AstraZeneca (AZN) 20-F20 Feb 242023 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-11960
Entity Registrant Name	ASTRAZENECA PLC
Incorporation Country Code	X0
Entity Address, Address Line One	1 Francis Crick Avenue
Entity Address, Address Line Two	Cambridge Biomedical Campus
Entity Address, City or Town	Cambridge
Entity Address, Postal Zip Code	CB2 0AA
Entity Address, Country	GB
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	876
Auditor Location	London, United Kingdom
Entity Central Index Key	0000901832
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Financial Statement Error Correction [Flag]	false
Business Contact [Member]
Document and Entity Information
Contact Personnel Name	Adrian Kemp
Entity Registrant Name	AstraZeneca PLC
Entity Address, Address Line One	1 Francis Crick Avenue
Entity Address, Address Line Two	Cambridge Biomedical Campus
Entity Address, City or Town	Cambridge
Entity Address, Postal Zip Code	CB2 0AA
Entity Address, Country	GB
City Area Code	44 20
Local Phone Number	3749 5000
American Depositary Shares, each representing one half of an Ordinary Share of 25¢ each
Document and Entity Information
Title of 12(b) Security	American Depositary Shares, each representing one half of an Ordinary Share of 25¢ each
Trading Symbol	AZN
Security Exchange Name	NASDAQ
Ordinary Shares of 25¢ each
Document and Entity Information
Title of 12(b) Security	Ordinary Shares of 25¢ each
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding	1,550,162,626
Preference shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	50,000
4.875% Notes due 2028
Document and Entity Information
Title of 12(b) Security	4.875% Notes due 2028
Trading Symbol	AZN 28A
Security Exchange Name	NASDAQ
0.700% Notes due 2024
Document and Entity Information
Title of 12(b) Security	0.700% Notes due 2024
Trading Symbol	AZN 24
Security Exchange Name	NASDAQ
3.375% Notes due 2025
Document and Entity Information
Title of 12(b) Security	3.375% Notes due 2025
Trading Symbol	AZN 25
Security Exchange Name	NASDAQ
0.700% Notes due 2026
Document and Entity Information
Title of 12(b) Security	0.700% Notes due 2026
Trading Symbol	AZN 26
Security Exchange Name	NASDAQ
1.200% Notes due 2026
Document and Entity Information
Title of 12(b) Security	1.200% Notes due 2026
Trading Symbol	AZN 26A
Security Exchange Name	NASDAQ
3.125% Notes due 2027
Document and Entity Information
Title of 12(b) Security	3.125% Notes due 2027
Trading Symbol	AZN 27A
Security Exchange Name	NASDAQ
1.750% Notes due 2028
Document and Entity Information
Title of 12(b) Security	1.750% Notes due 2028
Trading Symbol	AZN 28
Security Exchange Name	NASDAQ
4.000% Notes due 2029
Document and Entity Information
Title of 12(b) Security	4.000% Notes due 2029
Trading Symbol	AZN 29
Security Exchange Name	NASDAQ
1.375% Notes due 2030
Document and Entity Information
Title of 12(b) Security	1.375% Notes due 2030
Trading Symbol	AZN 30
Security Exchange Name	NASDAQ
4.900% Notes due 2030
Document and Entity Information
Title of 12(b) Security	4.900% Notes due 2030
Trading Symbol	AZN 30A
Security Exchange Name	NASDAQ
2.250% Notes due 2031
Document and Entity Information
Title of 12(b) Security	2.250% Notes due 2031
Trading Symbol	AZN 31
Security Exchange Name	NASDAQ
4.875% Notes due 2033
Document and Entity Information
Title of 12(b) Security	4.875% Notes due 2033
Trading Symbol	AZN 33
Security Exchange Name	NASDAQ
6.450% Notes due 2037
Document and Entity Information
Title of 12(b) Security	6.450% Notes due 2037
Trading Symbol	AZN 37
Security Exchange Name	NASDAQ
4.000% Notes due 2042
Document and Entity Information
Title of 12(b) Security	4.000% Notes due 2042
Trading Symbol	AZN 42
Security Exchange Name	NASDAQ
4.375% Notes due 2045
Document and Entity Information
Title of 12(b) Security	4.375% Notes due 2045
Trading Symbol	AZN 45
Security Exchange Name	NASDAQ
4.375% Notes due 2048
Document and Entity Information
Title of 12(b) Security	4.375% Notes due 2048
Trading Symbol	AZN 48
Security Exchange Name	NASDAQ
2.125% Notes due 2050
Document and Entity Information
Title of 12(b) Security	2.125% Notes due 2050
Trading Symbol	AZN 50
Security Exchange Name	NASDAQ
3.000% Notes due 2051
Document and Entity Information
Title of 12(b) Security	3.000% Notes due 2051
Trading Symbol	AZN 51
Security Exchange Name	NASDAQ

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) shares in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statement of Comprehensive Income
Product Sales		$ 43,789	$ 42,998	$ 36,541
Alliance Revenue		1,428	755	388
Collaboration Revenue		594	598	488
Total Revenue		45,811	44,351	37,417
Cost of sales		(8,268)	(12,391)	(12,437)
Gross profit		37,543	31,960	24,980
Distribution expense		(539)	(536)	(446)
Research and development expense		(10,935)	(9,762)	(9,736)
Selling, general and administrative expense		(19,216)	(18,419)	(15,234)
Other operating income and expense		1,340	514	1,492
Operating profit		8,193	3,757	1,056
Finance income		344	95	43
Finance expense		(1,626)	(1,346)	(1,300)
Share of after tax losses in associates and joint ventures		(12)	(5)	(64)
Profit/(loss) before tax		6,899	2,501	(265)
Taxation		(938)	792	380
Profit for the period		5,961	3,293	115
Other comprehensive income:
Remeasurement of the defined benefit pension liability		(406)	1,118	626
Net gains/(losses) on equity investments measured at fair value through other comprehensive income		278	(88)	(187)
Fair value movements related to own credit risk on bonds designated as fair value through profit or loss		(6)	2
Tax on items that will not be reclassified to profit or loss		101	(216)	105
Total other comprehensive income that will not be reclassified to profit or loss, net of tax		(33)	816	544
Foreign exchange arising on consolidation		608	(1,446)	(483)
Foreign exchange arising on designated liabilities in net investment hedges		24	(282)	(321)
Fair value movements on cash flow hedges		266	(97)	(167)
Fair value movements on cash flow hedges transferred to profit and loss		(145)	73	208
Fair value movements on derivatives designated in net investment hedges		44	(8)	34
Costs of hedging		(19)	(7)	(6)
Tax on items that may be reclassified subsequently to profit or loss		(12)	73	46
Other comprehensive (loss)/income that may be reclassified to profit or loss, net of tax		766	(1,694)	(689)
Other comprehensive income/(expense) for the period, net of tax	[1]	733	(878)	(145)
Total comprehensive income/(expense) for the period		6,694	2,415	(30)
Profit attributable to:
Owners of the Parent		5,955	3,288	112
Non-controlling interests		6	5	3
Total comprehensive income/(expense) attributable to:
Owners of the Parent		6,688	2,413	(33)
Non-controlling interests		6	2	3
Total comprehensive income/(expense) for the period		$ 6,694	$ 2,415	$ (30)
Basic earnings per $0.25 Ordinary Share		$ 3.84	$ 2.12	$ 0.08
Diluted earnings per $0.25 Ordinary Share		$ 3.81	$ 2.11	$ 0.08
Weighted average number of Ordinary Shares in issue (millions)		1,549	1,548	1,418
Diluted weighted average number of Ordinary Shares in issue (millions)		1,562	1,560	1,427

[1]Included within Other comprehensive income of $733m (2022: expense of $878m; 2021: expense of $145m) is a charge of $19m (2022: charge of $7m; 2021: charge of $6m), relating to Costs of hedging.

Consolidated Statement of Com_2

Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statement of Comprehensive Income
Par value per ordinary share	$ 0.25	$ 0.25	$ 0.25
Dividends declared and paid in the period	$ 4,487	$ 4,485	$ 3,882

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Property, plant and equipment	$ 9,402	$ 8,507	$ 9,183
Right-of-use assets	1,100	942	988
Goodwill	20,048	19,820	19,997
Intangible assets	38,089	39,307	42,387
Investments in associates and joint ventures	147	76	69
Other investments	1,530	1,066	1,168
Derivative financial instruments	228	74	102
Other receivables	803	835	895
Deferred tax assets	4,718	3,263	4,330
Total non-current assets	76,065	73,890	79,119
Current assets
Inventories	5,424	4,699	8,983
Trade and other receivables	12,126	10,521	9,644
Other investments	122	239	69
Derivative financial instruments	116	87	83
Intangible assets			105
Income tax receivable	1,426	731	663
Cash and cash equivalents	5,840	6,166	6,329
Assets held for sale	0	150	368
Total current assets	25,054	22,593	26,244
Total assets	101,119	96,483	105,363
Current liabilities
Interest-bearing loans and borrowings	(5,129)	(5,314)	(1,660)
Lease liabilities	(271)	(228)	(233)
Trade and other payables	(22,374)	(19,040)	(18,938)
Derivative financial instruments	(156)	(93)	(79)
Provisions	(1,028)	(722)	(768)
Income tax payable	(1,584)	(896)	(916)
Current liabilities	(30,542)	(26,293)	(22,594)
Non-current liabilities
Interest-bearing loans and borrowings	(22,365)	(22,965)	(28,134)
Lease liabilities	(857)	(725)	(754)
Derivative financial instruments	(38)	(164)	(45)
Deferred tax liabilities	(2,844)	(2,944)	(6,206)
Retirement benefit obligations	(1,520)	(1,168)	(2,454)
Provisions	(1,127)	(896)	(956)
Other payables	(2,660)	(4,270)	(4,933)
Total non-current liabilities	(31,411)	(33,132)	(43,482)
Total liabilities	(61,953)	(59,425)	(66,076)
Net assets	39,166	37,058	39,287
Equity
Share capital	388	387	387
Share premium account	35,188	35,155	35,126
Capital redemption reserve	153	153	153
Merger reserve	448	448	448
Other reserves	1,464	1,468	1,444
Retained earnings	1,502	(574)	1,710
Total equity attributable to owners of parent	39,143	37,037	39,268
Non-controlling interests	23	21	19
Total equity	$ 39,166	$ 37,058	$ 39,287

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions		Share Capital	Share Premium account	Capital redemption reserve	Merger reserve	Other reserves	Retained earnings	Total attributable to owners	Non-controlling interests	Total
Equity at beginning of period at Dec. 31, 2020		$ 328	$ 7,971	$ 153	$ 448	$ 1,423	$ 5,299	$ 15,622	$ 16	$ 15,638
Profit for the period							112	112	3	115
Other comprehensive income/(expense)	[1]						(145)	(145)		(145)
Transfer to other reserves2	[2]					21	(21)
Dividends (Note 25)							(3,882)	(3,882)		(3,882)
Issue of Ordinary Shares		59	27,155					27,214		27,214
Share-based payments charge for the period (Note 29)							615	615		615
Issue of replacement Alexion share awards upon acquisition (Note 27)3	[3]						513	513		513
Settlement of share plan awards							(781)	(781)		(781)
Net movement		59	27,155			21	(3,589)	23,646	3	23,649
Equity at end of period at Dec. 31, 2021		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 income/(expense)	[1]						(875)	(875)	(3)	(878)
Transfer to other reserves2	[2]					24	(24)
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)
Equity at end of period at Dec. 31, 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 income/(expense)	[1]						733	733		733
Transfer to other reserves2	[2]					(4)	4
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
Equity at end of period at Dec. 31, 2023		$ 388	$ 35,188	$ 153	$ 448	$ 1,464	$ 1,502	$ 39,143	$ 23	$ 39,166

[1]Included within Other comprehensive income of $733m (2022: expense of $878m; 2021: expense of $145m) is a charge of $19m (2022: charge of $7m; 2021: charge of $6m), relating to Costs of hedging.[2]Amounts charged or credited to Other reserves relate to exchange adjustments arising on goodwill.[3]Replacement share awards were issued as part of the acquisition of Alexion in 2021 (see Note 27).

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of changes in equity [abstract]
Other comprehensive income/(expense)	[1]	$ 733	$ (878)	$ (145)
Costs of hedging		$ (19)	$ (7)	$ (6)

[1]Included within Other comprehensive income of $733m (2022: expense of $878m; 2021: expense of $145m) is a charge of $19m (2022: charge of $7m; 2021: charge of $6m), relating to Costs of hedging.

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Profit/(loss) before tax	$ 6,899	$ 2,501	$ (265)
Finance income and expense	1,282	1,251	1,257
Share of after tax losses of associates and joint ventures	12	5	64
Depreciation, amortisation and impairment	5,387	5,480	6,530
Increase in trade and other receivables	(1,425)	(1,349)	(961)
(Increase)/decrease in inventories	(669)	3,941	1,577
Increase in trade and other payables and provisions	2,394	1,165	1,405
Gains on disposal of intangible assets	(251)	(104)	(513)
Gains on disposal of investments in associates and joint ventures			(776)
Fair value movements on contingent consideration arising from business combinations	549	82	14
Non-cash and other movements	(386)	(692)	95
Cash generated from operations	13,792	12,280	8,427
Interest paid	(1,081)	(849)	(721)
Tax paid	(2,366)	(1,623)	(1,743)
Net cash inflow from operating activities	10,345	9,808	5,963
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired	(189)	(48)	(9,263)
Payments upon vesting of employee share awards attributable to business combinations	(84)	(215)	(211)
Payment of contingent consideration from business combinations	(826)	(772)	(643)
Purchase of property, plant and equipment	(1,361)	(1,091)	(1,091)
Disposal of property, plant and equipment	132	282	13
Purchase of intangible assets	(2,417)	(1,480)	(1,109)
Disposal of intangible assets	291	447	587
Movement in profit-participation liability	190		20
Purchase of non-current asset investments	(136)	(45)	(184)
Disposal of non-current asset investments	32	42	9
Movement in short-term investments, fixed deposits and other investing instruments	97	(114)	96
Payments to associates and joint ventures	(80)	(26)	(92)
Disposal of investments in associates and joint ventures			776
Interest received	287	60	34
Net cash outflow from investing activities	(4,064)	(2,960)	(11,058)
Net cash inflow/(outflow) before financing activities	6,281	6,848	(5,095)
Cash flows from financing activities
Proceeds from issue of share capital	33	29	29
Issue of loans and borrowings	3,816		12,929
Repayment of loans and borrowings	(4,942)	(1,271)	(4,759)
Dividends paid	(4,481)	(4,364)	(3,856)
Hedge contracts relating to payment of dividends (cash flow statement)	(19)	(127)	(29)
Repayment of obligations under leases	(268)	(244)	(240)
Movement in short-term borrowings	161	74	(276)
Payments to acquire non-controlling interests			(149)
Payment of Acerta Pharma share purchase liability	(867)	(920)
Net cash (outflow)/inflow from financing activities	(6,567)	(6,823)	3,649
Net (decrease)/increase in Cash and cash equivalents in the period	(286)	25	(1,446)
Cash and cash equivalents at the beginning of the period	5,983	6,038	7,546
Exchange rate effects	(60)	(80)	(62)
Cash and cash equivalents at the end of the period	5,637	5,983	6,038
Cash and cash equivalents	$ 5,840	$ 6,166	$ 6,329

Group Accounting Policies

Group Accounting Policies	12 Months Ended
Group Accounting Policies	Dec. 31, 2023
Group Accounting Policies
Group Accounting Policies	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 Other than noted below, amendments to accounting standards issued by the IASB and adopted in the year ended 31 December 2023 did not have a material impact on the result or financial position of the Group. IAS 12 On 23 May 2023, the IASB issued an amendment to IAS 12 ‘Income Taxes’ to clarify how the effects of the global minimum tax framework should be accounted for and disclosed effective 1 January 2023. This was endorsed by the UK Endorsement Board on 19 July 2023 and has been adopted by the Group for 2023 reporting. The Group has applied the exemption to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes. Alliance and Collaboration Revenue Effective 1 January 2023, the Group has updated the presentation of Total Revenue on the face of the Statement of Comprehensive Income to include Alliance Revenue as a separate element to Collaboration Revenue. Alliance Revenue, previously reported within Collaboration Revenue, comprises income 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 arrangement remains in place. Alliance Revenue does not include Product Sales where AstraZeneca is leading commercialisation in a territory. Collaboration Revenue arising from collaborative arrangements where the Group retains a significant ongoing economic interest and receives upfront amounts and event-triggered milestones, which arise from the licensing of intellectual property, will continue to be reported as Collaboration Revenue. In collaboration arrangements either AstraZeneca or the collaborator acts as principal in sales to the end customer. Where AstraZeneca acts as principal, AstraZeneca records 100% of sales to the end customer within Product Sales. The updated presentation reflects the increasing importance of income arising from share of gross profit arrangements where collaboration partners are responsible for booking revenues in some or all territories. The comparative revenue reported in the years to 31 December 2022 and 31 December 2021 has been retrospectively adjusted to reflect the new split of Total Revenue, resulting in Alliance Revenue being reported for the year to 31 December 2022 of $755m and to 31 December 2021 of $388m, however the combined total of Alliance Revenue and Collaboration Revenue is equal to the previously reported Collaboration Revenue total for each prior year. Basis for preparation of Financial Statements on a going concern basis The Group has considerable financial resources available. As at 31 December 2023, the Group has $12.7bn in financial resources (Cash and cash equivalent balances of $5.8bn and undrawn committed bank facilities of $6.9bn, of which $2.0bn are available until February 2025 and the remaining $4.9bn are available until April 2026, (in February 2024 these facilities were extended to April 2029), with only $5.4bn of borrowings due within one year). 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 and Significant Estimates: > revenue recognition – see Revenue Accounting Policy from page 152 and Note 1 on page 161 > expensing of internal development expenses – see Research and Development Policy from page 154 > impairment reviews of Intangible assets – see Note 10 on page 174 > useful economic life of Intangible assets – see Research and Development Policy from page 154 > business combinations and Goodwill – see Business Combinations and Goodwill Policy from page 156 and Note 27 from page 193 > litigation liabilities – see Litigation and Environmental Liabilities within Note 30 on page 204 > operating segments – see Note 6 on page 167 > employee benefits – see Note 22 on page 190 > taxation – see Note 30 from page 209. The Group has assessed the impact of climate risk on its financial reporting. The impact assessment was primarily focused on the valuation and useful lives of intangible assets and the identification and valuation of provisions and contingent liabilities, as these are judged to be the key areas that could be impacted by climate risks. No material accounting impacts or changes to judgements or other required disclosures were noted. 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. 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 195. 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 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 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 balance sheet 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, 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 royalty, a share of gross profits or a share of revenues. 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. 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. 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. 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 2023, 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. 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 include 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). 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. 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; 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 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. 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 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. 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 204. 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 vesting of share plans for our employees are recognised within operating activities, as they relate to employee remuneration. The cash flows relating to replacement awards issued to employees as part of the Alexion acquisition (see Note 27 from page 193) 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 Leases The Group’s lease arrangements are principally for property, most

Revenue

Revenue	12 Months Ended
Revenue	Dec. 31, 2023
Revenue [Abstract]
Revenue	Notes to the Group Financial Statements 1 Revenue Product Sales 2023 2022 2021 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 2,276 1,621 1,120 782 5,799 2,007 1,567 1,023 847 5,444 1,780 1,336 986 913 5,015 Imfinzi 2,317 360 758 802 4,237 1,552 287 544 401 2,784 1,245 277 485 405 2,412 Lynparza 1,254 542 734 281 2,811 1,226 488 655 269 2,638 1,087 384 618 259 2,348 Calquence 1,815 98 493 108 2,514 1,657 45 286 69 2,057 1,089 20 111 18 1,238 Enhertu – 169 60 32 261 – 51 21 7 79 – 12 4 1 17 Orpathys – 44 – – 44 – 33 – – 33 – 16 – – 16 Truqap 6 – – – 6 – – – – – – – – – – Zoladex 14 687 133 118 952 15 657 133 122 927 13 619 147 169 948 Faslodex 31 142 28 96 297 17 159 55 103 334 30 167 113 121 431 Others 6 165 6 47 224 10 250 9 66 335 11 391 17 96 515 7,719 3,828 3,332 2,266 17,145 6,484 3,537 2,726 1,884 14,631 5,255 3,222 2,481 1,982 12,940 Cardiovascular, Renal & Metabolism: Farxiga 1,451 2,211 1,881 420 5,963 1,071 1,665 1,297 348 4,381 732 1,195 810 263 3,000 Brilinta 744 285 271 24 1,324 744 286 282 46 1,358 735 328 346 63 1,472 Lokelma 214 50 58 90 412 170 20 30 69 289 115 3 13 44 175 roxadustat – 271 – – 271 – 197 – – 197 – 174 – – 174 Andexxa 75 – 62 45 182 77 – 41 32 150 50 – 18 – 68 Crestor 55 862 52 138 1,107 65 794 41 148 1,048 80 775 52 189 1,096 Seloken/Toprol-XL 1 621 11 7 640 – 839 14 9 862 1 928 11 11 951 Onglyza 49 131 32 15 227 76 121 38 22 257 88 179 61 32 360 Bydureon 133 3 27 – 163 242 3 35 – 280 321 3 55 6 385 Others 30 152 109 5 296 34 194 128 10 366 52 195 146 14 407 2,752 4,586 2,503 744 10,585 2,479 4,119 1,906 684 9,188 2,174 3,780 1,512 622 8,088 Respiratory & Immunology: Symbicort 726 753 549 334 2,362 973 608 582 375 2,538 1,065 609 670 384 2,728 Fasenra 992 64 355 142 1,553 906 43 305 142 1,396 790 20 286 162 1,258 Breztri 383 161 81 52 677 239 92 33 34 398 115 55 7 26 203 Saphnelo 260 2 8 10 280 111 – 2 3 116 8 – – – 8 Tezspire – 1 48 37 86 – – 2 2 4 – – – – – Pulmicort 28 575 68 42 713 65 462 69 49 645 72 770 73 47 962 Bevespi 34 6 17 1 58 42 5 10 1 58 39 4 11 – 54 Daliresp/Daxas 42 3 8 1 54 176 3 9 1 189 207 4 15 1 227 Others 82 206 30 6 324 143 230 42 6 421 108 287 185 14 594 2,547 1,771 1,164 625 6,107 2,655 1,443 1,054 613 5,765 2,404 1,749 1,247 634 6,034 Vaccines & Immune Therapies: COVID-19 mAbs – 6 12 114 132 1,067 413 298 407 2,185 – 19 66 – 85 Vaxzevria – 10 2 – 12 79 729 365 625 1,798 64 2,240 1,035 578 3,917 Beyfortus 87 – 19 – 106 – – – – – – – – – – Synagis (1) 195 175 177 546 1 173 213 191 578 23 35 203 149 410 FluMist 23 1 188 4 216 21 1 151 2 175 27 2 222 2 253 109 212 396 295 1,012 1,168 1,316 1,027 1,225 4,736 114 2,296 1,526 729 4,665 Rare Disease: Soliris 1,734 424 670 317 3,145 2,180 301 805 476 3,762 1,068 170 439 197 1,874 Ultomiris 1,750 71 668 476 2,965 1,136 38 481 310 1,965 381 9 169 129 688 Strensiq 937 40 89 86 1,152 769 35 78 76 958 297 10 36 35 378 Koselugo 195 59 53 24 331 162 26 20 – 208 104 1 3 – 108 Kanuma 85 29 49 8 171 77 31 44 8 160 32 7 20 3 62 4,701 623 1,529 911 7,764 4,324 431 1,428 870 7,053 1,882 197 667 364 3,110 Other: Nexium 115 578 53 199 945 120 568 46 551 1,285 128 705 62 431 1,326 Others 18 153 52 8 231 24 220 77 19 340 43 212 109 14 378 133 731 105 207 1,176 144 788 123 570 1,625 171 917 171 445 1,704 Product Sales 17,961 11,751 9,029 5,048 43,789 17,254 11,634 8,264 5,846 42,998 12,000 12,161 7,604 4,776 36,541 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 revenue in 2023 was 1.0% (2022: 1.3%; 2021: 1.5%); 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 revenue in 2023 of 0.3% (2022: 0.5%; 2021: 0.4%) and Managed Care and Medicare of 0.5% (2022: 0.8%; 2021: 0.7%). The adjustment in respect of the prior year net US Product Sales revenue, excluding the Rare Disease therapy area in 2023, was 1.4% (2022: 1.6%; 2021: 1.8%), with Medicaid and state programmes of 0.4% (2022: 0.6%; 2021: 0.5%) and Managed Care and Medicare of 0.7% (2022: 1.1%; 2021: 0.8%). 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 2023 2022 2021 $m $m $m Enhertu 1,022 523 197 Tezspire 259 79 – Beyfortus 57 – – Vaxzevria – 76 64 Other royalty income 81 68 70 Other Alliance Revenue 9 9 57 1,428 755 388 Collaboration Revenue 2023 2022 2021 $m $m $m Lynparza: 245 355 – Lynparza: – – 400 COVID-19 mAbs: licence fees 180 – – Farxiga 29 – – tralokinumab: sales milestones 20 110 – Beyfortus 71 25 – Beyfortus 27 – – Nexium – 62 75 Other Collaboration Revenue 22 46 13 594 598 488

Operating profit

Operating profit	12 Months Ended
Operating profit	Dec. 31, 2023
Operating profit
Operating profit	2 Operating profit Operating profit includes the following significant items: Cost of sales In 2023, Cost of sales includes a charge of $114m (2022: charge of $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 (see Note 27). During the year, $nil government grants were recognised within Cost of sales (2022: $nil; 2021: $290m). The grants recognised in 2021 related to funding of manufactured Vaxzevria Selling, general and administrative expense In 2023, Selling, general and administrative expense includes a charge of $520m (2022: charge of $182m; 2021: charge of $42m) 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 2023, Selling, general and administrative expense also includes a charge of $1,013m (2022: charge of $789m; 2021: charge of $48m) 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 $74m (2022: $113m; 2021: $531m) 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 Vaxzevria Other operating income and expense 2023 2022 2021 $m $m $m Royalty income 107 59 62 Gains on disposal of intangible assets 251 104 513 Gains on disposal of investments in associates and joint ventures – – 776 Net gains/(losses) on disposal of other non-current assets 41 112 (4) Update to the contractual relationships for Beyfortus 712 – – Other income 1 393 439 453 Other expense (164) (200) (308) Other operating income and expense 1,340 514 1,492 1 Other income in 2023 includes $ 75 m of income from Allergan Plc. in respect of the development of brazikumab (2022: $138 m; 2021: $99 m). Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to Pulmicort Flexhaler Gains on disposal of intangible assets in 2021 includes $317m on disposal of rights to Crestor Net gains/(losses) 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). Gains on disposal of investments in associates and joint ventures in 2021 relates to the disposal of the 26.7% ownership in Viela Bio, as part of the acquisition of Viela Bio by Horizon Therapeutics plc. AstraZeneca received cash proceeds and profit of $776m upon closing, with the profit recorded as Other operating income. As part of the total consideration received in respect of the agreement to sell US rights to Synagis Beyfortus Beyfortus Beyfortus Restructuring costs During 2023, the Group has incurred $467m of net restructuring costs, of which $362m resulted from activities that are part of the Post Alexion Acquisition Group Review (PAAGR), bringing the cumulative charges under this programme to $2,067m. Costs in 2023 included $109m within Cost of sales due to the rationalisation of our manufacturing capacity and footprint across certain production sites, $207m within Selling, general and administrative expense in relation to HR, Finance, IT & other integration costs as well as some severance costs, $212m within Research and development expense in relation to the transformation of clinical, regulatory and other R&D data and systems, partially offset by income of $61m in Other operating income and expense generated from the disposal of assets impacted by the restructuring. 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. During 2023, the Group has identified all remaining activities and finalised the scope of the programme. This includes 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. Total restructuring costs in 2023 includes an impairment charge to Property, plant and equipment of $7m (2022: reversal of $4m; 2021: charge of $343m), impairment of Right-of-use assets of $13m (2022: $nil; 2021: $nil) and no impairment of Intangible assets (software development costs) (2022: reversal $17m; 2021: charge of $16m). 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. 2023 2022 2021 $m $m $m Cost of sales 109 266 722 Distribution expense – 2 – Research and development expense 212 111 223 Selling, general and administrative expense 207 405 338 Other operating income and expense (61) (67) – Total charge 467 717 1,283 2023 2022 2021 $m $m $m Severance costs 57 187 217 Accelerated depreciation and impairment charges 68 135 371 Other 1 342 395 695 Total charge 467 717 1,283 1 Other costs are those incurred in designing and implementing the Group’s various restructuring initiatives, including 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: 2023 2022 2021 $m $m $m Gains/(losses) on forward foreign exchange contracts 42 150 (21) Losses on receivables and payables (260) (203) (42) Total (218) (53) (63) Impairment charges Details of impairment charges for 2023, 2022 and 2021 are included in Notes 7, 8 and 10.

Finance income and expense

Finance income and expense	12 Months Ended
Finance income and expense	Dec. 31, 2023
Finance income and expense
Finance income and expense	3 Finance income and expense 2023 2022 2021 $m $m $m Finance income Returns on deposits and equity securities 291 78 12 Fair value gains on debt and interest rate swaps 43 14 – Interest income on income tax balances 10 3 31 Total 344 95 43 Finance expense Interest on debt, leases and other financing costs (1,132) (889) (774) Net interest on post-employment defined benefit plan net liabilities (Note 22) (38) (29) (26) Net exchange losses (34) (16) (20) Discount unwind on contingent consideration arising from business combinations (Note 20) (132) (168) (226) Discount unwind on other long-term liabilities 1 (200) (216) (248) Fair value losses on debt and interest rate swaps (3) – (4) Interest expense on income tax balances (87) (28) (2) Total (1,626) (1,346) (1,300) Net finance expense (1,282) (1,251) (1,257) 1 Included within Discount unwind on other long-term liabilities is $55 m relating to the Acerta Pharma share purchase liability (2022: $108 m; 2021: $161 m) and the discount unwind of other payables of $100 m (2022: $ nil ; 2021: $ 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: 2023 2022 2021 $m $m $m Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives 13 (9) (5) Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives – – (9) Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances 177 54 16 Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost (1,004) (837) (738) The interest rate fair value hedges were closed in 2021. Fair value gain or loss of $nil (2022: $nil; 2021: loss of $33m) on interest rate fair value hedging instruments and $nil fair value gain or loss (2022: $nil; 2021: gain of $29m) on the related hedged items have been included within Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives. Fair value loss of $1m (2022: loss of $25m; 2021: loss of $19m) on derivatives related to debt instruments designated at FVPL and $7m fair value gain (2022: gain of $26m; 2021: gain of $19m) on debt instruments designated at FVPL have been included within Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives.

Taxation

Taxation	12 Months Ended
Taxation	Dec. 31, 2023
Taxation
Taxation	4 Taxation Taxation charge/(credit) recognised in the Consolidated Statement of Comprehensive Income is as follows: 2023 2022 2021 $m $m $m Current tax Current year 2,417 1,823 1,200 Adjustment to prior years 28 (187) (5) Total 2,445 1,636 1,195 Deferred tax Origination and reversal of temporary differences (1,473) (2,563) (1,417) Adjustment to prior years (34) 135 (158) Total (1,507) (2,428) (1,575) Taxation charge/(credit) recognised in the profit for the year 938 (792) (380) Taxation credit/(charge) recognised in Other comprehensive income is as follows: 2023 2022 2021 $m $m $m Current and deferred tax Items that will not be reclassified to profit or loss: Remeasurement of the defined benefit liability 102 (231) (117) Equity investments measured at fair value through Other comprehensive income (1) 15 27 Movement in deferred taxes relating to changes in tax rates – – 195 Total 101 (216) 105 Items that may be reclassified subsequently to profit or loss: Foreign exchange arising on designated liabilities in net investment hedges (24) 73 43 Fair value movement on cash flow hedges 12 – (5) Movement in deferred taxes relating to changes in tax rates – – 8 Total (12) 73 46 Taxation credit/(charge) recognised in Other comprehensive income 89 (143) 151 The reported tax rate in the year was 14% and included a favourable adjustment of $828m to deferred taxes arising from a UK group company undertaking a routine intragroup purchase of certain intellectual property. This intragroup purchase resulted in additional amortisable tax basis in the UK which can be fully utilised against forecast UK taxable profits. Deferred tax has been recognised on this additional tax basis in the year. This is offset by updates to tax liabilities following progress of reviews by tax authorities and administrative appeal processes and derecognition of deferred tax assets following changes to forecast taxable income of specific subsidiaries. The income tax paid for the year was $2,366m. Taxation has been provided at current rates on the profits earned for the years covered by the Group Financial Statements. The 2023 prior year current tax adjustment relates mainly to tax accrual to tax return adjustments and updates to provisions for tax contingencies. The 2022 prior year current tax adjustment relates mainly to tax accrual to tax return adjustments and updates to provisions for tax contingencies. The 2021 prior year current tax adjustment relates mainly to tax accrual to tax return adjustments. 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. The 2021 prior year deferred tax adjustments relate mainly to tax accrual to tax return adjustments and updates to estimates of prior year tax liabilities following settlements with tax authorities. 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 $7,565m at 31 December 2023, $3,221m 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. On 11 July 2023, Finance (No.2) Act 2023 was enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. A Pillar 2 Effective Tax Rate (ETR) is calculated for every jurisdiction in which the Group operates and Pillar 2 Income Taxes will arise when the Pillar 2 ETR is less than 15%. Pillar 2 Income Taxes could be payable in the UK, or the local jurisdiction if it has introduced a Qualifying Domestic Minimum top-up Tax. AstraZeneca is continuing to monitor potential impacts as further guidance is published by the OECD and territories implement legislation to enact the rules. Management has performed an assessment of the impact of the UK’s Pillar 2 rules based on our 2023 data and no Pillar 2 Income Taxes are expected to arise for most jurisdictions in which the Group operates. It is anticipated that AstraZeneca may, in some jurisdictions, incur additional tax liabilities, but the effect on the reported tax charge is reasonably estimated to be immaterial. The Group has applied the exemption under the IAS 12 ‘Income Taxes’ amendment for recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes. Tax reconciliation to UK statutory rate The table below reconciles the UK statutory tax charge to the Group’s total tax charge/(credit): 2023 2022 2021 $m $m $m Profit/(loss) before tax 6,899 2,501 (265) Notional taxation charge at UK corporation tax rate of 23.5% (2022: 19%; 2021: 19%) 1,621 475 (50) Differences in effective overseas tax rates 1 (224) (59) 1 Deferred tax (credit)/charge relating to change in tax rates 2 (66) (108) 54 Unrecognised deferred tax asset 3 341 68 32 Items not deductible for tax purposes 46 90 208 Items not chargeable for tax purposes – – (163) Intellectual Property incentive regimes 4 (367) (265) – Other items 5 (406) (941) (299) Adjustments in respect of prior years 6 (7) (52) (163) Total tax charge/(credit) for the year 938 (792) (380) 1 Includes the impact of the reversal of a $1.9 bn deferred tax liability that was recognised in a previous business combination (31 December 2023: $0.9 bn) and originated in goodwill. Some of this liability reverses in an innovation 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 IP 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 3 4 5 6 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 income statement of $367m in 2023. Deferred tax The total movement in the net deferred tax balance in the year was $1,555m. The movements are as follows: Intangibles, Pension and Elimination of Losses and Property, plant post-retirement unrealised profit Untaxed tax credits Accrued and equipment 1 benefits on inventory reserves 2 carried forward expenses Other Total $m $m $m $m $m $m $m $m Net deferred tax balance at 1 January 2021 (2,627) 656 1,807 (801) 714 660 111 520 Income statement 782 (166) (59) (139) 307 697 153 1,575 Other comprehensive income 52 83 – – – – 40 175 Equity – – – – – 4 10 14 Additions through business combinations 3 (3,744) 13 166 – 507 (1,263) 147 (4,174) Exchange 57 (33) (53) 78 (10) (13) (12) 14 Net deferred tax balance at 31 December 2021 (5,480) 553 1,861 (862) 1,518 85 449 (1,876) Income statement 4 1,414 (55) 274 38 (126) 778 105 2,428 Other comprehensive income 72 (231) – – – – 16 (143) Equity – – – – – – 38 38 Exchange 63 (36) (111) 108 (134) 17 (35) (128) Net deferred tax balance at 31 December 2022 (3,931) 231 2,024 (716) 1,258 880 573 319 Income statement 4 1,518 (69) 426 96 (308) (23) (133) 1,507 Other comprehensive income (16) 106 – – – – (23) 67 Equity – – – – – – (21) (21) Additions (24) – – – 50 – (1) 25 Exchange (38) 15 (64) (40) 106 32 (34) (23) Net deferred tax balance at 31 December 2023⁵ (2,491) 283 2,386 (660) 1,106 889 361 1,874 1 Includes deferred tax assets of $ 507 m on liabilities in respect of intangibles and $188 m on lease liabilities in respect of right-of-use assets. 2 3 4 5 Imfinzi The net deferred tax balance, before the offset of balances within countries, consists of: Intangibles, Pension and Elimination of Losses and Property, plant post-retirement unrealised profit Untaxed tax credits Accrued and equipment benefits on inventory reserves carried forward expenses Other Total $m $m $m $m $m $m $m $m Deferred tax assets at 31 December 2021 1,476 574 1,910 – 1,571 1,117 618 7,266 Deferred tax liabilities at 31 December 2021 (6,956) (21) (49) (862) (53) (1,032) (169) (9,142) Net deferred tax balance at 31 December 2021 (5,480) 553 1,861 (862) 1,518 85 449 (1,876) Deferred tax assets at 31 December 2022 1,499 276 2,048 – 1,274 1,005 609 6,711 Deferred tax liabilities at 31 December 2022 (5,430) (45) (24) (716) (16) (125) (36) (6,392) Net deferred tax balance at 31 December 2022 (3,931) 231 2,024 (716) 1,258 880 573 319 Deferred tax assets at 31 December 2023 1,883 313 2,386 – 1,141 1,011 488 7,222 Deferred tax liabilities at 31 December 2023 (4,374) (30) – (660) (35) (122) (127) (5,348) Net deferred tax balance at 31 December 2023 (2,491) 283 2,386 (660) 1,106 889 361 1,874 Analysed in the Consolidated Statement of Financial Position, after offset of balances within countries, as follows: 2023 2022 2021 $m $m $m Deferred tax assets 4,718 3,263 4,330 Deferred tax liabilities (2,844) (2,944) (6,206) Net deferred tax balance 1,874 319 (1,876) Unrecognised deferred tax assets Deferred tax assets (DTA) of $1,251m (2022: $807m; 2021: $719m) 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. 2023 2023 2022 2022 2021 2021 Temporary Unrecognised Temporary Unrecognised Temporary Unrecognised differences DTA differences DTA differences DTA $m $m $m $m $m $m Temporary differences expiring: Within 10 years 87 22 104 26 4 1 More than 10 years 153 32 153 32 53 11 Indefinite 2,788 595 686 163 300 79 3,028 649 943 221 357 91 Tax credits and State tax losses expiring: Within 10 years 152 115 101 More than 10 years 363 384 441 Indefinite 87 87 86 602 586 628 Total 1,251 807 719

Earnings per $0.25 Ordinary Sha

Earnings per $0.25 Ordinary Share	12 Months Ended
Earnings per $0.25 Ordinary Share	Dec. 31, 2023
Earnings per $0.25 Ordinary Share
Earnings per $0.25 Ordinary Share	5 Earnings per $0.25 Ordinary Share 2023 2022 2021 Profit for the year attributable to equity holders ($m) 5,955 3,288 112 Basic earnings per Ordinary Share $3.84 $2.12 $0.08 Diluted earnings per Ordinary Share $3.81 $2.11 $0.08 Weighted average number of Ordinary Shares in issue for basic earnings (millions) 1,549 1,548 1,418 Dilutive impact of share options outstanding (millions) 13 12 9 Diluted weighted average number of Ordinary Shares in issue (millions) 1,562 1,560 1,427 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.

