentage of Total Revenue. 
Why we use it: This measure sets out profitability derived 
from operating activities before the impact of finance costs 
and tax. It is a key performance measure of the overall 
quality of the operations of the business. 
Limitations: Operating Margin excludes the impact of financing 
costs and therefore should not be regarded as a full picture of 
revenue performance. 
EBITDA 
  Reconciliation, 
see page 76
Definition: Reported Profit before tax plus Net finance 
expense, Share of after tax losses of joint ventures and 
associates, and charges for Depreciation, amortisation 
and impairment.
Why we use it: EBITDA allows us to understand our baseline 
profitability, removing any ‘non-operational’ expenses and 
non-cash items that are not considered by management to be 
reflective of the underlying performance of the Group.
Limitations: EBITDA does not take account of the cost of 
investment to generate revenues, hence is not always the best 
indicator of performance. 
Cash flow and liquidity
Net debt 
  Reconciliation, 
see page 78
Definition: Interest-bearing loans and borrowings and 
Lease liabilities, net of Cash and cash equivalents, Other 
investments and Net derivative financial instruments.
Why we use it: Net debt is a measure that provides valuable 
additional information regarding the Group’s net financial 
liabilities and is a measure commonly used by investors and 
rating agencies. It facilitates the tracking of one of our key 
financial priorities: deleveraging. 
Non-GAAP measures: definitions
continued
71
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Financial Review

Excluded from Core results
Restructuring costs
	
• Restructuring costs totalling $1,154 million (2023: $467 million) mainly comprise those incurred on the PAAGR of $1,115 million 
(2023: $362 million), including $480 million for inventory and related product provisions following the decision to cease 
promotional activities for Andexxa. 
Intangible amortisation 
and impairments
	
• Amortisation totalling $3,839 million (2023: $3,846 million) relating to intangible assets, except those related to IT. Further 
information on our intangible assets is contained in Note 10 to the Financial Statements from page 172. Intangible impairment 
charges were $1,569 million (2023: $434 million), excluding those related to IT and other intangibles. This includes $753 
million related to the impairment of the vemircopan (ALXN2050) intangible asset, following the decision to discontinue this 
development programme, $504 million related to the Andexxa intangible asset, which was fully impaired following the 
decision to cease promotional activity for Andexxa, and $165 million relating to product in development FPI-2059 due to 
decisions made to terminate the related activities and prioritise resources on the development of FPI-2265 and AZD2068. 
Further details relating to intangible asset impairments are included in Note 10 to the Financial Statements from page 172.
Other
	
• Other adjustments, excluding taxation adjustments, amounted to $478 million (2023: $1,755 million).
	
• Other adjustments to Reported SG&A expense were $351 million (2023: $1,458 million), primarily relating to net fair value 
adjustments to contingent consideration balances of $311 million (2023: $549 million). Other adjustments to Reported SG&A 
expenses in 2023 included a charge to legal provisions of $425 million in relation to Nexium and Losec/Prilosec product 
liability litigation, $510 million in relation to Bristol-Myers Squibb Co. and E.R. Squibb & Sons, LLC and $70 million in relation 
to Alexion shareholder litigation. Further details relating to contingent consideration balances are contained in Note 20 to the 
Financial Statements from page 181. Further details of legal proceedings, ongoing at 31 December 2024, are contained within 
Note 30 to the Financial Statements from page 203.
	
• Other adjustments to Reported Net finance expense of $115 million (2023: $298 million) include discount unwind charges on 
liabilities arising from business combinations and on liabilities resulting from the Enhertu collaboration agreement.
	
• Other adjustments to Reported Taxation amounted to $88 million (2023: $405 million). 
2024 Reconciliation of Reported results to Core results 
2024
Reported
$m
Restructuring
costs
$m
Intangible
amortisation
and
impairments
$m
Other1
$m
2024
Core2
$m
Core 2024 compared with 
Core 20232 
Actual
growth
%
CER
growth
%
Gross profit
43,866 
569 
32 
5 
44,472 
18 
20 
Product Sales Gross Margin %
80 
 
 
 
81 
 
 
Distribution expense
(555) 
– 
– 
– 
(555) 
3 
5
Research and development expense
(13,583) 
275 
1,090 
7 
(12,211) 
19 
19
Selling, general and administrative expense
(19,977)
312 
4,286 
351 
(15,028) 
9 
11
Other operating income and expense
252 
(2) 
– 
– 
250 
(81)
(81)
Operating profit
10,003 
1,154 
5,408
363 
16,928 
16 
22
Operating Margin %
18 
 
 
 
31 
 
 
Net finance expense
(1,284) 
– 
– 
115
(1,169) 
19 
15
Taxation
(1,650) 
(219) 
(1,044) 
(88) 
(3,001) 
31 
38
Basic earnings per share ($)
4.54 
0.60 
2.82 
0.25 
8.21 
13
19
2023 Reconciliation of Reported results to Core results
2023
Reported
$m
Restructuring
costs
$m
Intangible
amortisation
and
impairments
$m
Acquisition
of Alexion
$m
Other1
$m
2023
Core2
$m
Core 2023 compared with 
Core 20222 
Actual
growth
%
CER
growth
%
Gross profit
37,543
109
32
119
(3)
37,800
6
9
Product Sales Gross Margin %
81
82
Distribution expense
(539)
–
–
–
–
(539)
1
2
Research and development expense
(10,935)
212
447
7
2
(10,267)
8
9
Selling, general and administrative expense
(19,216)
207
3,801
11
1,458
(13,739)
7
9
Other operating income and expense
1,340
(61)
–
–
–
1,279
>2x
>2x
Operating profit
8,193
467
4,280
137
1,457
14,534
9
14
Operating Margin %
18
32
Net finance expense
(1,282)
–
–
–
298
(984)
1
(1)
Taxation
(938)
(107)
(809)
(32)
(405)
(2,291)
11
17
Basic earnings per share ($)
3.84
0.23
2.24
0.07
0.88
7.26
9
15
1	
See Excluded from Core results table below for further details of other adjustments.
2	 Each of the measures in the Core columns is a non-GAAP measure.
72
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Financial Review continued

Product Sales 
By geography 
US Product Sales were up 21% to 
$21,655 million, reflecting the continued 
growth of our Oncology medicines, 
Ultomiris, which increased by 29% due to a 
rise in patient demand in gMG and NMOSD, 
and Symbicort which was up 63% due to 
continued demand. Product Sales in 
Emerging Markets increased by 15% (CER: 
23%) to $13,535 million in 2024 with growth 
in Oncology and CVRM, driven by Forxiga 
which was up by 29% (CER: 35%) with 
increased reimbursement supporting solid 
growth. Product Sales in ex-China Emerging 
Markets grew by 21% (CER: 36%) at 
$7,133 million, with continued increases in 
Oncology and Farxiga. In Europe, Product 
Sales grew by 20% (CER: 19%) to 
$10,848 million, reflecting a strong 
performance in Oncology and Forxiga. 
Established Rest of World Product Sales 
decreased by 3% (CER: growth of 3%) to 
$4,900 million, with sales in Japan down 
5% (CER: growth of 3%) to $3,489 million, 
driven by slight decreases in Oncology 
partially offset by increases in CVRM.
By product 
In 2024, we succeeded in delivering 
13 blockbuster drugs.
Our largest selling products in the year 
were Farxiga ($7,656 million), Tagrisso 
($6,580 million), Imfinzi ($4,717 million), 
Ultomiris ($3,924 million) and Calquence 
($3,129 million). Farxiga sales increased by 
28% (CER: 31%), growing faster than the 
overall SGLT2 market in all major regions, 
driven by continued demand in heart failure 
and CKD. Tagrisso sales grew by 13% 
(CER: 16%) reflecting a strong global 
demand in adjuvant and 1st-line settings. 
Imfinzi Product Sales grew by 17% (CER: 
21%) due to growing demand. Ultomiris 
increased by 32% (CER: 34%) due to higher 
use in neurology, geographic expansion, 
increasing patient demand and further 
conversion from Soliris. Calquence 
continued its growth with an increase of 
24% (CER: 25%) in the year, driven by 
sustained leadership in front-line CLL. 
Total Revenue 
Total Revenue for 2024 was up 18% 
(CER: 21%) to $54,073 million, comprising 
Product Sales of $50,938 million, up 16% 
(CER: 19%), Alliance Revenue of 
$2,212 million, an increase of 55% 
(CER: 55%), and Collaboration Revenue of 
$923 million, an increase of 56% (CER: 54%). 
Product Sales
2024
Product 
Sales
$m
2023
Product 
Sales
$m
Actual 
growth
% 
CER 
growth
%
Product Sales by Therapy Area
Oncology
20,275
17,145
18 
21
CVRM
12,448
10,585
18 
20
Respiratory & Immunology
7,416 
6,107
21 
23
Vaccines & Immune Therapies
1,058
1,012
5 
6
Rare Disease
8,668 
7,764
12 
14
Other Medicines 
1,073 
1,176
(9)
(4)
Total
50,938
43,789
16 
19
2024
Product 
Sales
$m
2023
Product 
Sales
$m
Actual 
growth
% 
CER 
growth
%
Product Sales by geographical area 
US
21,655
17,961
21 
21
Emerging Markets
13,535
11,751
15 
23
Europe
10,848 
9,029
20 
19
Established RoW
4,900 
5,048
(3) 
3
Total
50,938 
43,789
16 
19
73
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Financial Review

Alliance Revenue
2024
$m
2023
$m
Alliance Revenue
Enhertu 
1,437
1,022
Tezspire 
436
259
Beyfortus
237
57
Other royalty income 
91
81
Other Alliance Revenue
11
9
Total Alliance Revenue
2,212
1,428
Collaboration Revenue
2024
$m
2023
$m
Collaboration Revenue
Lynparza: sales milestone
600
–
Beyfortus: sales milestones
167
27
Koselugo: sales milestone
100 
–
Farxiga: sales milestones
56 
29
Lynparza: regulatory milestone
–
245
COVID-19 mAbs: licence fees
–
180
Beyfortus: regulatory milestones
–
71
tralokinumab: milestones
–
20
Other Collaboration Revenue
– 
22
Total Collaboration Revenue
923 
594
Tezspire (Amgen)
In 2012, AstraZeneca entered into a 
collaboration agreement with Amgen to 
co-develop and co-commercialise five 
development stage programmes. Of these, 
only Tezspire remains in the collaboration. 
A second active molecule (AZD8630) 
was added in 2021. Manufacturing will 
be undertaken by Amgen, while 
commercialisation activity will be 
undertaken either jointly, or by AstraZeneca 
or Amgen individually, dependent on the 
market and on the agreed terms.
AstraZeneca recognises 100% of the sales 
as principal in all markets other than the US, 
as well as 100% of the associated cost of 
sales. In markets other than the US, 
where AstraZeneca is recognising sales, 
the share of gross margin payable to Amgen 
is shown as additional cost of sales. In the 
US, where Amgen is recognising sales, 
AstraZeneca records its share of gross 
profit as Alliance Revenue.
	
• Prior to 2024, we recognised $338 million 
in respect of Alliance Revenue.
	
• In 2024, we recognised Alliance Revenue 
of $436 million.
Beyfortus (Sanofi)
In March 2017, AstraZeneca entered into 
an alliance with Sanofi to develop and 
commercialise Beyfortus jointly. Under the 
terms of the global agreement, Sanofi 
made an upfront payment of €120 million 
and agreed to pay up to €495 million upon 
achievement of certain development and 
sales-related milestones. All costs and 
profits are shared equally. The US element 
of this collaboration was subject to a 
participation agreement with Sobi, effective 
from January 2019 until April 2023, at which 
point there was an update to the contractual 
relationships between AstraZeneca, Sobi 
and Sanofi relating to the future sales of 
Beyfortus. Alliance Revenue includes 
AstraZeneca’s 50% share of gross profits 
on sales of Beyfortus in major markets 
outside the US.
	
• Prior to 2024, we recognised $57 million 
in respect of Alliance Revenue.
	
• In 2024, we recognised Alliance Revenue 
of $237 million.
Collaboration Revenue
Collaboration Revenue, consisting of 
upfront payments and event-triggered 
milestones, increased in the year by 56% 
(CER: 54%) to $923 million.
Details of our significant business 
development transactions which give rise 
to Collaboration Revenue are given below.
Lynparza/Koselugo (MSD)
In July 2017, the Group announced a global 
strategic oncology collaboration with MSD 
to co-develop and co-commercialise 
AstraZeneca’s Lynparza for multiple cancer 
types and Koselugo for neurofibromatosis 
type 1. As part of the agreement, MSD 
agreed to pay AstraZeneca up to $8.5 billion 
in total consideration, including $1.6 billion 
upfront, $750 million for certain licence 
options and up to $6.2 billion contingent 
upon successful achievement of future 
regulatory and sales-related milestones. 
Of the $1.6 billion upfront payment, $1.0 
billion was recognised as Collaboration 
Revenue on deal completion in 2017, with 
the remaining $0.6 billion deferred to the 
balance sheet, virtually all of which has 
been released to the Consolidated 
Statement of Comprehensive Income as at 
31 December 2024. AstraZeneca records all 
product sales for Lynparza and Koselugo, 
with the share of gross profits due to MSD 
under the collaboration being recorded 
under Cost of sales. Additionally, 
AstraZeneca recognises Collaboration 
Revenue relating to regulatory milestones 
and sales-related milestones.
Alliance Revenue 
Alliance Revenue, comprising our share 
of gross profits, share of revenues and 
royalties, increased in the year by 55% 
(CER: 55%), to $2,212 million, including 
$1,437 million from Enhertu and 
$436 million from Tezspire, which 
achieved blockbuster status in 2024.
Details of our significant business 
development transactions which give rise 
to Alliance Revenue are given below.
Enhertu (Daiichi Sankyo)
In March 2019, AstraZeneca entered into an 
alliance with Daiichi Sankyo to develop and 
commercialise Enhertu for multiple cancer 
types. In markets where Daiichi Sankyo is 
selling the product, AstraZeneca is entitled 
to receive a royalty (in Japan) or a share of 
costs and income (in other territories). Share 
of gross profits and royalty income from 
Daiichi Sankyo are recognised as Alliance 
Revenue. Enhertu launched in the US on 
31 December 2019.
	
• Prior to 2024, we recognised 
$1,828 million in respect of Alliance 
Revenue. 
	
• In 2024, we recognised Alliance Revenue 
of $1,437 million.
74
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Financial Review continued

Operating expenses 
Reported Operating expenses increased by 
11% (CER: 12%) in the year to $34,115 million. 
Core Operating expenses decreased by 
13% (CER: 14%) to $27,794 million. 
Reported R&D expense increased by 24% 
(CER: 25%) to $13,583 million and Core R&D 
expense increased by 19% (CER: 19%) to 
$12,211 million. Both Reported and Core R&D 
expense were impacted by recent positive 
data readouts for several high-priority 
medicines, increased investment in new 
platforms, technologies and capabilities 
and additional R&D projects following 
completion of previously announced 
business development activity including 
Icosavax, Gracell, Fusion and Amolyt 
Pharma. The Reported R&D expense was 
also impacted by intangible asset 
impairments of $1,065 million (2023: 
$417 million) which includes $753 million 
related to the impairment of the vemircopan 
(ALXN2050) intangible asset, following the 
decision to discontinue this development 
programme, and $165 million relating to 
product in development, FPI-2059, due to 
decisions made to terminate the related 
activities and prioritise resources on the 
development of FPI-2265 and AZD2068.
Reported SG&A expense increased by 4% 
(CER: 5%) to $19,977 million and Core SG&A 
expense increased by 9% (CER: 11%) to 
$15,028 million. Both Reported and Core 
SG&A expense increases were driven 
primarily by market development activities 
for launches and to support continued 
growth in existing brands. Reported SG&A 
expense also includes an impairment 
charge of $504 million recorded against the 
Andexxa intangible asset following the 
decision to cease promotional activity for 
this product. The prior year Reported SG&A 
expense was impacted by a $510 million 
charge to provisions relating to a legal 
settlement with Bristol-Myers Squibb and 
Ono Pharmaceutical, and a $425 million 
charge to provisions for product liability 
litigations related to Nexium and Prilosec. 
Other operating income and expense
Reported Other operating income and 
expense in the year was down 81% (CER: 
81%) to $252 million. Core Other operating 
income and expense in the year was down 
81% (CER: 81%) to $250 million. 
In 2023, both Reported and Core Other 
operating income and expense included 
a gain of $712 million on replacement of 
the contractual relationship between 
AstraZeneca, Sobi and Sanofi with a royalty 
relationship between Sanofi and Sobi and 
income of $241 million on the disposal of 
the US rights to Pulmicort Flexhaler. 
Operating profit
Reported Operating profit increased by 
22% (CER: 32%) to $10,003 million in the 
year. Reported Operating Margin remained 
flat at 18% of Total Revenue (CER: increased 
by two percentage points). Core Operating 
profit grew by 16% (CER: 22%) in the year 
to $16,928 million. 
Net finance expense 
Reported Net finance expense remained flat 
(CER: decreased by 3%) in the year totalling 
$1,284 million. Core Net finance expense 
increased by 19% (CER: 15%) in the year to 
$1,169 million. Reported Net finance expense 
was impacted by the discount unwind on 
acquisition-related liabilities. Core Net 
finance expense increased due to the 
increased level of debt and new debt 
issued at higher interest rates.
	
• Prior to 2024, we have recognised 
Collaboration Revenue totalling 
$3,110 million, comprising $750 million 
resulting from the exercise of options, 
$1,400 million in respect of sales-related 
milestones and $960 million in respect 
of regulatory milestones. 
	
• In 2024, we recognised Collaboration 
Revenue of $600 million in respect of a 
Lynparza sales-related milestone and 
$100 million in respect of a Koselugo 
sales-related milestone.
Beyfortus (Sanofi)
Details of this business development 
transaction are summarised in the Alliance 
Revenue section on page 74.
	
• Prior to 2024, we recognised Collaboration 
Revenue totalling $284 million, comprising 
$127 million (€120 million) of upfront 
consideration, $130 million (€120 million) 
in respect of regulatory milestones, 
and $27 million (€25 million) in respect 
of sales-related milestones. 
	
• In 2024, we recognised Collaboration 
Revenue of $167 million (€150 million) 
in respect of sales-related milestones. 
Gross profit
Reported Gross profit increased by 17% 
(CER: 20%) to $43,866 million. Core Gross 
profit increased by 18% (CER: 20%) to 
$44,472 million. Reported Product Sales 
Gross Margin decreased by one (CER: one) 
percentage point to 80%. Core Product 
Sales Gross Margin decreased by one 
percentage point (CER: remained flat) to 
81%. Both Reported and Core Product Sales 
Gross Margin reflected positive product mix 
effects from Rare Disease and Oncology 
medicines, negative product mix effects 
from rising contributions of products with 
share of gross profit arrangements, and 
negative geographic mix effects as 
Emerging Markets grew as a proportion 
of Total Revenue. 
75
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Financial Review

Total comprehensive income 
Total comprehensive income decreased 
by $453 million to $6,241 million in 2024. 
Other comprehensive expense, net of tax, 
was $800 million, a decrease of $1,533 
million. This expense was primarily driven 
by foreign exchange losses arising on 
consolidation of $957 million (2023: gains 
of $608 million). 
EPS
Reported EPS was $4.54 in the year (2023: 
$3.84). Core EPS was $8.21 (2023: $7.26).
Restructuring
Post Alexion Acquisition Group Review 
(PAAGR)
In conjunction with the acquisition of 
Alexion in 2021, the enlarged Group 
initiated a comprehensive review, aimed 
at integrating systems, structure and 
processes, optimising the global footprint 
and prioritising resource allocations and 
investments. Except as referenced below, 
these activities are expected to be 
substantially complete by the end of 2026. 
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. Updated estimates of 
the planned activities have resulted in an 
increase to the expected one-time 
restructuring costs of $0.8 billion, of 
which $0.3 billion are non-cash costs, 
and an increase in capital investments 
of $0.6 billion.
This includes the commencement of work 
on the planned upgrade of the Group’s ERP 
IT systems (Axial Project), which is expected 
to be substantially complete by the end of 
2030, resulting in capital investments for 
software assets of $1.3 billion and one-time 
restructuring cash costs of $0.5 billion, over 
the full course of the project.
Consequently, the total programme 
activities are now anticipated to incur 
one-time restructuring costs of 
approximately $4.4 billion, of which 
approximately $3.0 billion are cash costs 
and $1.4 billion are non-cash costs, and 
capital investments of approximately 
$2.2 billion. 
Run-rate pre-tax benefits, before 
reinvestment, are now expected to be 
approximately $2.3 billion by the end of 
2026. In line with established practice, 
restructuring costs will be excluded from 
our Core (non-GAAP) financial measures. 
During 2024, the Group has recorded 
restructuring charges of approximately 
$1.1 billion in relation to the PAAGR (2023: 
$0.4 billion), bringing the cumulative 
charges to date under this programme to 
$3.2 billion. Of these costs, $0.8 billion 
are non-cash costs arising from 
impairments and accelerated 
depreciation on affected assets. 
As at 31 December 2024, the PAAGR has 
realised annual run-rate pre-tax benefits, 
before reinvestment, of $1.5 billion.
Other programmes
Legacy programmes include the 
centralisation of our global R&D footprint 
and the transformation of SG&A functions 
(principally Finance and HR). Net costs 
for legacy programmes in 2024 were 
$39 million (2023: $92 million). 
The aggregate restructuring charge 
incurred in 2024 across all our restructuring 
programmes was $1,154 million (2023: 
$467 million). Final estimates for programme 
costs, benefits and headcount impact in all 
functions are subject to completion of the 
requisite consultation in the various areas. 
Our priority, as we undertake these 
restructuring initiatives, is to work with 
our affected employees on the proposed 
changes, acting in accordance with relevant 
local consultation requirements and 
employment law. 
Profit before tax
Reported Profit before tax increased by 
26% (CER: 38%) to $8,691 million in the 
year. Core Profit before tax increased by 
16% (CER: 22%) to $15,731 million. Pre-tax 
adjustments to arrive at Core Profit before 
tax amounted to $7,040 million in 2024 
(2023: $6,639 million), comprising 
$6,925 million adjustments to Reported 
Operating profit (2023: $6,341 million) 
and $115 million to Reported Net finance 
expense (2023: $298 million). 
EBITDA
EBITDA increased by 23% (CER: 29%) 
to $16,691 million in the year (2023: 
$13,580 million).
Taxation 
The Reported and Core tax rates for the 
year were both 19%.
The income tax paid for the year was 
$2,750 million (2023: $2,366 million). 
This was $1,100 million higher than the 
Reported tax charge for the year, which 
benefited from a net deferred tax credit of 
$795 million (2023: $1,507 million), relating 
to intangible amortisation and impairments, 
and other deferred tax items and payment 
of prior period tax liabilities, and the timing 
differences for cash payments. Additional 
information on these items is contained in 
Note 4 to the Financial Statements from 
page 163. 
We pay corporate income taxes, 
customs duties, excise taxes, stamp duties, 
employment, environmental and many 
other business taxes in all jurisdictions 
in which we operate. We also collect and 
pay employee taxes and other indirect 
taxes such as value-added tax in 
these jurisdictions. 
Reconciliation of Reported Profit before tax to EBITDA 
2024
$m
2023
$m
Actual
growth
%
CER
growth
%
Reported Profit before tax
8,691 
6,899
26 
38
Net finance expense
1,284 
1,282
– 
(3)
Share of after tax losses of joint ventures 
and associates
28 
12
>2x 
>2x 
Depreciation, amortisation and impairment
6,688 
5,387
24 
24
EBITDA
16,691 
13,580
23 
29
  For more information regarding the 
AstraZeneca tax policy, see our 
website, www.astrazeneca.com.
76
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Financial Review continued

Cash flow and liquidity – for the year 
ended 31 December 2024 
Net cash generated from operating 
activities was $11,861 million (2023: 
$10,345 million). This primarily 
reflects an underlying improvement 
in business performance.
Net investment cash outflows were 
$8,353 million (2023: $4,638 million).
Investment cash outflows for 2024 include: 
	
• Payments of contingent consideration 
from business combinations of $1,008 
million (2023: $826 million). 
	
• $2,662 million (2023: $2,417 million) 
for the purchase of intangible assets, 
including $800 million for the Amolyt 
Pharma asset acquisition, $639 million 
for the Icosavax asset acquisition, 
and $200 million of sales-related 
milestones paid to Daiichi Sankyo in 
respect of Enhertu.
	
• $2,771 million (2023: $189 million) for the 
acquisition of subsidiaries, net of cash 
acquired, including $1,997 million for the 
Fusion acquisition, and $774 million for 
the Gracell acquisition.
Investment cash inflows include:
	
• $123 million (2023: $291 million) from the 
sale of intangible assets.
Net cash distributions to shareholders were 
$4,591 million (2023: $4,448 million), 
including proceeds from the issue of share 
capital of $38 million (2023: $33 million) 
less dividends paid of $4,629 million 
(2023: $4,481 million). 
Summary cash flows
2024
$m
2023
$m
2022
$m
Net debt brought forward at 1 January
(22,510) 
(22,923)
(24,322)
Profit before tax
8,691 
6,899
2,501
Sum of changes in interest, depreciation, amortisation, 
impairment and share of after tax losses on joint ventures and 
associates
8,000 
6,681
6,736
Decrease in working capital and short-term provisions
(893) 
300
3,757
Tax paid
(2,750) 
(2,366)
(1,623)
Interest paid
(1,313) 
(1,081)
(849)
Gains on disposal of intangible assets
(64) 
(251)
(104)
Fair value movements on contingent consideration arising 
from business combinations
311 
549
82
Non-cash and other movements
(121) 
(386)
(692)
Net cash available from operating activities
11,861
10,345
9,808
Purchase of intangibles, net of disposals
(2,539) 
(2,126)
(1,033)
Acquisition of subsidiaries, net of cash acquired 
(2,771) 
(189)
(48)
Share-based payments attributable to business combinations
(3) 
(84)
(215)
Payment of contingent consideration from business 
combinations
(1,008) 
(826)
(772)
Other capital expenditure (net)
(2,032) 
(1,413)
(838)
Investments
(8,353) 
(4,638)
(2,906)
Dividends
(4,629) 
(4,481)
(4,364)
Proceeds from the issue of share capital
38 
33
29
Distributions
(4,591) 
(4,448)
(4,335)
Repayment of obligations under leases
(316)
(268)
(244)
Payment of Acerta Pharma share purchase liability
(833)
(867)
(920)
Other movements
172 
289
(4)
Net debt carried forward at 31 December
(24,570) 
(22,510)
(22,923)
77
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Financial Review

Bonds 
In March 2024, AstraZeneca issued 
$5,000 million of USD bonds and, in August 
2024, AstraZeneca issued $1,517 million of 
EUR bonds with a notional face value of 
€1,400 million. 
In March 2023, AstraZeneca issued 
$3,832 million of bonds. USD bonds with 
a notional face value of $2,250 million and 
EUR bonds with a notional face value of 
€1,500 million were issued.
In 2024, AstraZeneca repaid floating rate 
bank loans of $2,000 million, which matured 
in July 2024 and a $1,600 million USD bond, 
which matured in May 2024. $1,026 million 
was also repaid in respect of a EUR bond, 
with a notional face value of €900 million, 
which was held in a cash flow hedge and 
matured in May 2024.
In 2023, AstraZeneca repaid $2,000 million 
of floating rate bank loans in March 2023, 
which were due to mature in July 2023, a 
$1,400 million 0.3% callable bond, which 
matured in May 2023, $400 million of 
floating rate notes and an $850 million 
3.5% callable bond, both of which matured 
in August 2023, and $287 million of 7% 
guaranteed debentures, which matured 
in November 2023. 
Net debt
Net debt at 31 December 2024 was 
$24,570 million (2023: $22,510 million). 
At 31 December 2024, gross debt (interest-
bearing loans and borrowings) was 
$30,295 million (2023: $28,622 million). 
Of the gross debt outstanding, $2,676 
million is due within one year (2023: 
$5,400 million). 
At 31 December 2024, Cash and cash 
equivalents and Other investments totalled 
$5,654 million (2023: $5,962 million). 
The Group maintains committed 
bank facilities to manage liquidity. 
At 31 December 2024, the Group held 
$4,875 million of such facilities with a 
maturity date of April 2029. In January 2025 
the maturity of these facilities was extended 
by one year to April 2030. These facilities 
contain no covenants and were undrawn 
at 31 December 2024. The Group regularly 
monitors the credit standing of the banks 
providing the facilities and currently does 
not anticipate any issue with drawing on 
the committed facilities should this be 
necessary. Advances under these facilities 
currently bear an interest rate per annum 
based on SOFR (Secured Overnight 
Financing Rate) plus a margin. 
Repayment
dates
Face value
of bond
$m
Net book 
value of 
bond at 
31 December 
2024
$m
Bonds issued in 2024:
4.8% USD bond
2027
1,250
1,247
4.85% USD bond
2029
1,250
1,246
3.121% EUR bond
2030
704
682
4.9% USD bond
2031
1,000
994
3.278% EUR bond
2033
813
786
5.0% USD bond
2034
1,500
1,489
Total 2024
6,517
6,444
Bonds issued in 2023:
3.625% EUR bond
2027
791
780
4.875% USD bond
2028
1,100
1,096
4.9% USD bond
2030
650
646
3.75% EUR bond
2032
791
778
4.875% USD bond
2033
500
497
Total 2023
3,832
3,797
Net debt reconciliation 
2024
$m
2023
$m
2022
$m
Cash and cash equivalents
5,488 
5,840
6,166
Other investments1
166 
122
239
Cash and investments 
5,654 
5,962
6,405
Overdraft and short-term borrowings
(330) 
(515)
(350)
Lease liabilities
(1,452) 
(1,128)
(953)
Current instalments of loans and borrowings
(2,007) 
(4,614)
(4,964)
Loans due after one year
(26,506) 
(22,365)
(22,965)
Loans and borrowings
(30,295) 
(28,622)
(29,232)
Net derivative financial instruments
71 
150
(96)
Net debt2
(24,570) 
(22,510)
(22,923)
1	
Other investments exclude non-current investments, which are included within the balance of $1,632 million (2023: 
$1,530 million) in the Consolidated Statement of Financial Position on page 149.
2	 The equivalent GAAP measure to Net debt is ‘liabilities arising from financing activities’, which excludes the amounts 
for cash and overdrafts, other investments and non-financing derivatives shown above, and includes the Acerta 
Pharma share purchase liability of $nil (2023: $833 million) presented in current Other payables.
Payments due by period
Less than 
1 year
$m
1-3 years
$m
3-5 years
$m
Over 
5 years
$m
Total 
2024
$m
Total 
2023
$m
Bank loans and other 
borrowings1
 3,390 
7,107
7,758
19,929
38,184
 35,959 
Lease liabilities
339 
575 
250
288
1,452 
1,128
Contracted capital 
expenditure
546
157
53
819
1,575
1,368
Total 
4,275 
7,839
8,061
21,036
41,211
38,455
1	
Bank loans and other borrowings include interest charges payable in the period, as detailed in Note 28 to the Financial 
Statements from page 194.
Bonds issued in 2024 and 2023
78
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Financial Review continued

Gracell
In February 2024, AstraZeneca 
completed the acquisition of Gracell, a 
global clinical-stage biopharmaceutical 
company developing innovative cell 
therapies for the treatment of cancer and 
autoimmune diseases. The purchase price 
allocation review has been completed. 
The total consideration fair value of 
$1,037 million includes cash consideration 
of $983 million and future regulatory 
milestone-based consideration of 
$54 million. Intangible assets of 
$1,038 million and goodwill of $136 million 
were recognised in the acquisition balance 
sheet, as well as a net deferred tax liability 
of $260 million. AstraZeneca acquired the 
cash and cash equivalents on Gracell’s 
balance sheet, which totalled $209 million 
at the close of the transaction. Gracell’s 
results have been consolidated into the 
Group’s results from 22 February 2024.
Neogene
In January 2023, AstraZeneca completed 
the acquisition of Neogene, a global 
clinical-stage biotechnology company 
pioneering the discovery, development and 
manufacturing of next-generation TCR-T. 
The purchase price allocation exercise 
has completed, with the fair value of total 
consideration determined at $267 million. 
Intangible assets of $100 million and 
goodwill of $158 million were recognised in 
the acquisition balance sheet, as well as a 
cash outflow of $189 million net of cash 
acquired. Following achievement of agreed 
milestones in 2024, contingent milestones-
based consideration and non-contingent 
consideration of $120 million is payable. 
Neogene’s results have been consolidated 
into the Group’s results from 
16 January 2023.
The acquisitions have been accounted 
for as business combinations using 
the acquisition method of accounting 
in accordance with IFRS 3 
‘Business Combinations’. 
Acquisitions treated as asset acquisitions
Amolyt Pharma 
In July 2024, AstraZeneca completed the 
acquisition of Amolyt Pharma, a clinical-
stage biotechnology company focused 
on developing novel treatments for rare 
endocrine diseases. AstraZeneca acquired 
all outstanding equity of Amolyt Pharma 
with consideration of $857 million, 
principally relating to $800 million of 
intangible assets and $98 million of cash 
and cash equivalents. Contingent 
consideration of up to $250 million could 
be paid on achievement of a regulatory 
milestone; this potential liability would be 
recorded when the relevant recognition 
event for a regulatory milestone is achieved.
Icosavax
In February 2024, AstraZeneca completed 
the acquisition of Icosavax, a US-based 
clinical-stage biopharmaceutical company 
focused on developing differentiated, 
high-potential vaccines using an innovative, 
protein virus-like particle platform. 
Consideration totalled $841 million, principally 
relating to $639 million of intangible assets, 
$141 million of cash and cash equivalents 
and $51 million of marketable securities. 
Contingent consideration of up to $300 million 
could be paid on achievement of regulatory 
and sales milestones; these potential 
liabilities would be recorded when the 
relevant recognition event for a regulatory 
or sales milestone is achieved.
CinCor
In February 2023, AstraZeneca completed 
the acquisition of 100% of the issued shares 
of CinCor, for consideration of $1,268 million, 
which included intangible assets acquired of 
$780 million, $424 million of cash and cash 
equivalents, and $75 million of marketable 
securities. Contingent consideration of up to 
$496 million could be paid on achievement 
of regulatory milestones and those liabilities 
will be recorded when milestones are 
triggered, or performance conditions have 
been satisfied. 
Pfizer portfolio 
In September 2023, AstraZeneca completed 
the definitive purchase and licence 
agreement for a portfolio of preclinical rare 
disease gene therapy programmes and 
enabling technologies from Pfizer. The 
agreement has a total consideration of up 
to $1 billion, consisting of a $300 million 
upfront payment and $700 million of 
contingent consideration, plus tiered 
royalties on sales. 
Commitments and contingencies
We have commitments and contingencies 
which are accounted for in line with Group 
Accounting Policies and are described in 
Note 30 to the Financial Statements from 
page 203. 
We also have taxation contingencies. These 
are described in this Financial Review, in the 
Taxation section in the Critical accounting 
policies and estimates section from page 
152, and in Note 30 to the Financial 
Statements from page 211.
Financial position – 31 December 2024
All data in this section are on a 
Reported basis.
Acquisitions
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.
Acquisitions treated as business 
combinations
Fusion
In June 2024, AstraZeneca completed 
the acquisition of Fusion, a clinical-stage 
biopharmaceutical company developing 
next-generation radioconjugates. The 
purchase price allocation review has been 
completed. The total consideration fair 
value of $2,195 million includes cash 
consideration of $2,051 million and future 
regulatory milestone-based consideration 
of $144 million. Intangible assets of 
$1,326 million and goodwill of $947 million 
were recognised in the acquisition balance 
sheet, as well as a net deferred tax liability 
of $246 million. AstraZeneca acquired the 
cash and cash equivalents on Fusion’s 
balance sheet, which totalled $30 million 
at the close of the transaction. Immediately 
prior to the acquisition, AstraZeneca held 
an approximately 1% shareholding in Fusion 
with a fair value of $24 million. Fusion’s 
results have been consolidated into the 
Group’s results from 4 June 2024.
In December 2024, the intangible asset 
relating to the product in development, 
FPI-2059, was fully impaired by $165 million 
due to portfolio prioritisation decisions. 
Development of FPI-2265 and AZD2068 are 
still ongoing and continue to be a priority.
  For full details of acquisitions, 
see Note 27 to the Financial 
Statements from page 193.
  For further information, see 
Business Development on 
page 46.
79
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Financial Review

Cellectis
In November 2023, AstraZeneca entered 
into an agreement with Cellectis, 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. Cellectis received an initial 
payment of $105 million from AstraZeneca, 
which comprised a $25 million upfront cash 
payment under the terms of a research 
collaboration agreement and an $80 million 
equity investment. In May 2024, AstraZeneca 
completed an additional $140 million equity 
investment in Cellectis. The equity 
investment and a research collaboration 
agreement will leverage the Cellectis 
proprietary gene editing technologies and 
manufacturing capabilities, to design up to 
10 novel cell and gene therapy products for 
areas of high unmet medical need, including 
oncology, immunology and rare diseases. 
Following completion of the additional 
$140 million equity investment, AstraZeneca 
holds a total equity stake of 44% in the 
associate entity.
Eccogene
In November 2023, AstraZeneca and 
Eccogene entered into an exclusive licence 
agreement for AZD5004, an investigational 
oral once-daily GLP-1RA for the treatment 
of obesity, type-2 diabetes and other 
cardiometabolic conditions. Preliminary 
results from the Phase I trial have shown a 
differentiating clinical profile for AZD5004, 
with good tolerability and encouraging 
glucose and body weight reduction across 
the dose levels tested compared to placebo. 
Under the terms of the agreement, 
Eccogene received an initial upfront 
payment of $185 million and is eligible to 
receive up to an additional $1.8 billion in 
future clinical, regulatory, and commercial 
milestones and tiered royalties. AstraZeneca 
is granted exclusive global rights for the 
development and commercialisation of 
AZD5004 for any indication in all territories 
except China, where Eccogene has the 
right to co-develop and co-commercialise 
alongside AstraZeneca.
In addition to the business 
development transactions detailed 
under Alliance Revenue and Collaboration 
Revenue from page 74 of this Financial 
Review, the following significant 
collaborations remain in the 
development phase:
Daiichi Sankyo 
In July 2020, AstraZeneca entered 
into a new global development and 
commercialisation agreement with Daiichi 
Sankyo for Datroway, its proprietary 
TROP2-directed ADC and potential new 
medicine for the treatment of multiple 
tumour types. AstraZeneca paid Daiichi 
Sankyo an upfront payment of $1 billion in 
three staged payments and also agreed to 
pay additional conditional amounts of up to 
$1 billion for the successful achievement of 
regulatory approvals and up to $4 billion for 
sales-related milestones. The transaction 
was accounted for as an intangible asset 
acquisition, recognised initially at the 
present value of non-contingent 
consideration, with any potential future 
milestone payments capitalised into the 
intangible asset as they are recognised. 
The companies will jointly develop and 
commercialise Datroway worldwide and 
will share, equally, development and 
commercialisation expenses as well as 
profits relating to Datroway worldwide, 
except for Japan, where Daiichi Sankyo will 
retain exclusive rights and be responsible 
for such costs and will pay AstraZeneca mid 
single-digit royalties. Daiichi Sankyo will 
record sales in the US, certain countries in 
Europe and certain other countries where 
Daiichi Sankyo has affiliates. Profits shared 
with AstraZeneca will be recorded as 
Alliance Revenue. AstraZeneca will record 
Product Sales in other countries worldwide. 
Profits shared with Daiichi Sankyo will be 
recorded within Cost of sales. Daiichi Sankyo 
will manufacture and supply Datroway, 
which was approved in Japan in 2024 and 
the US in January 2025.
Innate Pharma
In April 2015, we entered into two oncology 
agreements with Innate Pharma: a licence 
which provides us with exclusive global 
rights to co-develop and commercialise 
IPH2201 in combination with Imfinzi; and 
an option to license exclusive global rights 
to co-develop and commercialise IPH2201 
in monotherapy and other combinations in 
certain treatment areas. We jointly fund 
Phase II studies with Innate Pharma and 
we lead the execution of these studies. 
In respect of these agreements, we made 
an initial payment to Innate Pharma of 
$250 million. The agreement also includes a 
Phase III initiation milestone of $100 million, 
as well as additional regulatory and 
sales-related milestones. We record all 
sales and pay Innate Pharma double-digit 
royalties on net sales. The arrangement 
includes the right for Innate Pharma to 
co-promote in Europe for an equal share 
of costs and income in the territory.
Off balance sheet transactions and 
commitments
We have no off balance sheet arrangements 
and our derivative activities are 
non‑speculative. The table on page 78 sets 
out our minimum contractual obligations at 
the year end.
Research and development collaboration 
payments
Details of future potential R&D collaboration 
payments are also included in Note 30 to 
the Financial Statements from page 203. 
As detailed in Note 30, payments to our 
partners may not become payable due to 
the inherent uncertainty in achieving the 
development and revenue milestones linked 
to the future payments. We may enter into 
further collaboration projects in the future 
that may include milestone payments and, 
as certain milestone payments fail to 
crystallise due to, for example, failure to 
obtain regulatory approval, unfavourable 
data from key studies, adverse reactions 
to the product candidate or indications of 
other safety concerns, they may be 
replaced by potential payments under 
new collaborations.
Investments, divestments and capital 
expenditure 
We have completed more than 60 major 
or strategically important business 
development transactions over the past 
three years, including:
CSPC Pharmaceutical Group 
In October 2024, AstraZeneca entered into 
an exclusive licence agreement with CSPC 
Pharmaceutical Group Ltd (CSPC) to 
advance the development of an early stage, 
novel small molecule Lipoprotein (a) (Lp(a)) 
disruptor that has the potential to offer 
additional benefits for patients with 
dyslipidaemia. This further strengthens the 
Group’s cardiovascular portfolio to help 
address the major risk factors driving 
chronic cardiovascular disease. Under the 
terms of the agreement, AstraZeneca will 
receive access to CSPC’s preclinical 
candidate small molecule, YS2302018, 
an oral Lp(a) disruptor, with the aim of 
developing this as a novel lipid-lowering 
therapy with potential in a range of 
cardiovascular disease indications, alone 
or in combination, including with 
AstraZeneca’s oral small molecule 
PCSK9 inhibitor, AZD0780. CSPC will 
receive an upfront payment of $100 million 
and is eligible to receive up to $1,920 million 
for further development, regulatory and 
commercialisation milestones, plus 
tiered royalties.
80
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Financial Review continued

The Board regularly reviews its distribution 
policy and its overall financial strategy to 
continue to strike a balance between the 
interests of the business, our financial 
creditors and our shareholders. Having 
regard for business investment, funding the 
progressive dividend policy and meeting 
our debt service obligations, the Board 
currently believes it is appropriate to 
continue the suspension of the share 
repurchase programme which was 
announced in 2012.
The Board reviews the level of distributable 
reserves of the Parent Company annually 
and aims to maintain distributable reserves 
that provide adequate cover for dividend 
payments. At 31 December 2024, the 
overwhelming majority of the Profit and loss 
account reserve of $13,495 million (2023: 
$17,640 million) was available for 
distribution, subject to filing these Financial 
Statements with Companies House. When 
making a distribution to shareholders, the 
Directors determine profits available for 
distribution by reference to guidance on 
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 Scotland in April 2017.
The profits of the Parent Company have 
been received in the form of receivables 
due from subsidiaries. The availability of 
distributable reserves in the Parent 
Company is 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 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, at 31 December 2024, 
the overwhelming majority (2023: the 
overwhelming majority) of the Company’s 
profit and loss reserves were available 
for distribution.
Future prospects
As outlined earlier in this Annual Report, 
our strategic priorities support delivery of 
our Growth Through Innovation strategy 
and our Purpose: to push the boundaries of 
science to deliver life‑changing medicines. 
In support of this, we made certain choices 
around our three strategic priorities: 
	
• Science and Innovation
	
• Growth and Therapy Area Leadership
	
• People and Sustainability.
Full year 2025: additional commentary
Total Revenue is expected to increase by 
a high single-digit percentage. Core EPS 
is expected to increase by a low double-
digit percentage.
The Core Tax rate is expected to be 
between 18-22%.
The Group is unable to provide guidance on 
a Reported basis because it cannot reliably 
forecast material elements of the Reported 
results, including any fair value adjustments 
arising on acquisition-related liabilities, 
intangible asset impairment charges and 
legal settlement provisions. Please refer 
to the Cautionary statement regarding 
forward-looking statements on page 244.
Currency impact
If foreign exchange rates for February 2025 
to December 2025 were to remain at the 
average rates seen in January 2025, it is 
anticipated that 2025 Total Revenue for 
the year would incur a low single-digit 
percentage adverse impact and 2025 
Core EPS would incur a mid single-digit 
percentage adverse impact versus the 
performance at CER.
This commentary represents management’s 
current estimates and is subject to change. 
See the Cautionary statement regarding 
forward-looking statements on page 244.
Financial risk management
Financial risk management policies
Our risk management processes are 
described in Risk Overview from page 64. 
These processes enable us to identify risks 
that can be partly or entirely mitigated 
through the use of insurance. We focus our 
insurance resources on the most critical 
areas, or where there is a legal requirement, 
and where we can get the best value for 
money through captive, structured and 
traditional insurance placements. 
Treasury
The principal financial risks to which we are 
exposed are those arising from liquidity, 
interest rates, foreign currency and credit. 
We have a centralised treasury function to 
manage these risks in accordance with 
Board-approved policies. Note 28 to the 
Financial Statements from page 194 sets 
out the relevant policies and the way we 
manage these risks and our capital 
management objectives, as well as a 
sensitivity analysis of the Group’s exposure to 
exchange rate and interest rate movements.
In October 2018, we exercised our option 
over IPH2201 and simultaneously entered 
into a further multi-element transaction 
with Innate Pharma. Under the agreement, 
we paid $50 million to collaborate on, and 
acquire an option to license, IPH5201, a 
potentially first-in-class anti-CD39 mAb. 
Additionally, we paid $20 million to acquire 
options over four future programmes 
currently being developed by Innate 
Pharma, which was expensed as R&D 
expenditure over four years, and paid 
€62.6 million to acquire a 9.8% stake in 
Innate Pharma. The $100 million option fee 
and $50 million premium paid over market 
price for the investment in Innate Pharma 
were capitalised as intangible assets.
We determine these business development 
transactions to be significant using a range 
of factors. We look at the specific 
circumstances of the individual 
arrangement and apply several quantitative 
and qualitative criteria. As we consider 
business development transactions to be an 
extension of our R&D strategy, the expected 
total value of development payments under 
the transaction and its proportion of our 
annual R&D spend, both of which are 
proxies for overall R&D effort and cost, 
are important elements of the determination 
of the significance. Other quantitative 
criteria we apply include, without limitation, 
expected levels of future sales, the possible 
value of milestone payments and the 
resources used for commercialisation 
activities (for example, the number of staff). 
Qualitative factors we consider include, 
without limitation, new market 
developments, new territories, new areas 
of research and strategic implications.
Capitalisation and shareholder return
Capitalisation
The total number of shares in issue at 
31 December 2024 was 1,551 million 
(2023: 1,550 million). 
Shareholders’ equity increased by 
$1,643 million to $40,786 million at the 
year end. Non-controlling interests were 
$85 million (2023: $23 million). 
Dividend and share repurchases
The Board has recommended a second 
interim dividend of $2.10 (168.0 pence, 
22.96 SEK) to be paid on 24 March 2025. 
This brings the full-year dividend to $3.10 
(245.6 pence, 33.75 SEK). Against Reported 
EPS, the Group had a dividend cover ratio 
of 1.46:1 in 2024 (2023: 1.32:1). Against Core 
EPS, the Group had a dividend cover ratio of 
2.65:1 in 2024 (2023: 2.50:1). This dividend 
is consistent with the progressive dividend 
policy, by which, the Board intends to 
maintain or grow the dividend each year.
  For more information regarding 
Dividends, see Note 25 on 
page 192. 
	
For more information, see Our 
Strategy and Key Performance 
Indicators from page 12.
81
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Financial Review

Revenue recognition
Product Sales are recorded at the invoiced 
amount (excluding inter-company sales 
and value-added taxes), less movements 
in estimated accruals for rebates and 
chargebacks given to managed care and 
other customers, which are a particular 
feature in the US and are considered to be 
key estimates. It is the Group’s policy to 
offer a credit note for all returns and to 
destroy all returned stock in all markets. 
Cash discounts for prompt payments are 
also discounted from sales. Sales are 
recognised when the control of the goods 
has been transferred to a third party, which 
is usually when title passes to the customer, 
either on shipment or on the receipt of 
goods by the customer, depending on 
local trading terms.
Rebates, chargebacks and 
returns in the US
When invoicing Product Sales in the US, 
we estimate the rebates and chargebacks 
that we expect to pay, which are considered 
to be estimates. These rebates typically 
arise from sales contracts with third-party 
managed care organisations, hospitals, 
long-term care facilities, group purchasing 
organisations and various federal or state 
programmes (Medicaid contracts, 
supplemental rebates, etc.). They can be 
classified as follows:
	
• Chargebacks, where we enter into 
arrangements under which certain 
parties, typically hospitals, long-term care 
facilities, group purchasing organisations, 
the Department of Veterans Affairs, Public 
Health Service Covered Entities, and the 
Department of Defense, are able to buy 
products from wholesalers at the lower 
prices we have contracted with them. 
The chargeback is the difference 
between the price we invoice to the 
wholesaler and the contracted price 
charged by the wholesaler to the other 
party. Chargebacks are credited directly 
to the wholesalers.
	
• Regulatory, including Medicaid and other 
federal and state programmes, where we 
pay rebates based on the specific terms 
of agreements with the US Department 
of Health and Human Services and with 
individual states, which include product 
usage and information on best prices and 
average market price benchmarks.
	
• Contractual, under which entities such as 
third-party managed care organisations 
are entitled to rebates depending on 
specified performance provisions, which 
vary from contract to contract.
The effects of these deductions on our US 
pharmaceuticals revenue and the movements 
on US pharmaceuticals revenue provisions 
are set out on page 83.
Accrual 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 us 
(in the case of contractual rebates) and 
claims/invoices are received (in the case 
of regulatory rebates and chargebacks). 
We believe that we have made reasonable 
estimates for future rebates using a similar 
methodology to that of previous years. 
Inevitably, however, these estimates involve 
assumptions in respect of aggregate future 
sales levels, segment mix and customers’ 
contractual performance.
Overall adjustments between gross and 
net US Product Sales amounted to 
$18,986 million in 2024 (2023: $18,607 million) 
with the increase driven predominantly by 
increased chargebacks.
Cash discounts are offered to customers to 
encourage prompt payment. Accruals are 
calculated based on historical experience 
and are adjusted to reflect actual experience. 
Our revenue recognition policy is described 
within Group Accounting Policies from 
page 152.
Industry practice in the US allows 
wholesalers and pharmacies to return 
unused stocks within a certain time frame 
based on shelf-life expiry. The customer 
is credited for the returned product by the 
issuance of a credit note. Returned products 
are not exchanged for products from 
inventory and once a return claim has been 
determined to be valid and a credit note has 
been issued to the customer, the returned 
products are destroyed. At the point of sale 
in the US, we estimate the quantity and 
value of products which may ultimately be 
returned. Our returns accruals in the US are 
based on actual experience. Our estimate 
is based on the historical sales and returns 
information for established products 
together with market-related information, 
such as estimated shelf life, product recall, 
and estimated stock levels at wholesalers, 
which we receive via third-party 
information services. For newly launched 
products, we use rates based on our 
experience with similar products or a 
pre-determined percentage.
Critical accounting policies 
and estimates
The Consolidated Financial Statements 
have been prepared in accordance with 
UK‑adopted IAS 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 IASB and IAS as adopted 
by the EU. The accounting policies employed 
are set out in the Group Accounting Policies 
section from page 152. In applying these 
policies, we make estimates and assumptions 
that affect the Reported amounts of assets 
and liabilities, and disclosure of contingent 
assets and liabilities. The actual outcome 
could differ from those estimates. Some of 
these policies require a high level of 
judgement because the areas are especially 
subjective or complex.
We believe that the most critical accounting 
policies and significant areas of judgement 
and estimation are in the following areas 
and align with the accounting policies 
containing our key accounting judgements, 
and significant accounting estimates, 
as disclosed in the Financial Statements 
from page 152:
	
• Revenue recognition – see Revenue 
accounting policy on page 152 and 
Note 1 on page 160
	
• Expensing of internal development 
expenses – see Research and 
development accounting policy on 
page 154
	
• Impairment review of Intangible assets 
– see Note 10 on page 173
	
• Useful economic life of Intangible assets 
– see Research and development 
accounting policy on page 154
	
• Business combinations and Goodwill – 
see Business combinations and goodwill 
accounting policy on page 157
	
• Litigation liabilities – see Litigation and 
Environmental Liabilities within Note 30 
on page 205
	
• Operating segments – see Note 6 on 
page 166
	
• Employee benefits – see Note 22 on 
page 190
	
• Taxation – see Tax in Note 30 on page 211.
82
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Financial Review continued

Gross to Net Product Sales 
US pharmaceuticals
2024
$m
2023
$m
2022
$m
Gross Product Sales
40,641 
36,568
32,100
Chargebacks
(3,969) 
(3,075)
(2,401)
Regulatory – Medicaid and state programmes
(2,184) 
(2,417)
(1,879)
Contractual – Managed care and Medicare
(10,825) 
(11,035)
(8,821)
Cash and other discounts
(430) 
(428)
(359)
Customer returns
(111) 
(222)
(132)
US branded pharmaceutical fee
(114) 
(124)
(150)
Other
(1,353) 
(1,306)
(1,104)
Net Product Sales
21,655 
17,961
17,254
Movements in accruals
US pharmaceuticals
Brought 
forward at
1 January 
2024
$m
Provision for
current year
$m
Adjustment in
respect of
prior years
$m
Returns and
payments
$m
Carried 
forward at 
31 December 
2024
$m
Chargebacks
245 
3,530 
46 
(3,477) 
344 
Regulatory – Medicaid and state programmes
986 
2,185 
(18) 
(2,293) 
860 
Contractual – Managed care and Medicare
3,127 
10,962 
(122) 
(10,901) 
3,066 
Cash and other discounts
31 
430 
– 
(438) 
23 
Customer returns
273 
98 
– 
(91) 
280 
US branded pharmaceutical fee
172 
159 
(44) 
(110) 
177
Other
282 
1,346 
– 
(1,400) 
228 
Total
5,116 
18,710 
(138) 
(18,710) 
4,978 
Brought 
forward at
1 January 
2023
$m
Provision for
current year
$m
Adjustment in
respect of
prior years
$m
Returns and
payments
$m
Carried  
forward at  
31 December 
2023
$m
Chargebacks
233
2,743
(22)
(2,709)
245
Regulatory – Medicaid and state programmes
771
2,468
(59)
(2,194)
986
Contractual – Managed care and Medicare
2,426
11,166
(92)
(10,373)
3,127
Cash and other discounts
27
428
–
(424)
31
Customer returns
205
204
–
(136)
273
US branded pharmaceutical fee
137
133
(5)
(93)
172
Other
162
1,303
–
(1,183)
282
Total
3,961
18,445
(178)
(17,112)
5,116
Brought 
forward at
1 January 
2022
$m
Provision for
current year
$m
Adjustment in
respect of
prior years
$m
Returns and
payments
$m
Carried  
forward at  
31 December 
2022
$m
Chargebacks
181
2,103
(13)
(2,038)
233
Regulatory – Medicaid and state programmes
510
1,953
(79)
(1,613)
771
Contractual – Managed care and Medicare
2,031
8,971
(141)
(8,435)
2,426
Cash and other discounts
21
359
–
(353)
27
Customer returns
196
112
–
(103)
205
US branded pharmaceutical fee
79
138
16
(96)
137
Other
154
1,036
–
(1,028)
162
Total
3,172
14,672
(217)
(13,666)
3,961
83
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Corporate Governance
Financial Review

Strategic Report
The following sections make up the Strategic Report, 
which has been prepared in accordance with the 
requirements of the Companies Act 2006:
	
•
Chair’s Statement
	
•
Chief Executive Officer’s Review
	
•
What science can do 
	
•
AstraZeneca at a Glance
	
•
Healthcare in a Changing World
	
•
Our Purpose, Values and Business Model
	
•
Our Strategy and Key Performance Indicators 
	
•
Therapy Area Review 
	
•
Business Review
	
•
Disclosure Statements
	
•
Risk Overview 
	
•
Financial Review 
and has been approved and signed on behalf 
of the Board.
A C N Kemp
Company Secretary  
6 February 2025
Sarbanes-Oxley Act section 404 
As a consequence of our Nasdaq listing, 
we are required to comply with those 
provisions of the Sarbanes-Oxley Act 
applicable to foreign issuers. Section 404 of 
the Sarbanes-Oxley Act requires companies 
annually to assess and make public 
statements about the effectiveness of their 
internal control over financial reporting. As 
regards to Sarbanes-Oxley Act section 404, 
our approach is based on the Committee 
of Sponsoring Organizations (COSO) 
2013 framework.
Our approach to the assessment has 
been to select key transaction and financial 
reporting processes in our largest operating 
units and a number of specialist areas 
(e.g. financial consolidation and reporting, 
treasury operations and taxation), so that, 
in aggregate, we have covered a significant 
proportion of the key lines in our Financial 
Statements. Each of these operating units 
and specialist areas has ensured that its 
relevant processes and controls are 
documented to appropriate standards, 
taking into account, in particular, the 
guidance provided by the US Securities 
and Exchange Commission (SEC).
We have also reviewed the structure and 
operation of our ‘entity level’ control 
environment. This refers to the overarching 
control environment, including structure of 
reviews, checks and balances that are 
essential to the management of a well-
controlled business. 
84
AstraZeneca Annual Report & Form 20-F Information 2024
Strategic Report
Financial Review continued

Corporate
Governance
Contents
Chair’s Introduction 86
Corporate Governance Overview 87
Board of Directors 88
Senior Executive Team (SET) 90
Corporate Governance Report 91
Nomination and Governance Committee Report 100
Science Committee Report 102
Sustainability Committee Report 103
Audit Committee Report 104
Directors’ Remuneration Report 112
Corporate Governance
Additional Information
Financial Statements
Strategic Report
85
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance

“In all its deliberations, the Board considers the 
interests of stakeholders and, in addition to 
management’s interactions, undertakes direct 
engagement with stakeholders.”
The Board 
During 2024, the Board continued to 
support the Company’s delivery of its 
strategy to promote its long-term 
sustainable success. This included 
approving the Budget and Funding Plan 
as well as the Annual Strategy Review 
and Long-Term Plan. We also considered, 
and approved, a number of acquisitions 
to strengthen the Group’s pipeline and 
accelerate the development of potentially 
life-changing medicines.
In all its deliberations, the Board considers 
the interests of stakeholders and, in addition 
to management’s interactions, undertakes 
direct engagement with stakeholders. 
In 2024, this included engaging with 
employees and external stakeholders at our 
meeting in Gothenburg, Sweden. I continue 
to engage with shareholders directly, in 
particular at the World Economic Forum in 
Davos and as part of the European Round 
Table of Industry.
Board Committees
The work of the full Board is complemented 
by the work of its Committees.
The Audit Committee has an important 
role to play in monitoring the integrity of 
financial reporting, reviewing the 
effectiveness of internal controls, risk 
management and compliance. Key activities 
in 2024 included consideration as well as 
in-depth reviews related to our key risks. 
This included consideration of the 
investigations by Chinese authorities into 
current and former AstraZeneca employees 
and the Company; a topic which was also 
reviewed by the full Board.
During the year, the Audit and Sustainability 
Committees worked together on 
developments in the reporting and 
regulatory environment in relation to 
sustainability-related disclosures, including 
the approach we have adopted in 2024 and 
intend to take in 2025.
The Science Committee continues to carry 
out its valuable work providing assurance 
regarding the quality, competitiveness and 
integrity of the Group’s R&D activities. In 
2024, this included a two-day meeting at 
our site in Shanghai, China which provided 
opportunities to engage with R&D employees.
Finally, the Remuneration Committee was 
pleased that the majority of shareholders 
supported the new Remuneration Policy at 
the 2024 AGM. This allows us to continue to 
provide competitive executive remuneration 
and drive a high-performance culture. 
During the year, the Committee engaged 
with investors, including discussions about 
details of its proposed implementation of 
the Policy. It also worked closely with the 
Sustainability Committee when reviewing 
the sustainability metric within the long-
term incentive which, for awards granted 
from 2025 onwards, will focus on reduction 
in Value Chain (Scope 3) GHG emissions.
Annual General Meeting 
In 2024, the Board held its first digitally-
enabled AGM. It was broadcast live, 
which allowed our geographically diverse 
shareholder base to participate in the 
meeting and engage with the Directors. 
I look forward to chairing our 2025 digitally-
enabled AGM in April and engaging with as 
many of you as possible.
Michel Demaré
Chair
In my first full year as Chair, I am grateful 
to my fellow Directors for the continued 
role they play in overseeing the highest 
standards of governance in the Company 
and carrying out their roles with integrity, 
diligence and professionalism.
I am particularly grateful to the Chairs of 
the Board Committees for the important 
additional responsibilities they bear.
New Non-Executive Directors
I would like to welcome Rene Haas and 
Birgit Conix to the Board. Both joined at the 
start of 2025, with Rene bringing deep and 
broad knowledge of technology including 
data science, computing and AI from his 
experience in the microprocessor, 
semiconductor and software engineering 
industry. Birgit brings significant financial 
and executive experience through 
successive Chief Financial Officer roles as 
well as experience of the pharmaceutical 
industry, and will be a valuable addition to 
the Audit Committee. 
The appointment of Rene and Birgit 
highlights the importance of the Nomination 
and Governance Committee in succession 
planning, including taking the lead in the 
search for and recruitment of new Directors. 
We also ensure the Board has a balance of 
expertise, experience and diversity.
The Committee also manages, on a 
continuous basis, the process of 
anticipating the potential succession of 
our CEO, combining a thorough review 
of our internal bench with a careful 
monitoring of external talent.
Good corporate governance 
underpins any successful 
business and is a prime 
responsibility of the Board. 
Corporate Governance
86
AstraZeneca Annual Report & Form 20-F Information 2024
Chair’s Introduction

The Board’s responsibilities include 
setting our strategy and policies, 
overseeing risk and corporate governance, 
and monitoring progress towards meeting 
our objectives and annual plans. It is 
accountable to our shareholders for the 
proper conduct of the business and our 
long-term success, and seeks to represent 
the interests of all stakeholders. 
The CEO, CFO and the SET take the lead 
in developing our strategy; proposals are 
reviewed and constructively challenged by 
the Board, before the strategy is approved.
The Directors are collectively responsible 
for the success of the Group. The Board 
maintains and periodically reviews a list 
of matters that can only be approved by 
the Board. Matters that have not been 
expressly reserved to the Board in this 
way are delegated to the CEO or one of 
the Board’s five Committees. The diagram 
below illustrates this governance structure. 
Governance structure
Audit 
Committee
Report from page 104
Nomination and 
Governance Committee
Report from page 100
Remuneration 
Committee
Report from page 112
Science 
Committee
Report from page 102
Sustainability 
Committee
Report from page 103
The Board has delegated some of its powers to the CEO and operates with the assistance of five Committees:
Board
Corporate Governance Report from page 91
Attendance in 2024
Board Committee membership and meeting attendance in 2024
Board/Committee Chair
Director
Appointment
date1 
Board2
Audit 
Committee 
Remuneration 
Committee 
Nomination and 
Governance 
Committee
Science 
Committee 
Sustainability
Committee
Non-Executive Chair and Executive Directors 
Michel Demaré
01/09/2019
 10/10
7/7
 5/5
Pascal Soriot
01/10/2012
10/10
Aradhana Sarin 
01/08/2021
10/10
Non-Executive Directors
Euan Ashley3
01/10/2020
9/10
5/5
 5/5
Philip Broadley4
27/04/2017
10/10
 6/6
6/7
4/5
Deborah DiSanzo3,4 
01/12/2017
8/10
6/6
Diana Layfield3
01/11/2020
9/10
5/5
Sheri McCoy
01/10/2017
10/10
6/6
 7/7
5/5
2/2
Tony Mok4
01/01/2019
9/10
5/5
Nazneen Rahman
01/06/2017
10/10
7/7
5/5
5/5
 2/2
Andreas Rummelt3
01/08/2021
9/10
2/2
Marcus Wallenberg4
05/04/1999
9/10
2/5
1/2
Anna Manz4
01/09/2023
9/10
6/6
1	
Date of first appointment or election to the Board.
2	 Six Board meetings in 2024 were held by videoconference and four were held in person at the Company’s sites in Cambridge and London, UK and Gothenburg, Sweden.
3	 One Board meeting was called urgently at very short notice during the year. Due to time zones, a medical appointment and the very short notice, as reflected in the table above, 
these Board members were unable to participate but were fully briefed following the meeting.
4	 These Board members missed one or more meetings due to scheduling conflicts with other board meetings and/or travel plans.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
87
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance Overview
Corporate Governance Overview

Michel Demaré  NG R
Non-Executive Chair of the Board
Skills and experience: Michel was 
previously Vice-Chairman of UBS 
Group AG (2010-2019), Chairman of 
Syngenta and Syngenta Foundation 
for Sustainable Agriculture 
(2013-2017) and Chairman of 
SwissHoldings (2013-2015). 
Between 2005 and 2013, Michel was 
CFO of ABB Ltd and interim CEO 
during 2008. He joined ABB from 
Baxter International Inc., where he 
was CFO Europe from 2002 to 2005. 
Prior to that, he spent 18 years at 
The Dow Chemical Company, 
serving as CFO of Dow’s Global 
Polyolefins and Elastomers division 
between 1997 and 2002.
Other appointments: Michel is a 
Non-Executive Director of Vodafone 
Group plc and Louis Dreyfus Int’l 
Holding BV and Chairman of IMD 
Business School.
Philip Broadley 
A  NG R
Senior independent Non-
Executive Director
Skills and experience: Philip was 
previously Group Finance Director 
of Prudential and Old Mutual. He has 
served as Chairman of the 100 
Group of Finance Directors and as a 
member of the Takeover Panel. He is 
a Fellow of the Institute of Chartered 
Accountants in England and Wales. 
Philip graduated in Philosophy, 
Politics and Economics from the 
University of Oxford, where he is a 
St Edmund Fellow, and holds an MSc 
in Behavioural Science from LSE. 
Other appointments: Philip is the 
Non-Executive Chair of Lancashire 
Holdings Limited and serves as a 
Non-Executive Director of Legal & 
General Group plc.
Pascal Soriot
Executive Director and CEO
Skills and experience: Pascal brings 
a passion for science and medicine, 
significant experience in established 
and emerging markets, strength of 
strategic thinking and execution, 
a successful track record of 
managing change and executing 
strategy, and the ability to lead a 
diverse organisation. He served as 
COO of Roche’s pharmaceuticals 
division and, prior to that, as CEO 
of Genentech. Pascal has worked in 
senior management roles in several 
major companies around the world. 
He is a Doctor of Veterinary Medicine 
and holds an MBA from HEC Paris. 
In 2022, Pascal received a 
knighthood for services to life 
sciences and leadership in the global 
response to the COVID-19 pandemic.
Other appointments: Pascal is on 
the Board of Sustainable Markets 
Initiative Limited.
Euan Ashley  Sc  NG
Non-Executive Director
Skills and experience: Euan studied 
physiology and medicine at Glasgow 
University, trained as a junior doctor 
at Oxford University Hospitals NHS 
Trust, and gained a DPhil in 
cardiovascular cellular biology and 
molecular genetics at the University 
of Oxford. In 2002, Euan moved to 
Stanford University, where his 
research focuses on genetic 
mechanisms of cardiovascular health 
and disease. His laboratory leverages 
AI and digital health tools, alongside 
biotechnology partners, to advance 
translational and clinical research. 
Euan’s awards include recognition 
from the White House for contributions 
to personalised medicine and the 
American Heart Association’s Medal 
of Honor for precision medicine.
Other appointments: Euan is the 
Arthur L. Bloomfield Professor of 
Medicine, Genetics and Biomedical 
Data Science, and the Chair of 
the Department of Medicine at 
Stanford University.
Aradhana Sarin
Executive Director and CFO 
Skills and experience: Before 
joining AstraZeneca, Aradhana was 
CFO for Alexion, responsible for 
driving strategic growth, financial 
performance and business 
development. She has eight years 
of operational experience in 
biopharma, plus more than 20 years 
of professional experience at global 
financial institutions and extensive 
knowledge of global healthcare 
systems. This includes tenures at 
Citi Global Banking, UBS, and 
JP Morgan. Aradhana trained as a 
medical doctor in India and spent 
two years practising in both India 
and Africa. She completed her 
medical training at the University 
of Delhi and received her MBA from 
Stanford Business School.
Other appointments: Aradhana 
is on the Board of Governors of 
the American Red Cross and is 
an Independent Director and 
Audit Committee member of 
Anheuser-Busch InBev.
Deborah DiSanzo 
A
Non-Executive Director 
Skills and experience: Deborah has 
more than 30 years’ experience in 
healthcare and technology. She is 
currently President of Best Buy 
Health, which provides digital health 
solutions in ageing and care at 
home. Until the end of 2018, 
she served as General Manager of 
IBM Watson Health and prior to IBM, 
held multiple senior executive 
positions at Philips Healthcare 
where she also was Chief Executive 
Officer. Deborah has an 
appointment at and teaches Artificial 
Intelligence in Health at the Harvard 
TH Chan School of Public Health. 
She has been honoured by multiple 
organisations as a top health 
influencer. She holds an MBA from 
Babson College and is a Harvard 
University Advanced Leadership 
Initiative 2019 Fellow. 
Other appointments: Deborah is 
President of Best Buy Health.
0-3 years
3
Anna Manz 
Rene Haas 
Birgit Conix
6 years plus
6
Philip Broadley
Deborah DiSanzo
Sheri McCoy
Tony Mok
Nazneen Rahman
Marcus Wallenberg
3-6 years
4
Michel Demaré
Euan Ashley
Diana Layfield
Andreas Rummelt 
8 Men 
7 Women 
5 British 
4 American 
2 Belgian 
1 Swedish 
1 Canadian 
1 French 
1 German 
Gender split of Directors
Directorsʼ nationalities
Length of tenure of 
Non-Executive Directors
Board composition 
as at 6 February 2025
Committee membership key
Committee  
Chair
NG
Nomination and 
Governance
A
Audit
Sc
Science
R
Remuneration
Su
Sustainability
Corporate Governance
88
AstraZeneca Annual Report & Form 20-F Information 2024
Board of Directors as at 6 February 2025

Appointed post year-end
Diana Layfield  Sc
Non-Executive Director
Skills and experience: Diana has 
broad global business experience 
across technology, life sciences and 
financial services. She has held 
senior leadership roles at Google, 
Standard Chartered Bank, as the 
CEO of a start-up technology 
company, and in Healthcare and 
Life Sciences at McKinsey & Co. 
Previously at Google, Diana was 
General Manager, Search 
International & Growth (including 
Product and Engineering) and 
President, EMEA Partnerships and 
Vice-President, ‘Next Billion Users’. 
Until December 2020, Diana was a 
Non-Executive Director of Aggreko 
plc. She has a BA from Oxford 
University and an MA in International 
Economics and Public Administration 
from Harvard University.
Other appointments: Diana is 
the Chair of British International 
Investment plc and a Council 
Member of the London School 
of Hygiene & Tropical Medicine. 
Anna Manz 
A
Non-Executive Director
Skills and experience: Anna was 
CFO and a member of the Board of 
Directors of London Stock Exchange 
Group plc until 2024. From 2016 to 
2020, she was an Executive Director 
and the CFO of Johnson Matthey Plc 
and, before that, spent 17 years at 
Diageo plc in a number of senior 
finance roles. She brings extensive 
expertise in accounting, corporate 
finance and M&A, as well as 
experience of business 
diversification, transformation and 
strategy. Anna was previously a 
Non-Executive Director of ITV plc 
and served on its Audit Committee 
and Remuneration Committee 
during most of that period.
Other appointments: Anna is 
CFO of Nestlé S.A. and a member 
of Nestlé’s Executive Board.
Sheri McCoy 
R  A  NG Su  
Non-Executive Director
Skills and experience: Until 
February 2018, Sheri was CEO and 
a Director of Avon Products, Inc. 
and, prior to that, had a 30-year 
career at Johnson & Johnson (J&J), 
latterly serving as Vice-Chairman 
of the Executive Committee, 
responsible for the Pharmaceuticals 
and Consumer business segments. 
Sheri joined J&J as an R&D scientist 
and subsequently managed 
businesses in every major product 
sector. She holds a BSc in Textile 
Chemistry from the University of 
Massachusetts Dartmouth, an MSc 
in Chemical Engineering from 
Princeton University and an MBA 
from Rutgers University.
Other appointments: Sheri serves 
on the Boards of Stryker, 
Kimberly‑Clark, Galderma and 
Sail Biomedicines. She is also an 
industrial adviser for EQT, and in 
connection serves as Chair of 
Parexel and Chair of Dechra.
Tony Mok  Sc
Non-Executive Director
Skills and experience: Tony is the 
Li Shu Fan Medical Foundation 
endowed Professor and Chairman of 
the Department of Clinical Oncology 
at the Chinese University of Hong 
Kong. His work includes multiple 
aspects of lung cancer research, 
including biomarker and molecular 
targeted therapy in lung cancer. 
Tony is the Past President of the 
International Association for the 
Study of Lung Cancer and a past 
Board member of the American 
Society of Clinical Oncology. He 
has achieved numerous awards 
including the European Society for 
Medical Oncology (ESMO) Lifetime 
Achievement Award, Giant of Cancer 
Care, and the Bronze Bauhinia Star.
Other appointments: Tony is 
Non-Executive Director of 
HUTCHMED (China) Limited, 
member of the Scientific Advisory 
Board of Prenetics Global Limited 
and serves on the Board of Insighta.
Nazneen Rahman  Su  NG R  Sc  
Non-Executive Director
Skills and experience: Nazneen has 
significant experience in rare disease 
and cancer genomics and sustainable 
healthcare. She qualified in medicine 
from Oxford University, is an 
accredited specialist in medical 
genetics and has a PhD in molecular 
genetics. Nazneen was Professor of 
Genetics at the Institute of Cancer 
Research, Head of Cancer Genetics 
at the Royal Marsden NHS 
Foundation Trust, and founder and 
Director of the TGLclinical Genetic 
Testing Laboratory until 2018. In 
2020, Nazneen founded YewMaker 
to build science-based sustainable 
healthcare solutions. Nazneen has a 
strong commitment to open science 
and has garnered numerous awards, 
including a CBE in recognition of her 
contribution to medical sciences. 
Other appointments: Nazneen is 
CEO of YewMaker and Director of the 
Sustainable Medicines Partnership.
Andreas Rummelt  Su
Non-Executive Director
Skills and experience: Andreas 
joined the Board following the 
acquisition of Alexion, where he 
had been a Director since 2010. 
Previously he was at Novartis AG 
where he served on the Executive 
Committee from 2006 to 2010. 
He had been Group Head of 
Technical Operations and Quality 
from 2009 until 2010. He was Global 
CEO of Sandoz, the Generics 
Division of Novartis from 2004 to 
2008, having originally joined in 
1985. Andreas earned his PhD in 
pharmaceutical sciences from the 
University of Erlangen-Nuremberg 
and received his executive training 
in general management and 
leadership from IMD in Lausanne, 
INSEAD in Fontainebleau and 
Harvard Business School.
Other appointments: Andreas is 
Chairman of InterPharmaLink AG 
since 2011 and a director of various 
privately-held biotech and 
pharmaceutical companies.
Marcus Wallenberg  Sc  Su
Non-Executive Director
Skills and experience: Marcus has 
international business experience 
across various industry sectors, 
including the pharmaceutical 
industry from his directorship with 
Astra prior to 1999.
Other appointments: Marcus is 
Chair of Skandinaviska Enskilda 
Banken AB, Saab AB, Wallenberg 
Investments AB and FAM AB. He is 
Vice-Chair of Investor AB and 
Vice-Chair of EQT AB. Marcus is 
also Chair of the Royal Swedish 
Academy of Engineering Sciences 
and a Board member of the Knut 
and Alice Wallenberg Foundation.
Rene Haas
Non-Executive Director
Rene Haas has been Arm’s CEO since 
February 2022. He previously held 
roles at NVIDIA, Scintera Networks 
and Tensilica, and serves on the 
Boards of Arm China and SoftBank.
Birgit Conix A
Non-Executive Director
Birgit Conix is former CFO at 
Sonova, TUI and Telenet. She 
previously held roles at J&J, 
Heineken, Tenneco and Reed 
Elsevier. She is on the Supervisory 
Board of ASML and is Chair of its 
ESG Committee and a member of 
its Audit Committee.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
89
AstraZeneca Annual Report & Form 20-F Information 2024
Board of Directors

The SET is the body through which the 
CEO exercises the authority delegated 
to him by the Board. The CEO leads the 
SET and has executive responsibility 
for the management, development and 
performance of the business. The CEO, 
CFO and the SET also take the lead in 
developing the strategy for review, 
constructive challenge and approval 
by the Board as part of the annual 
strategy review process. 
The SET members who sit on the Board:
•	 Pascal Soriot, CEO 
•	 Aradhana Sarin, CFO 
Sharon Barr
Executive Vice-President, 
BioPharmaceuticals R&D 
Sharon was appointed as Executive 
Vice-President, BioPharmaceuticals 
R&D in August 2023. She is 
responsible for discovery through 
to late-stage development across 
CVRM and Respiratory & Immunology. 
Previously, Sharon was SVP, Head of 
Research and Product Development 
of Alexion. Sharon undertook a PhD 
in molecular biology from NYU and 
a postdoctoral fellowship at 
Stanford University.
Marc Dunoyer
CEO, Alexion and Chief Strategy 
Officer, AstraZeneca 
Marc served as AstraZeneca’s Chief 
Financial Officer until 2021. 
Previously, he served as Global 
Head of Rare Diseases at GSK and 
(concurrently) Chairman of GSK 
Japan. He holds an MBA from HEC 
Paris and a Bachelor of Law degree 
from Paris University.
Jeff Pott
Chief Human Resources Officer, 
Chief Compliance Officer and 
General Counsel 
Jeff is responsible for all aspects 
of AstraZeneca’s People strategy 
and leads our HR, Compliance, 
Legal and IP functions. Jeff joined 
in 1995, before which he specialised 
in pharmaceutical product liability 
and antitrust litigation. He holds a 
Bachelor’s degree from Wheaton 
College and a Juris Doctor Degree 
from Villanova University.
Pam Cheng 
Executive Vice-President,  
Global Operations, IT & Chief 
Sustainability Officer
Pam was appointed Executive 
Vice-President, Operations & IT 
in June 2015 and took on the 
sustainability strategy in January 
2023. Prior to AstraZeneca, she 
worked for Merck/MSD, Universal 
Oil Products, Union Carbide and 
GAF Chemicals. She holds 
Bachelor’s and Master’s degrees in 
chemical engineering from Stevens 
Institute of Technology and an MBA 
from Pace University.
David Fredrickson
Executive Vice-President, Oncology 
Haematology Business Unit 
Dave is responsible for driving 
growth and maximising commercial 
performance of the AstraZeneca 
global Oncology and Haematology 
portfolio. Before joining AstraZeneca, 
Dave worked at Roche/Genentech, 
where he served in several functions 
and leadership positions. Dave is a 
graduate of Georgetown University 
in Washington DC.
Iskra Reic
Executive Vice-President, 
International
Iskra serves as the Executive 
Vice-President, International. She is 
responsible for overall strategy and 
driving sustainable growth across 
the International region, which 
includes China, Asian and Eurasian 
markets, Middle East & Africa, Latin 
America, Australia and New Zealand. 
Iskra has a PhD in Strategy and 
Leadership and an International 
Executive MBA in Business and 
Leadership from the IEDC-Bled 
School of Management, Slovenia.
Ruud Dobber
Executive Vice-President,  
BioPharmaceuticals Business Unit
Ruud is responsible for the disease 
areas of CVRM, Respiratory & 
Immunology and Vaccines & 
Immune Therapies. Ruud joined 
AstraZeneca in 1997 and held 
various executive roles externally 
before this. Ruud was previously a 
research scientist in immunology 
and ageing, holding a PhD in 
Immunology from the University 
of Leiden, the Netherlands.
Susan Galbraith
Executive Vice-President,  
Oncology Haematology R&D
Susan has global accountability 
for Oncology and Haematology 
R&D from discovery through to 
late-stage development. Susan 
joined AstraZeneca in 2010, 
having previously worked at BMS. 
She graduated in medicine from 
Cambridge University, has a PhD from 
the University of London and qualified 
as a Clinical Oncologist in 2001.
Menelas (Mene) 
Pangalos
Formerly Executive 
Vice-President, 
BioPharmaceuticals R&D and 
SET member 2013-2023
Mene retired from 
AstraZeneca in early 2024. 
Leon Wang
Formerly Executive 
Vice-President, International 
and China President and SET 
member 2017-2024
Leon was Iskra Reic’s 
predecessor as Executive 
Vice-President, International. 
He is on extended leave from 
the Company while under 
investigation in China.
  Further information on the SET 
members is available on our 
website, www.astrazeneca.com.
  See Board of Directors 
biographies from page 88.
Corporate Governance
90
AstraZeneca Annual Report & Form 20-F Information 2024
Senior Executive Team (SET) as at 6 February 2025

B. Purpose, culture and strategy
The Board believes that our Purpose, to push 
the boundaries of science to deliver life-
changing medicines, positions AstraZeneca 
for long-term sustainable success. 
Our Code of Ethics and our Values 
underpin how we work together and the 
behaviours that drive our success and 
support our culture. 
The Board is responsible for setting our 
strategy and policies, overseeing risk and 
corporate governance, and monitoring 
progress towards meeting our objectives 
and annual plans. The Board conducts an 
annual review of the Group’s overall strategy.
C. Resources and controls 
The Board ensures that the necessary 
resources are in place to help the Company 
meet its objectives and measure its 
performance against them. 
The Group Internal Audit (GIA) and 
Compliance functions provide quarterly 
reports to the Audit Committee on their 
activities and annual reviews of key themes, 
processes and systems (including 
arrangements for whistleblowing). The 
Board has full oversight of these matters by 
way of the Audit Committee Chair’s reports 
to the Board after each Committee meeting. 
Board members are also able to access the 
information provided to the Audit Committee.
The Board has a formal system in place for 
Directors to declare a conflict, or potential 
conflict, of interest.
D. Stakeholder engagement 
The Board aims to ensure a good dialogue 
is maintained with shareholders, so that 
their views are understood and considered. 
The Board also engages with and considers 
wider stakeholder groups, including the 
workforce, in its decision making. 
E. Workforce policies 
Based on our Values, expected behaviours 
and key policy principles, the Code of Ethics 
empowers employees to make decisions in 
the best interests of the Group, the 
Company, society and the patients we 
serve. It is applicable to the Group 
worldwide, including the Board. Employees 
are able to raise concerns anonymously via 
the AZ Ethics helpline.
2. Division of responsibilities 
F. Chair of the Board
Michel Demaré, our Non-Executive Chair, 
is responsible for the Board’s overall 
effectiveness in directing the Company. 
Mr Demaré was first appointed to the 
Board in 2019 and was considered to be 
independent on his appointment as Chair 
in April 2023.
G. Board composition, independence 
and division of responsibilities 
The composition of the Board is set out 
on pages 88 and 89. The majority of 
the Board consists of independent 
Non-Executive Directors. Directors’ 
independence is considered annually 
by the Board, as described on page 93. 
The Directors are collectively responsible 
for the success of the Group. The roles of 
the Board, Board Committees, Chair, senior 
independent Non-Executive Director and 
CEO are documented, as are the Board’s 
reserved powers and delegated authorities. 
The Board’s responsibilities and the 
governance structure by which it delegates 
authority are outlined in the Corporate 
Governance Overview on page 87. 
The Board maintains a list of matters that 
are reserved to, and can only be approved 
by, the Board. These include: the 
appointment, termination and remuneration 
of any Director; approval of the annual 
budget; approval of any item of fixed capital 
expenditure or any proposal for the 
acquisition or disposal of an investment or 
business which exceeds $300 million; the 
raising of capital or loans by the Company 
(subject to certain exceptions); the giving of 
any guarantee in respect of any borrowing 
of the Company; and allotting shares of the 
Company. Matters that have not been 
expressly reserved to the Board are delegated 
to the Committees of the Board or the CEO. 
H. Non-Executive Directors’ role and 
time commitment 
The Non-Executive Directors exercise 
objective judgement in respect of Board 
decisions, providing scrutiny and challenge 
and holding management to account. 
Non-Executive Directors offer strategic 
guidance and specialist advice based on 
their breadth of experience and knowledge. 
The Non-Executive Directors regularly meet 
without the Executive Directors or other 
management present.
Statement of compliance
Our statement of compliance below 
describes how we applied the principles 
in the 2018 UK Corporate Governance Code 
(the Code) for the year ended 31 December 
2024. A copy of the Code can be found on 
the Financial Reporting Council’s (FRC) 
website, www.frc.org.uk. Throughout the 
accounting period we have complied with 
all the provisions of the Code.
Additional information for 
Swedish shareholders
The Company is incorporated under the 
laws of England and Wales and its shares 
are listed on the London Stock Exchange, 
Nasdaq Stockholm and the Nasdaq Global 
Select Market in the US. In accordance with 
the Company’s listing on the London Stock 
Exchange, it applies the principles set out in 
the Code. As a result of its listing on Nasdaq 
Stockholm and in accordance with Swedish 
regulations, the Company is required to 
disclose the material ways in which its 
corporate governance practices differ 
from those applied by Swedish companies 
following the Swedish Corporate 
Governance Code (the Swedish Code). 
The Company has made available on its 
website, www.astrazeneca.com/investor-
relations/corporate-governance.html, a 
summary of the material ways in which the 
corporate governance practices applied by 
the Company differ from the principles of 
the Swedish Code. In addition, as required 
by Swedish regulations, the Company has 
also made available on its website a general 
description of the main differences in 
minority shareholders’ rights between the 
Company’s place of domicile (the UK) and 
Sweden, where the Company’s shares are 
also admitted to trading.
1. Board leadership and 
Company purpose 
A. Board’s role 
The Board’s role is to promote the long-term 
sustainable success of the Company. 
The Directors’ diverse range of skills, 
experience and industry knowledge, 
and ability to exercise independent and 
objective judgement, help the Board to 
operate effectively in its oversight of 
delivery of the Group’s strategy, generation 
of shareholder value and contributions to 
wider society. 
The Board’s effective operation is 
underpinned by a sound governance 
structure, described on page 87. 
Through a programme of regular Board 
and Board Committee meetings, Directors 
receive information on AstraZeneca’s 
financial performance, the R&D pipeline 
and critical business issues. The Board is 
accountable to our shareholders for the 
proper conduct of the business and our 
long-term success and seeks to represent 
the interests of all stakeholders.
  For more information on:
	
Our Purpose, our Values 
and our Business Model, 
see page 10. 
	
