Total Revenue increased by 41% and Core EPS by 32% in a year of exceptional pipeline and commercial
delivery, coupled with accelerated strategic transformation through the acquisition of Alexion
• Total Revenue increased 41% (38% at CER1
) to $37,417m including COVID-19 vaccine revenues. Total
Revenue excluding vaccine increased 26% (23% at CER) to $33,436m. In Q4 2021, Total Revenue
increased 62% (63% CER) to $12,011m
• Reported2 EPS3 of $0.08 (FY 2020: $2.44) and Core4 EPS of $5.29 (FY 2020: $4.02)
• 14 positive Phase III readouts across nine medicines in 2021, and 22 regulatory approvals and
authorisations in major markets including five NMEs5
• FY 2022 guidance at CER of a high-teens percentage increase in Total Revenue and a mid-to-high
twenties percentage increase in Core EPS
• Reflecting increased confidence in future growth and cash generation, the Board intends to increase the
annualised dividend by $0.10 to $2.90, and has approved a second interim dividend for FY 2021 of $1.97,
payable in March 2022. This results in a total dividend declared for FY 2021 of $2.87
Pascal Soriot, Chief Executive Officer, AstraZeneca, said: “AstraZeneca continued on its strong growth
trajectory in 2021, with industry-leading R&D productivity, five of our medicines crossing new blockbuster
thresholds, and the acquisition and integration of Alexion. We also delivered on our promise of broad and
equitable access to our COVID-19 vaccine with 2.5 billion doses released for supply around the world, and we
made good progress on reducing our greenhouse gas emissions.
Growth was well balanced across our strategic areas of focus, and we saw double-digit growth in all major
regions, including Emerging Markets despite some headwinds in China.
The positive news from our pipeline, including approvals for Evusheld and Tezspire, supports the outlook for
2022. This, along with the transformative acquisition of Alexion, means that we are confident in our long term
growth and profitability. After a landmark year in 2021, we are increasing the dividend for our shareholders.”
Table 1: Revenue and EPS summary
FY 2021 Q4 2021
Actual % CER % Actual % CER %
$m Change change $m Change change
- Product Sales 36,541 41 38 11,498 64 65
- Collaboration Revenue 876 20 20 513 29 29
Total Revenue 37,417 41 38 12,011 62 63
Reported EPS $0.08 (97) (84) $(0.22) n/m6 n/m
Core EPS $5.29 32 37 $1.67 56 74
The differences between Reported and Core measures are primarily due to items related to the acquisition of
Alexion, amortisation of intangibles, as well as impairments and restructuring charges, of which $1,030m in the
year related to the Group Review detailed below. A full reconciliation between Reported EPS and Core EPS is
provided in Tables 17 and 18 in the Financial performance section of this document. The differences between
Actual Change and CER Change are due to foreign exchange movements between corresponding periods in
2021 vs 2020.
Key elements of Total Revenue performance in FY 2021
- An increase in Product Sales of 41% (38% at CER) to $36,541m
- Among AstraZeneca’s thirteen7 blockbuster medicines in 2021, five medicines crossed new thresholds:
Tagrisso ($5bn+), Farxiga ($3bn+), Lynparza ($2bn+), Calquence ($1bn+) and Fasenra ($1bn+)

-- Following completion of the Alexion acquisition on 21 July 2021, Rare Disease medicines generated 8% of
AstraZeneca’s FY 2021 Total Revenue, growing 8% (9% CER) on a pro-rata basis to $3,071m
- Growth of 19% (17% at CER) in Oncology to $13,663m, 13% (9% at CER) in CVRM8
to $8,034m, and
13% (9% at CER) in R&I9
to $6,049m
- In the US, Total Revenue increased by 38% to $12,228m. In Europe, Total Revenue increased by 45% (40%
at CER) to $8,050m including Vaxzevria10 revenue of $1,035m
- An increase in Emerging Markets revenue of 41% (36% at CER) to $12,281m, including Vaxzevria revenue
of $2,304m. In China, Total Revenue increased by 12% (4% CER) in the year to $6,011m. Pricing pressure
associated with NRDL11 and VBP12 programmes led to a decline in growth in the second half of the year,
and in Q4 2021 China Total Revenue was 4% lower (8% at CER) than in Q4 2020
- Excluding vaccine revenue, Total Revenue in ex-China Emerging Markets increased by 19% in the year
(21% at CER) to $3,977m and by 36% (38% at CER) in the quarter to $1,197m, driven by Oncology
medicines and Farxiga
Post Alexion Acquisition Group Review
In conjunction with the acquisition of Alexion, the enlarged Group initiated a comprehensive review across the
organisation, aimed at integrating systems, structure and processes, optimising the global footprint and
prioritising resource allocations and investments. These activities are expected to be substantially complete by
the end of 2025, with a number of planned activities having commenced in late 2021.