Segment information

Segment information	12 Months Ended
Segment information	Dec. 31, 2023
Segment information
Segment information	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. 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. 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. 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. Product Sales by geographic market are included in the area/country where the legal entity resides and from which those sales were made. Total Revenue 2023 2022 2021 $m $m $m UK 3,368 3,117 3,245 Rest of Europe France 1,152 1,107 915 Germany 2,099 1,902 1,486 Italy 813 735 577 Spain 847 738 578 Sweden 1,704 1,721 2,322 Others 3,110 2,706 1,949 9,725 8,909 7,827 The Americas Canada 967 1,166 772 US 18,121 17,278 12,047 Others 1,683 1,175 1,203 20,771 19,619 14,022 Asia, Africa & Australasia Australia 390 571 547 China 5,872 5,743 6,002 Japan 3,640 3,986 3,395 Others 2,045 2,406 2,379 11,947 12,706 12,323 Total Revenue 45,811 44,351 37,417 Total Revenue outside of the UK totalled $42,443m for the year ended 31 December 2023 (2022: $41,234m; 2021: $34,172m). Operating profit/(loss) Profit/(loss) before tax 2023 2022 2021 2023 2022 2021 $m $m $m $m $m $m UK 665 1,120 (950) (577) 272 (1,477) Rest of Europe 4,885 2,945 2,999 4,999 2,709 2,682 The Americas 1,495 (954) (1,936) 1,328 (1,140) (2,401) Asia, Africa & Australasia 1,148 646 943 1,149 660 931 Continuing operations 8,193 3,757 1,056 6,899 2,501 (265) Non-current assets 1, 2 Total assets 2023 2022 2021 2023 2022 2021 $m $m $m $m $m $m UK 8,626 8,208 7,310 19,616 16,786 16,615 Rest of Europe 32,905 34,301 38,286 40,638 40,669 48,383 The Americas 26,524 25,425 26,333 34,754 32,990 34,301 Asia, Africa & Australasia 910 929 1,078 6,111 6,038 6,064 Continuing operations 68,965 68,863 73,007 101,119 96,483 105,363 Assets acquired 3 Net operating assets 4 2023 2022 2021 2023 2022 2021 $m $m $m $m $m $m UK 812 2,301 810 5,275 3,863 3,239 Rest of Europe 1,770 522 26,527 32,920 32,726 40,161 The Americas 1,925 421 10,810 22,746 23,290 24,786 Asia, Africa & Australasia 117 51 94 1,405 1,895 736 Continuing operations 4,624 3,295 38,241 62,346 61,774 68,922 1 Non-current assets exclude Deferred tax assets and Derivative financial instruments. 2 The Group has 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 $1,690 m and in 2021 of $1,680 m. 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 2023 2022 2021 $m $m $m UK 2,831 2,526 2,542 Ireland 1,164 1,040 969 Sweden 1,678 1,472 1,593 US 2,371 2,176 2,660 Rest of the world 1,358 1,293 1,419 Continuing operations 9,402 8,507 9,183 Geographic markets The table below shows Product Sales in each geographic market in which customers are located. 2023 2022 2021 $m $m $m UK 978 996 1,206 Rest of Europe 8,201 7,503 6,792 The Americas 20,855 20,126 14,893 Asia, Africa & Australasia 13,755 14,373 13,650 Continuing operations 43,789 42,998 36,541 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 (2022: one; 2021: one) individually represented greater than 10% of Product Sales. The value of Product Sales to this wholesaler was $6,513m (2022: $5,387m; 2021: $4,862m).

Property, plant and equipment

Property, plant and equipment	12 Months Ended
Property, plant and equipment	Dec. 31, 2023
Property, plant and equipment.
Property, plant and equipment	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 2021 5,851 7,738 2,478 16,067 Additions through business combinations (Note 27) 542 339 254 1,135 Capital expenditure 9 31 1,112 1,152 Transfer of assets into use 236 611 (847) – Disposals and other movements (92) (469) (200) (761) Exchange adjustments (169) (347) (69) (585) At 31 December 2021 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 Depreciation and impairment At 1 January 2021 2,826 4,990 – 7,816 Depreciation charge for the year 231 493 – 724 Impairment (reversal)/charge (1) 121 223 343 Disposals and other movements (74) (428) (223) (725) Exchange adjustments (105) (228) – (333) At 31 December 2021 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 Net book value At 31 December 2021 3,500 2,955 2,728 9,183 At 31 December 2022 2,951 2,903 2,653 8,507 At 31 December 2023 3,704 3,653 2,045 9,402 Impairment charges in 2021 totalling $343m were recognised for Plant and equipment and Assets in course of construction due to the rationalisation of our manufacturing capacity and footprint across certain production sites as a result of restructuring programmes, including the PAAGR (see Note 2). These charges were recognised in Cost of sales. The revised carrying value of the impacted assets is $nil, under fair value less costs to sell. 2023 2022 2021 $m $m $m The net book value of land and buildings comprised: Freeholds 2,976 2,555 2,985 Leaseholds 728 396 515

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2023
Leases
Leases	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 2021 735 272 36 1,043 Additions through business combinations (Note 27) 255 8 – 263 Additions – separately acquired 145 98 2 245 Disposals and other movements 25 (44) (4) (23) Exchange adjustments (27) (13) (1) (41) At 31 December 2021 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 Depreciation and impairment At 1 January 2021 247 117 13 377 Depreciation charge for the year 144 85 6 235 Disposals and other movements (54) (42) – (96) Exchange adjustments (11) (6) – (17) At 31 December 2021 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 Net book value At 31 December 2021 807 167 14 988 At 31 December 2022 771 153 18 942 At 31 December 2023 803 280 17 1,100 Lease liabilities 2023 2022 2021 $m $m $m The present value of lease liabilities is as follows: Within one year (271) (228) (233) Later than one year and not later than five years (657) (549) (544) Later than five years (200) (176) (210) Total lease liabilities (1,128) (953) (987) The interest expense on lease liabilities included within Finance expense was $33m (2022: $24m; 2021: $22m). The total cash outflow for leases in 2023 was $301m (2022: $268m; 2021: $262m). 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 $1,615m as of 31 December 2023. 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.

Goodwill

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2023
Goodwill.
Goodwill	9 Goodwill 2023 2022 2021 $m $m $m Cost At 1 January 20,131 20,311 12,164 Additions through business combinations (Note 27) 158 15 8,287 Exchange and other adjustments 72 (195) (140) At 31 December 20,361 20,131 20,311 Amortisation and impairment losses At 1 January 311 314 319 Exchange and other adjustments 2 (3) (5) At 31 December 313 311 314 Net book value At 31 December 20,048 19,820 19,997 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 2023 (and 31 December 2022 and 31 December 2021). No goodwill impairment was identified.

Intangible assets

Intangible assets	12 Months Ended
Intangible assets	Dec. 31, 2023
Intangible assets
Intangible assets	10 Intangible assets Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m Cost At 1 January 2021 42,677 2,642 1,288 46,607 Additions through business combinations (Note 27) 26,455 430 70 26,955 Additions – separately acquired 587 6 119 712 Transferred to Assets held for sale (Note 18) (1,266) (47) – (1,313) Disposals (801) (402) (23) (1,226) Exchange and other adjustments (1,062) (18) (22) (1,102) At 31 December 2021 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 Amortisation and impairment losses At 1 January 2021 22,564 2,128 968 25,660 Amortisation for year 2,908 172 63 3,143 Impairment charges 2,067 – 18 2,085 Transferred to Assets held for sale (Note 18) (931) (14) – (945) Disposals (797) (402) (21) (1,220) Exchange and other adjustments (535) (21) (26) (582) At 31 December 2021 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 Net book value At 31 December 2021 41,314 748 430 42,492 At 31 December 2022 38,393 497 417 39,307 At 31 December 2023 36,941 646 502 38,089 2023 2022 2021 $m $m $m Net book value Current intangible assets – – 105 Non-current intangible assets 38,089 39,307 42,387 At 31 December 38,089 39,307 42,492 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 $625m (2022: $1,135m; 2021: $124m), 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 depreciated assets that are no longer in use by the Group. Amortisation charges are recognised in profit as follows: Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m Year ended 31 December 2021 Cost of sales 66 – – 66 Research and development expense – 33 – 33 Selling, general and administrative expense 2,842 138 63 3,043 Other operating income and expense – 1 – 1 Total 2,908 172 63 3,143 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 Net impairment charges are recognised in profit as follows: Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m Year ended 31 December 2021 Research and development expense 1,464 – – 1,464 Selling, general and administrative expense 603 – 18 621 Total 2,067 – 18 2,085 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 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 2023, 7% for 2022 and 2021) 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. 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%. 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. 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 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. In 2021, the Group recorded impairment charges of $603m in respect of launched products, including Bydureon Impairment charges recorded against products in development in 2021, based on fair value less costs to sell, totalled $1,464m, principally Ardea ($1,172m) which was fully impaired following the decision to discontinue development of verinurad. The remaining impairments relate to full impairments of various products in development, due to either management’s decision to discontinue development as part of a Group-wide portfolio prioritisation review, or due to the outcome of research 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. No impairment reversals were recorded in 2023. Impairment reversals of $94m were recorded in 2022, including $77m in respect of products in development. No impairment reversals were recorded in 2021. 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 value Remaining amortisation $m period C5 franchise ( Soliris Ultomiris 14,356 4 to 12 years Intangible assets arising from the acquisition of Acerta Pharma 4,335 9 years Strensiq, Kanuma, Andexxa 4,147 9 to 15 years Enhertu 2,831 10 years Intangible asset products in development arising from the acquisition of Alexion 1 2,489 Not amortised Intangible assets arising from the acquisition of ZS Pharma Inc. 1,838 8 years Other intangible assets acquired from Daiichi Sankyo 1 989 Not amortised Baxdrostat intangible asset acquired from CinCor Pharma, Inc. 1 780 Not amortised Airsupra 524 11 years Intangible assets arising from the restructuring of a historical joint venture with MSD 472 3 to 6 years Farxiga/Forxiga 426 3 years Intangible assets arising from the acquisition of Pearl Therapeutics, Inc 412 5 to 6 years Monalizumab intangible assets acquired from Innate Pharma 1 370 Not amortised RSV franchise assets arising from the acquisition of MedImmune 305 2 years Rare disease portfolio assets acquired from Pfizer 1 300 Not amortised 1 Assets in development are not amortised but are tested annually for impairment. The intangible asset baxdrostat recognised on acquisition of CinCor Pharma, Inc. 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.

Investments in associates and j

Investments in associates and joint ventures	12 Months Ended
Investments in associates and joint ventures	Dec. 31, 2023
Investments in associates and joint ventures
Investments in associates and joint ventures	11 Investments in associates and joint ventures 2023 2022 2021 $m $m $m At 1 January 76 69 39 Additions 80 26 92 Share of after tax losses (12) (5) (64) Exchange and other adjustments 3 (14) 2 At 31 December 147 76 69 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 and holds a 22% 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 27 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 and $21m made in 2021 and 2022 respectively. On 23 September 2021, AstraZeneca entered into an agreement with VaxEquity Limited 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 23 February 2018, AstraZeneca entered into an agreement with a consortium of investors to form a new, US-domiciled standalone company called Viela Bio. In February 2021, AstraZeneca agreed to divest its 26.7% ownership in Viela Bio, as part of the acquisition of Viela by Horizon Therapeutics plc. AstraZeneca received cash proceeds and profit of $776m upon closing with the profit recorded as Other operating income. In 2021, prior to divestment, the Group provided transitional research and development services to Viela Bio, comprising $1m of passed-through third-party costs incurred by the Group on behalf of Viela Bio. 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., Limited (Dizal). Since its establishment, AstraZeneca has contributed $80m in cash to the joint venture entity and has a 27% 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. On 26 April 2023, Centus entered a voluntary liquidation process. All investments are accounted for using the equity method. At 31 December 2023, unrecognised losses in associates and joint ventures totalled $140m (2022: $92m; 2021: $73m) 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: 2023 2022 2021 $m $m $m Non-current assets 424 290 215 Current assets 362 300 506 Total liabilities (287) (72) (99) Net assets 499 518 622 Amount attributable to AstraZeneca 85 91 65 Goodwill 52 – – Exchange adjustments 10 (15) 4 Carrying value of investments in associates and joint ventures 147 76 69 Joint contractual arrangements were entered into between AstraZeneca and Daiichi Sankyo Company Limited (Daiichi Sankyo); in March 2019 for the co-development and co-commercialisation of Enhertu

Other investments

Other investments	12 Months Ended
Other investments	Dec. 31, 2023
Other investments
Other investments	12 Other investments 2023 2022 2021 $m $m $m Non-current investments Equity securities at fair value through Other comprehensive income 1,530 1,056 1,168 Fixed income securities at fair value through profit or loss – 10 – Total 1,530 1,066 1,168 Current investments Fixed income securities at fair value through profit or loss 20 13 16 Cash collateral pledged to counterparties 102 162 – Fixed deposits – 64 53 Total 122 239 69 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. In 2022, following significant foreign currency volatility increasing the collateral requirements, the Group revised its presentation to ‘Other investments’. In 2021 amounts of $47m are presented within Cash and cash equivalents. 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). 2023 2023 2022 2022 2021 2021 FVPL FVOCI FVPL FVOCI FVPL FVOCI $m $m $m $m $m $m Level 1 20 1,217 13 880 16 1,064 Level 2 – – – – – – Level 3 – 313 10 176 – 104 Total 20 1,530 23 1,056 16 1,168 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: 2023 2023 2022 2022 2021 FVPL FVOCI FVPL FVOCI FVOCI $m $m $m $m $m At 1 January 10 176 – 104 217 Additions – 127 10 32 1 Revaluations 3 14 – 50 – Net transfers out from Level 3 to Level 1 – – – (4) (113) Disposals (13) (8) – (5) – Impairments and exchange adjustments – 4 – (1) (1) At 31 December – 313 10 176 104

Derivative financial instrument

Derivative financial instruments	12 Months Ended
Derivative financial instruments	Dec. 31, 2023
Derivative financial instruments
Derivative financial instruments	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 loss 1 25 – – – 25 Cross currency swaps designated in a net investment hedge 62 – – (2) 60 Cross currency swaps designated in a cash flow hedge – – – (43) (43) Forward FX designated in a cash flow hedge 2 – 13 – – 13 Other derivatives 15 70 (79) – 6 31 December 2021 102 83 (79) (45) 61 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 loss 1 – 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 hedge 2 – 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 hedge 2 – 19 (4) – 15 Other derivatives 12 97 (122) – (13) 31 December 2023 228 116 (156) (38) 150 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 $12m (2022: $19m; 2021: $15m), held within Non-current assets). None of the derivatives have been reclassified in the year. 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: 2023 2022 2021 Derivatives 0.1 % to 5.3 % 0.1 % to 4.7 % (0.5) % to 3.6 %

Non-current other receivables

Non-current other receivables	12 Months Ended
Non-current other receivables	Dec. 31, 2023
Non-current other receivables.
Non-current other receivables	14 Non-current other receivables 2023 2022 2021 $m $m $m Prepayments 274 243 391 Accrued income 52 44 61 Retirement benefit scheme surpluses (Note 22) 92 90 – Other receivables 385 458 443 Non-current other receivables 803 835 895 Prepayments include $nil (2022: $nil; 2021: $92m) in relation to our research collaboration with Moderna. Other receivables include $51m (2022: $71m; 2021: $44m) owed by FibroGen, Inc. for promotional activity in China pursuant to the roxadustat collaboration.

Inventories

Inventories	12 Months Ended
Inventories	Dec. 31, 2023
Inventories
Inventories	15 Inventories 2023 2022 2021 $m $m $m Raw materials and consumables 1,531 1,422 1,755 Inventories in process 2,325 1,864 5,216 Finished goods and goods for resale 1,568 1,413 2,012 Inventories 5,424 4,699 8,983 The Group recognised $6,038m (2022: $9,618m; 2021: $9,640m) of inventories as an expense within Cost of sales during the year. Inventory write-downs in the year amounted to $574m (2022: $479m; 2021: $552m), principally arising from the reassessment of usage or demand expectations prior to inventory expiration.

Current trade and other receiva

Current trade and other receivables	12 Months Ended
Current trade and other receivables	Dec. 31, 2023
Current trade and other receivables
Current trade and other receivables	16 Current trade and other receivables 2023 2022 2021 $m $m $m Trade receivables 8,452 7,271 6,054 Less: Expected credit loss provision (Note 28) (45) (59) (23) 8,407 7,212 6,031 Other receivables 1,639 1,659 1,808 Prepayments 1,617 1,329 1,512 Government grants receivable 11 25 – Accrued income 452 296 293 Trade and other receivables 12,126 10,521 9,644 Trade receivables include $1,977m (2022: $2,470m; 2021: $1,865m) 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.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
Cash and cash equivalents	Dec. 31, 2023
Cash and cash equivalents.
Cash and cash equivalents	17 Cash and cash equivalents 2023 2022 2021 $m $m $m Cash at bank and in hand 1,325 1,411 1,461 Short-term deposits 4,515 4,755 4,868 Cash and cash equivalents 5,840 6,166 6,329 Unsecured bank overdrafts (203) (183) (291) Cash and cash equivalents in the cash flow statement 5,637 5,983 6,038 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. 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: 2023 2022 2021 $m $m $m Share-based payments charge for the period 579 619 615 Settlement of share plan awards (650) (592) (570) Pension contributions (188) (205) (174) Pension charges recorded in operating profit 55 101 136 Long-term provision charges recorded in operating profit 460 87 270 (Gain)/loss on disposal of tangible assets (41) (112) 4 Update to the contractual relationships for Beyfortus (729) – – Foreign exchange and other 1 128 (590) (186) Total operating activities non-cash and other movements (386) (692) 95 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.

Assets held for sale

Assets held for sale	12 Months Ended
Assets held for sale	Dec. 31, 2023
Assets held for sale
Assets held for sale	18 Assets held for sale Assets held for sale amount to $nil (2022: $150m; 2021: $368m). 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. In 2021, Assets held for sale comprised Intangible assets relating to the rights to certain respiratory assets acquired from Almirall and Actavis plc. (including Tudorza Duaklir

Interest-bearing loans and borr

Interest-bearing loans and borrowings	12 Months Ended
Interest-bearing loans and borrowings	Dec. 31, 2023
Interest-bearing loans and borrowings
Interest-bearing loans and borrowings	19 Interest-bearing loans and borrowings Repayment 2023 2022 2021 dates $m $m $m Current liabilities Bank overdrafts On demand 203 183 291 Other short-term borrowings excluding overdrafts 97 78 3 Collateral received from derivative counterparties 215 89 93 Lease liabilities 271 228 233 Floating rate notes US dollars 2022 – – 250 2.375% Callable bond US dollars 2022 – – 999 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 – – Other loans (including commercial paper) Within one year 19 22 24 Total 5,400 5,542 1,893 Non-current liabilities Lease liabilities 857 725 754 0.3% Callable bond US dollars 2023 – – 1,397 2023 Floating bank loan US dollars 2023 – – 1,998 Floating rate notes US dollars 2023 – – 400 3.5% Callable bond US dollars 2023 – – 848 7% Guaranteed debentures US dollars 2023 – – 320 0.75% Callable bond euros 2024 – 957 1,014 0.7% Callable bond US dollars 2024 – 1,598 1,598 2024 Floating bank loans US dollars 2024 – 1,998 1,997 3.375% Callable bond US dollars 2025 1,994 1,992 1,988 0.7% Callable bond US dollars 2026 1,196 1,195 1,193 1.2% Callable bond US dollars 2026 1,248 1,246 1,245 3.625% Callable bond euros 2027 829 – – 3.125% Callable bond US dollars 2027 747 746 745 4.875% Callable bond US dollars 2028 1,095 – – 1.25% Callable bond euros 2028 879 845 896 1.75% Callable bond US dollars 2028 1,246 1,245 1,244 4% Callable bond US dollars 2029 995 995 994 0.375% Callable bond euros 2029 881 846 898 4.9% Callable bond US dollars 2030 645 – – 1.375% Callable bond US dollars 2030 1,294 1,293 1,292 2.25% Callable bond US dollars 2031 747 747 746 5.75% Non-callable bond pound sterling 2031 444 420 470 3.75% Callable bond euros 2032 827 – – 4.875% Callable bond US dollars 2033 497 – – 6.45% Callable bond US dollars 2037 2,725 2,724 2,724 4% Callable bond US dollars 2042 989 988 988 4.375% Callable bond US dollars 2045 981 981 980 4.375% Callable bond US dollars 2048 738 737 737 2.125% Callable bond US dollars 2050 487 487 486 3% Callable bond US dollars 2051 735 735 734 Other loans US dollars 146 190 202 Total 23,222 23,690 28,888 Total interest-bearing loans and borrowings 1, 2 28,622 29,232 30,781 1 All loans and borrowings above are unsecured. In previous years, there were current (2022: $22 m; 2021: $24 m) and non-current (2022: $181 m; 2021: $188 m) secured loans, both included within Other loans. 2 The $2 bn USD 2024 floating rate bank loans pay interest rate based on compounded daily USD Secured Overnight Funding Rate (SOFR). Total Total Total loans and loans and loans and borrowings borrowings borrowings 2023 2022 2021 $m $m $m At 1 January 29,232 30,781 20,380 Changes from financing cash flows Issue of loans and borrowings 3,816 – 12,929 Repayment of loans and borrowings (4,942) (1,271) (4,759) Movement in short-term borrowings 161 74 (276) Repayment of obligations under leases (268) (244) (240) Total changes in cash flows arising on financing activities from borrowings (1,233) (1,441) 7,654 Movement in overdrafts 20 (85) 31 New lease liabilities 444 253 503 Additions through business combinations – 5 2,523 Exchange 187 (287) (378) Other movements (28) 6 68 At 31 December 28,622 29,232 30,781 Also included within cash flows arising from financing activities within the Consolidated Statement of Cash Flows is a $867m cash outflow (2022: outflow of $920m; 2021: $nil) related to the Acerta Pharma share purchase liability which has a closing liability at 31 December 2023 of $833m (2022: $1,646m; 2021: $2,458m) 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 Total designated designated in Amortised carrying Fair at fair value 1 cash flow hedge 2 cost value value $m $m $m $m $m 2021 Overdrafts – – 291 291 291 Lease liabilities due within one year – – 233 233 233 Lease liabilities due after more than one year – – 754 754 754 Loans and borrowings due within one year – – 1,369 1,369 1,378 Loans and borrowings due after more than one year 320 1,910 25,904 28,134 30,596 Total at 31 December 2021 320 1,910 28,551 30,781 33,252 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 1 Instruments designated at FVPL include the US dollar 7% guaranteed debentures which matured on 15 November 2023. 2 2027 Callable bond, our euro 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. A loss of $6m was made during the year on the fair value of bonds designated as FVPL. A gain of $25m has been made on these bonds since designation. Under IFRS 9, 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: 2023 2022 2021 Loans and borrowings n/a to n/a 1 4.3 % to 4.9 % 0.1 % to 0.6 % 1 All bonds designated as FVPL have matured prior to the reporting date.

Trade and other payables

Trade and other payables	12 Months Ended
Trade and other payables	Dec. 31, 2023
Trade and other payables
Trade and other payables	20 Trade and other payables 2023 2022 2021 $m $m $m Current liabilities Trade payables 3,267 2,550 2,824 Value-added and payroll taxes and social security 492 468 463 Rebates, chargebacks, returns and other revenue accruals 7,817 6,078 5,298 Clinical trial accruals 1,424 1,417 1,047 Other accruals 6,112 5,551 5,649 Collaboration Revenue contract liabilities 7 12 12 Vaccine contract liabilities 142 169 1,003 Deferred government grant income – 1 67 Contingent consideration 966 757 849 Acerta Pharma share purchase liability (Note 26) 833 867 920 Other payables 1,314 1,170 806 Total 22,374 19,040 18,938 Non-current liabilities Accruals 36 37 25 Collaboration Revenue contract liabilities 7 14 26 Contingent consideration 1,171 1,465 2,016 Acerta Pharma share purchase liability (Note 26) – 779 1,538 Other payables 1,446 1,975 1,328 Total 2,660 4,270 4,933 Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $102m (2022: $87m; 2021: $99m). The revenue recognised in the year from opening contract liabilities is $88m, comprising $76m relating to other revenue accruals and $12m Collaboration Revenue contract liabilities. The major markets with Rebates, chargebacks, returns and other revenue accruals are the US where the liability at 31 December 2023 amounted to $5,116m (2022: $3,961m; 2021: $3,172m), of which Rare Disease comprises $190m (2022: $139m; 2021: $127m), and China where the liability at 31 December 2023 amounted to $567m (2022: $579m; 2021: $814m). Trade payables includes $123m (2022: $67m; 2021: $44m) 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 2023, 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 2023, the programme had 461 suppliers enrolled across these countries. Vaccine contract liabilities relate to amounts received from customers, primarily government bodies, in advance of supply of product. Deferred government grant income relates to government grants received or receivable but for which the related expenses have not been incurred. Included within current Other payables are liabilities to Daiichi Sankyo totalling $199m (2022: $100m; 2021: $nil) resulting from the collaboration agreement in relation to Enhertu Enhertu Airsupra In November 2020, Calquence received marketing approval in the EU, which removed all remaining conditionality in respect of the Acerta Pharma With the exception of Contingent consideration payables of $2,137m (2022: $2,222m; 2021: $2,865m) 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 2023 2022 2021 $m $m $m At 1 January 2,222 2,865 3,323 Additions through business combinations 60 – – Settlements (826) (772) (643) Disposals – (121) – Revaluations 549 82 14 Reclassification to Other payables – – (55) Discount unwind (Note 3) 132 168 226 At 31 December 2,137 2,222 2,865 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 $520m in 2023 (2022: an increase of $182m; 2021: an increase of $42m) 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 $1,945m (2022: $2,124m; 2021: $2,544m) would increase/decrease by $195m 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 180 Amplimmune, Inc. 2013 Milestones 150 Almirall 1 2014 Milestones and royalties 345 Neogene 2023 Milestones 110 1 These contingent consideration liabilities have been designated as the hedge instrument in a net investment hedge of foreign currency risk arising on the Group’s underlying US dollar net investments held in non-US dollar denominated subsidiaries. Exchange differences on the retranslation of the contingent consideration liability are recognised in Other comprehensive income to the extent that the hedge is effective. Any ineffectiveness is taken to profit. 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.

Provisions

Provisions	12 Months Ended
Provisions	Dec. 31, 2023
Provisions.
Provisions	21 Provisions Employee Other Severance Environmental benefits Legal provisions Total $m $m $m $m $m $m At 1 January 2021 214 100 128 348 770 1,560 Additions through business combinations (Note 27) – – 41 73 27 141 Charge for year 238 23 46 109 456 872 Cash paid (172) (32) (49) (285) (84) (622) Reversals (62) – – (5) (175) (242) Exchange and other movements (6) (1) 29 (1) (6) 15 At 31 December 2021 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 2023 2022 2021 $m $m $m Due within one year 1,028 722 768 Due after more than one year 1,127 896 956 Total 2,155 1,618 1,724 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. This includes the commencement of work on the planned upgrade of the Group's Enterprise Resource Planning IT systems (Axial Project). 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 $112m (2022: $131m; 2021: $90m) 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, $616m (2022: $30m; 2021: $15m) due within one year and $372m (2022: $92m; 2021: $105m) due after more than one year 1 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 $163m (2022: $165m; 2021: $185m), 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 2023 included $87m (2022: $12m; 2021: $243m) in relation to the PAAGR restructuring programme, which has a closing provision of $49m (2022: $143m; 2021: $243m), including $8m (2022: $95m; 2021: $158m) held in non-current provisions expected to be settled over time by 2025. 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 was 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 $180 m (2022: $22 m; 2021: $14 m), in two to three years $159 m (2022: $21 m; 2021: $17 m), in three to four years $10 m (2022: $9 m; 2021: $22 m), in four to five years $9 m (2022: $9 m; 2021: $9 m), and in more than five years $14 m (2022: $31 m; 2021: $43 m).