Standards and Policies, 
including Code of Ethics, 
see page 42.
	
Our resources and controls, 
see the Audit Committee 
Report from page 104.
	
Conflicts of interest, see 
page 228.
	
Stakeholder engagement, 
see pages 94 to 96 and 
throughout the Strategic 
Report. Our section 172(1) 
statement is set out on 
page 63.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
91
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance Report  |  Compliance with the UK Corporate Governance Code
Corporate Governance Report | Compliance with the UK Corporate Governance Code

The performance of the Non-Executive 
Directors is assessed annually as part of 
the Board’s performance evaluation, as 
described on page 99. 
Subject to specific Board approval, 
Executive Directors and the SET members 
may accept external appointments as 
non-executive directors of other companies 
and retain any related fees paid to them, 
provided that such appointments are not 
considered by the Board to prevent or 
reduce the ability of the executive to 
perform his or her role within the Group 
to the required standard.
I. Company Secretary 
The Company Secretary is responsible to the 
Chair for ensuring that all Board and Board 
Committee meetings are properly conducted, 
that the Directors receive appropriate 
information prior to meetings to enable them 
to make an effective contribution and that 
governance requirements are considered and 
implemented. The 2024 Board performance 
evaluation set out on page 99 provides 
details of the effective operation of the Board.
3. Composition, succession and 
evaluation
J. Appointments and succession planning
The Nomination and Governance 
Committee and, where appropriate, the full 
Board, regularly review the composition of 
the Board and the status of succession to 
both the SET- and Board-level positions. 
Directors have regular contact with, and 
access to, succession candidates for 
the SET positions. The Committee also 
recognises the importance of diversity 
when considering potential appointments. 
There is a formal, rigorous and transparent 
procedure for appointments to the Board. 
The Nomination and Governance 
Committee Report details the process 
for appointments approved during the 
year from page 100. The Nomination and 
Governance Committee also reviews 
succession plans for the Board and 
senior management.
In accordance with Article 66 of the 
Articles of Association of the Company, all 
Directors retire at each AGM and may offer 
themselves for re-election by shareholders. 
The Notice of AGM will give details of those 
Directors seeking election or re-election.
K. Skills, experience and knowledge 
When the Nomination and Governance 
Committee reviews the composition of the 
Board and its Committees, it uses a matrix 
that records the skills and experience of 
current Board members and compares this 
with the skills and experience it believes 
are appropriate to the Company’s overall 
business and strategic needs, both now 
and in the future.
The Committee is also mindful of Directors’ 
lengths of tenure and the need to refresh 
Board membership over time.
L. Board evaluation
In 2024, the Board undertook an external 
Board performance evaluation. More 
information on the evaluation process, 
including the results and actions taken, 
can be found on page 99.
4. Audit, risk and internal control
M. Internal and external audit
The Audit Committee is responsible for 
reviewing the relationship and independence 
of our external auditor, PwC. The Committee 
maintains a policy for the pre-approval of all 
audit services and audit-related services 
undertaken by the external auditor, the 
principal purpose of which is to ensure that 
the independence of the external auditor is 
not impaired. A tender of audit services 
was conducted during the year as 
described on page 111.
The Audit Committee also reviews the 
independence and effectiveness of GIA.
N. Fair, balanced and understandable 
assessment
The Board considers this Annual Report, 
taken as a whole, to be fair, balanced 
and understandable, and provides the 
information necessary for shareholders 
to assess AstraZeneca’s position and 
performance, business model and strategy. 
The Board’s assessment is described on 
page 110. 
The Board and the Audit Committee review 
the Company’s quarterly financial results 
announcements to ensure they present a 
fair, balanced and understandable 
assessment of the Company’s position 
and prospects to shareholders.
O. Risk management
The Board is responsible for the Company’s 
risk management system and internal 
controls, and their effectiveness. The Board 
delegates some responsibilities for risk 
management oversight to the Audit 
Committee, such as quarterly reviews of the 
Company’s principal and key active risks. 
During 2024, the Directors continued to 
review the effectiveness of our system of 
controls, risk management (including a 
robust assessment of the emerging and 
principal risks) and high-level internal control 
processes. This included an annual 
Governance and Assurance Report to all 
Directors, which is considered in detail by the 
Audit Committee and reviewed by the Board. 
Any areas of concern are highlighted in the 
Audit Committee Chair’s update to Directors 
at the relevant Board meeting and discussed 
by the Board. The report is based on a full 
year-end review of the Company’s risk and 
The Company’s senior independent 
Non-Executive Director serves as a 
sounding board for the Chair and as an 
intermediary for the other Directors when 
necessary. The senior independent 
Non-Executive Director is also available 
to shareholders if they have concerns that 
contact through the normal channels of 
Chair or Executive Directors has failed 
to resolve, or for which such contact is 
inappropriate. Philip Broadley was 
appointed senior independent Non-
Executive Director on 1 March 2021. 
As well as their work in relation to formal 
Board and Board Committee meetings, 
Non-Executive Directors commit time 
throughout the year to meetings and 
telephone calls with various levels of 
executive management and other key 
stakeholders, visits to AstraZeneca’s sites 
throughout the world (whether in person or 
virtually) and, for new Directors, induction 
sessions and site visits. The Chair and 
individual Board members ensure that Board 
members’ time commitment to the Company 
is sufficient to fulfil their duties as Directors 
and fully discharge their obligations to 
shareholders, particularly in the case of the 
Chairs of Board Committees. For the Chair of 
the Board, generally, as a basic commitment, 
it is expected that they would need to devote 
about 40% of their time or the equivalent of 
not less than 90 days per annum in the 
fulfilment of their duties.
When contemplating taking up additional 
appointments, Non-Executive Directors 
consult the Chair to ensure thought is given 
to any potential impact on their time 
commitment to AstraZeneca. Careful 
consideration is given to the nature of the 
potential appointment and the type of 
company involved (for example, whether 
the company is a public listed company or 
privately held), to help assess the likely 
time requirement. For significant additional 
appointments, the full Board would 
typically be involved in this process. 
  For more information on:
	
The work of the Nomination 
and Governance Committee, 
see from page 100.
	
External audit, see page 106 
and Note 31 to the Financial 
Statements, see page 213. 
	
Internal Audit, see page 106.
	
Our Viability statement on 
page 63 and the ways in which 
we identify and manage our 
risks, see Further information 
on risk management and 
controls on the following page, 
and the Risk Overview from 
page 64.
Corporate Governance
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continued

shareholder – the Board does not believe 
that he can be determined independent 
under the Code. 
As well as being a Non-Executive Director 
of AstraZeneca and Chair of the Board’s 
Sustainability Committee, Nazneen Rahman 
is the Director of the Sustainable Medicines 
Partnership (SMP), a multi-stakeholder, 
not-for-profit collaboration with the aim of 
advancing the environmental sustainability 
of medicines. AstraZeneca is a strategic 
collaborator in the SMP. Dr Rahman has 
recused herself from acting as the lead 
contact for the SMP in its relationship with 
AstraZeneca, and this relationship, including 
project work and overall programme 
management, is handled by other members 
of the SMP team. 
2024 AGM voting outcomes
At the Company’s 2024 AGM, some 
shareholders expressed concerns 
regarding the re-election of Marcus 
Wallenberg and resolutions in relation 
to Directors’ remuneration.
In relation to Mr Wallenberg, 77.93% of 
shareholders voted in favour of his re-election 
as a Director of the Company. The Board 
understands that some shareholders have 
concerns regarding Mr Wallenberg’s other 
directorships and the potential for those to 
impact his time commitment to the Company. 
The Board recognises that Mr Wallenberg has 
a wide portfolio of other roles, but believes he 
has brought, and continues to bring, 
considerable business experience and makes 
a valuable contribution to the work of the 
Board, which his portfolio of other roles 
supports. The Board is also satisfied that he is 
able to devote sufficient time to discharge his 
responsibilities as a Director. The Board 
therefore supports his re-election as a 
Director at the 2025 AGM.
Although resolutions to approve a new 
Remuneration Policy and amendments to 
the AstraZeneca Performance Share Plan 
2020 were passed by shareholders with 
64.43% and 65.34% of the votes 
respectively, a significant proportion of 
shareholders voted against each resolution. 
Following the AGM, the Remuneration 
Committee Chair undertook an extensive 
consultation process to listen to the 
feedback of our shareholders’ and the proxy 
agencies, and to discuss the implementation 
of the 2024 Policy. Further information is 
included in the Directors’ Remuneration 
Report from page 112. 
Further information on risk 
management and controls
Global Compliance and GIA
Through our compliance programme and 
three lines of defence risk management 
framework (line management; Risk and 
Compliance functions; GIA), Global 
Compliance helps the Group achieve its 
priorities and do business the right way. 
It takes a global approach that addresses 
key risk areas, including those related to 
third parties and anti-bribery/anti-
corruption. Its work helps us to reinforce 
compliant behaviours through our Code of 
Ethics, policies, training, advice and 
guidance. We also conduct risk assessment 
activities and foster a culture where 
individuals can raise concerns.
We take alleged compliance breaches and 
concerns seriously. We investigate and take 
appropriate disciplinary and remediation 
action to address and prevent reoccurrence 
through internal functions and external 
advisers. Depending on breach severity, 
the Group may need to disclose and/or 
report the incident to a regulatory or 
government authority.
Global Compliance provides assurance 
insights to the Audit Committee on 
compliance matters. GIA carries out a range 
of audits and periodically reviews the 
assurance activities of other Group functions.
The results from these activities are reported 
to the Audit Committee. Global Compliance 
and GIA share outcomes and coordinate 
reporting on compliance matters throughout 
the organisation. GIA is established by the 
Audit Committee on behalf of the Board and 
acts as an independent and objective 
assurance function guided by a philosophy 
of adding value to improve the operational 
control framework of the Group. The scope 
of GIA’s responsibilities encompasses, but is 
not limited to, the examination and evaluation 
of the adequacy and effectiveness of the 
Group’s governance, risk management and 
internal control processes in relation to the 
Group’s defined goals and objectives. 
Among others, internal control objectives 
considered by GIA include:
	
• Compliance with significant policies, 
plans, procedures, laws and regulations.
	
• Consistency of operations or programmes 
with established objectives and goals, 
and effective performance. 
	
• Safeguarding of assets.
Based on its activity, GIA is responsible for 
reporting significant risk exposures and 
control issues identified to the Board and to 
senior management, including fraud risks, 
governance issues and other matters 
needed or requested by the Audit 
Committee. It may also evaluate specific 
operations at the request of the Audit 
Committee or management, as appropriate.	
control processes (incorporating financial, 
operational and compliance controls) and 
findings from assurance processes. 
The Directors believe that the Group 
maintains an effective, embedded system 
of internal controls and complies with the 
FRC’s guidance entitled ‘Guidance on Risk 
Management, Internal Control and Related 
Financial and Business Reporting’.
5. Remuneration 
P. Remuneration policies and practices
The Remuneration Committee is responsible 
for determining, approving and reviewing 
the Company’s global remuneration 
principles and frameworks, to ensure that 
they support the strategy of the Company 
and are designed to promote long-term 
sustainable success. 
Q. Developing executive 
remuneration policy
The Remuneration Committee routinely 
reviews the Directors’ Remuneration Policy 
and executive remuneration arrangements 
to ensure they continue to promote the 
delivery of the long-term strategy and 
support the Company’s ability to recruit and 
retain executive talent to deliver against that 
strategy. The Committee also considers 
remuneration arrangements in the context 
of corporate governance best practice and 
arrangements for the wider workforce, and 
regularly consults with its major investors 
on remuneration proposals. No Director 
is involved in determining their own 
remuneration arrangements or outcomes.
R. Remuneration outcomes and 
independent judgement
To ensure it maintains independent 
judgement when determining remuneration 
outcomes, the Remuneration Committee 
considers a range of data, including detailed 
business and individual performance 
information, and also consults with other 
Board Committees to utilise their expertise 
when determining performance outcomes.
Further information on Directors’ 
independence
In December 2024, the Board considered 
the independence of the Non-Executive 
Directors, other than the Chair of the Board, 
for the purposes of the Code and the Nasdaq 
Listing Rules. Taking into account the 
recommendations set out in the Code and the 
Nasdaq Listing Rules, the Board considers 
that all the Non-Executive Directors except 
Marcus Wallenberg, are independent. Marcus 
Wallenberg was appointed as a Director of 
Astra in May 1989 and subsequently became 
a Director of the Company in 1999. He is a 
Non-Executive Director of Investor AB, which 
has a 3.33% interest in the issued share 
capital of the Company as at 31 January 
2025. For these reasons – his overall length 
of tenure and relationship with a significant 
  For more information on the 
work of the Remuneration 
Committee see from page 112.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
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Patients and patient networks
Payers
Investor community
Overview
Significance 
of the stakeholder 
to the business
Patients are at the heart of what we do. 
Our stakeholders include individual 
patients, caregivers and patient 
advocacy organisations. We listen to 
their experiences, embedding these 
insights into every aspect of our work, 
and partner with them to enable access 
to high quality, resilient healthcare 
systems, ensuring that the medicines 
and services we develop have the 
greatest impact on their lives.
AstraZeneca works closely with payers, 
which includes governments and medical 
insurance companies among others, 
to understand the impact of pricing 
medicines on public and private budgets.
The Board and management maintain 
regular and constructive dialogue with 
investors to communicate our strategy. 
We provide objective information about 
performance to enable investors to put 
a fair value on the Company and ensure 
our continued access to capital.
Interests
Issues and factors 
which are most 
important to the 
stakeholder group
	
• Diverse insights gathered and 
incorporated throughout the drug 
development process to minimise 
patient burden and measure outcomes 
they care about most.
	
• Ensuring healthcare systems are 
designed and delivered with the patient 
in mind.
	
• Providing transparent, accessible 
information.
	
• Ensuring the safety, efficacy and 
affordable accessibility of our medicines.
	
• Sustainable access to safe and 
effective innovative medicines.
	
• Pricing of medicines, including 
breakthrough therapies and impact 
on public budgets.
	
• Containing reimbursement expenditure.
	
• Attracting business investment.
	
• Investing in research and 
scientific collaborations.
	
• Financial and commercial performance.
	
• R&D strategy, resource allocation and 
pipeline development.
	
• Culture, values and behaviours.
	
• Exposure to geopolitical and 
macroeconomic risks.
	
• ESG matters.
Engagement
Examples of 
engagement in 2024
	
• Increased number of diverse 
patient engagements throughout 
drug development.
	
• Involved patients and caregivers in 
co-creation of multiple programmes. 
	
• Expanded patient support and 
affordability programmes.
	
• Collaborated with patient advocacy 
organisations on key healthcare system 
transformation projects, enabling 
access to improved healthcare and 
medicines across the globe.
	
• Engaged governments and 
policymakers to increase 
understanding of the AstraZeneca 
business model, to support investment 
in life sciences and to improve access 
to new medicines.
	
• Engaged in discussions on evolving 
the current reimbursement system for 
medicines in the US.
	
• Hosted site visits and tours at our 
manufacturing and R&D facilities for 
international and local politicians.
	
• Ongoing communications including 
quarterly results calls, in-person and 
virtual meetings and roadshows.
	
• Investor Day held in May 2024, set out 
new strategic ambitions.
	
• Regular events, including 
presentation of Health Equity strategy 
in November 2024.
	
• Receptions hosted by the Chair of 
the Board.
Outcomes
Actions which 
resulted
	
• Delivery of impactful and actionable 
insight to drive patient-focused drug 
development.
	
• Increased patient support programmes 
across therapy areas.
	
• Driven global consensus and 
supported the community to 
strengthen national healthcare 
systems.
	
• Established working relationships 
with key government stakeholders.
	
• Regular meetings and events 
organised to increase understanding 
about how governments can better 
support life sciences investment 
and improve patient access to 
new medicines.
	
• Maintained access to senior and 
next-level/operational management, 
including increased virtual 
engagement.
	
• Continued to streamline external-
facing materials to provide increased 
transparency, following discussion 
with shareholders. 
	
• Increased focus on ESG matters 
within results announcements and 
shareholder engagements.
Considering the interests of our stakeholders is 
fundamental to our Group’s strategy. The following 
table identifies our most strategically significant 
stakeholders and summarises the engagement that 
has been undertaken by management during 2024.
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Corporate Governance
Corporate Governance Report | Connecting with our stakeholders

Healthcare professionals 
Academic and R&D partners
Commercial collaborators and partners
Overview
Significance 
of the stakeholder 
to the business
Healthcare professionals (HCPs) are 
the interface with patients. They provide 
insights into clinical trial design and 
prescribing, advising patients on 
administering medicines, providing safety 
reports, collaborating in clinical studies 
and assisting with the ethical and 
transparent distribution of medicines.
We collaborate with academic institutions 
and non-profit R&D partners globally to 
access the best science, to stimulate 
innovation and to deliver life-changing 
medicines to patients. 
Partnering is an increasingly important 
part of our business. By combining 
forces, AstraZeneca and our partners 
can accelerate innovative science to 
bring life-changing medicines to patients.
Interests
Issues and factors 
which are most 
important to the 
stakeholder group
	
• Development of medicines for unmet 
medical need.
	
• Education and information on 
advances in medical science.
	
• Accurate and balanced information 
on licensed medicines, including 
up-to-date safety data.
	
• Uninterrupted supply of 
quality medicines.
	
• Ethical and transparent interactions 
with industry.
AstraZeneca had more than 1,500 active 
academic collaborations during 2024: 
	
• To advance innovative technology 
and science. 
	
• To address key scientific challenges. 
	
• To access the next generation of 
science leaders.
	
• Shared vision and values.
	
• Development of innovative medicines 
and improving access to them.
	
• Trust and transparency in research, 
disclosures and relationships 
with stakeholders.
	
• Willingness to collaborate with 
industry peers to optimise outcomes 
for common stakeholders, e.g. 
patients, physicians, policymakers 
and healthcare systems.
Engagement
Examples of 
engagement in 2024
	
• Engaged in HCP educational events, 
advisory boards and in clinical trials.
	
• Responded to more than 171,000 HCP 
enquiries and processed adverse 
event reports from HCPs which 
contribute to the understanding of 
the safety profile of our medicines.
	
• 	We support more than 900 early career 
positions in R&D globally, including 
apprentices, graduates, placement 
students, sponsored PhDs, postdoctoral 
researchers and clinical fellows.
	
• 	Through our Open Innovation 
programme, we openly share molecules, 
data and scientific expertise with 
academic researchers and start-ups; 
we currently have two ongoing clinical 
trials, over 100 preclinical studies and 
collaborative research projects, and over 
20 public-private partnership projects 
aimed at addressing key scientific 
challenges under this programme.
	
• Joint seminars, education sessions 
and consortia with research institutions, 
e.g. Royal Society Conference on 
Gene Editing Medicines, Partners of 
Choice Network.
	
• Regular alliance leadership meetings 
established to enhance collaboration 
and create a ‘One Team’ mentality 
across organisations.
	
• Joint responsibility for deliverables and 
outcomes across functions at all levels.
	
• Multiple discussions with regulators, 
policy makers, patient groups and 
clinicians, to inform development and 
commercial strategy to best meet 
patient needs.
Outcomes
Actions which 
resulted
	
• Advisory boards informed clinical 
research and product strategy.
	
• Clinical studies have led to new products.
	
• Exchange of information supported HCP 
clinical decision making.
	
• Enabled new technologies, new 
target identification and validation, 
and new biomarkers.
	
• Publications.
	
• Capability to offer apprenticeship, 
studentship, postgraduate and 
postdoctoral programmes to facilitate 
scientific discovery.
	
• Optimisation of outcomes through 
combined skillsets and use of 
technologies/platforms to research 
new medicines, enabling faster 
delivery of medicines to patients.
	
• Multiple late-stage trials initiated 
across multiple disease/patient types.
	
• Accelerated launch of new medicines 
in unique areas.
	
• Greater collaboration and 
relationships with industry partners 
and stakeholders.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
AstraZeneca Annual Report & Form 20-F Information 2024
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Corporate Governance Report  |  Connecting with our stakeholders

How the Board engages with stakeholders
  For more information on how 
management and the Board 
have considered Modern 
Slavery, see the Audit 
Committee Report from 
page 104, Human Rights on 
page 48 and AstraZeneca’s 
Modern Slavery Act Statement, 
which is available on our 
website, www.astrazeneca.com.
Community
We believe that creating a positive impact 
for people, society and the planet requires 
meaningful investments in the communities 
where we live and work, with a focus on the 
underserved. Our Community Investment 
activities support non-profit organisations 
all over the world to advance health equity, 
increase access to care, drive science 
innovation and build healthy and resilient 
communities for all.
Workforce 
Successfully attracting, retaining and 
developing a talented and diverse 
workforce is critical to achieving our 
Ambition 2030. Our employees are a key 
part of our strategy and we are committed 
to being a great place to work. More 
information is included on pages 48 to 50.
In addition to the principal stakeholders described on pages 94 and 95, the Board considers the following stakeholder groups important for 
the business operations and strategic direction of the Company.
Health authorities 
We engage regulators globally about the 
manufacture, development, review, 
approval and marketing of our products.
Governments
AstraZeneca partners closely with 
governments around the world to promote 
health, support healthcare research and 
innovation, facilitate equitable access to 
innovative care solutions, and build resilient 
and sustainable healthcare systems.
Multilateral and non-governmental 
organisations 
AstraZeneca partners with multilateral 
organisations and non-governmental 
organisations (NGOs) to deliver meaningful 
progress to advance health equity and 
support the United Nations Sustainable 
Development Goals. AstraZeneca’s 
commitment is demonstrated through 
science-based health programming and 
disaster relief efforts that prioritise the 
needs of the underserved.
Media
An active and constructive relationship 
with the media is important to build trust 
with the Company’s key stakeholders by 
transparently reporting on the Group’s 
activities, including the results of key trials 
and business updates, as well as seeking 
to enhance and protect the reputation of 
the organisation.
Suppliers and third-party providers
We work with a broad range of third-party 
suppliers to provide the goods and services 
needed to deliver life-changing medicines 
to patients globally. Our Procurement 
function operates efficiently and effectively 
to drive collaboration with those third-
parties, fostering innovative, ethical and 
sustainable ways of working across the 
entire supply chain.
The stakeholder table on pages 94 and 95 
sets out management’s main interactions 
with certain key stakeholders. Feedback 
from these interactions is provided to the 
Board in a variety of ways, which allows the 
Board to understand the key interests of 
stakeholders and consider them in its 
decision-making process. 
The Board undertakes additional direct 
engagement with stakeholders to better 
understand their interests and concerns, 
so these can be factored into its 
decision making.
Examples of the Board’s engagement are 
set out in the following columns. Information 
on how stakeholders and other factors were 
considered in the Board’s principal 
decisions in 2024 is set out on the 
following page.
Full Board/Other
	
• During 2024, a number of Directors, 
including the CEO and the CFO, met 
investors at roadshows and in one-on-one 
meetings. The Chair conducted a series 
of governance meetings with 
major shareholders in the UK, Germany 
and Sweden.
	
• The 2024 AGM was digitally-enabled 
and broadcast live, which allowed the 
Company’s geographically diverse 
shareholder base to participate in the 
meeting and engage with the Board. The 
digitally-enabled format allowed Directors 
and shareholders to join from locations 
across the globe.
	
• Investor reports and financial analysts’ 
consensus data are made available to the 
Board. Feedback is regularly provided to 
the Board by management on their 
interactions with investors. 
	
• The CEO and the CFO, along with 
other members of management, met 
governmental agencies and regulators 
to discuss matters including the pricing 
of medicines and equitable access.
	
• The CEO and other members of 
management attended a number of 
scientific conferences in 2024, relevant 
to the Company’s main areas of R&D and 
Commercial activity.
	
• During the World Economic Forum in 
Davos, the Chair and senior leaders met 
with 25 governments, and held seven 
media interviews and seven speaking 
engagements, highlighting the need to 
advance the sustainable transformation 
of health systems.
	
• The Chair attended two plenary sessions 
of the European Round Table of Industry 
(ERT), where he engaged high-level 
officials from the EU, Spain and Switzerland 
on strengthening European economic 
competitiveness and building more resilient 
and sustainable health systems.
	
• The CEO, CFO and the Chair, regularly 
engaged with employees through 
in-person and online events, including 
‘townhalls’ and ‘fireside chat’ sessions. 
Employees had the opportunity to ask 
questions in advance or during sessions.
	
• The Board held one of its scheduled 
meetings during 2024 at AstraZeneca’s 
R&D site in Gothenburg, Sweden. During 
the meeting, the Board met employees, 
including scientists and commercial 
teams, and hosted a ‘townhall’ meeting. 
The Board also met external stakeholders, 
including Swedish government officials, 
academics, scientists and university 
health partners through a series of 
meetings and roundtable discussions. 
Alongside a scheduled Board meeting in 
Cambridge, UK, the Board hosted select 
employees for a lunch and a dinner.
	
• The Committees of the Board also engage 
with employees and other stakeholders 
on matters within their areas of 
responsibility. For further information 
on Board Committees’ engagement 
activities, see:
	– Science Committee Report on page 102
	– Sustainability Committee Report on 
page 103
	– Audit Committee Report on page 107
	– Directors’ Remuneration Report from 
page 112.
Corporate Governance
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2024 Group funding plan
In February 2024, the Board reviewed and 
approved the Group’s funding plan for 2024. 
Later, in July 2024, the Board considered an 
update to the 2024 funding plan.
The Board considered: investors; the 
long-term success of the Company; 
and maintaining high standards of 
business conduct.
How the Board had regard to 
these matters:
	
• Reviewed the expected funding 
requirements for the year ahead as well 
as the mid- and long-term funding and 
liquidity prospects.
	
• Discussed the Group’s capital allocation 
priorities, the long-term strategy and the 
measures required to deliver the strategy, 
including investment in the pipeline and 
potential external acquisitions to further 
strengthen the pipeline. The Board 
considered the benefit of these 
investments for patients and investors, 
alongside the potential impact of 
acquiring debt.
	
• Considered the Group’s liquidity position 
and the expectations of investors 
regarding the progressive dividend policy.
Acquisitions to strengthen the pipeline
During 2024, the Board considered, and 
approved, a number of acquisitions to 
strengthen the Group’s pipeline and 
accelerate the development of potentially 
life-changing medicines. These included 
the acquisition of Amolyt Pharma SAS and 
Fusion Pharmaceuticals Inc.
The Board considered: investors; patients; 
the long-term success of the Company; 
and maintaining high standards of 
business conduct.
How the Board had regard to 
these matters:
	
• Reviewed the unmet medical need and 
considered how the acquisitions would 
further strengthen the Group’s pipeline.
	
• Considered the benefits to patients if 
the Group was able to accelerate the 
development of novel treatments, which 
could potentially deepen clinical 
responses and improve patient outcomes.
	
• Considered the Ambition 2030, and the 
importance of new technologies (such as 
next-generation radioconjugates) to 
delivering the Ambition 2030. 
	
• Considered the financial impact of the 
acquisitions on the Group’s viability and 
capital allocation priorities, alongside the 
financial benefits from the acquisitions if 
the technologies were successful.
Annual strategy review and 
Long-Term Plan
In July 2024, the Board reviewed and 
approved the Company’s strategy and the 
2024 Long-Term Plan (2024 LTP). Later in 
December 2024, the Board approved the 
mid-term plan and capital expenditure 
for 2025.
The Board considered: investors; 
employees; the long-term success of the 
Company; and maintaining high standards 
of business conduct.
How the Board had regard for 
these matters: 
	
• Considered the Group’s Purpose, to push 
the boundaries of science to deliver 
life-changing medicines to patients, and 
how the Company’s strategy and the 
2024 LTP align with this Purpose.
	
• Evaluated how the strategy would foster 
innovation and enhance the Company’s 
competitive position.
	
• Considered how the strategy and 2024 
LTP would impact current, and future, 
employees and the level of resourcing 
needed to deliver the Company’s 
ambitious strategy.
	
• Reviewed and challenged the 
assumptions within the 2024 LTP.
	
• Considered investor expectations and 
analysts’ consensus, and how these 
aligned to the 2024 LTP.
2024 Group budget
In February 2024, the Board reviewed and 
approved the Group’s 2024 budget. 
The Board considered: investors; 
employees; and the long-term success 
of the Company.
How the Board had regard to 
these matters:
	
• Discussed the Group’s long-term plan, 
strategic goals and priorities, as well as the 
stretching Ambition 2030, and reviewed 
how the 2024 budget supported the 
delivery of these long- and mid-term plans. 
	
• Considered consensus expectations, the 
anticipated challenges and opportunities, 
and provided challenge to ensure that 
the 2024 budget was appropriate as well 
as stretching. 
	
• Reviewed the assumptions that 
underpinned the budget and considered 
the resources that would be needed to 
deliver the budget, including how 
employees would be impacted, the 
number of launches that would be 
needed and the medicines that would be 
delivered to patients. 
	
• Reviewed the Group’s capital allocation 
priorities and whether the 2024 Group 
budget supported the delivery of 
these priorities.
Dividends 
During 2024, the Board approved the 2023 
second interim dividend (paid in March 2024), 
the 2024 first interim dividend (paid in 
September 2024) and also established a 
Board committee to decide the Board’s 
intended approach to dividends to be 
declared in relation to the 2024 financial year. 
The Board considered: investors; the 
long-term success of the Company; 
and maintaining high standards of 
business conduct.
How the Board had regard for 
these matters:
	
• Reviewed the Group’s distributable 
reserves and financial performance for 
the period, to ensure that the Company 
was in a good position to increase and 
pay a dividend.
	
• Considered the progressive dividend 
policy, capital allocation priorities and 
investor expectations as to the expected 
level of dividend.
	
• Weighed the investor expectations, 
alongside the 2024 Group budget, as well 
as the mid- and long-term plans, and the 
level of investment that was required by 
the Company to deliver these. 
Set out below are examples of how key stakeholders, Section 172(1) of the Companies Act 2006 duties and other matters are considered by 
the Board when making its Principal Decisions in 2024. 
Principal Decisions in 2024
  For the Section 172(1) 
statement, see page 63.
	
For more information, on the: 
	
Dividends, see Note 25 to 
the Financial Statement from 
page 192.
	
Funding, see Note 28 to the 
Financial Statement from 
page 194.
	
Acquisitions and 
collaborations, see Business 
development from page 46.
	
Group‘s Growth Through 
Innovation strategy and our 
Ambition 2030, see Our 
Strategy and Key Performance 
Indicators from page 12, and 
for how we are delivering our 
strategy, see our Business 
Review from page 32.
	
Committees’ composition and 
succession planning, see the 
Nomination and Governance 
Committee Report from 
page 100.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
97
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance Report  |  Principal Decisions
Corporate Governance Report | Principal Decisions

Engaging with our workforce
AstraZeneca is committed to being a 
great place to work. Engagement with 
our employees and wider workforce is 
an important element in ensuring an 
environment in which everyone is 
respected, where openness is valued, 
diversity celebrated and every voice heard. 
We rely on our global workforce to uphold 
our Values, deliver our strategic priorities 
and work to sustain and improve short- and 
long-term performance. For AstraZeneca, 
‘global workforce’ includes our full-time and 
part-time employees, fixed-term workers 
and external contractors working full- or 
part-time, anywhere in the world.
The Directors believe that the Board as a 
whole should be responsible for engaging 
with and understanding the views of the 
workforce. Consequently, the Board has 
chosen not to implement any of the three 
methods set out in the Code. Instead, it uses 
various mechanisms and long-standing 
communication channels in place across the 
Group that enable and facilitate engagement 
with the global workforce. These include 
the Board’s review of the global workforce 
Pulse survey and the biannual Workforce 
Culture and Employee Engagement Report; 
Board members hosting ‘townhall’ meetings 
for the workforce, including ‘fireside chats’ 
and Q&A sessions; and review of data 
relating to talent, development, inclusion 
and diversity initiatives, and internal 
engagement channels. Directors also visit 
our sites and carry out virtual engagements, 
which facilitate understanding of business 
operations and also provide opportunities 
for interactions between Directors and the 
workforce, including engagement with 
high-potential employees. Where required, 
issues or concerns raised by the workforce 
are fed back to management and discussed 
by the Board. 
To maximise reach across the global 
workforce and ensure engagements take 
place with the many different role types that 
exist, individual Directors, as well as Board 
and Board Committees, also host virtual 
engagements to hear and understand 
their views.
The Board believes that the holistic 
approaches deployed provides 
comprehensive access to the views of 
the workforce regardless of location and 
provides meaningful information and data 
that the Board can use when considering the 
impact of strategic decisions on employees. 
Workforce culture
During 2024, the Board reviewed the 
biannual Workforce Culture and Employee 
Engagement Report, which demonstrated 
how our Values and behaviours are 
embedded throughout all levels of the 
workforce. The report contains a summary 
metric dashboard which is divided into 
categories reflecting AstraZeneca’s Values 
and behaviours. Where the Board has 
concerns that the culture does not reflect 
our Values, the Board seeks assurances 
from management that remedial action has 
been taken and, where necessary, requests 
senior management’s attendance at Board 
meetings to discuss corrective actions.
>84,400
employees took part in the November 2024 
Pulse survey.
‘Townhall’ meetings and ‘fireside chats’
Both Non-Executive Directors and Executive 
Directors regularly participate in meetings 
with sites, or large groups of the workforce 
– either virtually or in person. These enable 
direct engagement between the Board and 
employees, including Q&A sessions, such as 
the Chair’s ‘fireside chats’. During the year, 
among other events, Board members hosted 
in-person ‘townhall’ meetings for employees 
at the Company’s sites in Canada, 
Switzerland, Spain and Sweden, which were 
also broadcast to other sites in those regions 
to increase reach and participation.
Employee opinion survey (Pulse)
Each year, employees are invited to take part 
in an opinion survey, which seeks their views 
of the business. The results are reviewed by 
management and trends are monitored. 
The results are shared with the Board, 
which enables the Directors to understand 
the views and sentiments of the workforce.
87%
of employees stated they believe strongly 
in AstraZeneca’s future direction and key 
priorities in the November 2024 Pulse 
survey.
Site visits 
During 2024, Directors visited various 
Group sites across the world in person, 
including those in Canada, Switzerland, 
Spain, Sweden and the UK. 
7
AstraZeneca Group sites around the world 
were visited by Non-Executive Directors 
during 2024.
Wellbeing
Where appropriate – for example in relation 
to humanitarian events – the Board receives 
regular updates on the steps taken by 
management to create safe working 
environments and support the mental and 
physical wellbeing of the workforce.
	
• Considered the Group’s capital allocation 
priorities, progressive dividend policy 
and funding plans and how these will be 
impacted by the 2024 LTP.
	
• Reviewed the capital expenditure plan 
for 2025 and whether the proposed 
investments will drive sustainable growth 
and deliver value to the Company and 
its stakeholders. 
Appointment of Rene Haas and Birgit 
Conix as Non-Executive Directors
In December 2024, the Board appointed 
Rene Haas and Birgit Conix as Non-
Executive Directors with effect from 
1 January 2025 and 1 February 2025 
respectively. Birgit joined the Audit 
Committee upon her appointment.
The Board considered: investors; the 
long-term success of the Company; 
and maintaining high standards of 
business conduct.
How the Board had regard for 
these matters: 
	
• Considered the Board’s diversity, time 
commitments of the candidates and 
other relevant governance considerations, 
including UK Corporate Governance 
Code provisions, as well as Board and 
Board Committee succession 
planning considerations.
	
• Assessed the skill composition of 
its Committees and reviewed the 
requirements for each Committee to 
ensure that newly appointed Directors 
possess the necessary skills to succeed 
Directors approaching retirement.
	
• Reviewed the experience of potential 
candidates and met those who were 
shortlisted to evaluate which individuals 
had the skills required to support 
management in the continued delivery 
of value to shareholders and life-
changing medicines to patients, while 
also maintaining high standards of 
business conduct.
	
• Considered the independence of 
Non-Executive Directors by assessing 
candidates’ potential conflicts of interest 
and affiliations to maintain objectivity and 
unbiased judgement in Board deliberations.
	
• Considered changes to the wider 
business environment, such as the 
increasing importance of technology and 
AI, and changes in modalities, and what 
skills the Board needed to ensure that it 
could provide appropriate oversight to 
help the Company continue to grow in 
such an environment. 
	
• Considered whether the selected 
Non-Executive Directors have the skills 
necessary to contribute to the Company’s 
long-term strategy and assessed their 
ability to challenge assumptions and 
support sustainable growth.
Corporate Governance
98
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance Report | Principal Decisions continued

2024 overview 
An externally-facilitated evaluation of 
the performance of the Board and its 
Committees was conducted during 2024 
by Christopher Saul Associates (CSA), 
an independent, external corporate 
governance advisory firm. CSA was 
selected following a review of potential 
firms by the Chair and in consultation with 
the senior independent Non-Executive 
Director and has no other commercial 
relationship with the Company or any 
individual Directors. 
As noted in the 2023 Annual Report, under 
the UK Corporate Governance Code, the 
Company was due to have an externally-
facilitated evaluation in 2023, which the 
Board elected to postpone until 2024 in 
light of the change in Chair during 2023. 
The Board concluded that it would be a 
better use of time and resources for the next 
externally-facilitated annual performance 
evaluation to take place in 2024, so that at 
least the first 12 to 18 months of the Board’s 
work under the new Chair could be taken 
into account.
To obtain feedback on the effectiveness 
of the Board and its Committees, CSA’s 
evaluation included a structured one-on-
one interview process with Board members, 
certain members of the SET, the VP, Group 
Internal Audit and the lead audit 
engagement partner of the Group’s auditor, 
PwC. CSA also observed certain Board and 
Board Committee meetings during June and 
July 2024. CSA issued its final report on the 
findings of the performance evaluation to 
the Board in September 2024, which was 
discussed by the Board at its meetings in 
September and November 2024, and at 
Board Committee meetings thereafter. 
The initial Board discussion was facilitated 
by CSA.
As part of each Director’s individual 
discussion with the Chair during each year, 
his or her contribution to the work of the 
Board and personal development needs are 
considered. Directors’ training needs are 
met by a combination of: internal 
presentations and updates, and external 
speaker presentations, as part of Board and 
Board Committee meetings; specific 
training sessions on particular topics, where 
required; and the opportunity for Directors 
to attend external courses at the Company’s 
expense, should they wish to do so.
The Nomination and Governance 
Committee also reviews the composition 
of the Board to ensure that it has the 
appropriate expertise, while also 
recognising the importance of diversity. 
For more information on the Nomination and 
Governance Committee’s work, see the 
Nomination and Governance Committee 
Report from page 100.
2024 outcomes and actions against 
prior year recommendations
The key conclusions were:
	
• The Board continues to operate 
effectively. It is collegiate and well-led, 
it operates to high standards of 
professionalism and benefits from 
good-quality support.
	
• All of the Board’s Committees work hard 
and effectively and are well-integrated 
into overall Board processes.
	
• The relationship between the Board and 
the SET is respectful and constructive 
and the Chair transition from Leif 
Johansson to Michel Demaré has 
developed well.
	
• Key priorities for 2025 include 
succession planning, the continuous 
improvement of agendas, papers and 
meeting processes and continued focus 
on AI strategy.
To address areas highlighted by the 
2023 annual Board performance 
evaluation, various steps were taken 
during 2024, including:
	
• The provision of greater detail to the 
Board about the work of the Nomination 
and Governance Committee, including 
routine Executive Director succession 
planning and Non-Executive Director 
succession planning with a focus on 
those Non-Executive Directors due to 
reach nine years’ tenure in 2026.
	
• Arranging briefing sessions for the 
Board on geopolitical risk, the wider 
pharmaceutical landscape and investor 
perspectives on the Company and the 
pharmaceutical sector. 
	
• Enhancing the content of the Board’s 
annual strategy review days to provide 
more in-depth focus on incremental or 
newer areas of the business, more 
competitive analysis, and increased 
review of strategic trends.
As part of the Board performance 
evaluation, Directors were asked to 
consider the following areas:
•	 Board dynamics 
•	 Succession 
•	 Agendas and papers
•	 Board meetings 
•	 Board Committees
•	 Senior Executive Team and Board 
•	 Business understanding
•	 Engagement with stakeholders
•	 Areas for focus 
Corporate Governance
Additional Information
Financial Statements
Strategic Report
99
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance Report  |  Board performance evaluation
Corporate Governance Report | Board performance evaluation

“The Nomination and Governance 
Committee works on behalf of the 
full Board to review the composition 
of the Board and its Committees 
and carry out succession planning 
for all Board positions.”
Nomination and 
Governance Committee 
members
•	 Michel Demaré (Chair)
•	 Euan Ashley
•	 Philip Broadley
•	 Sheri McCoy
•	 Nazneen Rahman
  The full role of the Nomination 
and Governance Committee is 
set out in its terms of reference, 
available at 
www.astrazeneca.com.
	
For more information on each 
Director’s individual experience 
in these areas, see the Board 
biographies on pages 88 
and 89.
Non-Executive Directors’ experience, as at 1 February 2025
Skills and experience
Total
Business
Finance
Experience in accounting, corporate finance, internal controls and associated risk management.
7
Management
Experience working in senior management roles of major companies, business transformation 
and strategy.
9
Sales and marketing
Understanding and experience in sales and marketing.
4
Technology, digital and AI
Knowledge and experience in technology, biotechnology, AI and digital health tools.
6
Sustainability
Experience in managing the issues and opportunities associated with business sustainability, 
including corporate social performance, stakeholder engagement, and science-based solutions.
5
Geographic
The regions where the Non-Executive Directors are primarily based.
UK
3
US
4
Europe
5
Asia
1
Industry-specific
Science
Practical knowledge and experience in scientific research, development and innovation.
7
Pre-AstraZeneca pharma
Professional experience in the pharmaceutical industry prior to joining AstraZeneca.
8
Medical doctor/physician
Clinically trained medical doctor and/or physician.
3
Committee’s role
The Committee works on behalf of the full 
Board to review the composition of the 
Board and its Committees and carry out 
succession planning for all Board positions, 
including taking the lead in the search for 
and recruitment of new Directors. The 
Committee ensures the Board has an 
appropriate balance of expertise, 
experience and diversity. A matrix that 
records the skills and experience of current 
Board members is one of the main tools 
used by the Committee to do this. The 
matrix is shown in the table above.
Decisions relating to the appointment of 
Directors are made by the entire Board based 
on the Committee’s recommendations, 
taking into account the merits of the 
candidates and the relevance of their 
background and experience, measured 
against objective criteria, with care taken 
to ensure appointees have enough time 
to devote to the Board’s business.
Board and Board Committee 
composition and succession planning
The Committee considers both planned and 
unplanned (unanticipated) succession 
scenarios. The Committee spent the majority 
of its time in 2024 on succession planning for 
Non-Executive Directors, successfully 
concluding the appointment of Rene Haas 
and Birgit Conix as Non-Executive Directors 
with effect from 1 January 2025 and 
1 February 2025 respectively. Birgit became 
a member of the Audit Committee on 
appointment. The search process was led by 
the Committee and involved Rene and Birgit 
meeting with multiple Directors. Rene brings 
deep and broad knowledge of technology 
including data science, computing and AI 
from his experience in the microprocessor, 
semiconductor and software engineering 
industry, and experience of leading a large 
Cambridge, UK-based technology company. 
Birgit brings significant financial and executive 
experience through successive CFO roles 
over the last decade and 15 years’ prior 
experience of the pharmaceutical industry.
The Committee also continued routine 
succession planning work for the role of CEO, 
which as in previous years included desktop 
research relating to potential external 
candidates and continued monitoring of the 
development of potential internal candidates. 
Board and Technology, Coulter Partners, 
Heidrick & Struggles, Korn Ferry and Lygon 
Group assisted the Committee with its 
succession planning and non-executive 
search work this year. Board and Technology, 
Coulter Partners, Heidrick & Struggles, and 
Lygon Group undertake executive search 
assignments for the Company, and Korn Ferry 
On behalf of the Nomination and 
Governance Committee (the Committee), 
I am pleased to present the Committee’s 
report on its activities during 2024.
Corporate Governance
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Nomination and Governance Committee Report

As well as being considered in decisions 
about succession and Board appointments, 
inclusion and diversity is integrated across 
our Code of Ethics and associated workforce 
policy for the organisation as a whole. 
We were named first ranking healthcare 
company in the FTSE 100 for women on 
boards and in leadership in the FTSE 
Women Leaders Review. For the year ended 
31 December 2024, women represented 
50% of the SET and its leadership teams.
Ongoing training and development
Following their appointment, Rene and Birgit 
commenced tailored induction programmes 
to provide an understanding of the Group, 
reflecting their existing expertise and 
Committee membership.
In addition to arranging comprehensive 
induction programmes when new Non-
Executive Directors are appointed to the 
Board, the Committee recognises the 
importance of continuing development and 
training opportunities for all Directors. We are 
committed to developing a culture of lifelong 
learning throughout our organisation. 
Specific sessions with internal and external 
experts are periodically arranged for the full 
Board, to ensure that Directors have access 
to specialist knowledge across a broad range 
of areas to support their strategic decision 
making. For example, this year the Board had 
sessions with external experts on 
geopolitical risk, the wider pharmaceutical 
landscape and investor perspectives on the 
Company and the pharmaceutical sector.
At least annually, I discuss with each Director 
their contribution to the work of the Board 
and personal development needs. Directors’ 
training needs are met by: a combination 
of internal presentations and updates, and 
external speaker presentations, as part of 
Board and Board Committee meetings; 
specific training sessions on particular 
topics, where required; and the opportunity 
for Directors to attend external courses at the 
Company’s expense, should they wish to 
do so. Directors are encouraged to visit the 
Group’s sites, providing opportunities to 
meet local employees and tour AstraZeneca 
facilities. Virtual visits are also arranged to 
allow further interactions with employees 
and sites. These visits further Directors’ 
understanding of the Group’s business and 
operations, as well as provide an insight into 
the particular challenges faced locally and 
opportunities to engage directly with 
employees and other stakeholders.
Corporate governance
The Committee advises the Board 
periodically on significant developments in 
corporate governance and the Company’s 
compliance with the UK Corporate 
Governance Code. Further information on 
our corporate governance arrangements, 
including the Company’s statement of 
compliance with the Code during the year, 
is set out from page 91.
Michel Demaré
Chair of the Nomination and 
Governance Committee 
undertakes executive search assignments 
and other recruitment-related activities for 
the Company. The five firms used for 
succession planning work during the year 
have no other connection with AstraZeneca 
or its individual Directors.
Inclusion and diversity
The Board views all aspects of diversity 
among Board members as important 
considerations when reviewing its 
composition. The Board aims to maintain a 
balance in terms of the range of experience 
and skills of individual Board members, 
which includes relevant international 
business, pharmaceutical industry, 
sustainability, and financial experience, 
and appropriate scientific and regulatory 
knowledge. The biographies of current 
Directors are set out on pages 88 and 89.
The Board’s Inclusion and Diversity Policy 
(the Policy), which is applicable to the Board 
and its Committees, reinforces the Board’s 
ongoing commitment to all aspects of 
diversity and to fostering an inclusive 
environment in which each Director feels 
valued and respected. Although the Board 
appoints candidates using objective criteria, 
primarily based on merit and relevant 
experience, it recognises that an effective 
Board requires diversity. To help recruit 
Directors from a broad, qualified group of 
candidates, the Policy requires the use of 
at least one professional search firm that 
has signed up to the ‘Voluntary Code of 
Conduct for Executive Search Firms’, which 
the Company has complied with in 2024.
The Board’s approach to inclusion and 
diversity continues to yield successful 
results, as shown in the following tables. 
The information presented in the tables 
was collected on a self-reporting basis. 
The Board, SET and Company Secretary 
were provided with the prescribed table, 
and asked to complete it based on how they 
identify. As at 31 December 2024, the Board 
is pleased that the Company met the 
updated diversity policy targets as specified 
in the FCA’s April 2022 Policy Statement on 
‘Diversity and inclusion on company boards 
and executive management’:
	
• 46% of the Board (and 45% of Non-
Executive Directors) were women, 
above the target of at least 40%.
	
• The Company met the policy target that at 
least one of the Chair of the Board, Chief 
Executive Officer, Senior independent 
Non-Executive Director or Chief Financial 
Officer be a woman.
	
• 31% of the Board identified as an ethnic 
minority, above the target of at least one 
Board member being from a non‑white 
ethnic minority background.
As at 6 February 2025, these targets 
continue to be met, following the 
appointment of Rene and Birgit. 
  The Board’s Inclusion and 
Diversity Policy can be read 
in full on our website, 
www.astrazeneca.com.
  Information about our approach 
to diversity in the organisation 
below Board level can be found 
in People, from page 48.
Table 1. Reporting table on sex/gender representation as at 31 December 2024
Number 
of Board 
members
Percentage 
of the Board
Number of 
senior positions
on the Board1
Number in 
executive
management
Percentage 
of executive 
management
Men
7
54%
3
6
55%
Women
6
46%
1
5
45%
Non-binary
–
–
–
–
–
Not specified/prefer not to say
–
–
–
–
–
Table 2. Reporting table on ethnicity representation as at 31 December 2024
Number 
of Board 
members
Percentage 
of the Board
Number of 
senior positions
on the Board1
Number in 
executive
management
Percentage 
of executive 
management
White British or other White 
(including minority-white groups)
9
69%
3
9
82%
Mixed/Multiple Ethnic Groups
1
8%
–
–
–
Asian/Asian British
3
23%
1
2
18%
Black/African/Caribbean/
Black British
–
–
–
–
–
Other ethnic group, including Arab
–
–
–
–
–
Not specified/prefer not to say
–
–
–
–
–
1	
CEO, CFO, Senior independent Non-Executive Director and Chair.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
101
AstraZeneca Annual Report & Form 20-F Information 2024
Nomination and Governance Committee Report

Activities during the year
The Committee met five times during 2024, 
both virtually and face-to-face. This included 
a two-day meeting at the AstraZeneca site 
in Shanghai, China which provided a wealth 
of opportunities to engage with R&D 
employees. Committee members visited the 
Gracell office, attended a poster session with 
AstraZeneca scientists from China and 
Japan, and had one-to-one meetings with 
global R&D leaders. The Committee also 
hosted a lunch with AstraZeneca scientists, 
including rising stars nominated by functions, 
received a presentation from two academic 
researchers, and completed a lab tour and 
visit with Eccogene.
Our key areas of focus during the 
year included:
	
• Company strategy and strategic 
priorities for R&D: including key prioritised 
science platforms across R&D (Oncology, 
BioPharmaceuticals and Rare Disease) and 
areas of focus for long-term success, 
including business development strategy. 
	
• AstraZeneca R&D strategic science 
capabilities: a deep dive on 
immunotherapy across R&D including 
vaccines, immune therapies and cell 
therapies, as well as a focus on AI 
capabilities and strategy and a deep dive 
on chronic weight management targets 
and mechanisms.
	
• Acquisitions and in-licensing 
agreements: review for the Board the 
scientific case for acquisition and 
licensing opportunities, including:
	– Acquisition of Fusion Pharmaceuticals 
Inc., a clinical-stage biopharmaceutical 
company developing next-generation 
radioconjugates.
	– Acquisition of Amolyt Pharma SAS, 
which bolstered the Rare Disease 
late-stage pipeline.
	– Exclusive licence agreement with 
CSPC Pharmaceutical Group Ltd to 
advance the development of an early 
stage, novel small molecule Lipoprotein 
(a) disruptor.
	
• Regulatory affairs: a review of regulatory 
affairs focusing on trends shaping the 
global regulatory affairs landscape 
including new digital tools and country 
level innovations.
	
• R&D in China: the Committee held an 
in-person meeting at our R&D site in 
Shanghai, China. This included visits 
to Gracell and Eccogene and 
presentations from AstraZeneca’s 
local scientist employees.
	
• Corporate scorecard outturn and goal 
setting: providing insight and feedback to 
the Remuneration Committee in support 
of 2024 achievements and 2025 goal 
setting relating to R&D.
Euan Ashley
Chair of the Science Committee
Chair’s introduction
The Science Committee’s (the Committee) 
core role is to provide assurance to the 
Board regarding the quality, competitiveness 
and integrity of the Group’s R&D activities. 
We achieve this through dialogue with 
AstraZeneca’s R&D leaders and other 
scientist employees, as well as visits to 
our R&D sites throughout the world. 
Our role is to review and assess:
	
• The approaches we adopt in respect 
of our chosen therapy areas. 
	
• The scientific technology and R&D 
capabilities we deploy. 
	
• The scientific strategy for maintaining 
our pipeline and competitiveness. 
	
• The decision-making processes for R&D 
projects and programmes. 
	
• The quality of our scientists, their career 
opportunities and talent development. 
	
• Benchmarking against industry and 
scientific best practice, where appropriate.
We also periodically review important 
bioethical issues and assist in the formulation 
of appropriate policies in relation to such 
issues, agreeing these on behalf of the 
Board. The Committee also considers future 
trends in medical science and technology, 
and reviews, on behalf of the Board, 
the R&D aspects of specific business 
development or acquisition proposals, 
advising the Board on its conclusions.
Science Committee 
members
•	 Euan Ashley (Chair)
•	 Diana Layfield 
•	 Tony Mok 
•	 Nazneen Rahman 
•	 Marcus Wallenberg 
•	 EVP, Oncology 
Haematology R&D1 
•	 EVP, BioPharmaceuticals 
R&D1 
•	 CEO, Alexion1  
1	
Co-opted member of the Committee.
  The full role of the Science 
Committee is set out in its 
terms of reference, available 
at www.astrazeneca.com.
“The Science Committee’s core 
role is to provide assurance to 
the Board regarding the quality, 
competitiveness and integrity 
of the Group’s R&D activities.”
Corporate Governance
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AstraZeneca Annual Report & Form 20-F Information 2024
Science Committee Report

“The Sustainability Committee 
continued its important work in 
2024 to oversee the execution of 
the Company’s sustainability 
strategy.”
Virtual coffees were also arranged for 
individual Committee members to meet 
informally with small groups of employees 
and learn more about implementation of 
our sustainability strategy at local level. 
This included site-specific projects lowering 
carbon emissions and increasing water, 
energy and waste efficiencies, AZ Forest 
activities, and affordability and health 
equity considerations as well as specific 
programmes, such as Green Labs to 
reduce the environmental impact of our 
lab operations, and global community 
investment initiatives, such as the Young 
Health Programme.
Our focus areas during the year included: 
	
• The next-generation propellant transition 
programme, as a component of achieving 
AstraZeneca’s 2030 sustainability targets.
	
• The progress of AZ Forest, including 
consideration of the broader nature, 
biodiversity and social impacts of 
the programme.
	
• A strengthened approach to the 
governance and due diligence of 
AstraZeneca’s product donations for 
disaster relief, humanitarian relief and 
public health need. 
	
• Trends in sustainability reporting and 
the different regulations that will apply 
to AstraZeneca, including the IFRS 
Sustainability Disclosure Standards, 
Corporate Sustainability Reporting 
Directive (CSRD), European Sustainability 
Reporting Standards and Corporate 
Sustainability Due Diligence Directive.
	
• The measures and processes under 
implementation to enhance the 
Company’s sustainability reporting, 
covering data, processes, systems 
and controls.
	
• A double materiality assessment in line 
with CSRD, and recommendation to the 
Audit Committee of the material topics 
identified and integrated into this 
Annual Report.
	
• Reviewing AstraZeneca’s sustainability 
strategy framework.
	
• Supporting the Remuneration Committee 
in its consideration of how the delivery 
of our ESG priorities is incentivised. This 
included reviewing performance of the 
sustainability metric, ‘Ambition Zero 
Carbon’, in the 2022 LTI, which focused 
on Scope 1 and 2 GHG emissions, and 
reviewing the updated sustainability 
metric and targets, which from 2025 
will focus on value chain (Scope 3) 
GHG emissions.
	
• Overseeing engagement with investors 
and other stakeholders on sustainability-
related matters and reviewing 
AstraZeneca’s external disclosures in 
collaboration with the Audit Committee.
Nazneen Rahman
Chair of the Sustainability Committee
Chair’s introduction
The Sustainability Committee (the 
Committee) continued its important work 
during 2024 to oversee the execution of 
the Company’s sustainability strategy. 
In addition to this important function, 
the Committee’s other roles are:
	
• To collaborate with the Audit Committee 
to review the Company’s regulatory 
disclosures relating to sustainability and 
provide information and advice to support 
the Board and Audit Committee in relation 
to those disclosures, as required.
	
• To oversee other communication 
of our sustainability activities with 
our stakeholders. 
	
• To monitor developments and best 
practice and provide input to the Board 
and other Board Committees on 
sustainability matters as required.
	
• To advise the Remuneration Committee 
on the Company’s performance against 
sustainability metrics and targets.
Committee meetings and other informal 
interactions with employees allow 
Committee members to engage closely 
with those charged with executing our 
sustainability strategy. This helps us 
develop a deeper understanding of 
sustainability initiatives, their progress, 
who executes them, and how this is done, 
to share with the wider Board.
Activities during the year
During 2024, the Committee met twice 
formally. To enhance our understanding 
of the sustainability initiatives in action at 
AstraZeneca and hear colleagues’ personal 
perspectives, the Committee invited 
employees who were involved in 
workstreams and projects from across our 
sustainability strategy to its meetings. 
Sustainability Committee 
members
•	 Nazneen Rahman (Chair)
•	 Sheri McCoy
•	 Andreas Rummelt
•	 Marcus Wallenberg  
Standing attendees at Committee 
meetings during 2024 included the: 
EVP, Global Operations, IT and the Chief 
Sustainability Officer; and VP Global 
Sustainability and SHE.
  The full role of the 
Sustainability Committee 
is set out in its terms of 
reference, available at 
www.astrazeneca.com.
	
For more information about 
sustainability at AstraZeneca, 
visit www.astrazeneca.com/
sustainability.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
103
AstraZeneca Annual Report & Form 20-F Information 2024
Sustainability Committee Report
Sustainability Committee Report

Audit Committee members
•	 Philip Broadley (Chair)
•	 Deborah DiSanzo
•	 Sheri McCoy
•	 Anna Manz
•	 Birgit Conix¹ 
1	
Appointed as a member of the 
Committee on 1 February 2025.
	
• The planned upgrade of the Group’s 
Enterprise Resource Planning IT systems 
(Project Axial).
	
• The impact on our operations of sanctions 
on Russia and measures in place to ensure 
ongoing compliance with applicable 
sanctions regimes whilst ensuring patient 
access to essential medicines.
	
• Our IT/IS function and how we continue to 
manage and mitigate cybersecurity threats.
	
• Our Operations function, as we continue 
to evolve our supply chain capabilities.
	
• The prevention and detection of fraud 
in clinical trials.
	
• The investigations by Chinese authorities 
into current and former AstraZeneca 
employees regarding allegations of 
medical insurance fraud, illegal drug 
importation and personal information 
breaches, and the receipt by the 
Company of a Notice of Transfer to the 
Prosecutor and an Appraisal Opinion 
from the Shenzhen City Customs Office 
regarding suspected unpaid importation 
taxes. Committee members also 
participated in Board briefings and 
discussions on these topics.
These sessions allowed the Committee to 
continue exploring specific aspects of risks 
in their ‘real world’ business contexts, in direct 
dialogue with people in the business that 
have responsibility for managing these risks. 
During the year, the Committee undertook 
an external audit services tender process as 
the current auditors, PwC, have been in role 
since the financial year ended 31 December 
2017. Following a rigorous process, the 
Committee recommended, and the Board 
endorsed, the appointment of KPMG as the 
Group’s external auditor for the financial 
year ending 31 December 2026. Provision of 
assurance over sustainability reporting will 
also transition to KPMG from the financial 
year ending 31 December 2025. For details 
on the tender process, see page 111.
The Committee also spent considerable 
time continuing to keep ourselves updated 
on developments in the reporting and 
regulatory environment, particularly in 
relation to sustainability-related reporting. 
The Committee has also been updated on 
preparations for upcoming changes to the UK 
Corporate Governance Code, including the 
requirement to review material controls under 
Provision 29 which will require additional 
disclosures and a Board declaration 
regarding the effectiveness of these controls.
We continued our approach of a combination 
of in-person and virtual Committee meetings 
and interactions with colleagues from across 
the organisation, including in-person visits 
by Committee members to AstraZeneca’s 
sites in Canada, Sweden and Switzerland, 
details of which are provided on page 107. 
These interactions, along with the in-depth 
sessions I refer to above, have allowed 
Committee members to maximise our 
engagement with colleagues across the 
business, deepen our understanding of the 
priorities and challenges facing many different 
markets and business areas, and hear a 
wide range of employees’ views directly.
We also recently welcomed Birgit Conix as 
a member of the Committee following her 
appointment to the Board on 1 February 2025. 
Birgit brings significant financial, executive and 
pharmaceutical industry experience, which 
will assist the Committee with its activities, 
and we look forward to working with her.
We hope you find the Committee’s Report 
useful and informative and, as ever, 
I welcome any feedback.
Philip Broadley
Chair of the Audit Committee
Chair’s introduction 
On behalf of the Audit Committee (the 
Committee), I am pleased to present the 
Committee’s report on its activities and the 
significant matters it considered during 2024.
The Committee’s main responsibilities 
include monitoring the integrity of financial 
reporting and formal announcements 
relating to financial performance, reviewing 
the effectiveness of internal controls, 
risk management and compliance systems 
and processes, and overseeing the external 
and internal audit processes.
The Committee believes that it has carried 
out its responsibilities effectively throughout 
the year, and to a high standard, providing 
independent oversight. It has had good 
support from AstraZeneca personnel and 
PwC, the Company’s auditors. 
The Committee continues to apply 
appropriate challenge to the Company’s 
management; for example, the valuation 
and presentation of the Andexxa intangible 
asset impairment, together with the 
inventory and related contract provisions 
as non-core items. This matter was subject 
to robust discussions and scrutiny from 
the Committee before it was satisfied with 
management’s approach. The Committee 
also closely monitored the revenue 
recognition approach and control 
environment in respect of major milestone 
payments that are recognised as 
Collaboration Revenue, in particular 
Lynparza sales in the context of the 
$600 million sales-related milestone 
receivable from Merck.
The Committee’s agenda continues to be 
driven by the Company’s key active risks 
and key strategic programmes which are 
considered at every Committee meeting, and 
inform the Committee’s agenda of in-depth 
sessions which, this year, have included:
“The Committee’s main 
responsibilities include monitoring 
the integrity of financial reporting 
and formal announcements 
relating to financial performance, 
reviewing the effectiveness of 
internal controls, risk management 
and compliance systems and 
processes, and overseeing 
the external and internal 
audit processes.”
Corporate Governance
104
AstraZeneca Annual Report & Form 20-F Information 2024
Audit Committee Report

Activities during the year 
Financial reporting
Effective internal controls, appropriate 
accounting practices and policies, and 
the exercise of experienced judgement 
by the Committee and the Board underpin 
AstraZeneca’s financial reporting integrity. 
The Committee’s activities in this area in 
2024 included:
	
• Reviewing key elements of the Financial 
Statements and the estimates and 
judgements contained in the Group’s 
financial disclosures, as well as 
considering the appropriateness of 
management’s and the external auditor’s 
analysis and conclusions on judgemental 
accounting matters. The significant 
financial reporting issues considered are 
described in detail in the table on pages 
108 and 109. Further information on the 
significant accounting matters considered 
is included in the Financial Review under 
Critical accounting policies and estimates 
on page 82 and within our Group 
Accounting Policies from page 152. 
	
• Considering the completeness and 
accuracy of the Group’s reported financial 
performance against its internal and 
external key performance indicators 
on a quarterly and annual basis.
	
• Reviewing the preparation of the Directors’ 
Viability statement and considering the 
adequacy of the analysis supporting the 
assurance provided by that statement, as 
well as the going concern assessment and 
adoption of the going concern basis in 
preparing this Annual Report and the 
Financial Statements. 
	
• Reviewing quarterly updates from both 
management and PwC on the programme 
of activities relating to control over 
financial reporting and the effectiveness 
of testing that has been performed across 
the internal control environment. 
	
• Considering the external auditor’s reports 
on its audit of the Group Financial 
Statements, as well as reports from 
management, Global Compliance and 
the external auditor on the effectiveness 
of our system of internal controls and, 
in particular, our internal control over 
financial reporting. This included 
consideration of compliance with 
applicable provisions of the Sarbanes-
Oxley Act – in particular, the status of 
compliance with the programme of 
internal controls over financial reporting 
implemented pursuant to section 404 
of that Act. 
	
• Discussing financial reporting 
considerations in relation to significant 
transactions that occurred in the year 
including the acquisitions of Fusion and 
Amolyt Pharma, the amortisation and 
impairment of intangible assets, 
restructuring programmes and the 
presentation of Alliance Revenue and 
Collaboration Revenue. 
	
• Reviewing developments in sustainability 
reporting requirements, the Company’s 
sustainability reporting approach for 
2024 and the double materiality 
assessment as described in more detail 
in the Sustainability reporting and 
climate-related risk section on page 106.
	
• Reviewing, with appropriate challenge, 
the outcomes from the Group’s budgeting 
and forecasting process for the near term, 
including capital expenditure projections.
Risk identification and management
The Committee continued its regular 
reviews of the Group’s approach to risk 
management, the operation of its risk 
reporting framework and risk mitigation. 
This included consideration of the manner 
in which the risk management process was 
embedded in the Group such that the 
Committee could be assured that 
management’s accountability for risks 
was clear and functioning effectively.
The Company’s risk framework, described 
further from page 64, provides the context 
for the Committee to consider the Directors’ 
Viability statement which is underpinned by 
the assurance provided through a ‘stress 
test’ analysis under which key profitability, 
liquidity and funding metrics are tested 
against severe downside scenarios.
Committee overview
Committee composition
In December 2024, the Board determined 
the Committee met the UK, US and Swedish 
composition requirements by virtue of Philip 
Broadley and Anna Manz having recent and 
relevant financial experience for the 
purpose of the UK Corporate Governance 
Code (the Code), having competence in 
accounting and/or auditing for the purpose 
of the Disclosure and Transparency Rules, 
being financial experts for the purposes 
of the Sarbanes-Oxley Act, and having 
expertise in accounting and auditing for 
the purposes of the Swedish Corporate 
Governance Code and Swedish Companies 
Act. The Board determined that all members 
of the Committee are independent for the 
purposes of the Code and that the 
Committee members as a whole have 
competence relevant to the sector in which 
the Company operates, by virtue of their 
experience of working in science-driven, 
healthcare and/or pharmaceutical 
industries, or as a result of their tenure with 
AstraZeneca. The Committee members’ 
qualifications, skills and experience are 
detailed in their biographies on pages 88 
and 89 and meeting attendance is shown 
on page 87.
Role of the Committee
The Committee’s main responsibilities 
include monitoring the integrity of financial 
reporting and formal announcements 
relating to financial performance, reviewing 
the effectiveness of internal controls, risk 
management and compliance systems and 
processes, and overseeing the external and 
internal audit processes. The Committee 
reports to the Board the principal matters 
it considers and any significant concerns it 
has or that have been reported to it. Further 
information about the Committee’s role and 
work during the year is set out in this Audit 
Committee Report.
Attendance at Committee meetings
Routine attendees at Committee meetings 
include the CFO; the Chief Human Resources 
Officer, Chief Compliance Officer and 
General Counsel; the VP, Ethics & 
Transparency and Deputy Chief Compliance 
Officer; the Deputy General Counsel; the VP, 
Group Internal Audit; the SVP Finance, Group 
Controller & Head of Global Finance 
Services; and the Company’s external 
auditor. The Committee, and separately the 
Committee Chair, also meet privately and 
on an individual basis with attendees which 
helps ensure the effective flow of material 
information between the Committee 
and management. The CEO and other 
members of the SET attend when required 
by the Committee.
  The full role of the Audit 
Committee is set out in its 
terms of reference, available 
at www.astrazeneca.com. 
  For more information on:
	
The basis of preparation of 
the Financial Statements on 
a going concern basis, see 
page 230 and in the Financial 
Statements, page 152.
	
The significant financial 
reporting issues considered, 
see the table set out from 
page 108.
	
The Viability statement on 
page 63 and Principal Risks 
faced by the Group, see Risk 
Overview from page 64.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
105
AstraZeneca Annual Report & Form 20-F Information 2024
Audit Committee Report

Sustainability reporting and 
climate-related risk
The Committee is responsible for reviewing 
the approach to sustainability reporting in 
the Company’s annual reports, Form 20-F 
filings and quarterly results announcements, 
including the Group’s double materiality 
assessment, TCFD disclosures and the EU 
Taxonomy disclosures in this Annual Report. 
These statements, as well as the 
Sustainability Data Annex, are also reviewed 
by the Sustainability Committee to support 
the Committee’s review. Bureau Veritas, an 
external assurance provider, provides 
limited assurance over selected key 
elements of these reports. 
The Committee received updates during 
the year on proposed and new regulations 
by the US, EU, Sweden, the UK and the 
International Sustainability Standards Board 
(ISSB) on sustainability reporting. The 
Committee was briefed on the Company’s 
sustainability reporting plans for 2024, 
including the obligation to report under 
Corporate Sustainability Reporting Directive 
(CSRD) requirements for the financial year 
ending 31 December 2025. To facilitate a 
smoother transition to CSRD reporting in 
2025, the Committee approved the inclusion 
of a double materiality assessment and the 
adoption of reporting in a manner consistent 
to, but not in compliance with, CSRD 
requirements for sustainability information 
in this Annual Report, whilst maintaining 
continued adherence to current 
requirements in the UK Companies Act, 
EU Taxonomy and TCFD requirements. 
Legal and Compliance
The Committee’s activities in this area 
included reviewing:
	
• Quarterly reports from the Legal function 
to monitor the status of significant litigation 
matters and governmental investigations.
	
• Quarterly reports from Global Compliance 
to provide oversight of key compliance 
incidents (both substantiated and 
unsubstantiated), possible trends and 
the dispersion of incidents across our 
business functions and management 
hierarchy. The reports included corrective 
actions taken so that the Committee could 
assess the effectiveness of controls, and 
monitor and ensure timely remediation. 
	
