Revenue and EPS summary
H1 2022 Q2 2022
% Change % Change
$m Actual CER1 $m Actual CER
- Product Sales 21,610 41 47 10,630 32 38
- Collaboration Revenue 551 n/m n/m 141 (20) (20)
Total Revenue 22,161 43 48 10,771 31 37
Reported2 EPS3 $0.48 (70) (66) $0.23 (45) (46)
Core4 EPS $3.61 43 44 $1.72 92 89
H1 2022 Financial performance (growth numbers and commentary at CER)
? Total Revenue increased 48% to $22,161m, with growth coming from all disease areas and from the addition
of Alexion
? Total Revenue from Oncology increased 22%5
, including receipt of a milestone payment. Product Sales from
Oncology increased 18%. Total Revenue from R&I6 increased 3%, CVRM7
increased 19%8 and Rare

Disease increased 10%8
. Excluding a one-off historical pricing adjustment, Rare Disease increased 8%
? Core Gross Margin of 81%, with the second quarter benefitting from currency fluctuations, and phasing of
COVID-19 medicine contracts
? Core Operating Margin of 33%. Core Total Operating Expense increased 33%, reflecting the addition of
Alexion, and continued investment in new launches and the pipeline to build industry-leading mid-to-long term growth
? Core EPS of $3.61, with the second quarter benefitting from a Core Tax Rate of 15%. The FY 2022
expectation for the Core Tax Rate remains 18-22%
? Interim dividend declared of $0.93 (76.4 pence, 9.49 SEK) per ordinary share, reflecting the Board’s intent
to increase to $2.90 in FY 2022, as announced at FY 2021
? FY 2022 Total Revenue guidance at CER increased due to an updated outlook for COVID-19 medicines and continued strong performance of the overall business, enabling further investment in the pipeline. With an
expectation that Other Operating Income in H2 2022 will be similar to H1 2022, EPS guidance is unchanged
Key milestones achieved since the prior results
? Key data: Positive read-outs for Farxiga in HFpEF9
(DELIVER), Imfinzi in early NSCLC10 (AEGEAN),
eplontersen in ATTRv-PN11 (NEURO-TTRansform) and Ultomiris in NMOSD12 (CHAMPION-NMOSD). Full results from the Enhertu DESTINY-Breast04 trial in HER213
-low breast cancer, presented at ASCO
? Key approvals: Enhertu for HER2-positive breast cancer (DESTINY-Breast03) in the US and EU; positive CHMP14 opinions in the EU for Tezspire in severe asthma (NAVIGATOR), Lynparza15 in early breast cancer (OlympiA) and Ultomiris in gMG16 (CHAMPION-MG)
? Other regulatory milestones: US Priority Review for Imfinzi in biliary tract cancer (TOPAZ-1) and Enhertu in
HER2-low metastatic breast cancer (DESTINY-Breast04), China Priority Review for Koselugo in NF1-PN17 Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
“AstraZeneca had a strong financial first half of 2022, and great pipeline delivery. We announced practicechanging data for several medicines including Enhertu in breast cancer, Farxiga in heart failure and Ultomiris in
neuromyelitis optica spectrum disorder.
2
We have made great progress in our efforts to combat COVID-19. Vaxzevria is estimated to have saved more
than six million lives during the first year of roll-out, and Evusheld has protected hundreds of thousands of
immunocompromised people, enabling them to return to a more normal life. Evusheld continues to demonstrate
activity against new variants.
Given the ongoing performance of our underlying business and the contribution of our COVID-19 medicines,
we are updating our revenue guidance for 2022. This has enabled us to increase our R&D investment in the
exciting number of pipeline opportunities that can benefit patients and drive long term sustainable growth for
our company. We look forward to announcing the results of several important late-stage trials this year and next”.

Guidance
The Company updates FY 2022 guidance due to strength in its overall business, an updated outlook for COVID-19 medicines, as well as increased investment in R&D to drive long term sustainable growth.
Total Revenue is expected to increase by a low twenties percentage (previously high teens) Core EPS is expected to increase by a mid-to-high twenties percentage (unchanged)
? The CER growth rates include the full-year contribution of Vaxzevria in both FY 2021 and FY 2022
? Total Revenue from COVID-19 medicines is anticipated to be broadly flat versus FY 2021 (previously a lowto-mid twenties percentage decline), with growth in Evusheld offsetting an expected decline in Vaxzevria
sales. The majority of Vaxzevria revenue in 2022 is expected to come from initial contracts
? As previously indicated, the Gross Margin from the COVID-19 medicines is expected to be lower than the Company average
? Core Operating Expenses are expected to increase by a mid-to-high teens percentage, driven in part by the
full year integration of Alexion expenses. (Previous guidance was a low-to-mid teens percentage increase.
The update is a result of increased R&D spend following positive trial readouts, and increased spend to support new launches, including Evusheld)
? Other Operating Income in H2 2022 is expected to be similar to the level seen in H1 2022
? Emerging Markets Total Revenue, including China, is expected to grow by a mid single-digit percentage in
FY 2022 (unchanged). China Total Revenue is expected to decline by a mid single-digit percentage in FY
2022 (unchanged), primarily due to the continued NRDL18 and VBP19 programmes impacting various
medicines. The Company remains confident in the longer-term outlook for Emerging Markets, driven by a
large market opportunity, broader patient access and an increased mix of new medicines
? A Core Tax Rate between 18-22% (unchanged)
AstraZeneca continues to recognise and actively manage the heightened risks from COVID-19 and geopolitical
and supply chain uncertainties on overall business performance. Variations in performance between quarters
can be expected to continue.
The Company is unable to provide guidance on a Reported basis because AstraZeneca cannot reliably forecast
material elements of the Reported result, including any fair value adjustments arising on acquisition-related
liabilities, intangible asset impairment charges and legal settlement provisions. Please refer to the cautionary
statements section regarding forward-looking statements at the end of this announcement.

Currency impact
If foreign-exchange rates for July to December 2022 were to remain at the spot rates seen on 30 June 2022, it
is anticipated that FY 2022 Total Revenue would incur a mid single-digit adverse impact (previously a low singledigit adverse impact) versus the financials at CER, and, as previously indicated, FY 2022 Core EPS would incur
a mid-single-digit adverse impact.
The Company’s foreign-exchange rate sensitivity analysis is contained in Table 18.

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