Post-retirement pension and oth

Post-retirement pension and other defined benefit schemes	12 Months Ended
Post-retirement pension and other defined benefit schemes	Dec. 31, 2023
Post-retirement pension and other defined benefit schemes
Post-retirement pension and other defined benefit schemes	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 the Group’s liabilities. However, it also incorporates other benefits which fall under IAS 19 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 retirement 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 400 employees. The major DB plans are funded through separate, 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 take into account the strength of the Group’s covenant, local regulation, cash flows, and the solvency and maturity of the pension plan. Financing Principles and Funding Framework Eighty six The Group has developed a long-term funding framework to implement these principles. This framework targets either full funding on a low-risk funding measure, or buyout with an external insurer as the pension funds mature, with affordable 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 2023. The financing principles are 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 which is legally separate from the Group. The Trustee Directors are comprised of representatives appointed by both the employer and employees 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 due to the UK Pension Fund. 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 now completed the equalisation of benefits for the vast majority of pensioner members, with the project expected to complete in 2024. 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 schemes were invalid if they were not accompanied by the correct actuarial confirmation. The judgment is subject to appeal. The Trustee and Group are monitoring developments and will consider if there are any implications for the UK Pension Fund, if the ruling is upheld. Funding requirements 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’. 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. Under the funding assumptions used to set the statutory funding target, the key assumptions from the actuarial valuation as at 31 March 2022 (shown as a single-equivalent rate) were as follows: salary increases at 0% per annum (as a result of pensionable pay levels being frozen in 2010); pension increases at 3.64% per annum; and discount rate at 3.03% per annum. The resulting valuation of the Fund’s liabilities on that basis was £5,951m ($7,820m) compared to a market valuation of assets at 31 March 2022 of £5,604m ($7,364m). 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. The value of the charge is currently £317m ($404m) and it is capped at £350m ($446m). 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 ($48m) was made in March 2023, with a further annual contribution of £39m ($50m) due before 31 March 2024, and each year up to March 2028. Further progress was made over 2023 in equalising GMP for members of the UK Pension Fund. The method of equalisation converts GMP to non-GMP pension to simplify the structure and administration of benefits. As at 31 December 2023, almost all pensioner and dependent members have had their benefits equalised and, for non-pensioner members, a process will be in place in 2024 to equalise their benefits at their point of retirement. As part of the project, a Pension Increase Exchange (‘PiE’) option was also made available to the majority of pensioner members, at the Group’s discretion. This option provided the member with a choice to opt for a higher pension right away, but with no, or fewer, inflation-linked increases in the future. Take-up of this option resulted in a reduction to expected future liabilities and a $16m past service credit was taken to the income statement in March 2023. 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 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’. On current bases, it is expected that ongoing contributions (excluding those in respect of past service deficit contributions) during the year ending 31 December 2024 for the UK scheme will be approximately $18m. United States In May 2023, AstraZeneca Pharmaceuticals LP agreed a buy-out of its qualified US Defined Benefit Pension Plan with an external insurer. All Plan liabilities (approximately $840m) have now been discharged (via a mix of cash payments to participants and purchase of insured annuities), with an impact of $1.7m on the income statement and a net Group cash contribution of approximately $25m. The Plan is wound up and the Trust is closed. The transaction will be completed in 2024, pending approval of Group annuity contracts from State Regulators. There are three remaining immaterial US post-retirement benefit plans and therefore from 2024, these will not be individually disclosed. Sweden The Swedish plans account for 20% 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 financing principles and local regulations. The Swedish defined benefit pension plans were actuarially valued at 31 December 2022, when plan obligations were estimated to amount to $1,312m and plan assets were $946m. The local Swedish GAAP funding position can influence contribution policy. Over 2023, for the main pension fund 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. The benefit payments over 2023, totalling approximately $47m, are therefore regarded as Group contributions. On current bases, it is expected that ongoing contributions (excluding those in respect of past service deficit contributions) during the year ending 31 December 2024 for Sweden will be approximately $53m. Other defined benefit plans The Group provides benefit plans other than pensions which have to be 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. In the US, and to a lesser extent in certain other countries, the Group’s employment practices include the provision of healthcare and life assurance benefits for eligible retired employees. As at 31 December 2023, some 2,673 retired employees and covered dependents currently benefit from these provisions and some 2,133 current employees will be eligible on their retirement. The Group accrues for the present value of such retiree obligations over the working life of the employee. In practice, these benefits will be funded with reference to the financing principles. In the US, the Post Retirement Welfare Plan which provides retiree medical benefits has a surplus of $66m. As a result, the investment strategy has been fully de-risked. The Group has concluded that under current legislation, the surplus would be repayable in the future to subsidise other medical benefits offered to employees. The cost of post-retirement benefits other than pensions for the Group in 2023 was $1m (2022: $1m; 2021: $1m). Plan assets were $161m and plan obligations were $114m at 31 December 2023. These benefit plans have been included in the disclosure of post-retirement benefits under IAS 19. Financial assumptions Qualified independent actuaries have updated the actuarial valuations under IAS 19 for the major defined benefit schemes operated by the Group to 31 December 2023. 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: 2022 UK US Sweden Rest of Group 1 Inflation assumption 3.2 % – 1.9 % 2.5 % Rate of increase in salaries – 2 – 3.4 % 4.0 % Rate of increase in pensions in payment 3.1 % – 1.9 % 2.5 % Discount rate – defined benefit obligation 4.9 % 5.0 % 4.1 % 3.7 % Discount rate – interest cost 5.0 % 4.9 % 4.0 % 3.8 % Discount rate – service cost 4.8 % n/a 4.0 % 3.7 % 2023 UK US Sweden Rest of Group 1 Inflation assumption 3.1 % 3 – 1.6 % 2.2 % Rate of increase in salaries – 2 – 3.1 % 3.7 % Rate of increase in pensions in payment 2.9 % – 1.6 % 2.2 % Discount rate – defined benefit obligation 4 4.6 % 4.7 % 3.3 % 3.3 % Discount rate – interest cost 5 4.6 % 4.7 % 3.3 % 3.3 % Discount rate – service cost 5 4.5 % n/a 3.3 % 3.3 % 1 Rest of Group reflects the assumptions in Germany as these have the most material impact on the Group. 2 3 4 5 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 schemes where there is credible data to support a continuing trend. The table below illustrates life expectancy assumptions at age 65 Life expectancy assumption for a male member retiring at age 65 Life expectancy assumption for a female member retiring at age 65 Country 2023 2043 2022 2042 2023 2043 2022 2042 UK 22.1 23.1 22.2 23.2 23.7 24.8 23.8 24.9 US 22.2 24.6 22.0 23.2 23.3 26.2 23.4 25.0 Sweden 21.8 23.6 21.8 23.6 23.9 26.0 23.9 26.0 In the UK, the Group adopted the CMI 2022 Mortality Projections Model with a 1% long-term improvement rate. No other demographic assumptions have changed since they were updated in 2022 following the actuarial valuation. The Group has continued to assume that 25% of members (2022: 25%) will transfer out of the defined benefit section of the AstraZeneca Pension Fund at the point of retirement. In the US and Sweden, the mortality assumptions are unchanged from 2022. Risks associated with the Group’s defined benefit pension schemes The UK defined benefit plan accounts for 65% of the Group’s defined benefit obligations and exposes the Group to a number of risks, the most significant of which are: Risk Description Mitigation Asset pricing risk 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 45% of the UK Pension Fund is allocated to growth assets. 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. In order to mitigate investment risk, the Trustee invests in a suitably diversified range of asset classes, return drivers and investment managers. The investment strategy will evolve to further improve the expected risk/return profile as opportunities arise. De-risking of the investment strategy took place over 2023, as the Fund moved ahead of its long-term target, with the benchmark allocation to Growth Assets reducing from 62.5% to 47.5%. The Trustee has hedged approximately 92% of unintended non-sterling, overseas currency risk within the UK Pension Fund assets. Interest rate risk A decrease in corporate bond yields will increase the present value placed on the DBO for accounting purposes. 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 2023 (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 analysed to set the DBO discount rate on an accounting basis (AA corporate bonds). As such, there remains some mismatching risk on an accounting basis should yields on gilts diverge compared to AA corporate bonds. Inflation risk 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 (approximately 100% hedged as a percentage of assets at the end of 2023). Over 2023, work was carried out by the Trustee to improve the accuracy of the hedge to LPI linked liabilities. Life expectancy 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 75 years . The swap currently covers approximately 8,000 of the UK Pension Fund’s pensioners, equivalent to $2.4 bn of Pension fund liability. A one-year increase in life expectancy would result in a $214 m increase in pension fund obligations, which would be partially offset by a $108 m increase in the value of the longevity swap and hence the pension fund assets. Cash flow and liquidity risk 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’ above recommended regulatory guidelines, which can be quickly supplemented in an orderly manner. Over 2023, in addition to the Growth and Liability Hedging portfolios, the Trustee allocated 7% of assets to a new, 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. 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 legislative 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. The Group’s pension plans in Sweden also manage these key risks, where relevant, in a similar way, with the local fiduciary bodies investing in a diversified manner and employing a framework to hedge interest rate risk where practicable. Local 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. The Trustee of the UK Pension Fund published its inaugural Task Force for Climate-related Disclosures (TCFD) report in October 2023. Assets and obligations of defined benefit schemes The assets and obligations of the defined benefit schemes operated by the Group at 31 December 2023, 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 2022 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 bonds 1 1,931 – 104 – – – 60 – 2,095 – 2,095 Corporate bonds 2 – – 622 – – – 11 – 633 – 633 Derivatives 3 – (608) (2) (3) – 325 (2) – (4) (286) (290) Investment funds: Listed Equities 4 – 265 – – – – 49 4 49 269 318 Investment funds: Absolute Return/Multi Strategy 4 – 1,701 – – – 475 6 – 6 2,176 2,182 Investment funds: Corporate Bonds/Credit 4 – 817 – – – 144 49 10 49 971 1,020 Cash and cash equivalents 52 415 285 – – 2 – 4 337 421 758 Other – – – 2 – – 1 311 1 313 314 Total fair value of scheme assets/(liabilities) 5 1,983 2,590 1,009 (1) – 946 174 329 3,166 3,864 7,030 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 bonds 1 2,383 – 61 – – – 51 – 2,495 – 2,495 Corporate bonds 2 373 – 94 – – – 6 – 473 – 473 Derivatives 3 – (532) – – – 440 – – – (92) (92) Investment funds: Listed Equities 4 – 321 – – – – 53 3 53 324 377 Investment funds: Absolute Return/Multi Strategy 4 – 1,131 – – – 461 5 8 5 1,600 1,605 Investment funds: Corporate Bonds/Credit 4 – 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 assets 5 2,809 1,950 160 – – 1,068 162 330 3,131 3,348 6,479 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 swap, equity total return swaps and other contracts. More detail is given in the section Risks associated with the Group’s defined benefit pensions on page 187. Valuations are determined by independent third parties. 4 Investment Funds are pooled, commingled vehicles, whereby the pension scheme owns units in the fund, alongside other investors. The pension schemes 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 (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 (2022: $1 m). The assets held in 2022 were AstraZeneca corporate debt held by the US qualified plan and amounted to 0.05% of the plan's then assets. Scheme obligations 2022 UK US Sweden Rest of Group Total $m $m $m $m $m Present value of scheme obligations in respect of: Active membership (212) (54) (430) (424) (1,120) Deferred membership (804) (437) (369) (299) (1,909) Pensioners (3,785) (531) (513) (250) (5,079) Total value of scheme obligations (4,801) (1,022) (1,312) (973) (8,108) 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) Net (deficit)/surplus in the scheme 2022 UK US Sweden Rest of Group Total $m $m $m $m $m Total fair value of scheme assets 4,573 1,008 946 503 7,030 Total value of scheme obligations (4,801) (1,022) (1,312) (973) (8,108) Deficit in the scheme as recognised in the Consolidated Statement of Financial Position (228) (14) (366) (470) (1,078) Included in Non-current other receivables – 62 – 28 1 90 Included in Retirement benefit obligations (228) (76) (366) (498) (1,168) (228) (14) (366) (470) (1,078) 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 – 66 – 26 1 92 Included in Retirement benefit obligations (402) (60) (534) (524) (1,520) (402) 6 (534) (498) (1,428) 1 Surpluses were recognised in Ireland and Belgium. Fair value of scheme assets 2023 2022 UK US Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m $m At beginning of year 4,573 1,008 946 503 7,030 7,333 1,413 1,234 584 10,564 Interest income on scheme assets 229 22 38 11 300 123 29 18 5 175 Expenses (9) (1) – (1) (11) (5) (2) – – (7) Actuarial (losses)/gains (59) 2 37 (45) (65) (1,964) (295) (153) (55) (2,467) Exchange and other adjustments 262 (1) 48 20 329 (728) – (152) (34) (914) Employer contributions 65 35 46 42 188 118 7 43 37 205 Participant contributions 1 4 – 7 12 1 5 – 5 11 Benefits paid (303) (68) (47) (45) (463) (305) (149) (44) (39) (537) Settlements – (841) – – (841) – – – – – Scheme assets’ fair value at end of year 4,759 160 1,068 492 6,479 4,573 1,008 946 503 7,030 The actual return on the plan assets was a gain of $235m (2022: loss of $2,292m). Movement in post-retirement scheme obligations 2023 2022 UK US Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m $m Present value of obligations in scheme at beginning of year (4,801) (1,022) (1,312) (973) (8,108) (7,941) (1,404) (2,373) (1,300) (13,018) Current service cost (6) (2) (13) (35) (56) (14) (1) (35) (38) (88) Past service credit/(cost) 12 – (2) 2 12 (5) – (4) 3 (6) Participant contributions (1) (4) – (7) (12) (1) (4) – (5) (10) Benefits paid 303 68 47 45 463 305 149 44 39 537 Interest expense on post-retirement scheme obligations (239) (22) (50) (27) (338) (132) (29) (31) (12) (204) Actuarial (losses)/gains (155) (12) (202) 28 (341) 2,243 268 806 268 3,585 Exchange and other adjustments (274) 1 (70) (34) (377) 744 (1) 281 72 1,096 Settlements – 839 – 11 850 – – – – – Present value of obligations in scheme at end of year (5,161) (154) (1,602) (990) (7,907) (4,801) (1,022) (1,312) (973) (8,108) The obligations arise from over 50 plans in 28 countries: 2023 2022 UK US Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m $m Funded – pension schemes 1 (5,151) – (1,599) (868) (7,618) (4,787) (851) (1,310) (842) (7,790) Funded – post-retirement healthcare – (94) – – (94) – (111) – – (111) Unfunded – pension schemes 1 – (60) (3) (113) (176) – (60) (2) (122) (184) Unfunded – post-retirement healthcare (10) – – (9) (19) (14) – – (9) (23) Total (5,161) (154) (1,602) (990) (7,907) (4,801) (1,022) (1,312) (973) (8,108) 1 Includes defined benefit pension schemes and other plans, such as lump sum, long service awards and DC plans with underpins. 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 year ended 31 December 2023, are set out below. 2023 2022 UK US Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m $m Operating profit Current service cost (6) (2) (13) (35) (56) (14) (1) (35) (38) (88) Past service credit/(cost) 12 – (2) 2 12 (5) – (4) 3 (6) Expenses (9) (1) – (1) (11) (5) (2) – – (7) Total charge to Operating profit (3) (3) (15) (34) (55) (24) (3) (39) (35) (101) Finance expense Interest income on scheme assets 229 22 38 11 300 123 29 18 5 175 Interest expense on post-retirement scheme obligations (239) (22) (50) (27) (338) (132) (29) (31) (12) (204) Net interest on post-employment defined benefit plan liabilities (10) – (12) (16) (38) (9) – (13) (7) (29) Charge before taxation (13) (3) (27) (50) (93) (33) (3) (52) (42) (130) Other comprehensive income Difference between the actual return and the expected re

Reserves

Reserves	12 Months Ended
Reserves	Dec. 31, 2023
Reserves
Reserves	23 Reserves Retained earnings The cumulative amount of goodwill written off directly to reserves resulting from acquisitions, net of disposals, amounted to $595m (2022: $591m; 2021: $615m) using year end rates of exchange. At 31 December 2023, 1,580,137 shares, at a cost of $129m, have been deducted from Retained earnings (2022: 1,671,446 shares, at a cost of $112m; 2021: 3,922,122 shares, at a cost of $239m) 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). 2023 2022 2021 $m $m $m Cumulative translation differences included within Retained earnings At 1 January (3,694) (1,934) (1,143) Foreign exchange arising on consolidation 608 (1,446) (483) Exchange adjustments on goodwill (recorded against other reserves) 4 (24) (21) Foreign exchange arising on designated liabilities in net investment hedges 1 24 (282) (321) Fair value movements on derivatives designated in net investment hedges 44 (8) 34 Net exchange movement in Retained earnings 680 (1,760) (791) At 31 December (3,014) (3,694) (1,934) 1 Foreign exchange arising on designated liabilities in net investment hedges includes $( 57 )m in respect of designated bonds and $81 m in respect of designated contingent consideration and other liabilities. The change in value of designated contingent consideration liabilities relates to $82 m in respect of BMS’ share of Global Diabetes Alliance. The cumulative loss with respect to costs of hedging is $22m (2022: loss of $3m; 2021: gain of $4m) and the loss during the year was $19m (2022: loss of $7m; 2021: loss of $6m). 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 200. 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.

Share capital

Share capital	12 Months Ended
Share capital	Dec. 31, 2023
Share capital.
Share capital	24 Share capital Allotted, called-up and fully paid 2023 2022 2021 $m $m $m Issued Ordinary Shares ($0.25 each) 388 387 387 Redeemable Preference Shares (£1 each – £50,000) – – – At 31 December 388 387 387 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 2023 2022 2021 At 1 January 1,549,800,030 1,549,400,665 1,312,668,724 Issue of share capital (business combinations) – – 236,321,411 Issue of shares (share schemes) 362,596 399,365 410,530 At 31 December 1,550,162,626 1,549,800,030 1,549,400,665 Share issues Issue of share capital (business combinations) represents share capital issued as part of the acquisition of Alexion (see Note 27). Share repurchases No Ordinary Shares were repurchased by the Company in 2023 (2022: nil; 2021: nil). Shares held by subsidiaries No shares in the Company were held by subsidiaries in any year.

Dividends to shareholders

Dividends to shareholders	12 Months Ended
Dividends to shareholders	Dec. 31, 2023
Dividends to shareholders
Dividends to shareholders	25 Dividends to shareholders 2023 2022 2021 2023 2022 2021 Per share Per share Per share $m $m $m Second interim (March 2023) $1.97 $1.97 $1.90 3,047 3,046 2,490 First interim (September 2023) $0.93 $0.93 $0.90 1,440 1,440 1,392 Total $2.90 $2.90 $2.80 4,487 4,486 3,882 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 (2022: $1m; 2021: $nil) have been adjusted for in Retained earnings in 2023. The 2022 second interim dividend of $1.97 per share was paid on 27 March 2023. The 2023 first interim dividend of $0.93 per share was paid on 11 September 2023. Reconciliation of dividends charged to equity to cash flow statement: 2023 2022 2021 $m $m $m Dividends charged to equity 4,487 4,486 3,882 Exchange losses on payment of dividend 5 5 3 Hedge contracts relating to payment of dividends (cash flow statement) (19) (127) (29) Dividends paid to non-controlling interests 4 – – Net movement of unclaimed dividends in the year 4 – – Dividends paid (cash flow statement) 4,481 4,364 3,856

Non-controlling interests

Non-controlling interests	12 Months Ended
Non-controlling interests	Dec. 31, 2023
Non-controlling interests.
Non-controlling interests	26 Non-controlling interests The Group Financial Statements at 31 December 2023 reflect equity of $23m (2022: $21m; 2021: $19m) and total comprehensive income of $6m (2022: $2m; 2021: $3m) attributable to the non-controlling interests in AstraZeneca Pharma India Limited, P.T. AstraZeneca Indonesia, Beijing Falikang Pharmaceutical (China) Co. Limited, and AstraZeneca Algeria Pharmaceutical Industries SPA. In February 2016, AstraZeneca acquired a 55% controlling stake in Acerta Pharma where the non-controlling interest was subject to put and call options. The put option gave rise to a liability (see Note 20). AstraZeneca exercised its option to acquire the remaining 45% of shares in Acerta Pharma in April 2021. As part of the acquisition of Alexion in July 2021, a pre-existing non-controlling interest in Caelum Biosciences was recognised (Note 27). This was valued at $150m, the agreed-upon exercise price for the exclusive option to acquire the remaining equity. The option was exercised on 28 September 2021 and the acquisition of Caelum Biosciences closed shortly thereafter on 5 October 2021.

Acquisition of business operati

Acquisition of business operations	12 Months Ended
Acquisition of business operations	Dec. 31, 2023
Acquisition of business operations
Acquisition of business operations	27 Acquisition of business operations 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 purchase price allocation exercise has completed, with the fair value of total consideration determined at $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. Future contingent milestones-based and non-contingent consideration is payable to a maximum of $120m. 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. Acquisitions of business operations in 2021 On 21 July 2021, AstraZeneca completed the acquisition of 100% of the issued shares of Alexion Pharmaceuticals, Inc (Alexion), based in Boston, MA, US. Alexion is a global biopharmaceutical company focused on serving patients and families affected by rare diseases and devastating conditions through the discovery, development and commercialisation of life-changing medicines. At closing, Alexion shareholders received 2.1243 AstraZeneca American Depositary Shares (ADSs) and $60 in cash for each of their Alexion shares. Unvested Alexion employee share awards were converted to equivalent AstraZeneca share awards. The fair value of the purchase consideration was $41,058m, comprising AstraZeneca ADSs of $27,196m, cash of $13,349m and replacement employee share awards of $513m. The Group funded the cash element of the acquisition with $8bn of new long-term debt, issued in May and June 2021, $4bn of term loans drawn in July 2021 under the $17.5bn committed bank facilities entered into in December 2020 to secure the acquisition financing, and existing cash balances. The Group cancelled the remaining $13.5bn of the facilities in June, July and October 2021. Loans and borrowings of $2.3bn acquired with Alexion were repaid in full shortly following completion of the acquisition. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with IFRS 3 ‘Business Combinations’ and consequently the Alexion assets acquired, and liabilities assumed, were recorded by AstraZeneca at fair value, with the excess of the purchase price over the fair value of the identifiable assets and liabilities being recognised as goodwill. As part of the Alexion acquisition in 2021, we identified the assets (comprising principally launched products and IPR&D post pre-clinical stage) and liabilities acquired. Attributing fair values to assets acquired and liabilities assumed as part of business combinations is considered to be a key judgement. The purchase price allocation was performed with assistance from an independent valuer to advise on the valuation techniques and key assumptions in the valuation, in particular in respect of the valuation of the intangible assets and inventory. The fair values assigned to the Alexion business combination in 2021 were: Fair value $m Non-current assets Property, plant and equipment 1,135 Right-of-use assets 263 Intangible assets 26,855 Other non-current assets 301 28,554 Current assets Inventories 6,769 Trade and other receivables 2,096 Intangible assets 100 Cash and cash equivalents 4,086 13,051 Current liabilities Interest-bearing loans and borrowings (2,336) Trade and other payables (1,192) Other current liabilities (40) (3,568) Non-current liabilities Lease liabilities (228) Deferred tax liabilities (4,191) Other non-current liabilities (697) (5,116) Total net assets acquired 32,921 Less: non-controlling interests (150) Goodwill 8,287 Total fair value of consideration 41,058 Less: fair value of equity consideration (27,196) Less: fair value of replacement employee share awards (513) Less: cash and cash equivalents acquired (4,086) Net cash outflow 9,263 The estimated fair value and useful lives of intangible assets were as follows: Fair value Useful lives $m Years Launched products – C5 franchise ( Soliris Ultomiris 18,480 6 to 15 Launched products – Strensiq Kanuma Andexxa 5,215 11 to 17 Products in development 2,760 Not amortised Other intangibles 500 5 to 10 26,955 The fair value attributed to intangible assets was $26,955m and primarily represents intellectual property rights over launched products of $23,695m and products under development of $2,760m. These were fair valued using the multi-period excess earnings method, which uses a number of 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 curves. In accordance with the Group’s policy on impairment assessments as set out on page 159, the assets were assessed for impairment in the final quarter of 2023, 2022 and 2021. Future milestones have been included in the valuation of the intangible assets (as a deduction of cash flows). The fair value of inventory, which includes raw materials, work in progress and finished goods related to the launched products was estimated at $6,769m, an uplift of $5,635m on the carrying value prior to the acquisition. The fair value adjustment relates only to work in progress and finished goods and was calculated as the estimated selling price less costs to complete and sell the inventory, associated margins on these activities and holding costs. As at 31 December 2023, the fair value uplift has been fully unwound. Property, plant and equipment principally comprises the manufacturing facilities in Dublin and Athlone, Ireland and was fair valued using a cost approach. The estimated fair value of $1,135m represents an uplift of $111m over carrying value. The estimated fair value of contingent liabilities was $76m, relating to various claims and disputes in each case where there is a possible, but not probable, future financial exposure, and involve an assessment of the likelihood of a number of scenarios in relation to those matters. This amount has been included within other non-current liabilities of $697m. The estimated fair value of trade and other receivables was $2,096m, which approximated the contractual cash flows. The net deferred tax position reflected an adjustment of $5,215m related to the deferred tax impact of the fair value uplifts on intangible assets, inventories, property, plant and equipment and contingent liabilities as described above. Goodwill amounting to $8,287m was recognised on acquisition and is underpinned by a number of elements, which individually could not be quantified. Most significant among these is the premium attributable to a pre-existing, well-positioned business in the innovation-intensive, high- growth rare diseases market with a highly skilled workforce and established reputation. Other important elements include the potential unidentified products that future research and development may yield and the core technological capabilities and knowledge base of the company. Goodwill is not expected to be deductible for tax purposes. Non-controlling interests reflect Alexion’s pre-existing minority equity interest in Caelum Biosciences and have been valued at $150m, the agreed-upon exercise price for the exclusive option to acquire the remaining equity. The option was exercised on 28 September 2021 and the acquisition of Caelum Biosciences closed shortly thereafter on 5 October 2021 (Note 26). Alexion’s results have been consolidated into the Group’s results from 21 July 2021. For the period from acquisition to 31 December 2021, before reflecting the fair value adjustments arising on the acquisition, Alexion’s Total Revenues were $3,071m and Profit after tax was $889m. If the acquisition had taken effect at the beginning of the reporting period in which the acquisition occurred (1 January 2021), on a pro forma basis, after reflecting the fair value adjustments arising on the acquisition, the Total Revenue of the combined Group for the year ended 31 December 2021 would have been $41,132m and the Loss after tax would have been $1,152m. This pro forma information does not purport to represent the results of the combined Group that actually would have occurred had the acquisition taken place on 1 January 2021 and should not be taken to be representative of future results. Total acquisition-related costs of $5m (2022: $4m; 2021: $171m) have been incurred by the Group, which include advisory, legal and other professional fees. These costs are presented in the Statement of Comprehensive Income within Selling, general and administrative expense and Finance expense. The terms of the acquisition include a retention bonus plan for legacy Alexion employees whereby up to $50m may be used for retention bonus awards to employees at the level of Vice President or below. In 2023, $nil costs were recorded in the Statement of Comprehensive Income (2022: $3m; 2021: $24m). These bonuses vested and were paid six months after the acquisition, or earlier. Upon completion of the acquisition, all unvested 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. Alexion Performance Stock Plan (PSU) awards that included performance-based vesting conditions were converted using the greater of the original target level and Alexion's assessment of the level of achievement immediately prior to completion (subject to a limit of 175% for the awards granted in 2019 and a limit of 150% for the awards granted in 2020). In the year, a cost of $48m (2022: $257m; 2021: $257m) has been recorded in the Statement of Comprehensive Income, $nil (2022: $9m; 2021: $9m) in Cost of sales, $16m (2022: $92m; 2021: $73m) in Research and development expense and $32m (2022: $156m; 2021: $175m) in Selling, general and administrative expense. Payments made to the Employee Benefit Trust upon vesting of share awards recognised as part of the consideration for the acquisition of Alexion are recognised within investing activities in the Group’s Statement of Cash Flows as the cash payment relates to the settlement of the obligation that arose on the acquisition of Alexion that was included as part of the consideration for the acquisition.

Financial risk management objec

Financial risk management objectives and policies	12 Months Ended
Financial risk management objectives and policies	Dec. 31, 2023
Financial risk management objectives and policies
Financial risk management objectives and policies	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, 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. 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 decreased from a net debt position of $22,923m at the beginning of the year to a net debt position of $22,510m at 31 December 2023. 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 2023, 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 Stable outlook by Moody’s and A Stable outlook by Standard and Poor’s. In addition to Cash and cash equivalents of $5,840m, short-term fixed income investments of $20m, less overdrafts of $203m at 31 December 2023, the Group has committed bank facilities of $6,875m available to manage liquidity. These committed bank facilities have no financial covenants. $2,000m mature in February 2025. The maturity of the $4,875m facilities was extended in February 2024 from April 2026 to April 2029. 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. At 31 December 2023, the Group has $4,855m outstanding from debt issued under a Euro Medium Term Note programme and $19,959m under a 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 and 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 liability payables instruments receivable payable instruments Total $m $m $m $m $m $m $m $m $m Within one year 387 1,981 256 19,007 21,631 (11,766) 11,774 8 21,639 In one to two years – 5,647 210 2,521 8,378 (55) 66 11 8,389 In two to three years – 5,242 163 1,669 7,074 (1,060) 1,079 19 7,093 In three to four years – 2,591 130 862 3,583 (35) 39 4 3,587 In four to five years – 2,970 96 233 3,299 (118) 111 (7) 3,292 In more than five years – 19,727 221 2,212 22,160 (1,521) 1,480 (41) 22,119 387 38,158 1,076 26,504 66,125 (14,555) 14,549 (6) 66,119 Effect of interest – (8,609) – – (8,609) 299 (325) (26) (8,635) Effect of discounting, fair values and issue costs – (142) (89) (2,633) (2,864) (36) 7 (29) (2,893) 31 December 2021 387 29,407 987 23,871 54,652 (14,292) 14,231 (61) 54,591 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 liability 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 liability 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 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. The Group has $2bn of bank loans that mature in July 2024 which the Group can repay before maturity at face value. Other than that, 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 $2,137m of contingent consideration held within Trade and other payables (see Note 20). 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 and investment-grade fixed income securities. The interest rate profile of the Group’s interest-bearing financial instruments are 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. 2023 2022 2021 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 2,885 2,515 5,400 2,476 3,066 5,542 1,232 661 1,893 Non-current 23,222 – 23,222 21,511 2,179 23,690 23,985 4,903 28,888 Total 26,107 2,515 28,622 23,987 5,245 29,232 25,217 5,564 30,781 Financial assets Fixed deposits – – – 64 – 64 53 – 53 Cash collateral pledged to counterparties – 102 102 – 162 162 – – – Cash and cash equivalents – 5,840 5,840 250 5,916 6,166 – 6,329 6,329 Total – 5,942 5,942 314 6,078 6,392 53 6,329 6,382 In addition to the financial assets above, there are $11,288m (2022: $9,546m; 2021: $8,765m) of other current and non-current asset investments and other financial assets. The Group is also exposed to market risk on other investments. 2023 2022 2021 $m $m $m Equity securities at fair value through Other comprehensive income (Note 12) 1,530 1,056 1,168 Non-current fixed income securities at fair value through profit or loss (Note 12) – 10 – Total 1,530 1,066 1,168 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 2023 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 2023, before the impact of derivatives, 2% of interest-bearing loans and borrowings were denominated in pound sterling and 16% were denominated in euros. Where there is non-US dollar debt and an underlying net investment of that amount in the same currency, the Group applies net investment hedging. Exchange differences on the retranslation of debt designated as net investment hedges are recognised in Other comprehensive income to the extent that the hedge is effective. Any ineffectiveness is taken to profit. For details of non-US dollar debt in a designated hedging relationship please see the Hedge accounting section within this Note 28 from page 200. The Group holds cross-currency swaps to hedge against the impact of fluctuations in foreign exchange rates. Fair value movements on the revaluation of the cross-currency swaps are recognised in Other comprehensive income to the extent that the hedge is effective, with any ineffectiveness taken to profit. As at 31 December 2023, 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 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 2023, with all other variables held constant. Based on the composition of our long-term debt portfolio and cash reserves as at 31 December 2023, a 1% increase in interest rates 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 2021 +1% −1% +10% −10% Increase/(decrease) in fair value of financial instruments ($m) 1,978 (2,106) 82 (85) Impact on profit: gain/(loss) ($m) – – 24 (9) Impact on equity: gain/(loss) ($m) – – 58 (76) 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) 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 are 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 AstraZeneca 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 2023 were as follows: Current assets 2023 2022 2021 $m $m $m Cash at bank and in hand 1,325 1,411 1,461 Money market liquidity funds 4,425 4,486 4,772 Other short-term cash equivalents 90 269 96 Total Cash and cash equivalents (Note 17) 5,840 6,166 6,329 Fixed income securities at fair value through profit or loss (Note 12) 20 13 16 Cash collateral pledged to counterparties (Note 12) 102 162 – Fixed deposits (Note 12) – 64 53 Total derivative financial instruments (Note 13) 116 87 83 Current assets subject to credit risk 6,078 6,492 6,481 Non-current assets 2023 2022 2021 $m $m $m Derivative financial instruments (Note 13) 228 74 102 Non-current assets subject to credit risk 228 74 102 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 2023 was $215m (2022: $89m; 2021: $93m) and the carrying value of such cash collateral posted by the Group at 31 December 2023 was $102m (2022: $162m; 2021: $47m). The impairment provision for other financial assets at 31 December 2023 was immaterial. Trade receivables Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately owned pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due. The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2023, 31 December 2022 or 31 December 2021 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables. On that basis, the loss allowance was determined as follows: 0-90 days 90-180 days Over 180 days 31 December 2021 Current past due past due past due Total Expected loss rate 0.1 % 1.2 % 22.6 % 11.0 % Gross carrying amount ($m) 5,617 328 18 91 6,054 Loss allowance ($m) 5 4 4 10 23 0-90 days 90-180 days Over 180 days 31 December 2022 Current past due past due past due Total Expected loss rate 0.03 % 0.3 % 32.0 % 40.6 % Gross carrying amount ($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 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 80% of US sales (2022: three wholesalers accounted for approximately 73%; 2021: three wholesalers accounted for approximately 94%). The movements of the Group expected credit losses provision are follows: 2023 2022 2021 $m $m $m At 1 January 59 23 23 Net movement recognised in income statement (14) 37 (2) Amounts utilised, exchange and other movements – (1) 2 At 31 December 45 59 23 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. The income statement credit or charge is recorded in Operating profit. 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 is not expected to be material. The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Group Accounting Policies section from page 152. The following table represents the Group’s continuing designated hedge relationships under IFRS 9. 2021 Other comprehensive income Fair value 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 2021 to OCI statement 2021 maturity USD FX interest currency $m $m $m $m $m year rate rate Cash flow hedges – foreign currency and interest rate risk 1, 3, 4 Cross currency interest rate swaps – Euro bonds EUR 1,700m (43) 46 182 (201) 27 2026 1.14 USD 2.85% FX Forwards − USD 1,220m 12 (5) – (7) (12) 2022 – – Net investment hedge – foreign exchange risk 2, 3 Transactions matured pre-2021 – (565) – – (565) – – – Cross currency interest rate swap – JPY investment JPY 58.3bn 62 (19) (43) – (62) 2029 108.03 JPY 1.53% Cross currency interest rate swap – CNY investment CNY 458m (2) 2 – – 2 2026 6.68 CNY 4.80% Foreign currency borrowing – GBP investment GBP 350m 470 (233) (5) – (238) 2031 n/a GBP 5.75% Foreign currency borrowing – EUR investment 5 EUR 450m – 85 (47) – 38 2021 n/a EUR 0.88% Foreign currency borrowing – EUR investment 6 EUR 800m 898 – (50) – (50) 2029 n/a EUR 0.38% Contingent consideration liabilities and Acerta Pharma share purchase liability – AZUK and AZAB USD investments USD 2,658m (2,658) 1,411 421 – 1,832 – – – 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 risk 1, 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 − USD 1,126m (12) (12) (14) 38 12 2023 – – Net investment hedge – foreign exchange risk 2, 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 investment 6 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 risk 2, 4, 5 Cross currency interest rate swaps – Euro bonds EUR 3,200 m 49 34 (210) 139 (37) 2027 1.10 USD 3.80% FX Forwards − USD 2,009 m 15 12 (33) 6 (15) 2024 – – Net investment hedge – foreign exchange risk 3, 4 Transactions matured pre-2023 – (527) – – (527) – – – Cross currency interest rate swap – JPY investment JPY 58.3 bn 100 (55) (45) – (100) 2029 108.03 JPY 1.53% Cross currency interest rate swap – CNY investment CNY 458 m (1) 4 (3) – 1 2026 6.68 CNY 4.80% Foreign currency borrowing – GBP investment GBP 350 m 444 (288) 24 – (264) 2031 n/a GBP 5.75% Foreign currency borrowing – EUR investment 7 EUR 800 m 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 1,937 m (1,937) 2,216 (81) – 2,135 – – – 1 Swaps designated in a fair value hedge matured on 24 November 2021 and hedge ineffectiveness during 2023 was $ nil (2022: $ nil ; 2021: $ nil ). 2 Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $ nil (2022: $ nil ; 2021: $ nil ). 3 Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $ nil (2022: $ nil ; 2021: $ nil ). 4 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. 5 Nominal amount of FX forwards in a cash flow hedge of $2,009 m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 9,778 m at FX rate 9.9869 , JPY 24,351 m at 141.4050 , GBP 428 m at 0.7844 and EUR 228 m at 0.9036 . All FX forwards in a cash flow hedge mature on 25 January 2024. 6 The EUR 450 m NIH matured in November 2021, when the hedging instrument, a EUR bond matured. 7 On 3 June 2021, upon issuance of the EUR 800 m 0.375% 2029 Non-callable bond, EUR 550 m was designated in a net investment hedge of the foreign currency exposure in relation of an equivalent amount of EUR-denominated net assets. The remaining EUR 250 m was subsequently designated in a net investment hedge upon maturity of the EUR 450 m bond on 24 November 2021. 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.

Employee costs and share plans

Employee costs and share plans for employees	12 Months Ended
Employee costs and share plans for employees	Dec. 31, 2023
Employee costs and share plans for employees
Employee costs and share plans for employees	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. 2023 2022 2021 Employees UK 10,700 9,800 8,900 Rest of Europe 23,000 20,600 18,300 The Americas 22,400 20,900 18,800 Asia, Africa & Australasia 30,300 30,700 33,600 Continuing operations 86,400 82,000 79,600 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 2023 was 89,900 (2022: 83,500; 2021: 83,100). The costs incurred during the year in respect of these employees were: 2023 2022 2021 $m $m $m Wages and salaries 9,341 8,656 7,633 Social security costs 1,100 991 886 Pension costs 537 546 564 Other employment costs 1,357 1,338 1,192 Total 12,335 11,531 10,275 Severance costs of $123m are not included above (2022: $227m; 2021: $238m). The charge for share-based payments in respect of share plans is $579m (2022: $619m; 2021: $615m). Payments made to the Employee Benefit Trust upon vesting of share awards are recognised within operating cash flows, reflecting the substance of the arrangement in place between the Group and the Trust. 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. The AstraZeneca UK All-Employee Share Plan 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. 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 2023, 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 share 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 five times in 2023 to make awards to 305 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 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 Shares 1 Ordinary Shares ADR Shares Ordinary Shares ADR Shares ʼ000 ʼ000 ʼ000 ʼ000 ʼ000 ʼ000 ʼ000 ʼ000 Outstanding at 1 January 2021 3,045 4,791 1,626 9,175 161 506 300 65 Granted 1,275 2,082 902 4,509 139 481 – 175 Forfeited (220) (494) (158) (1,254) (18) (42) (18) (45) Cancelled (9) – (1) (8) – – – – Exercised (632) (1,201) (341) (2,881) (27) (182) – – Outstanding at 31 December 2021 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 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 WAFV 1 WAFV WAFV WAFV WAFV WAFV WAFV WAFV pence $ pence $ pence $ pence $ WAFV of 2021 grants 6012 41.56 6893 47.75 7415 53.96 – 56.83 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 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. 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 modified version of the Monte Carlo method. 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.