• Reporting on compliance with 
AstraZeneca’s Code of Ethics to ensure 
high ethical standards and that 
AstraZeneca operates within the law 
in all countries where we operate. 
	
• The monitoring, review, education and 
improvements made to support 
assurance that the risk of modern slavery 
and human trafficking is eliminated, to the 
fullest extent possible, from AstraZeneca’s 
supply chain.
Internal Audit
The Committee reviewed Group Internal 
Audit’s (GIA) activities, including:
	
• Reviewing quarterly reports of work 
carried out by GIA, including the status 
of follow-up actions with management. 
In 2024, GIA provided assurance over 
compliance with significant policies, 
plans, procedures, laws and regulations, 
as well as risk-based audits across a 
broad range of key business activities 
and continued its thematic reporting to 
the business. The 2024 audit plan was 
aligned to our key active risks and wider 
risk taxonomy. Separate meetings are 
arranged to discuss follow-up actions 
in more depth with specific teams, 
when required by the Committee.
	
• Carrying out the annual effectiveness 
review of GIA in late 2024 by considering 
its performance against the internal audit 
plan and key activities.
	
• Approving the 2025 internal audit plan, 
which is aligned to our key active risks 
and wider risk taxonomy. 
	
• Considering the geographic presence, 
reach and capabilities of GIA and the 
appropriateness of the Group’s resource 
allocation for this vital assurance function.
The Committee supports GIA’s efforts 
to deploy its resources in line with the 
continuously evolving shape and size of the 
overall organisation and was satisfied with 
the quality, experience and expertise of the 
GIA function. 
An independent External Quality 
Assessment of GIA is performed every five 
years and was last performed in 2021.
External audit
The Company’s external auditor, PwC, 
provided quarterly reports to the Committee 
over key audit and accounting matters, and 
business processes, internal controls and 
IT systems.
The Committee oversaw the conduct, 
performance and quality of the external 
audit, in particular through its review and 
challenge of the coverage of the external 
auditor’s audit plan and subsequent 
monitoring of progress against it. The 
Committee maintained regular contact with 
PwC through formal and informal reporting 
and discussion throughout the year, with 
a continued focus on maintaining audit 
efficiency and quality. The Committee also 
sought management’s feedback on the 
conduct of the audit and considered the 
level of and extent to which the auditors 
challenged management’s assumptions. 
Each of these scenarios assumes that 
the associated risks crystallise and that 
management will take mitigating actions 
against those risks. The Committee 
considered in detail the validity of each 
scenario. The Committee also assessed 
whether the proposed mitigations 
were viable.
The Committee is updated on key active 
and emerging risks facing the Company 
through a quarterly risk management report 
from the CFO. The likelihood of each of the 
risks materialising and its potential impact 
was monitored by the Committee and the 
reports from the CFO enabled the Committee 
to track the trend applicable to each risk 
compared with the previous quarter. The 
composition and profile of these risks 
informs the Committee’s agenda of 
in-depth sessions. 
Cybersecurity risk, digital security 
and information governance 
Our approach to identifying, assessing 
and managing material cybersecurity risks 
(including those that result from the use of 
third parties in business processes and 
data management) is integrated within our 
Group-wide approach to managing risk. 
Failure in information technology or 
cybersecurity has been identified as a 
Principal Risk. Mitigations are in place to 
manage these risks, and these are 
monitored, and their effectiveness regularly 
reported, for example in KPI dashboards 
provided to management and the 
Committee. Incidents are managed and 
reported using the cybersecurity incident 
management framework which in turn is 
connected to the Group’s crisis 
management framework. Cybersecurity 
risks are overseen by the Committee, who 
also carry out regular reviews due to the 
increased importance of cybersecurity risk. 
Their reviews are supported by senior 
management, the VP, Group Internal Audit 
and other assurance providers as required. 
Cybersecurity risks (including previous 
incidents) have not materially affected our 
business strategy, results of operations 
or financial condition.
	
For more information, see IT 
and IS resources on page 44.
	
For more information on 
our Code of Ethics and  
on Anti-bribery and anti- 
corruption, see from page 42. 
	 AstraZeneca’s Modern 
Slavery Act Statement is 
available on our website, 
www.astrazeneca.com.
Corporate Governance
106
AstraZeneca Annual Report & Form 20-F Information 2024
Audit Committee Report continued

Reporting and regulatory environment 
The Committee has kept abreast of 
developments in the reporting and 
regulatory environment. This has included 
governance and audit reforms in the UK, 
proposed financial reporting changes 
following the publication of IFRS 18 
‘Presentation and Disclosures in Financial 
Statements’, changes to the UK Listing 
Rules, and developments in sustainability-
related reporting requirements in a number 
of jurisdictions. 
Ensuring the quality of external financial 
reporting to shareholders and other 
stakeholders remains paramount to the 
Committee. This includes its assessment 
of the annual reports to ensure that, taken 
as a whole, they are fair, balanced and 
understandable (for which the process is 
described on page 110). External validation 
of the Annual Report is an important 
indicator of the quality of our reporting. 
Committee performance
The Committee conducted the annual 
evaluation of its own performance, referring 
to the Committee-specific results of the 
Board effectiveness review prepared by 
Christopher Saul Associates. The results 
were reported to, and discussed with, 
the Committee and the Board. The overall 
results of the review were positive and 
noted the Committee’s efforts and focus.
A number of interactions took place 
between Committee members and 
PwC during the year, outside of formal 
Committee meetings, to enhance the 
Committee’s understanding of the audit 
process, including the Committee Chair 
joining PwC’s Account Planning Workshop 
to meet face-to-face with PwC team 
members responsible for auditing 
AstraZeneca’s in-scope global entities 
in April as well as presenting virtually 
to the global PwC statutory audit teams 
in September. 
The Committee reviewed audit and 
non-audit fees of the external auditor 
during the year, including the objectivity 
and independence of the external auditor 
through the application of the Audit and 
Audit-Related Services Approval Policy, 
as described further on page 110.
Engagement with employees and 
other stakeholders 
The Committee regularly interacts with 
members of management below the SET and 
seeks wider engagement with the Group’s 
employees and other stakeholders, during 
deep dive sessions at formal Committee 
meetings and as separate engagements.
Committee members undertook a mixture 
of in-person and virtual interactions with 
a wide range of teams from across the 
organisation. This included teams from 
Information Technology and Information 
Security; Operations, Finance; International, 
Alexion US; and in-person visits to 
AstraZeneca’s offices in Baar, Switzerland, 
and AstraZeneca’s Canadian operations, 
which included the manufacturing and 
discovery facilities of Fusion Pharmaceuticals 
Inc. and the Company’s global hub in 
Mississauga, Ontario. Philip Broadley also 
made an in-person visit with the Company’s 
auditor, PwC, to AstraZeneca’s 
manufacturing site in Sӧdertälje in Sweden.
The breadth of these interactions is 
crucial in enhancing the Committee’s 
understanding of the business and provides 
valuable insights into the key issues and 
challenges relating to, and current and 
emerging risks associated with, our 
activities in these areas. The Committee 
welcomes the opportunity to engage 
directly with employees in these meetings 
which provide an opportunity to gauge 
employee sentiment and hear their views 
directly. The Committee also uses these 
interactions to communicate the 
importance it attaches to compliance 
and our ‘speak up’ culture.
  Further information about the 
audit and non-audit fees for 
2024 is disclosed in Note 31 
to the Financial Statements 
on page 213.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
107
AstraZeneca Annual Report & Form 20-F Information 2024
Audit Committee Report

Significant financial reporting issues considered by the Committee in 2024
Matter considered
Committee’s conclusion and response
Valuation of 
intangible assets
  See Financial Review 
from page 67 and 
Note 10 to the 
Financial Statements 
from page 172.
The Group carries significant intangible assets on its 
Consolidated Statement of Financial Position arising from 
the acquisition of businesses and intellectual property (IP) 
rights to medicines in development and on the market. 
Each quarter, the CFO reports on the carrying value of the 
Group’s intangible assets as well as the specific assets 
identified as at risk of impairment. In respect of intangible 
assets that are identified as at risk of impairment, the 
Committee receives information on the difference between 
the carrying value and management’s current estimate of 
discounted future cash flows for these products (the 
headroom). Products will be identified as ‘at risk’ if the 
headroom is small or, for medicines in development, there 
is a significant potentially adverse event such as the 
publication of clinical trial results which could significantly 
alter management’s forecasts for the product. The reviews 
also cover the impact on any related contingent 
consideration arising from previous business combinations.
The Committee considered the impairment reviews of the 
Group’s intangible assets. Impairments of $504 million arose 
in relation to launched products and $1,073 million in relation 
to products in development.
The Committee assured itself of the integrity of the Group’s 
accounting policy and models for its assessment and valuation 
of its intangible assets, including understanding the key 
assumptions and sensitivities within those models. The 
Committee also considered the internal and external estimates 
and forecasts for the Group’s cost of capital relative to the 
broader industry. The Committee was satisfied that the Group 
had appropriately accounted for the identified impairments.
Revenue recognition
  See Financial Review 
from page 67 and 
Note 1 to the Financial 
Statements from 
page 160.
The US is our largest single market and accounted for 
43% of our Total Revenue in 2024. Revenue recognition, 
particularly in the US, is affected by rebates, chargebacks, 
returns, other revenue accruals and cash discounts. More 
generally, milestone payments, including the receivable of 
$600 million from Merck in respect of Lynparza, are often 
calculated on Product Sales and form part of Total Revenue.
The Committee pays attention to management’s estimates of 
these items, its analysis of any unusual movements and their 
impact on revenue recognition.
The Committee receives regular reports from management 
and the external auditor on this complex area. The US market 
remains highly competitive with diverse marketing and pricing 
strategies adopted by the Group and its peers.
The Committee recognised the close monitoring and control 
by management of the overall gross-to-net deductions.
The Committee reviewed the approach and control environment 
in respect of the recognition of Product Sales in instances 
where it triggers the recognition of a major sales-related 
milestone payment, contributing to Total Revenue.
Alternative performance 
measures (APMs)
  See Financial Review 
from page 67.
AstraZeneca reports APMs to provide helpful supplementary 
information to the IFRS measures to enable a better 
understanding of the Group’s financial performance 
and position.
In the current period, net restructuring charges of 
$1,154 million were recorded within non-core items once the 
restructuring programmes were approved. Additionally, in the 
prior year, the accounting for the acquisition of Alexion in 
2021 resulted in more significant items being classified as 
non-core.
Management carefully analyses the presentation of various 
items to ensure it is fair and balanced, and follows guidelines 
issued by the European Securities and Markets Authority and 
the SEC, as well as FRC thematic reviews.
The Committee carefully considered management’s 
presentation of the non-core items, including the removal 
of the Acquisition of Alexion category, and concurred with 
management’s presentation.
The Committee further considered management’s assessment 
and recommendation to present the $459 million inventory 
and related provision costs related to Andexxa as non-core 
items, and concurred with management that the presentation 
was appropriate due to their significance and was consistent 
with classification within PAAGR in prior years.
The Committee reviewed proposed disclosures for non-GAAP 
items in line with the various regulatory guidance and 
concurred with management that the presentation enabled 
additional helpful guidance.
Litigation and 
contingent liabilities
  See Note 30 to the 
Financial Statements 
from page 203.
AstraZeneca is involved in various legal proceedings 
considered typical to its business and the pharmaceutical 
industry as a whole, including litigation and investigations 
relating to product liability, commercial disputes, infringement 
of IP rights, the validity of certain patents, antitrust law, and 
sales and marketing practices.
The Committee considers the Group’s approach to disclosure 
of, and any liabilities for, relevant matters.
In the current period, net legal provisions of $44 million were 
recorded for two legal proceedings within non-core items 
once the criteria for recognising a provision were met.
Of the matters the Committee considered in 2024, the more 
significant included: the continued defence of the IP litigation 
for Tagrisso and the commercial litigation relating to 
Syntimmune, Inc. 
The Committee carefully considered the progress of these 
legal proceedings in relation to the requirement of any 
provision and concurred with management’s assessment that 
none were required. The Committee was satisfied that the 
Group was effectively managing its litigation risks including 
seeking appropriate remedies and continuing to defend its IP 
rights vigorously.
Corporate Governance
108
AstraZeneca Annual Report & Form 20-F Information 2024
Audit Committee Report continued

Matter considered
Committee’s conclusion and response
Tax charges and liabilities
  See Note 4 to the 
Financial Statements 
from page 163.
  AstraZeneca’s 
Approach to Taxation, 
which was published 
in December 2024 and 
covers its approach to 
governance, risk 
management and 
compliance, tax 
planning, dealing with 
tax authorities and the 
level of tax risk the 
Group is prepared to 
accept, can be found 
on our website,  
www.astrazeneca.com.
The Group has business activities around the world and 
incurs a substantial amount and variety of business taxes. 
AstraZeneca pays corporate income taxes, customs duties, 
excise taxes, stamp duties, employment and many other 
business taxes in all jurisdictions where due. In addition, 
we collect and pay employee taxes and indirect taxes such 
as value-added tax. The taxes the Group pays and collects 
represent a significant contribution to the countries and 
societies in which we operate. Tax risk can arise from 
unclear laws and regulations as well as differences in 
their interpretation.
The Committee reviews the Group’s approach to tax, including 
governance, risk management and compliance, tax planning, 
dealings with tax authorities and the level of tax risk the Group 
is prepared to accept.
During 2024, the Committee considered the tax and tax 
accounting implications of projects including a cash 
repatriation project. The Committee considered the analysis 
provided by management and concurred with the presentation 
and reporting of these items.
The Committee was satisfied with the Group’s practices 
regarding tax liabilities, including, most notably, its response 
to developments in the corporate income tax environment.
Segmental reporting 
  See the Key 
Judgement within 
Note 6 to the 
Financial Statements 
from page 166.
Management has reviewed the developments in the year 
and determined the Group continues to operate as a single 
segment based on key decisions on resource allocation and 
performance monitoring being carried out at a Group level 
by the SET.
There were no significant changes in the Group’s business 
during the year.
The Committee received reports from management regarding 
considerations for segmental reporting based on the current 
operations and management of the business.
The Committee considered the analysis provided by 
management and concurred with management that presenting 
AstraZeneca’s performance under one segment was appropriate.
Retirement benefits
  See Financial Review 
from page 67 and 
Note 22 to the 
Financial Statements 
from page 184.
Accounting for defined benefit pension and other post-
retirement benefits remains an important area of focus. 
The present value of these liabilities is sensitive to changes 
in long-term interest rates, future inflation and mortality 
expectations. The assumptions used to value the liabilities 
for the Group’s main post-retirement benefit obligations 
are updated every quarter along with asset valuations. 
The Group is cognisant of the regulatory environment and 
local requirements around funding levels and contributions. 
The Group monitors its defined benefit pension risks and 
provides input and support to local fiduciaries to ensure 
requirements are met.
The Committee monitors the funding level of the Group’s 
defined benefit obligations on a quarterly basis, alongside key 
developments. The Committee was satisfied that the actuarial 
assumptions used to value liabilities were appropriate during 
the year. 
The Committee was reassured by the Group’s engaged and 
balanced approach to managing the risks associated with its 
defined benefit obligations including its contribution policy. 
The Committee reviewed and concurred with management’s 
accounting and presentation of pension balances.
The Committee is aware of the need to adhere to local 
funding regulations and is satisfied that the Group is 
complying with requirements.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
109
AstraZeneca Annual Report & Form 20-F Information 2024
Audit Committee Report

External auditor
PwC is the Company’s external auditor. 
In April 2024, PwC was reappointed as the 
Company’s auditor for the financial year 
ended 31 December 2024, its eighth 
consecutive year as auditor, having first 
been appointed for the financial year ended 
31 December 2017, following a competitive 
tender carried out in 2015. Sarah Quinn 
continued as the lead audit partner at PwC 
for 2024 following her appointment in 
January 2022.
Audit, audit-related and other assurance 
services provided by the external auditor
The Committee maintains the Audit and 
Audit-Related Services Approval Policy 
(the Policy) for the pre-approval of all audit 
services, audit-related services and other 
assurance services undertaken by the 
external auditor. The principal purpose of 
the Policy is to ensure that the independence 
of the external auditor is not impaired.
The pre-approval procedures permit certain 
audit and audit-related services to be 
performed by the external auditor, subject to 
annual fee limits agreed with the Committee 
in advance. Pre-approved audit and 
audit‑related services below the clearly trivial 
threshold (within the overall annual fee limit) 
are subject to case-by-case approval by the 
SVP Finance, Group Controller & Head of 
Global Finance Services.
Pre-approved audit services included 
services in respect of the annual financial 
statement audit (including quarterly and 
half-year reviews), attestation opinion under 
section 404 of the Sarbanes-Oxley Act, 
statutory audits for subsidiary entities, and 
other procedures to be performed by the 
independent auditor in order to form an 
opinion on the Group’s Consolidated 
Financial Statements. The pre-approved 
audit-related services, which the Committee 
believes are services reasonably related 
to the performance of the audit or review 
of the Company’s Financial Statements, 
included certain services required by law 
or regulation, such as financial statement 
audits of employee benefit plans and capital 
market transactions. The Policy prohibits 
any tax services. Audit-related services 
included the assurance in relation to tax 
regulatory certificates required to be issued 
by the external auditor.
The CFO (supported by the SVP Finance, 
Group Controller & Head of Global Finance 
Services), monitors the status of all services 
being provided by the external auditor. 
Authority to approve work exceeding the 
pre-agreed annual fee limits and for any 
individual service above the clearly trivial 
threshold is delegated to the Chair of the 
Committee. A standing agenda item at 
Committee meetings covers the operation 
of the pre-approval procedures and regular 
reports are provided to the full Committee.
All services other than the pre-approved 
audit and audit-related services, require 
approval by the Committee on a case-by-
case basis. In 2024, PwC provided audit 
services including interim reviews of the 
results of the Group for the period ended 
30 June 2024 and audit-related and other 
assurance services. 
The increase to the statutory audit fee for 
2024 is largely driven by scope changes 
and inflationary increases.
Fees for audit-related and other assurance 
services amounted to 10% of the fees 
payable to PwC for audit services in 2024 
(2023: 6%). The Committee is mindful of the 
70% non-audit services fee cap under EU 
regulation, together with the overall 
proportion of fees for audit and audit-
related services in determining whether 
to pre-approve such services. Fees for 
audit-related and other assurance services 
payable to PwC in 2024 were 11% 
(2023: 7%) of average audit fees over 2021 
to 2023 (2023: 2020 to 2022). 
PwC were better placed than any alternative 
provider to provide these services in terms 
of their familiarity with the Company’s 
business, skills, capability and efficiency 
with which they could deliver the relevant 
services. All such services were either 
within the scope of the pre-approved 
services set out in the Policy or were 
presented to Committee members for 
pre-approval and all such services were 
permitted by the FRC Ethical Standard.
$31.8m
$30.1m
2024
2023
Audit/audit-related and other 
assurance services
Statutory audit fee
Audit-related and other assurance services
Fair, balanced and 
understandable assessment
As in previous years, at the instruction of 
the Board, the Committee undertook an 
assessment of this Annual Report to ensure 
that, taken as a whole, it is fair, balanced 
and understandable and provides the 
information necessary for shareholders 
to assess the Company’s position and 
performance, business model and strategy. 
The Committee reviewed the Company’s 
governance structure and assurance 
mechanisms for the preparation of this 
Annual Report and, in particular, the 
contributor and SET member verification 
process. The Committee received an early 
draft of this Annual Report to review its 
proposed content and the structural 
changes from the prior year and to 
undertake a review of the reporting for 
the year, following which the Committee 
members provided their individual and 
collective feedback. Additionally, in 
accordance with its terms of reference, 
the Committee (alongside the Board) took 
an active part in reviewing the Company’s 
quarterly announcements and considered 
the Company’s other public disclosures 
which are managed through its Disclosure 
Committee (the Committee was updated 
on matters considered by the Disclosure 
Committee regularly throughout the year). 
To aid its review further, the Committee also 
received a summary of the final Annual 
Report’s content, including AstraZeneca’s 
successes and setbacks during the year 
and an indication of where they were 
disclosed within the document.
The processes described above allowed 
the Committee to provide assurance to the 
Board to assist it in making the statement 
required of it under the Code, which is set 
out from page 91.
Internal controls
Information on the Company’s internal 
controls is included in the Audit, risk and 
internal control section in the Corporate 
Governance Report on page 92. During the 
period covered by this Annual Report there 
was no change in our internal control over 
financial reporting that occurred that has 
materially affected, or is reasonably likely 
to materially affect, our internal control over 
financial reporting.
At the January 2025 Committee meeting, 
the CFO presented the conclusions of the 
evaluation by the CEO and CFO of the 
effectiveness of our disclosure controls and 
procedures that is required by Item 15(a) of 
Form 20-F as at 31 December 2024. Based 
on their evaluation, the CEO and the CFO 
concluded that, as at that date, the 
Company maintained an effective system 
of disclosure controls and procedures. 
Corporate Governance
110
AstraZeneca Annual Report & Form 20-F Information 2024
Audit Committee Report continued

Each of the big four audit firms and two 
challenger firms were invited to participate 
in the tender. PwC and KPMG were the 
only two firms that were able and willing 
to tender for the audit. The Committee 
reviewed and approved the selection 
criteria which covered FRC Audit Quality 
assessments over the preceding three 
years, expertise of the proposed global 
audit teams, audit methodology, use of 
audit technologies and expertise in 
auditing organisations upgrading their 
Enterprise Resource Planning systems 
technology. The process focused on the 
quality criteria, in line with the FRC 
guidance, and was fee-blind. The tender 
process was supervised by the Audit 
Tender Panel, which comprised the Chair 
of the Audit Committee and Anna Manz 
as well as management representatives. 
To provide a better understanding of 
AstraZeneca’s business, processes and 
teams, both firms were provided with 
access to an online data room of relevant 
information, along with additional 
information where requested. Management 
also organised over 20 workshops for the 
firms to meet senior finance and business 
management across different business 
units and functions. 
Both firms provided written proposals and 
gave presentations to, and answered 
questions from, the Audit Tender Panel on 
their respective use of innovative tools for 
the performance of the audit in future years, 
their proposed teams and audit proposals. 
Mr Broadley and Ms Manz interviewed the 
proposed lead audit partners of both firms 
and met a cross section of the proposed 
audit teams, including specialist partners 
and audit staff.
The Committee discussed Mr Broadley 
and Ms Manz’s conclusions from the tender 
process and management’s qualitative 
and quantitative assessment of the two 
firms based on the selection criteria. 
Following that discussion, the Committee 
recommended, and the Board endorsed, 
the appointment of KPMG as the Group’s 
external auditor for the financial year ending 
31 December 2026. A resolution will be put 
to shareholders at the 2026 AGM to approve 
this appointment. It is intended that PwC 
will continue as the Group’s auditors for the 
years ended 31 December 2024 and 2025 
and will cease to hold office at the conclusion 
of the Company’s 2026 AGM.
The Committee also aligned with 
transitioning the limited assurance of 
sustainability reporting to KPMG for the 
financial year ending 31 December 2025 
upon adoption of mandatory CSRD 
reporting. The Committee also commenced 
reviewing reporting covering KPMG’s 
journey to independence to meet regulatory 
requirements in time for the commencement 
of sustainability assurance in 2025 as well 
as financial audit in 2026.
Regulation
The Committee considers that the Company 
has complied with the Competition and 
Markets Authority’s Statutory Audit Services 
for Large Companies Market Investigation 
(Mandatory Use of Competitive Tender 
Processes and Audit Committee 
Responsibilities) Order 2014 in respect 
of its financial year commencing 
1 January 2024. 
Assessing external audit effectiveness 
In accordance with its normal practice, the 
Committee considered the performance of 
PwC and its compliance with the 
independence criteria under the relevant 
statutory, regulatory and ethical standards 
applicable to auditors. The Committee 
assessed PwC’s effectiveness principally 
against four key factors, namely: judgement; 
mindset and culture; skills, character and 
knowledge; and quality control. As part of that 
assessment, it also took account of the views 
of senior management within the Finance 
function and regular Committee attendees. 
As part of the Committee’s assessment 
of the quality of the audit, the Committee 
focused on the auditor’s effective use 
of experts and technology as well as 
appropriate challenge of management’s 
judgements especially in relation to areas 
of significant financial reporting issues 
(as described in the table on pages 108 
and 109). Areas that were reviewed by the 
Committee included PwC’s extensive and 
detailed review of the valuations and 
assumptions related to defined benefit 
pension valuations, assumptions and 
calculations over Gross to Net Product Sales, 
legal settlements in the year, intangible asset 
assumptions used in cashflow modelling, 
and the recognition and measurement of 
uncertain tax liabilities.
The Committee concluded that the PwC 
audit was effective for the financial year 
ended 31 December 2024. In February 
2025, the Committee recommended to the 
Board the reappointment of PwC as the 
Company’s auditor for the financial year 
ending 31 December 2025. Accordingly, 
a resolution to reappoint PwC as auditor 
will be put to shareholders at the Company’s 
AGM in April 2025.
External audit tender 
In November 2023, with the UK legal 
requirements for the Company to tender 
the external auditor every 10 years in mind, 
the Committee began a tendering process 
for both the financial audit and sustainability 
assurance to enable the selection of an 
auditor in 2024 for the 2026 or 2027 
financial year. The Committee committed 
to a fair, open and transparent process and 
reviewed and approved the process, 
timetable and information requirements, 
which followed best practice corporate 
governance requirements, including all 
relevant FRC guidance on audit tendering.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
111
AstraZeneca Annual Report & Form 20-F Information 2024
Audit Committee Report

“On behalf of the Committee, 
I thank those shareholders 
who supported our new 
Remuneration policy, 
which allows us to incentivise 
the delivery of our Ambition 
2030 through our pay 
for performance philosophy.”
Remuneration Committee 
members
•	 Sheri McCoy (Chair)
•	 Philip Broadley
•	 Michel Demaré
•	 Nazneen Rahman
On behalf of the Board, I am pleased 
to present AstraZeneca’s Directors’ 
Remuneration Report for the year ended 
31 December 2024. 
2024 has seen AstraZeneca successfully 
continue on its strong growth trajectory 
towards delivery of Ambition 2030. Our 
sustained performance over the year 
delivered Total Revenue of $54.1 billion, 
an increase of 18% at actual rates of 
exchange (21% at CER) since 2023.
In May, we held our Investor Day, which 
gave us the opportunity to share in detail 
our strategy for Ambition 2030, our 
continued commitment to long-term growth 
and how we plan to continue to deliver 
shareholder value. Over 2024, significant 
progress has already been made towards 
these goals. We have invested in 
transformative technologies, such as 
antibody drug conjugates, radioconjugates, 
cell therapy and T-cell engagers, with a 
view to eliminating cancer as a cause of 
death; and invested in gene therapy and 
gene editing for our Rare Disease portfolio, 
all of which will help to drive our growth. 
Over the year, we have continued to see 
significant positive readouts and regulatory 
approvals which reinforce the quality of our 
pipeline and our ambition to launch 20 new 
molecular entities (NMEs) by 2030. Eight of 
these NMEs have already been launched, 
including Imjudo, Beyfortus, Voydeya 
and Datroway. 
Our global commercial footprint continues 
to provide substantial growth opportunity 
for our medicines across all therapy areas 
and regions. In the US, Total Revenue 
increased by 22% in 2024 to $23.2 billion 
driven by continued strong growth of our 
Oncology and BioPharmaceuticals business 
units. In Emerging Markets, AstraZeneca 
was the largest multinational pharmaceutical 
company, as measured by prescription sales. 
In Europe, Total Revenue was $12.2 billion, 
an increase of 27% (26% at CER) on 2023. 
More information on some of our 2024 
achievements is set out on page 114.
Key Committee activities in 2024
At the Company’s 2024 Annual General 
Meeting (AGM), the Board was pleased that 
the 2023 Directors’ Remuneration Report 
received support from 95% of shareholders. 
The Board also put a new Remuneration 
Policy (the Policy) and amendments to the 
AstraZeneca Performance Share Plan (PSP) 
(together, the Remuneration Resolutions) to 
shareholders for approval at the 2024 AGM. 
The Remuneration Resolutions were 
approved with 64.43% and 65.34% support, 
respectively. However, the Committee 
acknowledged that a notable proportion 
of shareholders did not support the 
Remuneration Resolutions at the 2024 AGM.
Following the AGM, I undertook an 
extensive consultation process to listen 
to the feedback of our shareholders and 
the proxy advisors and to discuss the 
implementation of the 2024 Policy. The 
engagement reached over 50% of our 
issued share capital and included written 
communications with our 75 largest 
shareholders, plus meetings with eight of 
our largest shareholders and three proxy 
advisers. AstraZeneca’s largest investors 
remain fully supportive of the leadership 
team, our pay for performance philosophy 
and of our Ambition 2030. Our major 
shareholders understand the rationale for 
the Policy changes, the global nature of 
the business and the need to be able to 
compete for talent globally, and recognise 
that the Committee believes that UK- listed 
FTSE companies are not the right peer 
group for us to use, given AstraZeneca’s 
size, complexity and global footprint 
relative to FTSE peers, and the influence 
of pay practice within the global 
pharmaceutical industry.
  The role of the Remuneration 
Committee is set out in its 
terms of reference, available at 
www.astrazeneca.com. 
We aim to be clear and 
transparent in how we 
link remuneration of 
our executives to the 
successful delivery 
of our strategy and 
shareholder returns.
The Directors’ Remuneration 
Report contains the following 
sections:
•	 Chair’s letter, page 112
•	 Remuneration at a glance, 
page 116
•	 How our performance 
measures for 2025 support 
the delivery of our strategy, 
page 117
•	 How the Remuneration 
Committee ensures targets 
are stretching, page 118
•	 Annual Report on 
Remuneration, page 119
Corporate Governance
112
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report

400
300
200
100
Dec
14
Dec
15
Dec
16
Dec
17
Dec
18
Dec
19
Dec
20
Dec
21
Dec
22
Dec
23
Dec
24
the sustainability metric will comprise of 
the aggregate reductions from the next-
generation propellant (NGP) transition, 
primary distribution and business travel, 
which represent approximately 25% of our 
2024 value chain (Scope 3) GHG emissions.
The Committee has continued to evaluate 
the reward of the wider workforce and in 
2024 reviewed the full collective offering 
of our long-term incentives available to 
employees around the world. Currently 35% 
of the workforce is eligible to participate in 
long-term incentive (LTI) programmes and 
the Committee continues to explore ways 
in which this might be expanded further. 
During 2024, we have approved increases 
to the quantum of LTIs we offer to ensure 
we remain market competitive across the 
globe. Our emphasis remains firmly on 
performance, market competitiveness 
and equitable reward and we are supportive 
of the level of importance the Company 
continues to place on enabling total reward 
decisions to be made without bias. We 
endorse the ongoing efforts to educate 
managers on making equitable reward 
decisions and to build internal capability 
in relation to this topic, including the 
development of tools to help with reward 
decision making.
A number of our shareholders and proxy 
advisers voiced their concerns in relation 
to the increased opportunity at threshold 
provided under the new Policy and 
requested to hear more about the process 
for making decisions on outcomes and 
setting targets. In response to these 
concerns, we confirmed that the Committee 
made a conscious decision for the uplift in 
remuneration opportunity to be through 
performance-based pay, and that we 
remain committed to transparent 
disclosures and to stretching performance 
targets which are aligned to the creation of 
shareholder value. The process of setting 
our targets is comprehensive and robust. 
We rigorously review stretch in conjunction 
with management, the Audit Committee, the 
Science Committee and the Sustainability 
Committee, along with our external 
independent advisers, not only in relation 
to our internal ambitions, but also relative 
to consensus and how analysts view 
our potential. The same scrutiny is used 
to assess performance outcomes and 
we can demonstrate a consistently clear 
link between incentive outcomes 
and performance. 
The new Policy allows us to continue to 
provide competitive executive remuneration 
in a high performance culture, and is 
structured such that the Executive Directors 
will only benefit from the increased 
remuneration when they deliver strong 
returns for investors. It has provided 
headroom to deploy appropriately leveraged 
pay for performance compensation across 
our most senior leadership levels (below our 
Executive Directors), and it enables us to 
retain and compete for the best talent, 
including in the US. The Committee is 
confident that the Policy reflects 
AstraZeneca’s global market position, the 
strength of our pipeline and will incentivise 
the delivery of our ambitions in the future. 
I would like to thank those that took part in 
the consultation for their constructive 
feedback and those shareholders who 
supported our proposals.
Our short- and long-term incentive metrics 
will remain broadly unchanged for 2025. 
We continue to be happy with the balance 
and choice of metrics which we believe 
appropriately underpin our strategy and 
incentivise performance. As we reach the 
end of our Scope 1 and 2 greenhouse gas 
(GHG) emission glide path, the PSP 
sustainability metric will encompass aspects 
of value chain (Scope 3) GHG emissions 
from 2025 onwards. For the 2025 PSP, 
How we have performed in 2024
Total shareholder return (TSR)
2022 to 20241
+33% 
 AstraZeneca 
 Global pharmaceutical peers average 
 European pharmaceutical peers average 
 FTSE 100
1	
Calculated using a three-month calendar average, from 1 October to 31 December, prior to the start and at the end of 
the relevant period.
Delivery against strategy – 2024 Group scorecard performance2
Target
2024
outcome
Science and Innovation: Annual pipeline progression
Pipeline progression events
27
24
Regulatory events
42
52
Growth and Therapy Area Leadership3
Total Revenue
$52.1bn
$53.8bn
Achieve Group Financial Targets
Cash flow4
$10.2bn
$10.1bn
Core EPS5
$7.82
$8.22
2	 For details of the Committee’s consideration of Group scorecard outcomes and a description of performance 
measures, see from page 121.
3	 Total Revenue target and outcome are at 2024 budget rates of exchange.
4	 The Cash flow measure is set and evaluated at the actual exchange rate and is evaluated by reference to net cash 
flow from operating activities less capital expenditure, adding back proceeds from disposal of intangible assets.
5	 Core EPS target and outcome are at 2024 budget rates of exchange.
  More information on the TSR 
peer groups for PSP awards 
can be found on page 125.
	
Further detail of 2024 
commercial and scientific 
performance can be found in 
the Strategic Report from 
page 12.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
113
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report

TSR
People and Sustainability: Being a great 
place to work is a commitment to our people 
and we aim to create great employee 
experiences that ignite innovation, unite 
diverse talent and unlock capacity. We are 
recognised externally for our work prioritising 
inclusion and diversity and are pleased that 
44 countries of origin are represented at 
executive levels and 50.6% of our senior 
leaders are women. We remain dedicated to 
promoting personal growth, lifelong learning 
and enterprise leadership. We celebrated 
Learning at Work Week, and have seen over 
1.96 million Degreed learning completions 
over the year. We have enabled over 
2.1 million hours of total learning for our 
employees and have seen over 10,000 
employees participate in our Generative AI 
Accreditation programme. Our Pulse results 
demonstrate that we have a highly engaged 
workforce with 80% of our employees 
agreeing that they feel valued for diverse 
opinions and thinking, and 84% of our 
employees saying that they receive 
coaching to improve their contribution.
Sustainability remains core to our strategy 
of improving the health of people, society 
and the planet and we believe that through 
science we can make a positive impact. 
We have made significant progress towards 
Ambition Zero Carbon, despite the Group 
almost doubling in size since 2020. In 2024, 
we reached the significant milestone of over 
60% of our global fleet being battery 
electric vehicles. We are also very proud 
that Södertälje has reduced Scope 1 and 2 
GHG emissions by 98% (from 2015 
baseline), which is an outstanding 
achievement. We also continue to work 
towards achieving a 50% target reduction 
in Scope 3 emissions from the 2019 
baseline by 2030. In 2024, we made the 
first regulatory submission for Breztri NGP 
in the EU in 2024, an important step in 
transitioning our inhaled medicines to a NGP 
with near-zero global warming potential – 
99.9% lower than current propellants. 
Through our Green Labs programme, 
we are embedding sustainability into 
research processes to reduce laboratory 
emissions and waste and to date, over 
4,000 colleagues have optimised ways of 
working and championed a sustainability 
culture in their labs. We were proud to have 
been awarded the EcoVadis Sustainability 
Achievement Award for ‘Best Mature 
Program’ and we continued to drive global 
change at Climate Week NYC, the biggest 
annual climate event of its kind, and being 
a signatory on an open letter from 
The Alliance of CEO Climate Leaders to 
world leaders about the changes that need 
to be implemented to make a difference. 
AstraZeneca’s 2024 performance
Science and Innovation: 2024 has been  
a significant year for AstraZeneca in 
advancing our science and medicines,  
and investing in new transformative 
technologies and modalities. These 
developments have enabled us to deliver 
medicines to patients while sustaining 
long-term growth. We continued to drive 
progress in our pipeline, delivering 24 
pipeline progression events – including 
Phase II NME starts and Phase III investment 
decisions – which are critical steps in 
developing new treatments. While this 
number is slightly lower than last year’s 
30 events, it reflects our focused approach 
on high-impact projects that will bring 
meaningful benefits to patients. We achieved 
74 regulatory events, with 52 contributing to 
the Group scorecard for determining the 
annual bonus, exceeding our target. These 
regulatory milestones underscore our 
commitment to bringing new medicines to 
market efficiently and effectively. Externally, 
the quality of our scientific research was 
recognised at key medical congresses 
throughout the year. We reinforced our 
leadership in R&D through novel treatment 
and combination approaches, showcasing 
our dedication to innovation and excellence 
in science.
Growth and Therapy Area Leadership: 
Overall the Company has seen strong 
underlying performance with double-digit 
growth in Total Revenue across four therapy 
areas. Total Revenue increased by 18% 
(21% at CER), driven by a 16% (19% at CER) 
increase in Product Sales, continued growth 
of partnered medicines (Alliance Revenue) 
and the achievement of sales-based 
milestones (Collaboration Revenue). 
Oncology Total Revenue increased by 
21% (24% at CER) to $22,353 million. 
BioPharmaceuticals Total Revenue 
increased by 19% (21% at CER) to 
$21,855 million, with CVRM and R&I both 
experiencing double-digit growth in Total 
Revenue. Total Revenue from Rare Disease 
medicines increased by 13% (16% at CER) 
to $8,768 million. 
Achieved
Science and Innovation: Annual pipeline progression 
65%
Growth and Therapy Area Leadership
100%
Achieve Group Financial Targets
73%
  Achieved
Achieved
Science and Innovation: First approvals and NME 
volume over three years
100%
Growth and Therapy Area Leadership
100%
Net Cash flow
100%
Relative TSR
20%
Sustainability: Ambition Zero Carbon
100%
  Achieved
1	
When determining bonus outturns, the Committee considered the formulaic outcome from the Group scorecard along 
with wider business and individual impact and performance in 2024, including ESG achievements.
2024 Annual bonus scorecard performance1
2022 PSP performance
Corporate Governance
114
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report continued

Global median £15.3m
AstraZeneca £11.3m
AstraZeneca £11.3m
AstraZeneca £5.0m
AstraZeneca £5.0m
Global
pharmaceuticals1 
European
pharmaceuticals2 
Global median £5.4m
Global
pharmaceuticals1 
European
pharmaceuticals2 
Positioning of our executives against global and European pharmaceutical peers
European median £7.5m
European median £4.3m
Target Total Direct Compensation (base pay, target annual bonus and target LTI)
Target Total Direct Compensation (base pay, target annual bonus and target LTI)
Target Total Direct Compensation (base pay, target annual bonus and target LTI)
21
9
12
15
18
6
3
10
2
4
6
8
0
CEO (£m)
CFO (£m)
Non-Executive Directors’ fees
From January 2025, certain of the Non-
Executive Directors’ fees, including the 
Chair’s fee, have been increased. 
In addition, a fee has been introduced 
for membership of the Nomination and 
Governance Committee. From December 
2024, the Chair and Non-Executive Director 
fees will be reviewed annually to ensure 
they reflect the workload and 
responsibilities of non-executive directors 
of a large, listed company, and remain 
competitive with other major listed 
companies. No Board member participates 
in any decisions relating to their own fees. 
Further detail is provided on page 128.
Next steps 
I hope that you find this Remuneration 
Report clear in explaining the implementation 
of our Policy during 2024. We trust that we 
have provided the information you need to 
be able to support this Remuneration Report 
at the Company’s AGM in April 2025.
Our ongoing dialogue with shareholders 
and other stakeholders is valued greatly 
and, as always, we welcome your feedback 
on this Directors’ Remuneration Report.
Sheri McCoy
Chair of the Remuneration Committee
2024 remuneration outcome
The Committee always seeks to ensure that 
the remuneration of our Executive Directors 
and our wider workforce reflects the 
underlying performance of the business. 
When approving outcomes, we therefore 
considered the Group scorecard along with 
wider business and individual performance 
over 2024, including other achievements 
across the enterprise, such as advancing 
our People and Sustainability priorities. 
In that context, the Committee believes that 
the payments outlined below fairly reflect 
their performance.
Annual bonus
157% of target – 78.5% of maximum
When determining bonus outturns, the 
Committee considered the formulaic 
outcome from the Group scorecard along 
with wider business and individual impact 
and performance in 2024, including ESG 
achievements. The Committee determined 
to award an annual bonus equivalent to 
157% of target (78.5% of maximum) to 
Mr Pascal Soriot and Dr Aradhana Sarin 
(equivalent to 235.5% and 157% of base 
pay respectively), in line with the Group 
scorecard outcome. Details of the factors 
considered to determine the bonuses are 
provided from page 121.
Long-term incentives
2022 PSP – 84% of maximum
Our approach aims to reward sustainable 
outperformance and as a result of three 
very strong years, our 2022 award will 
vest towards the upper end of the possible 
range. The three-year performance period 
for PSP awards granted to our senior 
leaders in 2022, ended on 31 December 
2024. Awards for all participants will vest 
at 84% of maximum, as shown from 
page 124 and reflects continued 
strong performance.
1	
Global pharma peer group consists of: AbbVie, Amgen, BMS, Eli Lilly, Gilead, GSK, Johnson & Johnson, Merck, 
Novartis, Novo Nordisk, Pfizer, Roche and Sanofi (Sanofi within CEO comparator group only).
2	 European pharma peer group consists of: Bayer, GSK, Merck KGaA, Novartis, Novo Nordisk, Roche and Sanofi 
(Sanofi within CEO comparator group only).
Remuneration includes base pay, target annual bonus and the expected value of LTI awards. Benchmarking data has 
been provided by the Committee’s independent adviser.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
115
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report

CEO 
CFO
6,751
14,728
£5,000
£10,000
£15,000
£0
£ʼ000
Share price appreciation on long-term incentive awards
PSP (subject to a 2-year holding period)
Annual bonus (50% subject to deferral for 3 years)
Fixed pay
CEO fixed vs performance-linked (%)
CEO fixed vs performance-linked (%)
33%
Short-term
67%
Long-term
Fixed 
9% 
Performance-linked 
91% 
Base pay
Benefits fund
Pension
Annual bonus – cash
Annual bonus – shares
PSP
CFO fixed vs performance-linked (%)
CFO fixed vs performance-linked (%)
36%
Short-term
64%
Long-term
Fixed 
13% 
Performance-linked 
87% 
Base salary
Benefits fund
Pension
Annual bonus – cash
Annual bonus – shares
PSP
Annual 
bonus
(halved)1
PSP
ʼ25
Executive Directorsʼ variable pay
Executive Directorsʼ variable pay
Performance period
Deferral period
Holding period
ʼ26
ʼ27
ʼ28
ʼ29
See from page 119 for further information on the annual 
bonus and PSP outcome. 
When determining bonus awards, the Committee 
considered the formulaic outcome from the Group 
scorecard along with wider business and individual impact 
and performance in 2024, including ESG achievements.
Fixed pay consists of base pay and benefits funding. 
Further information on Executive Directors’ realised pay 
for 2024 is on page 119.
Based on maximum payout scenarios for the CEO assuming maximum 
of 300% and 850% of base pay for annual bonus and PSP respectively.
Based on maximum payout scenarios for the CFO assuming maximum 
of 200% and 550% of base pay for annual bonus and PSP respectively.
1 	
Half of the annual bonus is deferred for three 
years.
See from page 121 for further details on 
plan design.
Group scorecard 
performance 
 Achieved 78.5% of max
 Lapsed 21.5%
2022 PSP  
performance 
 Achieved 84%
 Lapsed 16%
Fixed remuneration
Annual bonus
Long-term incentives
Shareholding 
requirement
Post-cessation 
shareholding 
requirement
Pascal Soriot
(CEO)
Base pay: 
£1,545,084
Benefits fund 
Pension: £169,959
(equivalent to 11% 
of base pay)
Max: 300% 
base pay 
Target: 150% 
base pay 
Deferred: 50% 
for three years
Max: 850% 
base pay 
Performance 
period: three years
Holding period: 
two years
Holding 
requirement: 
1,150% base 
pay
Holding 
requirement 
1,150% base 
pay for two 
years 
post-cessation 
Aradhana 
Sarin
(CFO)
Base pay: 
£989,554 
Benefits fund 
Pension: £108,851
(equivalent to 11% 
of base pay)
Max: 200% 
base pay
Target: 100% 
base pay
Deferred: 50% 
for three years
Max: 550% 
base pay
Performance 
period: three years
Holding period: 
two years
Holding 
requirement: 
750% base pay
Holding 
requirement: 
750% base pay 
for two years 
post-cessation
Executive Directors’ realised pay 2024 outcomes
What our Executive 
Directors earned
Formulaic outcome of 2024 Group 
scorecard and 2022 PSP
Looking ahead
Executive Directors’ remuneration for 2025
116
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Remuneration at a glance

Our focus on incentivising innovative 
science aligns with our patient-centric 
culture, as we strive to push the boundaries 
of science to deliver life-changing 
medicines to patients. The 2025 
performance measures are closely 
aligned with our strategic priorities, 
as shown below.
AstraZeneca aims to continue to 
deliver great medicines to patients while 
maintaining cost discipline and a flexible 
cost base, driving operating leverage and 
increased cash generation. To incentivise 
and reward delivery of great performance 
over the short and longer term, the 
Committee carefully considers the balance 
of science, financial and ESG measures 
between the Annual bonus and PSP. 
Strategic pillar
  Science and Innovation
Remuneration performance measures
Science indices 
 
 
 
Our science measures incentivise the 
development of NMEs and the maximisation 
of the potential of existing medicines.
Bonus performance is assessed on pipeline 
progressions through Phase II and Phase III 
clinical trials. These reflect the outcome of 
nearer-term strategic investment decisions. 
As registrational Phase II trials become more 
common practice (for example in relation to 
cell therapy), pipeline progression events for 
bonus performance includes pivotal 
investment decisions for registrational 
Phase II and Phase III trials.
In contrast, PSP performance is assessed 
on the volume of NMEs in Phase III and the 
registration stage, which reflects the outcome 
of longer-term strategic investment decisions. 
Additionally, we measure regulatory 
submissions and approvals for bonus, and 
regulatory approvals for PSP to drive the 
conversion of scientific progress into 
commercial revenue over the short term 
(bonus) and the longer term (PSP). 
Together, these science measures 
incentivise innovation and sustainable 
success along the length and breadth of the 
pipeline, leading to commercial growth.
Strategic pillar
 People and Sustainability 
We are committed to people and making 
a difference to society. Assessment of 
performance against this pillar is captured 
through our holistic review of each Executive 
Director’s individual performance (detailed 
on pages 122 and 123) as part of the final 
determination of annual bonus, including 
consideration of our progress against our 
People and Sustainability aspirations:
	
• Deliver a great employee experience 
by promoting inclusion and diversity, 
and fostering personal growth and 
enterprise leadership.
	
• Leading on climate, equity and resilience 
by accelerating Ambition Zero Carbon, 
leading in addressing the connection 
between climate and health, and driving 
health equity and system resilience.
	
• Enabling an agile organisation by 
developing and implementing Gen AI 
strategy, investing in site footprint and 
workplaces, and simplifying processes.
Value Chain Emissions 
This measure encompasses aspects of our 
value chain (Scope 3) GHG emissions and 
for the 2025 PSP comprises the aggregate 
reductions from the NGP transition, primary 
distribution and business travel, representing 
approximately 25% of our 2024 value chain 
(Scope 3) GHG emissions.
Strategic pillar
  Growth and Therapy Area Leadership
Remuneration performance measures
Total Revenue 
 
 
 
Our Total Revenue measure is included in the 
bonus and the PSP, reflecting the importance 
of incentivising sustainable growth in both 
the short and longer term.
  For more information about our 
strategic priorities, see from 
page 12. 
	
For more information about the 
2025 performance measures, 
see from page 127.
Financial targets
  Achieve Group Financial Targets
Remuneration performance measures
Cash flow 
 
 
 
Ensures that we can sustain investment in 
our pipeline and therapy areas while at the 
same time meeting our capital allocation 
priorities. Cash flow is included in both the 
bonus and the PSP, ensuring a focus on both 
short- and longer-term cash flow generation 
and balance sheet strength.
Core EPS 
 
 
Incentivises operational efficiency and cost 
discipline, and remains a key measure of our 
profitability and a focus for our investors.
Total shareholder return 
 
Assessed relative to our peer group of 
companies, the TSR measure rewards 
positive performance that our shareholders 
also directly benefit from. This measure 
incentivises outperformance versus our 
peer group, and promotes the delivery 
of long-term sustainable returns for 
our shareholders.
Key
  Annual bonus 
  PSP 
  KPI
Corporate Governance
Additional Information
Financial Statements
Strategic Report
117
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report
How our performance measures for 2025 support the delivery of our strategy

We set stretching targets that incentivise our leaders to deliver exceptional performance, and to drive sustainable results for our patients, 
our employees and our shareholders. For the 2025 targets:
	
• The Committee has reviewed the proposed targets against internal and external forecasts, including market consensus and peer group 
performance, and is comfortable that the level of stretch promotes truly exceptional performance in line with the delivery of the 
2030 Ambition.
	
• In real terms, taking into account exchange rate differences, financial performance goals under the 2025 Group scorecard and PSP 
would require achievement above prior year outturns and growth in excess of the average expected of the industry, particularly when 
taking the significant capital investment expected to be made during the performance period. 
Consistent with our approach in prior years, we undertake the following robust process to setting annual bonus and PSP targets and 
assessing outcomes:
Stage 1 – 
Target  
setting
Science targets are based on a cohort of scientific opportunities 
specified at the start of the performance period. Opportunities 
represent potential achievements through the pipeline, from an early 
stage where our scientists work to discover new molecules, through 
to ultimately obtaining approvals and getting new medicines to 
patients. Rewarding success at each stage recognises the importance 
of creating and maintaining a long-term sustainable pipeline. Stretch 
of proposed targets is reviewed by the Science Committee, taking into 
account factors such as the expected net present value of the pipeline 
and the anticipated financial contribution it will make, past 
performance, the external regulatory environment, and internal 
resourcing and efficiencies. Targets for realisation of these 
opportunities are ambitious. The outlook for the delivery of the 
pipeline is increasingly challenging given the rising proportion of new 
modalities and innovation, representing previously untested science.
Proposed targets for the Sustainability measure are reviewed 
and endorsed by the Sustainability Committee and exceed the 
1.5°C Paris Agreement glide path. Our decarbonisation ambitions 
are increasingly challenging to deliver in the context of broader 
enterprise growth, particularly the higher supply volumes required 
to fulfil demand for our medicines.
Financial target metrics align with the Company’s Mid-Term Plan 
(MTP), which sets out the financial framework for delivering our 
ambitious strategy over a three-year period. The MTP process 
includes detailed business reviews, during which plans and 
efficiencies of each unit are challenged, leading to a proposed 
MTP for the Board to review and challenge. The Committee sets 
targets based on the Board‑approved MTP, considering 
consensus expectations, independent analytics, and anticipated 
challenges and opportunities. Whilst Total Revenue and Core EPS 
targets are set at budget exchange rates at the beginning of the 
performance period and evaluated at those rates at the end of the 
performance period (so that any beneficial or adverse movements 
in currency do not impact reward outcomes), the Committee also 
compares targets against prior plans at constant exchange rates, 
to ensure that new targets incentivise ambitious levels of growth. 
Where consensus figures do not align with internal forecasts, 
the Committee seeks to understand why a difference exists 
(such as differences in assumed capital expenditure). This range 
of data is used by the Committee to ensure the stretching nature 
of performance targets is robustly tested. Additionally, the PSP 
TSR measure is designed to reward strong performance relative 
to our peers.
Stage 2 – 
Committee 
review and 
approval of 
targets
The Committee thoroughly reviews and challenges targets 
proposed by management, working in partnership with the Science 
and Sustainability Committees to ensure targets are stretching 
and robust.
The Committee is provided with considerable supporting material 
for each metric and receives briefings from senior leaders across 
AstraZeneca. The science measures are reviewed and endorsed 
by the Science Committee, with a focus on ensuring that the 
targets will result in long-term sustainable value creation, and the 
Committee reviews and approves the full cohort of opportunities. 
The sustainability metric within the PSP is aligned to our Ambition 
Zero Carbon goal and reflects the importance of decarbonisation, 
with a new focus on value chain (Scope 3) GHG emissions. 
The sustainability metric has been reviewed and endorsed by our 
Sustainability Committee. 
Committee members participate in the full Board discussions on 
the strategy, MTP and budget, which form the basis for the targets. 
The Committee considers how proposed financial targets align 
with the MTP and budget; prior years’ outcomes (in absolute terms 
and against target); how the ambition has changed from the prior 
MTP and budget; external guidance the Company has provided 
or plans to give; consensus from external financial analysts and 
factors it may be impacted by; and the underlying assumptions. 
Statistical analysis conducted by the Committee’s independent 
adviser is also used to assess the proposals. This includes an 
assessment of historical levels of performance volatility.
Stage 3 –  
Performance 
assessment
At the end of the period, final performance against each metric is 
assessed. Outcomes are calculated based on performance against 
each weighted metric. Each performance measure is assessed on a 
standalone basis, so that underperformance against one measure 
cannot be compensated for by overperformance against another. 
Data for the metrics is taken from the Group’s financial reports which 
are reviewed by the Audit Committee and approved by the Board.
The Science Committee independently considers and informs 
the Committee whether science achievements represent a fair 
and balanced outcome, reflecting genuine achievements and 
pipeline progression. The sustainability metric within the PSP is 
validated by the Sustainability Committee. Apart from Cash flow, 
which is set at actual rates of exchange, financial metrics are set 
at budget rates of exchange and evaluated at those rates at year 
end, which means they are not directly comparable year-on-year. 
The Committee is, however, provided with data to allow it to 
conduct year-on-year analyses.
Stage 4 –  
Determination  
of Executive 
Directors’ 
bonuses
For annual bonus, the fairness of the formulaic Group scorecard 
outcome is considered in the context of overall business performance 
and the experience of shareholders. Such considerations include 
TSR performance and each Executive Director’s personal impact 
on the delivery of the strategy, wider ESG performance and other 
organisational achievements, such as inclusion and diversity targets 
and the realisation of technology‑based milestones. Each year, there 
are important individual deliverables beyond the scorecard metrics 
which are taken into account when determining individual bonuses.
Having considered the Group scorecard outcome, overall 
business performance, the experience of shareholders and 
individual performance, as detailed from page 122, the Committee 
carefully determines a final bonus outcome for each Executive 
Director that is considered fair and appropriate for the year’s 
performance, and is in the best interests of shareholders.
Corporate Governance
118
AstraZeneca Annual Report & Form 20-F Information 2024
How the Remuneration Committee ensures targets are stretching

The elements within the Executive Directors’ realised pay are colour coded:
	
• Fixed remuneration has a light blue border and is found on page 120.
	
• Annual bonus has a yellow border and can be found on pages 120 to 124.
	
• Long-term incentives (LTI) has a magenta border and can be found on pages 124 to 127.
Executive Directors’ remuneration
This section of the Directors’ Remuneration Report sets out the Executive Directors’ remuneration for the year ended 31 December 2024, 
alongside the remuneration that will be paid to Executive Directors during 2025.
Audited
Executive Directors’ realised pay for 2024 (single total figure of remuneration)
The table below sets out all elements of realised pay receivable by the Executive Directors in respect of the year ended 31 December 2024, 
alongside comparator figures for 2023. This includes the vesting of PSP awards from 2022 following the three-year performance period. 
These shares are subject to a further two-year holding period. The increase in AstraZeneca’s share price over the period of grant to vest 
has provided the Executive Directors with a significant increase in value of the equity components of their reward. £1,397,676 of Mr Soriot’s 
and £619,702 of Dr Sarin’s 2024 realised pay is attributable to share price increases. The benefit of the increased share price has also been 
experienced by shareholders.
The Committee did not exercise any discretion in relation to the LTI outcomes or the formulaic outcome of the Group scorecard.
£’000
Base  
pay
Taxable  
benefits
Pension
Other
Total fixed
Annual  
 bonus
Long-term
incentives1
Total  
variable
Single total 
figure
Share price 
appreciation 
as % of single 
total figure
Pascal Soriot
2024
1,486
138
163
–
1,787
3,499
9,442
12,941
14,728
9%
2023
1,429
140
157
–
1,726
2,839
12,806
15,645
17,371
26%
Aradhana Sarin
2024 
951
14
105
–
1,070
1,494
4,187
5,681
6,751
9%
2023
915
46
101
–
1,062
1,455
1,972
3,427
4,489
10%
1	
Long-term incentive values disclosed in 2023 have been recalculated using the average closing share price for the three months ended 31 December 2024. See page 124.
The following sections provide further detail on the figures in the above table, including the underlying calculations and assumptions and 
the Committee’s performance assessments for variable remuneration. 
The Annual bonus section is set out from page 120 and the Long-term incentives section from page 124. Information about the Executive 
Directors’ remuneration arrangements for the coming year, ending 31 December 2025, is highlighted in grey boxes.
Planned implementation for 2025
Content contained within a grey box 
indicates planned implementation for 2025.
Audited
Audited information
Content contained within the Audited 
panel indicates that all the information 
within has been subject to audit.
Key:
Corporate Governance
Additional Information
Financial Statements
Strategic Report
119
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Directors’ Remuneration Report
Annual Report on Remuneration

Annual bonus
2024 Annual bonus
Annual bonuses earned in respect of 
performance during 2024 are included 
in the realised pay table. 
Detailed information on the Committee’s 
approach to target setting and assessment 
of performance is set out from page 121.
Half of the Executive Directors’ pre-tax 
bonus is compulsorily deferred into 
Ordinary Shares which are released three 
years from the date of deferral. Bonuses 
are not pensionable.
Taxable benefits
The totals within taxable benefits include 
the CEO’s allowance under AstraZeneca’s 
UK Flexible Benefits Programme, under 
which he can select benefits or take his 
allowance, or any proportion remaining after 
the selection of benefits, in cash (£118,156 
taken as cash). In 2024, benefits included 
additional healthcare/death in service 
insurance, as well as personal tax advice. 
The value of this personal tax advice 
provided to each Executive Director in 2024 
was £14,542 and £12,105 for the CEO and 
CFO respectively.
Fixed remuneration
Base pay
When awarding base pay increases, the 
Committee considers, among other factors, 
base pay increases applied across the UK 
employee population. The increase to 
current Executive Directors’ base pay for 
2025 will be in line with the UK all-employee 
base pay budget at 4%. 
Pension
The Executive Directors receive a pension 
allowance of 11% of base pay, in line with 
the wider UK workforce. During 2024, the 
Executive Directors took their pension 
allowance as a cash alternative to 
participation in a defined contribution 
pension scheme. Neither of the Executive 
Directors has a prospective entitlement 
to a defined benefit pension by reason 
of qualifying service.
Audited
Audited
Audited
Audited
Annual bonus in respect of performance during 2024
Bonus potential  
as % of base pay
Bonus 
payable in
cash
Bonus 
deferred into 
shares
Total bonus 
awarded
£’000
Target
Maximum
Pascal Soriot
150%
300%
1,749
1,750
3,499
78.5% max
Aradhana Sarin 
100%
200%
747
747
1,494
78.5% max
2024
2025
£’000
Total taxable 
benefits
Taxable 
benefits
Pascal Soriot
138
In line with 
2024
Aradhana Sarin 
14
In line with 
2024
2024
2025
£’000
Change 
from 2023
Base 
pay
Change
from 2024
Base 
pay
Pascal Soriot
4%
1,486
4%
1,545
Aradhana Sarin 
4%
951
4%
990
2024
2025
£’000
Pensionable 
base pay
Pension
allowance
Cash in lieu 
of pension
Pension 
allowance
Pascal Soriot
1,486
11% of 
base pay
163
11% of 
base pay
Aradhana Sarin 
951
11% of 
base pay
105
11% of 
base pay
Corporate Governance
120
AstraZeneca Annual Report & Form 20-F Information 2024
Annual Report on Remuneration continued

2024 Group scorecard assessment
Performance against the 2024 Group scorecard is set out below. 
The Group scorecard is used in the determination of bonus payouts for all AstraZeneca employees. Each metric within the scorecard is 
assessed on a standalone basis and has a defined payout range.
Performance below the specified threshold level for a metric will result in 0% payout for that metric. 100% of target bonus will pay out for 
on-target performance, and 200% of target bonus will pay out for performance at or above maximum. Performance between threshold and 
maximum is assessed on a pro rata basis. Maximum bonus payouts for the CEO and CFO for 2024 were capped at 300% and 200% of base 
pay respectively. The payout range for each metric is capped in line with each Executive Director’s maximum bonus opportunity to ensure 
underperformance against one metric cannot be compensated for by overachievement against another. The table below shows the 
scorecard formulaic outcomes for the CEO and CFO as a percentage of target bonus. 
2024 Group scorecard performance measures and metrics
Weighting
Threshold  
(0% payout)
Target  
(100% payout)
Maximum 
(200% payout)
Outcome
Formulaic outcome 
(% of target bonus)
Science and Innovation measures
  Science and Innovation: Annual pipeline progression
 Pipeline progression events
15%
14
27
41
24
12%
 Regulatory events
15%
29
42
55
52
27%
Subtotal – Science and Innovation measures
30%
39%
Financial measures
  Growth and Therapy Area Leadership
 Total Revenue ($bn)
30%
50.5
52.1
53.7
53.8
60%
  Achieve Group Financial Targets
 Cash flow ($bn)
20%
8.7
10.2
11.7
10.1
18%
 Core EPS ($)
20%
7.43
7.82
8.21
8.22
40%
Subtotal – Financial measures
70%
118%
Total
100%
157%
Key: 
  Bar charts are indicative of 2024 performance; scales do not start from zero.
Due to rounding, the total formulaic outcome differs from the arithmetic total of the individual metric outcomes disclosed above.
Pipeline progression events include Phase II starts and progressions, and NME and life-cycle management (LCM) positive pivotal trial 
investment decisions. Regulatory events include NME and major LCM regional submissions and approvals. Further detail on our Science 
and Innovation strategic priority and these events is included from page 12 of this Annual Report.
Annual bonus continued
Audited
Corporate Governance
Additional Information
Financial Statements
Strategic Report
121
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Directors’ Remuneration Report

In 2024, the Growth and Therapy Area Leadership measure was based on Total Revenue. The Total Revenue and Core EPS measures are 
both set and evaluated at budget exchange rates at the beginning of the year and evaluated at those rates at the end of the performance 
period, so that any beneficial or adverse movements in currency, which are outside the Company’s control, do not impact reward 
outcomes. The Cash flow measure is set and evaluated at the actual exchange rate and is evaluated by reference to net cash flow from 
operating activities less capital expenditure, adding back proceeds from disposal of intangible assets, to be fully transparent with all 
elements easily derived from the Group IFRS Cash Flow Statement. 
Overall assessment
During 2024, the Executive Directors’ individual performance was assessed in the following key areas which align with the Company’s objectives. 
Pascal Soriot
Despite an increasingly volatile environment globally, Mr Soriot has led AstraZeneca to deliver strong results in 2024, with another year of robust top line 
growth and impressive results from the pipeline. In addition, the Committee considered Mr Soriot’s leadership across other dimensions of performance: 
Demonstrating 
leadership to support 
developments in global 
life sciences
Mr Soriot has continued to champion and shape groundbreaking scientific innovation, the sustainable development of healthcare 
and health education, and to further strengthen AstraZeneca’s growth. He has achieved this through multiple engagements with 
a diverse audience of government officials globally including leaders from the UK, the US, China and Singapore; along with 
attending many leading scientific congresses and societies. He also continues to chair the SMI Health Systems Task Force, 
engaging with HM King Charles III and global CEOs from multiple sectors.
Leading in 
Environmental, Social & 
Governance (ESG) 
performance 
Mr Soriot continues to ensure that AstraZeneca’s name is synonymous with sustainability and purposefully drives the Company 
to lead in the efforts of climate action and decarbonisation. 
Under Mr Soriot’s leadership, the Södertälje, Sweden operations site reached the milestone of reducing its Scope 1 and Scope 2 
greenhouse gas emissions by over 98% compared with the 2015 baseline. AstraZeneca also saw the completion of the clinical 
program to support the first regulatory filings for the transition of inhaled medicines to an innovative, next generation propellant 
with 99.9% lower global warming potential than propellant used in currently available inhaled medicines.
The Healthy Heart Africa programme surpassed its ambition by identifying 12.5 million people with elevated blood pressure and 
has now successfully conducted more than 63 million blood pressure screenings, and activated more than 1,500 facilities across 
nine countries in Sub-Saharan Africa. 
The Company retained its EcoVadis Gold Medal ranking for the second year placing AstraZeneca in the top three percent of 
companies evaluated, was included in TIME Best Companies 2024 for sustainability transparency, and the Financial Times and 
Statista’s list of Europe Climate leaders 2024. 
Making AstraZeneca a 
Great Place to Work 
Mr Soriot has ensured that inclusion and diversity (I&D) is embedded as part of the culture at AstraZeneca, with a determination to 
provide an environment which fosters innovation and collaboration. I&D priorities focus on psychological safety, inclusive 
leadership at all levels, pay equity education, sponsorship and mentoring programmes.
Progress has been recognised externally in 2024 by Forbes World’s Top Companies for Women, Forbes World’s Best Employers, 
TIME World’s Best Companies and the 2025 Financial Times Diversity Leaders awards. 
Mr Soriot has continued to champion a culture of learning and growth across the business, sponsoring a range of offerings that 
enable employees to perform, grow, adapt and belong. Key investments over the year include “Leading our Future”, a new custom 
built leadership offering for middle and senior leaders, ”Leading Ambition”, a programme for our Executives; “Manager in Action” 
which is a new flexible learning journey supporting all Line Managers; and the Company’s bespoke generative AI accreditation 
programme, which supports all employees to build the confidence, knowledge and experience of using AI tools. 
Annual bonus continued
Audited
Corporate Governance
122
AstraZeneca Annual Report & Form 20-F Information 2024
Annual Report on Remuneration continued

Aradhana Sarin 
Over 2024 Dr Sarin has focussed on fostering a high-performance culture whilst driving productivity and empowering change. 
Performance delivery 
Guided by Dr Sarin’s leadership, the Finance function delivered another year of strong performance. She has successfully led 
the refinancing of debt at attractive rates and overseen significant investment in Capex. Dr Sarin remains closely involved with 
business development teams, and over 2024 has provided guidance for negotiations, and also post-acquisition integration and 
risk management for acquisitions including Gracell, Icosavax and Fusion. 
Building a Finance 
function of the future
Dr Sarin has spearheaded significant steps in the development of technology within the Finance function including systems for 
tax forecasting and improvements to ensure compliance with digital tax laws. 
Dr Sarin has been an advocate for implementing the use of AI across the Company and has encouraged the upskilling of the 
entire Finance function and the wider enterprise, on AI use. Greater standardisation is being driven by automation. The Global 
Business Service (GBS) function continues to transform and drive significant efficiencies. GBS delivered annual savings of more 
than $45 million over 2024 by strategically insourcing from third party providers and improving productivity, and also expanding 
their global footprint in some of our new strategic hubs. They also developed and implemented innovative process solutions such 
as process mining, resulting in freeing up approximately 250,000 hours allowing the enterprise to operate more efficiently and 
focus on high value activities.
Axial
Throughout 2024 Dr Sarin has overseen the launch of the Axial programme, under which the enterprise will adopt the S/4HANA 
platform, transitioning seven Enterprise Resource Planning (ERP) systems into one. This impactful programme is on track to 
transform the way we work across the entire financial management and supply chain, removing complexity, standardise ways 
of working and simplify processes. In 2024, the project team became fully operational, a detailed plan was created, and data 
organisation and cleanse activities progressed to strengthen our data foundations and set the programme up for long term success. 
Great Place to Work
Dr Sarin has supported the effort to unify multiple women’s forums across the enterprise into one global Network of Women, 
launching chapters in Ireland, Sweden, Dubai and other regions. Over 2024 she continued to host a well-received podcast series 
called “In Conversation with”, that features informal conversations with high-profile female leaders in business. She is also the 
Executive sponsor of AstraZeneca’s Asian Employee Resource Group.
Audited
Final determination of Executive Directors’ bonuses
In determining the annual bonus outturn for Executive Directors, the Committee considers the formulaic Group scorecard outcome, 
as well as the overall business performance, shareholder experience and the personal contribution of the individual Executive Director. 
A description of the Executive Directors’ personal achievements is detailed above. 
Given the contributions made by both Mr Soriot and Dr Sarin in 2024 as outlined above, the Committee determined the bonus outturns for 
both Executive Directors should be 157% of target (or 78.5% of maximum), in line with the formulaic Group scorecard outcome.
Deferred Bonus Plan
Half of each Executive Director’s pre-tax annual bonus is ordinarily deferred under the Deferred Bonus Plan (DBP). In respect of the bonus 
deferred, the Executive Director is granted a conditional award over shares. No further conditions apply to DBP shares. One half of the 
bonus earned in respect of performance during 2023 was deferred and details of the consequent DBP awards granted in 2024 are shown 
below. One half of the Executive Directors’ bonus earned in respect of performance during 2024 has been deferred and the consequent 
DBP awards are expected to be granted in March 2025.
Audited
2024 Grant1
2025 Grant
Ordinary Shares
granted
Grant date
Grant price
(pence per share)2
Face value
£’000
2024 Bonus deferred 
£’000
Pascal Soriot
14,081
4 March 2024
10081
1,420
1,750
Aradhana Sarin 
7,214
4 March 2024
10081
728
747
1	
One half of the bonus earned in respect of performance during 2023 was deferred into shares, with the consequent DBP awards granted in 2024.
2	 The grant price is the average closing share price over the three dealing days preceding grant.
2025 Group scorecard performance measures and metrics
Measure weighting
Underlying metrics (if applicable)
Metric weighting
2025 target
  Science and Innovation: Annual pipeline progression
30%
Pipeline progression events
15%
C
Regulatory events
15%
C
  Growth and Therapy Area Leadership
30%
Total Revenue
30%
C
  Achieve Group Financial Targets
40%
Cash flow
20%
C
Core EPS
20%
C
Key: 
 Target increased vs 2024 target 
 Target decreased vs 2024 target 
 Target constant 
C  Commercially sensitive
Annual bonus continued
Audited
Corporate Governance
Additional Information
Financial Statements
Strategic Report
123
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report

Long-term incentives included in the Executive Directors’ realised pay for 2024 figure: 2022 PSP
The Executive Directors’ realised pay for 2024 includes the value of PSP awards with performance period ended 31 December 2024. 
These shares and dividend equivalents will not be released to the Executive Directors until the awards vest at the end of the holding period. 
The value of the shares due to vest has been calculated using the average closing share price over the three-month period ended 
31 December 2024 (10868 pence). The table below provides a breakdown showing the face value of these shares at the time they were 
granted, the value that is attributable to share price appreciation since grant, and the value of dividend equivalents accrued on these shares 
over the relevant performance period. Further information about the individual awards and performance assessments follows the table.
Audited
Long-term incentive awards with performance periods ended 31 December 2024
Value of shares due to vest
Ordinary Shares 
granted
Performance 
outcome
Face value  
at time
of grant1
£’000
Value due to  
share price
appreciation2
£’000
Dividend equivalent 
accrued over 
performance period
£’000
Long-term  
incentives total  
£’000
Pascal Soriot
2022 PSP
97,066
84%
7,464
1,398
580
9,442
Aradhana Sarin
2022 PSP
43,038
84%
3,309
620
258
4,187
1	
Calculated using the grant price of 9154 pence, being the average closing share price over the three dealing days preceding the grant of the 2022 PSP awards. 
2	 Calculated using the difference between the grant price and the average closing share price over the three-month period ended 31 December 2024. The average closing share 
price over the three-month period ended 31 December 2024 was 10868 pence.
The 2022 PSP awards granted to Mr Soriot and Dr Sarin on 4 March 2022, are due to vest and be released on 4 March 2027 on completion 
of a further two-year holding period. Performance over the period from 1 January 2022 to 31 December 2024 will result in 84% of the 
awards vesting, based on the following assessment of performance.
Annual bonus continued
Long-term incentives
We intend to disclose the 2025 Group scorecard outcome and details of the performance hurdles and targets in the 2025 Directors’ 
Remuneration Report following the end of the performance period. The performance targets are currently considered to be commercially 
sensitive as prospective disclosure may prejudice the Company’s commercial interests. Executive Directors’ individual contribution will 
be assessed by reference to individual goals in line with the Company’s objectives for the year.
Audited
Corporate Governance
124
AstraZeneca Annual Report & Form 20-F Information 2024
Annual Report on Remuneration continued

The Growth and Therapy Area Leadership 
target (measuring Total Revenue) is set at 
budget exchange rates at the beginning of 
the performance period and evaluated at 
those rates at the end of the performance 
period, so that any beneficial or adverse 
movements in currency, which are outside 
the Company’s control, do not impact 
reward outcomes.
The Cash flow measure is assessed using 
cumulative net cash flow from operating 
activities less capital expenditure, 
adding back proceeds from the disposal 
of intangible assets. 
The 2022 PSP sustainability metric focused 
on reduction in Scope 1 and Scope 2 GHG 
emissions glide path (Ambition Zero 
Carbon). For more information about the 
Company’s sustainability initiatives, 
including Ambition Zero Carbon see Climate 
change from page 53. 
AstraZeneca ranked tenth within the TSR 
peer group. The TSR peer group for the 
2022 PSP consisted of AbbVie, Amgen, 
Astellas, BMS, Daiichi Sankyo, Eli Lilly, 
Gilead, GSK, Johnson & Johnson, Merck 
KGaA, Moderna, MSD, Novartis, Novo 
Nordisk, Pfizer, Roche, Sanofi and Takeda.
PSP awards granted during 2024
During 2024, conditional awards of shares were granted to the Executive Directors with face values equivalent to 850% of base pay for 
Mr Soriot and 550% of base pay for Dr Sarin under the PSP. Face value is calculated using the grant price, being the average closing share 
price over the three dealing days preceding grant. Following the approval of the Policy at the 2024 AGM, the 13 May 2024 grant was made 
at the same share price as the 4 March 2024 grant. 
Performance will be assessed over the period from 1 January 2024 to 31 December 2026 against the measures outlined below to determine 
the proportion of the award that vests. A further two-year holding period will then apply before vesting, which is scheduled to occur on the 
fifth anniversary of grant.
Ordinary 
Shares
granted
Grant
date
Grant price 
(pence per
share)
Face value
£’000
End of
performance period
End of 
holding period
Pascal Soriot
95,791
4 March 2024
10081
9,657
31 December 2026
4 March 2029
Pascal Soriot1
29,474
13 May 2024
10081
2,971
31 December 2026
13 May 2029
Aradhana Sarin
51,911
4 March 2024
10081
5,233
31 December 2026
4 March 2029
1	
This award forms part of the PSP award granted to Mr Soriot on 4 March 2024 and was made to take account of the revised limits for the PSP approved by shareholders at the 
Company’s 2024 AGM.
The 2024 PSP performance measures focus on scientific, ESG, commercial and financial performance over the three-year performance 
period. The five performance metrics attached to the 2024 PSP awards are detailed below. Twenty per cent of the award will vest if the 
threshold level of performance is achieved; the maximum level of performance must be achieved under each measure for 100% of the 
award to vest. 
Relative total shareholder return (TSR) (20% of award)
TSR performance is assessed against a predetermined peer group of global pharmaceutical companies and consists of AbbVie, Amgen, 
Astellas, BMS, Daiichi Sankyo, Eli Lilly, Gilead, GSK, Johnson & Johnson, Merck KGaA, Moderna, MSD, Novartis, Novo Nordisk, Pfizer, 
Roche, Sanofi and Takeda. The rank which the Company’s TSR achieves over the performance period will determine how many shares 
will vest under this measure.
TSR ranking of the Company 
% of award that vests
Median
20% (threshold for payout)
Between median and upper quartile
Pro rata
Upper quartile
100%
Long-term incentives continued
Audited
2022 PSP performance measures 
and metrics
Outcome
Payout
  Science and Innovation: 
First approvals and NME 
volume over three years
NME Phase III/registrational volume
12%
7
14
19
12%
Regulatory events
18%
14
28
28
18%
Subtotal – Science and Innovation1
30%
30%
  Growth and Therapy Area 
Leadership ($bn)
20%
40.5
47.5
59.5
20%
  Cash flow ($bn)
20%
20.0
28.5
28.5
20%
Total shareholder return
20%
Median
UQ2
10th
4%
  Ambition Zero Carbon
10%
207 ktCO2e
155 ktCO2e
140ktCO2e
10%
Total1
100%
84%
Key: 
  Bar charts are indicative of 2022 PSP performance; scales do not start from zero.
Due to rounding, the total outcome differs from the arithmetic total of the individual metric outcomes disclosed above.
1	
The subtotal and total reflect the weightings of the individual metrics.
2	 UQ = Upper Quartile.
Weighting
Maximum 
(100%  
vesting)
Threshold 
(20%
vesting)
Corporate Governance
Additional Information
Financial Statements
Strategic Report
125
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report

