Full year and Q4 2022 results
Strong performance and pipeline progress in 2022 underpins 2023 outlook
On track to deliver industry-leading revenue growth through 2025 and beyond
Revenue and EPS summary
FY 2022 Q4 2022
% Change % Change
$m Actual CER1 $m Actual CER
- Product Sales 42,998 18 24 10,798 (6) 2
- Collaboration Revenue 1,353 54 56 409 (20) (19)
Total Revenue 44,351 19 25 11,207 (7) 1
Reported2 EPS3 $2.12 n/m n/m $0.58 n/m n/m
Core4 EPS $6.66 26 33 $1.38 (17) (5)
Financial performance (FY 2022 figures unless otherwise stated, growth numbers and commentary at CER)
? Total Revenue increased 25% to $44,351m, with growth coming from all therapy areas, and from the addition
of Alexion, which was incorporated into the Group’s results from 21 July 2021
? Total Revenue in the fourth quarter was impacted by the decline in Vaxzevria. Excluding Vaxzevria, Total
Revenue in the quarter increased 17%
? Oncology Total Revenue including milestone receipts increased 20%; Oncology Product Sales increased
19%. Total Revenue CVRM5
increased 19%6
, R&I7
increased 3%, and Rare Disease increased 10%6
? Core Gross Margin of 80%, up six percentage points, reflecting the lower revenue from Vaxzevria and the
increased share of Oncology and Rare Disease medicines. Core Gross Margin of 77% in the fourth quarter
was impacted by inventory write downs and manufacturing termination fees for Evusheld
? Core Total Operating Expense increased 23%, reflecting the addition of Alexion, and continued investment
in new launches and the pipeline to deliver sustainable long-term growth
? Core Operating Margin of 30%, up four percentage points
? Core EPS increased 33% to $6.66. Second interim dividend declared of $1.97 per share, making a total
dividend declared for FY 2022 of $2.90 for the year. The Core Tax Rate for the year was 17%, reflecting IP
incentive regimes, geographical mix of profits and adjustments to prior year tax liabilities
FY 2023 Guidance summary (Growth numbers at CER)
? Total Revenue is expected to increase by a low-to-mid single-digit percentage
? Total Revenue excluding COVID-19 medicines
8
is expected to increase by a low double-digit percentage
? Core EPS is expected to increase by a high single-digit to low double-digit percentage
Pascal Soriot, Chief Executive Officer, AstraZeneca, said:
“2022 was a year of continued strong company performance and execution of our long-term growth strategy.
We made excellent pipeline progress with a record 34 approvals in major markets and we are initiating new
late-stage trials for high potential medicines such as camizestrant, datopotamab deruxtecan and volrustomig.
In 2023, we expect to see another year of double-digit revenue growth at CER, excluding our COVID-19
medicines. We will continue to invest behind our pipeline and recent launches while continuing to improve
profitability. We plan to initiate more than thirty Phase III trials this year, of which ten have the potential to deliver
peak year sales over one billion dollars.
Our R&D success and revenue increase in 2022 demonstrate that we are on track to deliver industry-leading
revenue growth through 2025 and beyond, and have set AstraZeneca on a path to deliver at least fifteen new
medicines before the end of the decade.”
2
Key milestones achieved since the prior results
? Key regulatory approvals: US approval for Airsupra (PT027) in asthma. EU approvals for Lynparza9
in
mCRPC10 (PROpel), Enhertu in gastric cancer (DESTINY-Gastric01) and HER211
-low breast cancer
(DESTINY-Breast04), Imfinzi in biliary tract cancer (TOPAZ-1), Imfinzi+Imjudo in HCC12 and Forxiga in heart
failure with preserved ejection fraction. Five approvals in Japan, including Imfinzi and Imjudo in liver cancer
(TOPAZ-1) and NSCLC13 (POSEIDON) and Calquence for treatment-naïve CLL (ELEVATE-TN)
? Other regulatory milestones: US Fast Track designations for capivasertib in HR-positive HER2-negative
breast cancer (CAPItello-291), tozorakimab in treatment/prevention of acute respiratory failure in patients
with viral lung infection (TILIA), and Orpathys plus Tagrisso in NSCLC with MET14 overexpression
(SAVANNAH/SAFFRON); US Orphan Drug Designation for Saphnelo in idiopathic inflammatory myopathies;
US Emergency Use Authorisation for Evusheld revised – as of January 2023, Evusheld is not currently
authorised for use in the US.
Guidance
The Company provides guidance for FY 2023 at CER, based on the average exchange rates through 2022.
Total Revenue is expected to increase by a low-to-mid single-digit percentage
Excluding COVID-19 medicines, Total Revenue is expected to increase by a low double-digit percentage
Core EPS is expected to increase by a high single-digit to low double-digit percentage
? While challenging to forecast, Total Revenue from COVID-19 medicines (Vaxzevria, Evusheld and
AZD3152, the COVID-19 LAAB15 currently in development) is expected to decline significantly in FY 2023,
with minimal revenue from Vaxzevria
? Total Revenue from China is expected to return to growth and increase by a low single-digit percentage in
FY 2023
? Collaboration Revenue and Other Operating Income are both expected to increase, driven by continued
growth of our partnered medicines, success-based milestones, and certain anticipated transactions
? Core Operating Expenses are expected to increase by a low-to-mid single-digit percentage, driven by
investment in recent launches and the ungating of new trials
? The Core Tax Rate is expected to be between 18-22%
The Company is unable to provide guidance on a Reported basis because it 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 February to December 2023 were to remain at the average rates seen in January
2023, it is anticipated that FY 2023 Total Revenue and FY 2023 Core EPS would both incur a low single-digit
adverse impact versus the performance at CER.
The Company’s foreign exchange rate sensitivity analysis is provided in Table 17.

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