Commitments, contingent liabili

Commitments, contingent liabilities and contingent assets	12 Months Ended
Commitments, contingent liabilities and contingent assets	Dec. 31, 2023
Commitments, contingent liabilities and contingent assets
Commitments, contingent liabilities and contingent assets	30 Commitments, contingent liabilities and contingent assets 2023 2022 2021 Commitments $m $m $m Contracts placed for future capital expenditure on Property, plant and equipment and 1,368 502 388 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 10,971 1,256 3,798 1,764 4,153 Future potential revenue milestone payments 20,195 43 491 2,400 17,261 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 2023 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 section from page 54, 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 2021, 2022 or 2023. 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 in 1987 to own and manage certain assets of Stauffer Chemical Company acquired that year, 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 2023 in the aggregate of $112m (2022: $131m; 2021: $90m), 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 accounting policy on page 158, 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 $114m and $191m (2022: $113m and $188m; 2021: $99m and $165m) 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. 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. 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 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. 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 2023, 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 for which a provision has been taken Imfinzi and US and ROW patent proceedings In February 2022, in Japan, Ono Pharmaceuticals filed a lawsuit in Tokyo District Court, Civil Division against AstraZeneca alleging that AstraZeneca’s marketing of Imfinzi In March 2022, Bristol-Myers Squibb Co. and E.R. Squibb & Sons, LLC filed a lawsuit in the US District Court for the District of Delaware (District Court) against AstraZeneca alleging that AstraZeneca’s marketing of Imfinzi Imfinzi infringed another of their patents. In January 2023, Bristol-Myers Squibb Co. and E.R. Squibb & Sons, LLC filed a lawsuit in the District Court against AstraZeneca alleging that AstraZeneca’s marketing of Imjudo In July 2023, AstraZeneca entered into a global settlement agreement with Bristol-Myers Squibb Co., E.R. Squibb & Sons, LLC, and Ono Pharmaceutical Co., Ltd. that resolves all patent disputes between the companies relating to Imfinzi Imjudo These matters are now concluded. Legal proceedings brought against AstraZeneca considered to be contingent liabilities Enhertu US patent proceedings 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 Enhertu Enhertu 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, inter alia, 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, instituting 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. An oral hearing took place in August 2023. In January 2024, the USPTO issued a decision that Seagen's patent is unpatentable, invalidating all claims asserted against Enhertu Faslodex Patent proceedings outside the US 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 Tagrisso US patent proceedings In September 2021, Puma Biotechnology, Inc. and Wyeth LLC filed a patent infringement lawsuit in the US District Court for the District of Delaware against AstraZeneca relating to Tagrisso Legal proceedings brought by AstraZeneca considered to be contingent assets Brilinta US patent proceedings 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) relating to patents listed in the FDA Orange Book with reference to Brilinta Calquence US patent proceedings 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. In its complaint, AstraZeneca alleges that a generic version of Calquence Calquence In February 2023, Sandoz Inc. filed a petition for inter partes review with the US Patent and Trademark Office of certain Calquence Daliresp US patent proceedings 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 Farxiga US patent proceedings 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 US patent proceedings 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. Trial has been scheduled for March 2025. Lynparza US patent proceedings In December 2022, AstraZeneca received a Paragraph IV notice from an ANDA filer relating to patents listed in the FDA Orange Book with reference to Lynparza Lynparza Lynparza In December 2023, AstraZeneca received a Paragraph IV notice from an ANDA filer relating to patents listed in the FDA Orange Book with reference to Lynparza Lynparza Lynparza Soliris US patent proceedings In January 2024, Alexion initiated patent infringement litigation against Samsung Bioepis Co. Ltd. in the US District Court for the District of Delaware alleging that Samsung’s biosimilar eculizumab product, for which Samsung is currently seeking FDA approval, will infringe six Soliris asserted patents are also the subject of inter partes review proceedings before the US Patent and Trademark Office. Tagrisso Patent proceedings outside the US 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 related to Axelpharm’s improper use of AstraZeneca’s information to obtain authorisation to market a generic version of Tagrisso In Russia, in November 2023, Axelpharm LLC filed a compulsory licensing action against AstraZeneca in the Arbitration Court of the Moscow Region (Court) related to a patent that covers Tagrisso Legal proceedings brought against AstraZeneca which have been concluded Movantik US patent proceedings AstraZeneca has resolved by settlement agreement the previously disclosed patent infringement lawsuit brought by Aether Therapeutics, Inc. in the US District Court for the District of Delaware against AstraZeneca, Nektar Therapeutics and Daiichi Sankyo, Inc., relating to Movantik Legal proceedings brought by AstraZeneca which have been concluded Symbicort US patent proceedings In February 2023, AstraZeneca resolved by settlement agreement the previously disclosed ANDA litigations with Mylan Pharmaceuticals Inc. and Kindeva Drug Delivery L.P. (together, defendants). In those actions, AstraZeneca alleged that the defendants' generic versions of Symbicort Tagrisso Patent proceedings outside the US In Russia, in October 2021, AstraZeneca filed a lawsuit in the Arbitration Court of the Moscow Region (Court) against Axelpharm, LLC to prevent it from obtaining authorisation to market a generic version of Tagrisso Tagrisso Product liability litigation Legal proceedings brought against AstraZeneca for which a provision has been taken Nexium and US proceedings 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 Prilosec 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 (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. The only remaining case is the one pending in the Louisiana District Court. The Court in that case has postponed trial, which was previously scheduled to begin in April 2024. No new trial date has been set. Legal proceedings brought against AstraZeneca considered to be contingent liabilities Farxiga and US proceedings 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 Xigduo XR Nexium and Canada proceedings 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 Losec Onglyza and US proceedings In the US, AstraZeneca is defending various lawsuits alleging heart failure, cardiac injuries, and/or death from treatment with Onglyza Kombiglyze Commercial litigation Legal proceedings brought against AstraZeneca considered to be contingent liabilities 340B Antitrust Litigation US proceedings 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 a new amended complaint and entered an order closing the matter. Anti-Terrorism Act Civil Lawsuit US proceedings 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 February 2023, the Appellate Court denied a request for en banc review. In June 2023, AstraZeneca and the other defendants filed a petition for review by the United States Supreme Court. Caelum Trade Secrets Litigation US proceedings 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 (District Court) related to CAEL-101. In October 2023, AstraZeneca filed a motion for summary judgment on all claims and awaits a decision by the District Court. Trial is currently scheduled for September 2024. Definiens Germany proceedings 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. The arbitration hearing took place in March 2023 and final post-hearing written briefs were submitted in June 2023. In December 2023, the arbitration panel made a final award of $46.43m in favour of the Sellers. AstraZeneca is considering its options. Employment Litigation US proceedings 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 age, religion, and disability discrimination claims related to AstraZeneca’s vaccination requirement. In March 2023, AstraZeneca filed a motion to dismiss the religious and disability discrimination claims and a motion to strike the class and collective claims. That motion is fully briefed and the parties are awaiting a decision by the District Court. Pay Equity Litigation US proceedings AstraZeneca was defending a putative class and collective action matter 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 involved 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 January 2023, the District Court granted AstraZeneca’s motion to dismiss plaintiffs’ complaint. In March 2023, plaintiffs filed a Second Amended Complaint. AstraZeneca moved to dismiss the Second Amended Complaint in April 2023. The motion to dismiss was denied in October 2023, and the parties are proceeding with discovery. Seroquel XR (Antitrust Litigation) US proceedings In 2019, AstraZeneca was named in several related complaints brought in the US District Court for the Southern District of New York (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 Seroquel XR Syntimmune US proceedings In connection with Alexion’s prior 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 contractual obligations relating to the 2018 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 2018 merger agreement. A trial was held in July 2023 and a decision is expected in 2024. Viela Bio, Inc. Shareholder Litigation US proceedings In February 2023, AstraZeneca was served with a lawsuit filed in Delaware state court against AstraZeneca and certain officers (collectively, defendants), on behalf of a putative class of Viela Bio, Inc. (Viela) shareholders. The complaint alleges that defendants breached their fiduciary duty to Viela shareholders in the course of Viela’s 2021 merger with Horizon Therapeutics, plc. In May 2023, AstraZeneca filed a motion to dismiss, which is now fully briefed and pending before the Court. Legal proceedings brought by AstraZeneca considered to be contingent assets PARP Inhibitor Royalty Dispute UK proceedings 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 has failed to pay all of the royalties due on niraparib sales under the license agreements. The case was transferred to the Chancery Division and a trial took place in March 2023. In April 2023, the court issued a decision in AstraZeneca’s favour. GSK has been granted permission to appeal, and the appellate hearing was held in January 2024. Legal proceedings brought against AstraZeneca which have been concluded Alexion Shareholder Litigation US proceedings In December 2016, putative securities class action lawsuits were filed in the US District Court for the District of Connecticut (District Court) against Alexion and certain officers and directors (collectively, defendants), on behalf of purchasers of Alexion publicly traded securities during the period 30 January 2014 through 26 May 2017. The amended complaint alleged that defendants engaged in securities fraud, including by making misrepresentations and omissions in their public disclosures concerning Alexion’s Soliris AZD1222 Securities Litigation US proceedings In January 2021, putative securities class action lawsuits were filed in the US District Court for the Southern District of New York (District Court) against AstraZeneca PLC and certain officers, on behalf of purchasers of AstraZeneca publicly traded securities during a period later amended to cover 15 June 2020 through 29 January 2021. The Amended Complaint alleges that defendants made materially false and misleading statements in connection with the development of AZD1222, AstraZeneca’s vaccine for the prevention of COVID-19. In September 2022, the District Court granted AstraZeneca’s motion to dismiss the Amended Complaint with prejudice. In May 2023, the US Court of Appeals for the Second Circuit affirmed the dismissal. The matter is now concluded. Portola Shareholder Litigation US proceedings In connection with Alexion’s July 2020 acquisition of Portola Pharmaceuticals, Inc. (Portola), Alexion assumed litigation to which Portola is a party. In January 2020, putative securities class action lawsuits were filed in the US District Court for the Northern District of California against Portola and certain officers and directors (collectively, defendants), on behalf of purchasers of Portola publicly traded securities during the period 8 January 2019 through 26 February 2020. The operative complaints alleged that defendants made materially false and/or misleading statements or omissions with regard to Andexxa Government investigations/proceedings Legal proceedings brought against AstraZeneca considered to be contingent liabilities 340B Qui Tam US proceedings 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. The complaint alleges that AstraZeneca violated the US False Claims Act (FCA) and state-law analogues. In September 2023, AstraZeneca filed a motion to dismiss the relator’s claims. In response, the relator filed a First Amended Complaint. In December 2023, AstraZeneca filed a motion to dismiss the First Amended Complaint. 340B Administrative Proceedings US proceedings In September 2023, the Arkansas Insurance Department sent AstraZeneca an administrative complaint concerning compliance with Arkansas’s 340B Statute, which requires manufacturers to recognize an unlimited number of contract pharmacies. Previously disclosed Administrative Dispute Resolution proceedings against AstraZeneca remain pending before the US Health Resources and Services Administration. Brazilian Tax Assessment Matter Brazil proceedings 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 (the Brazil Subsidiaries), 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 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 (ex officio) 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 US proceedings 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. In March 2023, AstraZeneca filed a motion to dismiss and a motion to transfer venue. In response, relators filed an Amended Petition. In May 2023, AstraZeneca filed a motion to dismiss the Amended Petition and renewed its motion to transfer venue. In September 2023, the Texas state court denied AstraZeneca’s motion to transfer venue and motion to dismiss. Trial is currently scheduled for October 2024. Turkish Ministry of Health Matter Turkey proceedings In Turkey, in July 2020, the Turkish Ministry of Health (Ministry of Health) initiated an investigation regarding payments to hea

Statutory and other information

Statutory and other information	12 Months Ended
Statutory and other information	Dec. 31, 2023
Statutory and other information
Statutory and other information	31 Statutory and other information 2023 2022 2021 $m $m $m Fees payable to PricewaterhouseCoopers LLP and its associates: Group audit fee 10.2 9.9 10.5 Fees payable to PricewaterhouseCoopers LLP and its associates for other services: The audit of subsidiaries pursuant to legislation 15.0 15.1 15.2 Attestation under s404 of Sarbanes-Oxley Act 2002 3.3 3.1 2.0 Audit-related assurance services 1.1 0.7 4.5 Other assurance services 0.2 0.2 3.4 Fees payable to PricewaterhouseCoopers Associates in respect of the Group’s pension schemes: The audit of subsidiaries’ pension schemes 0.3 0.3 0.3 30.1 29.3 35.9 $0.7m of fees payable in 2023 are in respect of the Group audit and audit of subsidiaries related to prior years (2022: $0.6m in respect of the Group audit and audit of subsidiaries related to prior years). $0.3m of 2021 Group audit fees and $0.7m of 2021 Audit-related assurance services and Other assurance services relate to pre-acquisition fees incurred by Alexion. Included in the 2021 Audit-related assurance services and Other assurance services are $6.1m of services provided in relation to the acquisition of Alexion and related debt issuance. 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. 2023 2022 2021 $’000 $’000 $’000 Short-term employee benefits 38,636 38,632 32,985 Post-employment benefits 1,354 1,388 1,378 Share-based payments 58,242 56,297 45,234 98,232 96,317 79,597 Total remuneration is included within employee costs (see Note 29).

Subsequent events

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2023
Subsequent events
Subsequent events	32 Subsequent events There were no material subsequent events.

Group Accounting Policies (Poli

Group Accounting Policies (Policies)	12 Months Ended
Group Accounting Policies (Policies)	Dec. 31, 2023
Group Accounting Policies
Basis of accounting and preparation of financial information	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	New accounting requirements Other than noted below, amendments to accounting standards issued by the IASB and adopted in the year ended 31 December 2023 did not have a material impact on the result or financial position of the Group.
IAS 12	IAS 12 On 23 May 2023, the IASB issued an amendment to IAS 12 ‘Income Taxes’ to clarify how the effects of the global minimum tax framework should be accounted for and disclosed effective 1 January 2023. This was endorsed by the UK Endorsement Board on 19 July 2023 and has been adopted by the Group for 2023 reporting. The Group has applied the exemption to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes.
Alliance and Collaboration Revenue	Alliance and Collaboration Revenue Effective 1 January 2023, the Group has updated the presentation of Total Revenue on the face of the Statement of Comprehensive Income to include Alliance Revenue as a separate element to Collaboration Revenue. Alliance Revenue, previously reported within Collaboration Revenue, comprises income 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 arrangement remains in place. Alliance Revenue does not include Product Sales where AstraZeneca is leading commercialisation in a territory. Collaboration Revenue arising from collaborative arrangements where the Group retains a significant ongoing economic interest and receives upfront amounts and event-triggered milestones, which arise from the licensing of intellectual property, will continue to be reported as Collaboration Revenue. In collaboration arrangements either AstraZeneca or the collaborator acts as principal in sales to the end customer. Where AstraZeneca acts as principal, AstraZeneca records 100% of sales to the end customer within Product Sales. The updated presentation reflects the increasing importance of income arising from share of gross profit arrangements where collaboration partners are responsible for booking revenues in some or all territories. The comparative revenue reported in the years to 31 December 2022 and 31 December 2021 has been retrospectively adjusted to reflect the new split of Total Revenue, resulting in Alliance Revenue being reported for the year to 31 December 2022 of $755m and to 31 December 2021 of $388m, however the combined total of Alliance Revenue and Collaboration Revenue is equal to the previously reported Collaboration Revenue total for each prior year.
Basis for preparation of Financial Statements on a going concern basis	Basis for preparation of Financial Statements on a going concern basis The Group has considerable financial resources available. As at 31 December 2023, the Group has $12.7bn in financial resources (Cash and cash equivalent balances of $5.8bn and undrawn committed bank facilities of $6.9bn, of which $2.0bn are available until February 2025 and the remaining $4.9bn are available until April 2026, (in February 2024 these facilities were extended to April 2029), with only $5.4bn of borrowings due within one year). 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	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 and Significant Estimates: > revenue recognition – see Revenue Accounting Policy from page 152 and Note 1 on page 161 > expensing of internal development expenses – see Research and Development Policy from page 154 > impairment reviews of Intangible assets – see Note 10 on page 174 > useful economic life of Intangible assets – see Research and Development Policy from page 154 > business combinations and Goodwill – see Business Combinations and Goodwill Policy from page 156 and Note 27 from page 193 > litigation liabilities – see Litigation and Environmental Liabilities within Note 30 on page 204 > operating segments – see Note 6 on page 167 > employee benefits – see Note 22 on page 190 > taxation – see Note 30 from page 209. The Group has assessed the impact of climate risk on its financial reporting. The impact assessment was primarily focused on the valuation and useful lives of intangible assets and the identification and valuation of provisions and contingent liabilities, as these are judged to be the key areas that could be impacted by climate risks. No material accounting impacts or changes to judgements or other required disclosures were noted. 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. 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 195. AstraZeneca’s management considers the following to be the material accounting policies in the context of the Group’s operations.
Revenue	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 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 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 balance sheet 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, 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 royalty, a share of gross profits or a share of revenues. 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. 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. 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 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 and development Research expenditure is charged to profit and loss in the year in which it is incurred. 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 2023, 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. 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 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 include 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). 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 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 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. 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	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	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; 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 as they fall due.
Taxation	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. 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 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. 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 204.
Share-based payments	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 vesting of share plans for our employees are recognised within operating activities, as they relate to employee remuneration. The cash flows relating to replacement awards issued to employees as part of the Alexion acquisition (see Note 27 from page 193) 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	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
Leases	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 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 other assets There are no material lease agreements under which the Group is a lessor.
Business combinations and goodwill	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. 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. On the acquisition of a business, fair values are attributed to the identifiable assets and liabilities. Attributing fair values is a key judgement; refer to Note 27 to the Financial Statements from page 193 for additional details. 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 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
Subsidiaries	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 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	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	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	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	Financial instruments The Group’s financial instruments include Lease liabilities, Trade and other receivables and payables, liabilities for contingent consideration and put The Group’s other financial instruments include: > Cash and cash equivalents > Fixed deposits > Other investments > Bank and other borrowings > Derivatives.
Cash and cash equivalents	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. 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 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	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 or loss following the derecognition of the investment.
Bank and other borrowings	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 as an expense) and is remeasured to fair value at each reporting date with changes in carrying value being recognised in profit (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. 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 (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 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 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 Derivatives are initially measured at fair value (with direct transaction costs being included in profit as an expense) and are subsequently remeasured 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 Cash Flow Statement. Cash collateral paid is included in Movements in short-term investments within investing activities in the Consolidated Cash Flow Statement. 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 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 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
Provisions	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	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 from page 204. 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 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	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.
Financial risk	The Group’s principal financial instruments, other than derivatives, comprise bank overdrafts, loans and other borrowings, lease liabilities, current and non-current investments, 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.
Liquidity risk	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 2023, 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 Stable outlook by Moody’s and A Stable outlook by Standard and Poor’s. In addition to Cash and cash equivalents of $5,840m, short-term fixed income investments of $20m, less overdrafts of $203m at 31 December 2023, the Group has committed bank facilities of $6,875m available to manage liquidity. These committed bank facilities have no financial covenants. $2,000m mature in February 2025. The maturity of the $4,875m facilities was extended in February 2024 from April 2026 to April 2029. 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. At 31 December 2023, the Group has $4,855m outstanding from debt issued under a Euro Medium Term Note programme and $19,959m under a SEC-registered programme. The funds made available under these facility agreements may be used for the general corporate purposes of the Group.
Interest rate 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 and investment-grade fixed income securities.
Foreign currency risk	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.
Credit risk	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 are 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 AstraZeneca 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.
Applicable accounting standards and interpretations issued but not yet adopted	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: > amendments to IAS 1 'Presentation of Financial Statements', effective for periods beginning on or after 1 January 2024 – endorsed by the UK 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’ and IFRS 7 ‘Financial Instruments: Disclosures’, effective for periods beginning on or after 1 January 2024 – endorsed by the UKEB on 28 November 2023 > amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates', effective for periods beginning on or after 1 January 2025 – not endorsed by the UKEB. These new standards, amendments and interpretations are not expected to have a significant impact on the Group’s net results.
Hedge accounting	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 is not expected to be material. The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Group Accounting Policies section from page 152.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
Revenue (Tables)	Dec. 31, 2023
Revenues
Schedule of revenue	2023 2022 2021 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 2,276 1,621 1,120 782 5,799 2,007 1,567 1,023 847 5,444 1,780 1,336 986 913 5,015 Imfinzi 2,317 360 758 802 4,237 1,552 287 544 401 2,784 1,245 277 485 405 2,412 Lynparza 1,254 542 734 281 2,811 1,226 488 655 269 2,638 1,087 384 618 259 2,348 Calquence 1,815 98 493 108 2,514 1,657 45 286 69 2,057 1,089 20 111 18 1,238 Enhertu – 169 60 32 261 – 51 21 7 79 – 12 4 1 17 Orpathys – 44 – – 44 – 33 – – 33 – 16 – – 16 Truqap 6 – – – 6 – – – – – – – – – – Zoladex 14 687 133 118 952 15 657 133 122 927 13 619 147 169 948 Faslodex 31 142 28 96 297 17 159 55 103 334 30 167 113 121 431 Others 6 165 6 47 224 10 250 9 66 335 11 391 17 96 515 7,719 3,828 3,332 2,266 17,145 6,484 3,537 2,726 1,884 14,631 5,255 3,222 2,481 1,982 12,940 Cardiovascular, Renal & Metabolism: Farxiga 1,451 2,211 1,881 420 5,963 1,071 1,665 1,297 348 4,381 732 1,195 810 263 3,000 Brilinta 744 285 271 24 1,324 744 286 282 46 1,358 735 328 346 63 1,472 Lokelma 214 50 58 90 412 170 20 30 69 289 115 3 13 44 175 roxadustat – 271 – – 271 – 197 – – 197 – 174 – – 174 Andexxa 75 – 62 45 182 77 – 41 32 150 50 – 18 – 68 Crestor 55 862 52 138 1,107 65 794 41 148 1,048 80 775 52 189 1,096 Seloken/Toprol-XL 1 621 11 7 640 – 839 14 9 862 1 928 11 11 951 Onglyza 49 131 32 15 227 76 121 38 22 257 88 179 61 32 360 Bydureon 133 3 27 – 163 242 3 35 – 280 321 3 55 6 385 Others 30 152 109 5 296 34 194 128 10 366 52 195 146 14 407 2,752 4,586 2,503 744 10,585 2,479 4,119 1,906 684 9,188 2,174 3,780 1,512 622 8,088 Respiratory & Immunology: Symbicort 726 753 549 334 2,362 973 608 582 375 2,538 1,065 609 670 384 2,728 Fasenra 992 64 355 142 1,553 906 43 305 142 1,396 790 20 286 162 1,258 Breztri 383 161 81 52 677 239 92 33 34 398 115 55 7 26 203 Saphnelo 260 2 8 10 280 111 – 2 3 116 8 – – – 8 Tezspire – 1 48 37 86 – – 2 2 4 – – – – – Pulmicort 28 575 68 42 713 65 462 69 49 645 72 770 73 47 962 Bevespi 34 6 17 1 58 42 5 10 1 58 39 4 11 – 54 Daliresp/Daxas 42 3 8 1 54 176 3 9 1 189 207 4 15 1 227 Others 82 206 30 6 324 143 230 42 6 421 108 287 185 14 594 2,547 1,771 1,164 625 6,107 2,655 1,443 1,054 613 5,765 2,404 1,749 1,247 634 6,034 Vaccines & Immune Therapies: COVID-19 mAbs – 6 12 114 132 1,067 413 298 407 2,185 – 19 66 – 85 Vaxzevria – 10 2 – 12 79 729 365 625 1,798 64 2,240 1,035 578 3,917 Beyfortus 87 – 19 – 106 – – – – – – – – – – Synagis (1) 195 175 177 546 1 173 213 191 578 23 35 203 149 410 FluMist 23 1 188 4 216 21 1 151 2 175 27 2 222 2 253 109 212 396 295 1,012 1,168 1,316 1,027 1,225 4,736 114 2,296 1,526 729 4,665 Rare Disease: Soliris 1,734 424 670 317 3,145 2,180 301 805 476 3,762 1,068 170 439 197 1,874 Ultomiris 1,750 71 668 476 2,965 1,136 38 481 310 1,965 381 9 169 129 688 Strensiq 937 40 89 86 1,152 769 35 78 76 958 297 10 36 35 378 Koselugo 195 59 53 24 331 162 26 20 – 208 104 1 3 – 108 Kanuma 85 29 49 8 171 77 31 44 8 160 32 7 20 3 62 4,701 623 1,529 911 7,764 4,324 431 1,428 870 7,053 1,882 197 667 364 3,110 Other: Nexium 115 578 53 199 945 120 568 46 551 1,285 128 705 62 431 1,326 Others 18 153 52 8 231 24 220 77 19 340 43 212 109 14 378 133 731 105 207 1,176 144 788 123 570 1,625 171 917 171 445 1,704 Product Sales 17,961 11,751 9,029 5,048 43,789 17,254 11,634 8,264 5,846 42,998 12,000 12,161 7,604 4,776 36,541
Alliance Revenue
Revenues
Schedule of revenue	2023 2022 2021 $m $m $m Enhertu 1,022 523 197 Tezspire 259 79 – Beyfortus 57 – – Vaxzevria – 76 64 Other royalty income 81 68 70 Other Alliance Revenue 9 9 57 1,428 755 388
Collaboration Revenue
Revenues
Schedule of revenue	2023 2022 2021 $m $m $m Lynparza: 245 355 – Lynparza: – – 400 COVID-19 mAbs: licence fees 180 – – Farxiga 29 – – tralokinumab: sales milestones 20 110 – Beyfortus 71 25 – Beyfortus 27 – – Nexium – 62 75 Other Collaboration Revenue 22 46 13 594 598 488

Operating profit (Tables)

Operating profit (Tables)	12 Months Ended
Operating profit (Tables)	Dec. 31, 2023
Operating profit
Schedule of other operating income and expense	2023 2022 2021 $m $m $m Royalty income 107 59 62 Gains on disposal of intangible assets 251 104 513 Gains on disposal of investments in associates and joint ventures – – 776 Net gains/(losses) on disposal of other non-current assets 41 112 (4) Update to the contractual relationships for Beyfortus 712 – – Other income 1 393 439 453 Other expense (164) (200) (308) Other operating income and expense 1,340 514 1,492 1 Other income in 2023 includes $ 75 m of income from Allergan Plc. in respect of the development of brazikumab (2022: $138 m; 2021: $99 m).
Schedule of restructuring costs	2023 2022 2021 $m $m $m Cost of sales 109 266 722 Distribution expense – 2 – Research and development expense 212 111 223 Selling, general and administrative expense 207 405 338 Other operating income and expense (61) (67) – Total charge 467 717 1,283 2023 2022 2021 $m $m $m Severance costs 57 187 217 Accelerated depreciation and impairment charges 68 135 371 Other 1 342 395 695 Total charge 467 717 1,283 1 Other costs are those incurred in designing and implementing the Group’s various restructuring initiatives, including 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.
Schedule of net gains and losses on financial instruments included within operating profit	2023 2022 2021 $m $m $m Gains/(losses) on forward foreign exchange contracts 42 150 (21) Losses on receivables and payables (260) (203) (42) Total (218) (53) (63)

Finance income and expense (Tab

Finance income and expense (Tables)	12 Months Ended
Finance income and expense (Tables)	Dec. 31, 2023
Finance income and expense
Schedule of finance income and expense	2023 2022 2021 $m $m $m Finance income Returns on deposits and equity securities 291 78 12 Fair value gains on debt and interest rate swaps 43 14 – Interest income on income tax balances 10 3 31 Total 344 95 43 Finance expense Interest on debt, leases and other financing costs (1,132) (889) (774) Net interest on post-employment defined benefit plan net liabilities (Note 22) (38) (29) (26) Net exchange losses (34) (16) (20) Discount unwind on contingent consideration arising from business combinations (Note 20) (132) (168) (226) Discount unwind on other long-term liabilities 1 (200) (216) (248) Fair value losses on debt and interest rate swaps (3) – (4) Interest expense on income tax balances (87) (28) (2) Total (1,626) (1,346) (1,300) Net finance expense (1,282) (1,251) (1,257) 1 Included within Discount unwind on other long-term liabilities is $55 m relating to the Acerta Pharma share purchase liability (2022: $108 m; 2021: $161 m) and the discount unwind of other payables of $100 m (2022: $ nil ; 2021: $ nil ) that have arisen from intangible asset additions, see Note 20 for further details.
Schedule of net gains and losses on financial instruments included in finance income and expense	2023 2022 2021 $m $m $m Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives 13 (9) (5) Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives – – (9) Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances 177 54 16 Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost (1,004) (837) (738)

Taxation (Tables)

Taxation (Tables)	12 Months Ended
Taxation (Tables)	Dec. 31, 2023
Taxation
Schedule of taxation, comprehensive income	2023 2022 2021 $m $m $m Current tax Current year 2,417 1,823 1,200 Adjustment to prior years 28 (187) (5) Total 2,445 1,636 1,195 Deferred tax Origination and reversal of temporary differences (1,473) (2,563) (1,417) Adjustment to prior years (34) 135 (158) Total (1,507) (2,428) (1,575) Taxation charge/(credit) recognised in the profit for the year 938 (792) (380) Taxation credit/(charge) recognised in Other comprehensive income is as follows: 2023 2022 2021 $m $m $m Current and deferred tax Items that will not be reclassified to profit or loss: Remeasurement of the defined benefit liability 102 (231) (117) Equity investments measured at fair value through Other comprehensive income (1) 15 27 Movement in deferred taxes relating to changes in tax rates – – 195 Total 101 (216) 105 Items that may be reclassified subsequently to profit or loss: Foreign exchange arising on designated liabilities in net investment hedges (24) 73 43 Fair value movement on cash flow hedges 12 – (5) Movement in deferred taxes relating to changes in tax rates – – 8 Total (12) 73 46 Taxation credit/(charge) recognised in Other comprehensive income 89 (143) 151
Schedule of tax reconciliation to UK statutory rate	2023 2022 2021 $m $m $m Profit/(loss) before tax 6,899 2,501 (265) Notional taxation charge at UK corporation tax rate of 23.5% (2022: 19%; 2021: 19%) 1,621 475 (50) Differences in effective overseas tax rates 1 (224) (59) 1 Deferred tax (credit)/charge relating to change in tax rates 2 (66) (108) 54 Unrecognised deferred tax asset 3 341 68 32 Items not deductible for tax purposes 46 90 208 Items not chargeable for tax purposes – – (163) Intellectual Property incentive regimes 4 (367) (265) – Other items 5 (406) (941) (299) Adjustments in respect of prior years 6 (7) (52) (163) Total tax charge/(credit) for the year 938 (792) (380) 1 Includes the impact of the reversal of a $1.9 bn deferred tax liability that was recognised in a previous business combination (31 December 2023: $0.9 bn) and originated in goodwill. Some of this liability reverses in an innovation 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 IP 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 3 4 5 6
Schedule of movements in deferred tax balances	The total movement in the net deferred tax balance in the year was $1,555m. The movements are as follows: Intangibles, Pension and Elimination of Losses and Property, plant post-retirement unrealised profit Untaxed tax credits Accrued and equipment 1 benefits on inventory reserves 2 carried forward expenses Other Total $m $m $m $m $m $m $m $m Net deferred tax balance at 1 January 2021 (2,627) 656 1,807 (801) 714 660 111 520 Income statement 782 (166) (59) (139) 307 697 153 1,575 Other comprehensive income 52 83 – – – – 40 175 Equity – – – – – 4 10 14 Additions through business combinations 3 (3,744) 13 166 – 507 (1,263) 147 (4,174) Exchange 57 (33) (53) 78 (10) (13) (12) 14 Net deferred tax balance at 31 December 2021 (5,480) 553 1,861 (862) 1,518 85 449 (1,876) Income statement 4 1,414 (55) 274 38 (126) 778 105 2,428 Other comprehensive income 72 (231) – – – – 16 (143) Equity – – – – – – 38 38 Exchange 63 (36) (111) 108 (134) 17 (35) (128) Net deferred tax balance at 31 December 2022 (3,931) 231 2,024 (716) 1,258 880 573 319 Income statement 4 1,518 (69) 426 96 (308) (23) (133) 1,507 Other comprehensive income (16) 106 – – – – (23) 67 Equity – – – – – – (21) (21) Additions (24) – – – 50 – (1) 25 Exchange (38) 15 (64) (40) 106 32 (34) (23) Net deferred tax balance at 31 December 2023⁵ (2,491) 283 2,386 (660) 1,106 889 361 1,874 1 Includes deferred tax assets of $ 507 m on liabilities in respect of intangibles and $188 m on lease liabilities in respect of right-of-use assets. 2 3 4 5 Imfinzi
Schedule of unrecognised deferred tax assets	2023 2023 2022 2022 2021 2021 Temporary Unrecognised Temporary Unrecognised Temporary Unrecognised differences DTA differences DTA differences DTA $m $m $m $m $m $m Temporary differences expiring: Within 10 years 87 22 104 26 4 1 More than 10 years 153 32 153 32 53 11 Indefinite 2,788 595 686 163 300 79 3,028 649 943 221 357 91 Tax credits and State tax losses expiring: Within 10 years 152 115 101 More than 10 years 363 384 441 Indefinite 87 87 86 602 586 628 Total 1,251 807 719
Before the offset of balances within countries
Taxation
Schedule of net deferred tax balance	Intangibles, Pension and Elimination of Losses and Property, plant post-retirement unrealised profit Untaxed tax credits Accrued and equipment benefits on inventory reserves carried forward expenses Other Total $m $m $m $m $m $m $m $m Deferred tax assets at 31 December 2021 1,476 574 1,910 – 1,571 1,117 618 7,266 Deferred tax liabilities at 31 December 2021 (6,956) (21) (49) (862) (53) (1,032) (169) (9,142) Net deferred tax balance at 31 December 2021 (5,480) 553 1,861 (862) 1,518 85 449 (1,876) Deferred tax assets at 31 December 2022 1,499 276 2,048 – 1,274 1,005 609 6,711 Deferred tax liabilities at 31 December 2022 (5,430) (45) (24) (716) (16) (125) (36) (6,392) Net deferred tax balance at 31 December 2022 (3,931) 231 2,024 (716) 1,258 880 573 319 Deferred tax assets at 31 December 2023 1,883 313 2,386 – 1,141 1,011 488 7,222 Deferred tax liabilities at 31 December 2023 (4,374) (30) – (660) (35) (122) (127) (5,348) Net deferred tax balance at 31 December 2023 (2,491) 283 2,386 (660) 1,106 889 361 1,874
After the offset of balances within countries
Taxation
Schedule of net deferred tax balance	2023 2022 2021 $m $m $m Deferred tax assets 4,718 3,263 4,330 Deferred tax liabilities (2,844) (2,944) (6,206) Net deferred tax balance 1,874 319 (1,876)

Earnings per $0.25 Ordinary S_2

Earnings per $0.25 Ordinary Share (Tables)	12 Months Ended
Earnings per $0.25 Ordinary Share (Tables)	Dec. 31, 2023
Earnings per $0.25 Ordinary Share
Schedule of Earnings per Ordinary Share	2023 2022 2021 Profit for the year attributable to equity holders ($m) 5,955 3,288 112 Basic earnings per Ordinary Share $3.84 $2.12 $0.08 Diluted earnings per Ordinary Share $3.81 $2.11 $0.08 Weighted average number of Ordinary Shares in issue for basic earnings (millions) 1,549 1,548 1,418 Dilutive impact of share options outstanding (millions) 13 12 9 Diluted weighted average number of Ordinary Shares in issue (millions) 1,562 1,560 1,427

Segment information (Tables)

Segment information (Tables)	12 Months Ended
Segment information (Tables)	Dec. 31, 2023
Segment information
Schedule of information by geographic area	Total Revenue 2023 2022 2021 $m $m $m UK 3,368 3,117 3,245 Rest of Europe France 1,152 1,107 915 Germany 2,099 1,902 1,486 Italy 813 735 577 Spain 847 738 578 Sweden 1,704 1,721 2,322 Others 3,110 2,706 1,949 9,725 8,909 7,827 The Americas Canada 967 1,166 772 US 18,121 17,278 12,047 Others 1,683 1,175 1,203 20,771 19,619 14,022 Asia, Africa & Australasia Australia 390 571 547 China 5,872 5,743 6,002 Japan 3,640 3,986 3,395 Others 2,045 2,406 2,379 11,947 12,706 12,323 Total Revenue 45,811 44,351 37,417 Total Revenue outside of the UK totalled $42,443m for the year ended 31 December 2023 (2022: $41,234m; 2021: $34,172m). Operating profit/(loss) Profit/(loss) before tax 2023 2022 2021 2023 2022 2021 $m $m $m $m $m $m UK 665 1,120 (950) (577) 272 (1,477) Rest of Europe 4,885 2,945 2,999 4,999 2,709 2,682 The Americas 1,495 (954) (1,936) 1,328 (1,140) (2,401) Asia, Africa & Australasia 1,148 646 943 1,149 660 931 Continuing operations 8,193 3,757 1,056 6,899 2,501 (265)
Schedule of assets by geographic area	Non-current assets 1, 2 Total assets 2023 2022 2021 2023 2022 2021 $m $m $m $m $m $m UK 8,626 8,208 7,310 19,616 16,786 16,615 Rest of Europe 32,905 34,301 38,286 40,638 40,669 48,383 The Americas 26,524 25,425 26,333 34,754 32,990 34,301 Asia, Africa & Australasia 910 929 1,078 6,111 6,038 6,064 Continuing operations 68,965 68,863 73,007 101,119 96,483 105,363 Assets acquired 3 Net operating assets 4 2023 2022 2021 2023 2022 2021 $m $m $m $m $m $m UK 812 2,301 810 5,275 3,863 3,239 Rest of Europe 1,770 522 26,527 32,920 32,726 40,161 The Americas 1,925 421 10,810 22,746 23,290 24,786 Asia, Africa & Australasia 117 51 94 1,405 1,895 736 Continuing operations 4,624 3,295 38,241 62,346 61,774 68,922 1 Non-current assets exclude Deferred tax assets and Derivative financial instruments. 2 The Group has 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 $1,690 m and in 2021 of $1,680 m. 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 2023 2022 2021 $m $m $m UK 2,831 2,526 2,542 Ireland 1,164 1,040 969 Sweden 1,678 1,472 1,593 US 2,371 2,176 2,660 Rest of the world 1,358 1,293 1,419 Continuing operations 9,402 8,507 9,183
Schedule of product sales	2023 2022 2021 $m $m $m UK 978 996 1,206 Rest of Europe 8,201 7,503 6,792 The Americas 20,855 20,126 14,893 Asia, Africa & Australasia 13,755 14,373 13,650 Continuing operations 43,789 42,998 36,541