Net Cash flow (20% of award)
The Cash flow measure is assessed using cumulative net cash flow from operating activities less capital expenditure adding back 
proceeds from the disposal of intangible assets. The level of vesting under this measure is based on a scale between a threshold target 
and an upper target.
Cash flow
% of award that vests
$23.0bn
20% (threshold for payout)
Between $23.0bn and $28.0bn
Pro rata
$28.0bn
75%
Between $28.0bn and $33.0bn
Pro rata
$33.0bn and above
100%
Growth and Therapy Area Leadership (20% of award)
For PSP awards granted in 2024, the Growth and Therapy Area Leadership metric is Total Revenue. Disclosing the threshold and maximum 
hurdles for this measure could be construed to constitute financial guidance, which is not the Company’s intention. The Growth and 
Therapy Area Leadership (Total Revenue) measure is thus considered to be commercially sensitive and will be disclosed following the end 
of the performance period, in the 2026 Directors’ Remuneration Report. This measure is evaluated by reference to budget exchange rates.
Science and Innovation: First approvals and NME volume over three years (30% of award)
Performance is assessed using dual indices which measure NME Phase III/registrational volume and regulatory events, allowing disclosure 
of targets at the beginning of the performance period.
NME Phase III/registrational volume 
(12% of award)
% of award that vests
Regulatory events (18% of award)
% of award that vests
14
20% (threshold for payout)
16
20% (threshold for payout)
Between 14 and 21
Pro rata
Between 16 and 24
Pro rata
21
75%
24
75%
Between 21 and 28
Pro rata
Between 24 and 32
Pro rata
28
100% 
32
100%
Ambition Zero Carbon (10% of award)
For the 2024 PSP, this measure reflects the importance of eliminating GHG emissions from our Scope 1 and Scope 2 operations through 
2026. Reductions are measured against our 2015 baseline, and calculated in line with the World Resources Institute/World Business 
Council for Sustainable Development GHG Protocol methodology for accounting and reporting of our emissions footprint. 
Emissions 
% of award that vests
26 ktCO2e
20% (threshold for payout)
Between 26 ktCO2e and 19 ktCO2e
Pro rata
19 ktCO2e
75%
Between 19 ktCO2e and 13 ktCO2e
Pro rata
13 ktCO2e and below
100%
Long-term incentives continued
Audited
Corporate Governance
126
AstraZeneca Annual Report & Form 20-F Information 2024
Annual Report on Remuneration continued

PSP performance measures for 2025 grant
The sustainability measure within the 2025 PSP has been updated as set out below. All other measures remain unchanged from the 2024 
PSP award.
PSP performance measure
Measure weighting
Underlying metrics (if applicable)
Metric 
weighting
Threshold
(20% 
vesting)
Maximum
(100%
vesting)
	 Science and Innovation: 
First approvals and NME 
volume over three years
30%
NME Phase III/registrational volume
12%
14
28
Regulatory events
18%
18
35
  Growth and  
Therapy Area Leadership
20%
Total Revenue
Commercially sensitive 
until end of 
performance period
	 Cash flow
20%
$27.5bn
$35.5bn
	 Relative TSR
20%
Median
Upper 
Quartile
  Sustainability
10%
Value Chain emissions (Scope 3)
1,846 
ktCO2e
1,434 
ktCO2e 
Regulatory events measure NME and major life-cycle management approvals (taking into account the first approval over the 
performance period). NME Phase III/registrational volume measures the total NME pipeline volume at the end of the performance period. 
These two items ensure that management is assessed on both R&D late-stage delivery (approvals) and also future pipeline 
sustainability (volume). 
Disclosing the threshold and maximum hurdles for the Growth and Therapy Area Leadership (Total Revenue) measure could be 
construed to constitute financial guidance, which is not the Company’s intention. The Total Revenue measure is thus considered to be 
commercially sensitive and will be disclosed following the end of the performance period.
The Total Revenue measure is evaluated by reference to budget exchange rates such that beneficial or adverse movements in currency, 
which are outside the Company’s control, do not impact reward outcomes. The companies in the TSR comparator group are shown on 
page 125. 
The Cash flow measure is assessed using cumulative net cash flow from operating activities less capital expenditure adding back 
proceeds from the disposal of intangible assets. Capital expenditure is expected to increase significantly during the performance period, 
driven by investment in several major manufacturing capabilities such as active pharmaceutical ingredients, inhaled products, 
monoclonal antibodies, antibody drug conjugates and cell therapy.
As we reach the end of our Scope 1 and Scope 2 GHG emission glide path, our 2025 sustainability metric, Ambition Zero Carbon, will 
focus on value chain (Scope 3) GHG emissions and aggregate reductions from the next-generation propellant transition, primary 
distribution and business travel, which represent approximately 25% of our 2024 value chain (Scope 3) GHG emissions. For more 
information on Ambition Zero Carbon, see Climate change from page 53.
As described on page 118, the Committee takes into account a wide range of data to ensure that the stretching nature of PSP hurdles is 
robustly tested and that financial targets are aligned with the Company’s Mid-Term Plan. The Committee takes consensus and exchange 
rates into account when determining the appropriate level of stretch relative to prior plans and performance outturns.
PSP awards are expected to be granted to the Executive Directors in March 2025. The PSP award to be granted to Mr Soriot will be 
equivalent to 850% of base pay. The PSP award to be granted to Dr Sarin will be equivalent to 550% of base pay. 
Long-term incentives continued
  For more information about 
How our performance 
measures for 2025 support the 
delivery of our strategy, and 
How the Remuneration 
Committee ensures targets are 
stretching, see pages 117 
and 118, respectively. 
Corporate Governance
Additional Information
Financial Statements
Strategic Report
127
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report

Non-Executive Directors’ realised pay for 2024 (single total figure of remuneration)
The table sets out all elements of remuneration receivable by the Non-Executive Directors in respect of the year ended 31 December 2024, 
alongside comparative figures for the prior year.
2024
Fees
£’000 
2023
Fees
£’000
2024
Other
£’000
2023
Other
£’000
2024
Total
£’000
2023
Total
£’000
Michel Demaré1
800
584
–
–
800
584
Euan Ashley
160
119
–
–
160
119
Philip Broadley
233
200
–
–
233
200
Deborah DiSanzo 
140
120
–
–
140
120
Diana Layfield
135
110
–
–
135
110
Anna Manz2 
140
40
–
–
140
40
Sheri McCoy 
205
175
–
–
205
175
Tony Mok
135
110
–
–
135
110
Nazneen Rahman 
200
160
–
–
200
160
Andreas Rummelt 
135
110
–
–
135
110
Marcus Wallenberg
155
125
–
–
155
125
Former Non-Executive Directors
Leif Johansson3
–
203
–
22
–
225
Total
2,438
2,056
–
22
2,438
2,078
1	
Michel Demaré was appointed Chair of the Board from 27 April 2023. 
2	 Anna Manz was appointed as a Non-Executive Director and member of the Audit Committee on 1 September 2023. 
3	 Leif Johansson retired from the Board on 27 April 2023. Mr Johansson’s single total figure includes office costs (invoiced in Swedish kronor) of £21,955 for the period in 2023 
during which he was Chair of the Board.
Non-Executive Directors’ fee structure
The Non-Executive Directors’ fees effective from January 2025 are set out in the table below, alongside the fees applicable during 2024. 
Fees for the Non-Executive Directors (other than the Chair of the Board) were determined by the Chair of the Board and the Executive 
Directors. Changes to the Chair of the Board’s fee were determined by the Remuneration Committee, excluding the Chair of the Board. 
No Board member participated in any decisions relating to their own fees.
From December 2024, the fee structure will be reviewed annually, but not necessarily increased. The Chair’s fee was last reviewed in July 
2022 and increased with effect from May 2023. Certain of the other Non-Executive Directors’ fees were last increased in January 2024. 
In the latest review, the size and complexity of the AstraZeneca Group was considered, together with the continuing increase in workload, 
responsibilities, and time commitment for non-executive directors of global, publicly listed companies, in part driven by changes in the 
corporate governance and regulatory landscape in multiple jurisdictions. Independent market data from FTSE 30 and FTSE 10 companies 
was also reviewed to ensure that AstraZeneca’s fees do not hinder the recruitment of Directors of the right experience and calibre for a 
Group of our scale in a global market.
With effect from January 2025, the Chair’s fee has been increased from £800,000 to £890,000 and the Company will reimburse the 
Chair’s reasonable office costs up to £75,000 per annum. Other increases have been made to the basic Non-Executive Director fee, the 
senior independent Non-Executive Director’s fee, the Chairs’ fees for the Audit and Remuneration Committees, as well as the fees for 
membership of the Audit, Remuneration, Sustainability and Science Committee. A fee has also been introduced for membership of the 
Nomination and Governance Committee, in line with market practice and reflecting its important role in succession planning. No fee has 
been introduced for the Chair of the Nomination and Governance Committee. 
Non-Executive Director fees
2024
£’000 
2025
£’000
Chair of the Board1
800
890
Basic Non-Executive Director
115
120
Senior independent Non-Executive Director
48
50
Chair of the Audit Committee2
50
55
Member of the Audit Committee
25
27.5
Chair of the Remuneration Committee2
45
50
Member of the Remuneration Committee
20
25
Chair of the Sustainability Committee2
45
45
Member of the Sustainability Committee
20
22.5
Chair of the Science Committee2
45
50
Member of the Science Committee
20
25
Chair of the Nomination and Governance Committee
–
–
Member of the Nomination and Governance Committee
–
17.5
1	
The Chair of the Board does not receive any additional fees for chairing, or being a member of a Committee.
2	 The Committee Chairs do not receive additional fees for being a member of the Committee.
Non-Executive Directors’ remuneration
Audited
Corporate Governance
128
AstraZeneca Annual Report & Form 20-F Information 2024
Annual Report on Remuneration continued

Minimum shareholding requirements
The CEO and CFO are each required to build a shareholding to satisfy their respective minimum shareholding requirements (MSR), each 
within five years of their dates of appointment or, if the MSR is increased at any time, within five years of that increase. Following approval 
of the Policy at the 2024 AGM, the minimum shareholder requirements for the Executive Directors was increased to match their variable 
pay opportunity, being 1,150% of base pay for Mr Soriot (increased from 650%), and 750% of base pay for Dr Sarin (increased from 450%). 
The Executive Directors have five years from 11 April 2024, when the Policy was approved, to meet this requirement. 
Shares that count towards the MSR are shares beneficially held by the Executive Director and their connected persons and share awards 
that are not subject to further performance conditions. Share awards included are DBP shares in deferral periods, and PSP shares in 
holding periods, on a net-of-tax basis. The value is calculated using the closing share price on 31 December 2024. 
As at 31 December 2024, Dr Sarin exceeded her increased minimum shareholding requirement and Mr Soriot’s holding was slightly below 
the increased MSR but above his previous MSR of 650%. 50% of Mr Soriot’s 2024 annual bonus will be deferred into shares and 84% of 
Mr Soriot’s 2022 PSP award will move into a two-year holding period, following completion of the performance period on 31 December 
2024. These shares will count towards Mr Soriot’s MSR in 2025. 
A further post-employment shareholding requirement applies to Executive Directors. For two years following cessation of employment, 
Executive Directors are required to hold shares to the value of the shareholding requirement that applied at the cessation of their 
employment; or, in cases where the individual has not had sufficient time to build up shares to meet their guideline, the actual level of 
shareholding at cessation. The post-cessation requirement will be maintained through self-certification, with the Committee keeping this 
approach under review.
Position against the 2024 minimum shareholding requirement (MSR) as a percentage of base pay
Beneficially owned
shares and shares in
a holding period1 
Shares in
deferral period2
Shares subject  
to performance 
conditions
Value of shares  
counted towards  
MSR as a % of
base pay3
Pascal Soriot
224,116
45,745 
308,139
1,021%
Aradhana Sarin
99,498
17,866
132,996
1,099%
1	
Holding period shares included are those which are not subject to continued employment.
2	 Shares in deferral periods which are not subject to continued employment. 
3	 Holding as at 31 December 2024. Shares subject to deferral and holding periods calculated net of a theoretical 
50% tax rate. Shares subject to performance conditions are not included in the value of shares counted towards MSR.
Non-Executive Directors are encouraged to build up, over a period of three years, a shareholding in the Company with a value 
approximately equivalent to the basic annual fee for a Non-Executive Director (which was increased to £115,000 during 2024) or, in the 
case of the Chair, approximately equivalent to his basic annual fee (£800,000 during 2024). The majority of Non-Executive Directors who 
had served for a period of three years or more as at 31 December 2024 met this expectation, based on the three-month average closing 
share price for the period ended 31 December 2024 (10868 pence).
Audited
Directors’ interests as at 31 December 2024
The following table shows the beneficial interests of the Directors (including the interests of their connected persons) in Ordinary Shares as 
at 31 December 2024.
Executive Directors
Beneficial interest in
Ordinary Shares at
31 December 20241
Beneficial interest in
Ordinary Shares at
31 December 20231
Pascal Soriot
269,861
363,489
Aradhana Sarin
117,364
82,514
Non-Executive Directors
Michel Demaré2
10,000
6,000
Euan Ashley
1,545
1,150
Philip Broadley
8,025
7,045
Deborah DiSanzo
1,000
1,000
Diana Layfield
1,400
1,400
Anna Manz3
487
487
Sheri McCoy
1,736
1,736
Tony Mok
3,500
2,000
Nazneen Rahman
1,017
1,017
Andreas Rummelt
27,205
27,205
Marcus Wallenberg
60,028
60,028
1	
For the Executive Directors, beneficial interests include shares in holding periods and deferral periods which are not subject to performance measures or continued employment.
	
Shares in a holding or deferral period are included on a gross basis.
2 	 Michel Demaré was appointed Chair of the Board on 27 April 2023. 
3 	 Anna Manz was appointed on 1 September 2023. 
1,150%
1,021%
750%
1,099%
CEO
CFO
Key: 
  2024 MSR 
  Shares counted towards MSR
Directors’ shareholdings
Audited
Corporate Governance
Additional Information
Financial Statements
Strategic Report
129
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report

Executive Directors’ share plan interests
The following tables set out the Executive Directors’ interests in Ordinary Shares under the Company’s share plans.
Pascal Soriot
Shares outstanding at 
31 December 2024
Share scheme interests
Grant date
Shares 
outstanding at 
1 January 
2024
Grant 
price 
 (pence)
Shares 
granted 
in year
Shares
released 
in year
Shares  
lapsed 
in year
Shares  
subject to 
performance
Shares  
in deferral/ 
holding
period1
Performance 
period end
Vesting and 
release date
DBP
05/03/2021
16,944
6844
–
16,944
–
 n/a
 –
n/a
05/03/20242,3
04/03/2022
17,216
9154
–
–
–
 n/a
17,216
n/a
04/03/2025
04/03/2023
14,448
10821
–
–
–
 n/a
14,448
n/a
04/03/2026
04/03/2024
–
10081
14,081
–
–
 n/a
14,081
n/a
04/03/20274
PSP
08/03/2019
97,351
6287
–
97,351
–
– 
– 
31/12/2021
08/03/20245,6
06/03/2020
84,725
7376
–
–
–
– 
84,725
31/12/2022
06/03/2025
21/05/2020
8,471
7376
–
–
–
– 
8,471
31/12/2022
21/05/2025
05/03/2021
106,655
6844
–
–
(12,799)
– 
93,856
31/12/2023
05/03/20267
14/05/2021
19,391
6844
–
–
(2,327)
– 
17,064
31/12/2023
14/05/20267
04/03/2022
97,066
9154
–
–
–
97,066
–
31/12/2024
04/03/2027
04/03/2023
85,808
10821
–
–
–
85,808
–
31/12/2025
04/03/2028
04/03/2024
–
10081
95,791
–
–
95,791
–
31/12/2026
04/03/20298
13/05/2024
–
10081
29,474
–
–
29,474
–
31/12/2026
13/05/20298
AZIP
24/03/2016
10,809
3923
–
10,809
–
 –
 –
31/12/2019
01/01/20249,10
Total
 
558,884
 
139,346
125,104
(15,126)
308,139
249,861
1	
Shares in deferral/holding period are not subject to performance conditions.
2	 Market price on 5 March 2024, the actual date of release, was 10112 pence.
3	 An additional 1,171 Ordinary Shares were released as a result of the reinvestment of dividend equivalents accrued during the deferral period.
4	 Award granted following deferral of one half of the annual bonus earned in respect of performance during 2023, see page 123 for further detail.
5	 Market price on 8 March 2024, the actual date of release, was 10196 pence.
6	 An additional 11,866 Ordinary Shares were released as a result of the reinvestment of dividend equivalents accrued during the performance and holding period.
7	
88% of the shares entered the holding period, following assessment of performance over the period to 31 December 2023. The remaining shares lapsed.
8	 Details of PSP awards granted during 2024 are shown on page 125.
9	 Market price on 20 February 2024, the actual date of release, was 10204 pence.
10	 An additional 2,223 Ordinary Shares were released as a result of the reinvestment of dividend equivalents accrued during the performance and holding period.
Aradhana Sarin
Shares outstanding at 
31 December 2024
Share scheme interests
Grant
date
Shares 
outstanding at 
1 January 
2024
Grant 
price 
 (pence)
Shares 
granted 
in year
Shares
released 
in year
Shares  
lapsed 
in year
Shares  
subject to 
performance
Shares  
in deferral/
holding
period1
Performance 
period end
Vesting and 
release date
DBP
04/03/2022
3,249
9154
 –
 –
–
 n/a 
3,249
n/a
04/03/2025
04/03/2023
7,403
10821
 –
 –
–
 n/a 
7,403
n/a
04/03/2026
04/03/2024
–
10081
7,214
 –
–
 n/a 
7,214
n/a
04/03/20272
PSP
13/08/2021
19,414
8209
 –
 –
(2,330)
 –
17,084
31/12/2023
13/08/20263
04/03/2022
43,038
9154
–
–
–
43,038
 – 31/12/2024
04/03/2027
04/03/2023
38,046
10821
–
–
–
38,046
 – 31/12/2025
04/03/2028
04/03/2024
–
10081
51,911
–
–
51,911
– 31/12/2026
04/03/20294
Total
 
111,150
 
59,125
–
(2,330)
132,995
34,950
 
 
1	
Shares in deferral/holding period are not subject to performance conditions.
2	 Award granted following deferral of one half of the annual bonus earned in respect of performance during 2023, see page 123 for further detail.
3	 88% of the shares entered the holding period, following assessment of performance over the period to 31 December 2023. The remaining shares lapsed.
4	 Details of PSP awards granted during 2024 are shown on page 125.
No Director or senior executive beneficially owns, or has options over, 1% or more of the issued share capital of the Company, nor do they 
have different voting rights from other shareholders. None of the Directors has a beneficial interest in the shares of any of the Company’s 
subsidiaries. Between 31 December 2024 and 6 February 2025, there was no change in the interests in Ordinary Shares for current 
Directors shown in the table above.
Directors’ shareholdings continued
Audited
Corporate Governance
130
AstraZeneca Annual Report & Form 20-F Information 2024
Annual Report on Remuneration continued

Audited
Payments to former Directors
During 2024, no payments were made to former Directors.
Payments for loss of office
During 2024, no payments were made to Directors for loss of office.
Remuneration in the wider context
In our Corporate Governance Report on page 98, we explain in detail how the Board has chosen to engage with AstraZeneca’s workforce, 
and how important engagement with our employees is if we are to be a great place to work and continue to deliver outstanding performance. 
The Directors believe that the Board as a whole should continue to take responsibility for gathering the views of the workforce. Consequently, 
instead of implementing one of the three methods for workforce engagement prescribed in the 2018 UK Corporate Governance Code, the 
Board chose to enhance and develop the long-standing channels of engagement which already exist in the organisation to ensure that the 
Board continues to understand the global workforce’s views on a wide variety of topics, including matters relating to remuneration.
The Committee communicates with, and receives feedback from, employees through a variety of channels, including meetings with 
high-potential employees and attending site visits, both virtually and in person. This allows the Committee to communicate with employees 
on remuneration matters where appropriate. Committee members review wide-ranging data on reward across our global workforce, as well 
as broader information on workforce trends and culture, which is also provided to the full Board. The Committee receives in-depth reports 
throughout the year on colleague pay, benefits, incentives, performance management approach and broader talent policies at AstraZeneca 
to ensure that the Committee is informed of wider workforce remuneration when making executive pay decisions. Decisions of the Committee 
affecting employees, such as the annual Group scorecard outcomes, are shared with employees through internal communications as well 
as through the Directors’ Remuneration Report. Additionally, we publish materials on executive remuneration and its implementation for 
employees on our intranet site. In the event that more significant changes to workforce remuneration are proposed, active engagement 
with employee representative groups provides feedback to help the Committee understand the impact upon the broader workforce. 
When reviewing executive remuneration, the Committee takes into consideration our global workforce, looking to ensure the global total 
reward offering is competitive, compelling and aligned to our business performance, while supporting a culture where everyone feels 
valued and included, as outlined in the table on page 132. People and Sustainability is one of our three strategic priorities, and we explain 
in our Business Review from page 32 the role that reward plays in developing an inclusive and diverse culture that encourages and rewards 
innovation, entrepreneurship and performance. In carrying out its responsibilities and when setting the Policy, the Committee has taken 
into account the principles of the UK Corporate Governance Code and the factors outlined within Provision 40 as described in the 
table below.
Area
Our approach
Clarity
Remuneration arrangements should be transparent and 
promote effective engagement with shareholders and 
the workforce.
The Committee believes the remuneration structures under the Policy, and those for the wider 
workforce as set out below, are clearly understood. The Committee regularly engages with 
employees and shareholders and considers their feedback when reviewing the Directors’ 
Remuneration Policy and implementation. 
Simplicity
Remuneration structures should avoid complexity and 
their rationale and operation should be easy to 
understand.
We operate a simple remuneration framework for our executives across both fixed and variable 
pay which is, where possible, aligned with the wider workforce. The purpose, structure and 
strategic alignment of each element of pay has been clearly laid out in our Directors’ 
Remuneration Policy.
Risk
Remuneration arrangements should ensure reputational 
and other risks from excessive rewards, and behavioural 
risks that can arise from target-based incentive plans, 
are identified and mitigated.
We seek to ensure alignment with long-term shareholder interests and to mitigate any potential 
risk through several mechanisms within our approach to executive remuneration. These include 
the two-year holding period under the PSP on vesting, 50% mandatory deferral into shares for 
three years for any annual bonus award, operation of malus and clawback provisions as 
summarised in our Directors’ Remuneration Policy, and a shareholding requirement for two years 
post-cessation of employment. 
Predictability
The range of possible values of rewards to individual 
directors and any other limits or discretions should be 
identified and explained at the time of approving the 
Policy.
The Committee set out under the Directors’ Remuneration Policy approved in April 2024 the 
range of possible values under specific performance scenarios.
Proportionality
The link between individual awards, the delivery of 
strategy and the long-term performance of the company 
should be clear. Outcomes should not reward poor 
performance.
As set out on page 118, the Committee follows a robust target-setting and assessment 
process to ensure variable pay outcomes under the annual bonus and PSP are proportional to 
our wider performance.
Our Directors’ Remuneration Policy operated as intended in terms of Company performance 
and quantums during 2024, supporting the delivery of our strategy and another exceptional year 
for AstraZeneca.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
131
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report

Area
Our approach
Alignment to culture
Incentive schemes should drive behaviours consistent 
with company purpose, values and strategy.
The Committee believes that the remuneration structures in place are aligned to the Company’s 
performance culture and values and ensure the successful delivery of our strategy, with 
alignment between strategy and reward set out on page 117. For example, alongside the formulaic 
outcome, our annual bonus scheme for Executive Directors includes a holistic assessment of 
their performance and broader ESG factors, further reinforcing the importance of our Purpose 
and Values.
Element
Policy features for the wider workforce
Comparison with Executive Director  
and Senior Executive Team remuneration
Base pay
Our base pay is the basis for a competitive total reward 
package for all employees, and we review base pay annually. 
This review takes account of country budget, relevant market 
comparators, the skills, capabilities, knowledge and 
experience of each individual, relative to peers within the 
Company, and individual contribution.
In setting the budget each year, we consider affordability 
as well as assessing how employee base pay is currently 
positioned relative to inflation, market rates, forecasts of 
any further market increases, and turnover.
The base pay of our Executive Directors and the Senior 
Executive Team (SET) forms the basis of their total 
remuneration, and we review their base pay annually.
The primary purpose of the review is to ensure base pay 
remains competitive and reflects the contribution each 
individual makes to the organisation.
Pensions and benefits
We offer market-aligned wellbeing benefit packages reflecting 
market practice in each country in which we operate. 
Where appropriate, we offer elements of personal benefit 
choice to our employees.
The benefit packages of our Executive Directors and the SET 
are broadly aligned with the wider workforce of the country in 
which they are employed. Pension allowances for current UK 
Executive Directors are in line with the wider UK workforce. 
Annual bonus
With the exception of our sales representatives receiving 
sales-related incentives, our global workforce participates 
in the same annual cash bonus plan as the Executive Directors 
and the SET, with the same Group scorecard performance 
measures outlined on page 121. Achievement against 
the scorecard creates a bonus pool from which all awards 
are made.
For employees within our commercial organisation, the 
country-level share of the global bonus pool also takes into 
account country performance against Key Performance 
Indicators (KPIs).
Individual outcomes are based on manager assessment of 
contribution against individual objectives and peers. Awards 
are based on a 0-200% target range.
The ranges for Executive Directors and the SET align with the 
wider workforce at 0-200% of target. Half of any award to an 
Executive Director under the plan is subject to deferral into 
shares subject to a three-year holding period. One sixth of any 
award to the SET under the plan is deferred into shares and is 
subject to a three-year holding period.
Long-term 
incentives
The PSP is operated with a three-year performance period for 
employees at Vice-President and Senior Vice-President level, 
with the same performance measures that apply to PSP 
awards made to the Executive Directors and the SET (outlined 
from page 124).
A proportion of our workforce below this level is eligible to be 
considered for other LTI awards, such as restricted stock 
awards. 35% of our global employee population are eligible to 
receive an award under our LTI plans.
PSP awards to Executive Directors and the SET are 
granted under the same plan as PSP awards granted to 
Vice‑Presidents and Senior Vice-Presidents. PSP awards 
to Executive Directors and the SET are subject to a 
two-year holding period following the three-year 
performance period.
Change in Director remuneration compared to other employees
In the table below, as per the requirements of the Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report) 
Regulations 2019, changes to the base pay (or fees), taxable benefits and annual bonus of Directors are compared to employees for the 
previous financial year. The regulations require comparison between the remuneration of each Director and that of all employees of the 
parent company on a full-time equivalent basis. As AstraZeneca PLC has no direct employees, and in line with our disclosure approach in 
prior years to changes in employee remuneration, the selected comparator group is comprised of employees in the UK, US and Sweden 
who represent approximately 38% of our total employee population. We consider that this group is representative of the Group’s major 
science, business and enabling units. These employee populations are also well balanced in terms of seniority and demographics.
Remuneration in the wider context continued
Corporate Governance
132
AstraZeneca Annual Report & Form 20-F Information 2024
Annual Report on Remuneration continued
Summary of remuneration structure for employees below the Board

Change in 2024 
against 2023 (%)
Change in 2023 
against 2022 (%)
Change in 2022 
against 2021 (%)
Change in 2021 
against 2020 (%)
Change in 2020 
against 2019 (%)
Base  
pay/
fees
Benefits
Annual 
bonus
Base 
pay/
fees
Benefits
Annual 
bonus
Base 
pay/
fees
Benefits
Annual 
bonus
Base 
pay/
fees
Benefits
Annual 
bonus
Base 
pay/
fees
Benefits
Annual 
bonus
Executive Directors 
Pascal Soriot
4.0
-0.9
23.2
4.5
3.1
-9.2
3.0
10.5
-0.8
3.0
1.1
35.9
0.0
-2.7
20.0
Aradhana Sarin
4.0
-70.4
2.7
4.5
-71.6
-9.2
147.2
2,753.2
169.3
–
–
–
–
–
–
Non-Executive Directors
Michel Demaré1
37.0
–
–
268.9
–
–
7.0
–
–
18.7
–
–
247.2
–
–
Euan Ashley
34.7
–
–
8.0
–
–
6.8
–
–
300.0
–
–
–
–
–
Philip Broadley
16.5
–
–
0.0
–
–
15.6
–
–
16.9
–
–
2.8
–
–
Deborah DiSanzo
16.7
–
–
0.0
–
–
11.1
–
–
0.0
–
–
0.0
–
–
Diana Layfield
22.7
–
–
0.0
–
–
19.9
–
–
525.6
–
–
–
–
–
Anna Manz2
250.0
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Sheri McCoy
17.1
–
–
11.7
–
–
23.6
–
–
3.0
–
–
0.0
–
–
Tony Mok
22.7
–
–
0.0
–
–
6.8
–
–
0.0
–
–
0.0
–
–
Nazneen Rahman
25.3
–
–
3.0
–
–
18.2
–
–
11.0
–
–
0.0
–
–
Andreas Rummelt
22.7
–
–
0.0
–
–
172.2
–
–
–
–
–
–
–
–
Marcus Wallenberg
24.0
–
–
0.0
–
–
17.1
–
–
3.6
–
–
0.0
–
–
Employees
5.8
5.8
7.7
7.0
7.0
3.2
6.0
6.0
19.3
4.9
4.9
44.4
4.1
4.1
-11.6
1	
Michel Demaré was appointed Chair of the Board on 27 April 2023. 
2	 Anna Manz was appointed on 1 September 2023.
CEO and employee pay ratios
The table below sets out the ratios of the CEO’s realised pay to the equivalent pay for the lower quartile, median and upper quartile UK 
employees (calculated on a full-time equivalent basis). The ratios have been calculated in accordance with the Companies (Miscellaneous 
Reporting) Regulations 2018 (the Regulations).
Year
Method
25th percentile pay ratio
50th percentile pay ratio
75th percentile pay ratio
2024
Option A
231:1
153:1
102:1
2023
Option A
271:1
182:1
121:1
2022
Option A
230:1
159:1
107:1
2021
Option A
240:1
162:1
106:1
2020
Option A
284:1
197:1
130:1
2019
Option A
280:1
190:1
123:1
2018
Option A
230:1
160:1
103:1
The comparison with UK employees is specified by the Regulations. This group represents approximately 11% of our total employee 
population. The Regulations provide flexibility to adopt one of three methods of calculation; we continue to use Option A which is a calculation 
based on all UK employees on a full-time equivalent basis as we consider this to be the most appropriate method of comparison and in line 
with the calculation of CEO’s realised pay (shown on page 119 for 2024). The ratios are based on total pay, which includes base pay, benefits, 
bonus and LTI awards with all elements adjusted on a full-time equivalent basis if required. Our calculations are in line with the single figure 
methodology for UK employees where possible, with quartile data determined as at 31 December 2024. Calculations for UK employees are 
based on actual base pay and benefits data for the year, with estimates only used for annual bonus outcomes and LTI dividend equivalents. 
These estimates are based on the 2024 bonus budget and projected payouts, and anticipated dividends on LTI awards, respectively. 
No elements of pay have been excluded from the calculation, which has been determined following the approach of previous years.
CEO
UK employees
25th percentile
50th percentile
75th percentile
Pay data (£’000)1
Base pay
Total pay
Base pay
Total pay
Base pay
Total pay
Base pay
Total pay
2024
1,486
14,728
50
64
70
96
91
144
2023
1,429
16,853
46
62
65
92
88
139
2022
1,367
15,323
48
67
67
96
88
143
2021
1,327
13,858
43
58
61
86
86
130
2020
1,289
15,447
41
54
60
78
82
119
2019
1,289
14,330
38
51
53
75
71
117
2018
1,251
11,356
36
49
50
71
70
110
1	
The prior years’ figures have not been restated for subsequent share price changes (as shown in the CEO realised pay for 2024 table on page 119).
The pay ratios at each quartile were lower in 2024 when compared to last year, due to a lower long-term incentive value realised for the 
CEO in 2024.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
133
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report

Given the Committee’s focus on ensuring CEO pay is performance-driven (and as demonstrated again this year), the majority of the single 
figure is comprised of variable pay and therefore may vary significantly year-on-year due to annual bonus and PSP outcomes, as well as 
share price movements. The Committee therefore also considers the CEO pay ratio without the LTI impact. When excluding LTI, the pay 
ratio of the CEO compared to the median UK employee is 57:1.
2018
2019
2020
2021
2022
2023
2024
50th percentile ratio excluding LTI
51:1
51:1
53:1
57:1
51:1
52:1
57:1
The Committee remains mindful of the debate on executive pay and seeks to ensure that when determining the remuneration of the CEO 
it finds the right balance when rewarding performance in a highly competitive global executive talent market. It believes the median ratio is 
consistent with the pay and progression policies for UK employees, which ensures our total reward offering is competitive and compelling, 
and aligned to individual and business performance as set out on page 131. 
Relative importance of spend on pay
The table below shows the remuneration paid to all employees in the Group, including the Executive Directors, and expenditure on 
shareholder distributions through dividends. The figures have been calculated in accordance with the Group Accounting Policies and 
drawn from either the Group’s Consolidated Statement of Comprehensive Income on page 148, or its Consolidated Statement of Cash 
Flows on page 151. Further information on the Group’s Accounting Policies can be found from page 152.
2024
2023
Difference
in spend
between 
years
$m
Difference
in spend
between 
years
%
Total employee remuneration
13,709
12,335
1,374
11
Distributions to shareholders: dividends paid
4,629
4,481
148
3
Total shareholder return
The graph below compares the TSR performance of the Company over the past 10 years with the TSR of the FTSE 100 Index and our global 
pharmaceutical peers. This graph is re-based to 100 at the start of the relevant period. These indices represent appropriate reference 
points for AstraZeneca reflecting our primary listing as a constituent of the FTSE 100 and a comparison against our global pharmaceutical 
peers. The pharmaceutical comparator group is also used to assess relative TSR performance for PSP awards to be granted in 2025 and 
consists of AbbVie, Amgen, Astellas, BMS, Daiichi Sankyo, Eli Lilly, Gilead, GSK, Johnson & Johnson, Merck KGaA, Moderna, MSD, 
Novartis, Novo Nordisk, Pfizer, Roche, Sanofi and Takeda. CEO remuneration over the same 10-year period is shown after the TSR graph.
AstraZeneca
Global pharmaceutical peers average
FTSE 100
400
300
200
100
Dec
14
Dec
15
Dec
16
Dec
17
Dec
18
Dec
19
Dec
20
Dec
21
Dec
22
Dec
23
Dec
24
TSR over a 10-year period
CEO total remuneration table
Year
CEO
CEO 
realised pay 
£’000
Annual bonus 
payout against 
maximum
opportunity 
%
LTI vesting  
rates against 
maximum
opportunity 
%
2024
Pascal Soriot
14,7281
78.5
84
2023
Pascal Soriot
17,3712
79.5
88
2022
Pascal Soriot
15,085
92
97
2021
Pascal Soriot
15,740
95
95
2020
Pascal Soriot
15,934
90
99
2019
Pascal Soriot
15,307
83
90
2018
Pascal Soriot
12,868
83
79
2017
Pascal Soriot
10,429
87
81
2016
Pascal Soriot
14,3423
54
95
2015
Pascal Soriot
7,963
97
78
1	
The 2024 realised pay is shown on page 119.
2	 This figure has been revised using the average closing share price over the three-month period to 31 December 2024, as explained on page 124. 
3	 This figure includes shares awarded to Mr Soriot in 2013 under the AZIP to compensate him for LTI awards from previous employment forfeited on his recruitment as the 
Company’s CEO.
Remuneration in the wider context continued
Corporate Governance
134
AstraZeneca Annual Report & Form 20-F Information 2024
Annual Report on Remuneration continued

Governance
Committee membership
The Committee members as at 31 December 2024 were Sheri McCoy (Chair of the Committee), Philip Broadley, Michel Demaré and 
Nazneen Rahman. The Deputy Company Secretary acts as secretary to the Committee. The Committee met seven times in 2024 and 
members’ attendance records are set out on page 87. During the year, the Committee was materially assisted, except in relation to their 
own remuneration, by the CEO; the CFO; the SVP, Finance, Group Controller & Head of Global Finance Services; the SVP, Group Planning & 
Finance Business Partnering; the SVP, Global Portfolio/Project Management and Strategic Planning; the VP, Global Sustainability and SHE; 
the Chief Human Resources Officer, Chief Compliance Officer and General Counsel; the SVP, Reward; the Senior Director Executive 
Reward; the Company Secretary; the Deputy Company Secretary; and the Non‑Executive Directors forming the Science and Sustainability 
Committees. The Committee’s independent adviser attended all Committee meetings.
Independent adviser to the Committee
The Committee reappointed Willis Towers Watson (WTW) as its independent adviser. WTW were first appointed in September 2018, 
following a tender process undertaken in 2018. The tender process involved submission of written proposals, followed by shortlisted 
candidates being interviewed by both Committee members and members of the Company’s management. WTW’s service to the Committee 
during 2024 was provided on a time spent basis at a cost to the Company of £218,700, excluding VAT. During 2024, WTW also provided 
pensions advice and administration, and advice and support to management including market data to assist in the annual employee pay 
review, global pay survey data and employee benefits review. WTW have no other connection with the Company or individual Directors. 
The Committee reviewed the potential for conflicts of interest related to WTW and judged that there were no conflicts. WTW is a member 
of the Remuneration Consultants Group, which is responsible for the stewardship and development of the voluntary code of conduct in 
relation to executive remuneration consulting in the UK. The principles on which the code is based are transparency, integrity, objectivity, 
competence, due care and confidentiality. WTW adheres to the code.
Corporate Governance
Additional Information
Financial Statements
Strategic Report
135
AstraZeneca Annual Report & Form 20-F Information 2024
Directors’ Remuneration Report

Governance continued
Malus and clawback
The Committee regularly reviews the Company’s approach to malus and clawback and market practice in this area, and our Global 
Standard on Malus and Clawback sets out the trigger events and the time periods these provisions may apply to. As a condition of annual 
bonus and PSP awards, the Committee seeks active acceptance of the malus and clawback terms applicable each year before any payment 
or grant is made to an individual. Additionally, the Committee’s practice is to fully document and evidence any application of malus or 
clawback to show that it has not acted arbitrarily, capriciously or irrationally in making any determination. This allows the Committee to:
	
• Reduce the amount of bonus or PSP payable, or clawback some or all of any award in the circumstances and periods as set out within 
our Global Standard on Malus and Clawback.
	
• Cancel bonus eligibility.
	
• Prevent vesting of the PSP and/or DBP awards by holding the shares in AstraZeneca’s LTI nominee platform to prevent transactions.
Shareholder voting at the AGM
At the Company’s AGM on 11 April 2024, shareholders voted in favour of a resolution to approve the Directors’ Remuneration Policy and 
Annual Statement of the Chair of the Remuneration Committee and the Annual Report on Remuneration for the year ended 
31 December 2023. The Policy can be found on the Company’s website, www.astrazeneca.com/annualreport2024.
Resolution
Votes for
% for
Votes against
% against
Total votes cast
% of issued 
share
capital voted
Withheld 
votes
Ordinary Resolution to approve the Annual Statement of the 
Chair of the Remuneration Committee and the Annual Report 
on Remuneration for the year ended 31 December 2023
1,158,470,360
95.32
56,835,406
4.68
1,215,305,766
78.40
1,558,941
Ordinary Resolution to approve the Directors’ Remuneration 
Policy 
761,702,826
64.43 420,514,520
35.57
1,182,217,346
76.26 34,645,873
The response to the shareholder vote to approve the Directors’ Remuneration Policy at the 2024 AGM is outlined in the Remuneration 
Committee Chair’s letter on page 112.
Directors’ service contracts and letters of appointment
The notice periods and unexpired terms of Executive Directors’ service contracts at 31 December 2024 are shown in the table below.
Executive Director
Effective date of service 
contract
Unexpired term at 31 December 2024
Notice period
Pascal Soriot
15 December 2016
12 months
12 months
Aradhana Sarin
1 August 2021
12 months
12 months
None of the Non-Executive Directors has a service contract but each has a letter of appointment. In accordance with the Company’s 
Articles of Association, following their appointment, all Directors must retire at each AGM and may present themselves for re-election. 
All of the Non-Executive Directors, including the Chair of the Board, may terminate their appointment at any time, on three months’ notice. 
None of the Non-Executive Directors has any provision in their letters of appointment giving them a right to compensation upon early 
termination of appointment.
Basis of preparation of this Directors’ Remuneration Report
This Directors’ Remuneration Report has been prepared in accordance with the Large and Medium-sized Companies and Groups 
(Accounts and Reports) (Amendment) Regulations 2013 (as amended) (the 2013 Regulations). A resolution to receive and approve the 
Directors’ Remuneration Report will be proposed at the AGM on 11 April 2025.
On behalf of the Board
A C N Kemp
Company Secretary 
6 February 2025
Corporate Governance
136
AstraZeneca Annual Report & Form 20-F Information 2024
Annual Report on Remuneration continued

Contents
Preparation of the Financial Statements 
and Directors’ Responsibilities 138
Directors’ Annual Report on Internal Controls 
over Financial Reporting 138
Independent Auditors’ Report 139
Consolidated Statements 148
Group Accounting Policies 152
Notes to the Group Financial Statements 160
Group Subsidiaries and Holdings 214
Company Statements 219
Company Accounting Policies 221
Notes to the Company Financial Statements 223
Group Financial Record 226
Financial
Statements
Corporate Governance
Additional Information
Financial Statements
Strategic Report
137
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Under company law, the Directors must not 
approve the Financial Statements unless 
they are satisfied that they give a true and 
fair view of the state of affairs of the Group 
and Parent Company and of their profit or 
loss for that period. In preparing each of 
the Group and Parent Company Financial 
Statements, the Directors are required to: 
	
• Select suitable accounting policies 
and then apply them consistently. 
	
• Make judgements and estimates that 
are reasonable and prudent. 
	
• For the Group Financial Statements, 
state whether they have been prepared 
in accordance with UK-adopted 
International Accounting Standards. 
	
• For the Parent Company Financial 
Statements, state whether FRS 101 has 
been followed, subject to any material 
departures disclosed and explained in the 
Parent Company Financial Statements.
	
• Prepare the Financial Statements on a 
going concern basis unless it is 
inappropriate to presume that the 
Group and the Parent Company will 
continue in business. 
The Directors are responsible for keeping 
adequate accounting records that are 
sufficient to show and explain the Parent 
Company’s transactions and disclose with 
reasonable accuracy at any time the 
financial position of the Parent Company. 
This enables them to ensure that the 
Financial Statements comply with the 
Companies Act 2006. They have general 
responsibility for taking such steps as are 
reasonably open to them to safeguard the 
assets of the Group and to prevent and 
detect fraud and other irregularities.
The Directors assessed the effectiveness 
of AstraZeneca’s internal control over 
financial reporting as at 31 December 2024 
based on the criteria set forth by the 
Committee of Sponsoring Organizations 
of the Treadway Commission in Internal 
Control-Integrated Framework (2013). 
Based on this assessment, internal control 
over financial reporting is effective.
PricewaterhouseCoopers LLP, an 
independent registered public accounting 
firm, has audited the effectiveness of 
internal control over financial reporting as 
at 31 December 2024 and has issued an 
unqualified report thereon.
Under applicable law and regulations, the 
Directors are also responsible for preparing a 
Directors’ Report, Strategic Report, Directors’ 
Remuneration Report, Corporate Governance 
Report and Audit Committee Report that 
comply with that law and those regulations.
The Directors are responsible for the 
maintenance and integrity of the corporate 
and financial information included on our 
website. Legislation in the UK governing the 
preparation and dissemination of Financial 
Statements may differ from legislation in 
other jurisdictions.
Directors’ responsibility statement 
pursuant to DTR 4
The Directors confirm that to the best 
of our knowledge: 
	
• The Financial Statements, prepared in 
accordance with the applicable set of 
accounting standards, give a true and 
fair view of the assets, liabilities, financial 
position and profit or loss of the Company 
and the undertakings included in the 
consolidation taken as a whole.
	
• The Directors’ Report includes a fair 
review of the development and 
performance of the business and the 
position of the Company and the 
undertakings included in the 
consolidation taken as a whole, together 
with a description of the principal risks 
and uncertainties that they face. 
On behalf of the Board of Directors on 
6 February 2025. 
Pascal Soriot
Director
The Directors are responsible for preparing 
this Annual Report and Form 20-F Information 
and the Group and Parent Company Financial 
Statements in accordance with applicable 
law and regulations.
Company law requires the Directors to 
prepare Financial Statements for each 
financial year. Under that law, the Directors 
have prepared the Group Financial 
Statements 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 and Parent Company 
Financial Statements in accordance with 
United Kingdom Generally Accepted 
Accounting Practice (United Kingdom 
Accounting Standards, comprising FRS 101 
‘Reduced Disclosure Framework’, and 
applicable law). In preparing the Group 
Financial Statements, the Directors have 
also elected to comply with IFRS Accounting 
Standards as issued by the International 
Accounting Standards Board (IASB) and 
International Accounting Standards as 
adopted by the European Union.
The Directors are responsible for 
establishing and maintaining adequate 
internal control over financial reporting. 
AstraZeneca’s internal control over financial 
reporting is designed to provide reasonable 
assurance over the reliability of financial 
reporting and the preparation of 
consolidated financial statements in 
accordance with generally accepted 
accounting principles. 
Due to its inherent limitations, internal 
control over financial reporting may not 
prevent or detect misstatements. 
Projections of any evaluation of 
effectiveness to future periods are 
subject to the risk that controls may 
become inadequate because of changes 
in conditions, or that the degree of 
compliance with the policies or 
procedures may deteriorate. 
138
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements
Preparation of the Financial Statements and Directors’ Responsibilities
Directors’ Annual Report on Internal Controls over Financial Reporting

Separate opinion in relation to IFRS 
Accounting Standards as issued by 
the IASB
As explained in the Group Accounting 
Policies to the financial statements, the 
Group, in addition to applying UK-adopted 
international accounting standards, has also 
applied IFRS Accounting Standards as 
issued by the International Accounting 
Standards Board (IASB).
In our opinion, the Group financial 
statements have been properly prepared 
in accordance with IFRS Accounting 
Standards as issued by the IASB.
Basis for opinion
We conducted our audit in accordance with 
International Standards on Auditing (UK) 
(“ISAs (UK)”) and applicable law. Our 
responsibilities under ISAs (UK) are further 
described in the Auditors’ responsibilities 
for the audit of the financial statements 
section of our report. We believe that the 
audit evidence we have obtained is 
sufficient and appropriate to provide a 
basis for our opinion.
Independence
We remained independent of the Group in 
accordance with the ethical requirements 
that are relevant to our audit of the financial 
statements in the UK, which includes the 
FRC’s Ethical Standard, as applicable to 
listed public interest entities, and we have 
fulfilled our other ethical responsibilities in 
accordance with these requirements.
To the best of our knowledge and belief, we 
declare that non-audit services prohibited by 
the FRC’s Ethical Standard were not provided.
Other than those disclosed in Note 31, we 
have provided no non-audit services to the 
Company or its controlled undertakings in 
the period under audit.
Our audit approach
Overview
Audit scope
	
• Our audit included full scope audits, 
audit of specific significant line item or 
specified procedures at each of the 
Group’s 19 in-scope components. 
	
• Taken together, the components at which 
audit work was performed accounted for 
more than 70% of the Group’s revenue. 
Our scoping provided sufficient coverage 
over each significant financial statement 
line item of the Group financial statements 
and, provided us with the evidence we 
needed for our opinion on the Group 
financial statements taken as a whole.
Key audit matters
	
• Recognition and measurement of 
accruals for Managed Care, Medicaid and 
Medicare Part D rebates on US Product 
Sales (excluding Rare Diseases) (Group)
	
• Impairment assessment of the product, 
marketing and distribution rights and 
other intangibles (Group)
	
• Recognition and measurement of legal 
provisions and disclosure of contingent 
liabilities (Group)
	
• Recognition, measurement and disclosure 
of tax liabilities for uncertain tax 
treatments (Group)
	
• Valuation of defined benefit obligations in 
the UK and Sweden (Group)
	
• Distributable reserves in the Company 
(Parent)
Materiality
	
• Overall Group materiality: $500m (2023: 
$440m) based on approximately 5% 
of profit before tax after adding back 
intangible asset impairment charges 
(Note 10), fair value movements and 
discount unwind on contingent 
consideration (Note 20), and the 
discount unwind on certain other 
payables arising from intangible asset 
acquisitions (Note 3).
	
• Overall Company materiality: $155m 
(2023: $110m) based on 0.2% of net 
assets as constrained by the allocation 
of overall Group materiality.
	
• Performance materiality: $375m 
(2023: $330m) (Group) and $116.25m 
(2023: $82.5m) (Company).
The scope of our audit
As part of designing our audit, we determined 
materiality and assessed the risks of material 
misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in 
the auditors’ professional judgement, were 
of most significance in the audit of the 
financial statements of the current period 
and include the most significant assessed 
risks of material misstatement (whether or 
not due to fraud) identified by the auditors, 
including those which had the greatest effect 
on: the overall audit strategy; the allocation 
of resources in the audit; and directing the 
efforts of the engagement team. These 
matters, and any comments we make on the 
results of our procedures thereon, were 
addressed in the context of our audit of the 
financial statements as a whole, and in 
forming our opinion thereon, and we do not 
provide a separate opinion on these matters.
This is not a complete list of all risks 
identified by our audit.
The key audit matters below are 
consistent with last year.
Report on the audit of the 
financial statements
Opinion
In our opinion:
	
• AstraZeneca PLC’s Group financial 
statements and Company financial 
statements (the “financial statements”) 
give a true and fair view of the state of 
the Group’s and of the Company’s affairs 
as at 31 December 2024 and of the 
Group’s profit and the Group’s cash 
flows for the year then ended;
	
• the Group financial statements have been 
properly prepared in accordance with 
UK-adopted international accounting 
standards as applied in accordance with 
the provisions of the Companies Act 2006;
	
• the Company financial statements have 
been properly prepared in accordance 
with United Kingdom Generally Accepted 
Accounting Practice (United Kingdom 
Accounting Standards, including FRS 101 
“Reduced Disclosure Framework”, and 
applicable law); and
	
• the financial statements have been 
prepared in accordance with the 
requirements of the Companies Act 2006.
We have audited the financial statements, 
included within the Annual Report and Form 
20-F Information 2024 (the “Annual 
Report”), which comprise: the Consolidated 
Statement of Financial Position and the 
Company Balance Sheet as at 31 December 
2024; the Consolidated Statement of 
Comprehensive Income, the Consolidated 
Statement of Cash Flows, and the 
Consolidated and Company Statements of 
Changes in Equity for the year then ended; 
the Group and Company Accounting 
Policies; and the Notes to the Group and 
Company Financial Statements.
Our opinion is consistent with our reporting 
to the Audit Committee.
Separate opinion in relation to 
International Accounting Standards as 
adopted by the European Union
As explained in the Group Accounting 
Policies to the financial statements, the 
Group, in addition to applying UK-adopted 
international accounting standards, has also 
applied International Accounting Standards 
as adopted by the European Union.
In our opinion, the Group financial statements 
have been properly prepared in accordance 
with International Accounting Standards as 
adopted by the European Union.
139
Financial Statements  |  Independent auditors’ report to the members of AstraZeneca PLC
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Independent auditors’ report to the members of AstraZeneca PLC

Recognition and measurement of accruals for Managed Care, Medicaid and Medicare  
Part D rebates on US Product Sales (excluding Rare Diseases) (Group)
Impacted FSLIs
2024
2023
US Rebates, chargebacks, returns and other revenue accruals liability (excluding Rare Diseases)  
(which principally consists of rebates related to Managed Care, Medicaid and Medicare Part D) 
$4,738m
 $4,926m
In the US the Group recognises revenue on Product Sales under various 
commercial and government mandated contracts and reimbursement 
arrangements that include rebates, of which the most significant are 
Managed Care, Medicaid and Medicare Part D relating to US Product Sales.
Rebates provided to customers under these arrangements are accounted for 
as variable consideration, and recognised as a reduction to revenue, for which 
unsettled amounts are accrued. At the time Product Sales are invoiced, rebates 
and deductions that the Group expects to pay, are estimated. There is 
significant management estimation in determining the accruals in the US. 
Assumptions used to estimate the rebates are monitored and adjusted regularly 
in light of contractual and legal obligations, historical trends, past experience 
and projected market conditions.
Discussions with the Audit Committee
How our audit addressed the Key Audit Matter
Our discussions with and reporting to the Audit Committee included:
	
• Our approach to the audit of rebates including details of planned 
substantive procedures and the extent of our controls reliance;
	
• For the recorded accruals, whether the Group’s estimate is 
comparable to our developed estimates; and
	
• Our views of management’s assessment over the accuracy of 
the accruals.
Relevant references in the Annual Report 
Refer to the Audit Committee Report, Group Accounting Policies and Notes 1 
and 20 in the Group financial statements.
We evaluated the design and tested the operating effectiveness of controls 
relating to the recognition and measurement of the accruals for the Managed 
Care, Medicaid and Medicare Part D. We determined that we could rely on 
these controls for the purposes of our audit. We:
i) developed an independent estimate of the Managed Care, Medicaid and 
Medicare Part D accruals using the terms of the specific rebate programmes 
and/or contracts with customers, historical revenue data; market demand and 
market conditions in the US; third party information on inventory held by direct 
and indirect customers; and the historical trend of actual rebate claims paid; 
ii) compared our independent estimates to the accruals recorded by 
management; iii) assessed the effect of any adjustments to prior years’ 
accruals in the current year’s results; and iv) tested actual payments made 
and rebate claims processed by the Group, and evaluated those claims for 
consistency with the contractual and mandated terms of the Group’s 
arrangements.
We considered the disclosures in Notes 1 and 20 of the Group financial 
statements for reasonableness.
140
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements
Independent auditors’ report to the members of AstraZeneca PLC continued

Impairment assessment of the product, marketing and distribution rights and other intangibles (Group)
Impacted FSLIs
2024
2023
Product, marketing and distribution rights and other intangibles (hereafter referred to as the intangible assets) 
$36,505m
$37,587m
Net impairment charges
$1,572m
$434m
The recoverability of the carrying value of cash generating units (to which 
the intangible assets belong) depends on future cash flows and/or the 
outcome of research and development (‘R&D’) activities including 
decisions by the Group to terminate development. The determination of the 
recoverable amounts include significant estimates, which are highly 
sensitive and depend upon key assumptions including the outcome of R&D 
activities, probability of technical and regulatory success, market volume, 
share and pricing (to derive peak year sales), the amount and timing of 
projected future cash flows and sales erosion curves following patent 
expiry. Changes in these assumptions could have an impact on the 
recoverable amount of the Group’s intangible assets.
During 2024, $1,572m (2023: $434m) of net impairment charges were 
recorded (of which $1,065m (2023: $417m) was recorded in Research and 
development expense and $507m (2023: $17m) within Selling, general and 
administrative costs).
Discussions with the Audit Committee
How our audit addressed the Key Audit Matter
Our discussions with and reporting to the Audit Committee included:
	
• Our approach to audit the impairment assessment of the carrying 
value of cash generating units (to which the intangible assets belong) 
including details of planned substantive procedures and the extent of 
our controls reliance;
	
• the methodologies and significant assumptions used to determine the 
recoverable values of the intangible assets; and
	
• our experts’ assessments of evaluation of the probability of technical and 
regulatory success.
Relevant references in the Annual Report 
Refer to the Audit Committee Report, Group Accounting Policies and Note 10 
in the Group financial statements.
We evaluated the design and tested the operating effectiveness of controls 
over management’s assessment of the impairment of intangible assets. We 
determined that we could rely on these controls for the purposes of our audit.
For those assets or cash generating units in the scope of our audit we: i) 
tested management’s process for assessing whether there is an indication of 
impairment and the process for determining the recoverable amount; ii) tested 
the completeness and accuracy of the models as well as the underlying data 
used in the models, which included reconciling the cash flows to the Board 
approved Group level budgets and forecasts; and iii) evaluated the significant 
assumptions used by management in determining future cash flows, including 
the probability of technical and regulatory success, peak year sales and sales 
erosion curves.
In evaluating the reasonableness of management’s assumptions we: 
i) compared significant assumptions to external data and benchmarks; and 
ii) performed a retrospective comparison of forecasted revenues and costs 
to actual performance. We utilised our in-house valuation experts to assist 
with the evaluation of the probability of technical and regulatory success.
We considered the disclosures in Note 10 of the Group financial statements 
for reasonableness.
141
Financial Statements  |  Independent auditors’ report to the members of AstraZeneca PLC
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Recognition and measurement of legal provisions and disclosure of contingent liabilities (Group)
Impacted FSLIs
2024
2023
Provisions in respect of legal claims and settlements (together, legal provisions)
$859m
$1,016m
Financial statements disclosure: Contingent liabilities disclosure in respect of legal proceedings
Note 30
Note 30
The Group is involved in various legal proceedings, including actual or 
threatened litigation and actual or potential government investigations 
relating to employment matters, product liability, commercial disputes, 
pricing, sales and marketing practices, infringement of IP rights and the 
validity of certain patents and competition laws. 
There is significant judgement by management when assessing the timing 
and likelihood of loss being incurred and whether a legal provision can be 
reasonably estimated and recorded or if a contingent liability needs to be 
disclosed. Management’s assessment of the amounts concerned relies heavily 
on estimates and assumptions.
Discussions with the Audit Committee
How our audit addressed the Key Audit Matter
Our discussions with and reporting to the Audit Committee included:
	
• Our approach to audit the assessment of the ongoing litigations and 
claims including details of planned substantive procedures and the 
extent of our controls reliance;
	
• The assessment of management’s judgement in the outcome of the 
Group’s legal matters;
	
• Consideration of any potential impacts on the financial statements in 
respect of the investigations by Chinese authorities into current and 
former AstraZeneca employees regarding allegations of medical 
insurance fraud, illegal drug importation and personal information 
breaches; and
	
• Our conclusions on the appropriateness of the in-year movements in the 
legal provisions.
Relevant references in the Annual Report 
Refer to the Audit Committee Report, Group Accounting Policies,  
Notes 21 and 30 in the Group financial statements.
We evaluated the design and tested the operating effectiveness of controls in 
respect of the recognition and measurement of legal proceedings and related 
disclosures. We determined that we could rely on these controls for the 
purposes of our audit.
We enquired of internal legal counsel and where appropriate external legal 
counsel. We obtained and evaluated letters of audit enquiry with the Group’s 
internal and external legal counsel for significant litigation. We have inspected 
certain external legal documents. Where appropriate, with the support of PwC 
Forensic specialists, we considered the scope, preliminary findings and 
conclusions of investigations. We tested the completeness of management’s 
assessment of both the identification of legal proceedings and possible 
outcomes of each significant legal matter. We evaluated the reasonableness of 
management’s assessment regarding whether an adverse outcome is probable 
and estimated reliably. We evaluated management’s judgement regarding the 
proceedings set out as contingent liabilities within Note 30.
We considered the disclosures in Notes 21 and 30 of the Group financial 
statements for reasonableness.
Recognition, measurement and disclosure of tax liabilities for uncertain tax treatments (Group)
Impacted FSLIs
2024
2023
Net tax liability in respect of Uncertain tax treatments
$1,321m
$1,336m
Financial statements disclosure: Contingent liabilities disclosure in respect of tax matters
$636m
$679m
The Group faces a number of audits and reviews in jurisdictions 
around the world and, in some cases, is in dispute with tax authorities. 
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, reviews and disputes with tax authorities, and actual results could 
vary from these estimates.
Discussions with the Audit Committee
How our audit addressed the Key Audit Matter
Our discussions with and reporting to the Audit Committee included:
	
• Our approach to the audit of the assessment of the tax liabilities 
for uncertain tax treatments and related contingent liabilities 
disclosures including details of planned substantive procedures 
and the extent of our controls reliance; and
	
• Our experts’ assessments of evaluation of the reasonableness of 
the assumptions relating to the most likely amount or expected 
value provision.
Relevant references in the Annual Report 
Refer to the Audit Committee Report, Group Accounting Policies and 
Note 30 in the Group financial statements.
We evaluated the design and tested the operating effectiveness of controls in 
respect of the recognition and measurement of uncertain tax treatments. We 
determined that we could rely on these controls for the purposes of our audit.
We tested the completeness of management’s assessment of the identification 
of tax liabilities and evaluated management’s process for estimating the possible 
outcomes of each tax liability. We obtained the status and results of tax audits and 
discussions with the relevant tax authorities. With the assistance of our local and 
international tax specialists, we:
i) evaluated management’s assessment of the technical merits of tax treatments 
(including where relevant evaluating any advice received from the Group’s external 
advisors) and estimates of the amount of tax benefit expected to be sustained; 
ii) tested the completeness and accuracy of the information used in the determination 
of the probability of different outcomes for uncertain tax treatments and the 
estimation of the liability for those tax treatments; and iii) evaluated the reasonableness 
of significant assumptions related to the outcome of tax audits and assumptions 
relating to the most likely amount or expected value depending on the resolution 
of the uncertainty.
We considered the disclosures in Note 30 of the Group financial statements for 
reasonableness.
142
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements
Independent auditors’ report to the members of AstraZeneca PLC continued

Valuation of defined benefit obligations in the UK and Sweden (Group)
Impacted FSLIs
2024
2023
Defined benefit obligations in the UK and Sweden
$6,100m
$6,736m
The Group’s most significant schemes are in the UK and Sweden. 
The valuation of pension plan obligations requires significant estimation 
in determining appropriate assumptions such as mortality (for the UK 
scheme only), discount rates and inflation levels (for both the UK and 
Sweden schemes). 
Movements in these assumptions can have a material impact on the 
determination of the defined benefit obligations. Management uses 
external actuaries to assist in determining the assumptions.
Discussions with the Audit Committee
How our audit addressed the Key Audit Matter
Our discussions with and reporting to the Audit Committee included:
	
• Our approach to the audit of the valuation of the defined benefit 
obligations in the UK and Sweden including details of planned 
substantive procedures and the extent of our controls reliance; and
	
• For the significant assumptions used by management, whether and 
where the Group’s assumptions lay within our reasonable range.
Relevant references in the Annual Report 
Refer to the Audit Committee Report, Group Accounting Policies and Note 22 
in the Group financial statements.
We evaluated the design and tested the operating effectiveness of controls 
in respect of the assumptions used and accuracy of the Group’s most 
significant defined benefit obligations. We determined that we could rely 
on these controls for the purposes of our audit.
We used actuarial experts to assess whether the assumptions used in 
calculating the defined benefit obligations for the UK and Sweden were 
reasonable. Our actuarial experts assisted in developing an independent 
expectation of the defined benefit obligations for the UK and Sweden. Our 
experts evaluated whether the mortality assumptions (UK scheme only) and 
the discount rates and inflation rates (for both the UK and Sweden schemes) 
were: i) consistent with the specifics of each plan and where relevant 
considering national information; ii) consistent with independently developed 
estimates; and iii) in line with other companies’ recent external reporting. 
We evaluated the calculations prepared by management’s external actuaries 
which included testing the completeness and accuracy of the underlying data. 
In order to evaluate the reasonableness of management’s estimate, our experts 
also compared the independent estimate to management’s estimate.
We considered the disclosures in Note 22 of the Group financial statements 
for reasonableness.
Distributable reserves in the Company (Parent)
Impacted FSLIs
2024
2023
The Company’s Profit and loss account
$13,495m
$ 17,640m
The directors review and disclose the level of distributable reserves of the 
Company annually and aim to maintain distributable reserves that provide 
adequate cover for dividend payments. At 31 December 2024, the 
overwhelming majority of the Profit and loss account reserve of $13,495m 
(31 December 2023: the overwhelming majority of $17,640m) was available 
for distribution, subject to filing the Company financial statements with 
Companies House.
There is judgement when determining the profits available for distribution 
by reference to guidance on realised and distributable profits in accordance 
with Companies Act 2006 issued by the Institute of Chartered Accountants 
in England and Wales and the Institute of Chartered Accountants of Scotland 
in April 2017.
Discussions with the Audit Committee
How our audit addressed the Key Audit Matter
Our discussions with and reporting to the Audit Committee included:
	
• Our approach to audit the assessment of the distributable reserves 
in the Company including involvement of our internal experts; and
	
• Our experts’ assessments in relation to the appropriateness of 
management’s judgements.
Relevant references in the Annual Report 
Refer to the Company Statement of Changes in Equity in the Company 
financial statements.
We obtained and audited the analysis of distributable reserves.
We used our distributable reserves experts to assess whether judgements 
made were appropriate and the analysis was aligned with the relevant technical 
guidance on the determination of realised profits under the Companies Act 
2006. We assessed whether there is qualifying consideration in determining 
whether the Profit and loss account reserve is distributable.
We considered the disclosure related to the profits available for distribution 
for reasonableness.
143
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AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Note that, based on the structure of the 
Group, work on some parts or the entirety 
of some of these line items was performed 
centrally, including by our SSC component 
teams.
	
• Our SSC component teams represented 
five out of the remaining nine 
components and were located in Poland, 
Malaysia, India, Costa Rica and Romania. 
These teams performed audit procedures 
over certain controls and transactions.
	
• Three out of the remaining four 
components, which represent US tax 
reporting entities, were scoped in for 
taxation line items in the financial 
statements because of the size or risk. 
	
• As an element of unpredictability, one 
final component in Brazil was scoped in 
for an audit of specific individual financial 
statement line items with our work 
focussed on revenue, and trade and other 
receivables.
	
• Additionally, for non-full scope components 
which were not considered inconsequential 
components, we performed targeted risk 
assessments procedures. 
	
• Audit procedures were performed 
centrally at the Group level in relation to 
various balances and activities accounted 
for and managed centrally including: 
goodwill, intangible assets (excluding 
software), centralised cash, borrowings 
and financial instruments, taxation, other 
investments and litigation matters as well 
as the consolidation.
In April 2024, we held a meeting with the 
partners and senior staff from the key PwC 
member firms involved in the audit. At this 
meeting we considered developments 
specific to the Group, key audit matters and 
discussed our approach to the Group audit 
including the work performed at shared 
service centre locations. We heard from key 
members of management and the Chair of 
the Audit Committee.
How we tailored the audit scope
We tailored the scope of our audit to ensure 
that we performed enough work to be able to 
give an opinion on the financial statements as 
a whole, taking into account the structure of 
the Group and the Company, the accounting 
and consolidation processes and controls, 
and the industry in which they operate. 
The Group operates in over 100 countries 
and the size of operations within each 
territory varies. As a consequence of 
implementing ISA (UK) 600 (Revised) in this 
year’s audit, we have refined how we 
identify a component by defining each 
distinct legal or reporting entity and each 
Shared Service Centre (SSC) as a 
component. Each component subsequently 
reports to the Group through an integrated 
consolidation system.
In selecting the components that are in 
scope each year and establishing the overall 
approach to the Group audit, we determined 
the type of work that needed to be performed 
by us, as the Group engagement team, or 
component auditors within PwC UK and 
other PwC network firms operating under 
our instruction, to ensure that we had 
sufficient coverage from our audit work 
over each significant line of the Group 
financial statements. Where the work was 
performed by component auditors, we 
determined the level of involvement we 
needed to have in the audit work in these 
territories to be able to conclude whether 
sufficient appropriate audit evidence had 
been obtained as a basis for our opinion on 
the Group financial statements as a whole.
As a result of our risk assessment 
procedures and the detailed scoping 
exercise performed at the planning stage 
of our audit, we identified 19 components 
across 13 countries at which we determined 
that we need to perform audit work. Taken 
together, these components accounted for 
more than 70% of the Group’s revenue. 
The in-scope components were audited 
by the Group engagement team and 
13 component teams.
	
• Out of the 19 components, we identified 
four reporting components which required 
a full scope audit of their complete financial 
information, either due to their size or risk 
characteristics. These components are the 
principal operating units in the US (one 
component) and China (two components), 
as well as the Company.
	