The identified activities, including those previously announced regarding the integration of Alexion, are
anticipated to incur one-time restructuring costs of approximately $2.1bn, of which approximately $1.4bn are
cash costs and $0.7bn are non-cash costs, and capital investments of approximately $0.2bn. The activities are
anticipated to realise run-rate pre-tax benefits, before reinvestment, of approximately $1.2bn, including
previously-announced Alexion synergies, by the end of 2025. In line with established practice, restructuring
costs will be excluded from our Core (non-GAAP) financial measures.
Guidance
The Company provides FY 2022 guidance at CER.
Total Revenue is expected to increase by a high teens percentage
Core EPS is expected to increase by a mid-to-high twenties percentage
- 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 decline by a low-to-mid twenties percentage, with
an expected decline in sales of Vaxzevria being partially offset by growth in Evusheld sales. The majority of
vaccine revenue in 2022 is expected to come from initial contracts. The Gross Profit Margin from the
COVID-19 medicines is expected to be lower than the Company average
- Core Operating Expenses are expected to increase by a low-to-mid teens percentage, driven in substantial
part by the full year integration of Alexion expenses
- Emerging Markets Total Revenue, including China, is expected to grow mid-single-digits in FY 2022. China
Total Revenue is expected to decline by a mid-single-digit percentage in FY 2022, primarily due to continued
NRDL and VBP programme 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%
AstraZeneca continues to recognise the heightened risks and uncertainties from the effects of COVID-19.
Variations in performance between quarters can be expected to continue.
3
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 average foreign-exchange rates for January 2022 were seen over the full year, it is anticipated that there
would be a low single-digit adverse impact on actual Total Revenue and Core EPS versus the financials at
CER. The Company’s foreign-exchange rate sensitivity analysis is shown in the Operating and financial review.
Table 2: Key elements of financial performance
FY 2021
Metric Reported Reported
change
Core Core
change
Comments13
Total
Revenue $37,417m 41% increase
(38% CER) $37,417m 41% increase
(38% CER) See Total Revenue commentary above
Gross Profit
Margin14 66.0%
14 percentage
point decline
(13 at CER)
74.2%
6 percentage
point decline
(5 at CER)
+ Contribution of Alexion
+ Increasing mix of oncology sales
? Vaxzevria revenues in 2021
? China impact of NRDL and VBP
? Increasing impact from profit-sharing
arrangements
? Reported impacted by unwind of Alexion
inventory fair value adjustment
R&D
Expense $9,736m 62% increase
(59% CER) $7,987m 36% increase
(33% at CER)
+ Increased investment in pipeline
+ COVID-19 medicines investment and
pharmacovigilance
+ Addition of Alexion R&D
+ 14 positive Phase III readouts in 2021
+ Reported also impacted by $1,464m of
impairments
SG&A
Expense $15,234m 35% increase
(32% at CER) $11,104m 19% increase
(15% at CER)
+ Investments in multiple launches
+ Addition of Alexion
+ Expansion in Emerging Markets
+ Reported also impacted by amortisation
related to Alexion acquisition, $338m of
restructuring and $603m of impairments
Other
Operating
Income15
$1,492m 2% decrease
(4% at CER) $1,492m 3% decrease
(4% at CER)
= Divestment gains at a similar level to FY
2020. See Table 38
Operating
Margin 2.8%
17 percentage
point decline
(15 at CER)
26.5%
1 percentage
point decline
(1 increase at CER)
See Gross Margin and Expenses
commentary above
Net Finance
Expense $1,257m 3% increase
(2% at CER) $862m 10% increase
(11% at CER)
+ Alexion debt financing costs
? Reported impacted by lower discount
unwind on acquisition-related liabilities
Tax Rate 143% n/m 17% 3 percentage
point decrease
? Benefit from non-taxable gain on the Viela
equity divestment
? Settlements with tax authorities and expiry
of statute of limitations
EPS $0.08 97% decrease
(84% at CER) $5.29 32% increase
(37% at CER)
Further details of differences between
Reported and Core in Table 17

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