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
Property, plant and equipment (Tables)	Dec. 31, 2023
Property, plant and equipment.
Schedule of 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 2021 5,851 7,738 2,478 16,067 Additions through business combinations (Note 27) 542 339 254 1,135 Capital expenditure 9 31 1,112 1,152 Transfer of assets into use 236 611 (847) – Disposals and other movements (92) (469) (200) (761) Exchange adjustments (169) (347) (69) (585) At 31 December 2021 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 Depreciation and impairment At 1 January 2021 2,826 4,990 – 7,816 Depreciation charge for the year 231 493 – 724 Impairment (reversal)/charge (1) 121 223 343 Disposals and other movements (74) (428) (223) (725) Exchange adjustments (105) (228) – (333) At 31 December 2021 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 Net book value At 31 December 2021 3,500 2,955 2,728 9,183 At 31 December 2022 2,951 2,903 2,653 8,507 At 31 December 2023 3,704 3,653 2,045 9,402
Schedule of net book value of land and buildings	2023 2022 2021 $m $m $m The net book value of land and buildings comprised: Freeholds 2,976 2,555 2,985 Leaseholds 728 396 515

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases
Schedule of right-to-use assets	Total Land and Motor Right-of-use buildings vehicles Other assets $m $m $m $m Cost At 1 January 2021 735 272 36 1,043 Additions through business combinations (Note 27) 255 8 – 263 Additions – separately acquired 145 98 2 245 Disposals and other movements 25 (44) (4) (23) Exchange adjustments (27) (13) (1) (41) At 31 December 2021 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 Depreciation and impairment At 1 January 2021 247 117 13 377 Depreciation charge for the year 144 85 6 235 Disposals and other movements (54) (42) – (96) Exchange adjustments (11) (6) – (17) At 31 December 2021 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 Net book value At 31 December 2021 807 167 14 988 At 31 December 2022 771 153 18 942 At 31 December 2023 803 280 17 1,100
Schedule of the present value of lease liabilities	2023 2022 2021 $m $m $m The present value of lease liabilities is as follows: Within one year (271) (228) (233) Later than one year and not later than five years (657) (549) (544) Later than five years (200) (176) (210) Total lease liabilities (1,128) (953) (987)

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
Goodwill (Tables)	Dec. 31, 2023
Goodwill.
Schedule of changes in Goodwill	2023 2022 2021 $m $m $m Cost At 1 January 20,131 20,311 12,164 Additions through business combinations (Note 27) 158 15 8,287 Exchange and other adjustments 72 (195) (140) At 31 December 20,361 20,131 20,311 Amortisation and impairment losses At 1 January 311 314 319 Exchange and other adjustments 2 (3) (5) At 31 December 313 311 314 Net book value At 31 December 20,048 19,820 19,997

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
Intangible assets (Tables)	Dec. 31, 2023
Intangible assets
Schedule of intangible assets	Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m Cost At 1 January 2021 42,677 2,642 1,288 46,607 Additions through business combinations (Note 27) 26,455 430 70 26,955 Additions – separately acquired 587 6 119 712 Transferred to Assets held for sale (Note 18) (1,266) (47) – (1,313) Disposals (801) (402) (23) (1,226) Exchange and other adjustments (1,062) (18) (22) (1,102) At 31 December 2021 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 Amortisation and impairment losses At 1 January 2021 22,564 2,128 968 25,660 Amortisation for year 2,908 172 63 3,143 Impairment charges 2,067 – 18 2,085 Transferred to Assets held for sale (Note 18) (931) (14) – (945) Disposals (797) (402) (21) (1,220) Exchange and other adjustments (535) (21) (26) (582) At 31 December 2021 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 Net book value At 31 December 2021 41,314 748 430 42,492 At 31 December 2022 38,393 497 417 39,307 At 31 December 2023 36,941 646 502 38,089 2023 2022 2021 $m $m $m Net book value Current intangible assets – – 105 Non-current intangible assets 38,089 39,307 42,387 At 31 December 38,089 39,307 42,492
Summary of amortisation charges	Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m Year ended 31 December 2021 Cost of sales 66 – – 66 Research and development expense – 33 – 33 Selling, general and administrative expense 2,842 138 63 3,043 Other operating income and expense – 1 – 1 Total 2,908 172 63 3,143 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
Summary of impairment charges	Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m Year ended 31 December 2021 Research and development expense 1,464 – – 1,464 Selling, general and administrative expense 603 – 18 621 Total 2,067 – 18 2,085 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
Summary of significant intangible assets	Carrying value Remaining amortisation $m period C5 franchise ( Soliris Ultomiris 14,356 4 to 12 years Intangible assets arising from the acquisition of Acerta Pharma 4,335 9 years Strensiq, Kanuma, Andexxa 4,147 9 to 15 years Enhertu 2,831 10 years Intangible asset products in development arising from the acquisition of Alexion 1 2,489 Not amortised Intangible assets arising from the acquisition of ZS Pharma Inc. 1,838 8 years Other intangible assets acquired from Daiichi Sankyo 1 989 Not amortised Baxdrostat intangible asset acquired from CinCor Pharma, Inc. 1 780 Not amortised Airsupra 524 11 years Intangible assets arising from the restructuring of a historical joint venture with MSD 472 3 to 6 years Farxiga/Forxiga 426 3 years Intangible assets arising from the acquisition of Pearl Therapeutics, Inc 412 5 to 6 years Monalizumab intangible assets acquired from Innate Pharma 1 370 Not amortised RSV franchise assets arising from the acquisition of MedImmune 305 2 years Rare disease portfolio assets acquired from Pfizer 1 300 Not amortised 1 Assets in development are not amortised but are tested annually for impairment.

Investments in associates and_2

Investments in associates and joint ventures (Tables)	12 Months Ended
Investments in associates and joint ventures (Tables)	Dec. 31, 2023
Investments in associates and joint ventures
Schedule of investments in associates and joint ventures	2023 2022 2021 $m $m $m At 1 January 76 69 39 Additions 80 26 92 Share of after tax losses (12) (5) (64) Exchange and other adjustments 3 (14) 2 At 31 December 147 76 69
Schedule of summarised financial information for the associate and joint venture entities	2023 2022 2021 $m $m $m Non-current assets 424 290 215 Current assets 362 300 506 Total liabilities (287) (72) (99) Net assets 499 518 622 Amount attributable to AstraZeneca 85 91 65 Goodwill 52 – – Exchange adjustments 10 (15) 4 Carrying value of investments in associates and joint ventures 147 76 69

Other investments (Tables)

Other investments (Tables)	12 Months Ended
Other investments (Tables)	Dec. 31, 2023
Other investments
Schedule of other investments	2023 2022 2021 $m $m $m Non-current investments Equity securities at fair value through Other comprehensive income 1,530 1,056 1,168 Fixed income securities at fair value through profit or loss – 10 – Total 1,530 1,066 1,168 Current investments Fixed income securities at fair value through profit or loss 20 13 16 Cash collateral pledged to counterparties 102 162 – Fixed deposits – 64 53 Total 122 239 69
Schedule of analysis equity securities and bonds available for sale	2023 2023 2022 2022 2021 2021 FVPL FVOCI FVPL FVOCI FVPL FVOCI $m $m $m $m $m $m Level 1 20 1,217 13 880 16 1,064 Level 2 – – – – – – Level 3 – 313 10 176 – 104 Total 20 1,530 23 1,056 16 1,168
Schedule of fair value movements in level 3 investments	2023 2023 2022 2022 2021 FVPL FVOCI FVPL FVOCI FVOCI $m $m $m $m $m At 1 January 10 176 – 104 217 Additions – 127 10 32 1 Revaluations 3 14 – 50 – Net transfers out from Level 3 to Level 1 – – – (4) (113) Disposals (13) (8) – (5) – Impairments and exchange adjustments – 4 – (1) (1) At 31 December – 313 10 176 104

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
Derivative financial instruments (Tables)	Dec. 31, 2023
Derivative financial instruments
Schedule of 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 loss 1 25 – – – 25 Cross currency swaps designated in a net investment hedge 62 – – (2) 60 Cross currency swaps designated in a cash flow hedge – – – (43) (43) Forward FX designated in a cash flow hedge 2 – 13 – – 13 Other derivatives 15 70 (79) – 6 31 December 2021 102 83 (79) (45) 61 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 loss 1 – 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 hedge 2 – 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 hedge 2 – 19 (4) – 15 Other derivatives 12 97 (122) – (13) 31 December 2023 228 116 (156) (38) 150 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.
Schedule of interest rates on derivative financial instruments	2023 2022 2021 Derivatives 0.1 % to 5.3 % 0.1 % to 4.7 % (0.5) % to 3.6 %

Non-current other receivables (

Non-current other receivables (Tables)	12 Months Ended
Non-current other receivables (Tables)	Dec. 31, 2023
Non-current other receivables.
Schedule of non-current other receivables	2023 2022 2021 $m $m $m Prepayments 274 243 391 Accrued income 52 44 61 Retirement benefit scheme surpluses (Note 22) 92 90 – Other receivables 385 458 443 Non-current other receivables 803 835 895

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Dec. 31, 2023
Inventories
Schedule of inventories	2023 2022 2021 $m $m $m Raw materials and consumables 1,531 1,422 1,755 Inventories in process 2,325 1,864 5,216 Finished goods and goods for resale 1,568 1,413 2,012 Inventories 5,424 4,699 8,983

Current trade and other recei_2

Current trade and other receivables (Tables)	12 Months Ended
Current trade and other receivables (Tables)	Dec. 31, 2023
Current trade and other receivables
Schedule of trade, other current receivables and prepayments	2023 2022 2021 $m $m $m Trade receivables 8,452 7,271 6,054 Less: Expected credit loss provision (Note 28) (45) (59) (23) 8,407 7,212 6,031 Other receivables 1,639 1,659 1,808 Prepayments 1,617 1,329 1,512 Government grants receivable 11 25 – Accrued income 452 296 293 Trade and other receivables 12,126 10,521 9,644

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
Cash and cash equivalents (Tables)	Dec. 31, 2023
Cash and cash equivalents.
Summary of cash and cash equivalents	2023 2022 2021 $m $m $m Cash at bank and in hand 1,325 1,411 1,461 Short-term deposits 4,515 4,755 4,868 Cash and cash equivalents 5,840 6,166 6,329 Unsecured bank overdrafts (203) (183) (291) Cash and cash equivalents in the cash flow statement 5,637 5,983 6,038
Summary of non-cash and other movements within operating activities	2023 2022 2021 $m $m $m Share-based payments charge for the period 579 619 615 Settlement of share plan awards (650) (592) (570) Pension contributions (188) (205) (174) Pension charges recorded in operating profit 55 101 136 Long-term provision charges recorded in operating profit 460 87 270 (Gain)/loss on disposal of tangible assets (41) (112) 4 Update to the contractual relationships for Beyfortus (729) – – Foreign exchange and other 1 128 (590) (186) Total operating activities non-cash and other movements (386) (692) 95 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.

Interest-bearing loans and bo_2

Interest-bearing loans and borrowings (Tables)	12 Months Ended
Interest-bearing loans and borrowings (Tables)	Dec. 31, 2023
Interest-bearing loans and borrowings
Schedule of interest bearing loans and borrowings	Repayment 2023 2022 2021 dates $m $m $m Current liabilities Bank overdrafts On demand 203 183 291 Other short-term borrowings excluding overdrafts 97 78 3 Collateral received from derivative counterparties 215 89 93 Lease liabilities 271 228 233 Floating rate notes US dollars 2022 – – 250 2.375% Callable bond US dollars 2022 – – 999 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 – – Other loans (including commercial paper) Within one year 19 22 24 Total 5,400 5,542 1,893 Non-current liabilities Lease liabilities 857 725 754 0.3% Callable bond US dollars 2023 – – 1,397 2023 Floating bank loan US dollars 2023 – – 1,998 Floating rate notes US dollars 2023 – – 400 3.5% Callable bond US dollars 2023 – – 848 7% Guaranteed debentures US dollars 2023 – – 320 0.75% Callable bond euros 2024 – 957 1,014 0.7% Callable bond US dollars 2024 – 1,598 1,598 2024 Floating bank loans US dollars 2024 – 1,998 1,997 3.375% Callable bond US dollars 2025 1,994 1,992 1,988 0.7% Callable bond US dollars 2026 1,196 1,195 1,193 1.2% Callable bond US dollars 2026 1,248 1,246 1,245 3.625% Callable bond euros 2027 829 – – 3.125% Callable bond US dollars 2027 747 746 745 4.875% Callable bond US dollars 2028 1,095 – – 1.25% Callable bond euros 2028 879 845 896 1.75% Callable bond US dollars 2028 1,246 1,245 1,244 4% Callable bond US dollars 2029 995 995 994 0.375% Callable bond euros 2029 881 846 898 4.9% Callable bond US dollars 2030 645 – – 1.375% Callable bond US dollars 2030 1,294 1,293 1,292 2.25% Callable bond US dollars 2031 747 747 746 5.75% Non-callable bond pound sterling 2031 444 420 470 3.75% Callable bond euros 2032 827 – – 4.875% Callable bond US dollars 2033 497 – – 6.45% Callable bond US dollars 2037 2,725 2,724 2,724 4% Callable bond US dollars 2042 989 988 988 4.375% Callable bond US dollars 2045 981 981 980 4.375% Callable bond US dollars 2048 738 737 737 2.125% Callable bond US dollars 2050 487 487 486 3% Callable bond US dollars 2051 735 735 734 Other loans US dollars 146 190 202 Total 23,222 23,690 28,888 Total interest-bearing loans and borrowings 1, 2 28,622 29,232 30,781 1 All loans and borrowings above are unsecured. In previous years, there were current (2022: $22 m; 2021: $24 m) and non-current (2022: $181 m; 2021: $188 m) secured loans, both included within Other loans. 2 The $2 bn USD 2024 floating rate bank loans pay interest rate based on compounded daily USD Secured Overnight Funding Rate (SOFR).
Schedule of reconciliation of interest bearing loans and borrowings	Total Total Total loans and loans and loans and borrowings borrowings borrowings 2023 2022 2021 $m $m $m At 1 January 29,232 30,781 20,380 Changes from financing cash flows Issue of loans and borrowings 3,816 – 12,929 Repayment of loans and borrowings (4,942) (1,271) (4,759) Movement in short-term borrowings 161 74 (276) Repayment of obligations under leases (268) (244) (240) Total changes in cash flows arising on financing activities from borrowings (1,233) (1,441) 7,654 Movement in overdrafts 20 (85) 31 New lease liabilities 444 253 503 Additions through business combinations – 5 2,523 Exchange 187 (287) (378) Other movements (28) 6 68 At 31 December 28,622 29,232 30,781
Schedule of comparison of carrying values and fair values of interest-bearing loans and borrowings	Instruments Instruments Total designated designated in Amortised carrying Fair at fair value 1 cash flow hedge 2 cost value value $m $m $m $m $m 2021 Overdrafts – – 291 291 291 Lease liabilities due within one year – – 233 233 233 Lease liabilities due after more than one year – – 754 754 754 Loans and borrowings due within one year – – 1,369 1,369 1,378 Loans and borrowings due after more than one year 320 1,910 25,904 28,134 30,596 Total at 31 December 2021 320 1,910 28,551 30,781 33,252 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 1 Instruments designated at FVPL include the US dollar 7% guaranteed debentures which matured on 15 November 2023. 2 2027 Callable bond, our euro
Schedule of interest rates used to discount future cash flows for fair value adjustments	2023 2022 2021 Loans and borrowings n/a to n/a 1 4.3 % to 4.9 % 0.1 % to 0.6 % 1 All bonds designated as FVPL have matured prior to the reporting date.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
Trade and other payables (Tables)	Dec. 31, 2023
Trade and other payables
Schedule of Trade and other payables	2023 2022 2021 $m $m $m Current liabilities Trade payables 3,267 2,550 2,824 Value-added and payroll taxes and social security 492 468 463 Rebates, chargebacks, returns and other revenue accruals 7,817 6,078 5,298 Clinical trial accruals 1,424 1,417 1,047 Other accruals 6,112 5,551 5,649 Collaboration Revenue contract liabilities 7 12 12 Vaccine contract liabilities 142 169 1,003 Deferred government grant income – 1 67 Contingent consideration 966 757 849 Acerta Pharma share purchase liability (Note 26) 833 867 920 Other payables 1,314 1,170 806 Total 22,374 19,040 18,938 Non-current liabilities Accruals 36 37 25 Collaboration Revenue contract liabilities 7 14 26 Contingent consideration 1,171 1,465 2,016 Acerta Pharma share purchase liability (Note 26) – 779 1,538 Other payables 1,446 1,975 1,328 Total 2,660 4,270 4,933
Schedule of Contingent consideration	2023 2022 2021 $m $m $m At 1 January 2,222 2,865 3,323 Additions through business combinations 60 – – Settlements (826) (772) (643) Disposals – (121) – Revaluations 549 82 14 Reclassification to Other payables – – (55) Discount unwind (Note 3) 132 168 226 At 31 December 2,137 2,222 2,865
Schedule of maximum development and sales milestones payable under outstanding contingent consideration	Nature of Maximum future milestones Acquisitions Year contingent consideration $m Spirogen 2013 Milestones 180 Amplimmune, Inc. 2013 Milestones 150 Almirall 1 2014 Milestones and royalties 345 Neogene 2023 Milestones 110 1 These contingent consideration liabilities have been designated as the hedge instrument in a net investment hedge of foreign currency risk arising on the Group’s underlying US dollar net investments held in non-US dollar denominated subsidiaries. Exchange differences on the retranslation of the contingent consideration liability are recognised in Other comprehensive income to the extent that the hedge is effective. Any ineffectiveness is taken to profit.

Provisions (Tables)

Provisions (Tables)	12 Months Ended
Provisions (Tables)	Dec. 31, 2023
Provisions.
Schedule of provisions	Employee Other Severance Environmental benefits Legal provisions Total $m $m $m $m $m $m At 1 January 2021 214 100 128 348 770 1,560 Additions through business combinations (Note 27) – – 41 73 27 141 Charge for year 238 23 46 109 456 872 Cash paid (172) (32) (49) (285) (84) (622) Reversals (62) – – (5) (175) (242) Exchange and other movements (6) (1) 29 (1) (6) 15 At 31 December 2021 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 2023 2022 2021 $m $m $m Due within one year 1,028 722 768 Due after more than one year 1,127 896 956 Total 2,155 1,618 1,724

Post-retirement pension and o_2

Post-retirement pension and other defined benefit schemes (Tables)	12 Months Ended
	Dec. 31, 2023
Post-retirement pension and other defined benefit schemes
Schedule of financial assumptions for major defined benefit schemes	2022 UK US Sweden Rest of Group 1 Inflation assumption 3.2 % – 1.9 % 2.5 % Rate of increase in salaries – 2 – 3.4 % 4.0 % Rate of increase in pensions in payment 3.1 % – 1.9 % 2.5 % Discount rate – defined benefit obligation 4.9 % 5.0 % 4.1 % 3.7 % Discount rate – interest cost 5.0 % 4.9 % 4.0 % 3.8 % Discount rate – service cost 4.8 % n/a 4.0 % 3.7 % 2023 UK US Sweden Rest of Group 1 Inflation assumption 3.1 % 3 – 1.6 % 2.2 % Rate of increase in salaries – 2 – 3.1 % 3.7 % Rate of increase in pensions in payment 2.9 % – 1.6 % 2.2 % Discount rate – defined benefit obligation 4 4.6 % 4.7 % 3.3 % 3.3 % Discount rate – interest cost 5 4.6 % 4.7 % 3.3 % 3.3 % Discount rate – service cost 5 4.5 % n/a 3.3 % 3.3 % 1 Rest of Group reflects the assumptions in Germany as these have the most material impact on the Group. 2 3 4 5
Schedule of demographic assumptions for major defined benefit schemes	Life expectancy assumption for a male member retiring at age 65 Life expectancy assumption for a female member retiring at age 65 Country 2023 2043 2022 2042 2023 2043 2022 2042 UK 22.1 23.1 22.2 23.2 23.7 24.8 23.8 24.9 US 22.2 24.6 22.0 23.2 23.3 26.2 23.4 25.0 Sweden 21.8 23.6 21.8 23.6 23.9 26.0 23.9 26.0
Schedule of risks associated with the Company's defined benefit pensions	Risk Description Mitigation Asset pricing risk 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 45% of the UK Pension Fund is allocated to growth assets. 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. In order to mitigate investment risk, the Trustee invests in a suitably diversified range of asset classes, return drivers and investment managers. The investment strategy will evolve to further improve the expected risk/return profile as opportunities arise. De-risking of the investment strategy took place over 2023, as the Fund moved ahead of its long-term target, with the benchmark allocation to Growth Assets reducing from 62.5% to 47.5%. The Trustee has hedged approximately 92% of unintended non-sterling, overseas currency risk within the UK Pension Fund assets. Interest rate risk A decrease in corporate bond yields will increase the present value placed on the DBO for accounting purposes. 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 2023 (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 analysed to set the DBO discount rate on an accounting basis (AA corporate bonds). As such, there remains some mismatching risk on an accounting basis should yields on gilts diverge compared to AA corporate bonds. Inflation risk 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 (approximately 100% hedged as a percentage of assets at the end of 2023). Over 2023, work was carried out by the Trustee to improve the accuracy of the hedge to LPI linked liabilities. Life expectancy 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 75 years . The swap currently covers approximately 8,000 of the UK Pension Fund’s pensioners, equivalent to $2.4 bn of Pension fund liability. A one-year increase in life expectancy would result in a $214 m increase in pension fund obligations, which would be partially offset by a $108 m increase in the value of the longevity swap and hence the pension fund assets. Cash flow and liquidity risk 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’ above recommended regulatory guidelines, which can be quickly supplemented in an orderly manner. Over 2023, in addition to the Growth and Liability Hedging portfolios, the Trustee allocated 7% of assets to a new, 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.
Schedule of fair values of scheme assets	2022 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 bonds 1 1,931 – 104 – – – 60 – 2,095 – 2,095 Corporate bonds 2 – – 622 – – – 11 – 633 – 633 Derivatives 3 – (608) (2) (3) – 325 (2) – (4) (286) (290) Investment funds: Listed Equities 4 – 265 – – – – 49 4 49 269 318 Investment funds: Absolute Return/Multi Strategy 4 – 1,701 – – – 475 6 – 6 2,176 2,182 Investment funds: Corporate Bonds/Credit 4 – 817 – – – 144 49 10 49 971 1,020 Cash and cash equivalents 52 415 285 – – 2 – 4 337 421 758 Other – – – 2 – – 1 311 1 313 314 Total fair value of scheme assets/(liabilities) 5 1,983 2,590 1,009 (1) – 946 174 329 3,166 3,864 7,030 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 bonds 1 2,383 – 61 – – – 51 – 2,495 – 2,495 Corporate bonds 2 373 – 94 – – – 6 – 473 – 473 Derivatives 3 – (532) – – – 440 – – – (92) (92) Investment funds: Listed Equities 4 – 321 – – – – 53 3 53 324 377 Investment funds: Absolute Return/Multi Strategy 4 – 1,131 – – – 461 5 8 5 1,600 1,605 Investment funds: Corporate Bonds/Credit 4 – 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 assets 5 2,809 1,950 160 – – 1,068 162 330 3,131 3,348 6,479 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 swap, equity total return swaps and other contracts. More detail is given in the section Risks associated with the Group’s defined benefit pensions on page 187. Valuations are determined by independent third parties. 4 Investment Funds are pooled, commingled vehicles, whereby the pension scheme owns units in the fund, alongside other investors. The pension schemes 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 (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 (2022: $1 m). The assets held in 2022 were AstraZeneca corporate debt held by the US qualified plan and amounted to 0.05% of the plan's then assets.
Schedule of scheme obligations, net deficit (surplus), fair value of scheme assets and movements	Scheme obligations 2022 UK US Sweden Rest of Group Total $m $m $m $m $m Present value of scheme obligations in respect of: Active membership (212) (54) (430) (424) (1,120) Deferred membership (804) (437) (369) (299) (1,909) Pensioners (3,785) (531) (513) (250) (5,079) Total value of scheme obligations (4,801) (1,022) (1,312) (973) (8,108) 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) Net (deficit)/surplus in the scheme 2022 UK US Sweden Rest of Group Total $m $m $m $m $m Total fair value of scheme assets 4,573 1,008 946 503 7,030 Total value of scheme obligations (4,801) (1,022) (1,312) (973) (8,108) Deficit in the scheme as recognised in the Consolidated Statement of Financial Position (228) (14) (366) (470) (1,078) Included in Non-current other receivables – 62 – 28 1 90 Included in Retirement benefit obligations (228) (76) (366) (498) (1,168) (228) (14) (366) (470) (1,078) 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 – 66 – 26 1 92 Included in Retirement benefit obligations (402) (60) (534) (524) (1,520) (402) 6 (534) (498) (1,428) 1 Surpluses were recognised in Ireland and Belgium. Fair value of scheme assets 2023 2022 UK US Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m $m At beginning of year 4,573 1,008 946 503 7,030 7,333 1,413 1,234 584 10,564 Interest income on scheme assets 229 22 38 11 300 123 29 18 5 175 Expenses (9) (1) – (1) (11) (5) (2) – – (7) Actuarial (losses)/gains (59) 2 37 (45) (65) (1,964) (295) (153) (55) (2,467) Exchange and other adjustments 262 (1) 48 20 329 (728) – (152) (34) (914) Employer contributions 65 35 46 42 188 118 7 43 37 205 Participant contributions 1 4 – 7 12 1 5 – 5 11 Benefits paid (303) (68) (47) (45) (463) (305) (149) (44) (39) (537) Settlements – (841) – – (841) – – – – – Scheme assets’ fair value at end of year 4,759 160 1,068 492 6,479 4,573 1,008 946 503 7,030 Movement in post-retirement scheme obligations 2023 2022 UK US Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m $m Present value of obligations in scheme at beginning of year (4,801) (1,022) (1,312) (973) (8,108) (7,941) (1,404) (2,373) (1,300) (13,018) Current service cost (6) (2) (13) (35) (56) (14) (1) (35) (38) (88) Past service credit/(cost) 12 – (2) 2 12 (5) – (4) 3 (6) Participant contributions (1) (4) – (7) (12) (1) (4) – (5) (10) Benefits paid 303 68 47 45 463 305 149 44 39 537 Interest expense on post-retirement scheme obligations (239) (22) (50) (27) (338) (132) (29) (31) (12) (204) Actuarial (losses)/gains (155) (12) (202) 28 (341) 2,243 268 806 268 3,585 Exchange and other adjustments (274) 1 (70) (34) (377) 744 (1) 281 72 1,096 Settlements – 839 – 11 850 – – – – – Present value of obligations in scheme at end of year (5,161) (154) (1,602) (990) (7,907) (4,801) (1,022) (1,312) (973) (8,108) 2023 2022 UK US Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m $m Funded – pension schemes 1 (5,151) – (1,599) (868) (7,618) (4,787) (851) (1,310) (842) (7,790) Funded – post-retirement healthcare – (94) – – (94) – (111) – – (111) Unfunded – pension schemes 1 – (60) (3) (113) (176) – (60) (2) (122) (184) Unfunded – post-retirement healthcare (10) – – (9) (19) (14) – – (9) (23) Total (5,161) (154) (1,602) (990) (7,907) (4,801) (1,022) (1,312) (973) (8,108) 1 Includes defined benefit pension schemes and other plans, such as lump sum, long service awards and DC plans with underpins.
Schedule of amounts charged to Consolidated Statement of Comprehensive Income, in respect of defined benefit schemes	2023 2022 UK US Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m $m Operating profit Current service cost (6) (2) (13) (35) (56) (14) (1) (35) (38) (88) Past service credit/(cost) 12 – (2) 2 12 (5) – (4) 3 (6) Expenses (9) (1) – (1) (11) (5) (2) – – (7) Total charge to Operating profit (3) (3) (15) (34) (55) (24) (3) (39) (35) (101) Finance expense Interest income on scheme assets 229 22 38 11 300 123 29 18 5 175 Interest expense on post-retirement scheme obligations (239) (22) (50) (27) (338) (132) (29) (31) (12) (204) Net interest on post-employment defined benefit plan liabilities (10) – (12) (16) (38) (9) – (13) (7) (29) Charge before taxation (13) (3) (27) (50) (93) (33) (3) (52) (42) (130) Other comprehensive income Difference between the actual return and the expected return on the post-retirement scheme assets (59) 2 37 (45) (65) (1,964) (295) (153) (55) (2,467) Experience (losses)/gains arising on the post-retirement scheme obligations (25) (2) (67) (13) (107) 55 (16) (99) (6) (66) Changes in financial assumptions underlying the present value of the post-retirement scheme obligations (142) (10) (135) 44 (243) 2,272 284 896 275 3,727 Changes in demographic assumptions 12 – – (3) 9 (84) – 9 (1) (76) Remeasurement of the defined benefit liability (214) (10) (165) (17) (406) 279 (27) 653 213 1,118
Schedule of pension cost	2023 2022 $m $m Defined contribution schemes 482 445 Defined benefit schemes − Current service cost and Expenses 67 95 Defined benefit schemes − Past service (credit)/cost (12) 6 Pension costs 537 546
Schedule of rate sensitivities of significant actuarial assumptions	2023 2022 +0.5% −0.5% +0.5% −0.5% Discount rate UK ($m) 269 (308) 262 (289) US ($m) 4 (4) 46 (49) Sweden ($m) 109 (123) 95 (107) Total ($m) 382 (435) 403 (445) 2023 2022 +0.5% −0.5% +0.5% −0.5% Inflation rate 1 UK ($m) (189) 184 (173) 165 US ($m) n/a n/a n/a n/a Sweden ($m) (116) 104 (104) 93 Total ($m) (305) 288 (277) 258 2023 2022 +0.5% −0.5% +0.5% −0.5% Rate of increase in salaries UK ($m) n/a n/a n/a n/a US ($m) n/a n/a n/a n/a Sweden ($m) (46) 42 (47) 43 Total ($m) (46) 42 (47) 43 2023 2022 +1 year −1 year +1 year −1 year Mortality rate UK ($m) (214) 2 212 3 (191) 193 US ($m) (2) 2 (20) 20 Sweden ($m) (51) 51 (44) 44 Total ($m) (267) 265 (255) 257 1 Rate of increase in pensions in payment follows inflation. 2 Of the $214 m increase, $108 m is covered by the longevity swap. 3 Of the $212 m decrease, $106 m is covered by the longevity swap.

Reserves (Tables)

Reserves (Tables)	12 Months Ended
Reserves (Tables)	Dec. 31, 2023
Reserves
Reconciliation of reserves	2023 2022 2021 $m $m $m Cumulative translation differences included within Retained earnings At 1 January (3,694) (1,934) (1,143) Foreign exchange arising on consolidation 608 (1,446) (483) Exchange adjustments on goodwill (recorded against other reserves) 4 (24) (21) Foreign exchange arising on designated liabilities in net investment hedges 1 24 (282) (321) Fair value movements on derivatives designated in net investment hedges 44 (8) 34 Net exchange movement in Retained earnings 680 (1,760) (791) At 31 December (3,014) (3,694) (1,934) 1 Foreign exchange arising on designated liabilities in net investment hedges includes $( 57 )m in respect of designated bonds and $81 m in respect of designated contingent consideration and other liabilities. The change in value of designated contingent consideration liabilities relates to $82 m in respect of BMS’ share of Global Diabetes Alliance.

