AstraZeneca PLC

Good afternoon and welcome to AstraZeneca's nine-month and Q3 2025 webinar for investors and analysts. Before I hand over to AstraZeneca, I'd like to read the Safe Harbor Statement. The company intends to utilize the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Participants on this call may make forward-looking statements with respect to the operations and financial performance of AstraZeneca. Although we believe our expectations are based on reasonable assumptions, by their very nature, forward-looking statements involve risks and uncertainties and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements made on this call reflect the knowledge and information available at the time of this call. The company undertakes no obligation to update forward-looking statements. Please carefully review the forward-looking statements disclaimer in the slide deck that accompanies this presentation and webcast. There will be an opportunity to ask questions after today's presentation. Please use the raise a hand feature to indicate you wish to ask a question at any time during the call. And with that, I'd now like to hand the conference over to the Head of Investor Relations at AstraZeneca, Andy Barnett.

A very warm welcome to AstraZeneca's year-to-date and third quarter 2025 presentation, conference call, and webcast for investors and analysts. I'm Andy Barnett, head of investor relations. And before I hand over to Pascal and other members of our executive team, I'd like to cover some important housekeeping items. Firstly, all of the materials presented today are already available on our AstraZeneca investor relations website. Next slide, please. This slide contains our cautionary statements regarding forward-looking statements, including the safe harbor provision, which I'd encourage you to take the time to read carefully. We will be making comments on our performance using constant exchange rates, or CER, core financial numbers, and other non-GAAP measures. And non-GAAP to GAAP reconciliation is, as usual, contained within our results announcement. All numbers quoted are in millions of US dollars, unless otherwise stated. And next slide, please. This slide shows the agenda for today's call, and following our prepared remarks, we'll open the line for questions. As usual, we will try and cover as many questions as we can during the allotted time, although please limit the number of questions that you ask to allow others a fair chance to participate in the Q&A. And with that, please advance to the next slide, and I will hand over to Pascal.

Thank you, Andy, and welcome, everyone. I'm pleased to report that our strong growth momentum and pipeline delivery have continued through the first nine months of 2025. Total revenue grew by 11%, driven by continued demand for innovative medicines, and core EPS increased by 15%. Since our full year results in February, we've achieved 31 regulatory approvals across key regions, and the pace at which we are bringing new medicines to patients continues to accelerate. Importantly, we've announced positive results from 16 phase three trials, and six of our data sets were presented in plenary sessions at major congresses, a clear reflection of the importance of this data to the medical community. Please advance to the next slide. Combined, our global reach and diverse sources of revenue are of significant strength, ensuring low concentration risk and resilience to regional disruptions. We have continued to deliver strong growth across CRP areas and geographies. In the first nine months, our oncology franchise grew by 16%, reflecting the ongoing demand for our medicines across the globe. Our biopharmaceuticals and rare disease franchises were also up 8% and 6% respectively, with strong growth from our newer medicines, more than offsetting the loss of exclusivity of a limited number of mature brands, including Brilinta, Pulmicort, and Solaris. Importantly, we continue to see robust growth across all key geographies, particularly in the US and the emerging markets outside of China, where revenues were up 11 and 21% respectively. We are in a unique catalyst-rich period, one that I'm excited to say looks set to continue well beyond 2026. Shown here are the high-value positive studies we've announced in 2025, and as you can see, we are delivering success across all of our key therapy areas. Since our last quarterly update, we've announced four additional positive phase 3 study readouts. Destiny Breast 05, together with Destiny Breast 11 that read out earlier this year, marks an important advance for patients with early HER2-positive breast cancer that could potentially benefit from an HER2. Propion-breast O2 has the potential to establish DatroA as a new standard of care in triple-negative breast cancer. The BAX24 trial results reinforce the best-in-class profile of Baxrostatin treatment-resistant hypertension. And finally, TULIP SubQ will enable us to bring a more convenient subcutaneous administration of safenalo to SLE patients. All these positive phase three readouts continue to give us confidence towards our 80 billion 2030 ambition. Next slide, please. I'd like to address recent developments for AstraZeneca in the United States. The U.S. remains our largest market and is projected to account for around 50% of our total revenue by 2030. We announced a landmark agreement with the U.S. government which provides greater clarity around pricing and a three-year exemption from tariffs. The agreement will lower the cost of many prescription medicines for American patients while safeguarding America's cutting edge pharmaceutical industry. With the administration's support, we are now working with others to deliver price equalization across wealthier markets an approach that offers a more sustainable future for governments, industry and patients. In addition, we continue to focus on clinical trial diversity and further enhancing our clinical trial footprint in the U.S. To support our growth ambitions, we've been steadily expanding our global manufacturing capacity, including broadening our U.S. footprint over the last several years. Last month, I was pleased to break ground on our new Virginia facility, joined by Senator Lutnik, Governor Youngkin, and Dr. Ross. And lastly, I'm grateful for our shareholders to voting through our proposal to harmonize our listing structure in London, Stockholm, and New York. AstraZeneca Ordinary shares will be listed on the New York Stock Exchange from February next year. This new listing structure will offer flexibility to access the broadest available pool of capital, including in the U.S., and enable more shareholders to participate in AstraZeneca's exciting future. And with that, please advance to the next slide, and I will hand over to Aradna.