• For six out of the remaining 15 components, 
we performed audit procedures on a 
specific line item or line items within that 
component that we considered had the 
potential for the greatest impact on the 
significant accounts in the financial 
statements because of the size of these 
accounts. The table opposite illustrates 
the work covered in these six 
components.
As part of our cycle of in person oversight 
we visited: China, the US, Sweden, Ireland 
and Brazil. In addition, we were in regular 
contact with our UK component team in 
Cambridge. We also visited the SSCs in 
Poland, Malaysia and India. In addition to 
these on-site visits, regular virtual meetings 
with the component auditors were held, 
whereby we performed reviews of the 
component auditors’ planned response 
to significant risks and reviewed the 
component auditors working papers. 
Alongside our team oversight we attended 
meetings with local management. 
The impact of climate risk on our audit
In planning and executing our audit, we 
considered the potential impact of climate 
change on the Group’s business and the 
financial statements. The Group has set out 
its intention – as part of the Ambition Zero 
Carbon programme – to achieve net zero 
greenhouse gas emissions by maximising 
energy efficiency, shifting to renewable 
energy sources and investing in nature-
based removals to compensate for any 
residual GHG footprint.
As a part of our audit, we made enquiries 
of management to understand the extent 
of the potential impact of the physical and 
transitional climate change risk on the 
financial statements. We also discussed the 
climate change initiatives and commitments 
from Ambition Zero Carbon and other 
initiatives to reduce CO2 emissions, and the 
impact these have on the Group including 
on future cash flow forecasts. This includes 
the committed investment to the ‘AZ Forest’ 
through 2030 and the continued commitment 
to develop next-generation respiratory 
inhalers with near-zero global warming 
potential propellants for the pMDI inhaled 
medicines portfolio.
Management considers that the impact of 
climate change does not give rise to a 
material financial statement impact. With the 
assistance of our climate change experts, 
Financial statement line item
Locations in specific scope
Revenue
UK, Sweden, US, Japan and Germany
Cost of sales 
UK, Sweden, US and Ireland
Research and development expense
UK, Sweden and US
Selling, general and administrative expense 
UK, Sweden, US and Ireland
Taxation
Sweden and US
Property, plant and equipment
UK, Sweden and Ireland
Non-current other receivables
UK
Inventories
UK, Sweden and Ireland
Trade and other receivables 
UK, Sweden and US
Cash and cash equivalents
US
Trade and other payables
UK and Sweden
Retirement benefit obligations
UK and Sweden
Non-current other payables
UK and Sweden
144
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements
Independent auditors’ report to the members of AstraZeneca PLC continued

we evaluated management’s risk assessment 
and understood the Group’s governance 
processes including the Sustainability 
Committee. We performed an audit risk 
assessment of how the impact of the Group’s 
commitments in respect of climate change 
including Ambition Zero Carbon may affect 
the financial statements and our audit.
We challenged the extent to which climate 
change considerations including the 
expected cash flows from the initiatives and 
commitments had been reflected, where 
appropriate, in management’s impairment 
assessment process, going concern 
assessment and viability assessment. 
We found that climate change impacts are 
included within management’s forecasts 
although the initiatives and commitments 
did not have a material impact including on 
our key audit matters. We assessed the 
consistency of other information disclosed 
in the Annual Report with the financial 
statements, and with our knowledge 
obtained from the audit.
Materiality
The scope of our audit was influenced by 
our application of materiality. We set certain 
quantitative thresholds for materiality. 
These, together with qualitative 
considerations, helped us to determine the 
scope of our audit and the nature, timing 
and extent of our audit procedures on the 
individual financial statement line items and 
disclosures and in evaluating the effect of 
misstatements, both individually and in 
aggregate on the financial statements as 
a whole.
Based on our professional judgement, 
we determined materiality for the financial 
statements as a whole as follows:
Financial statements – Group
Financial statements – Company
Overall materiality
$500m (2023: $440m).
$155m (2023: $110m).
How we determined it
Approximately 5% of profit before tax after adding back intangible asset 
impairment charges (Note 10), fair value movements and discount unwind on 
contingent consideration (Note 20), and the discount unwind on certain other 
payables arising from intangible asset acquisitions (Note 3).
0.2% of net assets as constrained by the 
allocation of overall Group materiality.
Rationale for 
benchmark applied
The reported profit of the Group can fluctuate due to intangible asset 
impairment charges, fair value and discount unwind movements on contingent 
consideration, and the discount unwind on certain other payables arising from 
intangible asset acquisitions. These amounts are prone to year on year 
volatility and are not necessarily reflective of the operating performance of the 
Group and as such they have been excluded from the benchmark amount. Our 
approach is consistent with the prior year.
We have considered the nature of the business 
of AstraZeneca PLC (being a holding company 
for investment activities) and have determined 
that net assets are an appropriate basis for the 
calculation of the overall materiality level.
For each component in the scope of our Group audit, we allocated a materiality that is less than our overall Group materiality. The range of 
materiality allocated across components was between $50m and $350m.
We use performance materiality to reduce 
to an appropriately low level the probability 
that the aggregate of uncorrected and 
undetected misstatements exceeds overall 
materiality. Specifically, we use performance 
materiality in determining the scope of our 
audit and the nature and extent of our testing 
of account balances, classes of transactions 
and disclosures, for example in determining 
sample sizes. Our performance materiality 
was 75% (2023: 75%) of overall materiality, 
amounting to $375m (2023: $330m) for 
the Group financial statements and 
$116.25m (2023: $82.5m) for the 
Company financial statements.
In determining the performance materiality, 
we considered a number of factors – the 
history of misstatements, risk assessment 
and aggregation risk and the effectiveness 
of controls – and concluded that an amount 
at the upper end of our normal range 
was appropriate.
We agreed with the Audit Committee that we 
would report to them misstatements identified 
during our audit above $50m (Group audit) 
(2023: $22m) and $50m (Company audit) 
(2023: $22m) as well as misstatements below 
those amounts that, in our view, warranted 
reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment 
of the Group’s and the Company’s ability to 
continue to adopt the going concern basis 
of accounting included:
	
• agreeing the underlying cash flow 
projections to Board approved Group 
level budgets and forecasts, assessing 
how these forecasts are compiled, and 
assessing the accuracy of management’s 
forecasts;
	
• evaluating the key assumptions within 
management’s forecasts and ensuring 
that such assumptions are consistent with 
those modelled in relation to impairments;
	
• considering liquidity and available 
financial resources;
	
• assessing whether the stress testing 
performed by management appropriately 
considered the principal risks facing the 
business; and
	
• evaluating the feasibility of management’s 
mitigating actions in the stress testing 
scenarios and performing our own 
sensitivities.
Based on the work we have performed, we 
have not identified any material uncertainties 
relating to events or conditions that, 
individually or collectively, may cast 
significant doubt on the Group’s and the 
Company’s ability to continue as a going 
concern for a period of at least twelve 
months from when the financial statements 
are authorised for issue.
In auditing the financial statements, we 
have concluded that the directors’ use of 
the going concern basis of accounting in 
the preparation of the financial statements 
is appropriate.
However, because not all future events or 
conditions can be predicted, this conclusion 
is not a guarantee as to the Group’s and the 
Company’s ability to continue as a going 
concern.
In relation to the directors’ reporting on 
how they have applied the UK Corporate 
Governance Code, we have nothing material 
to add or draw attention to in relation to the 
directors’ statement in the financial 
statements about whether the directors 
considered it appropriate to adopt the going 
concern basis of accounting.
Our responsibilities and the responsibilities 
of the directors with respect to going 
concern are described in the relevant 
sections of this report.
145
Financial Statements  |  Independent auditors’ report to the members of AstraZeneca PLC
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Reporting on other information
The other information comprises all of the 
information in the Annual Report other than 
the financial statements and our auditors’ 
report thereon. The directors are responsible 
for the other information. Our opinion on the 
financial statements does not cover the 
other information and, accordingly, we do 
not express an audit opinion or, except to 
the extent otherwise explicitly stated in this 
report, any form of assurance thereon.
In connection with our audit of the financial 
statements, our responsibility is to read the 
other information and, in doing so, consider 
whether the other information is materially 
inconsistent with the financial statements 
or our knowledge obtained in the audit, 
or otherwise appears to be materially 
misstated. If we identify an apparent 
material inconsistency or material 
misstatement, we are required to perform 
procedures to conclude whether there is 
a material misstatement of the financial 
statements or a material misstatement of 
the other information. If, based on the work 
we have performed, we conclude that there 
is a material misstatement of this other 
information, we are required to report that 
fact. We have nothing to report based on 
these responsibilities.
With respect to the Strategic Report and 
Directors’ Report, we also considered 
whether the disclosures required by the UK 
Companies Act 2006 have been included.
Based on our work undertaken in the course 
of the audit, the Companies Act 2006 
requires us also to report certain opinions 
and matters as described below.
Strategic report and Directors’ Report
In our opinion, based on the work 
undertaken in the course of the audit, the 
information given in the Strategic Report 
and Directors’ Report for the year ended 
31 December 2024 is consistent with the 
financial statements and has been 
prepared in accordance with applicable 
legal requirements.
In light of the knowledge and understanding 
of the Group and Company and their 
environment obtained in the course of the 
audit, we did not identify any material 
misstatements in the Strategic Report 
and Directors’ Report.
Directors’ Remuneration
In our opinion, the part of the Directors’ 
Remuneration Report to be audited has 
been properly prepared in accordance 
with the Companies Act 2006.
Corporate governance statement
The UK Listing Rules require us to review 
the directors’ statements in relation to going 
concern, longer-term viability and that part 
of the corporate governance statement 
relating to the Company’s compliance 
with the provisions of the UK Corporate 
Governance Code specified for our review. 
Our additional responsibilities with respect 
to the corporate governance statement as 
other information are described in the 
Reporting on other information section of 
this report.
Based on the work undertaken as part of 
our audit, we have concluded that each of 
the following elements of the corporate 
governance statement, included within the 
Corporate Governance Overview, Corporate 
Governance Report, Nomination and 
Governance Committee Report, Science 
Committee Report, Sustainability Committee 
Report and Audit Committee Report is 
materially consistent with the financial 
statements and our knowledge obtained 
during the audit, and we have nothing material 
to add or draw attention to in relation to:
	
• The directors’ confirmation that they 
have carried out a robust assessment of 
the emerging and principal risks;
	
• The disclosures in the Annual Report that 
describe those principal risks, what 
procedures are in place to identify 
emerging risks and an explanation of how 
these are being managed or mitigated;
	
• The directors’ statement in the financial 
statements about whether they 
considered it appropriate to adopt the 
going concern basis of accounting in 
preparing them, and their identification of 
any material uncertainties to the Group’s 
and Company’s ability to continue to do 
so over a period of at least twelve months 
from the date of approval of the financial 
statements;
	
• The directors’ explanation as to their 
assessment of the Group’s and 
Company’s prospects, the period this 
assessment covers and why the period 
is appropriate; and
	
• The directors’ statement as to whether 
they have a reasonable expectation that 
the Company will be able to continue in 
operation and meet its liabilities as they 
fall due over the period of its assessment, 
including any related disclosures drawing 
attention to any necessary qualifications 
or assumptions.
Our review of the directors’ statement 
regarding the longer-term viability of the 
Group and Company was substantially less 
in scope than an audit and only consisted 
of making inquiries and considering the 
directors’ process supporting their 
statement; checking that the statement is 
in alignment with the relevant provisions 
of the UK Corporate Governance Code; 
and considering whether the statement is 
consistent with the financial statements and 
our knowledge and understanding of the 
Group and Company and their environment 
obtained in the course of the audit.
In addition, based on the work undertaken 
as part of our audit, we have concluded that 
each of the following elements of the 
corporate governance statement is 
materially consistent with the financial 
statements and our knowledge obtained 
during the audit:
	
• The directors’ statement that they 
consider the Annual Report, taken as 
a whole, is fair, balanced and 
understandable, and provides the 
information necessary for the members 
to assess the Group’s and Company’s 
position, performance, business model 
and strategy;
	
• The section of the Annual Report that 
describes the review of effectiveness 
of risk management and internal control 
systems; and
	
• The section of the Annual Report 
describing the work of the Audit 
Committee.
We have nothing to report in respect of our 
responsibility to report when the directors’ 
statement relating to the Company’s 
compliance with the Code does not properly 
disclose a departure from a relevant 
provision of the Code specified under the 
UK Listing Rules for review by the auditors.
Responsibilities for the financial 
statements and the audit
Responsibilities of the directors for the 
financial statements
As explained more fully in the Preparation 
of the Financial Statements and Directors’ 
Responsibilities section, the directors are 
responsible for the preparation of the financial 
statements in accordance with the applicable 
framework and for being satisfied that they 
give a true and fair view. The directors are 
also responsible for such internal control as 
they determine is necessary to enable the 
preparation of financial statements that are 
free from material misstatement, whether 
due to fraud or error.
In preparing the financial statements, 
the directors are responsible for assessing 
the Group’s and the Company’s ability to 
continue as a going concern, disclosing, as 
applicable, matters related to going concern 
and using the going concern basis of 
accounting unless the directors either 
intend to liquidate the Group or the 
Company or to cease operations, or have 
no realistic alternative but to do so.
Auditors’ responsibilities for the audit 
of the financial statements
Our objectives are to obtain reasonable 
assurance about whether the financial 
statements as a whole are free from material 
misstatement, whether due to fraud or error, 
and to issue an auditors’ report that includes 
our opinion. Reasonable assurance is a high 
level of assurance, but is not a guarantee 
that an audit conducted in accordance with 
146
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements
Independent auditors’ report to the members of AstraZeneca PLC continued

ISAs (UK) will always detect a material 
misstatement when it exists. Misstatements 
can arise from fraud or error and are 
considered material if, individually or in 
the aggregate, they could reasonably be 
expected to influence the economic 
decisions of users taken on the basis of 
these financial statements.
Irregularities, including fraud, are instances 
of non-compliance with laws and 
regulations. We design procedures in line 
with our responsibilities, outlined above, 
to detect material misstatements in respect 
of irregularities, including fraud. The extent 
to which our procedures are capable of 
detecting irregularities, including fraud, 
is detailed below.
Based on our understanding of the Group 
and industry, we identified that the principal 
risks of non-compliance with laws and 
regulations related to patent protection, 
product safety (including but not limited 
to the US Food and Drug Administration 
regulation, the European Medicines Agency, 
the UK Medicines and Healthcare products 
Regulatory Agency, China Food and Drug 
Administration), data protection legislation, 
antibribery and competition law (including 
but not limited to the Foreign Corrupt 
Practices Act, the Proceeds of Crime Act 
and the provisions set out by the National 
Healthcare Security Administration in China), 
and we considered the extent to which 
non-compliance might have a material effect 
on the financial statements. We also 
considered those laws and regulations that 
have a direct impact on the financial 
statements such as the Companies Act 
2006, listing rules and tax legislation. We 
evaluated management’s incentives and 
opportunities for fraudulent manipulation of 
the financial statements (including the risk of 
override of controls) and determined that the 
principal risks were related to journal entries 
to manipulate financial results and potential 
management bias in accounting estimates. 
The Group engagement team shared this risk 
assessment with the component auditors so 
that they could include appropriate audit 
procedures in response to such risks in their 
work. Audit procedures performed by the 
Group engagement team and/or component 
auditors included:
	
• Evaluation and testing of the design and 
operating effectiveness of management’s 
controls to prevent and detect 
irregularities;
	
• Discussions with VP Group Internal Audit, 
the Deputy Chief Compliance Officer, the 
Head of Global Investigations and the 
Group’s General Counsel and Deputy 
General Counsels along with other 
members of Group legal and external 
counsel where applicable, including 
consideration of known or suspected 
instances of non-compliance with laws 
and regulations and fraud;
	
• Assessment of matters reported on the 
Group’s whistleblowing helpline;
	
• Assessment of the results of 
management’s investigations, with the 
involvement of PwC Forensic specialists 
where appropriate;
	
• Challenging assumptions made by 
management in its significant accounting 
estimates, in particular in relation to the 
recognition and measurement of certain 
rebate accruals in the US (excluding Rare 
Diseases), the impairment of intangible 
assets (excluding goodwill and software 
development costs), the recognition and 
measurement of legal provisions and 
disclosure of contingent liabilities, the 
recognition and measurement of 
uncertain tax treatments, and the 
valuation of the defined benefit 
obligations (see related key audit matters 
above); and
	
• Identifying and testing the validity of 
selected journal entries, including certain 
journal entries posted with unusual 
account combinations, and certain 
consolidation journals.
There are inherent limitations in the audit 
procedures described above. We are 
less likely to become aware of instances of 
non-compliance with laws and regulations 
that are not closely related to events and 
transactions reflected in the financial 
statements. Also, the risk of not detecting a 
material misstatement due to fraud is higher 
than the risk of not detecting one resulting 
from error, as fraud may involve deliberate 
concealment by, for example, forgery or 
intentional misrepresentations, or 
through collusion.
Our audit testing might include testing 
complete populations of certain transactions 
and balances, possibly using data auditing 
techniques. However, it typically involves 
selecting a limited number of items for 
testing, rather than testing complete 
populations. We will often seek to target 
particular items for testing based on their 
size or risk characteristics. In other cases, we 
will use audit sampling to enable us to draw a 
conclusion about the population from which 
the sample is selected.
A further description of our responsibilities 
for the audit of the financial statements 
is located on the FRC’s website at: 
www.frc.org.uk/auditorsresponsibilities. 
This description forms part of our 
auditors’ report.
Use of this report
This report, including the opinions, has 
been prepared for and only for the 
Company’s members as a body in 
accordance with Chapter 3 of Part 16 of the 
Companies Act 2006 and for no other 
purpose. We do not, in giving these 
opinions, accept or assume responsibility 
for any other purpose or to any other person 
to whom this report is shown or into whose 
hands it may come save where expressly 
agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are 
required to report to you if, in our opinion:
	
• we have not obtained all the information 
and explanations we require for our audit; 
or
	
• adequate accounting records have not 
been kept by the Company, or returns 
adequate for our audit have not been 
received from branches not visited by us; 
or
	
• certain disclosures of directors’ 
remuneration specified by law are not 
made; or
	
• the Company financial statements and 
the part of the Directors’ Remuneration 
Report to be audited are not in agreement 
with the accounting records and returns.
We have no exceptions to report arising 
from this responsibility.
Appointment
Following the recommendation of the Audit 
Committee, we were appointed by the 
members on 27 April 2017 to audit the 
financial statements for the year ended 
31 December 2017 and subsequent financial 
periods. The period of total uninterrupted 
engagement is eight years, covering the 
years ended 31 December 2017 to 
31 December 2024.
Other matter
The Company is required by the Financial 
Conduct Authority Disclosure Guidance 
and Transparency Rules to include these 
financial statements in an annual financial 
report prepared under the structured digital 
format required by DTR 4.1.15R – 4.1.18R and 
filed on the National Storage Mechanism of 
the Financial Conduct Authority. This 
auditors’ report provides no assurance over 
whether the structured digital format annual 
financial report has been prepared in 
accordance with those requirements.
Sarah Quinn (Senior Statutory Auditor) 
for and on behalf of 
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
6 February 2025
147
Financial Statements  |  Independent auditors’ report to the members of AstraZeneca PLC
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Consolidated Statement of Comprehensive Income
for the year ended 31 December
2024
2023
2022
Notes
$m
$m
$m
Product Sales
 1
 50,938
 43,789
 42,998
Alliance Revenue
 1
 2,212
 1,428
 755
Collaboration Revenue
 1
 923
 594
 598
Total Revenue
 54,073
 45,811
 44,351
Cost of sales
 (10,207)
 (8,268)
 (12,391)
Gross profit
 43,866
 37,543
 31,960
Distribution expense
 (555)
 (539)
 (536)
Research and development expense
 2
 (13,583)
 (10,935)
 (9,762)
Selling, general and administrative expense
 2
 (19,977)
 (19,216)
 (18,419)
Other operating income and expense
 2
 252
 1,340
 514
Operating profit
 10,003
 8,193
 3,757
Finance income
 3
 458
 344
 95
Finance expense
 3
 (1,742)
 (1,626)
 (1,346)
Share of after tax losses in associates and joint ventures
 11
 (28)
 (12)
 (5)
Profit before tax
 8,691
 6,899
 2,501
Taxation
 4
 (1,650)
 (938)
 792
Profit for the period
 7,041
 5,961
 3,293
Other comprehensive income:
Items that will not be reclassified to profit and loss:
Remeasurement of the defined benefit pension liability
 22
 80
 (406)
 1,118
Net gains/(losses) on equity investments measured at fair value through Other comprehensive income
 139
 278
 (88)
Fair value movements related to own credit risk on bonds designated as fair value through profit or loss
 12
 (6)
 2
Tax on items that will not be reclassified to profit and loss
 4
 (43)
 101
 (216)
 188
 (33)
 816
Items that may be reclassified subsequently to profit and loss:
Foreign exchange arising on consolidation
 23
 (957)
 608
 (1,446)
Foreign exchange arising on designated liabilities in net investment hedges
 23
 (122)
 24
 (282)
Fair value movements on cash flow hedges
 (129)
 266
 (97)
Fair value movements on cash flow hedges transferred to profit and loss
 177
 (145)
 73
Fair value movements on derivatives designated in net investment hedges
 23
 39
 44
 (8)
Costs of hedging
 (21)
 (19)
 (7)
Tax on items that may be reclassified subsequently to profit and loss
 4
 25
 (12)
 73
 (988)
 766
 (1,694)
Other comprehensive (expense)/income for the period, net of tax
 (800)
 733
 (878)
Total comprehensive income for the period
 6,241
 6,694
 2,415
Profit attributable to:
Owners of the Parent
 7,035
 5,955
 3,288
Non-controlling interests
 26
 6
 6
 5
Total comprehensive income attributable to:
Owners of the Parent
 6,236
 6,688
 2,413
Non-controlling interests
 26
 5
 6
 2
Basic earnings per $0.25 Ordinary Share
 5
 $4.54 
$3.84 
$2.12 
Diluted earnings per $0.25 Ordinary Share
 5
 $4.50 
$3.81 
$2.11 
Weighted average number of Ordinary Shares in issue (millions)
 5
 1,550
 1,549
 1,548
Diluted weighted average number of Ordinary Shares in issue (millions)
 5
 1,563
 1,562
 1,560
Dividends declared and paid in the period
 25
 4,602
 4,487
 4,485
All activities were in respect of continuing operations.
$m means millions of US dollars.
148
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Consolidated Statement of Financial Position
at 31 December
2024
2023
2022
Notes
$m
$m
$m
Assets
Non-current assets
Property, plant and equipment
 7
 10,252
 9,402
 8,507
Right-of-use assets
 8
 1,395
 1,100
 942
Goodwill
 9
 21,025
 20,048
 19,820
Intangible assets
 10
 37,177
 38,089
 39,307
Investments in associates and joint ventures
 11
 268
 147
 76
Other investments
 12
 1,632
 1,530
 1,066
Derivative financial instruments
 13
 182
 228
 74
Other receivables
 14
 930
 803
 835
Deferred tax assets
 4
 5,347
 4,718
 3,263
 78,208
 76,065
 73,890
Current assets
Inventories
 15
 5,288
 5,424
 4,699
Trade and other receivables
 16
 12,972
 12,126
 10,521
Other investments
 12
 166
 122
 239
Derivative financial instruments
 13
 54
 116
 87
Income tax receivable
 1,859
 1,426
 731
Cash and cash equivalents
 17
 5,488
 5,840
 6,166
Assets held for sale
 18
 –
 –
 150
 25,827
 25,054
 22,593
Total assets
 104,035
 101,119
 96,483
Liabilities
Current liabilities
Interest-bearing loans and borrowings
 19
 (2,337)
 (5,129)
 (5,314)
Lease liabilities
 8
 (339)
 (271)
 (228)
Trade and other payables
 20
 (22,465)
 (22,374)
 (19,040)
Derivative financial instruments
 13
 (50)
 (156)
 (93)
Provisions
 21
 (1,269)
 (1,028)
 (722)
Income tax payable
 (1,406)
 (1,584)
 (896)
 (27,866)
 (30,542)
 (26,293)
Non-current liabilities
Interest-bearing loans and borrowings
 19
 (26,506)
 (22,365)
 (22,965)
Lease liabilities
 8
 (1,113)
 (857)
 (725)
Derivative financial instruments
 13
 (115)
 (38)
 (164)
Deferred tax liabilities
 4
 (3,305)
 (2,844)
 (2,944)
Retirement benefit obligations
 22
 (1,330)
 (1,520)
 (1,168)
Provisions
 21
 (921)
 (1,127)
 (896)
Income tax payable
 (238)
 –
 –
Other payables
 20
 (1,770)
 (2,660)
 (4,270)
 (35,298)
 (31,411)
 (33,132)
Total liabilities
 (63,164)
 (61,953)
 (59,425)
Net assets
 40,871
 39,166
 37,058
Equity
Capital and reserves attributable to equity holders of the Company
Share capital
 24
 388
 388
 387
Share premium account
 35,226
 35,188
 35,155
Capital redemption reserve
 153
 153
 153
Merger reserve
 448
 448
 448
Other reserves
 23
 1,411
 1,464
 1,468
Retained earnings
 23
 3,160
 1,502
 (574)
 40,786
 39,143
 37,037
Non-controlling interests
 26
 85
 23
 21
Total equity
 40,871
 39,166
 37,058
The Financial Statements from pages 148 to 218 were approved by the Board and were signed on its behalf by
Pascal Soriot
Aradhana Sarin
Director
Director
6 February 2025
149
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity
for the year ended 31 December
Share
Capital
Total
Non-
Share
premium redemption
Merger
Other
Retained
attributable
controlling
Total
capital
account
reserve
reserve
reserves
earnings
to owners
interests
equity
$m
$m
$m
$m
$m
$m
$m
$m
$m
At 1 January 2022
 387
 35,126
 153
 448
 1,444
 1,710
 39,268
 19
 39,287
Profit for the period
 –
 –
 –
 –
 –
 3,288
 3,288
 5
 3,293
Other comprehensive expense1
 –
 –
 –
 –
 –
 (875)
 (875)
 (3)
 (878)
Transfer to other reserves2
 –
 –
 –
 –
 24
 (24)
 –
 –
 –
Transactions with owners
Dividends (Note 25)
 –
 –
 –
 –
 –
 (4,485)
 (4,485)
 –
 (4,485)
Issue of Ordinary Shares
 –
 29
 –
 –
 –
 –
 29
 –
 29
Share-based payments charge for the period (Note 29)
 –
 –
 –
 –
 –
 619
 619
 –
 619
Settlement of share plan awards
 –
 –
 –
 –
 –
 (807)
 (807)
 –
 (807)
Net movement
 –
 29
 –
 –
 24
 (2,284)
 (2,231)
 2
 (2,229)
At 31 December 2022
 387
 35,155
 153
 448
 1,468
 (574)
 37,037
 21
 37,058
Profit for the period
 –
 –
 –
 –
 –
 5,955
 5,955
 6
 5,961
Other comprehensive income1
 –
 –
 –
 –
 –
 733
 733
 –
 733
Transfer to other reserves2
 –
 –
 –
 –
 (4)
 4
 –
 –
 –
Transactions with owners
Dividends (Note 25)
 –
 –
 –
 –
 –
 (4,487)
 (4,487)
 –
 (4,487)
Dividends paid to non-controlling interests (Note 25)
 –
 –
 –
 –
 –
 –
 –
 (4)
 (4)
Issue of Ordinary Shares
 1
 33
 –
 –
 –
 –
 34
 –
 34
Share-based payments charge for the period (Note 29)
 –
 –
 –
 –
 –
 579
 579
 –
 579
Settlement of share plan awards
 –
 –
 –
 –
 –
 (708)
 (708)
 –
 (708)
Net movement
 1
 33
 –
 –
 (4)
 2,076
 2,106
 2
 2,108
At 31 December 2023
 388
 35,188
 153
 448
 1,464
 1,502
 39,143
 23
 39,166
Profit for the period
 –
 –
 –
 –
 –
 7,035
 7,035
 6
 7,041
Other comprehensive expense1
 –
 –
 –
 –
 –
 (799)
 (799)
 (1)
 (800)
Transfer to other reserves2
 –
 –
 –
 –
 15
 (15)
 –
 –
 –
Transactions with owners
Dividends (Note 25)
 –
 –
 –
 –
 –
 (4,602)
 (4,602)
 –
 (4,602)
Dividends paid to non-controlling interests (Note 25)
 –
 –
 –
 –
 –
 –
 –
 (4)
 (4)
Issue of Ordinary Shares
 –
 38
 –
 –
 –
 –
 38
 –
 38
Changes in non-controlling interests
 –
 –
 –
 –
 –
 –
 –
 61
 61
Movement in shares held by Employee Benefit Trusts2
 –
 –
 –
 –
 (68)
 –
 (68)
 –
 (68)
Share-based payments charge for the period (Note 29)
 –
 –
 –
 –
 –
 660
 660
 –
 660
Settlement of share plan awards
 –
 –
 –
 –
 –
 (621)
 (621)
 –
 (621)
Net movement
 –
 38
 –
 –
 (53)
 1,658
 1,643
 62
 1,705
At 31 December 2024
 388
 35,226
 153
 448
 1,411
 3,160
 40,786
 85
 40,871
1	
Included within Other comprehensive expense of $800m (2023: income of $733m; 2022: expense of $878m) is a charge of $21m (2023: $19m; 2022: $7m), relating to Costs of hedging.
2	
Amounts charged or credited to other reserves relate to exchange adjustments arising on goodwill and movements in shares held by Employee Benefit Trusts.
150
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Consolidated Statement of Cash Flows
for the year ended 31 December
2024
2023
2022
Notes
$m
$m
$m
Cash flows from operating activities
Profit before tax
 8,691
 6,899
 2,501
Finance income and expense
 3
 1,284
 1,282
 1,251
Share of after tax losses of associates and joint ventures
 11
 28
 12
 5
Depreciation, amortisation and impairment
 6,688
 5,387
 5,480
Increase in trade and other receivables
 (1,624)
 (1,425)
 (1,349)
(Increase)/decrease in inventories
 (131)
 (669)
 3,941
Increase in trade and other payables and provisions
 862
 2,394
 1,165
Gains on disposal of intangible assets
 2
 (64)
 (251)
 (104)
Fair value movements on contingent consideration arising from business combinations
 20
 311
 549
 82
Non-cash and other movements
 17
 (121)
 (386)
 (692)
Cash generated from operations
 15,924
 13,792
 12,280
Interest paid
 (1,313)
 (1,081)
 (849)
Tax paid
 (2,750)
 (2,366)
 (1,623)
Net cash inflow from operating activities
 11,861
 10,345
 9,808
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired
 27
 (2,771)
 (189)
 (48)
Payments upon vesting of employee share awards attributable to business combinations
 27
 (3)
 (84)
 (215)
Payment of contingent consideration from business combinations
 20
 (1,008)
 (826)
 (772)
Purchase of property, plant and equipment
 (1,924)
 (1,361)
 (1,091)
Disposal of property, plant and equipment
 55
 132
 282
Purchase of intangible assets
 (2,662)
 (2,417)
 (1,480)
Disposal of intangible assets
 123
 291
 447
Movement in profit-participation liability
 2
 –
 190
 –
Purchase of non-current asset investments
 (96)
 (136)
 (45)
Disposal of non-current asset investments
 78
 32
 42
Movement in short-term investments, fixed deposits and other investing instruments
 30
 97
 (114)
Payments to associates and joint ventures
 11
 (158)
 (80)
 (26)
Disposal of investments in associates and joint ventures
 13
 –
 –
Interest received
 343
 287
 60
Net cash outflow from investing activities
 (7,980)
 (4,064)
 (2,960)
Net cash inflow before financing activities
 3,881
 6,281
 6,848
Cash flows from financing activities
Proceeds from issue of share capital
 38
 33
 29
Own shares purchased by Employee Benefit Trusts
 (81)
 –
 –
Issue of loans and borrowings
 6,492
 3,816
 –
Repayment of loans and borrowings
 (4,652)
 (4,942)
 (1,271)
Dividends paid
 25
 (4,629)
 (4,481)
 (4,364)
Hedge contracts relating to dividend payments
 25
 16
 (19)
 (127)
Repayment of obligations under leases
 (316)
 (268)
 (244)
Movement in short-term borrowings
 (31)
 161
 74
Payment of Acerta Pharma share purchase liability
 (833)
 (867)
 (920)
Net cash outflow from financing activities
 (3,996)
 (6,567)
 (6,823)
Net (decrease)/increase in Cash and cash equivalents in the period
 (115)
 (286)
 25
Cash and cash equivalents at the beginning of the period
 5,637
 5,983
 6,038
Exchange rate effects
 (93)
 (60)
 (80)
Cash and cash equivalents at the end of the period
 17
 5,429
 5,637
 5,983
151
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Consolidated Statement of Cash Flows

Group Accounting Policies 
Basis of accounting and preparation 
of financial information
The Consolidated 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’s functional currency.
In preparing their individual financial 
statements, the accounting policies of some 
overseas subsidiaries do not conform with 
IASB-issued IFRSs. Therefore, where 
appropriate, adjustments are made in order 
to present the Consolidated Financial 
Statements on a consistent basis.
New accounting requirements 
The following amendments and interpretations 
have been issued and adopted:
	
• amendments to IAS 1 ‘Presentation 
of Financial Statements’, effective for 
periods beginning on or after 1 January 
2024 – endorsed by the United Kingdom 
Endorsement Board (UKEB) on 21 July 2023
	
• amendments to IFRS 16 ‘Leases’, 
effective for periods beginning on or 
after 1 January 2024 – endorsed by the 
UKEB on 11 May 2023
	
• amendments to IAS 7 ‘Statement of Cash 
Flows’, effective for periods beginning on 
or after 1 January 2024 – endorsed by the 
UKEB on 28 November 2023
	
• amendments to IFRS 7 ‘Financial 
Instruments’, effective for periods beginning 
on or after 1 January 2024 – endorsed by 
the UKEB on 28 November 2023.
The above amendments and interpretations 
did not have a significant impact on the 
Group’s net results, net assets or disclosures.
Employee Benefit Trusts
Following an amendment to the Employee 
Benefit Trust (EBT) Deed on 10 June 2024, 
AstraZeneca obtained control and 
commenced consolidation of the EBT 
from June 2024. From that date, cash paid 
on purchases of AstraZeneca Ordinary 
shares or American Depository Receipts is 
presented within Financing activities in the 
Consolidated Statement of Cash Flows.
Basis for preparation of Financial 
Statements on a going concern basis
The Group has considerable financial 
resources available. As at 31 December 2024, 
the Group has $10.4bn in financial resources 
(cash and cash equivalent balances of $5.5bn 
and undrawn committed bank facilities of 
$4.9bn that were available until April 2029), 
with $2.7bn of borrowings due within one 
year. These facilities contain no financial 
covenants, and in January 2025 their 
maturity was extended to April 2030.
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’s 
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 :
	
• revenue recognition – see Revenue 
accounting policy on page 153 KJ  
and Note 1 on page 160 SE  
	
• expensing of internal development 
expenses – see Research and development 
accounting policy on page 154 KJ  
	
• impairment reviews of Intangible assets 
– see Note 10 on page 173 SE
	
• useful economic life of Intangible assets 
– see Research and development 
accounting policy on page 154 KJ  
	
• business combinations and Goodwill – 
see Business combinations and goodwill 
accounting policy on page 157 KJ  
	
• litigation liabilities – see Litigation and 
Environmental Liabilities within Note 30 
on page 205 KJ  
	
• operating segments – see Note 6 on 
page 166 KJ  
	
• employee benefits – see Note 22 on 
page 190 SE  
	
• taxation – see Note 30 on page 211 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’s 
investment being 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’s 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 194.
AstraZeneca’s management considers the 
following to be the material accounting policies 
in the context of the Group’s operations.
Revenue
Revenue comprises Product Sales, Alliance 
Revenue and Collaboration Revenue.
Revenue excludes inter-company revenues 
and value-added taxes. 
Product Sales 
Product Sales represent net invoice value less 
estimated rebates, returns and chargebacks, 
which are considered to be variable 
consideration and include significant 
estimates. Sales are recognised when the 
control of the goods has been transferred to 
a third party. This is usually when title passes 
to the customer, either on shipment or on 
152
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

receipt of goods by the customer, depending 
on local trading terms. Revenue is not 
recognised in full until it is highly probable 
that a significant reversal in the amount of 
cumulative revenue recognised will not occur.
Rebates are amounts payable or credited to 
a customer, usually based on the quantity or 
value of Product Sales to the customer for 
specific products in a certain period. Product 
Sales rebates, which relate to Product Sales 
that occur over a period of time, are normally 
issued retrospectively.
At the time Product Sales are invoiced, rebates 
and deductions that the Group expects to 
pay are estimated based upon assumptions 
developed using contractual terms, historical 
experience and market-related information. 
The rebates and deductions are recognised 
as variable consideration and recorded as a 
reduction to revenue with an accrual recorded. 
These rebates typically arise from sales 
contracts with government payers, third-
party managed care organisations, hospitals, 
long-term care facilities, group purchasing 
organisations and various state programmes.
In markets where returns are significant, 
estimates of the quantity and value of 
goods which may ultimately be returned 
are accounted for at the point revenue is 
recognised. Our returns accruals are based 
on actual experience over the preceding 
12 months for established products together 
with market-related information such as 
estimated stock levels at wholesalers and 
competitor activity which we receive via 
third-party information services. For newly 
launched products, we use rates based on 
our experience with similar products or a 
predetermined percentage. 
When a product faces generic competition, 
particular attention is given to the possible 
levels of returns and, in cases where the 
circumstances are such that the level of 
Product Sales are considered highly probable 
to reverse, revenues are only recognised 
when the right of return expires, which is 
generally on ultimate prescription of the 
product to patients.
The methodology and assumptions used to 
estimate rebates and returns are monitored 
and adjusted regularly in the light of 
contractual and legal obligations, historical 
trends, past experience and projected 
market conditions. Once the uncertainty 
associated with returns is resolved, revenue 
is adjusted accordingly.
Under certain collaboration agreements 
which include a profit sharing mechanism, 
our recognition of Product Sales depends 
on which party acts as principal in sales 
to the end customer. In the cases where 
AstraZeneca acts as principal, we record 
100% of sales to the end customer. In the 
cases where AstraZeneca does not act as 
principal, we record the share of gross 
profits received within Alliance Revenue.
Contracts relating to the supply of certain 
Vaccines & Immune Therapies medicines 
relating to the COVID-19 pandemic include 
conditions whereby payments are receivable 
from customers in advance of the delivery 
of product. Such amounts are held on the 
Statement of Financial Position as contract 
liabilities until the related revenue is 
recognised, generally upon product delivery. 
Certain of these contracts contain further 
provisions that restrict the use of inventory 
manufactured in specified supply chains 
to specified customers, resulting in an 
enforceable right to payment as the activities 
are performed. Under IFRS 15 ‘Revenue from 
Contracts with Customers’, such contracts 
require revenue to be recognised over time 
using an appropriate and reasonably 
measurable method to measure progress. 
Revenue is recognised on these contracts 
based on the proportion of product delivered 
compared to the total contracted volumes.
Certain arrangements include bill-and-hold 
arrangements under which the Group 
invoices a customer for a product but retains 
physical possession of the product until it is 
transferred to the customer at a point in time 
in the future. For these types of arrangements, 
an assessment is made to determine when 
the performance obligation has been 
satisfied, which is when control of the product 
is transferred to the customer. If the customer 
has obtained control of the product even 
though that product remains in the Group’s 
physical possession, the performance 
obligation to transfer a product has been 
satisfied and Product Sales are recognised. 
Control is considered to have transferred 
when the reason for the bill-and-hold 
arrangement is substantive, the product can 
be identified separately as belonging to the 
customer, the product is ready for physical 
transfer to the customer and AstraZeneca 
is unable to use or sell the product to 
another customer.
Alliance Revenue
Alliance Revenue comprises income arising 
from the ongoing operation of collaborative 
arrangements related to sales made by 
collaboration partners, where AstraZeneca is 
entitled to a share of gross profits, share of 
revenues or royalties, which are recurring in 
nature while the collaboration agreement 
remains in place. Alliance Revenue does not 
include Product Sales where AstraZeneca 
is leading commercialisation in a territory, 
or reimbursement for AstraZeneca-incurred 
expenses such as R&D or promotion 
costs, which arise from the license of 
intellectual property.
The Group periodically enters into transactions 
where it acquires part of the rights to a 
product intangible (either on-market or 
in-process R&D), but for commercial reasons 
does not act as principal in selling the 
product to the customer and therefore does 
not recognise income from the product in 
the form of Product Sales. This may occur 
where, for example, a collaboration partner 
retains the right to commercialise in a 
specific territory, and has sufficient local 
control over that commercialisation to book 
Product Sales, while the Group instead 
receives a proportion of the value generated 
by those Product Sales, either in the form of 
a share of gross profits, a share of revenues 
or a royalty. This revenue is recognised 
when the Group’s right to receive the share 
of the collaboration partner’s income is 
established and can be reliably measured. 
Where an out-licensing arrangement meets 
the definition of a licence agreement, sales 
royalties are recognised when achieved by 
applying the royalty exemption under IFRS 15. 
Where the arrangement meets the definition 
of a licence agreement, share of gross 
profits, share of revenues and sales royalties 
are recognised when achieved by applying 
the royalty exemption under IFRS 15. All other 
sales royalties are recognised when 
considered it is highly probable there will not 
be a significant reversal of cumulative 
income. The determination requires estimates 
to be made in relation to future Product Sales.
Collaboration Revenue 
Collaboration Revenue includes income 
arising from entering into collaborative 
arrangements where the Group has 
out-licensed (sold) certain rights associated 
with products and where AstraZeneca 
retains a significant ongoing economic 
interest in the product. Significant interest 
can include ongoing supply of finished 
goods, profit sharing arrangements or being 
principal in the sales of medicines. These 
collaborations may include development, 
manufacturing and/or commercialisation 
arrangements with the collaborator. Income 
from out-licences may take the form of 
upfront fees and milestones.
KJ  Timing of recognition of clinical and 
regulatory milestones is considered to be 
a Key Judgement. There can be significant 
uncertainty over whether it is highly probable 
that there would not be a significant reversal 
of revenue in respect of specific milestones 
if these are recognised before they are 
triggered due to them being subject to the 
actions of third parties. In general, where 
the triggering of a milestone is subject to 
the decisions of third parties (e.g. the 
acceptance or approval of a filing by a 
regulatory authority), the Group does not 
consider that the threshold for recognition 
is met until that decision is made.
153
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Group Accounting Policies

Where Collaboration Revenue arises from 
the licensing of the Group’s own intellectual 
property, the licences we grant are typically 
rights to use intellectual property which do 
not change during the period of the licence 
and therefore related non-conditional 
revenue is recognised at the point the 
licence is granted and variable consideration 
as soon 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 the Group provides 
ongoing development services, revenue in 
respect of this element is recognised over 
the duration of those services.
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 ‘Intangible Assets’. 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 2024, 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 
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 10 to the 
Financial Statements from page 172.
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’ 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).
Group Accounting Policies continued
154
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Financial Statements

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 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’s 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 ‘Revenue from 
Contracts with Customers’. 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 
‘Joint Arrangements’. 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 benefits
The Group accounts for pensions and other 
employee benefits (principally healthcare) 
under IAS 19 ‘Employee Benefits’. 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 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’s 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’s 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 ‘Income Taxes’ 
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’s 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. 
Tax benefits are not recognised unless the 
tax positions will probably be accepted by 
the tax authorities. This is based upon 
management’s interpretation of applicable 
laws and regulations and the expectation of 
how the tax authority will resolve the matter. 
Once considered probable of not being 
accepted, management reviews each material 
tax benefit and reflects the effect of the 
uncertainty in determining the related 
taxable result. 
155
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Group Accounting Policies

Liabilities for uncertain tax positions are 
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 211.
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 ‘Share-based 
Payment’, 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 cash flows relating to 
replacement awards issued to employees as 
part of the 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’s 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’s 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:
	
• fixed payments, less any lease 
incentives receivable
	
• variable lease payments that depend on an 
index or a rate, initially measured using the 
index or rate as at the commencement date
	
• the exercise price of a purchase option if 
the Group is reasonably certain to exercise 
that option
	
• payments of penalties for terminating the 
lease, if the lease term reflects the Group 
exercising that option, and
	
• amounts expected to be payable by the 
Group under residual value guarantees.
Right-of-use assets are measured at cost 
comprising the following:
	
• the amount of the initial measurement of 
lease liability
	
• any lease payments made at or before 
the commencement date less any lease 
incentives received
	
• any initial direct costs, and
	
• restoration costs. 
Judgements made in calculating the lease 
liability include assessing whether 
arrangements contain a lease and determining 
the lease term. Lease terms are negotiated 
on an individual basis and contain a wide 
range of different terms and conditions. 
Property leases will often include an early 
termination or extension option to the lease 
term. Fleet management policies vary by 
jurisdiction and may include renewal of a 
lease until a measurement threshold, such as 
mileage, is reached. 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.
Payments associated with short-term leases 
of Property, plant and equipment and all 
leases of low-value assets are recognised 
on a straight-line basis as an expense in the 
Consolidated Statement of Comprehensive 
Income. Short-term leases are leases with 
a lease term of 12 months or less. Low-value 
leases are those where the underlying asset 
value, when new, is $5,000 or less and 
includes IT equipment and small items of 
office furniture.
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’s 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’s 
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.
Group Accounting Policies continued
156
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

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 ‘Business Combinations’.
On the acquisition of a business, fair values 
are attributed to the identifiable assets and 
liabilities. Attributing fair values is a judgement. 
Contingent liabilities are also recorded at 
fair value unless the fair value cannot be 
measured reliably, in which case the value 
is subsumed into goodwill. Where fair values 
of acquired contingent liabilities cannot be 
measured reliably, the assumed contingent 
liability is not recognised but is disclosed in the 
same manner as other contingent liabilities. 
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’s proportionate 
share of the net assets of the subsidiary, 
on a case-by-case basis. Put options over 
non-controlling interests are recognised 
as a financial liability, with a corresponding 
entry in either Retained earnings or against 
non-controlling interest reserves 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’s 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.
The Group’s policy up to and including 
1997 was to eliminate Goodwill arising upon 
acquisitions against reserves. Under IFRS 1 
‘First-time Adoption of International Financial 
Reporting Standards’ and IFRS 3 ‘Business 
Combinations’, such Goodwill will remain 
eliminated against reserves.
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.
Assets held for sale
Non-current assets are classified as Assets 
held for sale when their carrying amount 
is to be recovered principally through a 
sale transaction and a sale is considered 
highly probable. A sale is considered highly 
probable only when the appropriate level of 
management has committed to the sale.
Assets held for sale are stated at the lower 
of carrying amount and fair value less costs 
to sell. Where there is a partial transfer of 
a non-current asset to held for sale, an 
allocation of value is made between the 
current and non-current portions of the 
asset based on the relative value of the two 
portions, unless there is a methodology that 
better reflects the asset to be disposed of.
Assets held for sale are neither depreciated 
nor amortised.
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 ‘Financial Instruments’.
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 12.
Financial instruments
The Group’s financial instruments include 
Lease liabilities, Trade and other receivables 
and payables, liabilities for contingent 
consideration and put options under business 
combinations, and rights and obligations 
under employee benefit plans which are 
dealt with in specific accounting policies.
The Group’s other financial 
instruments include:
	
• Cash and cash equivalents
	
• Fixed deposits
	
• Other investments
	
• Bank and other borrowings
	
• Derivatives.
157
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Group Accounting Policies

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 ‘solely payments of principal and 
interest’ test criteria under IFRS 9 ‘Financial 
Instruments’. 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.
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.
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.
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 ‘Financial Instruments’. 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.
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’s 
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’s 
accounting records.
Non-monetary items arising from foreign 
currency transactions are not retranslated 
in the individual Group entity’s 
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.
Group Accounting Policies continued
158
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

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 205.
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 to determine 
whether there is any indication of impairment. 
For Goodwill, Intangible assets under 
development and for any other assets where 
such indication exists, the asset’s 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:
	
• IFRS 18 ‘Presentation and Disclosure in 
Financial Statements’ is effective for 
accounting periods beginning on or after 
1 January 2027 and will replace IAS 1 
‘Presentation of Financial Statements’. 
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. 
	
• The Group is currently assessing the 
impact of IFRS 18. It is expected that 
IFRS 18 will have a significant impact 
on the presentation of the Consolidated 
Statement of Comprehensive Income, 
and may require judgements around 
aggregation and disaggregation of certain 
balances, as well as requiring additional 
disclosures relating to Management-defined 
Performance Measures, aggregation and 
disaggregation, and EPS. IFRS 18 is yet to 
be endorsed by the UKEB and the Group 
is not seeking to early adopt the standard. 
In addition, the following amendment was 
issued but not yet adopted:
	
• amendments to IAS 21 ‘The Effects of 
Changes in Foreign Exchange Rates’, 
effective for periods beginning on or 
after 1 January 2025 – endorsed by the 
UKEB on 15 July 2024.
159
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Group Accounting Policies

Notes to the Group Financial Statements
1 Revenue
Product Sales
2024
2023
2022
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 
 2,763
 1,755
 1,301
 761
 6,580
 2,276
 1,621
 1,120
 782
 5,799
 2,007
 1,567
 1,023
 847
 5,444
Imfinzi 
 2,603
 479
 948
 687
 4,717
 2,171
 355
 742
 751
 4,019
 1,539
 287
 544
 401
 2,771
Calquence 
 2,190
 153
 656
 130
 3,129
 1,815
 98
 493
 108
 2,514
 1,657
 45
 286
 69
 2,057
Lynparza 
 1,332
 655
 832
 253
 3,072
 1,254
 542
 734
 281
 2,811
 1,226
 488
 655
 269
 2,638
Enhertu 
 –
 350
 126
 69
 545
 –
 169
 60
 32
 261
 –
 51
 21
 7
 79
Zoladex 
 16
 795
 148
 99
 1,058
 14
 687
 133
 118
 952
 15
 657
 133
 122
 927
Imjudo 
 180
 16
 36
 49
 281
 146
 5
 16
 51
 218
 13
 –
 –
 –
 13
Truqap 
 408
 2
 12
 8
 430
 6
 –
 –
 –
 6
 –
 –
 –
 –
 –
Orpathys 
 –
 44
 –
 –
 44
 –
 44
 –
 –
 44
 –
 33
 –
 –
 33
Others 
 18
 253
 23
 125
 419
 37
 307
 34
 143
 521
 27
 409
 64
 169
 669
 9,510
 4,502
 4,082
 2,181  20,275
 7,719
 3,828
 3,332
 2,266
 17,145
 6,484
 3,537
 2,726
 1,884
 14,631
Cardiovascular, Renal & Metabolism: 
Farxiga 
 1,750
 2,853
 2,634
 419
 7,656
 1,451
 2,211
 1,881
 420
 5,963
 1,071
 1,665
 1,297
 348
 4,381
Brilinta 
 751
 294
 268
 20
 1,333
 744
 285
 271
 24
 1,324
 744
 286
 282
 46
 1,358
Crestor 
 46
 934
 37
 136
 1,153
 55
 862
 52
 138
 1,107
 65
 794
 41
 148
 1,048
Seloken/Toprol-XL 
 –
 589
 13
 3
 605
 1
 621
 11
 7
 640
 –
 839
 14
 9
 862
Lokelma
 256
 86
 92
 108
 542
 214
 50
 58
 90
 412
 170
 20
 30
 69
 289
Roxadustat 
 –
 331
 –
 –
 331
 –
 271
 –
 –
 271
 –
 197
 –
 –
 197
Andexxa 
 81
 3
 80
 55
 219
 75
 –
 62
 45
 182
 77
 –
 41
 32
 150
Wainua 
 85
 –
 –
 –
 85
 –
 –
 –
 –
 –
 –
 –
 –
 –
 –
Others 
 106
 249
 146
 23
 524
 212
 286
 168
 20
 686
 352
 318
 201
 32
 903
 3,075
 5,339
 3,270
 764  12,448
 2,752
 4,586
 2,503
 744  10,585
 2,479
 4,119
 1,906
 684
 9,188
Respiratory & Immunology:
Symbicort 
 1,187
 805
 559
 328
 2,879
 726
 753
 549
 334
 2,362
 973
 608
 582
 375
 2,538
Fasenra 
 1,049
 92
 404
 144
 1,689
 992
 64
 355
 142
 1,553
 906
 43
 305
 142
 1,396
Pulmicort 
 6
 568
 71
 37
 682
 28
 575
 68
 42
 713
 65
 462
 69
 49
 645
Breztri 
 516
 245
 143
 74
 978
 383
 161
 81
 52
 677
 239
 92
 33
 34
 398
Tezspire 
 –
 11
 156
 81
 248
 –
 1
 48
 37
 86
 –
 –
 2
 2
 4
Saphnelo 
 425
 7
 26
 16
 474
 260
 2
 8
 10
 280
 111
 –
 2
 3
 116
Airsupra 
 66
 –
 –
 –
 66
 2
 –
 –
 –
 2
 –
 –
 –
 –
 –
Others 
 167
 169
 57
 7
 400
 156
 215
 55
 8
 434
 361
 238
 61
 8
 668
 3,416
 1,897
 1,416
 687
 7,416
 2,547
 1,771
 1,164
 625
 6,107
 2,655
 1,443
 1,054
 613
 5,765
Vaccines & Immune Therapies:
Synagis 
 (8)
 210
 116
 129
 447
 (1)
 195
 175
 177
 546
 1
 173
 213
 191
 578
Beyfortus 
 232
 –
 84
 2
 318
 87
 –
 19
 –
 106
 –
 –
 –
 –
 –
FluMist 
 28
 1
 204
 25
 258
 23
 1
 188
 4
 216
 21
 1
 151
 2
 175
COVID-19 mAbs 
 28
 –
 3
 –
 31
 –
 6
 12
 114
 132
 1,067
 413
 298
 407
 2,185
Others 
 –
 2
 2
 –
 4
 –
 10
 2
 –
 12
 79
 729
 365
 625
 1,798
 280
 213
 409
 156
 1,058
 109
 212
 396
 295
 1,012
 1,168
 1,316
 1,027
 1,225
 4,736
Rare Disease:
Ultomiris 
 2,261
 141
 884
 638
 3,924
 1,750
 71
 668
 476
 2,965
 1,136
 38
 481
 310
 1,965
Soliris 
 1,523
 443
 416
 206
 2,588
 1,734
 424
 670
 317
 3,145
 2,180
 301
 805
 476
 3,762
Strensiq 
 1,167
 54
 99
 96
 1,416
 937
 40
 89
 86
 1,152
 769
 35
 78
 76
 958
Koselugo 
 212
 177
 103
 39
 531
 195
 59
 53
 24
 331
 162
 26
 20
 –
 208
Kanuma 
 100
 34
 66
 9
 209
 85
 29
 49
 8
 171
 77
 31
 44
 8
 160
 5,263
 849
 1,568
 988
 8,668
 4,701
 623
 1,529
 911
 7,764
 4,324
 431
 1,428
 870
 7,053
Other:
Nexium
 96
 591
 60
 120
 867
 115
 578
 53
 199
 945
 120
 568
 46
 551
 1,285
Others 
 15
 144
 43
 4
 206
 18
 153
 52
 8
 231
 24
 220
 77
 19
 340
 111
 735
 103
 124
 1,073
 133
 731
 105
 207
 1,176
 144
 788
 123
 570
 1,625
Product Sales
 21,655
 13,535  10,848
 4,900  50,938
 17,961
 11,751
 9,029
 5,048  43,789
 17,254
 11,634
 8,264
 5,846  42,998
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 2024 was 0.6% (2023: 1.0%; 2022: 1.3%); 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 2024 of 0.1% (2023: 0.3%; 2022: 0.5%) and Managed Care and Medicare of 0.6% (2023: 0.5%; 2022: 0.8%).
160
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

The adjustment in respect of the prior year net US Product Sales, excluding the Rare Disease therapy area in 2024, was 0.8% (2023: 1.4%; 
2022: 1.6%), with Medicaid and state programmes of 0.1% (2023: 0.4%; 2022: 0.6%) and Managed Care and Medicare of 0.7% (2023: 0.7%; 
2022: 1.1%).
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’ 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
2024
2023
2022
$m
$m 
$m
Enhertu
 1,437
 1,022
 523
Tezspire
 436
 259
 79
Beyfortus
 237
 57
 –
Vaxzevria: royalties
 –
 –
 76
Other royalty income
 91
 81
 68
Other Alliance Revenue
 11
 9
 9
 2,212
 1,428
 755
Collaboration Revenue
2024
2023
2022
$m
$m 
$m
Lynparza: sales milestones
 600
 –
 –
Beyfortus: sales milestones
 167
 27
 –
Koselugo: sales milestones
 100
 –
 –
Farxiga: sales milestones
 56
 29
 –
Lynparza: regulatory milestones
 –
 245
 355
COVID-19 mAbs: licence fees
 –
 180
 –
Beyfortus: regulatory milestones
 –
 71
 25
tralokinumab: sales milestones
 –
 20
 110
Nexium: sale of rights
 –
 –
 62
Other Collaboration Revenue
 –
 22
 46
 923
 594
 598
2 Operating profit
Operating profit includes the following significant items:
Cost of sales
In 2024, Cost of sales includes a charge of $nil (2023: $114m; 2022: $3,484m) in relation to the release, in line with sales, of fair value uplift 
to inventory that was recognised under IFRS 3 ‘Business Combinations’ upon the acquisition of Alexion.
Selling, general and administrative expense
In 2024, Selling, general and administrative expense includes a charge of $260m (2023: $520m; 2022: $182m) resulting from changes in 
the fair value of contingent consideration arising from the acquisition of the diabetes alliance from 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 2024, Selling, general and administrative expense also includes a charge of $48m (2023: $1,013m; 2022: $789m) 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 (2023: $74m; 2022: $113m) of government grants were recognised within Research and development expense. The grants 
recognised relate to funding for Research and development and related expenses for COVID-19 mAbs of $nil (2023: $nil; 2022: $112m) and 
Vaxzevria of $nil (2023: $74m; 2022: $1m).
Other operating income and expense
2024
2023
2022
$m
$m 
$m
Royalty income
 103
 107
 59
Gains on disposal of intangible assets
 64
 251
 104
Net (losses)/gains on disposal of other non-current assets
 (4)
 41
 112
Update to the contractual relationships for Beyfortus
 –
 712
 –
Other income1
 210
 393
 439
Other expense
 (121)
 (164)
 (200)
Other operating income and expense
 252
 1,340
 514
1	
Other income in 2024 includes $nil of income from Allergan Plc. in respect of the development of brazikumab (2023: $75m; 2022: $138m).
161
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to Pulmicort Flexhaler to Cheplapharm in the US.
Net (losses)/gains on disposal of other non-current assets in 2022 includes a $125m gain in respect of the Waltham R&D site sale and 
leaseback in MA, US (see Note 8).
As part of the total consideration received in respect of the agreement to sell US rights to Synagis in 2019, $400m in total has been 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 Sobi following achievement of a regulatory milestone. At 31 December 2022, the full amount of 
$522m was recognised as a financial liability within non-current Other payables (the Profit Participation Liability) as the Group had not fully 
transferred the risks and rewards of the underlying cash flows arising from Beyfortus to Sobi. 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 and Sobi. As a result, 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 has undertaken a further assessment of those planned activities. This included the commencement of work on the 
planned upgrade of the Group’s 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 2024, the Group has incurred $1,154m of restructuring costs, of which $1,115m resulted from activities that are part of the PAAGR, 
bringing the cumulative charges under this programme to $3,182m. Costs in 2024 included $529m within Cost of sales primarily due to 
inventory and related product provisions related to Andexxa following the decision to cease promotional activities, $312m within Selling, 
general and administrative expense in relation to severance, HR, Finance, IT and other integration costs and $275m within Research and 
development expense in relation to the transformation of clinical, regulatory and other R&D data and systems.
Total restructuring costs in 2024 includes a net impairment charge to Property, plant and equipment of $43m (2023: charge of $7m; 2022: 
reversal of $4m), a $7m impairment charge to Right-of-use assets (2023: $13m; 2022: $nil) and no impairment of Intangible assets (2023: $nil; 
2022: reversal of $17m relating to software development costs).
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.
2024
2023
2022
$m
$m
$m
Cost of sales
 569
 109
 266
Distribution expense
 –
 –
 2
Research and development expense
 275
 212
 111
Selling, general and administrative expense
 312
 207
 405
Other operating income and expense
 (2)
 (61)
 (67)
Total charge
 1,154
 467
 717
2024
2023
2022
$m
$m
$m
Severance costs
 213
 57
 187
Accelerated depreciation and impairment charges
 64
 68
 135
Other1
 877
 342
 395
Total charge
 1,154
 467
 717
1	
Other costs are those incurred in designing and implementing the Group’s various restructuring initiatives. In 2024, Other costs included $480m for inventory and related product 
provisions related to Andexxa following the decision to cease promotional activities. Other costs also include the costs of integrating systems, structure and processes as part of the 
PAAGR, costs relating to the Alexion acquisition, internal project costs and external service fees.
Financial instruments
Included within Operating profit are the following net gains and losses on financial instruments:
2024
2023
2022
$m
$m
$m
(Losses)/gains on forward foreign exchange contracts
 (81)
 42
 150
Losses on receivables and payables
 (143)
 (260)
 (203)
Total
 (224)
 (218)
 (53)
Impairment charges
Details of impairment charges for 2024, 2023 and 2022 are included in Notes 7, 8 and 10.
Notes to the Group Financial Statements continued
2 Operating profit continued
162
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

3 Finance income and expense
2024
2023
2022
$m
$m
$m
Finance income
 
 
 
Returns on deposits and equity securities
 339
 291
 78
Fair value gains on debt and interest rate swaps
 113
 43
 14
Interest income on income tax balances
 6
 10
 3
Total
 458
 344
 95
Finance expense
Interest on debt, leases and other financing costs
 (1,391)
 (1,132)
 (889)
Net interest on post-employment defined benefit plan net liabilities (Note 22)
 (50)
 (38)
 (29)
Net exchange losses
 (42)
 (34)
 (16)
Discount unwind on contingent consideration arising from business combinations (Note 20)
 (113)
 (132)
 (168)
Discount unwind on other long-term liabilities1
 (116)
 (200)
 (216)
Fair value losses on debt and interest rate swaps
 (18)
 (3)
 –
Interest expense on income tax balances
 (12)
 (87)
 (28)
Total
 (1,742)
 (1,626)
 (1,346)
Net finance expense
 (1,284)
 (1,282)
 (1,251)
1	
Included within Discount unwind on other long-term liabilities is $nil relating to the Acerta Pharma share purchase liability (2023: $55m; 2022: $108m) and the discount unwind of 
other payables of $91m (2023: $100m; 2022: $nil) that have arisen from intangible asset additions, see Note 20 for further details.
There was no interest capitalised during the year.
Financial instruments
Included within Finance income and expense are the following net gains and losses on financial instruments:
2024
2023
2022
$m
$m
$m
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives
 107
 13
 (9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives
 (38)
 –
 –
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances
 306
 177
 54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost
 (1,251)
 (1,004)
 (837)
The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives 
and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, 
net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m); 
debt $nil (2023: gain of $7m; 2022: gain of $26m).
4 Taxation
Taxation charge/(credit) recognised in the Consolidated Statement of Comprehensive Income is as follows:
2024
2023
2022
$m
$m
$m
Current tax
 
 
 
Current year
 2,314
 2,417
 1,823
Pillar Two income tax charge
 238
 –
 –
Adjustment to prior years
 (107)
 28
 (187)
Total
 2,445
 2,445
 1,636
Deferred tax
Origination and reversal of temporary differences
 (818)
 (1,473)
 (2,563)
Adjustment to prior years
 23
 (34)
 135
Total
 (795)
 (1,507)
 (2,428)
Taxation charge/(credit) recognised in the profit for the year
 1,650
 938
 (792)
Taxation (charge)/credit recognised in Other comprehensive income is as follows:
2024
2023
2022
$m
$m
$m
Current and deferred tax
 
 
 
Items that will not be reclassified to profit and loss:
 
 
 
Remeasurement of the defined benefit liability
 (23)
 102
 (231)
Equity investments measured at fair value through Other comprehensive income
 (20)
 (1)
 15
Total
 (43)
 101
 (216)
Items that may be reclassified subsequently to profit and loss:
Foreign exchange arising on designated liabilities in net investment hedges
 28
 (24)
 73
Fair value movement on cash flow hedges
 (3)
 12
 –
Total
 25
 (12)
 73
Taxation (charge)/credit recognised in Other comprehensive income
 (18)
 89
 (143)
163
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

The reported tax rate in the year was 19%. 
The income tax paid for the year was $2,750m.
Taxation has been provided at current rates on the profits earned for the years covered by the Group Financial Statements. The 2024, 2023 and 
2022 prior year current tax adjustments relate mainly to tax accrual to tax return adjustments and updates to provisions for tax contingencies.
The 2024 prior year deferred tax adjustment relates mainly to tax accrual to tax return adjustments and updates to provisions for tax 
contingencies. The 2023 prior year deferred tax adjustment relates mainly to tax accrual to tax return adjustments and adjustments to the 
recognition of deferred tax assets. The 2022 prior year deferred tax adjustments relate mainly to tax accrual to tax return adjustments and 
updates to provisions for tax contingencies.
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 $7,586m at 31 December 2024, $3,585m 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.
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’s total tax charge/(credit):
2024
2023
2022
$m
$m
$m
Profit before tax
 8,691
 6,899
 2,501
Notional taxation charge at UK corporation tax rate of 25% (2023: 23.5%; 2022: 19%)
 2,173
 1,621
 475
Differences in effective overseas tax rates1
 (60)
 (224)
 (59)
Deferred tax credit relating to change in tax rates2
 (24)
 (66)
 (108)
Unrecognised deferred tax asset3
 104
 341
 68
Items not deductible for tax purposes
 64
 46
 90
Intellectual Property incentive regimes 
 (561)
 (367)
 (265)
Pillar Two income taxes
 238
 –
 –
Other items4
 (200)
 (406)
 (941)
Adjustments to prior periods5
 (84)
 (7)
 (52)
Total tax charge/(credit) for the year
 1,650
 938
 (792)
1	
Includes the impact of the reversal of a $1.9bn deferred tax liability that was recognised in a previous business combination (31 December 2024: $0.5bn) and originated in goodwill. 
Some of this liability reverses in an intellectual property incentive regime and gives rise to a post-acquisition benefit to the tax charge that is not material year-on-year. Determining 
the cumulative post-acquisition benefit over the life of the asset involves estimates and judgements as the amount of income that qualifies for the intellectual property incentive 
regime varies. The actual tax rates applied over the life of the asset are expected to be a blend between the Dutch statutory tax rate and intellectual property incentive regime rate.
2	
The 2023 item relates to the impact of the difference in the UK current and deferred tax rates during 2023. The 2022 item relates to the impact of the US state tax rate change and 
the impact of the difference in the UK current tax and deferred tax rates during 2022. 
3	
This includes the derecognition of deferred tax assets where it is no longer probable that there will be sufficient forecast future profits to utilise the assets. 
4	
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). Other items in 2022 includes 
a one-time favourable net adjustment of $876m to deferred taxes arising from an internal reorganisation to integrate the Alexion organisation which took place in 2022 and a credit 
of $65m relating to the reduction of tax liabilities arising from adjustments on expiry of the relevant statute of limitations. 
5	
Further details explaining the adjustments in respect of prior years are set out above.
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’s overall tax charge is noted above. Profits arising from our manufacturing operation 
in Puerto Rico are granted special status and are taxed at a reduced rate compared with the normal rate of tax in that territory under a tax 
incentive grant continuing until 2031. The Group receives intellectual property incentives in certain jurisdictions, resulting in a reduction to 
the tax charge in the Consolidated Statement of Comprehensive Income of $561m in 2024.
Notes to the Group Financial Statements continued
4 Taxation continued
164
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Deferred tax
The total movement in the net deferred tax balance in the year was $168m. The movements are as follows:
Intangibles,
Elimination of
Losses and
Property, plant unrealised profit
Untaxed
tax credits
Accrued
and equipment
on inventory
reserves1
carried forward
expenses
Other2
Total
$m
$m
$m
$m
$m
$m
$m
Net deferred tax balance at 1 January 2022
 (5,480)
 1,861
 (862)
 1,518
 85
 1,002
 (1,876)
Income statement3
 1,414
 274
 38
 (126)
 778
 50
 2,428
Other comprehensive income
 72
 –
 –
 –
 –
 (215)
 (143)
Equity
 –
 –
 –
 –
 –
 38
 38
Exchange
 63
 (111)
 108
 (134)
 17
 (71)
 (128)
Net deferred tax balance at 31 December 2022
 (3,931)
 2,024
 (716)
 1,258
 880
 804
 319
Income statement3
 1,518
 426
 96
 (308)
 (23)
 (202)
 1,507
Other comprehensive income
 (16)
 –
 –
 –
 –
 83
 67
Equity
 –
 –
 –
 –
 –
 (21)
 (21)
Additions and disposals
 (24)
 –
 –
 50
 –
 (1)
 25
Exchange
 (38)
 (64)
 (40)
 106
 32
 (19)
 (23)
Net deferred tax balance at 31 December 2023
 (2,491)
 2,386
 (660)
 1,106
 889
 644
 1,874
Income statement
 803
 238
 (186)
 36
 74
 (170)
 795
Other comprehensive income
 34
 –
 –
 –
 –
 (42)
 (8)
Equity
 –
 –
 –
 –
 –
 (28)
 (28)
Additions and disposals
 (605)
 –
 –
 127
 2
 (1)
 (477)
Exchange
 93
 (152)
 68
 (70)
 (40)
 (13)
 (114)
Net deferred tax balance at 31 December 2024⁴
 (2,166)5
 2,472
 (778)
 1,199
 925
 390
 2,042
1	
Untaxed reserves relate to taxable profits where the tax liability is deferred to later periods.
2	
The Group revised its presentation of deferred taxes on pension and post-retirement benefits in 2024 to present this within Other.
3	
The Income statement movement in 2023 includes $828m arising from a UK company undertaking an intragroup purchase of certain intellectual property. The Income statement 
movement in 2022 includes the aforementioned net adjustment to deferred taxes of $876m arising on the internal legal entity reorganisation to integrate the Alexion organisation, 
the majority of which arises on Intangibles, Property, plant and equipment.
4	
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 $122m and the UK includes a net deferred tax asset of $1,597m as at 
31 December 2024 which includes tax losses and other deductible temporary differences. The Group has performed an assessment of recovery of deferred tax assets and for these 
respective entities, the Group has forecasted future taxable profits and considers that it is probable that sufficient future taxable profits will arise against which these deductible 
temporary differences can be utilised. In arriving at these forecasts, the Group has reviewed the Group-level budgets and forecasts and the ability of those entities to generate future 
income from developing and commercialising products, including local tax laws and the scheduling of reversal of deductible temporary differences. Deferred tax assets are recognised 
on the basis there is sufficient forecast future taxable profits arising from the performance of on-market products and pipeline assets, including Imfinzi. For the UK, losses are forecast 
to be utilised within five years. For the US, recognised deferred taxes on losses and other items are forecast to be utilised within 10 years. It is considered that these sources of income 
are sufficiently predictable or diversified to support these recognition periods. A sensitivity assessment has been performed which shows that a change in profit of 10% results in an 
immaterial adjustment to the amount of deferred tax asset recognised. 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.
5	
Includes deferred tax assets of $384m on liabilities in respect of intangibles and $221m on lease liabilities in respect of right-of-use assets.
The net deferred tax balance, before the offset of balances within countries, consists of:
Intangibles,
Elimination of
Losses and
Property, plant unrealised profit
Untaxed
tax credits
Accrued
and equipment
on inventory
reserves
carried forward
expenses
Other1
Total
$m
$m
$m
$m
$m
$m
$m
Deferred tax assets at 31 December 2022
 1,499
 2,048
 –
 1,274
 1,005
 885
 6,711
Deferred tax liabilities at 31 December 2022
 (5,430)
 (24)
 (716)
 (16)
 (125)
 (81)
 (6,392)
Net deferred tax balance at 31 December 2022
 (3,931)
 2,024
 (716)
 1,258
 880
 804
 319
Deferred tax assets at 31 December 2023
 1,883
 2,386
 –
 1,141
 1,011
 801
 7,222
Deferred tax liabilities at 31 December 2023
 (4,374)
 –
 (660)
 (35)
 (122)
 (157)
 (5,348)
Net deferred tax balance at 31 December 2023
 (2,491)
 2,386
 (660)
 1,106
 889
 644
 1,874
Deferred tax assets at 31 December 2024
 1,781
 2,472
 –
 1,221
 1,039
 688
 7,201
Deferred tax liabilities at 31 December 2024
 (3,947)
 –
 (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
1	
The Group revised its presentation of deferred taxes on pension and post-retirement benefits in 2024 to present this within Other.
Analysed in the Consolidated Statement of Financial Position, after offset of balances within countries, as follows:
2024
2023
2022
$m
$m
$m
Deferred tax assets
 5,347
 4,718
 3,263
Deferred tax liabilities
 (3,305)
 (2,844)
 (2,944)
Net deferred tax balance
 2,042
 1,874
 319
165
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Unrecognised deferred tax assets
Deferred tax assets (DTA) of $1,523m (2023: $1,251m; 2022: $807m) 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.
2024
2024
2023
2023
2022
2022
Temporary
Unrecognised
Temporary
Unrecognised
Temporary
Unrecognised
differences
DTA
differences
DTA
differences
DTA
$m
$m
$m
$m
$m
$m
Temporary differences expiring:
Within 10 years
 161
 37
 87
 22
 104
 26
More than 10 years
 217
 46
 153
 32
 153
 32
Indefinite
 3,883
 816
 2,788
 595
 686
 163
 4,261
 899
 3,028
 649
 943
 221
Tax credits and State tax losses expiring:
Within 10 years
 162
 152
 115
More than 10 years
 373
 363
 384
Indefinite
 89
 87
 87
 624
 602
 586
Total
 1,523
 1,251
 807
5 Earnings per $0.25 Ordinary Share
2024
2023
2022
Profit for the year attributable to equity holders ($m)
 7,035
 5,955
 3,288
Basic earnings per Ordinary Share
$4.54
$3.84 
$2.12 
Diluted earnings per Ordinary Share
$4.50
$3.81 
$2.11 
Weighted average number of Ordinary Shares in issue for basic earnings (millions)
 1,550
 1,549
 1,548
Dilutive impact of share options outstanding (millions)
 13
 13
 12
Diluted weighted average number of Ordinary Shares in issue (millions)
 1,563
 1,562
 1,560
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.
6 Segment information
The Group has reviewed its assessment of reportable segments under IFRS 8 ‘Operating Segments’ 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’s pharmaceutical business:
AstraZeneca is engaged in a single business activity of pharmaceuticals and the Group does not have multiple operating segments. 
AstraZeneca’s 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’s 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. 
Notes to the Group Financial Statements continued
4 Taxation continued
166
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

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’s 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’ continues to be derived from the Group 
scorecard outcome as discussed in our Directors’ 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’s 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. 
Total Revenue
2024
2023
2022
$m
$m
$m
UK
 4,740
 3,368
 3,117
Rest of Europe
France
 1,283
 1,152
 1,107
Germany
 2,524
 2,099
 1,902
Italy
 949
 813
 735
Spain
 994
 847
 738
Sweden
 2,290
 1,704
 1,721
Others
 3,663
 3,110
 2,706
 11,703
 9,725
 8,909
The Americas
Canada
 937
 967
 1,166
US
 21,806
 18,121
 17,278
Others
 2,246
 1,683
 1,175
 24,989
 20,771
 19,619
Asia, Africa & Australasia
Australia
 439
 390
 571
China
 6,419
 5,872
 5,743
Japan
 3,452
 3,640
 3,986
Others
 2,331
 2,045
 2,406
 12,641
 11,947
 12,706
Total Revenue
 54,073
 45,811
 44,351
Total Revenue outside of the UK totalled $49,333m for the year ended 31 December 2024 (2023: $42,443m; 2022: $41,234m).
Operating profit/(loss)
Profit/(loss) before tax
2024
2023
2022
2024
2023
2022
$m
$m
$m
$m
$m
$m
UK
 2,680
 665
 1,120
 1,349
 (577)
 272
Rest of Europe
 5,924
 4,885
 2,945
 6,057
 4,999
 2,709
The Americas
 423
 1,495
 (954)
 318
 1,328
 (1,140)
Asia, Africa & Australasia
 976
 1,148
 646
 967
 1,149
 660
Continuing operations
 10,003
 8,193
 3,757
 8,691
 6,899
 2,501
167
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Non-current assets1,2
Total assets
2024
2023
2022
2024
2023
2022
$m
$m
$m
$m
$m
$m
UK
 8,699
 8,626
 8,208
 20,139
 19,616
 16,786
Rest of Europe
 30,654
 32,905
 34,301
 37,884
 40,638
 40,669
The Americas
 28,730
 26,524
 25,425
 38,544
 34,754
 32,990
Asia, Africa & Australasia
 2,181
 910
 929
 7,468
 6,111
 6,038
Continuing operations
 70,264
 68,965
 68,863
 104,035
 101,119
 96,483
Assets acquired3
Net operating assets4
2024
2023
2022
2024
2023
2022
$m
$m
$m
$m
$m
$m
UK
 582
 812
 2,301
 7,173
 5,275
 3,863
Rest of Europe
 2,225
 1,770
 522
 30,852
 32,920
 32,726
The Americas
 3,925
 1,925
 421
 24,501
 22,746
 23,290
Asia, Africa & Australasia
 1,394
 117
 51
 2,602
 1,405
 1,895
Continuing operations
 8,126
 4,624
 3,295
 65,128
 62,346
 61,774
1	
Non-current assets exclude Deferred tax assets and Derivative financial instruments.
2	
In 2023, the Group revised the presentation of Non-current assets to exclude certain financial assets and post-employment benefit assets which previously had been included in this 
disclosure. This resulted in a decrease in 2022 of $1,690m.
3	
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).
4	
Net operating assets exclude short-term investments, cash, short-term borrowings, loans, Derivative financial instruments, Retirement benefit obligations and non-operating 
receivables and payables.
Property, plant and equipment
2024
2023
2022
$m
$m
$m
UK
 2,847
 2,831
 2,526
Ireland
 1,323
 1,164
 1,040
Sweden
 1,692
 1,678
 1,472
US
 2,856
 2,371
 2,176
Rest of the world
 1,534
 1,358
 1,293
Continuing operations
 10,252
 9,402
 8,507
Geographic markets
The table below shows Product Sales in each geographic market in which customers are located.
2024
2023
2022
$m
$m 
$m
UK
 1,314
 978
 996
Rest of Europe
 10,686
 8,201
 7,503
The Americas
 25,081
 20,855
 20,126
Asia, Africa & Australasia
 13,857
 13,755
 14,373
Continuing operations
 50,938
 43,789
 42,998
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. One wholesaler (2023: one; 2022: one) individually represented greater than 10% of Product Sales. The value 
of Product Sales to this wholesaler was $7,567m (2023: $6,513m; 2022: $5,387m).
Notes to the Group Financial Statements continued
6 Segment information continued
168
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

7 Property, plant and equipment
Assets in
Total Property,
Land and
Plant and
course of
plant and
buildings
equipment
construction
equipment
$m
$m
$m
$m
Cost
At 1 January 2022
 6,377
 7,903
 2,728
 17,008
Capital expenditure
 5
 19
 1,042
 1,066
Transfer of assets into use
 226
 683
 (909)
 –
Transfer of Assets held for sale (Note 18)
 (434)
 (293)
 –
 (727)
Disposals and other movements
 (425)
 (146)
 28
 (543)
Exchange adjustments
 (309)
 (610)
 (236)
 (1,155)
At 31 December 2022
 5,440
 7,556
 2,653
 15,649
Additions through business combinations (Note 27)
 2
 10
 –
 12
Capital expenditure
 9
 43
 1,402
 1,454
Transfer of assets into use
 959
 1,158
 (2,117)
 –
Disposals and other movements
 (6)
 (255)
 (11)
 (272)
Exchange adjustments
 65
 192
 118
 375
At 31 December 2023
 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)
 –
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
Depreciation and impairment
At 1 January 2022
 2,877
 4,948
 –
 7,825
Depreciation charge for the year
 286
 566
 –
 852
Impairment charge/(reversal)
 20
 8
 (28)
 –
Transferred to Assets held for sale (Note 18)
 (300)
 (277)
 –
 (577)
Disposals and other movements
 (227)
 (188)
 28
 (387)
Exchange adjustments
 (167)
 (404)
 –
 (571)
At 31 December 2022
 2,489
 4,653
 –
 7,142
Depreciation charge for the year
 241
 492
 –
 733
Impairment charge
 4
 4
 –
 8
Disposals and other movements
 (13)
 (220)
 –
 (233)
Exchange adjustments
 44
 122
 –
 166
At 31 December 2023
 2,765
 5,051
 –
 7,816
Depreciation charge for the year
 231
 568
 –
 799
Impairment charge
 –
 (7)
 49
 42
Disposals and other movements
 (39)
 (252)
 (49)
 (340)
Exchange adjustments
 (101)
 (245)
 –
 (346)
At 31 December 2024
 2,856
 5,115
 –
 7,971
Net book value
At 31 December 2022
 2,951
 2,903
 2,653
 8,507
At 31 December 2023
 3,704
 3,653
 2,045
 9,402
At 31 December 2024
 3,724
 3,739
 2,789
 10,252
2024
2023
2022
$m
$m
$m
The net book value of land and buildings comprised:
Freeholds
 3,329
 2,976
 2,555
Leaseholds
 395
 728
 396
169
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

8 Leases
Right-of-use assets
Total
Land and
Motor
Right-of-use
buildings
vehicles
Other
assets
$m
$m
$m
$m
Cost
At 1 January 2022
 1,133
 321
 33
 1,487
Additions through business combinations (Note 27)
 4
 –
 –
 4
Additions – separately acquired
 140
 81
 14
 235
Disposals and other movements
 (33)
 (58)
 (13)
 (104)
Exchange adjustments
 (62)
 (15)
 (2)
 (79)
At 31 December 2022
 1,182
 329
 32
 1,543
Additions through business combinations (Note 27)
 8
 –
 –
 8
Additions – separately acquired
 220
 219
 5
 444
Disposals and other movements
 (71)
 (57)
 (2)
 (130)
Exchange adjustments
 13
 4
 1
 18
At 31 December 2023
 1,352
 495
 36
 1,883
Additions through business combinations (Note 27)
 20
 –
 –
 20
Additions – 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
Depreciation and impairment
At 1 January 2022
 326
 154
 19
 499
Depreciation charge for the year
 160
 80
 6
 246
Impairment charge
 2
 –
 –
 2
Disposals and other movements
 (54)
 (50)
 (10)
 (114)
Exchange adjustments
 (23)
 (8)
 (1)
 (32)
At 31 December 2022
 411
 176
 14
 601
Depreciation charge for the year
 170
 98
 7
 275
Impairment charge
 14
 –
 –
 14
Disposals and other movements
 (53)
 (61)
 (2)
 (116)
Exchange adjustments
 7
 2
 –
 9
At 31 December 2023
 549
 215
 19
 783
Depreciation charge for the year
 183
 151
 9
 343
Impairment charge
 7
 –
 –
 7
Disposals and other movements
 (71)
 (115)
 (6)
 (192)
Exchange adjustments
 (22)
 (14)
 (1)
 (37)
At 31 December 2024
 646
 237
 21
 904
Net book value
At 31 December 2022
 771
 153
 18
 942
At 31 December 2023
 803
 280
 17
 1,100
At 31 December 2024
 942
 427
 26
 1,395
Lease liabilities
2024
2023
2022
$m
$m
$m
The present value of lease liabilities is as follows:
Within one year
 (339)
 (271)
 (228)
Later than one year and not later than five years
 (825)
 (657)
 (549)
Later than five years
 (288)
 (200)
 (176)
Total lease liabilities
 (1,452)
 (1,128)
 (953)
The interest expense on lease liabilities included within Finance expense was $61m (2023: $33m; 2022: $24m). 
The total cash outflow for leases in 2024 was $377m (2023: $301m; 2022: $268m).
Notes to the Group Financial Statements continued
170
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

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 $1,515m as of 31 December 2024. 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.
In 2022 the Group entered into a sale and leaseback agreement in relation to the Waltham R&D site in MA, US. Prior to the sale, the carrying 
value of the Property, plant and equipment was $124m. Cash proceeds of $265m were received, recorded within Disposal of property, plant 
and equipment within the Consolidated Statement of Cash Flows, and a gain on disposal of $125m was recorded within Other operating 
income and expense within the Consolidated Statement of Comprehensive Income. A lease liability and a corresponding right-of-use asset 
were recorded of $28m and $13m, respectively.
9 Goodwill
2024
2023
2022
$m
$m
$m
Cost
At 1 January
 20,361
 20,131
 20,311
Additions through business combinations (Note 27)
 1,083
 158
 15
Exchange and other adjustments
 (109)
 72
 (195)
At 31 December 
 21,335
 20,361
 20,131
Amortisation and impairment losses
At 1 January
 313
 311
 314
Exchange and other adjustments
 (3)
 2
 (3)
At 31 December
 310
 313
 311
Net book value
At 31 December
 21,025
 20,048
 19,820
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 6, 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’s outstanding Ordinary Shares. 
Our market capitalisation is compared to the book value of the Group’s net assets and this indicates a significant surplus at 31 December 2024 
(and 31 December 2023 and 31 December 2022). No goodwill impairment was identified.
171
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

10 Intangible assets
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Cost
At 1 January 2022
 66,590
 2,611
 1,432
 70,633
Additions through business combinations (Note 27)
 –
 46
 –
 46
Additions – separately acquired
 2,051
 12
 105
 2,168
Disposals
 (57)
 (105)
 (36)
 (198)
Exchange and other adjustments 
 (1,799)
 (122)
 (106)
 (2,027)
At 31 December 2022
 66,785
 2,442
 1,395
 70,622
Additions through business combinations (Note 27)
 65
 35
 –
 100
Additions – separately acquired
 2,530
 200
 170
 2,900
Disposals
 (669)
 –
 (14)
 (683)
Exchange and other adjustments 
 496
 30
 24
 550
At 31 December 2023
 69,207
 2,707
 1,575
 73,489
Additions through business combinations (Note 27)
 2,308
 56
 –
 2,364
Additions – separately acquired
 2,226
 150
 290
 2,666
Disposals
 (294)
 –
 (285)
 (579)
Exchange and other adjustments
 (964)
 (13)
 (50)
 (1,027)
At 31 December 2024
 72,483
 2,900
 1,530
 76,913
Amortisation and impairment losses
At 1 January 2022
 25,276
 1,863
 1,002
 28,141
Amortisation for year
 3,899
 181
 76
 4,156
Impairment charges
 236
 82
 –
 318
Impairment reversals
 (77)
 –
 (17)
 (94)
Disposals
 (55)
 (105)
 (20)
 (180)
Exchange and other adjustments 
 (887)
 (76)
 (63)
 (1,026)
At 31 December 2022
 28,392
 1,945
 978
 31,315
Amortisation for year
 3,771
 75
 80
 3,926
Impairment charges
 434
 –
 –
 434
Disposals
 (667)
 –
 (12)
 (679)
Exchange and other adjustments 
 336
 41
 27
 404
At 31 December 2023
 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)
 –
 –
 (8)
Disposals
 (286)
 –
 (283)
 (569)
Exchange and other adjustments 
 (561)
 (13)
 (18)
 (592)
At 31 December 2024
 36,749
 2,129
 858
 39,736
Net book value 
At 31 December 2022
 38,393
 497
 417
 39,307
At 31 December 2023
 36,941
 646
 502
 38,089
At 31 December 2024
 35,734
 771
 672
 37,177
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 − separately acquired are amounts of $365m (2023: $625m; 2022: $1,135m), 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.
Notes to the Group Financial Statements continued
172
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Amortisation charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Year ended 31 December 2022
Cost of sales
 32
 –
 –
 32
Research and development expense
 –
 30
 –
 30
Selling, general and administrative expense
 3,867
 151
 76
 4,094
Total
 3,899
 181
 76
 4,156
Year ended 31 December 2023
Cost of sales
 32
 –
 –
 32
Research and development expense
 –
 28
 –
 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
 –
 33
Research and development expense
 3
 22
 –
 25
Selling, general and administrative expense
 3,726
 55
 84
 3,865
Total
 3,761
 78
 84
 3,923
Net impairment charges are recognised in the Consolidated Statement of Comprehensive Income as follows:
Product,
Software
marketing and
Other
development
distribution rights
intangibles
costs
Total
$m
$m
$m
$m
Year ended 31 December 2022
Research and development expense
 95
 –
 –
 95
Selling, general and administrative expense
 64
 82
 (17)
 129
Total
 159
 82
 (17)
 224
Year ended 31 December 2023
Research and development expense
 417
 –
 –
 417
Selling, general and administrative expense
 17
 –
 –
 17
Total
 434
 –
 –
 434
Year ended 31 December 2024
Research and development expense
 1,065
 –
 –
 1,065
Selling, general and administrative expense
 504
 3
 2
 509
Total
 1,569
 3
 2
 1,574
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 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’s recoverable amount is determined as the higher of an asset’s or CGU’s fair value less costs to sell or value in use, in both cases 
using discounted cash flow calculations where the asset’s 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’s post-tax weighted average cost of capital (7.5% for 2024, 7.5% for 2023 and 7% for 2022) 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 ‘Impairment of Assets’. 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’s activities including:
	
• outcome of R&D activities
	
• probability of technical and regulatory success
	
• market volume, share and pricing (to derive peak year sales)
	