Share capital (Tables)

Share capital (Tables)	12 Months Ended
Share capital (Tables)	Dec. 31, 2023
Share capital.
Summary of classes of share capital	Allotted, called-up and fully paid 2023 2022 2021 $m $m $m Issued Ordinary Shares ($0.25 each) 388 387 387 Redeemable Preference Shares (£1 each – £50,000) – – – At 31 December 388 387 387
Summary of movement of ordinary shares	No. of shares 2023 2022 2021 At 1 January 1,549,800,030 1,549,400,665 1,312,668,724 Issue of share capital (business combinations) – – 236,321,411 Issue of shares (share schemes) 362,596 399,365 410,530 At 31 December 1,550,162,626 1,549,800,030 1,549,400,665

Dividends to shareholders (Tabl

Dividends to shareholders (Tables)	12 Months Ended
Dividends to shareholders (Tables)	Dec. 31, 2023
Dividends to shareholders
Summary of dividends to shareholders	2023 2022 2021 2023 2022 2021 Per share Per share Per share $m $m $m Second interim (March 2023) $1.97 $1.97 $1.90 3,047 3,046 2,490 First interim (September 2023) $0.93 $0.93 $0.90 1,440 1,440 1,392 Total $2.90 $2.90 $2.80 4,487 4,486 3,882
Reconciliation of dividends paid	2023 2022 2021 $m $m $m Dividends charged to equity 4,487 4,486 3,882 Exchange losses on payment of dividend 5 5 3 Hedge contracts relating to payment of dividends (cash flow statement) (19) (127) (29) Dividends paid to non-controlling interests 4 – – Net movement of unclaimed dividends in the year 4 – – Dividends paid (cash flow statement) 4,481 4,364 3,856

Acquisition of business opera_2

Acquisition of business operations (Tables)	12 Months Ended
Acquisition of business operations (Tables)	Dec. 31, 2023
Disclosure of detailed information about business combination [line items]
Schedule of fair values of intangible assets in business combination	Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m Cost At 1 January 2021 42,677 2,642 1,288 46,607 Additions through business combinations (Note 27) 26,455 430 70 26,955 Additions – separately acquired 587 6 119 712 Transferred to Assets held for sale (Note 18) (1,266) (47) – (1,313) Disposals (801) (402) (23) (1,226) Exchange and other adjustments (1,062) (18) (22) (1,102) At 31 December 2021 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 Amortisation and impairment losses At 1 January 2021 22,564 2,128 968 25,660 Amortisation for year 2,908 172 63 3,143 Impairment charges 2,067 – 18 2,085 Transferred to Assets held for sale (Note 18) (931) (14) – (945) Disposals (797) (402) (21) (1,220) Exchange and other adjustments (535) (21) (26) (582) At 31 December 2021 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 Net book value At 31 December 2021 41,314 748 430 42,492 At 31 December 2022 38,393 497 417 39,307 At 31 December 2023 36,941 646 502 38,089 2023 2022 2021 $m $m $m Net book value Current intangible assets – – 105 Non-current intangible assets 38,089 39,307 42,387 At 31 December 38,089 39,307 42,492
Alexion Pharmaceuticals, Inc.
Disclosure of detailed information about business combination [line items]
Schedule of fair values in business combination	Fair value $m Non-current assets Property, plant and equipment 1,135 Right-of-use assets 263 Intangible assets 26,855 Other non-current assets 301 28,554 Current assets Inventories 6,769 Trade and other receivables 2,096 Intangible assets 100 Cash and cash equivalents 4,086 13,051 Current liabilities Interest-bearing loans and borrowings (2,336) Trade and other payables (1,192) Other current liabilities (40) (3,568) Non-current liabilities Lease liabilities (228) Deferred tax liabilities (4,191) Other non-current liabilities (697) (5,116) Total net assets acquired 32,921 Less: non-controlling interests (150) Goodwill 8,287 Total fair value of consideration 41,058 Less: fair value of equity consideration (27,196) Less: fair value of replacement employee share awards (513) Less: cash and cash equivalents acquired (4,086) Net cash outflow 9,263
Schedule of fair values of intangible assets in business combination	Fair value Useful lives $m Years Launched products – C5 franchise ( Soliris Ultomiris 18,480 6 to 15 Launched products – Strensiq Kanuma Andexxa 5,215 11 to 17 Products in development 2,760 Not amortised Other intangibles 500 5 to 10 26,955

Financial risk management obj_2

Financial risk management objectives and policies (Tables)	12 Months Ended
Financial risk management objectives and policies (Tables)	Dec. 31, 2023
Financial risk
Schedule of liquidity risk	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 liability payables instruments receivable payable instruments Total $m $m $m $m $m $m $m $m $m Within one year 387 1,981 256 19,007 21,631 (11,766) 11,774 8 21,639 In one to two years – 5,647 210 2,521 8,378 (55) 66 11 8,389 In two to three years – 5,242 163 1,669 7,074 (1,060) 1,079 19 7,093 In three to four years – 2,591 130 862 3,583 (35) 39 4 3,587 In four to five years – 2,970 96 233 3,299 (118) 111 (7) 3,292 In more than five years – 19,727 221 2,212 22,160 (1,521) 1,480 (41) 22,119 387 38,158 1,076 26,504 66,125 (14,555) 14,549 (6) 66,119 Effect of interest – (8,609) – – (8,609) 299 (325) (26) (8,635) Effect of discounting, fair values and issue costs – (142) (89) (2,633) (2,864) (36) 7 (29) (2,893) 31 December 2021 387 29,407 987 23,871 54,652 (14,292) 14,231 (61) 54,591 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 liability 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 liability 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
Schedule of market risk	2023 2022 2021 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 2,885 2,515 5,400 2,476 3,066 5,542 1,232 661 1,893 Non-current 23,222 – 23,222 21,511 2,179 23,690 23,985 4,903 28,888 Total 26,107 2,515 28,622 23,987 5,245 29,232 25,217 5,564 30,781 Financial assets Fixed deposits – – – 64 – 64 53 – 53 Cash collateral pledged to counterparties – 102 102 – 162 162 – – – Cash and cash equivalents – 5,840 5,840 250 5,916 6,166 – 6,329 6,329 Total – 5,942 5,942 314 6,078 6,392 53 6,329 6,382
Schedule of market risk on equity securities	2023 2022 2021 $m $m $m Equity securities at fair value through Other comprehensive income (Note 12) 1,530 1,056 1,168 Non-current fixed income securities at fair value through profit or loss (Note 12) – 10 – Total 1,530 1,066 1,168
Schedule of foreign currency risk	Interest rates Exchange rates 31 December 2021 +1% −1% +10% −10% Increase/(decrease) in fair value of financial instruments ($m) 1,978 (2,106) 82 (85) Impact on profit: gain/(loss) ($m) – – 24 (9) Impact on equity: gain/(loss) ($m) – – 58 (76) 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)
Schedule of the movement in provisions for trade receivables	2023 2022 2021 $m $m $m At 1 January 59 23 23 Net movement recognised in income statement (14) 37 (2) Amounts utilised, exchange and other movements – (1) 2 At 31 December 45 59 23
Schedule of Group's continuing hedge relationships	2021 Other comprehensive income Fair value 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 2021 to OCI statement 2021 maturity USD FX interest currency $m $m $m $m $m year rate rate Cash flow hedges – foreign currency and interest rate risk 1, 3, 4 Cross currency interest rate swaps – Euro bonds EUR 1,700m (43) 46 182 (201) 27 2026 1.14 USD 2.85% FX Forwards − USD 1,220m 12 (5) – (7) (12) 2022 – – Net investment hedge – foreign exchange risk 2, 3 Transactions matured pre-2021 – (565) – – (565) – – – Cross currency interest rate swap – JPY investment JPY 58.3bn 62 (19) (43) – (62) 2029 108.03 JPY 1.53% Cross currency interest rate swap – CNY investment CNY 458m (2) 2 – – 2 2026 6.68 CNY 4.80% Foreign currency borrowing – GBP investment GBP 350m 470 (233) (5) – (238) 2031 n/a GBP 5.75% Foreign currency borrowing – EUR investment 5 EUR 450m – 85 (47) – 38 2021 n/a EUR 0.88% Foreign currency borrowing – EUR investment 6 EUR 800m 898 – (50) – (50) 2029 n/a EUR 0.38% Contingent consideration liabilities and Acerta Pharma share purchase liability – AZUK and AZAB USD investments USD 2,658m (2,658) 1,411 421 – 1,832 – – – 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 risk 1, 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 − USD 1,126m (12) (12) (14) 38 12 2023 – – Net investment hedge – foreign exchange risk 2, 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 investment 6 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 risk 2, 4, 5 Cross currency interest rate swaps – Euro bonds EUR 3,200 m 49 34 (210) 139 (37) 2027 1.10 USD 3.80% FX Forwards − USD 2,009 m 15 12 (33) 6 (15) 2024 – – Net investment hedge – foreign exchange risk 3, 4 Transactions matured pre-2023 – (527) – – (527) – – – Cross currency interest rate swap – JPY investment JPY 58.3 bn 100 (55) (45) – (100) 2029 108.03 JPY 1.53% Cross currency interest rate swap – CNY investment CNY 458 m (1) 4 (3) – 1 2026 6.68 CNY 4.80% Foreign currency borrowing – GBP investment GBP 350 m 444 (288) 24 – (264) 2031 n/a GBP 5.75% Foreign currency borrowing – EUR investment 7 EUR 800 m 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 1,937 m (1,937) 2,216 (81) – 2,135 – – – 1 Swaps designated in a fair value hedge matured on 24 November 2021 and hedge ineffectiveness during 2023 was $ nil (2022: $ nil ; 2021: $ nil ). 2 Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $ nil (2022: $ nil ; 2021: $ nil ). 3 Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $ nil (2022: $ nil ; 2021: $ nil ). 4 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. 5 Nominal amount of FX forwards in a cash flow hedge of $2,009 m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 9,778 m at FX rate 9.9869 , JPY 24,351 m at 141.4050 , GBP 428 m at 0.7844 and EUR 228 m at 0.9036 . All FX forwards in a cash flow hedge mature on 25 January 2024. 6 The EUR 450 m NIH matured in November 2021, when the hedging instrument, a EUR bond matured. 7 On 3 June 2021, upon issuance of the EUR 800 m 0.375% 2029 Non-callable bond, EUR 550 m was designated in a net investment hedge of the foreign currency exposure in relation of an equivalent amount of EUR-denominated net assets. The remaining EUR 250 m was subsequently designated in a net investment hedge upon maturity of the EUR 450 m bond on 24 November 2021.
Credit risk assets
Financial risk
Schedule of credit risk	Current assets 2023 2022 2021 $m $m $m Cash at bank and in hand 1,325 1,411 1,461 Money market liquidity funds 4,425 4,486 4,772 Other short-term cash equivalents 90 269 96 Total Cash and cash equivalents (Note 17) 5,840 6,166 6,329 Fixed income securities at fair value through profit or loss (Note 12) 20 13 16 Cash collateral pledged to counterparties (Note 12) 102 162 – Fixed deposits (Note 12) – 64 53 Total derivative financial instruments (Note 13) 116 87 83 Current assets subject to credit risk 6,078 6,492 6,481 Non-current assets 2023 2022 2021 $m $m $m Derivative financial instruments (Note 13) 228 74 102 Non-current assets subject to credit risk 228 74 102
Trade receivables
Financial risk
Schedule of credit risk	0-90 days 90-180 days Over 180 days 31 December 2021 Current past due past due past due Total Expected loss rate 0.1 % 1.2 % 22.6 % 11.0 % Gross carrying amount ($m) 5,617 328 18 91 6,054 Loss allowance ($m) 5 4 4 10 23 0-90 days 90-180 days Over 180 days 31 December 2022 Current past due past due past due Total Expected loss rate 0.03 % 0.3 % 32.0 % 40.6 % Gross carrying amount ($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

Employee costs and share plan_2

Employee costs and share plans for employees (Tables)	12 Months Ended
Employee costs and share plans for employees (Tables)	Dec. 31, 2023
Employee costs and share plans for employees
Schedules of employee numbers	2023 2022 2021 Employees UK 10,700 9,800 8,900 Rest of Europe 23,000 20,600 18,300 The Americas 22,400 20,900 18,800 Asia, Africa & Australasia 30,300 30,700 33,600 Continuing operations 86,400 82,000 79,600
Schedule of employee costs	2023 2022 2021 $m $m $m Wages and salaries 9,341 8,656 7,633 Social security costs 1,100 991 886 Pension costs 537 546 564 Other employment costs 1,357 1,338 1,192 Total 12,335 11,531 10,275
Schedule of reconciliation of outstanding share-based payment instruments	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 Shares 1 Ordinary Shares ADR Shares Ordinary Shares ADR Shares ʼ000 ʼ000 ʼ000 ʼ000 ʼ000 ʼ000 ʼ000 ʼ000 Outstanding at 1 January 2021 3,045 4,791 1,626 9,175 161 506 300 65 Granted 1,275 2,082 902 4,509 139 481 – 175 Forfeited (220) (494) (158) (1,254) (18) (42) (18) (45) Cancelled (9) – (1) (8) – – – – Exercised (632) (1,201) (341) (2,881) (27) (182) – – Outstanding at 31 December 2021 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 1 Shares issued to Alexion employees under the GRSP are covered under the Alexion employee share award below.
Schedule of weighted average fair values of share-based payment instruments granted	The AstraZeneca Performance Share Plan The AstraZeneca Global Restricted Stock Plan The AstraZeneca Restricted Share Plan The AstraZeneca Extended Incentive Plan WAFV 1 WAFV WAFV WAFV WAFV WAFV WAFV WAFV pence $ pence $ pence $ pence $ WAFV of 2021 grants 6012 41.56 6893 47.75 7415 53.96 – 56.83 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 1 Weighted average fair value.

Commitments, contingent liabi_2

Commitments, contingent liabilities and contingent assets (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments, contingent liabilities and contingent assets
Schedule of commitments	2023 2022 2021 Commitments $m $m $m Contracts placed for future capital expenditure on Property, plant and equipment and 1,368 502 388
Schedule of potential development and revenue-related payments	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 10,971 1,256 3,798 1,764 4,153 Future potential revenue milestone payments 20,195 43 491 2,400 17,261

Statutory and other informati_2

Statutory and other information (Tables)	12 Months Ended
Statutory and other information (Tables)	Dec. 31, 2023
Statutory and other information
Schedule of auditor's remuneration	2023 2022 2021 $m $m $m Fees payable to PricewaterhouseCoopers LLP and its associates: Group audit fee 10.2 9.9 10.5 Fees payable to PricewaterhouseCoopers LLP and its associates for other services: The audit of subsidiaries pursuant to legislation 15.0 15.1 15.2 Attestation under s404 of Sarbanes-Oxley Act 2002 3.3 3.1 2.0 Audit-related assurance services 1.1 0.7 4.5 Other assurance services 0.2 0.2 3.4 Fees payable to PricewaterhouseCoopers Associates in respect of the Group’s pension schemes: The audit of subsidiaries’ pension schemes 0.3 0.3 0.3 30.1 29.3 35.9
Schedule of key management personnel compensation	2023 2022 2021 $’000 $’000 $’000 Short-term employee benefits 38,636 38,632 32,985 Post-employment benefits 1,354 1,388 1,378 Share-based payments 58,242 56,297 45,234 98,232 96,317 79,597

Group Accounting Policies - Bas

Group Accounting Policies - Basis of accounting and preparation of financial information - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Group Accounting Policies
Percentage of sales recorded within product sales when entity acts as principal	100%
Alliance Revenue	$ 1,428	$ 755	$ 388
Borrowings	$ 28,622	$ 29,232	$ 30,781

Group Accounting Policies - Add

Group Accounting Policies - Additional disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Group Accounting Policies
Financial resources	$ 12,700,000
Cash balances	5,800,000
Undrawn committed bank facilities	6,875,000
Borrowings	28,622,000	$ 29,232,000	$ 30,781,000
Intangible assets	$ 38,089,000	$ 39,307,000	$ 42,492,000
Period of time return accruals are based on	12 months
Sales recorded when the Company is the principal in a profit share agreement (as a percentage)	100%
Maximum value of underlying asset for low-value leases	$ 5
Minimum \| Buildings
Group Accounting Policies
Asset lives	10 years
Minimum \| Plant and equipment
Group Accounting Policies
Asset lives	3 years
Minimum \| Motor vehicles
Group Accounting Policies
Asset lives	3 years
Minimum \| Other assets
Group Accounting Policies
Asset lives	3 years
Maximum \| Buildings
Group Accounting Policies
Asset lives	50 years
Maximum \| Plant and equipment
Group Accounting Policies
Asset lives	15 years
Maximum \| Motor vehicles
Group Accounting Policies
Asset lives	15 years
Maximum \| Other assets
Group Accounting Policies
Asset lives	15 years
Internally generated \| Capitalised development expenditure
Group Accounting Policies
Intangible assets	$ 0
Due within one year
Group Accounting Policies
Borrowings	5,400,000
Due February 2025
Group Accounting Policies
Undrawn committed bank facilities	2,000,000
Due April 2026
Group Accounting Policies
Undrawn committed bank facilities	$ 4,900,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	12 Months Ended
Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Revenue from product sales	$ 43,789	$ 42,998	$ 36,541
Emerging Markets
Revenues
Revenue from product sales	11,751	11,634	12,161
US
Revenues
Revenue from product sales	$ 17,961	$ 17,254	$ 12,000
Rebate, returns and chargebacks (as a percent)	1%	1.30%	1.50%
Europe
Revenues
Revenue from product sales	$ 9,029	$ 8,264	$ 7,604
Rest of World
Revenues
Revenue from product sales	5,048	5,846	4,776
Total Oncology
Revenues
Revenue from product sales	17,145	14,631	12,940
Total Oncology \| Emerging Markets
Revenues
Revenue from product sales	3,828	3,537	3,222
Total Oncology \| US
Revenues
Revenue from product sales	7,719	6,484	5,255
Total Oncology \| Europe
Revenues
Revenue from product sales	3,332	2,726	2,481
Total Oncology \| Rest of World
Revenues
Revenue from product sales	2,266	1,884	1,982
Tagrisso
Revenues
Revenue from product sales	5,799	5,444	5,015
Tagrisso \| Emerging Markets
Revenues
Revenue from product sales	1,621	1,567	1,336
Tagrisso \| US
Revenues
Revenue from product sales	2,276	2,007	1,780
Tagrisso \| Europe
Revenues
Revenue from product sales	1,120	1,023	986
Tagrisso \| Rest of World
Revenues
Revenue from product sales	782	847	913
Imfinzi
Revenues
Revenue from product sales	4,237	2,784	2,412
Imfinzi \| Emerging Markets
Revenues
Revenue from product sales	360	287	277
Imfinzi \| US
Revenues
Revenue from product sales	2,317	1,552	1,245
Imfinzi \| Europe
Revenues
Revenue from product sales	758	544	485
Imfinzi \| Rest of World
Revenues
Revenue from product sales	802	401	405
Lynparza
Revenues
Revenue from product sales	2,811	2,638	2,348
Lynparza \| Emerging Markets
Revenues
Revenue from product sales	542	488	384
Lynparza \| US
Revenues
Revenue from product sales	1,254	1,226	1,087
Lynparza \| Europe
Revenues
Revenue from product sales	734	655	618
Lynparza \| Rest of World
Revenues
Revenue from product sales	281	269	259
Calquence
Revenues
Revenue from product sales	2,514	2,057	1,238
Calquence \| Emerging Markets
Revenues
Revenue from product sales	98	45	20
Calquence \| US
Revenues
Revenue from product sales	1,815	1,657	1,089
Calquence \| Europe
Revenues
Revenue from product sales	493	286	111
Calquence \| Rest of World
Revenues
Revenue from product sales	108	69	18
Enhertu
Revenues
Revenue from product sales	261	79	17
Enhertu \| Emerging Markets
Revenues
Revenue from product sales	169	51	12
Enhertu \| Europe
Revenues
Revenue from product sales	60	21	4
Enhertu \| Rest of World
Revenues
Revenue from product sales	32	7	1
Orphatys
Revenues
Revenue from product sales	44	33	16
Orphatys \| Emerging Markets
Revenues
Revenue from product sales	44	33	16
Truqap
Revenues
Revenue from product sales	6
Truqap \| US
Revenues
Revenue from product sales	6
Zoladex
Revenues
Revenue from product sales	952	927	948
Zoladex \| Emerging Markets
Revenues
Revenue from product sales	687	657	619
Zoladex \| US
Revenues
Revenue from product sales	14	15	13
Zoladex \| Europe
Revenues
Revenue from product sales	133	133	147
Zoladex \| Rest of World
Revenues
Revenue from product sales	118	122	169
Faslodex
Revenues
Revenue from product sales	297	334	431
Faslodex \| Emerging Markets
Revenues
Revenue from product sales	142	159	167
Faslodex \| US
Revenues
Revenue from product sales	31	17	30
Faslodex \| Europe
Revenues
Revenue from product sales	28	55	113
Faslodex \| Rest of World
Revenues
Revenue from product sales	96	103	121
Oncology, Others
Revenues
Revenue from product sales	224	335	515
Oncology, Others \| Emerging Markets
Revenues
Revenue from product sales	165	250	391
Oncology, Others \| US
Revenues
Revenue from product sales	6	10	11
Oncology, Others \| Europe
Revenues
Revenue from product sales	6	9	17
Oncology, Others \| Rest of World
Revenues
Revenue from product sales	47	66	96
CVRM
Revenues
Revenue from product sales	10,585	9,188	8,088
CVRM \| Emerging Markets
Revenues
Revenue from product sales	4,586	4,119	3,780
CVRM \| US
Revenues
Revenue from product sales	2,752	2,479	2,174
CVRM \| Europe
Revenues
Revenue from product sales	2,503	1,906	1,512
CVRM \| Rest of World
Revenues
Revenue from product sales	744	684	622
Farxiga
Revenues
Revenue from product sales	5,963	4,381	3,000
Farxiga \| Emerging Markets
Revenues
Revenue from product sales	2,211	1,665	1,195
Farxiga \| US
Revenues
Revenue from product sales	1,451	1,071	732
Farxiga \| Europe
Revenues
Revenue from product sales	1,881	1,297	810
Farxiga \| Rest of World
Revenues
Revenue from product sales	420	348	263
Brilinta
Revenues
Revenue from product sales	1,324	1,358	1,472
Brilinta \| Emerging Markets
Revenues
Revenue from product sales	285	286	328
Brilinta \| US
Revenues
Revenue from product sales	744	744	735
Brilinta \| Europe
Revenues
Revenue from product sales	271	282	346
Brilinta \| Rest of World
Revenues
Revenue from product sales	24	46	63
Lokelma
Revenues
Revenue from product sales	412	289	175
Lokelma \| Emerging Markets
Revenues
Revenue from product sales	50	20	3
Lokelma \| US
Revenues
Revenue from product sales	214	170	115
Lokelma \| Europe
Revenues
Revenue from product sales	58	30	13
Lokelma \| Rest of World
Revenues
Revenue from product sales	90	69	44
Roxadustat
Revenues
Revenue from product sales	271	197	174
Roxadustat \| Emerging Markets
Revenues
Revenue from product sales	271	197	174
Andexxa
Revenues
Revenue from product sales	182	150	68
Andexxa \| US
Revenues
Revenue from product sales	75	77	50
Andexxa \| Europe
Revenues
Revenue from product sales	62	41	18
Andexxa \| Rest of World
Revenues
Revenue from product sales	45	32
Crestor
Revenues
Revenue from product sales	1,107	1,048	1,096
Crestor \| Emerging Markets
Revenues
Revenue from product sales	862	794	775
Crestor \| US
Revenues
Revenue from product sales	55	65	80
Crestor \| Europe
Revenues
Revenue from product sales	52	41	52
Crestor \| Rest of World
Revenues
Revenue from product sales	138	148	189
Seloken/Toprol-XL
Revenues
Revenue from product sales	640	862	951
Seloken/Toprol-XL \| Emerging Markets
Revenues
Revenue from product sales	621	839	928
Seloken/Toprol-XL \| US
Revenues
Revenue from product sales	1		1
Seloken/Toprol-XL \| Europe
Revenues
Revenue from product sales	11	14	11
Seloken/Toprol-XL \| Rest of World
Revenues
Revenue from product sales	7	9	11
Bydureon
Revenues
Revenue from product sales	163	280	385
Bydureon \| Emerging Markets
Revenues
Revenue from product sales	3	3	3
Bydureon \| US
Revenues
Revenue from product sales	133	242	321
Bydureon \| Europe
Revenues
Revenue from product sales	27	35	55
Bydureon \| Rest of World
Revenues
Revenue from product sales			6
Onglyza
Revenues
Revenue from product sales	227	257	360
Onglyza \| Emerging Markets
Revenues
Revenue from product sales	131	121	179
Onglyza \| US
Revenues
Revenue from product sales	49	76	88
Onglyza \| Europe
Revenues
Revenue from product sales	32	38	61
Onglyza \| Rest of World
Revenues
Revenue from product sales	15	22	32
CVRM, Others
Revenues
Revenue from product sales	296	366	407
CVRM, Others \| Emerging Markets
Revenues
Revenue from product sales	152	194	195
CVRM, Others \| US
Revenues
Revenue from product sales	30	34	52
CVRM, Others \| Europe
Revenues
Revenue from product sales	109	128	146
CVRM, Others \| Rest of World
Revenues
Revenue from product sales	5	10	14
Total Respiratory & Immunology
Revenues
Revenue from product sales	6,107	5,765	6,034
Total Respiratory & Immunology \| Emerging Markets
Revenues
Revenue from product sales	1,771	1,443	1,749
Total Respiratory & Immunology \| US
Revenues
Revenue from product sales	2,547	2,655	2,404
Total Respiratory & Immunology \| Europe
Revenues
Revenue from product sales	1,164	1,054	1,247
Total Respiratory & Immunology \| Rest of World
Revenues
Revenue from product sales	625	613	634
Symbicort
Revenues
Revenue from product sales	2,362	2,538	2,728
Symbicort \| Emerging Markets
Revenues
Revenue from product sales	753	608	609
Symbicort \| US
Revenues
Revenue from product sales	726	973	1,065
Symbicort \| Europe
Revenues
Revenue from product sales	549	582	670
Symbicort \| Rest of World
Revenues
Revenue from product sales	334	375	384
Fasenra
Revenues
Revenue from product sales	1,553	1,396	1,258
Fasenra \| Emerging Markets
Revenues
Revenue from product sales	64	43	20
Fasenra \| US
Revenues
Revenue from product sales	992	906	790
Fasenra \| Europe
Revenues
Revenue from product sales	355	305	286
Fasenra \| Rest of World
Revenues
Revenue from product sales	142	142	162
Breztri
Revenues
Revenue from product sales	677	398	203
Breztri \| Emerging Markets
Revenues
Revenue from product sales	161	92	55
Breztri \| US
Revenues
Revenue from product sales	383	239	115
Breztri \| Europe
Revenues
Revenue from product sales	81	33	7
Breztri \| Rest of World
Revenues
Revenue from product sales	52	34	26
Saphnelo
Revenues
Revenue from product sales	280	116	8
Saphnelo \| Emerging Markets
Revenues
Revenue from product sales	2
Saphnelo \| US
Revenues
Revenue from product sales	260	111	8
Saphnelo \| Europe
Revenues
Revenue from product sales	8	2
Saphnelo \| Rest of World
Revenues
Revenue from product sales	10	3
Tezspire
Revenues
Revenue from product sales	86	4
Tezspire \| Emerging Markets
Revenues
Revenue from product sales	1
Tezspire \| Europe
Revenues
Revenue from product sales	48	2
Tezspire \| Rest of World
Revenues
Revenue from product sales	37	2
Pulmicort
Revenues
Revenue from product sales	713	645	962
Pulmicort \| Emerging Markets
Revenues
Revenue from product sales	575	462	770
Pulmicort \| US
Revenues
Revenue from product sales	28	65	72
Pulmicort \| Europe
Revenues
Revenue from product sales	68	69	73
Pulmicort \| Rest of World
Revenues
Revenue from product sales	42	49	47
Bevespi
Revenues
Revenue from product sales	58	58	54
Bevespi \| Emerging Markets
Revenues
Revenue from product sales	6	5	4
Bevespi \| US
Revenues
Revenue from product sales	34	42	39
Bevespi \| Europe
Revenues
Revenue from product sales	17	10	11
Bevespi \| Rest of World
Revenues
Revenue from product sales	1	1
Daliresp/Daxas
Revenues
Revenue from product sales	54	189	227
Daliresp/Daxas \| Emerging Markets
Revenues
Revenue from product sales	3	3	4
Daliresp/Daxas \| US
Revenues
Revenue from product sales	42	176	207
Daliresp/Daxas \| Europe
Revenues
Revenue from product sales	8	9	15
Daliresp/Daxas \| Rest of World
Revenues
Revenue from product sales	1	1	1
Respiratory and immunology, Others
Revenues
Revenue from product sales	324	421	594
Respiratory and immunology, Others \| Emerging Markets
Revenues
Revenue from product sales	206	230	287
Respiratory and immunology, Others \| US
Revenues
Revenue from product sales	82	143	108
Respiratory and immunology, Others \| Europe
Revenues
Revenue from product sales	30	42	185
Respiratory and immunology, Others \| Rest of World
Revenues
Revenue from product sales	6	6	14
Vaccines & Immune Therapies
Revenues
Revenue from product sales	1,012	4,736	4,665
Vaccines & Immune Therapies \| Emerging Markets
Revenues
Revenue from product sales	212	1,316	2,296
Vaccines & Immune Therapies \| US
Revenues
Revenue from product sales	109	1,168	114
Vaccines & Immune Therapies \| Europe
Revenues
Revenue from product sales	396	1,027	1,526
Vaccines & Immune Therapies \| Rest of World
Revenues
Revenue from product sales	295	1,225	729
COVID-19 mAbs
Revenues
Revenue from product sales	132	2,185	85
COVID-19 mAbs \| Emerging Markets
Revenues
Revenue from product sales	6	413	19
COVID-19 mAbs \| US
Revenues
Revenue from product sales		1,067
COVID-19 mAbs \| Europe
Revenues
Revenue from product sales	12	298	66
COVID-19 mAbs \| Rest of World
Revenues
Revenue from product sales	114	407
Vaxzevria
Revenues
Revenue from product sales	12	1,798	3,917
Vaxzevria \| Emerging Markets
Revenues
Revenue from product sales	10	729	2,240
Vaxzevria \| US
Revenues
Revenue from product sales		79	64
Vaxzevria \| Europe
Revenues
Revenue from product sales	2	365	1,035
Vaxzevria \| Rest of World
Revenues
Revenue from product sales		625	578
Beyfortus
Revenues
Revenue from product sales	106
Beyfortus \| US
Revenues
Revenue from product sales	87
Beyfortus \| Europe
Revenues
Revenue from product sales	19
Synagis
Revenues
Revenue from product sales	546	578	410
Synagis \| Emerging Markets
Revenues
Revenue from product sales	195	173	35
Synagis \| US
Revenues
Revenue from product sales		1	23
Revenue from product sales, net of returns	(1)
Synagis \| Europe
Revenues
Revenue from product sales	175	213	203
Synagis \| Rest of World
Revenues
Revenue from product sales	177	191	149
FluMist
Revenues
Revenue from product sales	216	175	253
FluMist \| Emerging Markets
Revenues
Revenue from product sales	1	1	2
FluMist \| US
Revenues
Revenue from product sales	23	21	27
FluMist \| Europe
Revenues
Revenue from product sales	188	151	222
FluMist \| Rest of World
Revenues
Revenue from product sales	4	2	2
Total Rare Disease
Revenues
Revenue from product sales	7,764	7,053	3,110
Total Rare Disease \| Emerging Markets
Revenues
Revenue from product sales	623	431	197
Total Rare Disease \| US
Revenues
Revenue from product sales	4,701	4,324	1,882
Total Rare Disease \| Europe
Revenues
Revenue from product sales	1,529	1,428	667
Total Rare Disease \| Rest of World
Revenues
Revenue from product sales	911	870	364
Soliris
Revenues
Revenue from product sales	3,145	3,762	1,874
Soliris \| Emerging Markets
Revenues
Revenue from product sales	424	301	170
Soliris \| US
Revenues
Revenue from product sales	1,734	2,180	1,068
Soliris \| Europe
Revenues
Revenue from product sales	670	805	439
Soliris \| Rest of World
Revenues
Revenue from product sales	317	476	197
Ultomiris.
Revenues
Revenue from product sales	2,965	1,965	688
Ultomiris. \| Emerging Markets
Revenues
Revenue from product sales	71	38	9
Ultomiris. \| US
Revenues
Revenue from product sales	1,750	1,136	381
Ultomiris. \| Europe
Revenues
Revenue from product sales	668	481	169
Ultomiris. \| Rest of World
Revenues
Revenue from product sales	476	310	129
Strensiq
Revenues
Revenue from product sales	1,152	958	378
Strensiq \| Emerging Markets
Revenues
Revenue from product sales	40	35	10
Strensiq \| US
Revenues
Revenue from product sales	937	769	297
Strensiq \| Europe
Revenues
Revenue from product sales	89	78	36
Strensiq \| Rest of World
Revenues
Revenue from product sales	86	76	35
Koselugo
Revenues
Revenue from product sales	331	208	108
Koselugo \| Emerging Markets
Revenues
Revenue from product sales	59	26	1
Koselugo \| US
Revenues
Revenue from product sales	195	162	104
Koselugo \| Europe
Revenues
Revenue from product sales	53	20	3
Koselugo \| Rest of World
Revenues
Revenue from product sales	24
Kanuma
Revenues
Revenue from product sales	171	160	62
Kanuma \| Emerging Markets
Revenues
Revenue from product sales	29	31	7
Kanuma \| US
Revenues
Revenue from product sales	85	77	32
Kanuma \| Europe
Revenues
Revenue from product sales	49	44	20
Kanuma \| Rest of World
Revenues
Revenue from product sales	8	8	3
Total Other medicines
Revenues
Revenue from product sales	1,176	1,625	1,704
Total Other medicines \| Emerging Markets
Revenues
Revenue from product sales	731	788	917
Total Other medicines \| US
Revenues
Revenue from product sales	133	144	171
Total Other medicines \| Europe
Revenues
Revenue from product sales	105	123	171
Total Other medicines \| Rest of World
Revenues
Revenue from product sales	207	570	445
Nexium
Revenues
Revenue from product sales	945	1,285	1,326
Nexium \| Emerging Markets
Revenues
Revenue from product sales	578	568	705
Nexium \| US
Revenues
Revenue from product sales	115	120	128
Nexium \| Europe
Revenues
Revenue from product sales	53	46	62
Nexium \| Rest of World
Revenues
Revenue from product sales	199	551	431
Other, Others
Revenues
Revenue from product sales	231	340	378
Other, Others \| Emerging Markets
Revenues
Revenue from product sales	153	220	212
Other, Others \| US
Revenues
Revenue from product sales	18	24	43
Other, Others \| Europe
Revenues
Revenue from product sales	52	77	109
Other, Others \| Rest of World
Revenues
Revenue from product sales	$ 8	$ 19	$ 14
Product sales excluding Rare Disease \| US
Revenues
Rebate, returns and chargebacks (as a percent)	1.40%	1.60%	1.80%
Contractual Managed-care and Medicare \| US
Revenues
Rebate, returns and chargebacks (as a percent)	0.70%	1.10%	0.80%
Regulatory Medicaid and state programmes \| US
Revenues
Rebate, returns and chargebacks (as a percent)	0.40%	0.60%	0.50%
Regulatory Medicaid and state programmes \| US
Revenues
Rebate, returns and chargebacks (as a percent)	0.30%	0.50%	0.40%
Contractual Managed-care and Medicare \| US
Revenues
Rebate, returns and chargebacks (as a percent)	0.50%	0.80%	0.70%

Revenue - Alliance revenue (Det

Revenue - Alliance revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Alliance Revenue	$ 1,428	$ 755	$ 388
Enhertu
Revenue
Alliance Revenue	1,022	523	197
Tezspire
Revenue
Alliance Revenue	259	79
Beyfortus
Revenue
Alliance Revenue	57
Vaxzevria, royalties
Revenue
Alliance Revenue		76	64
Other royalty income
Revenue
Alliance Revenue	81	68	70
Other Alliance Revenue
Revenue
Alliance Revenue	$ 9	$ 9	$ 57

Revenue - Collaboration revenue

Revenue - Collaboration revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Collaboration Revenue	$ 594	$ 598	$ 488
Lynparza, regulatory milestones
Revenues
Collaboration Revenue	245	355
Lynparza, sales milestones
Revenues
Collaboration Revenue			400
COVID-19 mAbs: licence fees
Revenues
Collaboration Revenue	180
Farxiga, sales milestones
Revenues
Collaboration Revenue	29
tralokinumab, sales milestone
Revenues
Collaboration Revenue	20	110
Beyfortus: regulatory milestones
Revenues
Collaboration Revenue	71	25
Beyfortus sales milestones
Revenues
Collaboration Revenue	27
Nexium, sale of rights
Revenues
Collaboration Revenue		62	75
Other Collaboration Revenue
Revenues
Collaboration Revenue	$ 22	$ 46	$ 13

Operating profit - Other operat

Operating profit - Other operating income and expense (Details) $ in Millions	12 Months Ended			60 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) country	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)
Operating profit, other operating income and expense
Cost of inventories recognised as expense during period	$ 6,038	$ 9,618	$ 9,640
Research and development expense	10,935	9,762	9,736
Impairment of property, plant and equipment			343
Total other operating income and expense	1,340	514	1,492
Other payables	1,446	1,975	1,328	$ 1,446
Movement in profit-participation liability	190		20
Financial liabilities	28,622	29,232	30,781	28,622
Waltham site
Operating profit, other operating income and expense
Net gains/(losses) on disposal of other non-current assets		125
Selling, general and administrative costs
Operating profit, other operating income and expense
Legal proceedings provision	1,013	789	48
Other operating income and expense
Operating profit, other operating income and expense
Royalty income	107	59	62
Gains on disposal of intangible assets	251	104	513
Gains on disposal of investments in associates and joint ventures			776
Net gains/(losses) on disposal of other non-current assets	41	112	(4)
Update to the contractual relationships for Beyfortus (nirsevimab)	712
Other income	393	439	453
Other expense	(164)	(200)	(308)
Total other operating income and expense	1,340	514	1,492
Other operating income and expense \| Update to the contractual relationships for Beyfortus (nirsevimab)
Operating profit, other operating income and expense
Gain on extinguishment of profit participation liability	712
Research and development expense
Operating profit, other operating income and expense
Government grants	74	113	531
Cost of sales
Operating profit, other operating income and expense
Government grants	0	0	290
BMS's share of Global Diabetes Alliance \| Selling, general and administrative costs
Operating profit, other operating income and expense
Fair value gains (losses) on contingent consideration arising from acquisitions	(520)	(182)	(42)
Alexion Pharmaceuticals, Inc. \| Cost of sales
Operating profit, other operating income and expense
Charge relating to release of fair value uplifts on inventory	114	$ 3,484
Crestor \| Minimum
Operating profit, other operating income and expense
Number of Countries Commercial Rights Sold \| country		30
Pulmicort Flexhaler
Operating profit, other operating income and expense
Gains on disposal of intangible assets	241
COVID-19 mAbs
Operating profit, other operating income and expense
Government grants	0	$ 112	222
Vaxzevria
Operating profit, other operating income and expense
Government grants	74	1	309
Brazikumab
Operating profit, other operating income and expense
Other income	75	138	99
Synagis
Operating profit, other operating income and expense
Increase in profit participation liability			$ 114
Movement in profit-participation liability	$ 190			$ 400
Beyfortus
Operating profit, other operating income and expense
Profit participation liability		522
Europe ex UK and Spain \| Crestor
Operating profit, other operating income and expense
Gains on disposal of intangible assets		$ 317
Viela Bio \| Horizon Therapeutics plc
Operating profit, other operating income and expense
Proportion of ownership interest in associate disposed			26.70%
Viela Bio \| Horizon Therapeutics plc \| Other operating income and expense
Operating profit, other operating income and expense
Profit upon closing			$ 776

Operating profit - Restructurin

Operating profit - Restructuring costs (Details) - USD ($) $ in Millions	12 Months Ended			29 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Restructuring programmes
Total charge	$ 467	$ 717	$ 1,283
Impairment loss (reversal of impairment loss) on property, plant and equipment included in restructuring costs	7	(4)	343
Impairment loss (reversal of impairment loss) on right of use assets included in restructuring costs	13	0	0
Impairment loss (reversal of impairment loss) on intangible assets included in restructuring costs	0	(17)	16
Severance costs
Restructuring programmes
Total charge	57	187	217
Accelerated depreciation and impairment
Restructuring programmes
Total charge	68	135	371
Other restructuring
Restructuring programmes
Total charge	342	395	695
Post Alexion Acquisition Group Review restructuring programme
Restructuring programmes
Total charge	362			$ 2,067
Cost of sales
Restructuring programmes
Total charge	109	266	722
Cost of sales \| Rationalisation of manufacturing capacity and footprint
Restructuring programmes
Total charge	109
Distribution expense
Restructuring programmes
Total charge		2
Research and development expense
Restructuring programmes
Total charge	212	111	223
Research and development expense \| Transformation of clinical, regulatory and other R&D data and systems
Restructuring programmes
Total charge	212
Selling, general and administrative costs
Restructuring programmes
Total charge	207	405	$ 338
Selling, general and administrative costs \| HR, Finance, IT, other integration and severance costs
Restructuring programmes
Total charge	207
Other operating income and expense
Restructuring programmes
Income from disposal of assets offset against the expense of restructuring activities	61
Reversal of expense of restructuring activities	$ (61)	$ (67)

Operating profit - Financial in

Operating profit - Financial instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating profit
Gains/(losses) on forward foreign exchange contracts	$ 42	$ 150	$ (21)
(Losses)/gains on receivables and payables	(260)	(203)	(42)
Total	$ (218)	$ (53)	$ (63)

Finance income and expense - Ne

Finance income and expense - Net finance expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance income
Returns on deposits and equity securities	$ 291	$ 78	$ 12
Fair value gains on debt and interest rate swaps	43	14
Interest income on income tax balances	10	3	31
Total	344	95	43
Finance expense
Interest on debt, leases and other financing costs	(1,132)	(889)	(774)
Net interest on post-employment defined benefit plan net liabilities	(38)	(29)	(26)
Net exchange losses	(34)	(16)	(20)
Discount unwind on contingent consideration arising from business combinations	(132)	(168)	(226)
Discount unwind on other long-term liabilities	(200)	(216)	(248)
Fair value losses on debt and interest rate swaps	(3)		(4)
Interest expense on income tax balances	(87)	(28)	(2)
Total	(1,626)	(1,346)	(1,300)
Net finance expense	(1,282)	(1,251)	(1,257)
Interest capitalised during the year	0
Discount unwind on other payables	(100)	0	0
Acerta Pharma
Finance expense
Discount unwind on other long-term liabilities	$ (55)	$ (108)	$ (161)

Finance income and expense - Fi

Finance income and expense - Financial instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net gains and losses on financial instruments
Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives	$ 13	$ (9)	$ (5)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives			(9)
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances	177	54	16
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost	(1,004)	(837)	(738)
Fair value gains on debt and interest rate swaps	43	14
Interest rate fair value hedging instruments
Net gains and losses on financial instruments
Gains (losses) on change in fair value of derivatives	0	0	(33)
Gains (losses) on change in fair value of related hedged items	0	0
Interest rate fair value hedged items
Net gains and losses on financial instruments
Gains (losses) on change in fair value of related hedged items			29
Derivatives related to debt instruments designated at fair value through profit or loss
Net gains and losses on financial instruments
Gains (losses) on change in fair value of derivatives	(1)	(25)	(19)
Debt instruments designated at fair value through profit or loss
Net gains and losses on financial instruments
Gains (losses) on financial assets at fair value through profit or loss, designated upon initial recognition or subsequently	$ 7	$ 26	$ 19

Taxation - Comprehensive income

Taxation - Comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax
Current year	$ 2,417	$ 1,823	$ 1,200
Adjustment to prior years	28	(187)	(5)
Total	2,445	1,636	1,195
Deferred tax
Origination and reversal of temporary differences	(1,473)	(2,563)	(1,417)
Adjustment to prior years	(34)	135	(158)
Total	(1,507)	(2,428)	(1,575)
Taxation charge/(credit) recognised in the profit for the year	938	(792)	(380)
Items that will not be reclassified to profit or loss:
Remeasurement of the defined benefit liability	102	(231)	(117)
Equity investments measured at fair value through Other comprehensive income	(1)	15	27
Movement in deferred taxes relating to changes in tax rates			195
Total	101	(216)	105
Items that may be reclassified subsequently to profit or loss:
Foreign exchange arising on designated liabilities in net investment hedges	(24)	73	43
Fair value movement on cash flow hedges	12		(5)
Movement in deferred taxes relating to changes in tax rates			8
Total	(12)	73	46
Taxation credit/(charge) recognised in Other comprehensive income	$ (89)	$ 143	$ (151)

Taxation - Reconciliation (Deta

Taxation - Reconciliation (Details) - USD ($) $ in Millions			12 Months Ended
Taxation - Reconciliation (Details) - USD ($) $ in Millions	Apr. 01, 2023	Jan. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxation
Reported tax rate (as a percentage)			14%
One-time adjustment to deferred tax due to internal reorganisation			$ 828	$ 876
Tax benefit (expense) from intragroup purchase of intellectual property			828
Reduction of tax liabilities arising from adjustments on expiry of the relevant statute of limitations				65
Income tax charge (credit) arising from reviews by tax authorities			422
One-time adjustment to deferred tax due to internal reorganisation, effect on profit or loss			828
Income tax paid			2,366
Temporary differences associated with investments in subsidiaries and branches, deferred tax liabilities have not been recognised			$ 7,565	$ 3,221
Expected tax impact of Pillar 2 regulation in most jurisdictions where entity operates			0%
Tax rate (as a percentage)			23.50%	19%	19%
Profit/(loss) before tax			$ 6,899	$ 2,501	$ (265)
Notional taxation charge at UK corporation tax rate of 23.5% (2022: 19%; 2021: 19%)			1,621	475	(50)
Differences in effective overseas tax rates			(224)	(59)	1
Deferred tax (credit)/charge relating to change in tax rates			(66)	(108)	54
Unrecognised deferred tax asset			341	68	32
Items not deductible for tax purposes			46	90	208
Items not chargeable for tax purposes					(163)
Intellectual Property incentive regimes			(367)	(265)
Other items			(406)	(941)	(299)
Adjustments in respect of prior years			(7)	(52)	(163)
Taxation charge/(credit) recognised in the profit for the year			938	(792)	(380)
Decrease in deferred tax liability through goodwill previously not determined to be tax deductible			1,900
Deferred tax liabilities			2,844	$ 2,944	$ 6,206
Temporary differences on goodwill
Taxation
Deferred tax liabilities			$ 900
United Kingdom
Taxation
Tax rate (as a percentage)	25%			19%
Netherlands
Taxation
Tax rate (as a percentage)		25.80%			25%

Taxation - Movements in deferre

Taxation - Movements in deferred tax balance (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxation
Balance at the beginning of the period		$ 319	$ (1,876)	$ 520
Income statement		1,507	2,428	1,575
Other comprehensive income		67	(143)	175
Equity		(21)	38	14
Additions		25
Additions through business combinations				(4,174)
Exchange		(23)	(128)	14
Balance at the end of the period		1,874	319	(1,876)
Net deferred tax asset		7,222	6,711	7,266
Movements in deferred tax assets		1,555
Credit arising from increase in UK Corporation tax rate		$ 66	$ 108	$ (54)
UK corporation tax rate		23.50%	19%	19%
One-time adjustment to deferred tax due to internal reorganisation		$ 828	$ 876
Tax benefit (expense) from intragroup purchase of intellectual property		$ 828
United Kingdom and USA
Taxation
Percentage of reasonably possible difference in budgeted versus actual taxable profit		10%
United Kingdom
Taxation
Net deferred tax asset		$ 1,723
UK corporation tax rate	25%		19%
United Kingdom \| Maximum
Taxation
Forecasted tax loss utilisation period		5 years
US
Taxation
Net deferred tax asset		$ 142
US \| Maximum
Taxation
Forecasted tax loss utilisation period		15 years
Alexion Pharmaceuticals, Inc.
Taxation
Balance at the beginning of the period			$ (4,174)
Balance at the end of the period				$ (4,174)
Intangibles, Property, plant & equipment
Taxation
Balance at the beginning of the period		$ (3,931)	(5,480)	(2,627)
Income statement		1,518	1,414	782
Other comprehensive income		(16)	72	52
Additions		(24)
Additions through business combinations				(3,744)
Exchange		(38)	63	57
Balance at the end of the period		(2,491)	(3,931)	(5,480)
Net deferred tax asset		1,883	1,499	1,476
Contingent consideration liabilities in respect of intangibles
Taxation
Balance at the end of the period		507
Lease liabilities in respect of right-of-use assets
Taxation
Balance at the end of the period		188
Pension and post-retirement benefits
Taxation
Balance at the beginning of the period		231	553	656
Income statement		(69)	(55)	(166)
Other comprehensive income		106	(231)	83
Additions through business combinations				13
Exchange		15	(36)	(33)
Balance at the end of the period		283	231	553
Net deferred tax asset		313	276	574
Elimination of unrealised profit on inventory
Taxation
Balance at the beginning of the period		2,024	1,861	1,807
Income statement		426	274	(59)
Additions through business combinations				166
Exchange		(64)	(111)	(53)
Balance at the end of the period		2,386	2,024	1,861
Net deferred tax asset		2,386	2,048	1,910
Untaxed reserves
Taxation
Balance at the beginning of the period		(716)	(862)	(801)
Income statement		96	38	(139)
Exchange		(40)	108	78
Balance at the end of the period		(660)	(716)	(862)
Losses and tax credits carried forward
Taxation
Balance at the beginning of the period		1,258	1,518	714
Income statement		(308)	(126)	307
Additions		50
Additions through business combinations				507
Exchange		106	(134)	(10)
Balance at the end of the period		1,106	1,258	1,518
Net deferred tax asset		1,141	1,274	1,571
Accrued expenses
Taxation
Balance at the beginning of the period		880	85	660
Income statement		(23)	778	697
Equity				4
Additions through business combinations				(1,263)
Exchange		32	17	(13)
Balance at the end of the period		889	880	85
Net deferred tax asset		1,011	1,005	1,117
Other
Taxation
Balance at the beginning of the period		573	449	111
Income statement		(133)	105	153
Other comprehensive income		(23)	16	40
Equity		(21)	38	10
Additions		(1)
Additions through business combinations				147
Exchange		(34)	(35)	(12)
Balance at the end of the period		361	573	449
Net deferred tax asset		$ 488	$ 609	$ 618

Taxation - Net deferred tax bal

Taxation - Net deferred tax balance (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Taxation
Net deferred tax asset	$ 7,222	$ 6,711	$ 7,266
Net deferred tax liabilities	(5,348)	(6,392)	(9,142)
Deferred tax assets	4,718	3,263	4,330
Deferred tax liabilities	(2,844)	(2,944)	(6,206)
Net deferred tax balance	1,874	319	(1,876)	$ 520
Alexion Pharmaceuticals, Inc.
Taxation
Net deferred tax balance			(4,174)
Intangibles, Property, plant & equipment
Taxation
Net deferred tax asset	1,883	1,499	1,476
Net deferred tax liabilities	(4,374)	(5,430)	(6,956)
Net deferred tax balance	(2,491)	(3,931)	(5,480)	(2,627)
Pension and post-retirement benefits
Taxation
Net deferred tax asset	313	276	574
Net deferred tax liabilities	(30)	(45)	(21)
Net deferred tax balance	283	231	553	656
Elimination of unrealised profit on inventory
Taxation
Net deferred tax asset	2,386	2,048	1,910
Net deferred tax liabilities		(24)	(49)
Net deferred tax balance	2,386	2,024	1,861	1,807
Untaxed reserves
Taxation
Net deferred tax liabilities	(660)	(716)	(862)
Net deferred tax balance	(660)	(716)	(862)	(801)
Losses and tax credits carried forward
Taxation
Net deferred tax asset	1,141	1,274	1,571
Net deferred tax liabilities	(35)	(16)	(53)
Net deferred tax balance	1,106	1,258	1,518	714
Accrued expenses
Taxation
Net deferred tax asset	1,011	1,005	1,117
Net deferred tax liabilities	(122)	(125)	(1,032)
Net deferred tax balance	889	880	85	660
Other
Taxation
Net deferred tax asset	488	609	618
Net deferred tax liabilities	(127)	(36)	(169)
Net deferred tax balance	$ 361	$ 573	$ 449	$ 111

Taxation - Unrecognised deferre

Taxation - Unrecognised deferred tax assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	$ 1,251	$ 807	$ 719
Temporary differences expiring
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	649	221	91
Deductible temporary differences for which no deferred tax asset is recognised	3,028	943	357
Temporary differences expiring \| Within 10 years
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	22	26	1
Deductible temporary differences for which no deferred tax asset is recognised	87	104	4
Temporary differences expiring \| More than 10 years
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	32	32	11
Deductible temporary differences for which no deferred tax asset is recognised	153	153	53
Temporary differences expiring \| Indefinite
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	595	163	79
Deductible temporary differences for which no deferred tax asset is recognised	2,788	686	300
Tax credits and State tax losses expiring
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	602	586	628
Tax credits and State tax losses expiring \| Within 10 years
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	152	115	101
Tax credits and State tax losses expiring \| More than 10 years
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	363	384	441
Tax credits and State tax losses expiring \| Indefinite
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	$ 87	$ 87	$ 86

Earnings per $0.25 Ordinary S_3

Earnings per $0.25 Ordinary Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per $0.25 Ordinary Share
Profit for the year attributable to equity holders ($m)	$ 5,955	$ 3,288	$ 112
Basic earnings per Ordinary Share (in dollars per share)	$ 3.84	$ 2.12	$ 0.08
Diluted earnings per Ordinary Share (in dollars per share)	$ 3.81	$ 2.11	$ 0.08
Weighted average number of Ordinary Shares in issue for basic earnings (millions)	1,549	1,548	1,418
Dilutive impact of share options outstanding (millions)	13	12	9
Diluted weighted average number of Ordinary Shares in issue (millions)	1,562	1,560	1,427

Segment information - Geographi

Segment information - Geographical areas (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of geographical location
Number of reportable segments \| segment	1
Revenue	$ 45,811	$ 44,351	$ 37,417
UK
Disclosure of geographical location
Revenue	3,368	3,117	3,245
Outside the UK
Disclosure of geographical location
Revenue	42,443	41,234	34,172
Europe
Disclosure of geographical location
Revenue	9,725	8,909	7,827
France
Disclosure of geographical location
Revenue	1,152	1,107	915
Germany
Disclosure of geographical location
Revenue	2,099	1,902	1,486
Italy
Disclosure of geographical location
Revenue	813	735	577
Spain
Disclosure of geographical location
Revenue	847	738	578
Sweden
Disclosure of geographical location
Revenue	1,704	1,721	2,322
Others, Europe
Disclosure of geographical location
Revenue	3,110	2,706	1,949
The Americas
Disclosure of geographical location
Revenue	20,771	19,619	14,022
Canada
Disclosure of geographical location
Revenue	967	1,166	772
US
Disclosure of geographical location
Revenue	18,121	17,278	12,047
Other Americas excluding US and Canada
Disclosure of geographical location
Revenue	1,683	1,175	1,203
Asia, Africa And Australasia
Disclosure of geographical location
Revenue	11,947	12,706	12,323
Australia
Disclosure of geographical location
Revenue	390	571	547
China
Disclosure of geographical location
Revenue	5,872	5,743	6,002
Japan
Disclosure of geographical location
Revenue	3,640	3,986	3,395
Other Asia, Africa and Australasia excluding Australia, China and Japan
Disclosure of geographical location
Revenue	$ 2,045	$ 2,406	$ 2,379

Segment information - Operating

Segment information - Operating profit (loss) and assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical location
Operating profit/(loss)	$ 8,193	$ 3,757	$ 1,056
Profit/(loss) before tax	6,899	2,501	(265)
Non-current assets	68,965	68,863	73,007
Total assets	101,119	96,483	105,363
Assets acquired	4,624	3,295	38,241
Net operating assets	62,346	61,774	68,922
UK
Disclosure of geographical location
Operating profit/(loss)	665	1,120	(950)
Profit/(loss) before tax	(577)	272	(1,477)
Non-current assets	8,626	8,208	7,310
Total assets	19,616	16,786	16,615
Assets acquired	812	2,301	810
Net operating assets	5,275	3,863	3,239
Rest of Europe
Disclosure of geographical location
Operating profit/(loss)	4,885	2,945	2,999
Profit/(loss) before tax	4,999	2,709	2,682
Non-current assets	32,905	34,301	38,286
Total assets	40,638	40,669	48,383
Assets acquired	1,770	522	26,527
Net operating assets	32,920	32,726	40,161
The Americas
Disclosure of geographical location
Operating profit/(loss)	1,495	(954)	(1,936)
Profit/(loss) before tax	1,328	(1,140)	(2,401)
Non-current assets	26,524	25,425	26,333
Total assets	34,754	32,990	34,301
Assets acquired	1,925	421	10,810
Net operating assets	22,746	23,290	24,786
Asia, Africa And Australasia
Disclosure of geographical location
Operating profit/(loss)	1,148	646	943
Profit/(loss) before tax	1,149	660	931
Non-current assets	910	929	1,078
Total assets	6,111	6,038	6,064
Assets acquired	117	51	94
Net operating assets	$ 1,405	$ 1,895	$ 736

Segment information - Property,

Segment information - Property, plant and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Disclosure of geographical location
Property, plant and equipment	$ 8,507	$ 9,183	$ 9,402
Decrease in Non-current Assets Due to Exclude of Certain Financial Assets and Post-employment Benefit Assets	1,690	1,680
UK
Disclosure of geographical location
Property, plant and equipment	2,526	2,542	2,831
Ireland
Disclosure of geographical location
Property, plant and equipment	1,040	969	1,164
Sweden
Disclosure of geographical location
Property, plant and equipment	1,472	1,593	1,678
US
Disclosure of geographical location
Property, plant and equipment	2,176	2,660	2,371
Rest of the world
Disclosure of geographical location
Property, plant and equipment	$ 1,293	$ 1,419	$ 1,358

Segment information - Product S

Segment information - Product Sales (Details) $ in Millions	12 Months Ended
Segment information - Product Sales (Details) $ in Millions	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($) customer
Disclosure of geographical location
Product Sales	$ 43,789	$ 42,998	$ 36,541
Number of transactions with wholesaler \| customer	1	1	1
UK
Disclosure of geographical location
Product Sales	$ 978	$ 996	$ 1,206
Rest of Europe
Disclosure of geographical location
Product Sales	8,201	7,503	6,792
The Americas
Disclosure of geographical location
Product Sales	20,855	20,126	14,893
Asia, Africa And Australasia
Disclosure of geographical location
Product Sales	13,755	14,373	13,650
Customer one
Disclosure of geographical location
Product Sales	$ 6,513	$ 5,387	$ 4,862

Property, plant and equipment_2

Property, plant and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment
Balance at the beginning period	$ 8,507	$ 9,183
Impairment (reversal)/charge			$ 343
Balance at the end period	9,402	8,507	9,183
Cost
Property, plant and equipment
Balance at the beginning period	15,649	17,008	16,067
Additions through business combinations	12		1,135
Capital expenditure	1,454	1,066	1,152
Transferred to Assets held for sale		(727)
Disposals and other movements	(272)	(543)	(761)
Exchange adjustments	375	(1,155)	(585)
Balance at the end period	17,218	15,649	17,008
Depreciation and impairment
Property, plant and equipment
Balance at the beginning period	(7,142)	(7,825)	(7,816)
Depreciation charge for the year	733	852	724
Impairment (reversal)/charge	8		343
Transferred to Assets held for sale		577
Disposals and other movements	233	387	725
Exchange adjustments	(166)	571	333
Balance at the end period	(7,816)	(7,142)	(7,825)
Land and buildings
Property, plant and equipment
Balance at the beginning period	2,951	3,500
Balance at the end period	3,704	2,951	3,500
Land and buildings \| Cost
Property, plant and equipment
Balance at the beginning period	5,440	6,377	5,851
Additions through business combinations	2		542
Capital expenditure	9	5	9
Transfer of assets into use	959	226	236
Transferred to Assets held for sale		(434)
Disposals and other movements	(6)	(425)	(92)
Exchange adjustments	65	(309)	(169)
Balance at the end period	6,469	5,440	6,377
Land and buildings \| Depreciation and impairment
Property, plant and equipment
Balance at the beginning period	(2,489)	(2,877)	(2,826)
Depreciation charge for the year	241	286	231
Impairment (reversal)/charge	4	20	(1)
Transferred to Assets held for sale		300
Disposals and other movements	13	227	74
Exchange adjustments	(44)	167	105
Balance at the end period	(2,765)	(2,489)	(2,877)
Freeholds
Property, plant and equipment
Balance at the beginning period	2,555	2,985
Balance at the end period	2,976	2,555	2,985
Leaseholds
Property, plant and equipment
Balance at the beginning period	396	515
Balance at the end period	728	396	515
Plant and equipment
Property, plant and equipment
Balance at the beginning period	2,903	2,955
Balance at the end period	3,653	2,903	2,955
Plant and equipment \| Cost
Property, plant and equipment
Balance at the beginning period	7,556	7,903	7,738
Additions through business combinations	10		339
Capital expenditure	43	19	31
Transfer of assets into use	1,158	683	611
Transferred to Assets held for sale		(293)
Disposals and other movements	(255)	(146)	(469)
Exchange adjustments	192	(610)	(347)
Balance at the end period	8,704	7,556	7,903
Plant and equipment \| Depreciation and impairment
Property, plant and equipment
Balance at the beginning period	(4,653)	(4,948)	(4,990)
Depreciation charge for the year	492	566	493
Impairment (reversal)/charge	4	8	121
Transferred to Assets held for sale		277
Disposals and other movements	220	188	428
Exchange adjustments	(122)	404	228
Balance at the end period	(5,051)	(4,653)	(4,948)
Assets in course of construction
Property, plant and equipment
Balance at the beginning period	2,653	2,728
Balance at the end period	2,045	2,653	2,728
Assets in course of construction \| Cost
Property, plant and equipment
Balance at the beginning period	2,653	2,728	2,478
Additions through business combinations			254
Capital expenditure	1,402	1,042	1,112
Transfer of assets into use	(2,117)	(909)	(847)
Disposals and other movements	(11)	28	(200)
Exchange adjustments	118	(236)	(69)
Balance at the end period	$ 2,045	2,653	2,728
Assets in course of construction \| Depreciation and impairment
Property, plant and equipment
Impairment (reversal)/charge		(28)	223
Disposals and other movements		(28)	223
Property, plant and equipment impaired due to rationalisation of manufacturing capacity and footprint
Property, plant and equipment
Balance at the beginning period		$ 0
Balance at the end period			$ 0

Leases - Right-of-use assets (D

Leases - Right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Right-of-use assets
Balance - beginning of period	$ 942	$ 988
Balance - end of period	1,100	942	$ 988
Cost
Right-of-use assets
Balance - beginning of period	1,543	1,487	1,043
Additions through business combinations	8	4	263
Additions - separately acquired	444	235	245
Disposals and other movements	(130)	(104)	(23)
Exchange adjustments	18	(79)	(41)
Balance - end of period	1,883	1,543	1,487
Depreciation and impairment
Right-of-use assets
Balance - beginning of period	(601)	(499)	(377)
Depreciation charge for the year	275	246	235
Impairment charge	14	2
Disposals and other movements	116	114	96
Exchange adjustments	(9)	32	17
Balance - end of period	(783)	(601)	(499)
Land and buildings
Right-of-use assets
Balance - beginning of period	771	807
Balance - end of period	803	771	807
Land and buildings \| Cost
Right-of-use assets
Balance - beginning of period	1,182	1,133	735
Additions through business combinations	8	4	255
Additions - separately acquired	220	140	145
Disposals and other movements	(71)	(33)	25
Exchange adjustments	13	(62)	(27)
Balance - end of period	1,352	1,182	1,133
Land and buildings \| Depreciation and impairment
Right-of-use assets
Balance - beginning of period	(411)	(326)	(247)
Depreciation charge for the year	170	160	144
Impairment charge	14	2
Disposals and other movements	53	54	54
Exchange adjustments	(7)	23	11
Balance - end of period	(549)	(411)	(326)
Motor vehicles
Right-of-use assets
Balance - beginning of period	153	167
Balance - end of period	280	153	167
Motor vehicles \| Cost
Right-of-use assets
Balance - beginning of period	329	321	272
Additions through business combinations			8
Additions - separately acquired	219	81	98
Disposals and other movements	(57)	(58)	(44)
Exchange adjustments	4	(15)	(13)
Balance - end of period	495	329	321
Motor vehicles \| Depreciation and impairment
Right-of-use assets
Balance - beginning of period	(176)	(154)	(117)
Depreciation charge for the year	98	80	85
Disposals and other movements	61	50	42
Exchange adjustments	(2)	8	6
Balance - end of period	(215)	(176)	(154)
Other assets
Right-of-use assets
Balance - beginning of period	18	14
Balance - end of period	17	18	14
Other assets \| Cost
Right-of-use assets
Balance - beginning of period	32	33	36
Additions - separately acquired	5	14	2
Disposals and other movements	(2)	(13)	(4)
Exchange adjustments	1	(2)	(1)
Balance - end of period	36	32	33
Other assets \| Depreciation and impairment
Right-of-use assets
Balance - beginning of period	(14)	(19)	(13)
Depreciation charge for the year	7	6	6
Disposals and other movements	2	10
Exchange adjustments		1
Balance - end of period	$ (19)	$ (14)	$ (19)

Leases - Lease Liability (Detai

Leases - Lease Liability (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Present value of lease liabilities
Lease liabilities	$ (1,128)	$ (953)	$ (987)
Due within one year
Present value of lease liabilities
Lease liabilities	(271)	(228)	(233)
Later than one year and not later than five years
Present value of lease liabilities
Lease liabilities	(657)	(549)	(544)
Later than five years
Present value of lease liabilities
Lease liabilities	$ (200)	$ (176)	$ (210)

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about leases not yet commenced
Interest expense on lease liabilities	$ 33	$ 24	$ 22
Cash outflow for leases	301	268	262
Property, plant and equipment	9,402	8,507	9,183
Cash proceeds from disposal of property, plant and equipment	132	282	13
Lease liabilities	1,128	953	987
Right-of-use assets	1,100	942	988
Leases committed to and not yet commenced
Disclosure of quantitative information about leases not yet commenced
Nominal value of estimated future lease payments	1,615
Property leases not yet commenced \| US
Disclosure of quantitative information about leases not yet commenced
Nominal value of estimated future lease payments	$ 1,348
Lease term	15 years
Land and buildings
Disclosure of quantitative information about leases not yet commenced
Property, plant and equipment	$ 3,704	2,951	3,500
Right-of-use assets	$ 803	771	807
Waltham site
Disclosure of quantitative information about leases not yet commenced
Property, plant and equipment			$ 124
Cash proceeds from disposal of property, plant and equipment		265
Lease liabilities		28
Right-of-use assets		13
Waltham site \| Other operating income and expense
Disclosure of quantitative information about leases not yet commenced
Gains on disposals of property, plant and equipment		$ 125

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in goodwill
Beginning balance	$ 19,820	$ 19,997
Ending balance	20,048	19,820	$ 19,997
Goodwill impairment	0	0	0
Cost
Disclosure of reconciliation of changes in goodwill
Beginning balance	20,131	20,311	12,164
Additions through business combinations	158	15	8,287
Exchange and other adjustments	72	(195)	(140)
Ending balance	20,361	20,131	20,311
Depreciation, amortisation and impairment
Disclosure of reconciliation of changes in goodwill
Beginning balance	(311)	(314)	(319)
Exchange and other adjustments	(2)	3	5
Ending balance	$ (313)	$ (311)	$ (314)

Intangible assets - Reconciliat

Intangible assets - Reconciliation of changes in intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in intangible assets
Beginning balance	$ 39,307	$ 42,492
Amortisation for year	3,926	4,156	$ 3,143
Impairment reversals	0	(94)	0
Ending balance	38,089	39,307	42,492
Cost
Disclosure of reconciliation of changes in intangible assets
Beginning balance	70,622	70,633	46,607
Additions through business combinations	100	46	26,955
Additions, separately acquired	2,900	2,168	712
Transferred to Assets held for sale			(1,313)
Disposals	(683)	(198)	(1,226)
Exchange and other adjustments	550	(2,027)	(1,102)
Ending balance	73,489	70,622	70,633
Amortisation and impairment losses
Disclosure of reconciliation of changes in intangible assets
Beginning balance	(31,315)	(28,141)	(25,660)
Transferred to Assets held for sale			945
Amortisation for year	3,926	4,156	3,143
Impairment charges	434	318	2,085
Impairment reversals		(94)
Disposals	679	180	1,220
Exchange and other adjustments	(404)	1,026	582
Ending balance	(35,400)	(31,315)	(28,141)
Product, marketing and distribution rights
Disclosure of reconciliation of changes in intangible assets
Beginning balance	38,393	41,314
Amortisation for year	3,771	3,899	2,908
Ending balance	36,941	38,393	41,314
Product, marketing and distribution rights \| Cost
Disclosure of reconciliation of changes in intangible assets
Beginning balance	66,785	66,590	42,677
Additions through business combinations	65		26,455
Additions, separately acquired	2,530	2,051	587
Transferred to Assets held for sale			(1,266)
Disposals	(669)	(57)	(801)
Exchange and other adjustments	496	(1,799)	(1,062)
Ending balance	69,207	66,785	66,590
Product, marketing and distribution rights \| Amortisation and impairment losses
Disclosure of reconciliation of changes in intangible assets
Beginning balance	(28,392)	(25,276)	(22,564)
Transferred to Assets held for sale			931
Amortisation for year	3,771	3,899	2,908
Impairment charges	434	236	2,067
Impairment reversals		(77)
Disposals	667	55	797
Exchange and other adjustments	(336)	887	535
Ending balance	(32,266)	(28,392)	(25,276)
Other intangibles
Disclosure of reconciliation of changes in intangible assets
Beginning balance	497	748
Amortisation for year	75	181	172
Ending balance	646	497	748
Other intangibles \| Cost
Disclosure of reconciliation of changes in intangible assets
Beginning balance	2,442	2,611	2,642
Additions through business combinations	35	46	430
Additions, separately acquired	200	12	6
Transferred to Assets held for sale			(47)
Disposals		(105)	(402)
Exchange and other adjustments	30	(122)	(18)
Ending balance	2,707	2,442	2,611
Other intangibles \| Amortisation and impairment losses
Disclosure of reconciliation of changes in intangible assets
Beginning balance	(1,945)	(1,863)	(2,128)
Transferred to Assets held for sale			14
Amortisation for year	75	181	172
Impairment charges		82
Disposals		105	402
Exchange and other adjustments	(41)	76	21
Ending balance	(2,061)	(1,945)	(1,863)
Software development costs
Disclosure of reconciliation of changes in intangible assets
Beginning balance	417	430
Amortisation for year	80	76	63
Ending balance	502	417	430
Software development costs \| Cost
Disclosure of reconciliation of changes in intangible assets
Beginning balance	1,395	1,432	1,288
Additions through business combinations			70
Additions, separately acquired	170	105	119
Disposals	(14)	(36)	(23)
Exchange and other adjustments	24	(106)	(22)
Ending balance	1,575	1,395	1,432
Software development costs \| Amortisation and impairment losses
Disclosure of reconciliation of changes in intangible assets
Beginning balance	(978)	(1,002)	(968)
Amortisation for year	80	76	63
Impairment charges			18
Impairment reversals		(17)
Disposals	12	20	21
Exchange and other adjustments	(27)	63	26
Ending balance	$ (1,073)	$ (978)	$ (1,002)

Intangible assets - Net book va

Intangible assets - Net book values (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in intangible assets
Current intangible assets			$ 105
Non-current intangible assets	$ 38,089	$ 39,307	42,387
Total intangible assets other than goodwill	38,089	39,307	42,492
Product, marketing and distribution rights
Disclosure of reconciliation of changes in intangible assets
Total intangible assets other than goodwill	36,941	38,393	41,314
Additions through deferred payments and other non-cash consideration, intangible assets other than goodwill	$ 625	$ 1,135	$ 124

Intangible assets - Summary of

Intangible assets - Summary of amortisation charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	$ 3,926	$ 4,156	$ 3,143
Cost of sales.
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	32	32	66
Research and development expense.
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	28	30	33
Selling, general and administrative costs
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	3,866	4,094	3,043
Other operating income and expense
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets			1
Product, marketing and distribution rights
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	3,771	3,899	2,908
Product, marketing and distribution rights \| Cost of sales.
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	32	32	66
Product, marketing and distribution rights \| Selling, general and administrative costs
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	3,739	3,867	2,842
Other intangibles
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	75	181	172
Other intangibles \| Research and development expense.
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	28	30	33
Other intangibles \| Selling, general and administrative costs
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	47	151	138
Other intangibles \| Other operating income and expense
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets			1
Software development costs
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	80	76	63
Software development costs \| Selling, general and administrative costs
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	$ 80	$ 76	$ 63

Intangible assets - Net impairm

Intangible assets - Net impairment charges (reversals) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impairment of intangible assets
Net impairment charges (reversals)	$ 434	$ 224	$ 2,085
Carrying value	$ 38,089	$ 39,307	$ 42,492
Post-tax weighted average cost of capital	7.50%	7%	7%
Reversal of impairment loss, intangible assets other than goodwill	$ 0	$ 94	$ 0
Minimum
Impairment of intangible assets
Discount rate applied to cash flow projections	7.50%
Maximum
Impairment of intangible assets
Discount rate applied to cash flow projections	9.50%
Research and development expense.
Impairment of intangible assets
Net impairment charges (reversals)	$ 417	95	1,464
Selling, general and administrative costs
Impairment of intangible assets
Net impairment charges (reversals)	17	129	621
Launched products
Impairment of intangible assets
Impairment charges	17	146	603
Launched products \| Roxadustat
Impairment of intangible assets
Impairment charges			121
Carrying value			215
Launched products \| Bydureon
Impairment of intangible assets
Impairment charges			469
Carrying value			50
Launched products \| Other launched products
Impairment of intangible assets
Impairment charges			13
Products in development
Impairment of intangible assets
Impairment charges	417	172	1,464
Reversal of impairment loss, intangible assets other than goodwill		77
Products in development \| ALXN1840
Impairment of intangible assets
Impairment charges	244
Products in development \| Ardea
Impairment of intangible assets
Impairment charges			1,172
Product, marketing and distribution rights
Impairment of intangible assets
Net impairment charges (reversals)	434	159	2,067
Carrying value	36,941	38,393	41,314
Product, marketing and distribution rights \| Research and development expense.
Impairment of intangible assets
Net impairment charges (reversals)	417	95	1,464
Product, marketing and distribution rights \| Selling, general and administrative costs
Impairment of intangible assets
Net impairment charges (reversals)	17	64	603
Other intangibles
Impairment of intangible assets
Net impairment charges (reversals)		82
Carrying value	646	497	748
Other intangibles \| Selling, general and administrative costs
Impairment of intangible assets
Net impairment charges (reversals)		82
Software development costs
Impairment of intangible assets
Net impairment charges (reversals)		(17)	18
Carrying value	$ 502	417	430
Software development costs \| Selling, general and administrative costs
Impairment of intangible assets
Net impairment charges (reversals)		$ (17)	$ 18

Intangible assets - Significant

Intangible assets - Significant intangible assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Acerta Pharma
Disclosure of intangible assets materials
Intangible assets material to entity	$ 4,335
Remaining amortisation period of intangible assets material to entity	9 years
ZS Pharma
Disclosure of intangible assets materials
Intangible assets material to entity	$ 1,838
Remaining amortisation period of intangible assets material to entity	8 years
Pearl Therapeutics
Disclosure of intangible assets materials
Intangible assets material to entity	$ 412
Pearl Therapeutics \| Minimum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	5 years
Pearl Therapeutics \| Maximum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	6 years
C5 franchise (Soliris/Ultomiris) \| Alexion Pharmaceuticals, Inc.
Disclosure of intangible assets materials
Intangible assets material to entity	$ 14,356
C5 franchise (Soliris/Ultomiris) \| Alexion Pharmaceuticals, Inc. \| Minimum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	4 years
C5 franchise (Soliris/Ultomiris) \| Alexion Pharmaceuticals, Inc. \| Maximum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	12 years
Strensiq, Kanuma and Andexxa \| Alexion Pharmaceuticals, Inc.
Disclosure of intangible assets materials
Intangible assets material to entity	$ 4,147
Strensiq, Kanuma and Andexxa \| Alexion Pharmaceuticals, Inc. \| Minimum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	9 years
Strensiq, Kanuma and Andexxa \| Alexion Pharmaceuticals, Inc. \| Maximum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	15 years
Products in development \| Alexion Pharmaceuticals, Inc.
Disclosure of intangible assets materials
Intangible assets material to entity	$ 2,489
RSV franchise \| MedImmune
Disclosure of intangible assets materials
Intangible assets material to entity	$ 305
Remaining amortisation period of intangible assets material to entity	2 years
Airsupra
Disclosure of intangible assets materials
Intangible assets material to entity	$ 524
Remaining amortisation period of intangible assets material to entity	11 years
MSD
Disclosure of intangible assets materials
Intangible assets material to entity	$ 472
MSD \| Minimum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	3 years
MSD \| Maximum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	6 years
Daiichi Sankyo \| Other intangibles
Disclosure of intangible assets materials
Intangible assets material to entity	$ 989
Daiichi Sankyo \| Enhertu
Disclosure of intangible assets materials
Intangible assets material to entity	$ 2,831
Remaining amortisation period of intangible assets material to entity	10 years
Cincor Pharma Inc \| Baxdrostat
Disclosure of intangible assets materials
Intangible assets material to entity	$ 780
BMS's share of Global Diabetes Alliance \| Farxiga/Forxiga
Disclosure of intangible assets materials
Intangible assets material to entity	$ 426
Remaining amortisation period of intangible assets material to entity	3 years
Innate Pharma S.A. \| Monalizumab
Disclosure of intangible assets materials
Intangible assets material to entity	$ 370
Pfizer \| Rare disease portfolio assets
Disclosure of intangible assets materials
Intangible assets material to entity	$ 300

Investments in associates and_3

Investments in associates and joint ventures - Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments in associates and joint ventures
At 1 January	$ 76	$ 69	$ 39
Additions	80	26	92
Share of after tax losses	(12)	(5)	(64)
Exchange and other adjustments	3	(14)	2
At 31 December	$ 147	$ 76	$ 69