• amount and timing of projected future cash flows
	
• sales erosion curves following patent expiry.
173
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

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 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 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’s 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.
In 2022, the Group recorded impairment charges of $146m in respect of launched products. Impairment charges recorded against products 
in development totalled $172m due to decisions made to terminate the related activities. 
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. Impairment reversals of $8m were recorded in 2024 against products in development. No impairment reversals 
were recorded in 2023. Impairment reversals of $94m were recorded in 2022, including $77m in respect of products in development.
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
Carrying
Remaining
value
amortisation
$m
period
C5 franchise (Soliris/Ultomiris) intangible assets arising from the acquisition of Alexion
 12,667
3 to 11 years
Intangible assets arising from the acquisition of Acerta Pharma
 3,853
8 years
Strensiq, Kanuma intangible assets arising from the acquisition of Alexion
 3,221
8 to 14 years
Enhertu intangible assets acquired from Daiichi Sankyo
 2,534
9 years
Intangible asset products in development arising from the acquisition of Alexion1
 1,913
Not amortised
Intangible assets arising from the acquisition of ZS Pharma
 1,548
7 years
Intangible asset products in development arising from the acquisition of Fusion1
 1,161
Not amortised
Intangible asset products in development arising from the acquisition of Gracell1
 983
Not amortised
Datroway intangible assets acquired from Daiichi Sankyo1
 974
Not amortised
Baxdrostat intangible asset acquired from CinCor1
 790
Not amortised
Intangible asset products in development arising from the acquisition of Amolyt1
 768
Not amortised
Intangible asset products in development arising from the acquisition of Icosavax1
 639
Not amortised
Airsupra intangible asset
 500
10 years
Intangible assets arising from the restructuring of a historical joint venture with MSD
 375
2 to 5 years
Monalizumab intangible assets acquired from Innate Pharma1
 364
Not amortised
Intangible assets arising from the acquisition of Pearl Therapeutics
 309
4 to 5 years
Rare disease portfolio assets acquired from Pfizer1
 300
Not amortised
1	
Assets in development are not amortised but are tested annually for impairment.
In 2024, the intangible assets recognised on acquisition of Amolyt and Icosavax were separately assessed under the optional concentration 
test in IFRS 3 ‘Business Combinations’ 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.
The intangible asset baxdrostat recognised on acquisition of CinCor in 2023 was assessed under the optional concentration test in IFRS 3 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.
The acquisition of Pfizer’s pre-clinical rare disease gene therapy portfolio in 2023 was assessed under IFRS 3 and the transaction was treated 
as an asset acquisition.
Notes to the Group Financial Statements continued
10 Intangible assets continued
174
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

11 Investments in associates and joint ventures
2024
2023
2022
$m
$m
$m
At 1 January
 147
 76
 69
Additions
 158
 80
 26
Share of after tax losses
 (28)
 (12)
 (5)
Exchange and other adjustments
 (9)
 3
 (14)
At 31 December
 268
 147
 76
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 a 18.75% interest in the associate entity.
On 1 November 2023, AstraZeneca entered into an agreement with Cellectis, 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 29 January 2021, AstraZeneca entered into an agreement with IHP Holdings Limited to create and run an online platform (iHospital) offering 
consultations with physicians, repeat prescriptions and e-pharmacy in China. The agreement resulted in the formation of a new entity, IHP 
HK Holdings Limited. AstraZeneca contributed $30m in initial funds and holds a 50% 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 contributed $1m in initial funds in 2020, with contributions of $45m, $21m and $7m made in 
2021, 2022 and 2024 respectively. 
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 13 April 2024, VaxEquity entered a voluntary liquidation process.
On 27 November 2017, AstraZeneca entered into a joint venture agreement with Chinese Future Industry Investment Fund (FIIF), to discover, 
develop and commercialise potential new medicines to help address unmet medical needs globally, and to bring innovative new medicines to 
patients in China more quickly. The agreement resulted in the formation of a joint venture entity based in China, Dizal (Jiangsu) Pharmaceutical 
Co., Ltd. Since its establishment, AstraZeneca has contributed $80m in cash to the joint venture entity and has a 26% interest in the joint venture. 
On 1 December 2015, AstraZeneca entered into a joint venture agreement with Fujifilm Kyowa Kirin Biologics Co., Ltd. to develop a biosimilar 
using the combined capabilities of the two parties. The agreement resulted in the formation of a joint venture entity based in the UK, Centus 
Biotherapeutics Limited (‘Centus’). Since its establishment, AstraZeneca has contributed $135m in cash to the joint venture entity and has a 
50% interest in the joint venture which has a carrying value of $nil (2023: $nil; 2022: $nil). On 7 May 2024 Centus was dissolved.
All investments are accounted for using the equity method. At 31 December 2024, unrecognised losses in associates and joint ventures 
totalled $177m (2023: $140m; 2022: $92m) 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:
2024
2023
2022
$m
$m
$m
Non-current assets
 577
 424
 290
Current assets
 508
 362
 300
Total liabilities
 (516)
 (287)
 (72)
Net assets
 569
 499
 518
Amount attributable to AstraZeneca
 131
 85
 91
Goodwill
 152
 52
 –
Exchange adjustments
 (15)
 10
 (15)
Carrying value of investments in associates and joint ventures
 268
 147
 76
Joint contractual arrangements were entered into between AstraZeneca and 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’s respective principal places of business.
175
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

12 Other investments
2024
2023
2022
$m
$m 
$m
Non-current investments
 
 
 
Equity securities at fair value through Other comprehensive income
 1,632
 1,530
 1,056
Fixed income securities at fair value through profit or loss
 –
 –
 10
Total
 1,632
 1,530
 1,066
Current investments
Fixed income securities at fair value through profit or loss
 37
 20
 13
Cash collateral pledged to counterparties
 129
 102
 162
Fixed deposits
 –
 –
 64
Total
 166
 122
 239
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 mainly comprise 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’s 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:
	
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities 
	
• 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) 
	
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
2024
2024
2023
2023
2022
2022
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
$m
$m
$m 
$m
$m
$m
Level 1
 37
 1,279
 20
 1,217
 13
 880
Level 2
 –
 –
 –
 –
 –
 –
Level 3
 –
 353
 –
 313
 10
 176
Total
 37
 1,632
 20
 1,530
 23
 1,056
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:
2024
2024
2023
2023
2022
2022
FVPL
FVOCI
FVPL
FVOCI
FVPL
FVOCI
$m
$m 
$m
$m
$m
$m
At 1 January
 –
 313
 10
 176
 –
 104
Additions
 –
 56
 –
 127
 10
 32
Revaluations
 –
 (9)
 3
 14
 –
 50
Net transfers out from Level 3 to Level 1
 –
 –
 –
 –
 –
 (4)
Disposals
 –
 –
 (13)
 (8)
 –
 (5)
Impairments and exchange adjustments
 –
 (7)
 –
 4
 –
 (1)
At 31 December
 –
 353
 –
 313
 10
 176
Notes to the Group Financial Statements continued
176
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

13 Derivative financial instruments
Non-current
Current
Current
Non-current
assets
assets
liabilities
liabilities
Total
$m
$m
$m
$m
$m
Interest rate swaps related to instruments designated 
at fair value through profit or loss1
 –
 1
 –
 –
 1
Cross-currency swaps designated in a net investment hedge
 55
 –
 –
 (4)
 51
Cross-currency swaps designated in a cash flow hedge
 –
 –
 –
 (160)
 (160)
Forward FX designated in a cash flow hedge2
 –
 1
 (13)
 –
 (12)
Other derivatives
 19
 85
 (80)
 –
 24
31 December 2022
 74
 87
 (93)
 (164)
 (96)
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
 100
 –
 –
 (1)
 99
Cross-currency swaps designated in a cash flow hedge
 116
 –
 (30)
 (37)
 49
Forward FX designated in a cash flow hedge2
 –
 19
 (4)
 –
 15
Other derivatives
 12
 97
 (122)
 –
 (13)
31 December 2023
 228
 116
 (156)
 (38)
 150
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
 –
 –
 –
 148
Cross-currency swaps designated in a cash flow hedge
 34
 –
 –
 (71)
 (37)
Cross-currency swaps designated in a fair value hedge
 –
 –
 –
 (44)
 (44)
Forward FX designated in a cash flow hedge2
 –
 5
 (1)
 –
 4
Other derivatives
 –
 49
 (49)
 –
 –
31 December 2024
 182
 54
 (50)
 (115)
 71
1	
Interest rate swaps related to instruments designated at fair value through profit or loss matured in 2023.
2	
Forward 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 are held at fair value and fall within Level 2 of the fair value hierarchy as defined in Note 12, except for an equity warrant which 
falls within Level 3 (valued at $nil (2023: $12m; 2022: $19m), held within Non-current assets). None of the derivatives have been reclassified 
in the year. The equity warrant expired on 31 December 2024. Its value at that date was recorded as zero.
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 cash flow accounting 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:
2024
2023
2022
Derivatives
0.6% to 4.1%
 0.1% to 5.3%
 0.1% to 4.7%
14 Non-current other receivables
2024
2023
2022
$m
$m
$m
Prepayments
 356
 274
 243
Accrued income
 60
 52
 44
Retirement benefit scheme surpluses (Note 22)
 99
 92
 90
Other receivables
 415
 385
 458
Non-current other receivables
 930
 803
 835
Other receivables include $nil (2023: $51m; 2022: $71m) owed by FibroGen, Inc. for promotional activity in China pursuant to the 
roxadustat collaboration.
177
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

15 Inventories
2024
2023
2022
$m
$m
$m
Raw materials and consumables
 1,489
 1,531
 1,422
Inventories in process
 2,282
 2,325
 1,864
Finished goods and goods for resale
 1,517
 1,568
 1,413
Inventories
 5,288
 5,424
 4,699
The Group recognised $7,001m (2023: $6,038m; 2022: $9,618m) of inventories as an expense within Cost of sales during the year.
Inventory write-downs in the year amounted to $664m (2023: $574m; 2022: $479m), principally arising from the reassessment of usage or 
demand expectations prior to inventory expiration. Inventory write-downs in the year included $407m in relation to Andexxa following the 
decision to cease promotional activities.
16 Current trade and other receivables
2024
2023
2022
$m
$m 
$m
Trade receivables
 8,335
 8,452
 7,271
Less: Expected credit loss provision (Note 28)
 (33)
 (45)
 (59)
 8,302
 8,407
 7,212
Other receivables 
 1,579
 1,639
 1,659
Prepayments
 1,737
 1,617
 1,329
Government grants receivable
 25
 11
 25
Accrued income
 1,329
 452
 296
Trade and other receivables
 12,972
 12,126
 10,521
Trade receivables include $667m (2023: $1,977m; 2022: $2,470m) measured at FVOCI classified ‘hold to collect and sell’ 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.
17 Cash and cash equivalents
2024
2023
2022
$m
$m 
$m
Cash at bank and in hand
 1,215
 1,325
 1,411
Short-term deposits
 4,273
 4,515
 4,755
Cash and cash equivalents
 5,488
 5,840
 6,166
Unsecured bank overdrafts
 (59)
 (203)
 (183)
Cash and cash equivalents in the Consolidated Statement of Cash Flows
 5,429
 5,637
 5,983
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 ‘solely payments of principal and interest’ test criteria under 
IFRS 9 ‘Financial Instruments’. 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:
2024
2023
2022
$m
$m 
$m
Share-based payments charge for the period
 660
 579
 619
Settlement of share plan awards
 (618)
 (650)
 (592)
Pension contributions
 (166)
 (188)
 (205)
Pension charges recorded in operating profit
 86
 55
 101
Long-term provision charges recorded in operating profit
 106
 460
 87
Loss/(gain) on disposal of tangible assets
 4
 (41)
 (112)
Update to the contractual relationships for Beyfortus
 –
 (729)
 –
Foreign exchange and other1
 (193)
 128
 (590)
Total operating activities non-cash and other movements
 (121)
 (386)
 (692)
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.
18 Assets held for sale
Assets held for sale amount to $nil (2023: $nil; 2022: $150m). 
In 2022, Assets held for sale comprised Property, plant and equipment assets relating to the West Chester site in Ohio, US. The transaction 
closed on 30 January 2023.
Notes to the Group Financial Statements continued
178
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

19 Interest-bearing loans and borrowings
Repayment
2024
2023
2022
dates
$m
$m
$m
Current liabilities
 
Bank overdrafts
 
On demand
 59
 203
 183
Other short-term borrowings excluding overdrafts
 90
 97
 78
Collateral received from derivative counterparties
 181
 215
 89
Lease liabilities
 
 339
 271
 228
0.3% Callable bond
US dollars
2023
 –
 –
 1,399
2023 Floating bank loan
US dollars
2023
 –
 –
 2,000
Floating rate notes
US dollars
2023
 –
 –
 400
3.5% Callable bond
US dollars
2023
 –
 –
 849
7% Guaranteed debentures
US dollars
2023
 –
 –
 294
0.75% Callable bond
euros
2024
 –
 995
 –
0.7% Callable bond
US dollars
2024
 –
 1,600
 –
2024 Floating rate bank loans
US dollars
2024
 –
 2,000
 –
3.375% Callable bond
US dollars
2025
 1,997
 –
 –
Other loans
Within one year
 10
 19
 22
Total
 
 2,676
 5,400
 5,542
Non-current liabilities
 
Lease liabilities
 1,113
 857
 725
0.75% Callable bond
euros
2024
 –
 –
 957
0.7% Callable bond
US dollars
2024
 –
 –
 1,598
2024 Floating bank loans
US dollars
2024
 –
 –
 1,998
3.375% Callable bond
US dollars
2025
 –
 1,994
 1,992
0.7% Callable bond
US dollars
2026
 1,198
 1,196
 1,195
1.2% Callable bond
US dollars
2026
 1,249
 1,248
 1,246
4.8% Callable bond
US dollars
2027
 1,247
 –
 –
3.625% Callable bond
euros
2027
 780
 829
 –
3.125% Callable bond
US dollars
2027
 748
 747
 746
4.875% Callable bond
US dollars
2028
 1,096
 1,095
 –
1.25% Callable bond
euros
2028
 829
 879
 845
1.75% Callable bond
US dollars
2028
 1,247
 1,246
 1,245
4% Callable bond
US dollars
2029
 996
 995
 995
4.85% Callable bond
US dollars
2029
 1,246
 –
 –
0.375% Callable bond
euros
2029
 829
 881
 846
4.9% Callable bond
US dollars
2030
 646
 645
 –
3.121% Callable bond
euros
2030
 682
 –
 –
1.375% Callable bond
US dollars
2030
 1,295
 1,294
 1,293
4.9% Callable bond 
US dollars
2031
 994
 –
 –
2.25% Callable bond
US dollars
2031
 747
 747
 747
5.75% Non-callable bond
pound sterling
2031
 438
 444
 420
3.75% Callable bond
euros
2032
 778
 827
 –
4.875% Callable bond
US dollars
2033
 497
 497
 –
3.278% Callable bond 
euros
2033
 786
 –
 –
5% Callable bond
US dollars
2034
 1,489
 –
 –
6.45% Callable bond
US dollars
2037
 2,727
 2,725
 2,724
4% Callable bond
US dollars
2042
 989
 989
 988
4.375% Callable bond
US dollars
2045
 982
 981
 981
4.375% Callable bond
US dollars
2048
 738
 738
 737
2.125% Callable bond
US dollars
2050
 487
 487
 487
3% Callable bond
US dollars
2051
 735
 735
 735
Other loans
US dollars
 31
 146
 190
Total
 
 27,619
 23,222
 23,690
Total interest-bearing loans and borrowings1
 
 30,295
 28,622
 29,232
1	
All loans and borrowings above are unsecured. In previous years, there were current (2023: $nil; 2022: $22m) and non-current (2023: $nil; 2022: $181m) secured loans, both included 
within Other loans.
179
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Total
Total
Total
loans and
loans and
loans and
borrowings
borrowings
borrowings
2024
2023
2022
$m
$m
$m
At 1 January
 28,622
 29,232
 30,781
Changes from financing cash flows
Issue of loans and borrowings
 6,492
 3,816
 –
Repayment of loans and borrowings
 (4,652)
 (4,942)
 (1,271)
Movement in short-term borrowings 
 (31)
 161
 74
Repayment of obligations under leases
 (316)
 (268)
 (244)
Total changes in cash flows arising on financing activities from borrowings
 1,493
 (1,233)
 (1,441)
Movement in overdrafts
 (144)
 20
 (85)
New lease liabilities
 710
 444
 253
Additions through business combinations
 12
 –
 5
Exchange
 (361)
 187
 (287)
Other movements
 (37)
 (28)
 6
At 31 December
 30,295
 28,622
 29,232
Also included within Cash flows from financing activities within the Consolidated Statement of Cash Flows is a $833m cash outflow (2023: $867m; 
2022: $920m) related to the Acerta Pharma share purchase liability which has a closing liability at 31 December 2024 of $nil (2023: $833m; 
2022: $1,646m) within Trade and other payables (see Note 20).
Set out below is a comparison by category of carrying values and fair values of all the Group’s interest-bearing loans and borrowings:
Instruments
Instruments
Instruments
Total
designated
designated in
designated in
Amortised
carrying
Fair
at fair value1 cash flow hedge2 fair value hedge3
cost
value
value
$m
$m
$m
$m
$m
$m
2022
Overdrafts
 –
 –
 –
 183
 183
 183
Lease liabilities due within one year
 –
 –
 –
 228
 228
 228
Lease liabilities due after more than one year
 –
 –
 –
 725
 725
 725
Loans and borrowings due within one year
 294
 –
 –
 4,837
 5,131
 5,105
Loans and borrowings due after more than one year
 –
 1,802
 –
 21,163
 22,965
 21,657
Total at 31 December 2022
 294
 1,802
 –
 27,136
 29,232
 27,898
2023
Overdrafts
 –
 –
 –
 203
 203
 203
Lease liabilities due within one year
 –
 –
 –
 271
 271
 271
Lease liabilities due after more than one year
 –
 –
 –
 857
 857
 857
Loans and borrowings due within one year
 –
 995
 –
 3,931
 4,926
 4,887
Loans and borrowings due after more than one year
 –
 2,535
 –
 19,830
 22,365
 21,769
Total at 31 December 2023
 –
 3,530
 –
 25,092
 28,622
 27,987
2024
Overdrafts
 –
 –
 –
 59
 59
 59
Lease liabilities due within one year
 –
 –
 –
 339
 339
 339
Lease liabilities due after more than one year
 –
 –
 –
 1,113
 1,113
 1,113
Loans and borrowings due within one year
 –
 –
 –
 2,278
 2,278
 2,263
Loans and borrowings due after more than one year
 –
 2,387
 1,468
 22,651
 26,506
 25,405
Total at 31 December 2024³
 –
 2,387
 1,468
 26,440
 30,295
 29,179
1	
Instruments designated at FVPL include the US dollar 7% guaranteed debentures which matured on 15 November 2023.
2	
Instruments designated in cash flow hedges are our euro 900m 0.75% 2024 Callable bond which matured in 2024, 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 12. 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 12, with the exception of overdrafts and lease liabilities, where fair value approximates to carrying values.
Notes to the Group Financial Statements continued
19 Interest-bearing loans and borrowings continued
180
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

The cumulative adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was an increase in the 
liability of $16m. A loss of $2m was made during the year on the fair value of bonds designated in a fair value hedge, due to increased credit 
risk. Under IFRS 9 ‘Financial Instruments’, 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:
2024
2023
2022
Loans and borrowings
2.0% to 2.9%
n/a to n/a1
 4.3% to 4.9%
1	
All bonds designated as FVPL in 2023 matured prior to the reporting date.
20 Trade and other payables
2024
2023
2022
$m
$m
$m
Current liabilities
Trade payables
 3,640
 3,267
 2,550
Value-added and payroll taxes and social security
 401
 492
 468
Rebates, chargebacks, returns and other revenue accruals
 7,805
 7,817
 6,078
Clinical trial accruals
 1,419
 1,424
 1,417
Other accruals
 6,463
 6,112
 5,551
Collaboration Revenue contract liabilities
 7
 7
 12
Vaccine contract liabilities
 119
 142
 169
Deferred government grant income
 –
 –
 1
Contingent consideration
 1,170
 966
 757
Acerta Pharma share purchase liability
 –
 833
 867
Other payables
 1,441
 1,314
 1,170
Total
 22,465
 22,374
 19,040
Non-current liabilities
Accruals
 65
 36
 37
Collaboration Revenue contract liabilities
 –
 7
 14
Contingent consideration
 581
 1,171
 1,465
Acerta Pharma share purchase liability
 –
 –
 779
Other payables
 1,124
 1,446
 1,975
Total
 1,770
 2,660
 4,270
Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $114m (2023: $102m; 2022: $87m). 
The revenue recognised in the year from opening contract liabilities is $96m, comprising $89m 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 2024 amounted to $4,978m (2023: $5,116m; 2022: $3,961m), of which Rare Disease comprises $240m 
(2023: $190m; 2022: $139m), and China where the liability at 31 December 2024 amounted to $532m (2023: $567m; 2022: $579m).
Trade payables includes $105m (2023: $123m; 2022: $67m) 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’s 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 2024, 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 2024, the 
programme had 458 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 to Daiichi Sankyo totalling $377m (2023: $199m; 2022: $100m) resulting from the 
collaboration agreement in relation to Enhertu entered into in March 2019. Additionally, included within non-current Other payables are 
liabilities totalling $456m (2023: $774m; 2022: $1,125m) as a result of the Enhertu collaboration agreement and $462m (2023: $464m; 
2022: $nil) owed to Avillion as a result of the Airsupra collaboration agreement entered into in March 2018.
181
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

In November 2020, Calquence received marketing approval in the EU, 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 first payment of $920m made in 2022, the second payment of $867m made in 
2023 and the final payment of $833m made in 2024, with a closing liability as at 31 December 2024 of $nil (2023: $833m; 2022: $1,646m). 
Interest arising from amortising the liability is included within Finance expense (see Note 3). The associated cash flows were disclosed as 
financing activities within the Consolidated Statement of Cash Flows.
With the exception of Contingent consideration payables of $1,751m (2023: $2,137m; 2022: $2,222m) which are held at fair value within 
Level 3 of the fair value hierarchy as defined in Note 12, all other financial liabilities are held at amortised cost with carrying value being a 
reasonable approximation of fair value.
Contingent consideration
2024
2023
2022
$m
$m
$m
At 1 January
 2,137
 2,222
 2,865
Additions through business combinations
 198
 60
 –
Settlements
 (1,008)
 (826)
 (772)
Disposals
 –
 –
 (121)
Revaluations
 311
 549
 82
Discount unwind (Note 3)
 113
 132
 168
At 31 December
 1,751
 2,137
 2,222
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 an increase of $260m in 
2024 (2023: $520m; 2022: $182m) based on revised milestone probabilities, and revenue and royalty forecasts, relating to the acquisition of 
BMS’s share of the Global Diabetes Alliance. Discount unwind on the liability is included within Finance expense (see Note 3).
The discount rate used for the Contingent consideration balances range from 5% to 8%. The most significant Contingent consideration 
balance is the Global Diabetes Alliance which is discounted at 8% and is reviewed against comparable benchmarks on a regular basis.
Management has identified that reasonably possible changes in certain key assumptions, including the likelihood of achieving successful 
trial results, obtaining regulatory approval, the projected market share of the therapy area and expected pricing for launched products, may 
cause the calculated fair value of the above contingent consideration to vary materially in future years.
The contingent consideration balance relating to BMS’s share of Global Diabetes Alliance of $1,309m (2023: $1,945m; 2022: $2,124m) would 
increase/decrease by $131m with an increase/decrease in sales of 10% as compared with the current estimates.
The maximum development and sales milestones payable under outstanding Contingent consideration arrangements arising on business 
combinations are as follows:
Nature of
Maximum future milestones
Acquisitions
Year
contingent consideration
$m
Spirogen 
2013
Milestones
 171
Amplimmune, Inc.
2013
Milestones
 150
Almirall
2014
Milestones and royalties
 345
Neogene
2023
Milestones
 110
Fusion
2024
Milestones
 304
Gracell
2024
Milestones
 149
The amount of royalties payable under the arrangements is inherently uncertain and difficult to predict, given the direct link to future sales 
and the range of outcomes. The maximum amount of royalties payable in each year is with reference to net sales.
Notes to the Group Financial Statements continued
20 Trade and other payables continued
182
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

21 Provisions
Employee
Other
Severance
Environmental
benefits
Legal
provisions
Total
$m
$m
$m
$m
$m
$m
At 1 January 2022
 212
 90
 195
 239
 988
 1,724
Charge for year 
 227
 61
 1
 830
 365
 1,484
Cash paid
 (223)
 (19)
 (41)
 (814)
 (185)
 (1,282)
Reversals
 (43)
 –
 (27)
 (94)
 (98)
 (262)
Exchange and other movements
 (8)
 (1)
 15
 –
 (52)
 (46)
At 31 December 2022
 165
 131
 143
 161
 1,018
 1,618
Charge for year 
 123
 21
 22
 1,102
 245
 1,513
Cash paid
 (87)
 (41)
 (14)
 (219)
 (404)
 (765)
Reversals
 (28)
 (3)
 (3)
 (23)
 (143)
 (200)
Exchange and other movements
 3
 4
 20
 (5)
 (33)
 (11)
At 31 December 2023
 176
 112
 168
 1,016
 683
 2,155
Additions arising on business acquisitions
 –
 –
 –
 –
 50
 50
Charge for year 
 283
 26
 30
 44
 478
 861
Cash paid
 (101)
 (33)
 (7)
 (189)
 (146)
 (476)
Reversals
 (83)
 –
 (1)
 (9)
 (255)
 (348)
Exchange and other movements
 –
 –
 (24)
 (3)
 (25)
 (52)
At 31 December 2024
 275
 105
 166
 859
 785
 2,190
2024
2023
2022
$m
$m
$m
Due within one year
 1,269
 1,028
 722
Due after more than one year
 921
 1,127
 896
Total
 2,190
 2,155
 1,618
Provisions are often subject to substantial uncertainties with regard to the timing and final amounts of any payments. Once established, these 
amounts remain in Provisions even after settlement is reached and uncertainty resolved, with no transfer to Trade and other payables prior 
to payment. This is to provide more transparent disclosure of subsequent movements in brought forward and carried forward balances. 
Settled legal claims included within Provisions are held at amortised cost with carrying value being a reasonable approximation of fair value.
Severance provisions arise predominantly in connection with global restructuring initiatives, including the PAAGR, which involve rationalisation 
of the global supply chain, the sales and marketing organisation, IT and business support infrastructure, and R&D. 
In conjunction with the acquisition of Alexion in 2021, the enlarged Group initiated the PAAGR; a global restructuring programme, aimed at 
integrating systems, structure and processes, optimising the global footprint and prioritising resource allocations and investments. The Group 
has also continued to progress other legacy restructuring programmes.
Employee costs in connection with the initiatives are recognised in severance provisions when a detailed formal plan has been communicated 
to those employees affected. Final severance costs are often subject to the completion of the requisite consultations on the areas impacted, 
with the majority of the cost expected to be paid within one year. AstraZeneca endeavours to support employees affected by restructuring 
initiatives to seek alternative roles within the organisation. Where the employee is successful, any severance provisions will be released.
Details of the Environmental provisions totalling $105m (2023: $112m; 2022: $131m) and ongoing matters are provided in Note 30. These 
uncertainties can also cause reversal in previously established provisions once final settlement is reached.
Legal issues are often subject to substantial uncertainties with regard to the timing and final amounts of any payments. A significant proportion 
of the total legal provision ($626m (2023: $616m; 2022: $30m) due within one year and $210m (2023: $372m; 2022: $92m) due after more 
than one year1) 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 $145m (2023: $163m; 2022: $165m), 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 2024 
included $184m (2023: $87m; 2022: $12m) in relation to the PAAGR restructuring programme, which has a closing provision of $80m 
(2023: $49m; 2022: $143m), including $58m (2023: $8m; 2022: $95m) held in non-current provisions expected to be settled over time by 
2028. In 2022, charges to Other provisions included $301m in relation to termination fees and onerous contracts with contract manufacturing 
organisations, the vast majority of which were settled in 2023.
No provision has been released or applied for any purpose other than that for which it was established.
1	
The profile of future payments of legal provisions due after one year is as follows: in one to two years $167m (2023: $180m; 2022: $22m); in two to three years $9m (2023: $159m; 
2022: $21m); in three to four years $12m (2023: $10m; 2022: $9m); in four to five years $9m (2023: $9m; 2022: $9m); and in more than five years $13m (2023: $14m; 2022: $31m).
183
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

22 Post-retirement pension and other defined benefit schemes
Background
This section predominantly covers defined benefit arrangements like 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 ‘Employee Benefits’ 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 defined benefit 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’s 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’ pay. However, several plans, mainly in the UK and Sweden, are defined benefit (DB), where benefits are based on employees’ 
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’ 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 351 employees.
The Group’s DB plans are largely funded through ringfenced, 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’s covenant, local regulation, cash flows, and the solvency and maturity 
of the pension plan.
Funding Framework
Eighty six per cent of the Group’s total DB obligations (or 62% of net obligations) at 31 December 2024 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 65% of the Group’s DB obligations at 31 December 2024. 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.
The Pension Scheme Act 2021 became effective in the UK from 1 October 2021. A section of this Act places additional legal requirements 
on companies who sponsor UK defined benefit pension schemes, to monitor and assess corporate activity, with a focus on the potential 
impact of such activity on the ongoing security of these benefits. The Group maintains a framework to ensure it meets its responsibilities 
under the Act.
There have been two UK High Court Rulings relating to Guaranteed Minimum Pensions (GMP) equalisation in 2018 and 2020. Following the 
publication of guidance around implementation in 2021, the Trustee, with input from the Group, has completed the equalisation of benefits 
for pensioner members, and a process is in place to equalise non-pensioner members’ benefits at the point of retirement. Further details are 
set out later in this Note. 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-out defined benefit pension plans were invalid if they were not accompanied by the correct actuarial confirmation. Whilst the 
Court of Appeal upheld this ruling in July 2024, there remains material uncertainty in relation to the legal position itself and in particular, 
the application of the ruling. The Group has discussed the ruling with the Trustee and its potential implications for the UK Pension Fund. 
The Trustee has considered this matter with their legal adviser. Whilst the Trustee has not conducted any detailed investigations at this 
point, we note their position that they have no reason to believe that any such confirmations were not provided, in which case the ruling 
will have no impact on the UK Pension Fund. The Trustee is monitoring developments as further government guidance and/or case law 
emerges and the Group will maintain a dialogue on this matter.
Funding requirements and security
UK legislation requires that an actuarial valuation is completed for all DB pension schemes every three years, which compares the schemes’ 
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 
liabilities and determine the contributions required, if any, to ensure the UK Pension Fund is fully funded over an appropriate time period and 
on a suitably prudent measure. The assumptions used to value the liabilities for the triennial actuarial valuation are required to be prudent, 
whereas the assumptions used to prepare an IAS 19 accounting valuation are required to be ‘best estimate’.
Notes to the Group Financial Statements continued
184
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

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, 
ahead of the statutory deadline. The funding assumptions used in this actuarial valuation were set out in the Group’s prior year report. The next 
actuarial valuation is due to take place as at 31 March 2025, with a likely timescale for completion in early to mid-2026. The Group is aware 
that this actuarial valuation will fall under the Pensions Regulator’s new defined benefit funding code of practice.
Aspects of the triennial actuarial valuation are governed by a long-term funding agreement, effective since October 2016, which sets out a 
path 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 the form of a charge in favour of the Trustee over all land and buildings on the Group’s Cambridge Biomedical Campus site. This charge 
was enacted in December 2023, and provides long-term security to the Trustee in respect of the Group’s future deficit recovery contributions. 
At the last assessment date (1 December 2023), the value of the charge was £317m ($398m) and it is capped at £350m ($440m). The value 
of the charge will vary and is expected to reduce over time, before falling away. Under the terms of the charge, the Trustee can only exercise 
its right over the ownership of the site in a Group insolvency event.
In relation to deficit recovery contributions, a lump sum contribution of £39m ($49m) was made in March 2024, with a further annual contribution 
of £39m ($49m) due before 31 March 2025, and each year up to 31 March 2028. Based on 31 December 2024 IAS 19 assumptions, it is 
expected that ongoing contributions (excluding past service deficit contributions) during the year ending 31 December 2025 for the UK will 
be approximately $18m.
GMP equalisation of member benefits has been completed. The method of equalisation converts GMP to non-GMP pension to simplify the 
structure and administration of benefits. As at 31 December 2024, all pensioner and dependent members have had their benefits equalised 
and, for non-pensioner members, a process is in place to equalise their benefits at their point of retirement.
Under the governing documentation of the UK Pension Fund, any future surplus in the Fund would be returnable to the Group by refund 
assuming 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 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 adjustments required in respect of ‘IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements 
and their Interaction’.
Sweden
The Swedish plans account for 21% of the Group’s defined benefit obligations. They are governed by Fiduciary Bodies with responsibility 
for the investment of the assets. These plans are funded in line with the Group’s long-term funding framework and local regulations.
The Swedish defined benefit pension plans were actuarially valued at 31 December 2023, when plan obligations were estimated to amount 
to $1,602m and plan assets were $1,068m. The local Swedish GAAP funding position can influence contribution policy. Over 2024, for the 
largest material pension plan, the Group did not request a reimbursement of benefit payments made throughout the year as the funding level 
was below 100% on the Swedish GAAP basis and so any such reimbursement is not permitted. These benefit payments over 2024, totalling 
approximately $50m, are therefore regarded as Group contributions.
Based on 31 December 2024 IAS 19 assumptions, it is expected that contributions during the year ending 31 December 2025 for Sweden will 
be approximately $50m.
US
Following a buy out in May 2023 of the AZ Pharmaceutical LP qualified US Defined Benefit Pension Plan, all remaining US benefit plans which 
fall under IAS 19 are now disclosed within the ‘Rest of Group’ category, given the material reduction in aggregate obligation and to therefore 
ensure consistency with the Group’s classification methodology.
Other defined benefit plans
The Group provides defined benefit plans other than pensions which are reported under IAS 19. These include lump sum plans, long-service 
awards and defined contribution pension plans which have a guaranteed minimum benefit. However, the largest category of these ‘other’ 
non-pension plans are healthcare benefits.
The cost of post-retirement benefits other than pensions for the Group in 2024 was $1m (2023: $1m; 2022: $1m). Plan assets were $146m 
and plan obligations were $105m at 31 December 2024. 
Financial assumptions
Qualified independent actuaries have updated the actuarial valuations under IAS 19 for the major defined benefit plans operated by the Group 
to 31 December 2024. The assumptions used may not necessarily be borne out in practice, due to the inherent financial and demographic 
uncertainty associated with making long-term projections. These assumptions reflect the changes which have the most material impact on 
the results of the Group and were as follows:
2023
UK
US
Sweden
Rest of Group1
Inflation assumption
 3.1%
 –
 1.6%
 2.2%
Rate of increase in salaries
 –3
 –
 3.1%
 3.7%
Rate of increase in pensions in payment
 2.9%
 –
 1.6%
 2.2%
Discount rate – defined benefit obligation
 4.6%
 4.7%
 3.3%
 3.3%
Discount rate – interest cost
 4.6%
 4.7%
 3.3%
 3.3%
Discount rate – service cost
 4.5%
n/a
 3.3%
 3.3%
185
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

2024
UK
Sweden
Rest of Group1
Inflation assumption
 3.2%2
 1.8%
 2.1%
Rate of increase in salaries
 –3
 3.3%
 3.6%
Rate of increase in pensions in payment
 3.0%
 1.8%
 2.1%
Discount rate – defined benefit obligation4
 5.5%
 3.5%
 3.5%
Discount rate – interest cost5
 5.4%
 3.4%
 3.5%
Discount rate – service cost5
 5.5%
 3.5%
 3.5%
1	
Rest of Group reflects the assumptions in Germany as these have the most material impact on the Group.
2	
The UK inflation assumption includes an allowance for some UK inflation experience over 2024.
3	
Pensionable pay frozen at 30 June 2010 levels following UK fund changes.
4	
Group defined benefit obligation as at 31 December 2024 calculated using discount rates based on market conditions as at 31 December 2024.
5	
2024 interest costs and service costs calculated using discount rates based on market conditions as at 31 December 2023.
The weighted average duration of the post-retirement scheme obligations is approximately 11 years in the UK, 16 years in Sweden and 13 years 
for the Rest of the Group (including Germany).
Demographic assumptions
The mortality assumptions are based on country-specific mortality tables. These are compared to actual experience and adjusted where 
sufficient data are available. Additional allowance for future improvements in life expectancy is included for all major plans where there is 
credible data to support a continuing trend.
The table below illustrates life expectancy assumptions at age 65 for male and female members retiring in 2024 and male and female members 
expected to retire in 2044 (2023: 2023 and 2043 respectively).
Life expectancy assumption for a male member retiring at age 65
Life expectancy assumption for a female member retiring at age 65
Country
2024
2044
2023
2043
2024
2044
2023
2043
UK
 22.1
 23.1
 22.1
 23.1
 23.7
 24.8
 23.7
 24.8
Sweden
 21.8
 24.1
 21.8
 23.6
 23.9
 26.3
 23.9
 26.0
In the UK, the Group adopted the CMI Core 2023 Mortality Projections Model with an addition to initial rates of improvement of 0.5% p.a., core 
(7.0) smoothing parameter and a 1% long-term improvement rate. The Group has assumed that 15% of members (2023: 25%) will transfer 
out of the defined benefit section of the UK Pension Fund at an average age of 57. No other demographic assumptions have changed since 
they were updated in 2022 following the actuarial valuation.
In Sweden, the Group adopted DUS23 (2023: DUS21) as the mortality base table. All other demographic assumptions are unchanged 
from 2023.
Risks associated with the Group’s defined benefit pension plans
The UK defined benefit plan accounts for 65% of the Group’s defined benefit obligations and exposes the Group to a number of risks which 
the Group monitors and works 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:
Risk
Description
Mitigation
1 Asset pricing 
The Defined Benefit Obligation (DBO) is calculated using a discount 
rate set with reference to AA-rated corporate bond yields; asset 
returns that differ from the discount rate will create an element of 
volatility in the solvency ratio. Approximately 44% of the UK Pension 
Fund is exposed to growth assets, including global investments, 
most of which are not sterling dominated. Although these growth 
assets are expected to outperform AA-rated corporate bonds in 
the long 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’s long-term 
objectives and risk budget.
The Trustee invests in a suitably diversified range of asset classes 
with different return drivers and investment managers. Investment 
strategy will evolve to further improve the expected risk/return 
profile as opportunities arise and funding solvency improves.
The Trustee has hedged approximately 89% of unintended non-
sterling, overseas currency risk within the UK Pension Fund assets.
2 Interest rate 
A decrease in corporate bond yields will increase the present 
value placed on the DBO under IAS 19.
The interest rate hedge of the UK Pension Fund is predominantly 
implemented via holding gilts (and gilt repurchase agreements or 
‘gilt repo’) of appropriate duration. This hedge protects to a large 
degree against falls in long-term interest rates and the UK Pension 
Fund is approximately 98% hedged as a percentage of assets at the 
end of 2024 (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 ‘gilt repo’) 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.
Notes to the Group Financial Statements continued
22 Post-retirement pension and other defined benefit schemes continued
186
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Risk
Description
Mitigation
3 Inflation 
The majority of the DBO is indexed in line with price inflation 
(mainly inflation as measured by the UK Retail Price Index (RPI) 
but also for some members, a component of pensions is indexed 
by the UK Consumer Price Index (CPI)) and higher inflation will 
lead to higher liabilities (although, in the vast majority of cases, 
this is capped at an annual increase of 5%, known as Limited 
Price Indexation or LPI).
The UK Pension Fund holds RPI index-linked gilts and ‘gilt repo’. 
The inflation hedge of the UK Pension Fund protects to some 
degree against higher-than-expected inflation increases on the 
DBO and is approximately 98% hedged as a percentage of assets at 
the end of 2024 (versus a target of 100%).
4 Longevity
The majority of the UK Pension Fund’s obligations are to provide 
benefits for the life of the member, so increases in life expectancy 
will result in an increase in the liabilities.
In 2013, the Trustee entered into a longevity swap to hedge against 
the risk of increasing life expectancy over the next circa 70 years. 
The swap currently covers approximately 8,000 of the UK Pension 
Fund’s pensioners, equivalent to $2.2bn of Pension Fund liability. 
A one-year increase in life expectancy would result in a $178m increase 
in Pension Fund obligations, which would be partially offset by a $89m 
increase in the value of the longevity swap and hence the pension 
fund assets.
5 Cash flow 
and liquidity 
The UK Pension Fund is maturing and cash flow negative. Assets 
are liquidated to meet benefit outgo and potentially from time to 
time, to supplement the collateral pool required to post margin 
for derivative holdings.
There is a risk of the Trustee requesting liquidity support from 
the Group to meet margin calls or expenditure, if the liquidity 
position of the UK Pension Fund is not effectively monitored 
and managed.
The Trustee invests in a diversified portfolio of highly liquid assets 
to manage sequencing risk and operates a collateral management 
policy, maintaining a minimum liquidity ‘buffer’. As at the end of 2024, 
the buffer is well above recommended regulatory guidelines and 
the minimum thresholds, and can be quickly supplemented in 
an orderly manner.
At 31 December 2024, 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’s benefit outgo. The portfolio is expected to grow over time as 
further de-risking occurs and when attractive pricing points present.
Other risks
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 include counterparty risks from using derivatives (mitigated by using a specialist investment manager to oversee a diversified range of 
counterparties of high standing and ensuring positions are collateralised daily). Furthermore, there are operational risks (such as paying out 
the wrong benefits) and regulatory risks (such as the UK Government introducing new legislation). These are mitigated so far as possible via 
the governance structure in place which oversees and administers the Pension Funds.
Fiduciary Boards who govern the Swedish pension plans also monitor and manage these key risks, where relevant and possible to do so, 
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 
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 
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 significant compared to the UK Pension Fund.
Fiduciary boards are aware of Environmental, Social and Governance (ESG) risks as they pertain to investment policy, and where local 
regulation 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
The assets and obligations of the defined benefit schemes operated by the Group at 31 December 2024, as calculated in accordance with 
IAS 19, are shown below. The fair values of the schemes’ assets are not intended to be realised in the short term and may be subject to 
significant change before they are realised. The present value of the schemes’ obligations is derived from cash-flow projections over long 
periods and is therefore inherently uncertain.
Scheme assets
2023
UK
US
Sweden
Rest of Group
Total
Quoted
Unquoted
Quoted
Unquoted
Quoted
Unquoted
Quoted
Unquoted
Quoted
Unquoted
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Government bonds1
 2,383
 –
 61
 –
 –
 –
 51
 –
 2,495
 –
 2,495
Corporate bonds2
 373
 –
 94
 –
 –
 –
 6
 –
 473
 –
 473
Derivatives3
 –
 (532)
 –
 –
 –
 440
 –
 –
 –
 (92)
 (92)
Investment funds: Listed Equities4
 –
 321
 –
 –
 –
 –
 53
 3
 53
 324
 377
Investment funds: Absolute Return/
Multi Strategy4
 –
 1,131
 –
 –
 –
 461
 5
 8
 5
 1,600
 1,605
Investment funds: Corporate Bonds/Credit4
 –
 667
 –
 –
 –
 165
 48
 –
 48
 832
 880
Cash and cash equivalents
 53
 363
 5
 –
 –
 2
 –
 3
 58
 368
 426
Other
 –
 –
 –
 –
 –
 –
 (1)
 316
 (1)
 316
 315
Total fair value of scheme assets5
 2,809
 1,950
 160
 –
 –
 1,068
 162
 330
 3,131
 3,348
 6,479
187
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

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 bonds1
 1,884
 –
 –
 –
 45
 –
 1,929
 –
 1,929
Corporate bonds2
 352
 –
 –
 –
 6
 –
 358
 –
 358
Derivatives3
 –
 (355)
 –
 475
 –
 –
 –
 120
 120
Investment funds: Listed Equities4
 –
 374
 –
 –
 38
 23
 38
 397
 435
Investment funds: Absolute Return/Multi Strategy4
 –
 1,051
 –
 420
 5
 7
 5
 1,478
 1,483
Investment funds: Corporate Bonds/Credit4
 –
 601
 –
 159
 182
 19
 182
 779
 961
Cash and cash equivalents
 32
 336
 –
 2
 2
 2
 34
 340
 374
Other
 –
 –
 –
 –
 (6)
 194
 (6)
 194
 188
Total fair value of scheme assets5
 2,268
 2,007
 –
 1,056
 272
 245
 2,540
 3,308
 5,848
1	
Predominantly developed markets in nature.
2	
Predominantly developed markets in nature and investment grade (AAA-BBB).
3	
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’s defined 
benefit pension plans on page 186. Valuations are determined by independent third parties.
4	
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, including Listed Equities (primarily developed markets with some emerging markets), Corporate Bonds/Credit (a range of investment-grade and non investment-grade credit) 
and 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 
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 
internal control reports provided for each fund. Prices are updated daily, weekly or monthly depending upon the frequency of the fund’s dealing.
5	
None of the Group’s own assets were included in the scheme assets (2023: $nil).
Scheme obligations
2023
UK
US
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
Present value of scheme obligations in respect of:
Active membership
 (233)
 (45)
 (553)
 (442)
 (1,273)
Deferred membership
 (853)
 (2)
 (443)
 (294)
 (1,592)
Pensioners
 (4,075)
 (107)
 (606)
 (254)
 (5,042)
Total value of scheme obligations
 (5,161)
 (154)
 (1,602)
 (990)
 (7,907)
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)
Net (deficit)/surplus in the scheme
2023
UK
US
Sweden
Rest of Group
Total
$m
$m
$m
$m
$m
Total fair value of scheme assets
 4,759
 160
 1,068
 492
 6,479
Total value of scheme obligations
 (5,161)
 (154)
 (1,602)
 (990)
 (7,907)
(Deficit)/surplus in the scheme as recognised in the 
Consolidated Statement of Financial Position
 (402)
 6
 (534)
 (498)
 (1,428)
Included in Non-current other receivables (Note 14)
 –
 66
 –
 261
 92
Included in Retirement benefit obligations
 (402)
 (60)
 (534)
 (524)
 (1,520)
 (402)
 6
 (534)
 (498)
 (1,428)
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 14)
 –
 –
 992
 99
Included in Retirement benefit obligations
 (317)
 (452)
 (561)
 (1,330)
 (317)
 (452)
 (462)
 (1,231)
1	
Surpluses were recognised in Ireland and Belgium.
2	
Surpluses were recognised in the US, Ireland and Belgium.
Notes to the Group Financial Statements continued
22 Post-retirement pension and other defined benefit schemes continued
188
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Fair value of scheme assets
2024
2023
UK
Sweden Rest of Group
Total
UK
US
Sweden Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
At beginning of year
 4,759
 1,068
 652
 6,479  
 4,573
 1,008
 946
 503
 7,030
Interest income on scheme assets
 214
 33
 15
 262  
 229
 22
 38
 11
 300
Expenses
 (5)
 –
 –
 (5)  
 (9)
 (1)
 –
 (1)
 (11)
Actuarial (losses)/gains
 (370)
 55
 –
 (315)  
 (59)
 2
 37
 (45)
 (65)
Exchange and other adjustments
 (67)
 (98)
 (20)
 (185)  
 262
 (1)
 48
 20
 329
Employer contributions
 66
 50
 50
 166  
 65
 35
 46
 42
 188
Participant contributions
 1
 –
 12
 13  
 1
 4
 –
 7
 12
Benefits paid
 (323)
 (52)
 (76)
 (451)  
 (303)
 (68)
 (47)
 (45)
 (463)
Settlements1
 –
 –
 (116)
 (116)
 –
 (841)
 –
 –
 (841)
Scheme assets’ fair value at end of year
 4,275
 1,056
 517
 5,848  
 4,759
 160
 1,068
 492
 6,479
1	
The 2024 settlement is the buyout of post-retirement pension plans in Norway and the Netherlands.
The actual return on the plan assets was a loss of $53m (2023: gain of $235m).
Movement in post-retirement scheme obligations
2024
2023
UK
Sweden Rest of Group
Total
UK
US
Sweden Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Present value of obligations in 
scheme at beginning of year
 (5,161)
 (1,602)
 (1,144)
 (7,907)
 (4,801)
 (1,022)
 (1,312)
 (973)
 (8,108)
Current service cost
 (6)
 (26)
 (40)
 (72)
 (6)
 (2)
 (13)
 (35)
 (56)
Past service (cost)/credit
 (2)
 (8)
 1
 (9)
 12
 –
 (2)
 2
 12
Participant contributions
 (1)
 –
 (12)
 (13)
 (1)
 (4)
 –
 (7)
 (12)
Benefits paid
 323
 52
 76
 451
 303
 68
 47
 45
 463
Interest expense on post-retirement 
scheme obligations
 (231)
 (47)
 (34)
 (312)
 (239)
 (22)
 (50)
 (27)
 (338)
Actuarial gains/(losses)
 416
 (23)
 2
 395
 (155)
 (12)
 (202)
 28
 (341)
Exchange and other adjustments
 70
 146
 56
 272
 (274)
 1
 (70)
 (34)
 (377)
Settlements1
 –
 –
 116
 116
 –
 839
 –
 11
 850
Present value of obligations in 
scheme at end of year
 (4,592)
 (1,508)
 (979)
 (7,079)
 (5,161)
 (154)
 (1,602)
 (990)
 (7,907)
1	
The 2024 settlement is the buyout of post-retirement pension plans in Norway and the Netherlands.
The obligations arise from over 50 plans in 28 countries:
2024
2023
UK
Sweden Rest of Group
Total
UK
US
Sweden Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Funded – pension schemes1
 (4,582)
 (1,505)
 (717)
 (6,804)
 (5,151)
 –
 (1,599)
 (868)
 (7,618)
Funded – post-retirement healthcare
 –
 –
 (78)
 (78)
 –
 (94)
 –
 –
 (94)
Unfunded – pension schemes1
 –
 (3)
 (167)
 (170)
 –
 (60)
 (3)
 (113)
 (176)
Unfunded – post-retirement healthcare
 (10)
 –
 (17)
 (27)
 (10)
 –
 –
 (9)
 (19)
Total
 (4,592)
 (1,508)
 (979)
 (7,079)
 (5,161)
 (154)
 (1,602)
 (990)
 (7,907)
1	
Includes defined benefit pension schemes and other plans, such as lump sum, long service awards and DC plans with underpins.
189
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Consolidated Statement of Comprehensive Income disclosures
The amounts that have been charged to the Consolidated Statement of Comprehensive Income, in respect of defined benefit schemes for 
the years ended 31 December 2024 and 31 December 2023, are set out below.
2024
2023
UK
Sweden Rest of Group
Total
UK
US
Sweden Rest of Group
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Operating profit
 
 
   
 
 
Current service cost
 (6)
 (26)
 (40)
 (72)
 (6)
 (2)
 (13)
 (35)
 (56)
Past service (cost)/credit
 (2)
 (8)
 1
 (9)
 12
 –
 (2)
 2
 12
Expenses
 (5)
 –
 –
 (5)
 (9)
 (1)
 –
 (1)
 (11)
Total charge to Operating profit
 (13)
 (34)
 (39)
 (86)
 (3)
 (3)
 (15)
 (34)
 (55)
Finance expense
Interest income on scheme assets
 214
 33
 15
 262
 229
 22
 38
 11
 300
Interest expense on post-retirement 
scheme obligations
 (231)
 (47)
 (34)
 (312)
 (239)
 (22)
 (50)
 (27)
 (338)
Net interest on post-employment 
defined benefit plan liabilities
 (17)
 (14)
 (19)
 (50)
 (10)
 –
 (12)
 (16)
 (38)
Charge before taxation
 (30)
 (48)
 (58)
 (136)
 (13)
 (3)
 (27)
 (50)
 (93)
Other comprehensive income
 
Difference between the actual return 
and the expected return on the post-
retirement scheme assets
 (370)
 55
 –
 (315)
 (59)
 2
 37
 (45)
 (65)
Experience gains/(losses) arising on the 
post-retirement scheme obligations
 3
 (33)
 (10)
 (40)
 (25)
 (2)
 (67)
 (13)
 (107)
Changes in financial assumptions 
underlying the present value of the 
post-retirement scheme obligations
 414
 11
 11
 436
 (142)
 (10)
 (135)
 44
 (243)
Changes in demographic assumptions
 (1)
 (1)
 1
 (1)
 12
 –
 –
 (3)
 9
Remeasurement of the 
defined benefit liability
 46
 32
 2
 80
 (214)
 (10)
 (165)
 (17)
 (406)
Past service cost includes granting early retirement in UK and Sweden. 
Total Group pension costs in respect of defined contribution and defined benefit schemes during the year are set out below (see Note 29).
2024
2023
$m
$m
Defined contribution plans
 528
 482
Defined benefit plans − Current service cost and Expenses
 77
 67
Defined benefit plans − Past service cost/(credit)
 9
 (12)
Pension costs
 614
 537
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 defined benefit pension obligation countries.
2024
2023
+0.5%
−0.5%
+0.5%
−0.5%
Discount rate
 
 
 
 
UK ($m)
 219
 (239)
 269
 (308)
Sweden ($m)
 110
 (126)
 109
 (123)
Total ($m)
 329
 (365)
 378
 (431)
2024
2023
+0.5%
−0.5%
+0.5%
−0.5%
Inflation rate1
 
 
 
 
UK ($m)
 (148)
 142
 (189)
 184
Sweden ($m)
 (119)
 104
 (116)
 104
Total ($m)
 (267)
 246
 (305)
 288
2024
2023
+0.5%
−0.5%
+0.5%
−0.5%
Rate of increase in salaries
 
 
UK ($m)
n/a
n/a
n/a
n/a
Sweden ($m)
 (46)
 43
 (46)
 42
Total ($m)
 (46)
 43
 (46)
 42
Notes to the Group Financial Statements continued
22 Post-retirement pension and other defined benefit schemes continued
190
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

2024
2023
+1 year
−1 year
+1 year
−1 year
Mortality rate
UK ($m)
 (178)2
 1753
 (214)
 212
Sweden ($m)
 (74)
 54
 (51)
 51
Total ($m)
 (252)
 229
 (265)
 263
1	
Rate of increase in pensions in payment follows inflation.
2	
Of the $178m increase, $89m is covered by the longevity swap.
3	
Of the $175m decrease, $88m is covered by the longevity swap.
Due to market conditions at 31 December 2023 the following additional sensitivities for 1.0% assumption changes were calculated and 
disclosed in the 2023 Group Financial Statements: $525m (UK) and $210m (Sweden) if the discount rate is increased; $(634)m (UK) and 
$(254)m (Sweden) if the discount rate is decreased; $(384)m (UK) and $(240)m (Sweden) if the inflation rate is increased; and $363m (UK) 
and $201m (Sweden) if the inflation rate is decreased. The Group does not consider market conditions at 31 December 2024 warrant the 
updating of these sensitivities.
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. 
The inflation sensitivity allows for the impact of a change in inflation on salary increases and pension increases (where these assumptions 
are inflation-linked). 
The salary increase sensitivity reflects the impact of an increase of only salary relative to inflation. 
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.
23 Reserves
Retained earnings
The cumulative amount of goodwill written off directly to reserves resulting from acquisitions, net of disposals, amounted to $580m 
(2023: $595m; 2022: $591m) using year-end rates of exchange.
At 31 December 2024, 442,342 shares, at a cost of $68m, have been deducted from Retained earnings (2023: 1,580,137 shares, at a cost of 
$129m; 2022: 1,671,446 shares, at a cost of $112m) 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 4).
2024
2023
2022
$m
$m
$m
Cumulative translation differences included within Retained earnings
 
 
 
At 1 January
 (3,014)
 (3,694)
 (1,934)
Foreign exchange arising on consolidation
 (957)
 608
 (1,446)
Exchange adjustments on goodwill (recorded against other reserves)
 (15)
 4
 (24)
Foreign exchange arising on designated liabilities in net investment hedges1
 (122)
 24
 (282)
Fair value movements on derivatives designated in net investment hedges
 39
 44
 (8)
Net exchange movement in Retained earnings
 (1,055)
 680
 (1,760)
At 31 December
 (4,069)
 (3,014)
 (3,694)
1	
Foreign exchange arising on designated liabilities in net investment hedges includes $59m in respect of designated bonds and $(181)m in respect of designated contingent consideration 
and other liabilities. The change in value of designated contingent consideration liabilities relates to $(180)m in respect of BMS’ share of Global Diabetes Alliance.
The cumulative loss with respect to costs of hedging is $43m (2023: $22m; 2022: $3m) and the loss during the year was $21m (2023: $19m; 
2022: $7m).
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 199.
Other reserves
The other reserves arose from the cancellation of £1,255m 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. 
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 will be reflected as an adjustment against Other reserves.
191
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

24 Share capital
Allotted, called-up and fully paid
2024
2023
2022
$m
$m
$m
Issued Ordinary Shares ($0.25 each)
 388
 388
 387
Redeemable Preference Shares (£1 each – £50,000)
 –
 –
 –
At 31 December
 388
 388
 387
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’ 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:
No. of shares
2024
2023
2022
At 1 January
 1,550,162,626  1,549,800,030  1,549,400,665
Issue of shares (share schemes)
 383,613
 362,596
 399,365
At 31 December
 1,550,546,239  1,550,162,626  1,549,800,030
Share issues
Issue of shares (share schemes) represents share capital issued as part of the Group’s equity incentivisation schemes (see Note 29).
Share repurchases
No Ordinary Shares were repurchased by the Company in 2024 (2023: nil; 2022: nil).
Shares held by subsidiaries
At 31 December 2024, AstraZeneca-controlled Employee Benefit Trust arrangements held 442,342 Ordinary Shares in the Company at a 
weighted average cost of $68m. The market value of these Ordinary Shares at 31 December 2024 was $58m. No comparable arrangements 
were in place at 31 December 2023 or 31 December 2022.
25 Dividends to shareholders
2024
2023
2022
2024
2023
2022
Per share
Per share
Per share
$m
$m
$m
Second interim (March 2024)
$1.97 
$1.97
$1.97 
 3,052
 3,047
 3,046
First interim (September 2024)
$1.00 
$0.93
$0.93 
 1,550
 1,440
 1,440
Total
$2.97 
$2.90
$2.90 
 4,602
 4,487
 4,486
The Company has exercised its authority in accordance with the provisions set out in the Company’s Articles of Association, that the balance 
of unclaimed dividends outstanding past 12 years be forfeited. Unclaimed dividends of $nil (2023: $nil; 2022: $1m) have been adjusted for in 
Retained earnings in 2024.
The 2023 second interim dividend of $1.97 per share was paid on 25 March 2024. The 2024 first interim dividend of $1.00 per share was paid 
on 9 September 2024.
Reconciliation of dividends charged to equity to the Consolidated Statement of Cash Flows: 
2024
2023
2022
$m
$m
$m
Dividends charged to equity
 4,602
 4,487
 4,486
Exchange losses on payment of dividend
 3
 5
 5
Hedge contracts relating to payment of dividends (Consolidated Statement of Cash Flows)
 16
 (19)
 (127)
Dividends paid to non-controlling interests
 4
 4
 –
Net movement of unclaimed dividends in the year
 4
 4
 –
Dividends paid (Consolidated Statement of Cash Flows)
 4,629
 4,481
 4,364
26 Non-controlling interests
The Group Financial Statements at 31 December 2024 reflect equity of $85m (2023: $23m; 2022: $21m) and Total comprehensive income of 
$5m (2023: $6m; 2022: $2m) attributable to the non-controlling interests in AstraZeneca Pharma India Limited, P.T. AstraZeneca Indonesia, 
Beijing Falikang Pharmaceutical (China) Co. Ltd., AstraZeneca Algeria Pharmaceutical Industries SPA, VaxNewMo LLC and SixPeaks Bio AG.
Notes to the Group Financial Statements continued
192
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

27 Acquisitions of business operations
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’s 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 is recorded as a business combination using the acquisition method of accounting in accordance with IFRS 3 ‘Business 
Combinations’. Consequently, the assets acquired, and liabilities assumed are recorded at fair value. The purchase price allocation review 
has been completed.
Fair value
$m
Intangible assets
 1,038
Cash and cash equivalents1
 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 relate 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 are the probability of technical and regulatory success, peak year sales and revenue erosion profiles.
The net deferred tax liability of $260m principally arises from the deferred tax impact of the uplift in fair value of intangible assets. 
Goodwill of $136m has been recognised, which principally comprises the premium attributable to the core technological capabilities and 
knowledge base of the company. Goodwill is not expected to be deductible for tax purposes.
Gracell’s results have been consolidated into the Group’s 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 marks 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 complements AstraZeneca’s 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 is recorded as a business combination using the acquisition method of accounting in accordance with IFRS 3 ‘Business 
Combinations’. Consequently, the assets acquired, and liabilities assumed are recorded at fair value. The purchase price allocation review 
has been completed.
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 includes 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 comprise 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 are the probability of technical and regulatory success, peak year sales and revenue erosion profiles. 
193
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

The net deferred tax liability of $246m principally arises from the deferred tax impact of the uplift in fair value of intangible assets.
Goodwill amounting to $947m was recognised on acquisition and is underpinned by a number of elements, which individually could not be 
quantified. These include 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 is not expected to be deductible 
for tax purposes. 
Fusion’s results have been consolidated into the Group’s 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 10).
Acquisitions of business operations in 2023
On 16 January 2023, AstraZeneca completed the acquisition of Neogene Therapeutics Inc. (Neogene), a global clinical-stage biotechnology 
company pioneering the discovery, development and manufacturing of next-generation T-cell receptor therapies (TCR-Ts). The total consideration 
was $267m. Intangible assets of $100m and goodwill of $158m were recognised in the acquisition balance sheet, as well as a cash outflow 
of $189m, net of cash acquired. Following achievement of agreed milestones in 2024, contingent milestones-based consideration and non-
contingent consideration of $120m is payable. Neogene’s results have been consolidated into the Group’s results from 16 January 2023.
Acquisitions of business operations in 2022
On 16 November 2022, AstraZeneca completed the acquisition of 100% of the issued shares of LogicBio Therapeutics, Inc. (LogicBio) based 
in Lexington, MA, US. LogicBio is a clinical-stage genetic medicine company pioneering genome editing and gene delivery platforms to 
address rare and serious diseases from infancy through adulthood. The total consideration was $72m. Cash of $68m was paid on the 
completion date, with $4m of outstanding options, which will be settled in cash, recorded in current Trade and other payables. Goodwill of 
$15m, assets of $82m, including $46m of intangible assets, and liabilities of $25m were recognised on acquisition. LogicBio’s results have 
been consolidated into the Group’s results from 16 November 2022.
28 Financial risk management objectives and policies
The Group’s 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’s 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’s approach to capital management, are set 
out below.
Capital management
The capital structure of the Group consists of Shareholders’ equity (Note 24), Debt (Note 19), Other current investments (Note 12) and Cash 
(Note 17). For the foreseeable future, the Board will maintain a capital structure that supports the Group’s strategic objectives through:
	
• managing funding and liquidity risk
	
• optimising shareholder return
	
• maintaining a strong, investment-grade credit rating.
The Group utilises factoring arrangements and bank acceptance drafts discounting for selected trade receivables. These arrangements qualify 
for full derecognition of the associated trade receivables under IFRS 9 ‘Financial Instruments’. Amounts due on invoices that have not been 
factored at year end, from customers that are subject to these arrangements, are disclosed in Note 16.
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’ distribution policy, which comprises a regular cash dividend and potentially a share repurchase 
component. No share repurchases have been made since 2012.
The Group’s net debt position (loans and borrowings net of Cash and cash equivalents, Other investments and Derivative financial instruments) 
has increased by $2,060m from a net debt position of $22,510m at the beginning of the year to a net debt position of $24,570m at 31 December 
2024. Gross debt increased from $28,622m to $30,295m, principally due to the issuance of $6,492m debt offset by the repayment of 
$4,652m debt.
Liquidity risk
The Board reviews the Group’s ongoing liquidity risks annually as part of the planning process and on an ad hoc basis. The Board considers 
short-term requirements against available sources of funding, taking into account forecast cash flows. The Group manages liquidity risk by 
maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the Group 
uses US and European commercial paper, bank loans, committed bank facilities and cash resources to manage short-term liquidity and 
manages long-term liquidity by raising funds through the capital markets. At 31 December 2024, the Group was assigned short-term credit 
ratings of P-1 by Moody’s and A-1 by Standard and Poor’s. The Group’s long-term credit rating was A2 by Moody’s and A+ by Standard 
and Poor’s.
Notes to the Group Financial Statements continued
27 Acquisition of business operations continued
194
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

In addition to Cash and cash equivalents of $5,488m, short-term fixed income investments of $37m, less overdrafts of $59m at 31 December 
2024, the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial 
covenants. The maturity of the $4,875m facilities was extended in January 2025 from April 2029 to April 2030. The Group regularly monitors 
the credit standing of the banks providing the facilities and currently does not anticipate any issue with drawing on the committed facilities 
should this be necessary. Advances under these facilities currently bear an interest rate per annum based on Secured Overnight Financing 
Rate (SOFR) plus a margin.
At 31 December 2024, the Group has $5,122m outstanding from debt issued under a Euro Medium Term Note programme and $23,350m 
under an SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate 
purposes of the Group.
The maturity profile of the anticipated future contractual cash flows including interest in relation to the Group’s financial liabilities, on an 
undiscounted basis, which therefore differs from both the carrying value and fair value, is as follows:
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-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
 365
 5,777
 249
 19,065
 25,456
 (12,445)
 12,478
 33
 25,489
In one to two years
 –
 5,233
 208
 2,086
 7,527
 (1,012)
 1,078
 66
 7,593
In two to three years
 –
 2,608
 172
 872
 3,652
 (34)
 38
 4
 3,656
In three to four years
 –
 2,983
 128
 595
 3,706
 (103)
 103
 –
 3,706
In four to five years
 –
 1,267
 84
 814
 2,165
 (32)
 35
 3
 2,168
In more than five years
 –
 18,156
 184
 3,177
 21,517
 (1,436)
 1,378
 (58)
 21,459
 365
 36,024
 1,025
 26,609
 64,023
 (15,062)
 15,110
 48
 64,071
Effect of interest
 (15)
 (7,982)
 –
 –
 (7,997)
 227
 (249)
 (22)
 (8,019)
Effect of discounting, fair values and issue costs
 –
 (113)
 (72)
 (3,299)
 (3,484)
 63
 7
 70
 (3,414)
31 December 2022
 350
 27,929
 953
 23,310
 52,542
 (14,772)
 14,868
 96
 52,638
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-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
 542
 5,469
 313
 22,401
 28,725
 (11,302)
 11,366
 64
 28,789
In one to two years
 –
 2,764
 261
 1,482
 4,507
 (100)
 114
 14
 4,521
In two to three years
 –
 3,137
 208
 788
 4,133
 (164)
 179
 15
 4,148
In three to four years
 –
 2,230
 138
 625
 2,993
 (924)
 883
 (41)
 2,952
In four to five years
 –
 3,822
 88
 12
 3,922
 (949)
 971
 22
 3,944
In more than five years
 –
 17,995
 271
 35
 18,301
 (1,507)
 1,340
 (167)
 18,134
 542
 35,417
 1,279
 25,343
 62,581
 (14,946)
 14,853
 (93)
 62,488
Effect of interest
 (27)
 (8,270)
 –
 –
 (8,297)
 589
 (644)
 (55)
 (8,352)
Effect of discounting, fair values and issue costs
 –
 (168)
 (151)
 (309)
 (628)
 44
 (46)
 (2)
 (630)
31 December 2023
 515
 26,979
 1,128
 25,034
 53,656
 (14,313)
 14,163
 (150)
 53,506
Bank
Total
Derivative
Derivative
Total
overdrafts
Trade non-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
 –
 3,437
 345
 1,086
 4,868
 (207)
 250
 43
 4,911
In two to three years
 –
 3,670
 266
 105
 4,041
 (917)
 956
 39
 4,080
In three to four years
 –
 3,978
 170
 750
 4,898
 (941)
 1,044
 103
 5,001
In four to five years
 –
 3,780
 117
 –
 3,897
 (627)
 489
 (138)
 3,759
In more than five years
 –
 19,929
 406
 –
 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)
 –
 –
 (9,188)
 808
 (1,068)
 (260)
(9,448)
Effect of discounting, fair values and issue costs
 –
 (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
Where interest payments are on a floating rate basis, it is assumed that rates will remain unchanged from the last business day of each year 
ended 31 December.
It is not expected that the cash flows in the maturity profile could occur significantly earlier or at significantly different amounts, with the 
exception of $1,751m of Contingent consideration held within Trade and other payables (see Note 20).
195
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Market risk
Interest rate risk
The Group maintains a Board-approved mix of fixed and floating rate debt and uses underlying debt, interest rate swaps and forward rate 
agreements to manage this mix.
The majority of surplus cash is currently invested in US dollar liquidity funds.
The interest rate profile of the Group’s interest-bearing financial instruments is set out below. In the case of current and non-current financial 
liabilities, the classification includes the impact of interest rate swaps which convert the debt to floating rate.
2024
2023
2022
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
Fixed rate
Floating rate
Total
$m
$m
$m
$m
$m
$m
$m
$m
$m
Financial liabilities
 
 
    
 
 
   
 
 
Current
 2,346
 330
 2,676
 2,885
 2,515
 5,400
 2,476
 3,066
 5,542
Non-current
 26,151
 1,468
 27,619
 23,222
 –
 23,222
 21,511
 2,179
 23,690
Total
 28,497
 1,798
 30,295
 26,107
 2,515
 28,622
 23,987
 5,245
 29,232
Financial assets
Fixed deposits
 –
 –
 –
 –
 –
 –
 64
 –
 64
Cash collateral pledged to counterparties
 –
 129
 129
 –
 102
 102
 –
 162
 162
Cash and cash equivalents
 –
 5,488
 5,488
 –
 5,840
 5,840
 250
 5,916
 6,166
Total
 –
 5,617
 5,617
 –
 5,942
 5,942
 314
 6,078
 6,392
In addition to the financial assets above, there are $11,115m (2023: $11,288m; 2022: $9,546m) of other current and non-current asset investments 
and other financial assets.
The Group is also exposed to market risk on other investments.
2024
2023
2022
$m
$m 
$m
Equity securities at fair value through Other comprehensive income (Note 12)
 1,632
 1,530
 1,056
Non-current fixed income securities at fair value through profit or loss (Note 12)
 –
 –
 10
Total
 1,632
 1,530
 1,066
Foreign currency risk
The US dollar is the Group’s most significant currency. As a consequence, the Group results are presented in US dollars and exposures are 
managed against US dollars accordingly.
Translational
Approximately 60% of Group external sales in 2024 were 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 2024, before the impact of derivatives or other forms of hedging, the Group held $548m of interest-bearing loans and 
borrowings denominated in pound sterling and $4,876m denominated in euros.
$438m of the pound sterling loan and $829m of the euro loans balances are designated in a net investment hedge where they hedge an 
underlying net investment of that amount in the same currency. $2,387m of the euro loans are designated in cashflow hedges, where they are 
hedged with cross-currency swaps. Exchange differences on the retranslation of debt designated in a net investment hedge or a cashflow 
hedge are recognised in Other comprehensive income to the extent the hedge is effective. $1,468m of the euro loans are designated in fair 
value hedges, hedged with cross-currency swaps. Exchange difference on the retranslation of debt designated in a fair value hedge is 
recognised within Finance income and expense.
For further details of all designated hedging relationships please refer to the Hedge accounting section within this Note 28, from page 199. 
The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy and the Foreign 
currencies accounting policy on page 158 within Group Accounting Policies.
As at 31 December 2024, 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.
Notes to the Group Financial Statements continued
28 Financial risk management objectives and policies continued
196
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

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 
2024, with all other variables held constant. Based on the composition of our long-term debt portfolio and cash reserves as at 31 December 
2024, a 1% increase in interest rates would result in an additional $18m in interest expense on the debt and an additional $56m interest income 
on the cash reserves. 
The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at 
31 December 2024, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other 
currencies and the -10% case assumes a 10% weakening of the US dollar.
Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed 
in the table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the 
table below.
Interest rates
Exchange rates
31 December 2022
+1%
−1%
+10%
−10%
Increase/(decrease) in fair value of financial instruments ($m)
 1,317
 (1,490)
 81
 (89)
Impact on profit: gain/(loss) ($m)
 –
 –
 26
 (15)
Impact on equity: gain/(loss) ($m)
 –
 –
 55
 (74)
Interest rates
Exchange rates
31 December 2023
+1%
−1%
+10%
−10%
Increase/(decrease) in fair value of financial instruments ($m)
 1,361
 (1,534)
 196
 (212)
Impact on profit: gain/(loss) ($m)
 –
 –
 134
 (128)
Impact on equity: gain/(loss) ($m)
 –
 –
 62
 (83)
Interest rates
Exchange rates
31 December 2024
+1%
−1%
+10%
−10%
Increase/(decrease) in fair value of financial instruments ($m)
 1,407
 (1,561)
 11
 (20)
Impact on profit: (loss)/gain ($m)
 –
 –
 (117)
 133
Impact on equity: gain/(loss) ($m)
 –
 –
 128
 (152)
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’s cash is centralised within the Group treasury entity and is subject to counterparty risk on the principal invested. 
The level of the Group’s 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’s principal financial counterparty credit risks at 31 December were as follows:
Current assets
2024
2023
2022
$m
$m 
$m
Cash at bank and in hand
 1,215
 1,325
 1,411
Money market liquidity funds
 4,177
 4,425
 4,486
Other short-term cash equivalents
 96
 90
 269
Total Cash and cash equivalents (Note 17)
 5,488
 5,840
 6,166
Fixed income securities at fair value through profit or loss (Note 12)
 37
 20
 13
Cash collateral pledged to counterparties (Note 12)
 129
 102
 162
Fixed deposits (Note 12)
 –
 –
 64
Total derivative financial instruments (Note 13)
 54
 116
 87
Current assets subject to credit risk
 5,708
 6,078
 6,492
Non-current assets
2024
2023
2022
$m
$m 
$m
Derivative financial instruments (Note 13)
 182
 228
 74
Non-current assets subject to credit risk
 182
 228
 74
197
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

The majority of the Group’s 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’s investments represent no more than 10% 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 2024 
was $181m (2023: $215m; 2022: $89m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m 
(2023: $102m; 2022: $162m).
The impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: 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.
Related amounts not offset
Gross 
Subject to 
Financial
financial 
assets/(liabilities)
master netting 
agreement
 instrument 
collateral
Net Amount
31 December 2022
$m
$m
$m
$m
Financial assets
Derivatives 
 161
 (29)
 (61)
 71
Other investments1
 162
 –
 (161)
 1
Total assets
 323
 (29)
 (222)
 72
Financial liabilities
Derivatives 
 (257)
 29
 161
 (67)
Other payables1
 (89)
 –
 61
 (28)
Total liabilities
 (346)
 29
 222
 (95)
Related amounts not offset
Gross 
Subject to 
Financial
financial 
assets/(liabilities)
master netting
 agreement
 instrument
 collateral
Net Amount
31 December 2023
$m
$m
$m
$m
Financial assets
Derivatives 
 344
 (107)
 (203)
 34
Other investments1
 102
 –
 (65)
 37
Total assets
 446
 (107)
 (268)
 71
Financial liabilities
Derivatives 
 (194)
 107
 65
 (22)
Other payables1
 (215)
 –
 203
 (12)
Total liabilities
 (409)
 107
 268
 (34)
Related amounts not offset
Gross 
Subject to 
Financial
financial 
assets/(liabilities)
master netting
 agreement
 instrument
 collateral
Net Amount
31 December 2024
$m
$m
$m
$m
Financial assets
Derivatives 
 236
 (45)
 (169)
 22
Other investments1
 129
 –
 (112)
 17
Total assets
 365
 (45)
 (281)
 39
Financial liabilities
Derivatives 
 (165)
 45
 112
 (8)
Other payables1
 (181)
 –
 169
 (12)
Total liabilities
 (346)
 45
 281
 (20)
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.
Notes to the Group Financial Statements continued
28 Financial risk management objectives and policies continued
198
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

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 2024, 31 December 2023, or 
31 December 2022 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:
0-90 days
90-180 days
Over 180 days
31 December 2022
Current
past due
past due
past due
Total
Expected loss rate
0.03%
 0.3%
 32.0%
 40.6%
Gross carrying amount ($m)
 6,791
 331
 50
 99
 7,271
Loss allowance ($m)
 2
 1
 16
 40
 59
0-90 days
90-180 days
Over 180 days
31 December 2023
Current
past due
past due
past due
Total
Expected loss rate
0.01%
 0.3%
 0.8%
 15.0%
Gross carrying amount ($m)
 7,709
 342
 121
 280
 8,452
Loss allowance ($m)
 1
 1
 1
 42
 45
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
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 74% (2023: 80%; 2022: 73%) of US sales.
The movements of the Group expected credit losses provision are as follows:
2024
2023
2022
$m
$m
$m
At 1 January
 45
 59
 23
Net movement recognised in the Consolidated Statement of Comprehensive Income
 (3)
 (14)
 37
Amounts utilised, exchange and other movements
 (9)
 –
 (1)
At 31 December
 33
 45
 59
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:
	
• a significant change in the credit risk of either party to the hedging relationship
	
• a timing mismatch between the hedging instrument and the hedged item
	
• movements in foreign currency basis spread for derivatives in a fair value hedge
	
• 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’s 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 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 on page 158.
199
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

The following table represents the Group’s continuing designated hedge relationships under IFRS 9.
2022
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance (gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income 31 December Average Average
pay
in local
value
2022
to OCI
statement
2022 maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges – foreign currency and interest rate risk1,3,4
Cross-currency interest rate swaps – Euro bonds
EUR 1,700m
 (160)
 27
 118
 (111)
 34
2026
 1.14 USD 2.85%
FX Forwards – short-term FX risk
USD 1,126m
 (12)
 (12)
 (14)
 38
 12
2023
 –
 –
Net investment hedge – foreign exchange risk2,3
Transactions matured pre-2022
 –
 (527)
 –
 –
 (527)
 –
 –
 –
Cross-currency interest rate swap – JPY investment
JPY 58.3bn
 55
 (62)
 7
 –
 (55)
2029  108.03
JPY 1.53%
Cross-currency interest rate swap – CNY investment
CNY 458m
 (4)
 2
 2
 –
 4
2026
 6.68 CNY 4.80%
Foreign currency borrowing – GBP investment
GBP 350m
 420
 (238)
 (50)
 –
 (288)
2031
n/a
GBP 5.75%
Foreign currency borrowing – EUR investment5
EUR 800m
 846
 (50)
 (52)
 –
 (102)
2029
n/a EUR 0.38%
Contingent consideration liabilities and Acerta Pharma 
share purchase liability – AZUK and AZAB USD investments
USD 2,093m  (2,093)
 1,832
 384
 –
 2,216
 –
 –
 –
2023
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance (gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income 31 December Average Average
pay
in local
value
2023
to OCI
statement
2023 maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges – foreign currency and interest rate risk1,3,4
Cross-currency interest rate swaps – Euro bonds
EUR 3,200m
 49
 34
 (210)
 139
 (37)
2027
 1.10 USD 3.80%
FX Forwards – short-term FX risk
USD 2,009m
 15
 12
 (33)
 6
 (15)
2024
 –
 –
Net investment hedge – foreign exchange risk2,3
Transactions matured pre-2023
 –
 (527)
 –
 –
 (527)
 –
 –
 –
Cross-currency interest rate swap – JPY investment
JPY 58.3bn
 100
 (55)
 (45)
 –
 (100)
2029  108.03
JPY 1.53%
Cross-currency interest rate swap – CNY investment
CNY 458m
 (1)
 4
 (3)
 –
 1
2026
 6.68 CNY 4.80%
Foreign currency borrowing – GBP investment
GBP 350m
 444
 (288)
 24
 –
 (264)
2031
n/a
GBP 5.75%
Foreign currency borrowing – EUR investment5
EUR 800m
 881
 (102)
 33
 –
 (69)
2029
n/a EUR 0.38%
Contingent consideration liabilities and Acerta Pharma 
share purchase liability – AZUK and AZAB USD investments
USD 1,937m
 (1,937)
 2,216
 (81)
 –
 2,135
 –
 –
 –
2024
Other comprehensive income
Fair value
(gain)/loss
Opening
Fair value
recycled
Closing
Nominal
balance (gain)/loss
to the
balance
Average
amounts
Carrying
1 January
deferred
Income 31 December Average Average
pay
in local
value
2024
to OCI statement
2024 maturity
USD FX
interest
currency
$m
$m
$m
$m
$m
year
rate
rate
Cash flow hedges – foreign currency and interest rate risk1,3,4
Cross-currency interest rate swaps – Euro bonds
EUR 2,300m
 (36)
 (37)
 151
 (180)
 (66)
2029
 1.08 USD 4.24%
FX Forwards – short-term FX risk
USD 2,252m
 4
 (15)
 8
 3
 (4)
2025
 –
 –
Net investment hedge – foreign exchange risk2,3
Transactions matured pre-2024
 –
 (527)
 –
 –
 (527)
 –
 –
 –
Cross-currency interest rate swap – JPY investment
JPY 58.3bn
 146
 (100)
 (45)
 –
 (145)
2029  108.03
JPY 1.53%
Cross-currency interest rate swap – CNY investment
CNY 458m
 2
 1
 (4)
 –
 (3)
2026
 6.68 CNY 4.80%
Foreign currency borrowing – GBP investment
GBP 350m
 438
 (264)
 (7)
 –
 (271)
2031
n/a GBP 5.75%
Foreign currency borrowing – EUR investment5
EUR 800m
 829
 (69)
 (52)
 –
 (121)
2029
n/a EUR 0.38%
Contingent consideration liabilities and Acerta Pharma 
share purchase liability – AZUK and AZAB USD investments
USD 1,367m
 (1,367)
 2,135
 181
 –
 2,316
 –
 –
 –
1	
Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $nil (2023: $nil; 2022: $nil).
2	
Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $nil (2023: $nil; 2022: $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 $2,252m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792m 
at FX rate 10.9999, JPY 31,013m at 156.195, GBP 168m at 0.7962 and EUR 375m at 0.9605. All FX forwards in a cash flow hedge mature on 27 January 2025.
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.
Notes to the Group Financial Statements continued
28 Financial risk management objectives and policies continued
200
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

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 Group held no options during the reporting period.
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. The hedge relates to the EUR 2030 and EUR 2033 bonds issued during 2024, 
consequently there are no prior year comparatives.
Change in fair value
Change in fair value
Hedge
Nominal
of hedging instrument
of hedged item
ineffectiveness
amounts in
used to calculate
used 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)
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.
2024
2023
2022
Employees
 
 
 
UK
 11,100
 10,700
 9,800
Rest of Europe
 25,500
 23,000
 20,600
The Americas
 24,700
 22,400
 20,900
Asia, Africa & Australasia
 31,600
 30,300
 30,700
Continuing operations
 92,900
 86,400
 82,000
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 2024 was 94,300 (2023: 89,900; 2022: 83,500).
The costs incurred during the year in respect of these employees were:
2024
2023
2022
$m
$m
$m
Wages and salaries
 10,340
 9,341
 8,656
Social security costs
 1,224
 1,100
 991
Pension costs
 614
 537
 546
Other employment costs
 1,531
 1,357
 1,338
Total
 13,709
 12,335
 11,531
Severance costs of $283m are not included above (2023: $123m; 2022: $227m).
The charge for share-based payments in respect of share plans is $660m (2023: $579m; 2022: $619m). Payments totalling $354m made to 
the EBT upon the vesting of share awards are recognised within operating cash flows, reflecting the substance of the arrangement in place 
between the Group and the Trust prior to 10 June 2024. Following an amendment to the EBT on that date, AstraZeneca obtained control 
and commenced consolidation of the EBT from June 2024 onward. Consequently, $81m in cash used by the EBT for purchasing shares 
since 10 June 2024 is now presented within financing cash flows. The plans are equity settled.
The Directors believe that, together with the basic salary system, the Group’s employee incentive schemes provide competitive and market-
related packages to motivate employees. They should also align the interests of employees with those of shareholders, as a whole, through 
long-term share ownership in the Company. The Group’s current US, UK and Swedish schemes are described below; other arrangements 
apply elsewhere.
Bonus and share plans
US 
In the US, there are two employee short-term performance bonus plans in operation to differentiate and reward strong individual performance. 
Performance bonuses are paid in cash. The AstraZeneca Performance Share Plan and the AstraZeneca Global Restricted Share Plan operate 
in respect of relevant employees in the US. AstraZeneca ADRs necessary to satisfy the awards are purchased on the market or funded via 
a trust.
UK
The AstraZeneca UK Performance Bonus Plan 
Employees of participating AstraZeneca UK companies are invited to participate in this bonus plan, which rewards strong individual performance. 
Bonuses are paid in cash.
201
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

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 £150 a month 
to purchase Partnership Shares in the Company at the current market value. In 2010, the Company introduced a Matching Share element, the 
first award of which was made in 2011. Currently 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. At the Company’s AGM in 
2002, shareholders approved the issue of new shares 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 £5 and a maximum of £500 per month. At the end of 
the savings term, participants have the option to purchase AstraZeneca shares at a predetermined share price, offering a valuable opportunity 
to invest in the Company’s future.
Sweden 
In Sweden, an all-employee performance bonus plan is in operation, which rewards strong individual performance. Bonuses are paid 50% 
into a fund investing in AstraZeneca equities and 50% in cash. The AstraZeneca Executive Annual Bonus Scheme, the AstraZeneca Performance 
Share Plan and the AstraZeneca Global Restricted Stock Plan all operate in respect of relevant AstraZeneca employees in Sweden.
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 
This plan was introduced in 2006 and is used to defer a portion of the bonus earned under the AstraZeneca Executive Annual Bonus Scheme 
into Ordinary Shares in the Company for a period of three years. The plan currently operates only in respect of Executive Directors and 
members of the SET (with awards granted as AstraZeneca ADRs for members of SET employed within the US). Awards of shares under this 
plan are typically made in March each year, the first award having been made in February 2006.
The AstraZeneca Performance Share Plan 
This plan was approved by shareholders in 2020 for a period of 10 years (subsequently amended by approval of shareholders in 2021) and 
replaces the 2014 AstraZeneca Performance Share Plan. Generally, awards can be granted at any time, but not during a closed period of the 
Company. The first grant of Performance Share Plan awards was made in May 2014 under the 2014 AstraZeneca Performance Share Plan. 
Awards granted under the plan vest after 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 achievement of performance conditions. For awards granted to all participants in 2024, vesting 
is subject to a combination of measures focused on science and innovation, revenue growth, financial performance and carbon reduction. 
The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the way in which the 
plan should be operated, including agreeing performance targets and which employees should be eligible to participate.
The AstraZeneca Investment Plan 
This plan was introduced in 2010 and approved by shareholders at the 2010 AGM. The final grant of awards under this plan took place in 
March 2016. Awards granted under the plan vest after eight years and are subject to performance conditions measured over a period of 
four years. 
The AstraZeneca Global Restricted Stock Plan 
The Global Restricted Stock Plan (GRSP) was introduced in 2010. This plan provides for the grant of restricted stock unit (RSU) awards to 
selected below SET-level employees and is used in conjunction with the AstraZeneca Performance Share Plan to provide a mix of RSUs 
and performance share units (PSUs). Awards typically vest on the third anniversary of the date of grant and are contingent on continued 
employment with the Company. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting 
the policy for the way in which the plan should be operated. 
The AstraZeneca Restricted Share Plan 
This plan was introduced in 2008 and provides for the grant of restricted stock unit (RSU) awards to key employees, excluding Executive 
Directors. Awards are made on an ad hoc basis with variable vesting dates. The plan has been used four times in 2024 to make awards to 
537 employees. The Remuneration Committee has responsibility for agreeing any awards under the plan and for setting the policy for the 
way in which the plan should be operated. 
The AstraZeneca Extended Incentive Plan 
This plan was introduced in 2018 and provides for the grant of awards to key employees, excluding Executive Directors. Awards are made on 
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 grant. The award can be subject to the achievement of performance conditions. The Remuneration Committee has responsibility for 
agreeing any awards under the plan and for setting the policy for the way in which the plan should be operated, including agreeing performance 
targets (if any) and which employees should be invited to participate.
Notes to the Group Financial Statements continued
29 Employee costs and share plans for employees continued
202
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Details of share options outstanding during the year for the main share plans are shown below:
The AstraZeneca 
Performance Share Plan
The AstraZeneca 
Global Restricted Stock Plan
The AstraZeneca 
 Restricted Share Plan 
The AstraZeneca
 Extended Incentive Plan 
Ordinary 
Shares
ADR Shares
Ordinary 
Shares
ADR Shares1
Ordinary 
Shares
ADR Shares
Ordinary 
Shares
ADR Shares
ʼ000
ʼ000
ʼ000
ʼ000
ʼ000
ʼ000
ʼ000
ʼ000
Outstanding at 1 January 2022
 3,459
 5,178
 2,028
 9,541
 255
 763
 282
 195
Granted
 1,059
 2,339
 1,237
 6,478
 75
 216
 –
 –
Forfeited
 (132)
 (570)
 (190)
 (1,627)
 (25)
 (136)
 (23)
 –
Cancelled
 –
 –
 –
 (3)
 –
 –
 –
 –
Exercised
 (756)
 (1,223)
 (606)
 (2,706)
 (72)
 (165)
 –
 –
Outstanding at 31 December 2022
 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)
 –
Cancelled
 –
 –
 –
 (3)
 –
 –
 –
 (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
 –
 –
Forfeited
 (137)
 (400)
 (235)
 (1,414)
 (8)
 (57)
 (31)
 –
Cancelled
 (2)
 (2)
 –
 (6)
 (1)
 –
 –
 –
Exercised
 (999)
 (1,586)
 (755)
 (3,296)
 (88)
 (352)
 (22)
 –
Outstanding at 31 December 2024
 3,571
 6,150
 3,169
 16,166
 338
 1,057
 162
 247
1	
Shares issued to Alexion employees under the GRSP are covered under the Alexion employee share award below.
The AstraZeneca 
Performance Share Plan
The AstraZeneca 
Global Restricted Stock Plan
The AstraZeneca 
 Restricted Share Plan 
The AstraZeneca
 Extended Incentive Plan 
WAFV1
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
WAFV
pence
$
pence
$
pence
$
pence
$
WAFV of 2022 grants
8328
 55.73
9167
 61.21
9894
 63.35
 –
 –
WAFV of 2023 grants
9929
 59.95
10822
 65.38
11135
 65.37
11748
 74.78
WAFV of 2024 grants
9028
 57.99
10085
 64.91
11111
 75.23
 –
 –
1	
Weighted average fair value.
Alexion employee share award plan
At acquisition in 2021 Alexion employee share awards were converted into AstraZeneca restricted stock awards that continue to have, and 
shall be subject to, the same terms and conditions as applied in the corresponding Alexion awards immediately prior to completion. The fair 
value at the grant date was $57.54 and of the 15,220,000 shares outstanding at 31 December 2021, 8,627,000 were exercised and 980,000 
were forfeited during 2022. During 2022, Alexion employees had the option to defer awards due to vest in July 2022 until February 2023 when 
they would also receive an additional vest equivalent to 15% of the shares deferred. As a result, 1,780,000 shares were deferred, resulting in 
an additional 267,000 shares being issued with a grant date fair value of $65.62, that vested in 2023. During 2023, 2,060,000 shares vested, 
531,000 were forfeited/cancelled and the closing balance of these awards as of 31 December 2023 was 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 was 819,000.
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.
30 Commitments, contingent liabilities and contingent assets
2024
2023
2022
Commitments
$m
$m
$m
Contracts placed for future capital expenditure on Property, plant and equipment and 
software development costs not provided for in these Financial Statements
 1,575
 1,368
 502
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’s 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.
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
 11,213
 1,993
 2,823
 3,291
 3,106
Future potential revenue milestone payments
 22,064
 41
 1,166
 3,026
 17,831
203
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

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 2024 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 64, 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’s current best estimate of achievement of the relevant milestone.
Environmental costs and liabilities
The Group’s 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’s 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 2022, 2023 or 2024.
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 
operations that are not currently part of the Group’s business and, at most of these sites, remediation, where required, is either completed 
or in progress. AstraZeneca has made provisions for the estimated costs of future environmental investigation, remediation, operation and 
maintenance activity beyond normal ongoing expenditure for maintaining the Group’s R&D and manufacturing capacity and product ranges, 
where a present obligation exists, it is probable that such costs will be incurred and they can be estimated reliably. With respect to such 
estimated future costs, there were provisions at 31 December 2024 in the aggregate of $105m (2023: $112m; 2022: $131m), mainly relating to 
the US. Where we are jointly liable or otherwise have cost-sharing agreements with third parties, we reflect only our share of the obligation. 
Where 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 recovery is virtually certain. 
It is possible that AstraZeneca could incur future environmental costs beyond the extent of our current provisions. The extent of such possible 
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 
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 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 to third parties; and (5) the length of time that the environmental investigation, remediation and liability allocation process can take. 
As per our provisions accounting policy on page 159, 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. Notwithstanding and subject to 
the foregoing, we estimate the potential additional loss for future environmental investigation, remediation, remedial operation and maintenance 
activity above and beyond our provisions to be, in aggregate, between $113m and $190m (2023: $114m and $191m; 2022: $113m and $188m) 
which relates mainly to the US.
Legal proceedings
AstraZeneca is involved in various legal proceedings considered typical to its business, including actual or threatened litigation and actual or 
potential government investigations relating to employment matters, product liability, commercial disputes, pricing, sales and marketing practices, 
infringement of IP rights, and the validity of certain patents and competition laws. The more significant matters are discussed below.
Most of the claims involve highly complex issues. Often these issues are subject to substantial uncertainties and, therefore, the probability 
of a loss, if any, being sustained and/or an estimate of the amount of any loss is difficult to ascertain.
Unless specifically identified below that a provision has been taken, AstraZeneca considers each of the claims to represent a contingent 
liability and discloses information with respect to the nature and facts of the cases in accordance with IAS 37 ‘Provisions, Contingent 
Liabilities and Contingent Assets’.
We do not believe that disclosure of the amounts sought by plaintiffs, if known, would be meaningful with respect to these legal proceedings. 
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 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 and governing law; (iv) uncertainties in timing of litigation; and (v) the possible need for further legal proceedings to establish the 
appropriate amount of damages, if any.
30 Commitments, contingent liabilities and contingent assets continued
Notes to the Group Financial Statements continued
204
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

While there can be no assurance regarding the outcome of any of the legal proceedings referred to in this Note 30, based on management’s 
current and considered view of each situation, we do not currently expect them to have a material adverse effect on our financial position 
including within the next financial year. This position could of course change over time, not least because of the factors referred to above.
In cases that have been settled or adjudicated, or where quantifiable fines and penalties have been assessed and which are not subject to 
appeal (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 the loss absorbed or make a provision for our best estimate of the expected loss.
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 and 
loss 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, and we consider recovery to be virtually certain, 
the best estimate of the amount expected to be received is recognised as an asset.
KJ  Assessments as to whether or not to recognise provisions or assets, and of the amounts concerned, usually involve a series of complex 
judgements about future events and can rely heavily on estimates and assumptions. AstraZeneca believes that the provisions recorded are 
adequate based on currently available information and that the insurance recoveries recorded will be received. However, given the inherent 
uncertainties involved in assessing the outcomes of these cases, and in estimating the amount of the potential losses and the associated 
insurance recoveries, we could in the future incur judgments or insurance settlements that could have a material adverse effect on our 
results in any particular period.
IP claims include challenges to the Group’s patents on various products or processes and assertions of non-infringement of patents. A loss 
in 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. The lawsuits filed by AstraZeneca for patent infringement against companies that have filed abbreviated new drug applications (ANDAs) 
in the US, seeking to market generic forms of products sold by the Group prior to the expiry of the applicable patents covering these products, 
typically also involve allegations of non-infringement, invalidity and unenforceability of these patents by the ANDA filers. In the event that 
the Group is unsuccessful in these actions or the statutory 30-month stay expires before a ruling is obtained, the ANDA filers involved will 
also have the ability, subject to FDA approval, to introduce generic versions of the product concerned.
AstraZeneca has full confidence in, and will vigorously defend and enforce, its IP.
Over the course of the past several years, including in 2024, a significant number of commercial litigation claims in which AstraZeneca is 
involved have been resolved, particularly in the US, thereby reducing potential contingent liability exposure arising from such litigation. 
Similarly, in part due to patent litigation and settlement developments, greater certainty has been achieved regarding possible generic entry 
dates with respect to some of our patented products. At the same time, like other companies in the pharmaceutical sector and other industries, 
AstraZeneca continues to be subject to government investigations around the world.
Patent litigation
Legal proceedings brought against AstraZeneca
Enhertu patent proceedings
Considered to be a contingent liability
US
	
• 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, Inc. 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’s decision.
	
• In December 2020 and January 2021, AstraZeneca and Daiichi Sankyo, Inc. 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, Inc. 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.
Faslodex patent proceedings
Matter concluded
Japan
	
• In 2021, in Japan, AstraZeneca received notice from the Japan Patent Office (JPO) that Sandoz K.K. (Sandoz) and 
Sun Pharma Japan Ltd. (Sun) were seeking to invalidate the Faslodex formulation patent. 
	
• AstraZeneca defended the challenged patent and Sun withdrew from the JPO patent challenge. 
	
• In July 2023, the JPO issued a final decision upholding various claims of the challenged patent and determining that 
other patent claims were invalid. 
	
• In August 2023, Sandoz appealed the JPO decision to the Japan IP High Court (High Court).
	
• In October 2024, the High Court affirmed the decision by the JPO. 
	
• This matter is now concluded.
205
Notes to the Group Financial Statements
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Corporate Governance
Additional Information
Financial Statements
Strategic Report

Forxiga patent proceedings
Considered to be a contingent liability
UK
	
• In the UK, one of AstraZeneca’s patents relating to Forxiga is being challenged by Generics (UK) Limited, Teva 
Pharmaceutical Industries Limited, and Glenmark Pharmaceuticals Europe Limited. 
	
• Trial is scheduled for March 2025.
Soliris patent proceedings
Considered to be a contingent liability
Turkey
	
• In November 2024, Salute HC İlaçları Sanayi ve Ticaret A.Ş (Salute) served an action in the Industrial and Intellectual 
Property Rights Court in Istanbul, Turkey seeking to invalidate and enjoin enforcement of Alexion’s patent relating 
to eculizumab.
Tagrisso patent proceedings
Considered to be a contingent liability
US
	
• 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. 
	
• The jury trial, with Wyeth as the plaintiff, took place in May 2024. The jury found Wyeth’s patents infringed and 
awarded Wyeth $107.5m in past damages. The jury also found that the infringement was not wilful. 
	
• In proceedings following the jury award, the District Court rejected AstraZeneca’s 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. 
	
• Wyeth has filed an appeal.
Legal proceedings brought by AstraZeneca
Brilinta patent proceedings
Considered to be a contingent asset
US
	
• 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.
	
• In 2024, AstraZeneca entered into separate settlements and the District Court entered consent judgments to dismiss 
each of the corresponding litigations. Additional proceedings are ongoing in the District Court. 
	
• No trial date has been set.
Calquence patent proceedings
Considered to be a contingent asset
US
	
• In February 2022, in response to Paragraph IV notices from multiple 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 Calquence capsules, if approved and marketed, would infringe patents that are owned or 
licensed by AstraZeneca. 
	
• In 2024, AstraZeneca entered into settlement agreements with all five generic manufacturers, resolving the 
Calquence capsule ANDA litigation proceedings. 
	
• 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. 
	
• 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 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. 
No trial date has been scheduled.
Daliresp patent litigation
Considered to be a contingent asset
US
	
• 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. 
	
• In 2022, AstraZeneca entered into a settlement agreement and the District Court entered a consent judgment to 
dismiss the corresponding litigation. Additional ANDA challenges are pending.
Farxiga patent proceedings
Considered to be a contingent asset
US
	
• 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’s patent as valid and infringed by Zydus’s ANDA product. In August 2022, 
Zydus appealed the District Court decision. Zydus’s appeal has been dismissed.
	
• 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.
Lokelma patent proceedings
Considered to be a contingent asset
US
	
• In August 2022, in response to Paragraph IV notices, AstraZeneca initiated ANDA litigation against multiple generic 
filers in the US District Court for the District of Delaware (District Court). AstraZeneca alleged that a generic version 
of Lokelma would infringe patents that are owned or licensed by AstraZeneca.
	
• AstraZeneca has entered into separate settlement agreements with four generic manufacturers which resulted in 
dismissal of the corresponding litigations.
	
• Additional proceedings with the remaining generic manufacturer are ongoing in the District Court. Trial is scheduled 
for March 2025.
30 Commitments, contingent liabilities and contingent assets continued
Notes to the Group Financial Statements continued
206
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Lynparza patent proceedings
Considered to be a contingent asset
US
	
• 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. 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’ generic versions of Lynparza, if approved and marketed, would infringe 
AstraZeneca’s patents. 
	
• No trial date has been scheduled.
Soliris patent proceedings
Considered to be a contingent asset
Canada
	
• In May 2023, Alexion initiated patent litigation in Canada alleging that Amgen Pharmaceuticals, Inc.’s (Amgen) biosimilar 
eculizumab product will infringe Alexion patents. 
	
• In September 2023, Alexion initiated patent litigations in Canada alleging that Samsung Bioepis Co. Ltd.’s (Samsung) 
biosimilar eculizumab product will infringe Alexion patents. The filing of the litigation triggered an automatic 24-month 
stay of the approval of each defendant’s biosimilar eculizumab product. 
	
• Trial against Amgen is scheduled to begin in January 2025 while trial against Samsung is scheduled to begin in 
June 2025.
	
• In July and August 2023, in Canada, both Amgen and Samsung brought actions challenging the validity of Alexion’s 
patent relating to the use of eculizumab in treating aHUS. Trial is scheduled for November 2025.
Soliris patent proceedings
Matter concluded
US
	
• In January 2024, Alexion initiated patent infringement litigation against Samsung Bioepis Co. Ltd. (Samsung) in the 
US District Court for the District of Delaware (District Court) alleging that Samsung’s biosimilar eculizumab product, 
for which Samsung is currently seeking FDA approval, will infringe six Soliris-related patents. 
	
• Five of the six asserted patents were also the subject of inter partes review proceedings before the US Patent and 
Trademark Office.
	
• Alexion filed a motion for a preliminary injunction seeking to enjoin Samsung from launching its biosimilar eculizumab 
product upon FDA approval. The District Court denied Alexion’s motion and Alexion appealed that decision. 
	
• In August 2024, the parties reached resolution of the matter. All legal proceedings in the US courts have terminated 
as have the inter partes review proceedings.
Soliris patent proceedings
Considered to be a contingent asset
Europe
	
• In March 2024, Alexion filed motions for provisional measures against Amgen Pharmaceuticals Inc (Amgen) and 
Samsung Bioepis Co. Ltd. (Samsung) and their respective affiliates at the Hamburg Local Division of the Unified 
Patent Court (UPC) on the basis that Amgen’s and Samsung’s biosimilar eculizumab products infringe an Alexion 
patent. Alexion appealed and in December 2024 the UPC appellate division denied Alexion’s appeal requesting 
provisional measures.
	
• In parallel, Samsung and Amgen have filed oppositions to the patent at the European Patent Office. 
	
• In November 2024, Amgen filed a revocation action for the patent at the UPC Central Division in Milan.
Soliris patent proceedings
Considered to be a contingent asset
UK
	
• In May 2024, Alexion initiated patent infringement proceedings against Amgen Ltd and Samsung Bioepis UK Ltd 
(Samsung UK) in the UK High Court of Justice alleging that their respective biosimilar eculizumab products infringe 
an Alexion patent; on the same day, Samsung UK initiated a revocation action for the same patent. 
	
• Trial has been scheduled for March 2025.
Tagrisso patent proceedings
Considered to be a contingent asset
Russia
	
• In Russia, in August 2023, AstraZeneca filed lawsuits in the Arbitration Court of the Moscow Region (Court) against 
the Ministry of Health of the Russian Federation and Axelpharm LLC (Axelpharm) related to Axelpharm’s improper use 
of AstraZeneca’s information to obtain authorisation to market a generic version of Tagrisso. In December 2023, 
the Court dismissed the lawsuit against the Ministry of Health of the Russian Federation. The appellate court affirmed 
the dismissal in March 2024. AstraZeneca filed a further appeal, which was dismissed in July 2024. The lawsuit 
against Axelpharm was dismissed in September 2024, and AstraZeneca appealed.
	
• In November 2023, Axelpharm filed a compulsory licensing action against AstraZeneca in the Court related to a patent 
that covers Tagrisso. The compulsory licensing action remains pending. AstraZeneca has also challenged before the 
Russian Patent and Trademark Office (PTO) the validity of the Axelpharm patent on which the compulsory licensing 
action is predicated. In August 2024, the PTO determined that Axelpharm’s patent is invalid and, in November 2024, 
Axelpharm filed an appeal. 
	
• In July 2024, AstraZeneca filed a patent infringement lawsuit, which remains pending, and an unfair competition claim 
with the Federal Anti-Monopoly Service of Russia (FAS) against AxelPharm and others related to the securing of state 
contracts in Russia for its generic version of Osimertinib. 
	
• In August 2024, the FAS initiated an unfair competition case against Axelpharm and OncoTarget based on AstraZeneca’s 
unfair competition claim. In November 2024, the FAS determined that Axelpharm had committed unfair competition 
and that OncoTarget had not; the FAS ordered Axelpharm to cease sales of its generic osimertinib and pay the Russian 
government the income it received from its sales of its generic Osimertinib. In December 2024, Axelpharm appealed.
207
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Product liability litigation
Legal proceedings brought against AstraZeneca
Farxiga and Xigduo XR
Considered to be a contingent liability
US
	
• AstraZeneca has been named as a defendant in lawsuits involving plaintiffs claiming physical injury, including 
Fournier’s Gangrene and necrotising fasciitis, from treatment with Farxiga and/or Xigduo XR. In September 2023, 
the parties resolved by settlement agreement one case, filed in state court in Minnesota, previously scheduled for 
trial in October 2023. All remaining claims are filed in Delaware state court and remain pending, with the earliest 
trial scheduled for March 2026.
Nexium and Prilosec
A provision has been taken
US
	
• AstraZeneca has been defending 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.
	
• In addition, AstraZeneca has been defending lawsuits involving allegations of gastric cancer following treatment with 
PPIs, including one such claim in the US District Court for the Middle District of Louisiana (District Court).
	
• In October 2023, AstraZeneca resolved all pending claims in the MDL, as well as all pending claims in Delaware 
and New Jersey state courts, for $425m, for which a provision has been taken. 
	
• In December 2024, AstraZeneca resolved the sole remaining case, which had been pending in the District Court.
Nexium and Losec
Considered to be a contingent liability
Canada
	
• In Canada, in July and August 2017, AstraZeneca was served with three putative class action lawsuits. Two of the 
lawsuits have been dismissed, one in 2019 and one in 2021. 
	
• The third lawsuit seeks authorisation to represent individual residents in Canada who allegedly suffered kidney 
injuries from the use of proton pump inhibitors, including Nexium and Losec. No trial date has been scheduled.
Onglyza and Kombiglyze
Matter concluded
US
	
• In the US, AstraZeneca has been defending various lawsuits in both California state court and in a consolidated 
federal proceeding alleging heart failure, cardiac injuries, and/or death from treatment with Onglyza or Kombiglyze. 
In the California state court proceeding, the trial court granted summary judgment for AstraZeneca, which the 
California appellate court affirmed. The California Supreme Court has declined further review, and the California 
matter has concluded. 
	
• The consolidated federal cases were dismissed in August 2022 by the US District Court for the Eastern District of 
Kentucky. That dismissal was affirmed by the US Court of Appeals for the Sixth Circuit in February 2024. This matter 
is concluded.
Vaxzevria
Considered to be a contingent liability
UK
	
• AstraZeneca is defending lawsuits in multiple jurisdictions, including the UK, involving multiple claimants alleging 
injuries following vaccination with AstraZeneca’s COVID-19 vaccine. Most of the lawsuits involve claims of thrombosis 
with thrombocytopenia syndrome.
	
• No trial dates have been scheduled.
Commercial litigation
Legal proceedings brought against AstraZeneca
340B Antitrust litigation
Considered to be a contingent liability
US
	
• 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 alleging a conspiracy to restrict access to 340B 
discounts in the diabetes market through contract pharmacies. In September 2022, the District Court granted 
AstraZeneca’s motion to dismiss the Complaint. In February 2024, the District Court denied Plaintiffs’ request to file 
an amended complaint and entered an order closing the matter. 
	
• In March 2024, Plaintiffs filed an appeal.
Amyndas Trade Secrets Litigation
Considered to be a contingent liability
US
	
• AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and Amyndas 
Pharmaceuticals, LLC, in the US District Court for the District of Massachusetts alleging trade secret misappropriation 
and breach of contract claims against Alexion and Zealand Pharma U.S. Inc. related to Amyndas’ C3 inhibitor candidate. 
	
• No trial date has been set.
Anti-Terrorism Act Civil Lawsuit
Considered to be a contingent liability
US
	
• 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’s and the other 
defendants’ motion to dismiss the lawsuit, which the DC Circuit Court of Appeals (the Appellate Court) reversed in 
January 2022. 
	
• In June 2024, the United States Supreme Court issued an order vacating the 2022 decision and granted AstraZeneca’s 
and the other defendants’ request for a remand to the Appellate Court for reconsideration under new case law.
30 Commitments, contingent liabilities and contingent assets continued
Notes to the Group Financial Statements continued
208
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Caelum Trade Secrets Litigation
Matter concluded
US
	
• AstraZeneca has been defending a matter filed by the University of Tennessee Research Foundation in the US District 
Court for the Eastern District of Tennessee related to CAEL-101. 
	
• In September 2024, the parties resolved the matter by settlement.
Definiens
Considered to be a contingent liability
Germany
	
• In Germany, in July 2020, AstraZeneca received a notice of arbitration filed with the German Institution of Arbitration 
from the sellers of Definiens AG (the 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 $46.43m in favour of 
the Sellers. 
	
• In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court to set aside the arbitration award. 
	
• A hearing is scheduled for February 2025.
Employment Litigation
Considered to be a contingent liability
US
	
• In December 2022, AstraZeneca was served with a lawsuit filed by seven former employees in the US District Court 
for the District of Delaware (District Court) asserting claims of discrimination on grounds of age and religion, related 
to AstraZeneca’s vaccination requirement. In June 2024, the District Court granted AstraZeneca’s partial motion to 
dismiss and denied without prejudice Plaintiff’s motion for conditional certification.
	
• AstraZeneca is defending against numerous other litigation matters pending in federal and state courts asserting claims 
of discrimination in connection with AstraZeneca’s vaccine requirement. In November 2024, in a matter pending in 
the US District Court for the Northern District of Ohio, the court entered summary judgment in favour of the plaintiff. 
	
• A trial on the issues of damages is scheduled for June 2025.
Pay Equity Litigation
Considered to be a contingent liability
US
	
• 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. 
	
• 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.
Securities Litigation
Considered to be a contingent liability
US
	
• 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. The complaint alleges that defendants made materially 
false and misleading statements in connection with the Company’s business in China.
Seroquel XR Antitrust Litigation
Considered to be a contingent liability
US
	
• In 2019, AstraZeneca was named in several related complaints now proceeding in US District Court in Delaware 
(District Court), including several putative class action lawsuits that were purportedly brought on behalf of classes 
of direct purchasers or end payors of Seroquel XR, that allege AstraZeneca and generic drug manufacturers violated 
US antitrust laws when settling patent litigation related to Seroquel XR. 
	
• 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.
	
• In September 2024, AstraZeneca reached a settlement agreement with one of the plaintiff classes and the parties 
are now seeking judicial review and approval of the settlement. 
	
• Trial with the remaining class of plaintiffs is currently scheduled for May 2025.
Syntimmune Milestone Litigation
Considered to be a contingent liability
US
	
• In connection with Alexion’s acquisition of Syntimmune, Inc. (Syntimmune) in December 2020, Alexion was served 
with a lawsuit filed by the stockholders’ representative for Syntimmune in Delaware state court that alleged, among 
other things, breaches of the 2018 merger agreement (Merger Agreement). 
	
• The stockholders’ representative alleges that Alexion failed to meet its obligations under the Merger Agreement to use 
commercially reasonable efforts to achieve the milestones. Alexion also filed a claim for breach of the representations 
in the Merger Agreement. 
	
• A trial was held in July 2023.
	
• The court issued a partial decision in September 2024, concluding that the first milestone was achieved, and that 
Alexion had breached its contractual obligation to use commercially reasonable efforts to achieve the milestones. 
The court has requested additional briefing regarding damages and further proceedings regarding Alexion’s claim 
for breach. 
University of Sheffield 
Contract Dispute
Considered to be a contingent liability
UK
	
• 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 license relating 
to Lynparza. 
	
• AstraZeneca filed its defence in August 2024. No trial date has been scheduled.
209
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AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Viela Bio, Inc. Shareholder Litigation
Considered to be a contingent liability
US
	
• In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware state 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’s 2021 merger with Horizon Therapeutics, plc. 
	
• In July 2024, the Court granted with prejudice AstraZeneca’s motion to dismiss.
	
• In August 2024, plaintiffs appealed the dismissal.
Legal proceedings brought by AstraZeneca
PARP Inhibitor Royalty Dispute
Considered to be a contingent asset
UK
	
• 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’s product niraparib. In May 2021, AstraZeneca 
filed a lawsuit against GSK in the Commercial Court of England and Wales alleging that GSK had failed to pay all of 
the royalties due on niraparib sales under the license agreements. In April 2023, after trial, the trial court issued a 
decision in AstraZeneca’s favour. In February 2024, the Court of Appeal reversed the decision. 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. The case will return to the trial court for 
further proceedings.
Government investigations and proceedings
Legal proceedings brought against AstraZeneca
340B Qui Tam
Considered to be a contingent liability
US
	
• 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’s motion to dismiss the First Amended Complaint without 
leave to amend. 
	
• In April 2024, the relator filed an appeal.
Boston US Attorney Investigation
Considered to be a contingent liability
US
	
• In June 2024, AstraZeneca was served with a subpoena issued by the US Attorney’s Office in Boston, seeking 
documents and information relating to payments by AstraZeneca to healthcare providers. 
	
• AstraZeneca is cooperating with this enquiry.
Brazilian Tax Assessment Matter
Considered to be a contingent liability
Brazil
	
• 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 Alexion subsidiaries in Brazil, as well as to two additional 
entities, a logistics provider utilised by Alexion and a distributor. The Tax Assessment focuses on the importation of 
Soliris vials pursuant to Alexion’s free drug supply to patients programme in Brazil.
	
• Alexion prevailed in the first level of administrative appeals in the Brazilian federal administrative proceeding system 
based on a deficiency in the Brazil Tax Assessment. The decision was subject to an automatic appeal to the second 
level of the administrative courts. 
	
• 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.
Texas Qui Tam
Considered to be a contingent liability
US
	
• 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, which alleges that AstraZeneca engaged in unlawful marketing practices. 
	
• Trial is scheduled for October 2025.
Turkish Ministry of Health Matter
Matter concluded
Turkey
	
• In Turkey, in July 2020, the Turkish Ministry of Health (Ministry of Health) initiated an investigation regarding payments 
to healthcare providers by Alexion and former employees and consultants. The investigation arose from Alexion’s 
disclosure of a $21.5m civil settlement with the US Securities & Exchange Commission (SEC) in July 2020 fully 
resolving the SEC’s investigation into possible violations of the US Foreign Corrupt Practices Act. 
	
• In September 2021, the Ministry of Health completed its draft investigation report and referred the matter to the 
Ankara Public Prosecutor’s Office with a recommendation for further proceedings against certain former employees. 
In June 2024, the Ankara Public Prosecutor’s Office closed its investigation without further action. This matter is 
now concluded.
US Congressional Inquiry
Matter concluded
US
	
• In January 2024, AstraZeneca received a letter from the US Senate Committee on Health, Education, Labor and 
Pensions (HELP Committee) seeking information related to AstraZeneca’s inhaled Respiratory products. 
	
• AstraZeneca cooperated with this inquiry and this matter is now concluded.
30 Commitments, contingent liabilities and contingent assets continued
Notes to the Group Financial Statements continued
210
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Vermont US Attorney Investigation
Considered to be a contingent liability
US
	
• In April 2020, AstraZeneca received a Civil Investigative Demand from the US Attorney’s Office in Vermont and the 
Department of Justice, Civil Division, seeking documents and information relating to AstraZeneca’s relationships with 
electronic health-record vendors. 
	
• AstraZeneca continues to cooperate with this enquiry.
Shenzhen City Customs Office
Considered to be a contingent liability
China
	
• In relation to the illegal drug importation allegations, in January 2025, AstraZeneca received a Notice of Transfer to the 
Prosecutor and an Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid importation 
taxes amounting to $0.9m.
	
• To the best of AstraZeneca’s knowledge, the importation taxes referred to in the Appraisal Opinion relate to Imfinzi 
and Imjudo.
	
• A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is 
found liable.
Legal proceedings brought by AstraZeneca
340B State Litigation
Considered to be a contingent asset
US
	
• AstraZeneca has filed lawsuits against Arkansas, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, 
and West Virginia challenging the constitutionality of each state’s 340B statute. 
	
• In the Arkansas matter, trial is scheduled for April 2025. In the Arkansas administrative proceeding, the state has 
moved for a preliminary injunction to enjoin AstraZeneca’s 340B policy in Arkansas.
	
• In the Kansas matter, after obtaining a stipulation from the state that AstraZeneca’s policy does not violate the 
Kansas 340B statute, AstraZeneca agreed to dismiss its complaint.
	
• In the Louisiana matter, the Court granted the state’s motion for summary judgment. AstraZeneca has filed an appeal. 
	
• In the Maryland, Minnesota, and Missouri matters, the state has moved to dismiss AstraZeneca’s complaint.
	
• In the Maryland and Mississippi matters, the Court has rejected AstraZeneca’s preliminary injunction motion.
	
• The West Virginia matter remains in its preliminary stages.
Inflation Reduction Act Litigation
Considered to be a contingent asset
US
	
• 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’ motions and dismissed AstraZeneca’s lawsuit. 
	
• AstraZeneca has appealed the District Court’s decision.
Other
Additional government inquiries
As is true for most, if not all, major prescription pharmaceutical companies, AstraZeneca is currently involved in multiple inquiries into drug 
marketing and pricing practices. In addition to the investigations described above, various law enforcement offices have, from time to time, 
requested information from the Group. There have been no material developments in those matters.
Tax
AstraZeneca considers whether it is probable that a taxation authority will accept an uncertain tax treatment. Where it is concluded that it is 
not probable the taxation authority will accept an uncertain tax treatment, a tax liability is recognised based on either the most likely amount 
method or the expected value method depending on which method management expects to better predict the resolution of the uncertainty. 
Tax liabilities for uncertain tax treatments can be built up over a long period of time but the resolution of the uncertain tax treatments usually 
occurs at a point in time. Given the inherent uncertainties in assessing the outcomes (which can sometimes be binary), the probability and 
amount of any tax liability occurring are difficult to ascertain which may see adjustments to the liabilities recognised for uncertain tax 
treatments in future periods that could have a material positive or negative effect on our results. Details of the movements in relation to 
material uncertain tax treatments are discussed 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 $1,321m (2023: $1,336m; 
2022: $830m) as explained below. The net tax liability consists of $1,157m (2023: $1,241m; 2022: $632m) included within income tax payable, 
$1,304m (2023: $441m; 2022: $291m) included within deferred tax asset, partially offset by $122m (2023: $9m; 2022: $(20)m) included within 
deferred tax liabilities, and $1,018m (2023: $337m; 2022: $113m) included within income tax receivable.
211
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

Transfer pricing
The net tax liability included in the Group Financial Statements in relation to management’s current assessment of tax risks in relation to 
worldwide transfer pricing exposures is $384m (2023: $401m; 2022: $260m). The decrease in the net tax liability for uncertain tax positions 
relating to transfer pricing of $17m compared with 2023 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’s 
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 to reflect progress in tax authority reviews, the extent that any tax authority challenge is concluded including via negotiation 
between governments under competent authority procedures in relevant double tax treaties which can take many years to resolve, or matters 
lapse including following expiry of the relevant statutes of limitation. Depending upon progress in these matters, we could experience 
adjustments to the liabilities recognised in respect of uncertain tax treatments in future periods. Whilst it is impracticable to specify the possible 
effects of such changes at this stage, it is reasonably possible that an adjustment to the carrying amounts of tax assets and liabilities could 
be required within the next financial year.
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 $422m (2023: $386m; 2022: $245m) 
including associated interest.
Management believes that it is unlikely that these additional liabilities will arise. It is possible that some of these contingencies may change in 
the future to reflect progress in tax authority reviews, to the extent that any tax authority challenge is concluded or matters lapse including 
following expiry of the relevant statutes of limitation resulting in a reduction in the tax charge in future periods. Management continues to 
believe that AstraZeneca’s 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 $937m (2023: $935m; 2022: $570m) relating to a number of other uncertain tax treatments. The increase 
of $2m 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 and administrative appeal processes which are offset by movements relating to uncertainty over the timing of tax 
deductions. This uncertainty includes movements between income taxes receivable of $742m, and deferred tax liabilities of $133m offset 
by related deferred tax assets of $929m and income taxes payable of $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’s 
assessment of the likelihood of the approach taken by the tax authorities. This could change in the future to reflect progress in tax authority 
reviews, the extent that any tax authority challenge is concluded, or matters lapse including following expiry of the relevant statutes of 
limitation resulting in a reduction in the tax charge in future periods.
For these other tax liabilities in respect of uncertain tax treatments, AstraZeneca estimates the potential for additional liabilities above the 
amount provided where the possibility of the additional liabilities falling due is more than remote, to be up to $214m (2023: $293m; 2022: 
$209m) including associated interest. It is possible that some of these liabilities may reduce in the future if any tax authority challenge is 
concluded or matters lapse following expiry of the relevant statutes of limitation, resulting in a reduction in the tax charge in future periods. 
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 (2023: $nil; 2022: $280m).
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 anticipated that tax payments may be required in relation to a number of significant 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 $164m (2023: $184m; 2022: $106m).
30 Commitments, contingent liabilities and contingent assets continued
Notes to the Group Financial Statements continued
212
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

31 Statutory and other information
2024
2023
2022
$m
$m
$m
Fees payable to PricewaterhouseCoopers LLP and its associates:
 
 
 
Group audit fee
 10.6
 10.2
 9.9
Fees payable to PricewaterhouseCoopers LLP and its associates for other services:
The audit of subsidiaries pursuant to legislation
 14.8
 15.0
 15.1
Attestation under s404 of Sarbanes-Oxley Act 2002
 3.5
 3.3
 3.1
Audit-related assurance services
 2.2
 1.1
 0.7
Other assurance services
 0.3
 0.2
 0.2
Fees payable to PricewaterhouseCoopers Associates in respect of the Group’s pension schemes:
The audit of subsidiaries’ pension schemes
 0.4
 0.3
 0.3
 31.8
 30.1
 29.3
Fees payable in the year of $0.2m (2023: $0.7m) are in respect of the Group audit and audit of subsidiaries related to prior years.
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.
Key management personnel compensation
Key management personnel are defined for the purpose of disclosure under IAS 24 ‘Related Party Disclosures’ as the members of the Board 
and the members of the SET.
2024
2023
2022
$’000
$’000
$’000
Short-term employee benefits
 40,893
 38,636
 38,632
Post-employment benefits
 1,045
 1,354
 1,388
Share-based payments
 49,121
 58,242
 56,297
 91,059
 98,232
 96,317
Total remuneration is included within employee costs (see Note 29).
32 Subsequent events
There were no material subsequent events.
213
Notes to the Group Financial Statements
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report

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 2024 
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 2024.
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° 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 Österreich GmbH
 100%
Alexion Pharma Austria GmbH 
 100%
Rechte Wienzeile 223 1120 Wien, Austria
Portola Österreich GmbH (in liquidation)
 100%
Mooslackengasse 17, 1190 Wien, Austria
Belgium
 
AstraZeneca S.A. / N.V.
 100%
Alfons Gossetlaan 40 bus 201 at 
1702 Groot‑Bijgaarden, Belgium
Alexion Pharma Belgium Sprl
 100%
Alexion Services Europe Sprl
 100%
Rue des Deux Eglises 29-33, 
1000 Brussels, 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 Farmacêutica América Latina 
Serviços de Administração de Vendas Ltda.
 100%
Alexion Serviços e Farmacêutica 
do Brasil Ltda.
 100%
Av. Dr Chucri Zaidan, 1240, 15° andar, 
CEP 04711-130, Ed. Morumbi Corporate 
– Golden Tower Vila São Francisco, 
São Paulo, Brazil
 
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.1
 100%
Evinova Canada Inc.
 100%
Suite 5000, 1004 Middlegate Road, 
Mississauga, ON, L4Y 1M4, Canada
Alexion Pharma Canada Corporation
 100%
Suite 1300, 1969 Upper Water St, 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) Company Limited 
 100%
Room 1703, Level 17, No. 88 Xizang North Road, 
Jing’an District, Shanghai, China
AstraZeneca Global R&D (China) Co., Ltd.
 100%
16F, 88 Xizang North Road, Jing’an District, 
Shanghai, China
AstraZeneca Investment (China) Co., Ltd.
 100%
199 Liangjing Road, Pilot Free Trade Zone, 
Shanghai, China
 
AstraZeneca Investment Consulting 
(Wuxi) Co., Ltd.
 100%
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
AstraZeneca Pharmaceutical (Beijing) Co., Ltd.
 100%
1F, Building No. 4, No. 8 Courtyard, No. 1 
Kegu Street, Beijing Economic-Technological 
Development Area, Beijing, China
AstraZeneca Pharmaceutical 
(Chengdu) Co., Ltd.
 100%
10th Floor, Building 11 (Building E11), No. 366, 
Hemin Street, Chengdu High-tech Zone, 
China (Sichuan) Pilot Free Trade Zone, China
AstraZeneca Pharmaceutical 
(Guangzhou) Co., Ltd.
 100%
Room 406-178, No. 1, Yichuang Street, 
(China-Singapore Guangzhou Knowledge City) 
Huangpu District, Guangzhou City, China
AstraZeneca Pharmaceutical 
(Hangzhou) Co., Ltd.
 100%
12F & 14F, Building 1, Shuli Plaza, 
758 Fei Jia Tang Road, Gongshu District, 
Hangzhou, Zhejiang Province, China
AstraZeneca Pharmaceutical Manufacturing 
(Qingdao) Co., Ltd.
 100%
Room 806, Building 2, 82 Juxianqiao Road, 
High-tech Zone, Qingdao, 
Shandong Province, China
AstraZeneca Pharmaceutical 
(Qingdao) Co., Ltd.
 100%
Floor 8, Building 2, 82 Juxianqiao Road, 
High-tech Zone, Qingdao, 
Shandong Province, China
AstraZeneca Pharmaceutical 
(Shanghai) Co., Ltd.
 100%
B1F, 8F & 9F, 88 Xizang North Road, 
Jing’an District, Shanghai, China
AstraZeneca Pharmaceuticals (China) Co., Ltd.
 100%
88 Yaocheng Avenue, Jiangsu Province, 
Taizhou, China
 
AstraZeneca (Wuxi) Trading Co., Ltd.
 100%
Building E (Building No. 5), 
Huirong Commercial Plaza, East Jinghui Road, 
Xinwu District, Wuxi, China
Gracell Biomedicine (Shanghai) Co., Ltd.2
 100%
Shanghai Evinova Medical 
Technology Co., Ltd.2
 100%
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
Hainan Gracell Biomedicine Co., Ltd. 
(in liquidation)2
 100%
A132-81, 4th Floor, Joint Inspection Building, 
Haikou Comprehensive Bonded Zone, 
Haikou Free Trade Zone, 
Hainan Province, 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
At 31 December 2024
Group Interest
At 31 December 2024
Group Interest
At 31 December 2024
Group Interest
214
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Colombia
 
AstraZeneca Colombia S.A.S.
 100%
Av Carrera 9 No. 101-67 Office 601, 
Bogotá, 110231, Colombia
 
Alexion Pharma Colombia S.A.S. 
(in liquidation)
 100%
Carrera 9 No. 115 - 06 /30 Edificio Tierra 
Firme Oficina 2904 Bogotá D.C., Colombia
Costa Rica
 
AstraZeneca CAMCAR Costa Rica, S.A.
 100%
San José, Escazú, Roble Corporate Center, 
5to piso, Costa Rica
 
Croatia
 
AstraZeneca d.o.o.
 100%
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 Møllers Passage 1, Dk-1799, 
Copenhagen V, Denmark
Egypt
 
AstraZeneca Egypt for 
Pharmaceutical Industries SAE
 100%
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’ District, 5th Settlement, 
New Cairo, Cairo, Egypt
Estonia
AstraZeneca Eesti OÜ
 100%
Harju maakond, Tallinn, Lasnamäe linnaosa, 
Valukoja tn 8/1, 11415, Estonia
Finland
 
AstraZeneca Oy.
 100%
Keilaranta 18, 02150 Espoo, Finland
France
Amolyt Pharma SAS3
 100%
15 Chemin du Saquin, Espace Européen, 
69130 Écully, 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
AstraZeneca Dunkerque Production SCS
 100%
224 Avenue de la Dordogne, 
59640 Dunkerque, France
Alexion Europe SAS
 100%
Alexion Pharma France SAS
 100%
103-105 Rue Anatole France, 
92300 Levallois‑Perret, France
Germany
AstraZeneca GmbH
 100%
AstraZeneca Holding GmbH4
 100%
Sofotec GmbH5
 100%
Friesenweg 26, 22763, Hamburg, Germany
AstraZeneca Computational Pathology GmbH3
 100%
Bernhard-Wicki-Straße 5, 80636, 
Munich, Germany
Alexion Pharma Germany GmbH
 100%
Landsberger Straße 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 – 3, 11/F., China Taiping Finance Centre, 
18 King Wah Road, North Point, 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, Alíz str., 
Budapest, 1117, Hungary
 
India
 
AstraZeneca India Private Limited6
 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
Iran
 
AstraZeneca Pars Company
 100%
Suite 1, 1st Floor No. 39, Alvand Ave., 
Argantin Sq., Tehran 1516673114, Iran
Ireland
 
AstraZeneca Pharmaceuticals (Ireland) 
Designated Activity Company
 100%
4th Floor, South Bank House, Barrow Street, 
Dublin 4, Republic of Ireland
Alexion Pharma Holding Limited
 100%
Alexion Pharma International 
Operations Limited
 100%
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%
16 Derech Aba Hille St., 
Ramat Gan 5250608, 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 
Liability Partnership
 100%
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 Bové 2A – L-1253, Luxembourg
Malaysia
 
AstraZeneca Asia-Pacific 
Business Services Sdn Bhd
 100%
12th Floor, Menara Symphony, No. 5 Jalan Prof, 
Khoo Kay Kim, Seksyen 13, 46200 Petaling 
Jaya, Selangor Darul Ehsan, Malaysia
AstraZeneca Sdn Bhd
 100%
Nucleus Tower, Level 11 & 12, No. 10 Jalan 
PJU 7/6, Mutiara Damansara, 47800 Petaling 
Jaya, Selangor Darul Ehsan, Malaysia 
 
Mexico
AstraZeneca Health Care Division, S.A. de C.V.
 100%
AstraZeneca, S.A. de C.V.
 100%
Av. Periferico Sur 4305 interior 5, Colonia 
Jardines en la Montaña, 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, Bâtiment C, 7ème étage, 
Quartier Hay Hassani, Casablanca, Morocco
At 31 December 2024
Group Interest
At 31 December 2024
Group Interest
At 31 December 2024
Group Interest
215
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Group Subsidiaries and Holdings

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. 
 100%
Basisweg 10, 1043 AP, 
Amsterdam, The Netherlands
Neogene Therapeutics B.V. 
 100%
Science Park 106, 1098 XG 
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%
11A, Alfred Olaiya Street, Awuse Estate, 
Off Salvation Street, Opebi, Ikeja, 
Lagos, Nigeria
 
Norway
 
AstraZeneca AS
 100%
Karvesvingen 7, 0579 Oslo, Norway
 
Pakistan
 
AstraZeneca Pharmaceuticals Pakistan 
(Private) Limited7
 100%
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 Orquídeas N° 675, Int. 802, 
Edificio Pacific Tower, San Isidro, Lima, Peru
 
Philippines
 
AstraZeneca Pharmaceuticals (Phils.) Inc.
 100%
16th Floor, Inoza Tower, 40th Street, 
Bonifacio Global City, Taguig 1634, Philippines
 
Poland
 
AstraZeneca Pharma Poland Sp.z.o.o.
 100%
Alexion Pharma Poland Sp.z.o.o.
 100%
Postepu 14, 02-676, Warszawa, Poland
 
Evinova Poland sp. z o.o 
 100%
Towarowa 28, 00-839 Warszawa, Poland
Portugal
 
Astra Alpha Produtos Farmacêuticos Lda
 100%
AstraZeneca Produtos Farmacêuticos Lda
 100%
Novastra Promoção e Comércio 
Farmacêutico Lda
 100%
Novastuart Produtos Farmacêuticos Lda
 100%
Stuart-Produtos Farmacêuticos Lda
 100%
Zeneca Epsilon – Produtos Farmacêuticos Lda
 100%
Zenecapharma Produtos Farmacêuticos, 
Unipessoal Lda
 100%
Rua Humberto Madeira, No 7, Queluz de Baixo, 
2730-097, Barcarena, Portugal
 
Puerto Rico
 
IPR Pharmaceuticals, Inc.
 100%
Road 188, San Isidro Industrial Park, 
Canóvanas, 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 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
Saudi Arabia
AstraZeneca Continent – 
Regional Headquarter 
 100%
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 
Singapore Pte. Limited 
 100%
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, Republic of Korea
Spain
 
AstraZeneca Farmaceutica Holding Spain SA
 100%
AstraZeneca Farmaceutica Spain SA
 100%
Evinova Spain SL
 100%
Fundación 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%
Av Diagonal Num.601 P.1, 
Barcelona 08028, Spain
Sweden
 
AstraZeneca AB
 100%
AstraZeneca Biotech AB
 100%
AstraZeneca BioVentureHub AB
 100%
AstraZeneca International 
Holdings Aktiebolag
 100%
AstraZeneca Pharmaceuticals Aktiebolag
 100%
AstraZeneca Södertälje 2 AB
 100%
Evinova AB
 100%
SE-151 85 Södertälje, Sweden
 
Alexion Pharma Nordics Holding AB 
 100%
Alexion Pharma Nordics AB
 100%
Hagaplan 4, 113 68 Stockholm, Sweden
Switzerland
 
Alexion Pharma GmbH 
 100%
AstraZeneca AG
 100%
Evinova AG
 100%
Neuhofstrasse 34, 6340 Baar, Switzerland
 
Spirogen Sarl (in liquidation)
 100%
Rue du Grand-Chêne 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°1.5.5 les jardins du lac, 
bloc B les berges du lac Tunis, Tunisia
 
At 31 December 2024
Group Interest
At 31 December 2024
Group Interest
At 31 December 2024
Group Interest
Group Subsidiaries and Holdings continued
216
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Turkey
 
AstraZeneca Ilac Sanayi ve 
Ticaret Limited Sirketi
 100%
Y.K.B Plaza, B Blok, Kat:3-4, Levent/Beşiktaş, 
Istanbul, Turkey
 
Zeneca Ilac Sanayi ve Ticaret Anonim Sirketi
 100%
Büyükdere Cad., Y.K.B. Plaza, B Blok, Kat:4, 
Levent/Beşiktaş, Istanbul, Turkey
 
Alexion Ilac Ticaret Limited Sirketi
 100%
İçerenköy Mahellisi Umut SK. and Ofis Sit. 
No: 10 12/73 Ataşehir, 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 
 
Alexion Pharma Middle East FZ-LLC 
 100%
Dubai Science Park, 501, Floor 5, EIB 
Building No. 2, Dubai, United Arab Emirates
United Kingdom
 
Alexion Pharma UK Limited 
 100%
Ardea Biosciences Limited
 100%
Arrow Therapeutics 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 Limited8
 100%
AstraZeneca Investments Limited
 100%
AstraZeneca Japan Limited
 100%
AstraZeneca Nominees Limited
 100%
AstraZeneca Quest Limited
 100%
AstraZeneca Share Trust Limited
 100%
AstraZeneca Sweden Investments Limited
 100%
AstraZeneca Treasury Limited
 100%
AstraZeneca UK Limited
 100%
AstraZeneca US Investments Limited8
 100%
AZENCO2 Limited
 100%
AZENCO4 Limited
 100%
AZENCO5 Limited 
 100%
AZENCO6 Limited 
 100%
Cambridge Antibody Technology 
Group Limited
 100%
Evinova Limited
 100%
KuDOS Horsham Limited
 100%
KuDOS Pharmaceuticals 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
 
Syntimmune Limited 
 100%
21 Holborn Viaduct, London, EC1A 2DY, 
United Kingdom
United States
 
Acerta Pharma LLC9
 100%
121 Oyster Point Boulevard, 
South San Francisco, CA 94080, 
United States
Alexion Pharmaceuticals, Inc.
 100%
Achillion Pharmaceuticals Inc.
 100%
Alexion US1 LLC9
 100%
Savoy Therapeutics Corp 
 100%
Syntimmune LLC9
 100%
TeneoTwo, Inc.
 100%
121 Seaport Boulevard Boston, MA 02210, 
United States
Alexion Services Latin America Inc. 
 100%
600 Brickell Ave, Miami, FL 33131, United States
AlphaCore Pharma, LLC9
 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 LLC9
 100%
Amylin Pharmaceuticals, LLC9
 100%
Ardea Biosciences, Inc.
 100%
AstraZeneca Collaboration Ventures, LLC9
 100%
AstraZeneca Finance and Holdings Inc.
 100%
AstraZeneca Finance LLC9
 100%
AstraZeneca Pharmaceuticals LP10
 100%
Atkemix Nine Inc.
 100%
Atkemix Ten Inc.
 100%
Corpus Christi Holdings Inc.
 100%
LogicBio Securities Corporation
 100%
LogicBio Therapeutics, Inc.
 100%
Neogene Therapeutics, Inc.
 100%
Omthera Pharmaceuticals, Inc.
 100%
Optein, Inc.
 100%
Stauffer Management Company LLC9
 100%
Zeneca Inc.
 100%
Zeneca Holdings Inc.
 100%
Zeneca Wilmington Inc.8
 100%
1800 Concord Pike, Wilmington, 
DE 19803, United States
 
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
Cincor Pharma Inc.
 100%
100 College Street, New Haven, 
CT 06510, 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, LLC9
 100%
MedImmune Ventures, Inc.
 100%
One MedImmune Way, Gaithersburg, 
MD 20878, United States
Pearl Therapeutics, Inc.
 100%
200 Cardinal Way, Redwood City, 
CA 94063, United States
Portola Pharmaceuticals LLC
 100%
Portola USA, Inc.
 100%
270 East Grand Avenue, South San Francisco, 
CA 94080, United States
ZS Pharma, Inc.
 100%
1100 Park Place, Suite 300, San Mateo, 
CA 94403, United States
Uruguay
  
AstraZeneca S.A.
100%
Yaguarón 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, Urbanización 
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
 
At 31 December 2024
Group Interest
At 31 December 2024
Group Interest
At 31 December 2024
Group Interest
217
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Group Subsidiaries and Holdings

Subsidiaries where the effective interest 
is less than 100%
 
Algeria
AstraZeneca Algeria 
Pharmaceutical Industries SPA
 49%
N° 20, Micro Zone d’Activité Hydra, Centre 
des Affaires Dar El Madina, Bloc A, 6th Floor, 
Hydra, Algiers, Algeria
China
Beijing Falikang Pharmaceutical Co., Ltd.
48.90%
Room 113, Floor 1, Unit 1, Building No. 6, 
88 Kechuang 6th Street, 
Economic‑Technological Development Area, 
Beijing, China
India
 
AstraZeneca Pharma India Limited6
 75%
Block N1, 12th Floor, Manyata Embassy 
Business Park, Rachenahalli, Outer Ring Road, 
Bangalore-560 045, India
 
Indonesia
 
P.T. AstraZeneca Indonesia
 95%
Perkantoran Hijau Arkadia Tower F, 3rd Floor, 
JI. T.B. Simatupang Kav. 88, South Jakarta, 
12520, Indonesia
 
Switzerland
SixPeaks Bio AG11,13
 34.10%
Aeschenvorstadt 36, 4501 Basel, Switzerland
United States
VaxNewMo, LLC12,13
 19.90%
4447 McPherson Avenue, St. Louis, 
MO 63108, United States
Joint Ventures
Hong Kong
IHP HK Holdings Limited
 50%
Unit 1402, 14th Floor, Henley Building, 
No. 5 Queen’s Road Central, Hong Kong
WuXi MedImmune Biopharmaceutical Co., 
Limited (in liquidation)
 50%
Room 1902, 19/F, Lee Garden One, 
33 Hysan Avenue, Causeway Bay, Hong Kong
 
United States
 
Montrose Chemical Corporation of California
 50%
Suite 380, 600 Ericksen Ave N/E, 
Bainbridge Island, WA 98110, United States
 
Significant Holdings
 
China
 
Dizal (Jiangsu) Pharmaceutical Co., Ltd.
 26.21%
199 Liangjing Rd, Zhangjiang Hi-Tech Park, 
Pudong District, Shanghai, 201203, China
 
Wuxi AstraZeneca-CICC Venture Capital 
Partnership (Limited Partnership)
 22.13%
Wuxi AstraZeneca-CICC No.1 Venture 
Capital Partnership (Limited Partnership)
 22.13%
Room 808, 8F, Building 99-2 Linghu Avenue, 
Xinwu District, Wuxi, Jiangsu, China
United Kingdom
 
VaxEquity Ltd.13 (in liquidation)
40%
Victory House, Vision Park, Chivers Way, 
Histon, Cambridge, CB24 9ZR, United Kingdom 
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) Limited13
 18.75%
3-212 Governors Square, 
23 Lime Tree Bay Avenue, P.O. Box 30746, 
Seven Mile Beach, Grand Cayman KY1-1203, 
Cayman Islands
France
Medetia SAS13
 10%
Institute Imagine, 24 Boulevard du 
Montparnasse, 75015 Paris, France
Cellectis S.A.3
43.96%
8, rue de la Croix Jarry, 75013 Paris, France 
Israel
AION Labs Innovation Lab Ltd.
 19.23%
CombinAble.AI Ltd.13
 11.25%
ProPhet Bio Ltd.13
 11.94%
TenAces Biosciences Ltd.13
 12.50%
4 Oppenheimer Street, Building B, 
Rehovot, 7670104, Israel
Sweden
 
Swedish Orphan Biovitrum AB (publ)
 9.74%
Tomtebodavägen 23A, Stockholm, Sweden
 
OnDosis AB
 19.80%
GoCo House, 5 tr, Gemenskapens gata 9, 
431 53 Mölndal, Sweden
CCRM Nordic AB
 19.90%
Förändringens Gata 10, 
431 53 Mölndal, Sweden
United Kingdom
 
Niox Group plc
 16.61%
Magdalen Centre, 1 Robert Robinson Ave, 
Science Park, Oxford, OX4 4GA, 
United Kingdom
 
United States
 
AbMed Corporation3
 18%
68 Cummings Park Drive, Woburn, 
MA 01801, United States
 
Baergic Bio, Inc.
 19.95%
1111 Kane Concourse, Suite 301, 
Bay Harbor Islands, FL 33154, United States
 
Regio Biosciences, Inc.13
 19.54%
5237 River Road, #361 Bethesda, 
MD 20816, United States
Employee Benefit Trusts
The AstraZeneca Employee Benefit Trust
AstraZeneca PSP/GRSP EBP 
for Canadian Employees
1	
Ownership held in ordinary and special shares.
2	
Ownership held by way of capital contribution.
3	
Ownership held in ordinary and preference shares.
4	
10% directly held by AstraZeneca PLC.
5	
Sold to external third party effective 17 January 2025.
6	
Accounting year end is 31 March.
7	
Accounting year end is 30 June.
8	
Directly held by AstraZeneca PLC.
9	
Ownership held as membership interest.
10	 Ownership held as partnership interest.
11	 Consolidated due to AstraZeneca AB having an option to acquire.
12	 Consolidated due to Zeneca Inc. having an option to acquire.
13	 Ownership held in preference shares.
Group Subsidiaries and Holdings continued
At 31 December 2024
Group Interest
At 31 December 2024
Group Interest
At 31 December 2024
Group Interest
218
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Company Balance Sheet
at 31 December
AstraZeneca PLC
2024
2023
Notes
$m
$m
Fixed assets
  
 
Fixed asset investments
 1
 62,019
 64,189
 62,019
 64,189
Current assets
Debtors – other
 8
 4
Debtors – amounts owed by Group undertakings
 5,807
 10,928
 5,815
 10,932
Creditors: Amounts falling due within one year
Other payables
 2
 (202)
 (216)
Interest-bearing loans and borrowings
 3
 (1,997)
 (2,995)
 (2,199)
 (3,211)
Net current assets
 3,616
 7,721
Total assets less current liabilities
 65,635
 71,910
Creditors: Amounts falling due after more than one year
Interest-bearing loans and borrowings
 3
 (14,549)
 (16,741)
Income tax payable
 (36)
 –
Other payables
 2
 (47)
 (21)
 (14,632)
 (16,762)
Net assets 
 51,003
 55,148
Capital and reserves
Called-up share capital 
 4
 388
 388
Share premium account 
 
 35,226
 35,188
Capital redemption reserve 
 
 153
 153
Other reserves 
 
 1,741
 1,779
Profit and loss account 
 
 13,495
 17,640
Shareholders’ funds
 
 51,003
 55,148
$m means millions of US dollars.
The Company’s profit for the year was $457m (2023: $14,669m).
The Company Financial Statements from pages 219 to 225 were approved by the Board and were signed on its behalf by
Pascal Soriot
Aradhana Sarin
Director
Director
6 February 2025
Company’s registered number 02723534
219
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Company Balance Sheet

Company Statement of Changes in Equity
for the year ended 31 December
Share
Capital
Share
premium
redemption
Other
Profit and
Total
capital
account
reserve
reserves1
loss account2
equity
$m
$m
$m
$m
$m
$m
At 1 January 2023
 387
 35,155
 153
 1,927
 7,458
 45,080
Total comprehensive income for the period
Profit for the period
 –
 –
 –
 –
 14,669
 14,669
Total comprehensive income for the period
 –
 –
 –
 –
 14,669
 14,669
Transactions with owners, recorded directly in equity
Dividends
 –
 –
 –
 –
 (4,487)
 (4,487)
Capital contributions for share-based payments
 –
 –
 –
 (148)
 –
 (148)
Issue of Ordinary Shares
 1
 33
 –
 –
 –
 34
Total contributions by and distributions to owners
 1
 33
 –
 (148)
 (4,487)
 (4,601)
At 31 December 2023
 388
 35,188
 153
 1,779
 17,640
 55,148
Total comprehensive income for the period
Profit for the period
 –
 –
 –
 –
 457
 457
Total comprehensive income for the period
 –
 –
 –
 –
 457
 457
Transactions with owners, recorded directly in equity
Dividends
 –
 –
 –
 –
 (4,602)
 (4,602)
Capital contributions for share-based payments
 –
 –
 –
 (38)
 –
 (38)
Issue of Ordinary Shares
 –
 38
 –
 –
 –
 38
Total contributions by and distributions to owners
 –
 38
 –
 (38)
 (4,602)
 (4,602)
At 31 December 2024
 388
 35,226
 153
 1,741
 13,495
 51,003
1	
The Other reserves arose from the cancellation of £1,255m share premium by the Company in 1993 and the redenomination of share capital of $157m in 1999. Included within Other 
reserves at 31 December 2024 is $(100)m (31 December 2023: $(62)m) in respect of cumulative share-based payment awards, which are not available for distribution.
2	
At 31 December 2024, the overwhelming majority of the Profit and loss account reserve of $13,495m (31 December 2023: the overwhelming majority of $17,640m) was available for 
distribution, subject to filing these Financial Statements with Companies House. When making a distribution to shareholders, the Directors determine profits available for distribution 
by reference to guidance on 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 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 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 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, at 31 December 2024, the overwhelming majority (31 December 2023: the overwhelming majority) of the Company’s profit and loss reserves were 
available for distribution.
220
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Company Accounting Policies
Basis of presentation of 
financial information
The Company is a public limited company, 
limited by shares, incorporated and domiciled 
in England & Wales. The registered address 
is 1 Francis Crick Avenue, Cambridge 
Biomedical Campus, Cambridge, CB2 0AA.
These financial statements were prepared 
in accordance with FRS 101 ‘Reduced 
Disclosure Framework’.
In preparing these financial statements, 
the Company applied the recognition, 
measurement and disclosure requirements of 
International Financial Reporting Standards 
as adopted by the UK (UK-adopted 
international accounting standards), but 
made amendments where necessary in 
order to comply with the Companies Act 
2006 and to take advantage of FRS 101 
disclosure exemptions. 
In these financial statements, the Company 
has applied the exemptions available under 
FRS 101 in respect of the following disclosures:
	
• Statement of Cash Flows and related notes
	
• disclosures in respect of transactions 
with wholly owned subsidiaries
	
• disclosures in respect of 
capital management
	
• the effects of new but not yet 
effective IFRSs
	
• disclosures in respect of the compensation 
of Key Management Personnel.
As the Group Financial Statements (presented 
on pages 148 to 218) include the equivalent 
disclosures, the Company has also taken 
the exemptions under FRS 101 available in 
respect of the following disclosures:
	
• IFRS 2 ‘Share-based Payment’ in respect 
of Group settled share-based payments
	
• certain disclosures required by IFRS 13 
‘Fair Value Measurement’ and the 
disclosures required by IFRS 7 ‘Financial 
Instruments: Disclosures’.
No individual profit and loss account is 
prepared as provided by section 408 of the 
Companies Act 2006.
Basis of accounting
The Company Financial Statements are 
prepared under the historical cost convention 
and on a going concern basis, in accordance 
with the Companies Act 2006.
The following paragraphs describe the 
main accounting policies, which have been 
applied consistently.
Estimates and judgements
The preparation of the Company 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. There are no 
key judgements or significant estimates.
Foreign currencies
Foreign currency transactions, being 
transactions denominated in a currency other 
than the Company’s functional currency, are 
translated into US dollars 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.
Non-monetary items arising from foreign 
currency transactions are not retranslated 
in the Company’s accounting records.
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 
Company’s 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 
Company’s 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.
No deferred tax asset or liability is recognised 
in respect of temporary differences 
associated with investments in subsidiaries 
and branches where the Company 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 Company’s 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.
The Company 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 
‘Incomes Taxes’ issued in May 2023.
Liabilities for uncertain tax positions require 
management to make judgements of potential 
exposures in relation to tax audit issues. 
Tax benefits are not recognised unless the 
tax positions will probably be accepted 
by the tax authorities. This is based upon 
management’s interpretation of applicable 
laws and regulations and the expectation of 
how the tax authority will resolve the matter. 
Once considered probable of not being 
accepted, management reviews each 
material tax benefit and reflects the effect 
of the uncertainty in determining the related 
taxable result. 
221
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Company Accounting Policies

Liabilities for uncertain tax positions are 
measured using either the most likely amount 
or the expected value amount depending 
on which method the Company expects to 
better predict the resolution of the uncertainty.
Investments
Fixed asset investments, including 
investments in subsidiaries, are stated at 
cost and reviewed for impairment if there 
are indications that the carrying value may 
not be recoverable.
Debtors
Amounts owed by Group undertakings are 
recognised initially at fair value. Subsequent 
to initial recognition they are measured at 
amortised cost using the effective interest 
method, less any impairment losses.
The recoverability of these balances has 
been assessed in accordance with IFRS 9 
‘Financial Instruments’ and no impairment has 
been identified. The amounts owed by Group 
undertakings are considered to have low 
credit risk, due to timely payment of interest 
and settlement of principal amounts on 
agreed due dates, limiting the loss allowance 
to 12-month expected credit losses. 
Amounts owed by Group undertakings are 
written off where there is no reasonable 
expectation of recovery. Impairment losses 
are presented as net impairment losses 
within Operating profit, any subsequent 
recoveries are credited against the same line.
Other payables
Liabilities included in Other payables are 
recognised initially at fair value. Subsequent 
to initial recognition they are remeasured at 
either amortised cost using the effective 
interest method or at fair value using an 
expected credit loss model.
Financial instruments
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 profit.
Share-based payments
The issuance by the Company to employees 
of its subsidiaries of a grant of awards over 
the Company’s shares, represents additional 
capital contributions by the Company to its 
subsidiaries (or capital reimbursement from 
those subsidiaries). An additional investment/
divestment in subsidiaries results in a 
corresponding increase/decrease in 
shareholders’ equity. The additional capital 
contribution/reimbursement is based on the 
fair value of the grant issued, allocated over 
the underlying grant’s vesting period, less the 
market cost of shares charged to subsidiaries 
in settlement of such share awards.
Litigation
Through the normal course of business, 
the AstraZeneca Group is involved in legal 
disputes, the settlement of which may involve 
cost to the Company. A provision is made 
where an adverse outcome is probable and 
associated costs, including related legal 
costs, can be estimated reliably. In other 
cases, appropriate disclosures are included.
Company Accounting Policies continued
222
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Notes to the Company Financial Statements
1 Fixed asset investments
Investments in subsidiaries
Shares
Loans
Total
$m
$m
$m
At 1 January 2023
 49,192
 14,363
 63,555
Additions during the year
 –
 1,588
 1,588
Transfer to Debtors – amounts owed by Group undertakings
 –
 (991)
 (991)
Capital reimbursement
 (131)
 –
 (131)
Exchange
 –
 158
 158
Amortisation
 –
 12
 12
Other movements
 (2)
 –
 (2)
At 31 December 2023
 49,059
 15,130
 64,189
Additions during the year
 33,745
 –
 33,745
Disposals during the year
 (33,745)
 –
 (33,745)
Transfer to Debtors – amounts owed by Group undertakings
 –
 (1,997)
 (1,997)
Capital reimbursement
 (54)
 –
 (54)
Exchange
 –
 (156)
 (156)
Amortisation
 –
 11
 11
Other movements
 26
 –
 26
At 31 December 2024
 49,031
 12,988
 62,019
Loans to subsidiaries consists of bonds which are issued externally and are issued back to Group undertakings with comparable terms on 
interest rates and are repayable on maturity, details of which are disclosed in Note 3. The recoverability of these inter-company loans has been 
assessed in accordance with IFRS 9 ‘Financial Instruments’ with no impairment identified. The inter-company balances are considered to have 
low credit risk due to timely payment of interest and settlement of principal amount on agreed due dates, limiting the loss allowance to 12-month 
expected credit losses. In 2024, there have been no credit losses (2023: $nil).
The other movements comprise $26m representing issue and revaluation of carrying value of guarantees provided by the Company to its 
subsidiary as explained in Notes 2 and 3.
2 Other payables
2024
2023
$m
$m
Amounts falling due within one year
 
 
Other creditors
 199
 214
Deferred income
 3
 2
 202
 216
Amounts falling due after more than one year
Other creditors
 47
 21
Other creditors due after more than one year comprise an amount representing the carrying value of the guarantees provided by the Company 
to its subsidiary for the bonds issued externally as explained in Note 3. As at 31 December 2024, the carrying value of the guarantees was 
$47m (2023: $21m).
223
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Notes to the Company Financial Statements

3 Loans and borrowings
Repayment
2024
2023
dates
$m
$m
Amounts due within one year
 
 
 
 
Interest-bearing loans and borrowings (unsecured)
 
 
0.75% Callable bond
euros
2024
 –
 995
2024 Floating rate bank loans
US dollars
2024
 –
 2,000
3.375% Callable bond
US dollars
2025
 1,997
 –
Total amounts due within one year
 1,997
 2,995
Amounts due after more than one year
 
 
Interest-bearing loans and borrowings (unsecured)
 
 
3.375% Callable bond
US dollars
2025
 –
 1,994
0.7% Callable bond
US dollars
2026
 1,198
 1,196
3.625% Callable bond
euros
2027
 780
 829
3.125% Callable bond
US dollars
2027
 748
 747
1.25% Callable bond
euros
2028
 829
 879
4% Callable bond
US dollars
2029
 996
 995
0.375% Callable bond
euros
2029
 829
 881
1.375% Callable bond
US dollars
2030
 1,295
 1,294
5.75% Non-callable bond
pounds sterling
2031
 438
 444
3.75% Callable bond
euros
2032
 778
 827
6.45% Callable bond
US dollars
2037
 2,727
 2,725
4% Callable bond
US dollars
2042
 989
 989
4.375% Callable bond
US dollars
2045
 982
 981
4.375% Callable bond
US dollars
2048
 738
 738
2.125% Callable bond
US dollars
2050
 487
 487
3% Callable bond
US dollars
2051
 735
 735
Total amounts due after more than one year
 14,549
 16,741
Total loans and borrowings
 
 
 16,546
 19,736
2024
2023
$m
$m
Loans and borrowings are repayable:
 
 
After five years from balance sheet date
 9,169
 11,096
From two to five years
 4,182
 3,651
From one to two years
 1,198
 1,994
Within one year
 1,997
 2,995
Total unsecured
 16,546
 19,736
All borrowings are issued with fixed interest rates, with the exception of the $2bn 2024 floating rate loans, which transitioned from LIBOR to 
a rate based on compounded daily USD Secured Overnight Funding Rate (SOFR) during the prior year.
In addition, the Company acts as guarantor for bonds issued by its wholly-owned subsidiary, AstraZeneca Finance LLC. AstraZeneca Finance 
LLC 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 due 2028, $1,250m 4.850% Notes due 2029, $650m 4.900% Notes due 2030, €650m 3.121% Notes due 2030, $1,000m 4.900% Notes 
due 2031, $750m 2.250% Notes due 2031, $500m 4.875% Notes due 2033, €750m 3.278% Notes due 2033 and $1,500m 5.000% Notes due 
2034 (the ‘AstraZeneca Finance Notes’). Each series of AstraZeneca Finance Notes has been fully and unconditionally guaranteed by the 
Company. Each of the guarantees by AstraZeneca PLC is full and unconditional and joint and several.
The guarantee by AstraZeneca PLC of the AstraZeneca Finance Notes is the senior unsecured obligation of AstraZeneca PLC and ranks equally 
with all of AstraZeneca PLC’s existing and future senior unsecured and unsubordinated indebtedness. Each guarantee by AstraZeneca PLC is 
effectively subordinated to any secured indebtedness of AstraZeneca PLC to the extent of the value of the assets securing such indebtedness. 
The AstraZeneca Finance Notes are structurally subordinated to indebtedness and other liabilities of the subsidiaries of AstraZeneca PLC, 
none of which guarantee the AstraZeneca Finance Notes.
4 Called-up share capital
Details of share capital movements in the year are included in Note 24 to the Group Financial Statements.
Notes to the Company Financial Statements continued
224
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

5 Contingent liabilities
Vaxzevria
Considered to be a contingent liability
UK
	
• AstraZeneca is defending lawsuits in multiple jurisdictions, including the UK, involving multiple claimants alleging 
injuries following vaccination with AstraZeneca’s COVID-19 vaccine. Most of the lawsuits involve claims of 
thrombosis with thrombocytopenia syndrome.
	
• No trial dates have been scheduled.
Securities Litigation
Considered to be a contingent liability
US
	
• 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. The complaint alleges that defendants made materially 
false and misleading statements in connection with the Company’s business in China.
University of Sheffield 
Contract Dispute
Considered to be a contingent liability
UK
	
• 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 license relating 
to Lynparza. 
	
• AstraZeneca filed its defence in August 2024. No trial date has been scheduled.
Viela Bio, Inc. Shareholder Litigation
Considered to be a contingent liability
US
	
• In February 2023, AstraZeneca was served with a lawsuit filed in the Delaware state 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’s 
2021 merger with Horizon Therapeutics, plc. 
	
• In July 2024, the Court granted with prejudice AstraZeneca’s motion to dismiss.
	
• In August 2024, plaintiffs appealed the dismissal.
US Congressional Inquiry
Matter concluded
US
	
• In January 2024, AstraZeneca received a letter from the US Senate Committee on Health, Education, Labor and 
Pensions (HELP Committee) seeking information related to AstraZeneca’s inhaled Respiratory products. 
	
• AstraZeneca cooperated with this inquiry and this matter is now concluded.
Vermont US Attorney Investigation
Considered to be a contingent liability
US
	
• In April 2020, AstraZeneca received a Civil Investigative Demand from the US Attorney’s Office in Vermont and the 
Department of Justice, Civil Division, seeking documents and information relating to AstraZeneca’s relationships 
with electronic health-record vendors. 
	
• AstraZeneca continues to cooperate with this enquiry.
6 Statutory and other information
The Directors of the Company were paid by another Group company in 2024 and 2023. 
7 Subsequent events
There were no material subsequent events.
225
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Notes to the Company Financial Statements

Group Financial Record
2020
2021
2022
2023
2024
For the year ended 31 December
$m
$m
$m
$m
$m
Revenue and profits
 
 
 
 
 
Product Sales
 25,890
 36,541
 42,998
 43,789
 50,938
Alliance Revenue
 190
 388
 755
 1,428
 2,212
Collaboration Revenue
 537
 488
 598
 594
 923
Cost of sales
 (5,299)
 (12,437)
 (12,391)
 (8,268)
 (10,207)
Distribution expense
 (399)
 (446)
 (536)
 (539)
 (555)
Research and development expense
 (5,991)
 (9,736)
 (9,762)
 (10,935)
 (13,583)
Selling, general and administrative expense
 (11,294)
 (15,234)
 (18,419)
 (19,216)
 (19,977)
Other operating income and expense
 1,528
 1,492
 514
 1,340
 252
Operating profit
 5,162
 1,056
 3,757
 8,193
 10,003
Finance income
 87
 43
 95
 344
 458
Finance expense
 (1,306)
 (1,300)
 (1,346)
 (1,626)
 (1,742)
Share of after tax losses in associates and joint ventures
 (27)
 (64)
 (5)
 (12)
 (28)
Profit/(loss) before tax
 3,916
 (265)
 2,501
 6,899
 8,691
Taxation
 (772)
 380
 792
 (938)
 (1,650)
Profit for the period
 3,144
 115
 3,293
 5,961
 7,041
Other comprehensive income/(expense) for the period, net of tax
 1,608
 (145)
 (878)
 733
 (800)
Total comprehensive income/(expense) for the period
 4,752
 (30)
 2,415
 6,694
 6,241
Profit attributable to:
Owners of the Parent
 3,196
 112
 3,288
 5,955
 7,035
Non-controlling interests
 (52)
 3
 5
 6
 6
Earnings per share
Basic earnings per $0.25 Ordinary Share
$2.44
$0.08 
$2.12 
$3.84 
$4.54 
Diluted earnings per $0.25 Ordinary Share
$2.44
$0.08 
$2.11 
$3.81 
$4.50 
Dividends
$2.80
$2.80 
$2.90 
$2.90 
$2.97 
226
AstraZeneca Annual Report & Form 20-F Information 2024
Financial Statements

Additional 
Information
Contents
Shareholder information 228 
Directors’ Report 230
Sustainability supplementary information 233
Trade Marks 239
Glossary 240
Cautionary statement regarding forward-looking 
statements 244
Corporate Governance
Additional Information
Financial Statements
Strategic Report
227
AstraZeneca Annual Report & Form 20-F Information 2024
Additional Information
AstraZeneca Annual Report & Form 20-F Information 2024

This section of the Annual Report contains 
information for shareholders that is required 
by regulation in the UK. Further information 
that may be of use to shareholders is available 
on the Shareholder information page of our 
website at www.astrazeneca.com. 
Additional information required by SEC 
regulations is included in AstraZeneca’s 
Form 20-F filing for 2024, which is available 
on the SEC website at www.sec.gov.
The principal markets for trading in 
AstraZeneca shares are the London Stock 
Exchange, Nasdaq Stockholm and the 
Nasdaq Global Select Market (Nasdaq). 
AstraZeneca shares were listed on Nasdaq 
on 25 September 2020, prior to which they 
were listed on the New York Stock Exchange. 
Ordinary Shares of $0.25 each in 
AstraZeneca PLC are listed on the London 
Stock Exchange and the shareholder register 
is maintained by Equiniti Limited, the Ordinary 
Share registrar. Shares listed on Nasdaq 
Stockholm are issued under the Euroclear 
Services Agreement by Euroclear Sweden AB, 
the Swedish Central Securities Depositary. 
Shares listed on Nasdaq are in the form of 
American Depositary Shares (ADSs), 
evidenced by American Depositary Receipts 
(ADRs) issued by the Company’s ADR 
depositary. On 6 February 2025, 
J.P. Morgan Chase Bank, N.A. was appointed 
as the Company’s ADR Depositary, replacing 
Deutsche Bank Trust Company Americas. 
Two ADSs are equivalent to one Ordinary 
Share. Shares are listed on all three markets 
under the stock symbol AZN.
Ordinary Share registrar
Equiniti Limited 
Aspect House 
Spencer Road 
Lancing 
West Sussex 
BN99 6DA 
UK 
Tel (freephone in UK): +44 (0)800 389 1580
Swedish Central Securities Depositary
Euroclear Sweden AB 
PO Box 191 
SE-101 23 Stockholm 
Sweden 
Tel: +46 (0)8 402 9000
ADR depositary 
J.P. Morgan Chase Bank, N.A
Shareowner Services
PO Box 64504  
St. Paul, MN 55164-0504 
USA 
Tel (general): +1 888 697 8018 
Tel (outside US): +1 651 453 2128
Annual General Meeting (AGM)
The 2025 AGM will be held on 11 April 2025 
and further details will be set out in the 
Notice of AGM. If you hold shares listed on 
Nasdaq Stockholm or hold ADRs, information 
relating to voting and participation will be 
included in the relevant Notice of AGM. If 
you hold shares through a nominee, your 
nominee provider will be able to advise you 
of their arrangements in relation to voting 
and participation.
Dividends
Dividend dates for 2025 are shown in the 
financial calendar below. A first interim 
dividend is normally announced in July/
August and paid in September and a 
second interim dividend is normally 
announced in January/February and paid 
in March. Dividends are paid in GBP, SEK 
and USD, depending on where the eligible 
shares are listed.
Financial calendar
Event
Provisional date
Second interim dividend 
for 2024
Ex-dividend date
20 February 2025
Record date
21 February 2025
Payment date
24 March 2025
Annual General Meeting
11 April 2025
Announcement of first 
quarter results for 2025
29 April 2025
Financial year end
31 December 2025
Related party transactions
During the period 1 January 2025 to 
31 January 2025, there were no transactions, 
loans, or proposed transactions between 
the Company and any related parties which 
were material to either the Company or the 
related party, or which were unusual in their 
nature or conditions (see also Note 31 to the 
Financial Statements on page 213).
Conflicts of interest
The Articles of Association of the Company 
enable the Directors to authorise any 
situation in which a Director has an interest 
that conflicts or has the potential to conflict 
with the Company’s interests and which 
would otherwise be a breach of the 
Director’s duty, under section 175 of the 
Companies Act 2006. The Board has a 
formal system in place for Directors to 
declare such situations to be considered for 
authorisation by those Directors who have 
no interest in the matter being considered.
In deciding whether to authorise a situation, 
the non-conflicted Directors must act in the 
way they consider, in good faith, would be 
most likely to promote the success of the 
Company, and they may impose limits or 
conditions when giving the authorisation, 
or subsequently, if they think this is 
appropriate. Situations considered by 
the Board and authorisations given are 
recorded in the Board minutes and in a 
register of conflicts maintained by the 
Company Secretary and are reviewed 
annually by the Board. The Board believes 
that this system operates effectively.
Shareholder fraud warning
Shareholders of AstraZeneca and many 
other companies have reported receiving 
unsolicited calls and correspondence 
relating to their shareholdings and 
investment matters. Shareholders are 
advised to be very cautious of any 
unsolicited approaches and to note that 
reputable firms authorised by the Financial 
Conduct Authority (FCA) are very unlikely to 
make such approaches. Such approaches 
are likely to be part of a ‘boiler room scam’ 
attempting to defraud shareholders.
Shareholders are advised to familiarise 
themselves with the information on 
scams available on the FCA website, 
www.fca.org.uk/consumers and with 
the FAQs in the Investors section of our 
website, www.astrazeneca.com.
Any suspected scams or fraudulent 
approaches should be reported to the 
FCA via its website and to AstraZeneca’s 
Ordinary Share registrar, using the contact 
details on this page.
  For more information on 
dividends declared, see the 
Shareholder information 
section of our website, 
www.astrazeneca.com.
228
AstraZeneca Annual Report & Form 20-F Information 2024
Additional Information
Shareholder information

Issued share capital, shareholdings and share prices
At 31 December 2024, the Company had 63,435 registered holders of 1,550,546,239 Ordinary Shares. There were 171,061 holders 
of Ordinary Shares held under the Euroclear Services Agreement, representing 9.9% of the issued share capital of the Company and 
1,513 registered holders of ADSs, representing 19.2% of the issued share capital of the Company.
Ordinary Shares in issue
2024
2023
2022
Ordinary Shares in issue – millions 
At year-end 
1,551
1,550
1,550
Weighted average for year 
1,550
1,549
1,548
Stock market closing price per Ordinary Share (London Stock Exchange)
Highest (pence) 
13276
12294
11440
Lowest (pence) 
9501
9900
8282
At year end (pence) 
10468
10600
11218
Analysis of shareholdings as a percentage of issued share capital at 31 December
  
Number of Ordinary Shares1
2024
%
2023 
%
2022 
%
1-250
0.2
0.3
0.3
251-500 
0.3
0.3
0.3
501-1,000 
0.3
0.4
0.4
1,001-5,000 
0.5
0.5
0.5
5,001-10,000 
0.2
0.2
0.2
10,001-50,000 
1.1
1.1
1.1
50,001-1,000,000 
11.2
11.3
1.1
Over 1,000,000
86.2
85.9
96.1
1	
Includes Euroclear and ADR holdings.
  For more information on 
the Company’s share price, 
including historical closing 
prices and volumes, and an 
interactive share price graph, 
see the Investor Relations 
section on our website, 
www.astrazeneca.com.
229
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Shareholder information

The Directors’ Report includes information 
required to be given in accordance with the 
Companies Act 2006. 
Relevant information below, which is 
contained elsewhere in the Annual Report, 
is incorporated by cross reference herein. 
Subsidiaries and principal activities
The Company is the holding company 
for a group of subsidiaries whose principal 
activities are described in this Annual 
Report. The Group’s subsidiaries and their 
locations are set out in Group Subsidiaries 
and Holdings in the Financial Statements 
from page 214.
Branches and countries in which the 
Group conducts business 
In accordance with the Companies Act 
2006, we disclose below countries of our 
representative, scientific or branch offices 
outside of the UK, established through 
various subsidiaries of the Company:
Algeria, Angola, China, Costa Rica, Cuba, 
Denmark, Egypt, Georgia, Ghana, Jordan, 
Lebanon, Norway, Portugal, Romania, 
Russia, Saudi Arabia, Slovakia, Slovenia, 
Switzerland, Syria, Ukraine, United Arab 
Emirates, the US, Vietnam and Yemen.
Disclosure of information to auditors
The Directors who held office at the date of 
approval of this Annual Report confirm that, 
so far as they are each aware, there is no 
relevant audit information of which the 
Company’s auditors are unaware; and each 
Director has taken all the steps that he or 
she ought to have taken as a Director to 
make himself or herself aware of any 
relevant audit information and to establish 
that the Company’s auditors are aware of 
that information.
Going concern accounting basis 
Information on the business environment 
in which AstraZeneca operates, including 
the factors underpinning the industry’s 
future growth prospects, is included in 
the Strategic Report. Details of the product 
portfolio of the Group are contained in the 
Strategic Report (in the Therapy Area 
Review from page 16). For information 
on patent expiry dates for key marketed 
products, see the Patent Expiries of Key 
Marketed Products Supplement on our 
website, www.astrazeneca.com/
annualreport2024. Our approach to product 
development is covered in detail, with 
additional information by therapy area in 
the Strategic Report. For information on our 
development pipeline, see the Development 
Pipeline Supplement on our website, 
www.astrazeneca.com/annualreport2024.
The financial position of the Group, its cash 
flows, liquidity position and borrowing 
facilities are described in the Financial 
Review from page 67. In addition, Note 28 
to the Financial Statements from page 194 
includes the Group’s objectives, policies 
and processes for: managing capital; 
financial risk management objectives; 
details of its financial instruments and 
hedging activities; and its exposures to 
credit, market and liquidity risk. Further 
details of the Group’s cash balances and 
borrowings are included in Notes 17 and 19 
to the Financial Statements from page 178.
Having assessed the Principal Risks and 
other matters considered in connection 
with the Viability statement on page 63, 
the Board considers it appropriate to 
adopt the going concern basis of 
accounting in preparing the Annual 
Report and Financial Statements.
Shares
A shareholders’ resolution was passed at 
the 2024 AGM authorising the Company to 
purchase its own shares. The Company did 
not purchase any of its own shares in 2024. 
On 31 December 2024, the Company did 
not hold any shares in treasury.
Rights, preferences and restrictions 
attaching to shares
As at 31 December 2024, the Company had 
1,550,546,239 Ordinary Shares and 50,000 
Redeemable Preference Shares in issue. 
The Ordinary Shares represent 99.98% 
and the Redeemable Preference Shares 
represent 0.02% of the Company’s total 
share capital (these percentages have been 
calculated by reference to the 8am WM/
Reuters USD/GBP exchange rate on 
31 December 2024).
As agreed by the shareholders at the 
Company’s AGM held on 29 April 2010, 
the Articles of Association of the Company 
(the Articles) were amended with immediate 
effect to remove the requirement for the 
Company to have an authorised share 
capital, the concept of which was abolished 
under the Companies Act 2006. Each 
Ordinary Share carries the right to vote at 
general meetings of the Company. The 
rights and restrictions attaching to the 
Redeemable Preference Shares differ 
from those attaching to Ordinary Shares 
as follows: 
	
• The Redeemable Preference Shares 
carry no rights to receive dividends.
	
• The holders of Redeemable Preference 
Shares have no rights to receive notices 
of, attend or vote at general meetings, 
except in certain limited circumstances. 
They have one vote for every 50,000 
Redeemable Preference Shares held.
	
• On a distribution of assets of the 
Company, on a winding-up or other return 
of capital (subject to certain exceptions), 
the holders of Redeemable Preference 
Shares have priority over the holders of 
Ordinary Shares to receive the capital 
paid up on those shares.
	
• Subject to the provisions of the 
Companies Act 2006, the Company has 
the right to redeem the Redeemable 
Preference Shares at any time on giving 
not less than seven days’ written notice.
There are no specific restrictions on the 
transfer of shares in the Company, which 
is governed by the Articles and prevailing 
legislation.
The Company is not aware of any 
agreements between holders of shares that 
may result in restrictions on the transfer of 
shares or that may result in restrictions on 
voting rights. The Company is also not 
aware of any arrangements under which 
financial rights are held by a person other 
than the holder of the shares.
Action necessary to change the rights of 
shareholders
In order to vary the rights attached to any 
class of shares, the consent in writing of the 
holders of three quarters in nominal value 
of the issued shares of that class or the 
sanction of a special resolution passed at a 
general meeting of such holders is required.
Changes in share capital
Changes in the Company’s Ordinary 
Share capital during 2024, including details 
of the allotment of new shares under the 
Company’s share plans, are given in 
Note 24 to the Financial Statements from 
page 192.
Employee share trust ownership rights
The trustee of the AstraZeneca Employee 
Benefit Trust (the EBT, the Trustee) will not 
exercise voting rights attached to shares 
held in the EBT (Shares). Any decision as 
to acceptance or rejection of an offer for 
Shares subject to subsisting awards would 
be made by the Trustee, having regard to 
the interests of award holders.
There is a further employee benefit trust for 
the benefit of employees who are residents 
in Canada (the Canada EBT). The trustees of 
the Canada EBT will not exercise voting 
rights attached to shares held in the 
Canada EBT.
  For more information on 
shares, see Issued share 
capital, shareholdings and 
share prices on page 229.
230
AstraZeneca Annual Report & Form 20-F Information 2024
Additional Information
Directors’ Report

Distributions to shareholders – 
dividends for 2024
Details of our distribution policy are set out 
in the Financial Review from page 67 and 
Note 28 to the Financial Statements from 
page 194.
The Company’s dividend for 2024 of 
$3.10 (245.6 pence, 33.75 SEK) per 
Ordinary Share is estimated to amount to, 
in aggregate, a total dividend payment 
to shareholders of $4,806 million. Two 
employee share trusts, AstraZeneca EBT 
and AstraZeneca Share Trust Limited, 
waived their rights to a dividend on the 
Ordinary Shares they hold and instead 
received nominal dividends. A further 
employee share trust, the Canada EBT, 
waived its right to receive the first interim 
dividend of 2024 on the Ordinary Shares 
it held on the applicable record date.
Articles of Association
AstraZeneca PLC’s current Articles were 
adopted by shareholders at the Company’s 
AGM held on 27 April 2023. Any amendment 
to the Articles requires the approval of 
shareholders by a special resolution at a 
general meeting of the Company. 
Objects
The Company’s objects are unrestricted.
Directors
The Board has the authority to manage 
the business of the Company, for example, 
through powers to allot and repurchase 
its shares, subject where required to 
shareholder resolutions. Subject to certain 
exceptions, Directors do not have power to 
vote at Board meetings on matters in which 
they have a material interest.
The quorum for meetings of the Board is a 
majority of the full Board, of whom at least 
four must be Non-Executive Directors. In 
the absence of a quorum, the Directors do 
not have power to determine compensation 
arrangements for themselves or any 
member of the Board.
The Board may exercise all the powers of 
the Company to borrow money. Variation 
of these borrowing powers would require 
the passing of a special resolution of the 
Company’s shareholders.
All Directors must retire from office at the 
Company’s AGM each year and may present 
themselves for election or re-election. 
Directors are not prohibited, upon reaching 
a particular age, from submitting 
themselves for election or re-election.
General meetings
AGMs require 21 clear days’ notice to 
shareholders. Subject to the Companies 
Act 2006, other general meetings require 
14 clear days’ notice.
For all general meetings, a quorum of two 
shareholders present in person or by proxy, 
and entitled to vote on the business 
transacted, is required unless each of the 
two persons present is a corporate 
representative of the same corporation, 
or each of the two persons present is a 
proxy of the same shareholder.
Shareholders and their duly appointed 
proxies and corporate representatives are 
entitled to be admitted to general meetings.
Limitations on the rights to own shares
There are no limitations on the rights to 
own shares.
Major shareholdings
At 31 December 2024, the following persons had disclosed an interest in the issued Ordinary Share capital of the Company in accordance 
with the requirements of rules 5.1.2 or 5.1.5 of the UK Financial Conduct Authority’s (FCA) Disclosure Guidance and Transparency Rules.
Changes in the percentage ownerships disclosed by major shareholders are set out below. Major shareholders do not have different 
voting rights.
Number of Ordinary Shares disclosed as a percentage of issued share capital at:
Shareholder
Date of the latest
 disclosure to
the Company1
Number of  
Ordinary Shares 
disclosed
% as at the date of 
the latest
disclosure to 
the Company
31 December  
2022
31 December 
2023
31 December 
2024
31 January 
2025
BlackRock, Inc.
4 December 2009
100,885,181
6.96
6.51
6.51
6.51
6.51
Investor AB
3 April 2019
51,587,810
3.93
3.33
3.33
3.33
3.33
The Capital Group Companies, Inc.
17 July 2018
63,802,495
5.04
4.12
4.12
4.11
4.11
Wellington Management Group LLP2
21 July 2020
65,120,892
4.96
4.20
4.20
4.20
4.20
Wellington Management Company LLP2
21 July 2020
65,118,411
4.96
4.20
4.20
4.20
4.20
1	
Since the date of disclosure to the Company, the interest of any person listed above in Ordinary Shares may have increased or decreased. No requirement to notify the 
Company of any increase or decrease arises unless the holding passes a notifiable threshold in accordance with rules 5.1.2 or 5.1.5 of the UK FCA’s Disclosure Guidance and 
Transparency Rules.
2	 The Company was notified at the time of the disclosure that Wellington Management Company LLP was a subsidiary of Wellington Management Group LLP and that the 
shareholding percentage notified by Wellington Management Company LLP was included within the aggregate shareholding percentage notified by Wellington Management 
Group LLP.
So far as the Company is aware, no other person held a notifiable interest in the issued Ordinary Share capital of the Company. No changes 
to major shareholdings were disclosed to the Company between 31 December 2024 and 31 January 2025.
So far as the Company is aware, it is neither directly nor indirectly owned or controlled by one or more corporations or by any government.
The Company does not know of any arrangements, the operation of which might result in a change in the control of the Company.
231
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Directors’ Report

	
• Make donations to political parties or 
independent election candidates.
	
• Make donations to political organisations 
other than political parties.
	
• Incur political expenditure, up to an 
aggregate limit of $250,000.
Corporate political contributions in the US 
are permitted in defined circumstances 
under the First Amendment of the US 
Constitution and are subject to both federal 
and state laws and regulations. In 2024, the 
Group’s US legal entities made contributions 
amounting in aggregate to $1,156,800 
(2023: $1,687,650) to national political 
organisations, state-level political party 
committees and to campaign committees of 
various state candidates. No corporate 
political donations were made at the federal 
level and all contributions were made only 
where allowed by US federal and state law. 
We publicly disclose details of our 
corporate US political contributions, 
which can be found on our website, 
www.astrazeneca-us.com. 
The annual corporate contributions budget 
is reviewed and approved by the US VP, 
Corporate Affairs and the President of our 
US business to ensure robust governance 
and oversight. US citizens or individuals 
holding valid green cards exercised 
decision making over the contributions and 
the funds were not provided or reimbursed 
by any non-US legal entity. Such 
contributions do not constitute political 
donations or political expenditure for the 
purposes of the Companies Act 2006 and 
were made without any involvement of 
persons or entities outside the US.
Significant agreements
There are no significant agreements to 
which the Company is a party that take 
effect, alter or terminate on a change of 
control of the Company following a takeover 
bid. There are no persons with whom we 
have contractual or other arrangements, 
who are deemed by the Directors to be 
essential to our business.
Use of financial instruments 
The Notes to the Financial Statements, 
including Note 28 from page 194, 
include further information on our use 
of financial instruments.
Insurance and indemnities
The Company maintained directors’ and 
officers’ liability insurance cover throughout 
2024. The Directors are also able to obtain 
independent legal advice at the expense of 
the Company, as necessary, in their 
capacity as Directors.
Since 2006, the Company has entered into 
a deed of indemnity in favour of each Board 
member. These deeds of indemnity are still 
in force and provide that the Company shall 
indemnify the Directors to the fullest extent 
permitted by law and the Articles, in respect 
of all losses arising out of, or in connection 
with, the execution of their powers, duties 
and responsibilities as Directors of the 
Company or any of its subsidiaries. This is 
in line with current market practice and 
helps us attract and retain high-quality, 
skilled Directors.
Compliance requirements under UK 
Listing Rule 6.6.1
The only matter to report is the shareholder 
waiver of dividends on page 231.
Directors’ Report 
The Directors’ Report, which has been 
prepared in accordance with the 
requirements of the Companies Act 2006, 
comprises the following sections:
	
• Chair’s Statement
	
• Chief Executive Officer’s Review
	
• Therapy Area Review
	
• Business Review
	
• Risk Overview
	
• Financial Review: Financial risk 
management
	
• Corporate Governance: including the 
Corporate Governance Overview, 
Corporate Governance Report, 
Nomination and Governance Committee 
Report, Science Committee Report, 
Sustainability Committee Report and 
Audit Committee Report
	
• Directors’ responsibility statement
	
• Shareholder information
	
• Sustainability supplementary information
and has been approved by the Board and 
signed on its behalf.
On behalf of the Board
A C N Kemp
Company Secretary 
6 February 2025
Stakeholder engagement
The discussion on stakeholder engagement 
and the impact of these interactions is 
contained in Connecting with our 
stakeholders from page 94 and throughout 
the Strategic Report. This includes 
engagement with our employees, suppliers 
and other stakeholders, as well as the 
impact of our operations on the community 
and environment.
Information on how we encourage 
employee involvement in the Company’s 
performance is set out in People and 
Sustainability from page 47. Details of some 
of the employee share plans are described 
in the Directors’ Remuneration Report from 
page 112, and in Note 29 to the Financial 
Statements from page 201. All employees 
are provided with information on matters of 
concern to them through regular meetings 
and updates on the Group’s intranet and 
internal social media. ‘Townhall’ meetings 
and Q&A sessions are hosted regularly by 
members of senior management, including 
the SET, including global and targeted 
broadcasts on internal social media. During 
2024, these broadcasts provided updates 
on the business, including pipeline 
developments and strategic initiatives, as 
well as the Group’s response to global 
issues such as climate change. In addition, 
information about the Group’s quarterly 
results is shared with employees. These 
updates inform employees of the financial 
and economic factors which affect the 
performance of the Group. 
Political donations 
Neither the Company nor its subsidiaries 
made any EU political donations or incurred 
any EU political expenditure in 2024 and they 
do not intend to do so in the future in respect 
of which shareholder authority is required, 
or for which disclosure in this Annual Report 
is required, under the Companies Act 2006. 
However, to enable the Company and its 
subsidiaries to continue to support interest 
groups or lobbying organisations concerned 
with the review of government policy or law 
reform without inadvertently breaching the 
Companies Act 2006, which defines political 
donations and other political expenditure in 
broad terms, a resolution will be put to 
shareholders at the 2025 AGM, similar to 
that passed at the 2024 AGM, to authorise 
the Company and its subsidiaries to:
	
For more information on 	
	
dividend distributions, the AGM 	
	
and results announcements, 	
	
see Financial calendar on 	
	
page 228.
For more information on the 
Directors, see Board of 
Directors on pages 88 and 89.
232
AstraZeneca Annual Report & Form 20-F Information 2024
Additional Information
Directors’ Report continued

GHG reporting
We have reported on all the emission sources required under Streamlined Energy 
and Carbon Reporting (SECR). These sources fall within our Group Financial Statements. 
We do not have responsibility for any emission sources that are not included in our 
Group Financial Statements.
Global GHG emissions data for the period 1 January 2024 to 31 December 20241,2
Unit
2024
2023
2022
Baseline 
2015
Scope 1: Combustion of fuel and 
operation of facilities3 
Tonnes CO₂e
125,386
180,898
237,703
298,498
Scope 2 (Market-based): Electricity 
(net of market instruments), heat, 
steam and cooling purchased for 
own use4
Tonnes CO₂e
14,210
19,940
18,491
322,319
Scope 2 (Location-based): 
Electricity, heat, steam and cooling 
purchased for own use4
Tonnes CO₂e
217,026
183,332
180,403
266,372
Company’s chosen intensity 
measurement: Scope 1 + Scope 2 
(Market-based)
Tonnes CO₂e 
per million of 
Total Revenue
2.58
4.38
5.78
Total energy consumption5
Megawatt 
hours (MWh)
1,676,076
1,733,325
1,828,612
Unit
2024
2023
2022
Baseline 
2019
Scope 3 Total: Emissions from all 15 
GHG Protocol Scope 3 Categories6
Tonnes CO₂e
5,897,822
5,917,160
6,330,308
5,722,797
Scope 3 intensity measurement: 
Scope 3 emissions from all 15 GHG 
Protocol Scope 3 Categories 
Tonnes CO₂e 
per million of 
Total Revenue
109.07 
129.16 
142.73
1	
The Group reports GHG emissions in accordance with the World Resources Institute/World Business Council for 
Sustainable Development (WRI/WBCSD) Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard, 
Revised Edition (2015) and Corporate Value Chain (Scope 3), Accounting and Reporting Standard (2011). 
2	 Under the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 
2018, the Company needs to disclose what proportion of this figure relates to energy use in the UK and offshore area. 
For 2024, the proportion of total global energy and emissions originating from AstraZeneca’s UK and offshore area 
footprint were as follows: energy use 245,902 MWh (15%); Scope 1 site energy, non-energy and fleet emissions 
20,462 tCO2e (16%); Scope 2 site imported energy emissions using Market-based accounting 0 tCO2e (0%) and 
Scope 2 site imported energy emissions using Location‑based accounting 22,195 tCO2e (10%). In the period covered 
by the Annual Report, AstraZeneca has installed LED lighting, upgraded chillers, improved controls for heating, 
ventilation and air conditioning systems, maintained ISO 50001 certification at the Macclesfield facility, UK, and 
deployed electric vehicles across the commercial vehicle fleet.
3	 Included in this section are GHGs from direct fuel combustion, process and engineering emissions at our sites and 
from fuel use in our vehicle fleet. In 2024, 134,695 MWh of biomethane certificates have been purchased globally 
and accounted in our Scope 1 GHG reporting with a CO2 factor of zero. Accounting for this quantity of gas with fossil 
fuel CO2 factors equates to 24,595 tCO2e, we account for all non-CO2 emissions. The UK accounted for 34,431 MWh 
of biomethane and 6,285 tCO2e. In the UK, Renewable Gas Guarantees of Origin for biomethane are retired through 
the Green Gas Certification Scheme. In the US, Renewable Thermal Certificates are tracked via the Midwest 
Renewable Energy Tracking System.
4	 GHGs from imported electricity are calculated using the GHG Protocol Scope 2 Guidance (January 2015) requiring 
dual reporting using two emissions factors for each site – Market-based and Location-based. Our corporate 
emissions reporting and targets follow the Market-based approach. Emission factors for electricity have been derived 
from the International Energy Agency, US Environmental Protection Agency eGRID, US Green-e and the Association 
of Issuing Bodies databases. 
5	 The aggregate of: (i) the annual quantity of energy consumed from activities for which the Company is responsible, 
including the combustion of fuel at a facility; (ii) the annual quantity of energy consumed resulting from the purchase 
of electricity, heat, steam or cooling by the Company for its own use; (iii) the combustion of fuel from the commercial 
operation of vehicle fleet; and (iv) the annual quantity of energy consumed resulting from the purchase of electricity 
to operate Electric Vehicles (EVs) as part of the commercial vehicle fleet.
6	 Regular data review is carried out to ensure accuracy, consistency and reflect major business change, which has led 
to changes to reported figures in data in previous years. Key changes include (i) from 2023, Scope 3 Category 1,2,4 
and 6 – AstraZeneca has changed the source of procurement spend data and classification of spend, which impacts 
emissions that are calculated from it (secondary data). In addition, AstraZeneca has integrated the latest version of 
Comprehensive Environmental Data Archive (CEDA) emission factors to 2023 data, which reflect decarbonisation that 
occurred between 2018 and 2022; (ii) Scope 3 Category 6 – AstraZeneca has identified air travel data that originated 
outside its primary travel provider. This data has been incorporated back to the 2019 baseline year; (iii) Scope 3 
Category 11 – AstraZeneca has revised prior period manufacture volumes (2022 and 2023) to align with current 
reporting methodology. For further information, see our GHG Reporting Methodology document which can be found 
on www.astrazeneca.com/sustainability/resources.html. 
External assurance
Bureau Veritas has provided independent 
external assurance to a limited level on the 
following sustainability information 
contained within this Annual Report:
	
• Positively impacting people, society and 
the planet, see page 6.
	
• Science and Innovation, Key 
Performance Indicators, see page 13
	
• People and Sustainability, including 
2024 developments and Key 
Performance Indicators, see page 15. 
	
• Sustainable innovation, see page 37.
	
• Patient safety and product quality, see 
page 38.
	
• Business conduct, see pages 42 and 43.
	
• Cybersecurity and data privacy, see 
page 45.
	
• People and Sustainability, Summary and 
performance indicators, see page 47.
	
• Human rights, see page 48.
	
• Workforce safety and health, see 
page 48.
	
• Talent attraction and retention, see 
pages 49 and 50.
	
• Sustainability, see page 51.
	
• Accessible and affordable healthcare, 
see page 52.
	
• Climate change, see pages 53 to 57.
	
• Pollution, see page 58.
	
• Disclosure Statements, including Our 
approach to sustainability reporting, UK 
statutory sustainability reporting, 
EU Corporate Sustainability Reporting 
Directive and EU Taxonomy Disclosure, 
see pages 59 to 62.
	
• Supplementary information, including 
GHG reporting, see this page, Material 
sustainability metrics definitions, see 
pages 234 and 235, Climate risk 
scenarios, see page 236 and EU 
Taxonomy templates, see pages 237 
and 238.
BV   Used throughout this Annual Report 
to denote the sustainability 
information listed above, which has 
been independently assured by 
Bureau Veritas.
   Material sustainability metrics 
independently assured by 
Bureau Veritas.
Based on the evidence provided and 
subject to the scope, objectives and 
limitations defined in the Assurance 
Report by Bureau Veritas, nothing has 
come to the attention of Bureau Veritas 
causing them to believe that the 
sustainability information contained within 
this Annual Report is materially misstated. 
Bureau Veritas is a professional services 
company that has a long history of 
providing independent assurance services 
in environmental, health, safety, social and 
ethical management and disclosure. 
The Assurance Report, which includes 
Bureau Veritas’ scope of work, standard 
used, overall opinion, and limitations and 
exclusions, is available on our website, 
www.astrazeneca.com/sustainability/
resources.html.
       For more information, see 	
	
Climate change from 
	
page 53. 
233
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Sustainability supplementary information
Sustainability supplementary information BV 

Material sustainability metrics definitions
Definitions and methodology of quantitative metrics used to track the effectiveness of our actions related to managing our material 
sustainability topics are detailed below. The metrics cover the Group, unless otherwise stated, and are subject to limited assurance 
by Bureau Veritas. 
Of the 16 sustainability metrics, three are Key Performance Indicators:
	
• Number of pipeline progression events 
	
• Number of regulatory events 
	
• Employee belief that AstraZeneca is a great place to work. 
 
Sustainability topic
Metric
Definitions and calculations (if applicable)
Methodology
Sustainable 
innovation  
See page 37 
Number of new molecular entities 
(NMEs) approvals (cumulative)
‘NME approvals’ refers to medicines approved since October 
2022 to meet our Ambition 2030.
Data is collected via a monthly 
reporting process, captured 
on AstraZeneca’s project 
planning and forecasting tool, 
and maintained by the Global 
Portfolio and Project 
Management team.
Number of pipeline progression 
events  
‘Pipeline progression events’ refers to Phase II NME starts/ 
progressions and Phase III investment decisions. 
Number of regulatory events 
‘Regulatory events’ refers to submissions or approvals for our 
medicines in major markets. 
Patient 
safety and 
product 
quality  
See page 38
Number of inspections from all 
health authorities relating to Good 
Manufacturing Practice (GMP)
‘Health authorities’ refers to government agencies that are 
responsible for protecting and promoting public health 
through the supervision of pharmaceutical products. 
‘Inspections’ refers to assessments of manufacturing facilities 
and processes for regulated products to verify compliance 
with relevant regulations, by health authorities.
‘Good Manufacturing Practice’ (GMP) is part of a quality 
management system which ensures that products are 
consistently produced and controlled to the quality standards 
appropriate to their intended use and as required by the 
marketing authorisation. This covers commercial product 
manufacture and marketing companies’ Good Distribution 
Practice (GDP), products in development going into clinical 
trials and device manufacturing.
Inspection is counted once closed and observations have 
been received.
Data is captured on an internal 
quality management system 
by the Operations Quality 
Assurance team.
Number of critical findings from 
health authorities relating to GMP
‘Critical findings‘ are deficiencies with GMP reported by 
health authorities, that provide an immediate and significant 
risk to patient safety. A ‘critical finding‘ can also be a 
combination or repetition of major findings that indicate a 
critical failure of GMP. 
Number of product recalls 
‘Recalls’ can be initiated at various levels:
	
• Level 1 is at wholesale level 
	
• Level 2 is at pharmacy/hospital level 
	
• Level 3 is at patient level. 
Cyber-
security and 
data privacy  
See page 45
Number of material cybersecurity 
incidents 
A ‘material cybersecurity incident’ is defined as  
material unauthorised access, disclosure or disruption of 
information systems of data that significantly impacts the 
confidentiality, integrity or availability of critical assets, 
operations or stakeholders. 
Data is collected through 
incident reports, security logs 
and continuous monitoring 
tools. Designated 
cybersecurity and data privacy 
members are responsible for 
data collection. 
Number of material security 
breaches involving personal data
‘Material security breaches’ refers to material unauthorised 
access to personal data. A reported breach alone does not 
constitute a material breach.
	
For more information on our 	
	
Key Performance Indicators, 	
	
see pages 12 to 15. 
For more information on 
required disclosures under UK 
Streamlined Energy and 
Carbon Reporting, see 
page 233.
234
AstraZeneca Annual Report & Form 20-F Information 2024
Additional Information
Sustainability supplementary information continued BV 

Sustainability topic
Metric
Definitions and calculations (if applicable)
Methodology
Talent 
attraction 
and retention 
See from 
page 49
Employee belief that AstraZeneca 
is a great place to work (%)
‘Employee belief’ refers to the positive response (agree and 
tend to agree) to each respective statement in our annual 
employee opinion survey, Pulse. 
Calculation: Total number of responses that either agree or 
tend to agree divided by total number of responses, then 
multiplied by 100.
Data is captured annually 
through our Pulse survey 
conducted by HR and shared 
Company-wide. 
Employee belief that in the last 
12 months, I have improved my 
existing skills, or learned new 
skills, or had a development 
opportunity (%)
Employee overall promotion 
rate (%) 
‘Promotion’ refers to when an employee advances to a 
position that is classified at a higher grade. 
Calculation: Total number of promotions made during the 
reporting year divided by the average permanent headcount 
across those 12 months, then multiplied by 100. 
Data is captured in the HR data 
insights dashboard by our 
Workforce Insights and 
Analytics team. The dashboard 
uses data automatically pulled 
through from our HR data 
management systems.
Employee turnover (%) 
‘Employee turnover’ refers to the exit of a permanent 
employee, including those leaving on a voluntary or 
involuntary basis.  
Calculation: Total number of permanent exits (voluntary or 
involuntary) in the reporting year divided by the average 
permanent headcount across those 12 months, then multiplied 
by 100. 
Climate 
change 
See from 
page 53
Gross Scope 1 and 2 
(Market‑based) GHG emissions  
(tonnes CO2e)
This is the combined Scope 1 and Scope 2 (Market-based) 
GHG emissions during the reporting period.
‘Scope 1 GHG emissions‘ are direct emissions that occur from 
sources that are controlled or owned by AstraZeneca.
‘Scope 2 GHG emissions‘ are indirect emissions from the 
generation of purchased energy consumed by AstraZeneca, 
and includes electricity and imported steam, imported or 
district heat and cooling systems.
‘Market-based‘ refers to factors that are more specific to the 
site and local energy market, taking account of the residual 
energy mix and any certified renewable power purchased by 
a site.
Data is captured through the 
centralised Safety, Health and 
Environmental reporting 
system with consumption data 
multiplied by relevant GHG 
emission factors in 
accordance with the 
Greenhouse Gas Protocol: 
A Corporate Accounting and 
Reporting Standard, Revised 
Edition (2015). 
Gross Scope 3 GHG emissions 
(tonnes CO2e)
‘Scope 3 GHG emissions‘ are all indirect emissions 
(not included in Scope 2) that occur in the value chain 
of AstraZeneca, including both upstream and 
downstream emissions.
Data for Scope 3 is 
captured from multiple 
sources and consolidated into 
the 15 categories of Scope 3 
according to the Greenhouse 
Gas Protocol: Corporate Value 
Chain (Scope 3), Accounting 
and Reporting Standard (2011).
Scope 1 and 2 (Market-based) 
GHG emissions intensity (tonnes 
CO2e per million of Total Revenue)
Scope 1 and 2 intensity metric normalises the Scope 1 and 2 
(Market-based) GHG footprint relative to revenue. 
Calculation: Gross Scope 1 and 2 (Market-based) GHG 
emissions divided by Total Revenue.
Data is captured through 
the centralised Safety, 
Health and Environmental 
reporting system. 
Share of primary activity data in 
Scope 3 reporting (%)
‘Primary data‘ is data from specific activities within 
AstraZeneca’s value chain. 
  
‘Secondary data‘ is data that is not from specific activities 
within AstraZeneca’s value chain.
Calculation: Scope 3 GHG emissions from primary data 
divided by total Scope 3 GHG emissions.
For further information, see our GHG Reporting Methodology 
document which can be found on www.astrazeneca.com/
sustainability/resources.html. 
Supplier data is captured 
through several supplier 
and third-party systems, 
including CDP.
235
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Corporate Governance
Additional Information
Financial Statements
Strategic Report
Sustainability supplementary information

Climate risk scenarios
To assess the potential impacts of climate change on our business, we have used the scenarios listed below. 
Physical risks and temperature scenarios by 2100
Physical climate system conditions represented in the scenario analysis below are based on a set of assumptions about driving forces 
(such as demographic and socio-economic development, policymaking, technological change, energy and land use) and their key 
relationships that correlate with how the emission pathways impact elements of society or ecosystems.
Scenario1
Description
Key forces and drivers included in the scenario
Low emission scenario, 
+1.8°C (SSP1-RCP2.6)
This scenario lays out a pathway and 
emissions trajectory that is aligned with 
the objectives of the Paris Agreement to 
limit global warming to well below 2°C, 
preferably to 1.5°C, by 2100, compared 
with pre-industrial levels.
This scenario assumes a rapid transition to a low-carbon economy, reducing 
the risk of extreme climate change and its potential hazards (such as sea 
level rise, increasing temperatures, extreme weather conditions and loss 
of biodiversity).
This is the main scenario used to review climate hazards for our suppliers. 
Current trajectory scenario, 
+2.7°C (SSP2-RCP4.5)
This is an intermediate scenario with 
emissions peaking in 2040 and falling 
rapidly thereafter until 2080. Deemed to 
be the ‘most likely’ scenario.
In this scenario, the Paris Agreement of keeping temperature increases 
‘well below 2°C above pre-industrial levels‘ is breached. This scenario leads 
to an increase in the frequency and intensity of extreme weather events, 
rising sea levels, loss of biodiversity and other negative consequences of 
climate change. 
This scenario model assumes a degree of adaptation and mitigation 
of emissions, which helps mitigate some hazards compared to more 
high-risk scenarios.
As a scenario with high likelihood, metrics to quantify exposure to hazards 
in this scenario are shared externally for our sites where deep-dive risk 
assessments have been completed. 
High emission scenario, 
+4.4°C (SSP5-RCP8.5)
This is a worst-case scenario consistent 
with no policy changes to reduce 
emissions, where CO2 concentrations in 
the atmosphere are approximately 
doubled by 2050 and continue to 
increase until 2100.
The dangers of a significant and rapid increase in the global average 
temperature leads to extreme climate conditions, such as severe warming, 
sea level rise, loss of ice masses, changes in precipitation patterns and 
increased risk of extreme weather events. This scenario also implies a 
high degree of impact on ecosystems and communities, including loss of 
biodiversity, altered habitats and disruption of community infrastructure. 
It is the most extreme scenario in terms of climate change. 
Metrics to quantify exposure to hazards in this scenario are used in 
deep-dive risks assessments for certain sites to pressure test how effective 
existing mitigations will be in 2030 and 2050. For new projects, data 
modelling is used for the full life-cycle of an asset. 
1	
Key inputs and constraints of the scenarios: In the three scenarios, the main metrics considered to quantify hazards are: heat, cold, fire, flood, wind, convective storms, water scarcity and water quality. Flood depth 
estimates assume no existing flood defences.
Transition risks and opportunities scenarios used
Scenario2
Description
Key forces and drivers included in the scenario
1.7°C (International Energy Agency’s 
World Energy Outlook (IEA WEO) 
Announced Pledges Scenario (APS) – 
equivalent to RCP2.6)
The IEA WEO APS was used as the primary 
low-carbon future scenario. As a ‘well below 2°C’ 
pathway, the APS represents a gateway to the 
outcomes targeted by the Paris Agreement. 
The APS assumes that governments will meet, in full 
and on time, all the climate-related commitments they 
have announced, including longer-term net-zero 
emissions targets and pledges in Nationally 
Determined Contributions.
1.	 Widespread policy implementation
2.	 Technological advancements
3.	 Significant emissions reductions.
1.5°C (IEA WEO Net-Zero Emissions 
by 2050 scenario (NZE) – equivalent 
to RCP1.9)
The IEA WEO NZE is a normative IEA scenario that 
shows a narrow but achievable pathway for the 
global energy sector to achieve net-zero CO2 
emissions by 2050, with advanced economies 
reaching NZE in advance of others.
1.	 Significant low-carbon investment and 
policy implementation
2.	 Rapid decarbonisation 
3.	 Extensive increases in energy efficiency.
2.4°C (IEA WEO Stated Policies Scenario 
– (STEPS) – equivalent to RCP4.5)
The IEA WEO STEPS provides a more conservative 
benchmark for the future because it does not take 
for granted that governments will reach all 
announced goals.
1.	 Current policy implementation 
2.	 Energy demand growth
3.	 Widespread fossil fuel use
4.	 Technological developments.
2	
Key inputs and constraints of the scenarios: The three scenarios are used for projections of energy cost, forecasting of carbon price, change in raw material costs and supply-demand of renewable energy to see how 
those will relate to our roadmap to net-zero GHG emissions and impact our transition risks and opportunities, and cost of goods and profits.
236
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Additional Information
Sustainability supplementary information continued BV

EU Taxonomy templates
Revenue
2024
Substantial contribution criteria
DNSH criteria 
(’Do No Significant Harm’)
Economic Activities
Code
Revenue
Proportion of Revenue
Climate Change Mitigation
Climate Change Adaptation
Water
Pollution
Circular Economy
Biodiversity
Climate Change Mitigation
Climate Change Adaptation
Water
Pollution
Circular Economy
Biodiversity
Minimum Safeguards
Proportion of Taxonomy-aligned 
(A.1.) or eligible (A.2.) Revenue 2023
Category enabling activity
Category transitional activity
$m
%
Y;N; 
EL;  
N/EL1
Y;N; 
EL;  
N/EL
Y;N; 
EL;  
N/EL
Y;N; 
EL;  
N/EL
Y;N; 
EL;  
N/EL
Y;N; 
EL;  
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) 
Manufacture of medicinal products
PPC 1.2
51,861
96
N/EL
N/EL
N/EL
EL
N/EL
N/EL
96² 
Revenue of Taxonomy-eligible but not environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2.)
51,861
96
0%
0%
0%
96%
0%
0%
96
A. Revenue of Taxonomy-eligible activities (A.1.+A.2.)
51,861
96
0%
0%
0%
96%
0%
0%
96
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Revenue of Taxonomy-non-eligible activities
2,212
4
Total
54,073
100
Capex
2024
Substantial contribution criteria
DNSH criteria 
(‘Do No Significant Harm’)
Economic Activities
Code
Capex 
Proportion of Capex
Climate Change Mitigation 
Climate Change Adaptation 
Water 
Pollution
Circular Economy 
Biodiversity 
Climate Change Mitigation
Climate Change Adaptation 
Water 
Pollution
Circular Economy 
Biodiversity
Minimum Safeguards
Proportion of Taxonomy-aligned 
(A.1.) or eligible (A.2.) Capex, 2023
Category enabling activity
Category transitional activity
$m
%
Y;N; 
EL; 
N/EL
Y;N; 
EL; 
N/EL
Y;N; 
EL; 
N/EL
Y;N; 
EL; 
N/EL
Y;N; 
EL; 
N/EL
Y;N; 
EL; 
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Renovation of existing buildings
CCM 7.2/CCA 7.2/
CE 3.2
 137 
 2 
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0
E
Capex of environmentally sustainable activities 
(Taxonomy-aligned) (A.1.)
 137 
 2 
2%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
0
Of which Enabling
 137 
 2 
2%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
0
E
Of which Transitional
 0 
 0 
0
T
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Manufacture of medicinal products
PPC 1.2
 5,244 
 68 
N/EL
N/EL
N/EL
EL
N/EL
N/EL
65
Construction of new buildings
CCM 7.1/CCA 7.1/
CE 3.1
 542 
 7 
EL
EL
N/EL
N/EL
EL
N/EL
6
Acquisition and ownership of buildings
CCM 7.7/CCA 7.7
 352 
 5 
EL
EL
N/EL
N/EL
N/EL
N/EL
5
Renovation of existing buildings
CCM 7.2/CCA 7.2/
CE 3.2
 167 
 2 
EL
EL
N/EL
N/EL
EL
N/EL
2
Transport by motorbikes, passenger cars 
and light commercial vehicles
CCM 6.5/CCA 6.5
 342 
 4 
EL
EL
N/EL
N/EL
N/EL
N/EL
4
Capex of Taxonomy-eligible but not environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2.)
 6,647 
 86 
A. Capex of Taxonomy-eligible activities (A.1.+A.2.)
 6,784 
 88 
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities
 971 
 12 
Total
 7,755 
 100 
1	
EL – Taxonomy-eligible activity for the relevant environmental objective. N/EL – Taxonomy-non-eligible activity for the relevant environmental objective. Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity 
with the relevant environmental objective. N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective.
2	 Revised (previously: 100%) to reflect eligible revenue being the Group’s Product Sales and sales milestones within Collaboration Revenue. 
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EU Taxonomy templates continued
Opex
2024
Substantial contribution criteria
DNSH criteria 
(‘Do No Significant Harm’)
Economic Activities
Code
Opex
Proportion of Opex
Climate Change Mitigation 
Climate Change Adaptation 
Water 
Pollution
Circular Economy 
Biodiversity 
Climate Change Mitigation
Climate Change Adaptation 
Water 
Pollution
Circular Economy 
Biodiversity
Minimum Safeguards
Proportion of Taxonomy-aligned 
(A.1.) or eligible (A.2.) Opex, 2023
Category enabling activity
Category transitional activity
$m
%
Y; N;  
EL;
N/EL1
Y; N;
EL;  
N/EL
Y; N;
EL;  
N/EL
Y; N;
EL;  
N/EL
Y; N;
EL; 
N/EL
Y; N;
EL;  
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Manufacture of medicinal products
PPC 1.2
2,016
14
N/EL
N/EL
N/EL
EL
N/EL
N/EL
142
Renovation of existing buildings
CCM 7.2/CCA 7.2/
CE 3.2
541
4
EL
EL
N/EL
N/EL
EL
N/EL
3
A. Opex of Taxonomy-eligible activities (A.1.+A.2.)
2,557
18
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Opex of Taxonomy-non-eligible activities
11,573
82
Total
14,130
100
1	
EL – Taxonomy-eligible activity for the relevant environmental objective. N/EL – Taxonomy-non-eligible activity for the relevant environmental objective. Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity 
with the relevant environmental objective. N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective. 
2	 Revised (previously: 96%), to reflect eligible R&D expenses associated with functional areas which are involved directly in the manufacture and procurement of medicinal products.
238
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Additional Information
Sustainability supplementary information continued BV

AstraZeneca, the AstraZeneca logotype, and the AstraZeneca symbol are all trade marks of the Group.
The following medicine names which appear in italics in this Annual Report are trade marks of the Group:
Trade mark
Airsupra
Faslodex
Ondexxya
Symlin
Andexxa
Fluenz
Onglyza
Synagis4
Bevespi Aerosphere
FluMist
Orpathys
Tagrisso
Breztri
Forxiga
Plendil2
Toprol-XL
Breztri Aerosphere
Imfinzi
Prilosec
Trixeo
Brilinta
Imjudo
Pulmicort
Trixeo Aerosphere
Brilique
Kanuma
Pulmicort Flexhaler 
Truqap
Bydureon
Kavigale
Qtern
Ultomiris
Calquence
Kombiglyze
Saphnelo
Vaxzevria
Crestor
Koselugo
Seloken
Voydeya
Daliresp
Losec1
Seroquel3
Wainua
Daxas
Lokelma
Seroquel XR3
Wainzua
Evusheld
Lynparza
Soliris
Xigduo
Farxiga
Movantik
Strensiq
Zoladex
Fasenra
Nexium
Symbicort
1	
AstraZeneca divested certain trademark rights to Cheplapharm effective 30 September 2019. AstraZeneca retains rights in a limited number of countries.
2	 Effective 18 May 2022, AstraZeneca divested Plendil in 35 markets to Glenwood.
3 	 AstraZeneca divested certain trademark rights to Cheplapharm effective 13 December 2019 and other trademark rights to Luye effective 14 July 2021. AstraZeneca retains rights 
in a limited number of other countries.
4	 Effective 25 January 2019, AstraZeneca sold its rights to Synagis in the US to Sobi. AbbVie Inc. transferred its ownership rights to this trademark to MedImmune LLC, effective 
1 July 2021. 
The following medicine names, which appear in italics in this Annual Report, are trade marks licensed to the Group by the entities set 
out below:
Trade mark
Licensor or Owner
Beyfortus
Sanofi Pasteur Inc.
Datroway
Daiichi Sankyo Company, Limited
Duaklir
Almirall, S.A.
Enhertu
Daiichi Sankyo Company, Limited
Tezspire
Amgen Inc.
Tudorza 
Almirall, S.A.
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Financial Statements
Strategic Report
Trade Marks
Trade Marks

Market definitions1
Region
Country
US
US
Europe
Austria*
Finland
Italy
Portugal
UK
Belgium
France
Latvia*
Romania
Bulgaria
Germany
Lithuania*
Serbia and Montenegro*
Croatia
Greece
Luxembourg*
Slovakia*
Cyprus*
Hungary
Malta*
Slovenia*
Czech Republic
Iceland*
Netherlands 
Spain
Denmark
Ireland
Norway
Sweden
Estonia*
Israel*
Poland
Switzerland
Established RoW
Australia
Canada
Japan
New Zealand*
Emerging Markets
Algeria
Costa Rica
Kuwait
Philippines
United Arab Emirates
Argentina
Dominican Republic
Lebanon
Qatar*
Uruguay*
Aruba*
Ecuador*
Libya*
Russia
Uzbekistan*
Bahamas*
Egypt
Malaysia 
Saudi Arabia
Venezuela*
Bahrain*
El Salvador
Maldives*
Singapore 
Vietnam
Barbados*
Georgia*
Mexico
South Africa
Yemen*
Belarus*
Guatemala
Moldova*
South Korea 
Bermuda*
Honduras
Mongolia*
Sri Lanka
Brazil
Hong Kong
Morocco
Sudan*
Brunei*
India 
Nicaragua
Syria*
Cambodia*
Indonesia 
Oman*
Taiwan
Chile
Iran*
Other Africa2
Thailand 
Cayman Islands*
Iraq*
Pakistan*
Trinidad and Tobago*
China
Jamaica*
Palestine*
Tunisia*
Cuba*
Jordan
Panama
Turkey
Colombia
Kazakhstan
Peru
Ukraine 
*	
Q3 2024 IQVIA and IQVIA Midas Quantum Q3 2024 data are not available or AstraZeneca does not subscribe for IQVIA quarterly data for these countries. 
1	
The above table is not an exhaustive list of all the countries in which AstraZeneca operates and excludes countries with revenue in 2024 of less than $1 million.
2	 Other Africa includes Angola, Botswana, Ethiopia, Ghana, Kenya, Mauritius, Mozambique, Namibia, Nigeria, Eswatini, Tanzania, Uganda, Zambia and Zimbabwe.
US equivalents
Terms used in this Annual Report
US equivalent or brief description
Accruals 
Accrued expenses 
Called-up share capital 
Issued share capital 
Earnings 
Net income 
Employee share schemes 
Employee stock benefit plans 
Fixed asset investments 
Non-current investments 
Freehold 
Ownership with absolute rights in perpetuity 
Loans 
Long-term debt 
Prepayments 
Prepaid expenses 
Profit 
Income 
Share premium account 
Additional paid-in capital or paid-in surplus (not distributable) 
Short-term investments
Redeemable securities and short-term deposits
Trade payables 
Accounts payable
Trade receivables
Accounts receivable
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Additional Information
Glossary

CKD – chronic kidney disease.
CLDN 18.2 – a positive therapeutic target in gastric cancer.
CLL – chronic lymphocytic leukaemia.
Company or Parent Company – AstraZeneca PLC (formerly Zeneca 
Group PLC (Zeneca)).
COPD – chronic obstructive pulmonary disease. 
CRT – chemoradiotherapy.
CSPC – CSPC Pharmaceutical Group Ltd.
CSRD – Corporate Sustainability Reporting Directive.
CTLA-4 – cytotoxic T-lymphocyte-associated antigen-4.
CV – cardiovascular.
CVRM – Cardiovascular, Renal & Metabolism.
Daiichi Sankyo – Daiichi Sankyo, Inc. or a company within the 
Daiichi Sankyo group of companies.
Director – a director of the Company.
dMMR – deficient mismatch repair.
DTR – UK Disclosure Guidance and Transparency Rules.
EBITDA – Reported Profit before tax plus net finance expense, 
share of after tax losses of joint ventures and associates and 
charges for depreciation, amortisation and impairment.
EFPIA – European Federation of Pharmaceutical Industries and 
Associations.
EGFR – epidermal growth factor receptor.
EGFRm – EGFR-mutated. 
EMA – European Medicines Agency. 
EPS – earnings per share: profit for the year after tax and 
non-controlling interests, divided by the weighted average 
number of Ordinary Shares in issue during the year.
ESG – environmental, social and governance.
ESMO – European Society for Medical Oncology.
EVP – Executive Vice-President. 
EU – the European Union.
F-gas – fluorinated greenhouse gases include: hydrofluorocarbons 
(HFCs), perfluorocarbons (PFCs) and sulphur hexafluoride (SF6).
FDA – the US Food and Drug Administration, which is part of the 
US Department of Health and Human Services Agency, which is the 
regulatory authority for all pharmaceuticals (including biologics and 
vaccines) and medical devices in the US.
FRC – the UK Financial Reporting Council. 
Fusion – Fusion Pharmaceuticals Inc.
FX – foreign exchange.
GAAP – Generally Accepted Accounting Principles.
gBRCAm – germline BRCA1/2 mutations.
GHG – greenhouse gas.
GIA – the Group’s Internal Audit function.
gMG – generalised myasthenia gravis.
Gracell – Gracell Biotechnologies Inc.
Group – AstraZeneca PLC and its subsidiaries.
GSK – GSK plc.
GWP – Global Warming Potential.
The following abbreviations and expressions have the meanings 
given below when used in this Annual Report:
Acerta Pharma – Acerta Pharma B.V.
ACS – acute coronary syndromes.
ADC(s) – antibody drug conjugate(s).
ADRs – American Depositary Receipts.
ADSs – American Depositary Shares.
AGM – Annual General Meeting of the Company.
AI – artificial intelligence.
AI Hallucination – when an AI produces false or misleading 
information. 
AKT1 – serine/threonine protein kinase 1.
Alexion – Alexion Pharmaceuticals, Inc.
ALK – anaplastic lymphoma kinase. 
Amgen – Amgen Inc. 
Amolyt Pharma – Amolyt Pharma SAS.
Annual Report – this Annual Report and Form 20-F 
Information 2024.
API – active pharmaceutical ingredient.
Articles – the Articles of Association of the Company.
ASCO – American Society of Clinical Oncology.
Astra – Astra AB, being the company with whom the Company 
merged in 1999. 
AstraZeneca – the Company and its subsidiaries.
ATTR – transthyretin amyloidosis.
ATTR-CM – transthyretin-mediated amyloid cardiomyopathy.
ATTRv – hereditary transthyretin-mediated amyloidosis.
ATTRv-PN – hereditary transthyretin-mediated amyloidosis 
with polyneuropathy.
biologic(s) or biologic medicine(s) – a class of drugs that are 
produced in living cells.
BMS – Bristol-Myers Squibb Company.
Board – the Board of Directors of the Company.
BRCA – BReast CAncer gene. 
BRCAm – BRCA-mutated. 
BTC – biliary tract cancer.
Bureau Veritas – Bureau Veritas UK Limited.
Capex – capital expenditure. 
CAR-T – therapeutic chimeric antigen receptor.
CDP (formerly the Carbon Disclosure Project) – a not-for-profit 
organisation that runs the global disclosure system for investors, 
companies, cities, states and regions to manage their 
environmental impacts.
Cellectis – Cellectis S.A.
CEO – the Chief Executive Officer of the Company.
CER – constant exchange rates.
CFO – the Chief Financial Officer of the Company.
Cheplapharm – Cheplapharm Arzneimittel GmbH.
CinCor – CinCor Pharma, Inc.
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Glossary

NSCLC – non-small cell lung cancer.
NT-proBNP - N-terminal pro B-type natriuretic peptide.
oPCSK9 – oral proprotein convertase subtilisin/kexin type 9.
Operating profit – Total Revenue, less cost of sales, less operating 
costs, plus operating income.
Opex – operating expenditure. 
Ordinary Share – an ordinary share of $0.25 each in the share 
capital of the Company.
Orphan Drug – a drug that has been approved for use in a 
relatively low-incidence indication (an orphan indication) and 
has been rewarded with a period of market exclusivity; the period 
of exclusivity and the available orphan indications vary between 
markets.
OS – overall survival.
PAAGR – post Alexion Acquisition Group Review.
Paediatric Exclusivity – in the US, a six-month period of exclusivity 
to market a drug which is awarded by the FDA in return for certain 
paediatric clinical studies using that drug. This six-month period 
runs from the date of relevant patent expiry. Analogous provisions 
are available in certain other territories (such as European 
Supplementary Protection Certificate paediatric extensions). 
PARP – an oral poly (ADP-ribose) polymerase.
PD-1 – programmed cell death protein 1.
PD-L1 – an anti-programmed death-ligand 1.
Pfizer – Pfizer, Inc.
PFS – progression-free survival. The length of time during and after 
the treatment of a disease, such as cancer, that a patient lives with 
the disease without it getting worse.
Phase I – the phase of clinical research where a new drug or 
treatment is tested in small groups of people (20 to 80) to check 
that the drug can achieve appropriate concentrations in the body, 
determine a safe dosage range and identify side effects. This phase 
includes healthy volunteer studies.
Phase II – the phase of clinical research which includes the 
controlled clinical activities conducted to evaluate the effectiveness 
of the drug in patients with the disease under study and to begin to 
determine the safety profile of the drug. Phase II studies are 
typically conducted in small- or medium-sized groups of patients 
and can be divided into Phase IIa studies, which tend to be 
designed to assess dosing requirements, and Phase IIb studies, 
which tend to assess safety and efficacy.
Phase III – the phase of clinical research which is performed to 
gather additional information about effectiveness and safety of the 
drug, often in a comparative setting, to evaluate the overall benefit/
risk profile of the drug. Phase III studies usually include between 
several hundred and several thousand patients.
PIK3CA – phosphatidylinositol-4,5-bisphosphate 3-kinase, catalytic 
subunit alpha.
pMDI – pressurised metered-dose inhaler.
pMMR – proficient mismatch repair.
PNH – paroxysmal nocturnal haemoglobinuria.
pound sterling, £, GBP or pence – references to the currency of the UK.
primary care – general healthcare provided by physicians who 
ordinarily have first contact with patients and who may have 
continuing care for them.
Product Sales Gross Margin – the margin, as a percentage, by 
which sales exceed the cost of sales, calculated by dividing the 
difference between the two by the sales figure.
HCC – hepatocellular carcinoma.
HER2 – human epidermal growth factor receptor 2.
HF – heart failure.
HK – hyperkalaemia.
hMPV – human metapneumovirus.
HRD – homologous recombination repair deficiency.
HRR – homologous recombination repair.
IAS – International Accounting Standards.
IASB – International Accounting Standards Board.
Icosavax – Icosavax, Inc.
IFRS – International Financial Reporting Standards or International 
Financial Reporting Standard, as the context requires.
Innate Pharma – Innate Pharma S.A. 
Ionis – Ionis Pharmaceuticals, Inc.
IP – intellectual property.
IQVIA – IQVIA Solutions HQ Limited.
IS – information services.
IT – information technology.
KPI – Key Performance Indicator.
krona, kronor or SEK – references to the currency of Sweden.
LABA – long-acting beta2-agonist.
LAL – lysosomal acid lipase.
LAMA – long-acting muscarinic antagonist.
LCA – Life-Cycle Assessment.
LCM – significant life-cycle management projects (as determined 
by potential revenue generation), or line extensions.
LRTD – lower respiratory tract disease.
mAb – monoclonal antibody, a biologic that is specific, meaning it 
binds to and modulates one particular antigen.
major market – US, Europe, Japan and China.
MASH – metabolic dysfunction-associated steatohepatitis, 
previously NASH.
MAT – moving annual total.
MCL – mantle cell lymphoma.
mCRPC – metastatic castration-resistant prostate cancer.
MedImmune – MedImmune, LLC (formerly MedImmune, Inc.).
MET – a tyrosine kinase receptor.
mHSPC – metastatic hormone-sensitive prostate cancer.
Moderna – Moderna Therapeutics, Inc.
MSD – Merck & Co., Inc., (which is known as Merck in the US and 
Canada, and MSD in other territories).
n/a – not applicable.
n/m – not meaningful.
Nasdaq – Nasdaq Global Select Market.
Nasdaq Stockholm – previously the Stockholm Stock Exchange.
Neogene – Neogene Therapeutics Inc.
NME – new molecular entity.
NMOSD – neuromyelitis optica spectrum disorder.
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Additional Information
Glossary continued

SET – Senior Executive Team.
SG&A – selling, general and administrative expenses.
SLE – systemic lupus erythematosus.
siRNA – small interfering RNA.
SixPeaks Bio – SixPeaks Bio AG.
Sobi – Swedish Orphan Biovitrum AB.
SGLT2 – sodium-glucose cotransporter 2.
SPC – supplementary protection certificate.
specialty care – specific healthcare provided by medical specialists 
who do not generally have first contact with patients.
SoC – standard of care. Treatment that is accepted by medical 
experts as a proper treatment for a certain type of disease and that 
is widely used by healthcare professionals.
SVP – Senior Vice-President.
T2D – type 2 diabetes.
TCFD – Task Force on Climate-related Financial Disclosures.
TCR-T – T-cell receptor therapies.
TKI - tyrosine kinase inhibitor.
Total Revenue – the sum of Product Sales, Collaboration Revenue 
and Alliance Revenue.
Treg – T-regulator.
TROP2 – trophoblast cell-surface antigen 2.
TSLP – thymic stromal lymphopoietin.
TSR – total shareholder return, being the total return on a share over 
a period of time, including dividends reinvested.
uHCC – unresectable hepatocellular carcinoma.
UK – United Kingdom of Great Britain and Northern Ireland.
UK Corporate Governance Code – the UK Corporate Governance 
Code published by the FRC in July 2018, as amended, that sets out 
standards of good practice in corporate governance for the UK.
US – United States of America.
US dollar, US$, USD or $ – references to the currency of the US.
V&I – Vaccines & Immune Therapies.
VBP – value-based procurement.
WHO – World Health Organization, the United Nations’ specialised 
agency for health.
YTE – A technology that introduces the so-called YTE (amino acid) 
mutation into the antibody, which prolongs the antibody’s half-life.
PROTACs – a proteolysis targeting chimera, which is a 
heterobifunctional small molecule composed of two active domains 
and a linker capable of removing specific unwanted proteins.
PSMA – prostate-specific membrane antigen.
PTEN – phosphatase and tensin homolog.
Pulse survey – an AstraZeneca employee opinion survey, which 
seeks employees’ views of the business.
PwC – PricewaterhouseCoopers LLP.
R&D – research and development.
R&I – Respiratory & Immunology.
rare disease – the EU defines a disease or condition as rare if it 
affects fewer than 1 in 2,000 people within the general population 
and in the US, the Orphan Drug Act defines a rare disease as a 
disease or condition that affects less than 200,000 people in 
the US.
Redeemable Preference Shares – a redeemable preference share 
of £1 each in the share capital of the Company.
RCPs – Representative Concentration Pathways.
RNA – ribonucleic acid.
Roche – F. Hoffmann-La Roche AG.
RoW – rest of world.
RSV – respiratory syncytial virus.
Sanofi – Sanofi S.A./Sanofi Pasteur, Inc.
Sarbanes-Oxley Act – the US Sarbanes-Oxley Act of 2002.
SBTi – science-based targets initiative.
SBTs – science-based targets.
SCLC – small cell lung cancer.
Scope 1 – Combustion of fuel and operation of facilities.
Scope 2 – (Market-based): Electricity (net of market instruments), 
heat, steam and cooling purchased for own use. (Location-based): 
Electricity, heat, steam and cooling purchased for own use.
Scope 3 – Total: Emissions from all 15 GMG Protocol Scope 3 
categories
SEC – the US Securities and Exchange Commission, the 
governmental agency that regulates the US securities industry and 
stock markets.
SEK – Swedish krona (or kronor).
243
AstraZeneca Annual Report & Form 20-F Information 2024
Corporate Governance
Additional Information
Financial Statements
Strategic Report
Glossary

	
• the risk of failure to collect and manage 
data and AI in line with legal and 
regulatory requirements and strategic 
objectives 
	
• the risk of failure to attract, develop, 
engage and retain a diverse, talented and 
capable workforce
	
• the risk of failure to meet our 
sustainability targets, regulatory 
requirements or stakeholder expectations 
with respect to the environment 
	
• the risk of the safety and efficacy of 
marketed medicines being questioned
	
• the risk of adverse outcome of litigation 
and/or governmental investigations
	
• intellectual property-related risks to the 
Group’s products
	
• the risk of failure to achieve strategic 
plans or meet targets or expectations
	
• the risk of failure in financial control or the 
occurrence of fraud
	
• the risk of unexpected deterioration in the 
Group’s financial position
	
• the impact that global and/or geopolitical 
events may have or continue to have on 
these risks, on the Group’s ability to 
continue to mitigate these risks, and on 
the Group’s operations, financial results 
or financial condition.
Certain of these factors are discussed in 
more detail, without limitation, in the Risk 
Supplement available on our website, 
www.astrazeneca.com/annualreport2024, 
and reproduced in AstraZeneca’s Form 20-F 
filing for 2024, available on the SEC website 
www.sec.gov. Nothing in this Annual Report 
should be construed as a profit forecast.
Inclusion of Reported performance, 
Core financial measures and constant 
exchange rate growth rates 
AstraZeneca’s determination of non-GAAP 
measures, together with our presentation of 
them within our financial information, may 
differ from similarly titled non-GAAP 
measures of other companies.
Statements of competitive position, 
growth rates and sales 
In this Annual Report, except as otherwise 
stated, market information regarding the 
position of our business or products relative 
to its or their competition is based upon 
published statistical sales data for the 12 
months ended 30 September 2024 obtained 
from IQVIA, a leading supplier of statistical 
data to the pharmaceutical industry. Unless 
otherwise noted, for the US, dispensed new 
or total prescription data and audited sales 
data are taken, respectively, from IQVIA 
National Prescription Audit and IQVIA 
National Sales Perspectives for the 12 
months ended 30 September 2024; such 
data are not adjusted for Medicaid and 
similar rebates. Except as otherwise stated, 
these market share and industry data from 
IQVIA have been derived by comparing our 
sales revenue with competitors’ and total 
market sales revenues for that period, and 
except as otherwise stated, growth rates 
are given at CER. For the purposes of this 
Annual Report, unless otherwise stated, 
references to the world pharmaceutical 
market or similar phrases are to the 58 
countries contained in the IQVIA database, 
which amounted to approximately 95% 
(in value) of the countries audited by IQVIA. 
Changes in data subscriptions, exchange 
rates and subscription coverage, as well 
as restated IQVIA data, have led to the 
restatement of total market values for 
prior years.
AstraZeneca websites 
Information on or information accessible 
through our websites, including 
www.astrazeneca.com, 
www.astrazenecaclinicaltrials.com and on 
any websites referenced in this Annual 
Report, does not form part of and is not 
incorporated into this Annual Report.
External/third-party websites 
Information on or information accessible 
through any third-party or external website 
does not form part of and is not 
incorporated into this Annual Report.
Figures 
Figures in parentheses in tables and in the 
Financial Statements are used to represent 
negative numbers.
Supplements 
For detailed information on our 
Development Pipeline, Patent Expiries of 
Key Marketed Products and Risk, see our 
website, www.astrazeneca.com/
annualreport2024.
Cautionary statement regarding 
forward‑looking statements 
The purpose of this Annual Report is to 
provide information to the members of the 
Company. The Company and its Directors, 
employees, agents and advisers do not 
accept or assume responsibility for any 
other person to whom this Annual Report 
is shown or into whose hands it may come 
and any such responsibility or liability is 
expressly disclaimed. In order, among 
other things, to utilise the ‘safe harbour’ 
provisions of the US Private Securities 
Litigation Reform Act of 1995 and the UK 
Companies Act 2006, we are providing 
the following cautionary statement: 
This Annual Report contains certain 
forward-looking statements with respect to 
the operations, performance and financial 
condition of the Group, including, among 
other things, statements about expected 
revenues, margins, earnings per share or 
other financial or other measures. Forward-
looking statements are statements relating 
to the future which are based on information 
available at the time such statements are 
made, including information relating to risks 
and uncertainties. Although we believe that 
the forward-looking statements in this 
Annual Report are based on reasonable 
assumptions, the matters discussed in the 
forward-looking statements may be 
influenced by factors that could cause 
actual outcomes and results to be 
materially different from those predicted. 
The forward-looking statements reflect 
knowledge and information available at the 
date of the preparation of this Annual Report 
and the Company undertakes no obligation 
to update these forward-looking statements. 
We identify the forward-looking statements 
by using the words ‘anticipates’, ‘believes’, 
‘expects’, ‘intends’ and similar expressions 
in such statements. Important factors that 
could cause actual results to differ 
materially from those contained in forward-
looking statements, certain of which are 
beyond our control, include, among 
other things:
	
• the risk of failure or delay in delivery of 
pipeline or launch of new medicines 
	
• the risk of failure to meet regulatory or 
ethical requirements for medicine 
development or approval
	
• the risk of failures or delays in the quality 
or execution of the Group’s commercial 
strategies
	
• the risk of pricing, affordability, access 
and competitive pressures
	
• the risk of failure to maintain supply of 
compliant, quality medicines
	
• the risk of illegal trade in our Group’s 
medicines
	
• the impact of reliance on third-party 
goods and services
	
• the risk of failure in IT or cybersecurity
	
• the risk of failure of critical processes
244
AstraZeneca Annual Report & Form 20-F Information 2024
Additional Information
Important information for readers of this Annual Report

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Alex Telfer
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This Annual Report is printed on 
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Balanced with the World Land Trust.
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Registered office and  
corporate headquarters
AstraZeneca PLC 
1 Francis Crick Avenue 
Cambridge Biomedical Campus 
Cambridge CB2 0AA 
UK 
Tel: +44 (0)20 3749 5000
  This Annual Report is also available on our website,  
www.astrazeneca.com/annualreport2024