Investments in associates and_4

Investments in associates and joint ventures - Narratives (Details) - USD ($) $ in Millions					1 Months Ended			12 Months Ended			73 Months Ended	97 Months Ended
	Nov. 01, 2023	Sep. 23, 2021	Jan. 29, 2021	Dec. 01, 2020	Feb. 28, 2021	Dec. 31, 2020	Dec. 31, 2015	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2023
Less than 100% Subsidiaries and Joint Ventures
Cash proceeds from divestment										$ 776
Net assets								$ 39,166	$ 37,058	39,287	$ 39,166	$ 39,166
Net assets in joint venture or associate attributable to entity								85	91	65	85	85
Carrying value in associates and joint ventures that have unrecognised losses								0			0	0
Unrecognised losses in associates and joint ventures								$ 140	92	73	140	140
Collaboration with Daiichi Sankyo on development and commercialisation of Enhertu
Less than 100% Subsidiaries and Joint Ventures
Proportion of ownership interest in joint operation								50%
Viela Bio
Less than 100% Subsidiaries and Joint Ventures
Proportion of ownership interest divested					26.70%
Cash proceeds from divestment					$ 776
Third-party costs passed on to related party										1
Wuxi AstraZeneca-CICC Venture Capital Partnership (Limited Partnership)
Less than 100% Subsidiaries and Joint Ventures
Proportion of interest in associate				22%				22.13%
Contributions to associates and joint ventures						$ 1			$ 21	45
IHP HK 27 Holdings Limited
Less than 100% Subsidiaries and Joint Ventures
Proportion of interest in associate			50%
Contributions to associates and joint ventures			$ 30
VaxEquity
Less than 100% Subsidiaries and Joint Ventures
Proportion of interest in associate		40%						40%
Contributions to associates and joint ventures		$ 14
Cellectis
Less than 100% Subsidiaries and Joint Ventures
Proportion of interest in associate	22%							22.35%
Contributions to associates and joint ventures	$ 80
Centus Biotherapeutics Limited
Less than 100% Subsidiaries and Joint Ventures
Proportion of interest in joint venture								50%
Centus Biotherapeutics Europe Limited
Less than 100% Subsidiaries and Joint Ventures
Proportion of interest in joint venture							50%	50%
Contributions to associates and joint ventures												$ 135
China, Dizal (Jiangsu) Pharmaceutical Co. Limited
Less than 100% Subsidiaries and Joint Ventures
Proportion of interest in joint venture								27%
Contributions to associates and joint ventures											$ 80
Other operating income and expense
Less than 100% Subsidiaries and Joint Ventures
Gain on disposal of investments in associates										$ 776
Daiichi Sankyo \| Collaboration with Daiichi Sankyo on development and commercialisation of Enhertu
Less than 100% Subsidiaries and Joint Ventures
Proportion of ownership interest in joint operation								50%

Investments in associates and_5

Investments in associates and joint ventures - Financial information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associate and joint ventures
Non-current assets	$ 76,065	$ 73,890	$ 79,119
Current assets	25,054	22,593	26,244
Total liabilities	(61,953)	(59,425)	(66,076)
Current liabilities	(30,542)	(26,293)	(22,594)
Net assets	39,166	37,058	39,287
Amount attributable to AstraZeneca	85	91	65
Goodwill	52
Exchange adjustments	10	(15)	4
Carrying value of investments in associates and joint ventures	147	76	69	$ 39
All entity's associates and joint ventures
Disclosure of associate and joint ventures
Non-current assets	424	290	215
Current assets	362	300	506
Total liabilities	(287)	(72)	(99)
Net assets	$ 499	$ 518	$ 622

Other investments (Details)

Other investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other investments
Total, Non-current	$ 1,530	$ 1,066	$ 1,168
Cash collateral pledged to counterparties	102	162
Fixed deposits		64	53
Total, Current	122	239	69
Cash collateral presented within cash and cash equivalents			47
Equity investments
Other investments
Equity securities at fair value through other comprehensive income	1,530	1,056	1,168
Fixed income securities
Other investments
Fixed income securities at fair value through profit or loss		10
Fixed income securities at fair value through profit and loss	$ 20	$ 13	$ 16

Other investments - Fair value

Other investments - Fair value hierarchy (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other investments
FVPL	$ 20	$ 23	$ 16
FVOCI	1,530	1,056	1,168
Level 1
Other investments
FVPL	20	13	16
FVOCI	1,217	880	1,064
Level 3
Other investments
FVPL		10
FVOCI	$ 313	$ 176	$ 104

Other investments - Level 3 inv

Other investments - Level 3 investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other investments
Assets at beginning of period	$ 96,483	$ 105,363
Assets at end of period	101,119	96,483	$ 105,363
Level 3 \| FVOCI
Other investments
Assets at beginning of period	176	104	217
Additions	127	32	1
Revaluations	14	50
Net transfers out from Level 3 to Level 1		(4)	(113)
Disposals	(8)	(5)
Impairments and exchange adjustments	4	(1)	(1)
Assets at end of period	313	176	$ 104
Other investments \| Level 3
Other investments
Assets at beginning of period	10
Additions		10
Revaluations	3
Disposals	$ (13)
Assets at end of period		$ 10

Derivative financial instrume_3

Derivative financial instruments - Assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about hedges
Non-current assets	$ 228	$ 74	$ 102
Current assets	116	87	83
Current liabilities	(156)	(93)	(79)
Non-current liabilities	(38)	(164)	(45)
Total	150	(96)	61
Increase (decrease) in derivatives through reclassifications	$ 0
Maximum
Disclosure of detailed information about hedges
Typical maturity period of forward exchange contracts for existing transactions	1 month
Interest rate swaps
Disclosure of detailed information about hedges
Non-current assets			25
Current assets		1
Total		1	25
Other derivatives
Disclosure of detailed information about hedges
Non-current assets	$ 12	19	15
Current assets	97	85	70
Current liabilities	(122)	(80)	(79)
Total	(13)	24	6
Equity warrants
Disclosure of detailed information about hedges
Non-current assets	12	19	15
Cash flow hedges \| Cross currency swaps
Disclosure of detailed information about hedges
Non-current assets	116
Current liabilities	(30)
Non-current liabilities	(37)	(160)	(43)
Total	49	(160)	(43)
Cash flow hedges \| Forward contract
Disclosure of detailed information about hedges
Current assets	19	1	13
Current liabilities	(4)	(13)
Total	15	(12)	13
Net investment hedges \| Cross currency swaps
Disclosure of detailed information about hedges
Non-current assets	100	55	62
Non-current liabilities	(1)	(4)	(2)
Total	$ 99	$ 51	$ 60

Derivative financial instrume_4

Derivative financial instruments - Interest rates (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum
Disclosure of financial instruments by interest rate
Discount rate on cash flow projections	7.50%
Minimum \| Derivatives
Disclosure of financial instruments by interest rate
Discount rate on cash flow projections	0.10%	0.10%	(0.50%)
Maximum
Disclosure of financial instruments by interest rate
Discount rate on cash flow projections	9.50%
Maximum \| Derivatives
Disclosure of financial instruments by interest rate
Discount rate on cash flow projections	5.30%	4.70%	3.60%

Non-current other receivables_2

Non-current other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other non-current receivables
Prepayments	$ 274	$ 243	$ 391
Accrued income	52	44	61
Retirement benefit scheme surpluses (Note 22)	92	90
Other receivables	385	458	443
Non current other receivables	803	835	895
FibroGen, Inc.
Disclosure of other non-current receivables
Non current other receivables	51	71	44
Moderna Therapeutics
Disclosure of other non-current receivables
Prepayments	$ 0	$ 0	$ 92

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories
Raw materials and consumables	$ 1,531	$ 1,422	$ 1,755
Inventories in process	2,325	1,864	5,216
Finished goods and goods for resale	1,568	1,413	2,012
Inventories	5,424	4,699	8,983
Cost Of Inventories Recognised As Expense	6,038	9,618	9,640
Inventory write-offs	$ 574	$ 479	$ 552

Current trade and other recei_3

Current trade and other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current trade and other receivables
Trade receivables	$ 8,407	$ 7,212	$ 6,031
Other receivables	1,639	1,659	1,808
Prepayments	1,617	1,329	1,512
Government grants receivable	11	25
Accrued income	452	296	293
Trade and other receivables	12,126	10,521	9,644
Gross trade receivables
Current trade and other receivables
Trade receivables	8,452	7,271	6,054
Expected credit loss provisions
Current trade and other receivables
Trade receivables	(45)	(59)	(23)
Trade receivables - subject to factoring \| FVOCI
Current trade and other receivables
Trade receivables	$ 1,977	$ 2,470	$ 1,865

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents.
Cash at bank and in hand	$ 1,325	$ 1,411	$ 1,461
Short-term deposits	4,515	4,755	4,868
Cash and cash equivalents	5,840	6,166	6,329
Unsecured bank overdrafts	(203)	(183)	(291)
Cash and cash equivalents in the cash flow statement	$ 5,637	$ 5,983	$ 6,038	$ 7,546

Cash and cash equivalents - Non

Cash and cash equivalents - Non-cash and other movements, within operating activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents.
Share-based payments charge for the period	$ 579	$ 619	$ 615
Settlement of share plan awards	(650)	(592)	(570)
Pension contributions	(188)	(205)	(174)
Pension charges recorded in operating profit	55	101	136
Long-term provision charges recorded in operating profit	460	87	270
(Gain)/loss on disposal of tangible assets	(41)	(112)	4
Update to the contractual relationships for Beyfortus (nirsevimab)	(729)
Foreign exchange and other	128	(590)	(186)
Total operating activities non-cash and other movements	$ (386)	$ (692)	$ 95

Assets held for sale (Details)

Assets held for sale (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets held for sale
Assets held for sale	$ 0	$ 150	$ 368

Interest-bearing loans and bo_3

Interest-bearing loans and borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest bearing loans and borrowings
Lease liabilities	$ 271	$ 228	$ 233
Current debt	5,129	5,314	1,660
Total current debt and lease liabilities	5,400	5,542	1,893
Non-current liabilities	22,365	22,965	28,134
Lease liabilities	857	725	754
Total non-current debt and lease liabilities	23,222	23,690	28,888
Total borrowings	28,622	29,232	30,781
Current interest-bearing loans and borrowings
Interest bearing loans and borrowings
Secured loans and borrowings		22	24
Non-current interest-bearing loans and borrowings
Interest bearing loans and borrowings
Secured loans and borrowings		181	188
Overdrafts
Interest bearing loans and borrowings
Current debt	203	183	291
Other Short-term borrowings excluding overdrafts
Interest bearing loans and borrowings
Current debt	97	78	3
Bank collateral
Interest bearing loans and borrowings
Current debt	215	89	93
Lease liabilities
Interest bearing loans and borrowings
Lease liabilities	271	228	233
Lease liabilities	$ 857	725	754
Floating rate notes due 2022
Interest bearing loans and borrowings
Current debt			250
2.375% Callable bond due 2022
Interest bearing loans and borrowings
Current debt			999
Interest rate on borrowings	2.375%
Other loans (including commercial paper)
Interest bearing loans and borrowings
Current debt	$ 19	22	24
0.3% Callable bond due 2023
Interest bearing loans and borrowings
Current debt		1,399
Non-current liabilities			1,397
Interest rate on borrowings	0.30%
7% Guaranteed debentures
Interest bearing loans and borrowings
Current debt		294
Non-current liabilities			320
Interest rate on borrowings	7%
2023 floating bank loan due 2023
Interest bearing loans and borrowings
Current debt		2,000
Non-current liabilities			1,998
Floating rate loan due 2023
Interest bearing loans and borrowings
Current debt		400
Non-current liabilities			400
3.5% Callable bond due 2023
Interest bearing loans and borrowings
Current debt		849
Non-current liabilities			848
Interest rate on borrowings	3.50%
0.7% Callable bond due 2024
Interest bearing loans and borrowings
Current debt	$ 1,600
Non-current liabilities		1,598	1,598
Interest rate on borrowings	0.70%
0.75% Callable bond due 2024
Interest bearing loans and borrowings
Current debt	$ 995
Non-current liabilities		957	1,014
Interest rate on borrowings	0.75%
2024 Floating bank loan due 2024
Interest bearing loans and borrowings
Current debt	$ 2,000
Non-current liabilities		1,998	1,997
2024 Floating bank loan due 2024 \| Secured Overnight Funding Rate (SOFR)
Interest bearing loans and borrowings
Non-current liabilities	2,000
3.375% Callable bond due 2025
Interest bearing loans and borrowings
Non-current liabilities	$ 1,994	1,992	1,988
Interest rate on borrowings	3.375%
0.7% Callable bond due 2026
Interest bearing loans and borrowings
Non-current liabilities	$ 1,196	1,195	1,193
Interest rate on borrowings	0.70%
1.2% Callable bond due 2026
Interest bearing loans and borrowings
Non-current liabilities	$ 1,248	1,246	1,245
Interest rate on borrowings	1.20%
3.625% callable bond due 2027
Interest bearing loans and borrowings
Non-current liabilities	$ 829
Interest rate on borrowings	3.625%
3.125% Callable bond due 2027
Interest bearing loans and borrowings
Non-current liabilities	$ 747	746	745
Interest rate on borrowings	3.125%
4.875% callable bond due 2028
Interest bearing loans and borrowings
Non-current liabilities	$ 1,095
Interest rate on borrowings	4.875%
1.25% Callable bond due 2028
Interest bearing loans and borrowings
Non-current liabilities	$ 879	845	896
Interest rate on borrowings	1.25%
1.75% Callable bond due 2028
Interest bearing loans and borrowings
Non-current liabilities	$ 1,246	1,245	1,244
Interest rate on borrowings	1.75%
4% Callable bond due 2029
Interest bearing loans and borrowings
Non-current liabilities	$ 995	995	994
Interest rate on borrowings	4%
0.375% Callable bond due 2029
Interest bearing loans and borrowings
Non-current liabilities	$ 881	846	898
Interest rate on borrowings	0.375%
4.9 Callable bond due 2030
Interest bearing loans and borrowings
Non-current liabilities	$ 645
Interest rate on borrowings	4.90%
1.375% Callable bond due 2030
Interest bearing loans and borrowings
Non-current liabilities	$ 1,294	1,293	1,292
Interest rate on borrowings	1.375%
2.25% Callable bond due 2031
Interest bearing loans and borrowings
Non-current liabilities	$ 747	747	746
Interest rate on borrowings	2.25%
5.75% Non-callable bond due 2031
Interest bearing loans and borrowings
Non-current liabilities	$ 444	420	470
Interest rate on borrowings	5.75%
3.75% Callable bond due 2032
Interest bearing loans and borrowings
Non-current liabilities	$ 827
Interest rate on borrowings	3.75%
4.875% Callable bond due 2033
Interest bearing loans and borrowings
Non-current liabilities	$ 497
Interest rate on borrowings	4.875%
6.45% Callable bond due 2037
Interest bearing loans and borrowings
Non-current liabilities	$ 2,725	2,724	2,724
Interest rate on borrowings	6.45%
4% Callable bond due 2042
Interest bearing loans and borrowings
Non-current liabilities	$ 989	988	988
Interest rate on borrowings	4%
4.375% Callable bond due 2045
Interest bearing loans and borrowings
Non-current liabilities	$ 981	981	980
Interest rate on borrowings	4.375%
4.375% Callable bond due 2048
Interest bearing loans and borrowings
Non-current liabilities	$ 738	737	737
Interest rate on borrowings	4.375%
2.125% Callable bond due 2050
Interest bearing loans and borrowings
Non-current liabilities	$ 487	487	486
Interest rate on borrowings	2.125%
3% Callable bond due 2051
Interest bearing loans and borrowings
Non-current liabilities	$ 735	735	734
Interest rate on borrowings	3%
Other loans
Interest bearing loans and borrowings
Non-current liabilities	$ 146	$ 190	$ 202

Interest-bearing loans and bo_4

Interest-bearing loans and borrowings - Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of liabilities
Liabilities arising from financing activities at beginning of period	$ 29,232	$ 30,781	$ 20,380
Issue of loans and borrowings	3,816		12,929
Repayment of loans and borrowings	(4,942)	(1,271)	(4,759)
Movement in short-term borrowings	161	74	(276)
Repayment of obligations under leases	(268)	(244)	(240)
Total changes in liabilities arising on financing activities from borrowings	(1,233)	(1,441)	7,654
Movement in overdrafts	20	(85)	31
New lease liabilities	444	253	503
Additions through business combinations		5	2,523
Exchange	187	(287)	(378)
Other movements	(28)	6	68
Liabilities arising from financing activities at end of period	28,622	29,232	30,781
Payment of Acerta Pharma share purchase liability	867	920
Acerta Pharma
Reconciliation of liabilities
Payment of Acerta Pharma share purchase liability	867	920	0
Share purchase liabilities	$ 833	$ 1,646	$ 2,458

Interest-bearing loans and bo_5

Interest-bearing loans and borrowings - Carrying values and fair values by category (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)
Category of carrying values and fair values
Total carrying value	$ 28,622		$ 29,232	$ 30,781
Fair value	27,987		27,898	33,252
Borrowings	28,622		29,232	30,781
Due within one year
Category of carrying values and fair values
Borrowings	5,400
Instruments at fair value through profit or loss
Category of carrying values and fair values
Total carrying value			294	320
Instruments at fair value through profit or loss \| Bonds
Category of carrying values and fair values
Accumulated gain (loss) on financial liabilities designated at fair value through profit or loss	25
Loss on financial liabilities designated as fair value through profit or loss	(6)
Amortised cost
Category of carrying values and fair values
Total carrying value	25,092		27,136	28,551
Cash flow hedges
Category of carrying values and fair values
Total carrying value	3,530		1,802	1,910
Overdrafts
Category of carrying values and fair values
Total carrying value	203		183	291
Fair value	203		183	291
Overdrafts \| Amortised cost
Category of carrying values and fair values
Total carrying value	203		183	291
Lease liabilities \| Due within one year
Category of carrying values and fair values
Total carrying value	271		228	233
Fair value	271		228	233
Lease liabilities \| Due after more than one year
Category of carrying values and fair values
Total carrying value	857		725	754
Fair value	857		725	754
Lease liabilities \| Amortised cost \| Due within one year
Category of carrying values and fair values
Total carrying value	271		228	233
Lease liabilities \| Amortised cost \| Due after more than one year
Category of carrying values and fair values
Total carrying value	857		725	754
Loans \| Due within one year
Category of carrying values and fair values
Total carrying value	4,926		5,131	1,369
Fair value	4,887		5,105	1,378
Loans \| Due after more than one year
Category of carrying values and fair values
Total carrying value	22,365		22,965	28,134
Fair value	21,769		21,657	30,596
Loans \| Instruments at fair value through profit or loss \| Due within one year
Category of carrying values and fair values
Total carrying value			294
Loans \| Instruments at fair value through profit or loss \| Due after more than one year
Category of carrying values and fair values
Total carrying value				320
Loans \| Amortised cost \| Due within one year
Category of carrying values and fair values
Total carrying value	3,931		4,837	1,369
Loans \| Amortised cost \| Due after more than one year
Category of carrying values and fair values
Total carrying value	19,830		21,163	25,904
Loans \| Cash flow hedges \| Due within one year
Category of carrying values and fair values
Total carrying value	995
Loans \| Cash flow hedges \| Due after more than one year
Category of carrying values and fair values
Total carrying value	$ 2,535		$ 1,802	$ 1,910
7% Guaranteed debentures
Category of carrying values and fair values
Interest rate on borrowings	7%	7%
7% Guaranteed debentures \| Instruments at fair value through profit or loss
Category of carrying values and fair values
Interest rate on borrowings	7%	7%
Euro 500 million callable bond, 0.25% \| Cash flow hedges
Category of carrying values and fair values
Interest rate on borrowings				0.25%	0.25%
Notional amount \| €					€ 500
Euro 900 million callable bond, 0.75% \| Cash flow hedges
Category of carrying values and fair values
Interest rate on borrowings	0.75%	0.75%
Notional amount \| €		€ 900
Euro 800 million callable bond, 1.25% \| Cash flow hedges
Category of carrying values and fair values
Interest rate on borrowings	1.25%	1.25%
Notional amount \| €		€ 800
Euro 750 million callable bond, 3.625% \| Cash flow hedges
Category of carrying values and fair values
Interest rate on borrowings	3.625%	3.625%
Notional amount \| €		€ 750
Euro 750 million callable bond, 3.75% \| Cash flow hedges
Category of carrying values and fair values
Interest rate on borrowings	3.75%	3.75%
Notional amount \| €		€ 750

Interest-bearing loans and bo_6

Interest-bearing loans and borrowings - Interest rates used to discount future cash flows (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum
Interest rates used to discount future cash flows
Weighted average pre-tax discount rate	7.50%
Maximum
Interest rates used to discount future cash flows
Weighted average pre-tax discount rate	9.50%
Borrowings \| Minimum
Interest rates used to discount future cash flows
Weighted average pre-tax discount rate		4.30%	0.10%
Borrowings \| Maximum
Interest rates used to discount future cash flows
Weighted average pre-tax discount rate		4.90%	0.60%

Trade and other payables (Detai

Trade and other payables (Details) $ in Millions	12 Months Ended
Trade and other payables (Details) $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Current liabilities
Trade payables	$ 3,267	$ 2,550	$ 2,824
Value added and payroll taxes and social security	492	468	463
Rebates, chargebacks, returns and other revenue accruals	7,817	6,078	5,298
Clinical trial accruals	1,424	1,417	1,047
Other accruals	6,112	5,551	5,649
Collaboration Revenue contract liabilities	7	12	12
Vaccine contract liabilities	142	169	1,003
Deferred government grant income		1	67
Contingent consideration	966	757	849
Acerta Pharma share purchase liability (Note 26)	833	867	920
Other payables	1,314	1,170	806
Total	22,374	19,040	18,938
Contract liabilities within rebates, chargebacks, returns and other accruals	102	87	99
Non-current liabilities
Accruals	36	37	25
Collaboration Revenue contract liabilities	7	14	26
Contingent consideration noncurrent	1,171	1,465	2,016
Acerta Pharma share purchase liability (Note 26)		779	1,538
Other payables	1,446	1,975	1,328
Total	2,660	4,270	4,933
Payment of Acerta Pharma share purchase liability	867	920
Trade payables
Trade payables, supply chain financing programme	$ 123	67	44
Number of suppliers enrolled in supply chain financing programme	461
Acerta Pharma
Non-current liabilities
Payment of Acerta Pharma share purchase liability	$ 867	920
Amortised cost of the option liability	833	1,646	2,458
US
Current liabilities
Provision for contract with customer liability	5,116	3,961	3,172
China
Current liabilities
Provision for contract with customer liability	567	579	814
Contract Revenue
Current liabilities
Contract liabilities	88
Trade payables
Revenue recognised in the year for previous contract liabilities	88
Other Revenue
Current liabilities
Contract liabilities	76
Trade payables
Revenue recognised in the year for previous contract liabilities	76
Collaboration Revenue
Current liabilities
Contract liabilities	12
Trade payables
Revenue recognised in the year for previous contract liabilities	12
Enhertu
Current liabilities
Other payables	199	100	0
Non-current liabilities
Other payables	774	1,125	100
Dato-DXd
Current liabilities
Other payables	0	0	324
Airsupra
Non-current liabilities
Other payables	464	0	0
Rare Disease
Current liabilities
Provision for contract with customer liability	$ 190	$ 139	$ 127

Trade and other payables - Cont

Trade and other payables - Contingent consideration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in contingent liabilities in business combination
Contingent liabilities recognised in business combination at beginning of period	$ 2,222	$ 2,865	$ 3,323
Settlements	(826)	(772)	(643)
Additions through business combinations	60
Disposals		(121)
Revaluations	549	82	14
Reclassification to other payables			(55)
Discount unwind (Note 3)	132	168	226
Contingent liabilities recognised in business combination at end of period	$ 2,137	2,222	2,865
Minimum
Reconciliation of changes in contingent liabilities in business combination
Discount rate - contingent consideration	5%
Maximum
Reconciliation of changes in contingent liabilities in business combination
Discount rate - contingent consideration	8%
BMS's share of Global Diabetes Alliance
Reconciliation of changes in contingent liabilities in business combination
Contingent liabilities recognised in business combination at beginning of period	$ 2,124	2,544
Contingent liabilities recognised in business combination at end of period	1,945	2,124	2,544
Increase (decrease) in contingent consideration through revaluation	520	$ 182	$ 42
Increase/decrease in contingent consideration balance with change in current estimates	$ 195
The increase/decrease in sales estimates	10%
Discount rate - contingent consideration	8%

Trade and other payables - Deve

Trade and other payables - Development and sales milestones payable (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Trade and other payables
Maximum future milestones	$ 2,137	$ 2,222	$ 2,865	$ 3,323
BMS's share of Global Diabetes Alliance
Trade and other payables
Maximum future milestones	1,945	$ 2,124	$ 2,544
Maximum \| Spirogen
Trade and other payables
Maximum future milestones	180
Maximum \| Amplimmune, Inc
Trade and other payables
Maximum future milestones	150
Maximum \| Almirall
Trade and other payables
Maximum future milestones	345
Maximum \| Neogene
Trade and other payables
Maximum future milestones	$ 110

Provisions (Details)

Provisions (Details) - USD ($) $ in Millions	12 Months Ended
Provisions (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total provisions
Provisions, At 1 January	$ 1,618	$ 1,724	$ 1,560
Additions through business combinations			141
Charge for year	1,513	1,484	872
Cash paid	(765)	(1,282)	(622)
Reversals	(200)	(262)	(242)
Exchange and other movements	(11)	(46)	15
Provisions, At 31 December	2,155	1,618	1,724
Non-current provisions	1,127	896	956
Severance
Total provisions
Provisions, At 1 January	165	212	214
Charge for year	123	227	238
Cash paid	(87)	(223)	(172)
Reversals	(28)	(43)	(62)
Exchange and other movements	3	(8)	(6)
Provisions, At 31 December	176	165	212
Environmental
Total provisions
Provisions, At 1 January	131	90	100
Charge for year	21	61	23
Cash paid	(41)	(19)	(32)
Reversals	(3)
Exchange and other movements	4	(1)	(1)
Provisions, At 31 December	112	131	90
Employee benefits
Total provisions
Provisions, At 1 January	143	195	128
Additions through business combinations			41
Charge for year	22	1	46
Cash paid	(14)	(41)	(49)
Reversals	(3)	(27)
Exchange and other movements	20	15	29
Provisions, At 31 December	168	143	195
Legal
Total provisions
Provisions, At 1 January	161	239	348
Additions through business combinations			73
Charge for year	1,102	830	109
Cash paid	(219)	(814)	(285)
Reversals	(23)	(94)	(5)
Exchange and other movements	(5)		(1)
Provisions, At 31 December	1,016	161	239
Other provisions.
Total provisions
Provisions, At 1 January	1,018	988	770
Additions through business combinations			27
Charge for year	245	365	456
Cash paid	(404)	(185)	(84)
Reversals	(143)	(98)	(175)
Exchange and other movements	(33)	(52)	(6)
Provisions, At 31 December	683	1,018	988
Third-party liabilities and other risks
Total provisions
Provisions, At 1 January	165	185
Provisions, At 31 December	163	165	185
Post Alexion Acquisition Group Review restructuring programme
Total provisions
Provisions, At 1 January	143	243
Charge for year	87	12	243
Provisions, At 31 December	49	143	243
Non-current provisions	$ 8	95	$ 158
Termination fees and onerous contracts with contract manufacturing organisations
Total provisions
Charge for year		$ 301

Provisions - Maturity (Details)

Provisions - Maturity (Details) - USD ($) $ in Millions	12 Months Ended
Provisions - Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total provisions
Current provision	$ 1,028	$ 722	$ 768
Non current provision	1,127	896	956
Total	2,155	1,618	1,724	$ 1,560
Charge for year	1,513	1,484	872
Severance
Total provisions
Total	176	165	212	214
Charge for year	123	227	238
Environmental
Total provisions
Total	112	131	90	100
Charge for year	21	61	23
Employee benefits
Total provisions
Total	168	143	195	128
Charge for year	22	1	46
Legal
Total provisions
Total	1,016	161	239	348
Charge for year	1,102	830	109
Legal provisions concerning settled but not paid matters
Total provisions
Current provision	616	30	15
Non current provision	372	92	105
Other provisions.
Total provisions
Total	683	1,018	988	$ 770
Charge for year	245	365	456
Third-party liabilities and other risks
Total provisions
Total	163	165	185
Post Alexion Acquisition Group Review restructuring programme
Total provisions
Non current provision	8	95	158
Total	49	143	243
Charge for year	$ 87	12	$ 243
Termination fees and onerous contracts with contract manufacturing organisations
Total provisions
Charge for year		$ 301

Provisions - Payment profile of

Provisions - Payment profile of legal provisions (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
In one to two years
Disclosure of other provisions [line items]
Non-current legal provision	$ 180	$ 22	$ 14
In two to three years
Disclosure of other provisions [line items]
Non-current legal provision	159	21	17
In three to four years
Disclosure of other provisions [line items]
Non-current legal provision	10	9	22
In four to five years
Disclosure of other provisions [line items]
Non-current legal provision	9	9	9
In more than five years
Disclosure of other provisions [line items]
Non-current legal provision	$ 14	$ 31	$ 43

Post-retirement pension and o_3

Post-retirement pension and other defined benefit schemes - Pensions (Details) £ in Millions, $ in Millions	1 Months Ended					12 Months Ended
	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 USD ($) employee plan country	May 31, 2023 USD ($)	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£) plan	Dec. 31, 2023 USD ($) employee plan country	Dec. 31, 2022 USD ($) employee	Mar. 31, 2022 GBP (£)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) employee
Post-retirement benefits
Number of countries in which entity is operating benefit plans \| country		28					28
Number of employees \| employee		89,900					89,900	83,500			83,100
Past service credit							$ (12)	$ 6
Plan liabilities		$ 7,907					7,907	8,108
Market value of plan assets		6,479					6,479	7,030
Scheme obligations
Post-retirement benefits
Past service credit/(cost)							(12)	6
Plan liabilities		7,907					7,907	8,108			$ 13,018
Scheme assets
Post-retirement benefits
Contribution							188	205
Valuation of Fund liabilities		$ (6,479)					$ (6,479)	(7,030)			(10,564)
Minimum
Post-retirement benefits
Number of benefit plans operated by entity \| plan		50					50
US
Post-retirement benefits
Plan liabilities		$ 154					$ 154	1,022
SWEDEN
Post-retirement benefits
Plan liabilities		1,602					1,602	1,312
UK defined benefit plans
Post-retirement benefits
Further contribution							18
Plan liabilities		5,161					5,161	4,801
Rest of Group defined benefit plans
Post-retirement benefits
Plan liabilities		$ 990					990	973
Pension schemes
Post-retirement benefits
Past service credit							$ (12)	6
Plan liabilities								8,108
Market value of plan assets								$ 7,030
Pension schemes \| UK, US and Sweden
Post-retirement benefits
Number of main defined benefit pension obligation countries \| plan						3	3
Pension schemes \| UK and Sweden
Post-retirement benefits
Total defined benefit obligations as a percentage of total		86%					86%
Net defined benefit obligations as a percentage of total		66%					66%
Pension schemes \| US
Post-retirement benefits
Discount rate - defined benefit obligation (as a percent)		4.70%					4.70%	5%
Plan liabilities		$ 154					$ 154	$ 1,022
Market value of plan assets		160					160	1,008
Pension schemes \| US \| Scheme obligations
Post-retirement benefits
Plan liabilities		154					154	1,022			1,404
Pension schemes \| US \| Scheme assets
Post-retirement benefits
Contribution							35	7
Valuation of Fund liabilities		$ (160)					(160)	(1,008)			(1,413)
Pension schemes \| SWEDEN
Post-retirement benefits
Past service credit							$ 2	$ 4
Discount rate - defined benefit obligation (as a percent)		3.30%					3.30%	4.10%
Inflation assumption (as a percent)		1.60%					1.60%	1.90%
Salary increases assumption (as a percent)		3.10%					3.10%	3.40%
Pension increases assumption (as a percent)		1.60%					1.60%	1.90%
Plan liabilities		$ 1,602					$ 1,602	$ 1,312
Market value of plan assets		1,068					1,068	946
Pension schemes \| SWEDEN \| Scheme obligations
Post-retirement benefits
Past service credit/(cost)							2	4
Plan liabilities		1,602					1,602	1,312			2,373
Pension schemes \| SWEDEN \| Scheme assets
Post-retirement benefits
Contribution							46	43
Valuation of Fund liabilities		$ (1,068)					$ (1,068)	(946)			(1,234)
Pension schemes \| UK defined benefit plans
Post-retirement benefits
Total defined benefit obligations as a percentage of total		65%					65%
Past service credit							$ (12)	$ 5
Discount rate - defined benefit obligation (as a percent)		4.60%					4.60%	4.90%
Inflation assumption (as a percent)		3.10%					3.10%	3.20%
Pension increases assumption (as a percent)		2.90%					2.90%	3.10%
Plan liabilities		$ 5,161					$ 5,161	$ 4,801
Market value of plan assets		4,759					4,759	4,573
Pension schemes \| UK defined benefit plans \| Scheme obligations
Post-retirement benefits
Past service credit/(cost)							(12)	5
Plan liabilities		5,161					5,161	4,801			7,941
Pension schemes \| UK defined benefit plans \| Scheme assets
Post-retirement benefits
Contribution							65	118
Valuation of Fund liabilities		$ (4,759)					(4,759)	(4,573)			(7,333)
Pension schemes \| Rest of Group defined benefit plans
Post-retirement benefits
Past service credit							$ (2)	$ (3)
Discount rate - defined benefit obligation (as a percent)		3.30%					3.30%	3.70%
Inflation assumption (as a percent)		2.20%					2.20%	2.50%
Salary increases assumption (as a percent)		3.70%					3.70%	4%
Pension increases assumption (as a percent)		2.20%					2.20%	2.50%
Plan liabilities		$ 990					$ 990	$ 973
Market value of plan assets		492					492	503
Pension schemes \| Rest of Group defined benefit plans \| Scheme obligations
Post-retirement benefits
Past service credit/(cost)							(2)	(3)
Plan liabilities		990					990	973			1,300
Pension schemes \| Rest of Group defined benefit plans \| Scheme assets
Post-retirement benefits
Contribution							42	37
Valuation of Fund liabilities		(492)					(492)	(503)			$ (584)
UK defined benefit pension
Post-retirement benefits
Deficit recovery contribution				£ 39	$ 48
Past service credit					$ (16)
Further contribution						£ 39	$ 50
Discount rate - defined benefit obligation (as a percent)									3.03%	3.03%
Value of charge for funding agreement	£ 317	404
Value of the charge for funding agreement, capped amount		$ 446
Salary increases assumption (as a percent)									0%	0%
Pension increases assumption (as a percent)									3.64%	3.64%
Plan liabilities									£ 5,951	$ 7,820
Market value of plan assets									£ 5,604	$ 7,364
UK defined benefit pension \| Maximum
Post-retirement benefits
Value of the charge for funding agreement, capped amount \| £	£ 350
UK defined benefit pension \| UK defined benefit plans \| Minimum
Post-retirement benefits
Number of employees \| employee		400					400
US defined benefit pension
Post-retirement benefits
Decrease in plan liabilities through cash payments and purchase of insured annuities			$ 840
Gains (losses) from settlement of plan liabilities			1.7
Cash contributions			$ 25
No. of remaining US post retirement benefit plans \| plan		3					3
Sweden defined benefit pension
Post-retirement benefits
Further contribution							$ 53
Plan liabilities								1,312
Market value of plan assets								$ 946
Benefit payments accounted for as group contributions							$ 47
Sweden defined benefit pension \| Maximum
Post-retirement benefits
Funding level as a percentage of scheme obligations						100%	100%
Sweden defined benefit pension \| SWEDEN
Post-retirement benefits
Total defined benefit obligations as a percentage of total		20%					20%

Post-retirement pension and o_4

Post-retirement pension and other defined benefit schemes - Post-retirement benefits other than pensions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) person	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Post-retirement benefits
Post Employment Benefit Expense	$ 537	$ 546	$ 564
Cost of post-retirement benefits	482	445
Market value of plan assets	6,479	7,030
Plan liabilities	7,907	8,108
Surplus (deficit) in plan	$ (1,428)
Post-retirement defined benefits other than pensions
Post-retirement benefits
Retired employees and covered dependants that currently benefit \| person	2,673
Current employees that will be eligible on their retirement \| person	2,133
Post Employment Benefit Expense	$ 1	$ 1	$ 1
Market value of plan assets	161
Plan liabilities	114
Post Retirement Welfare Plan \| US
Post-retirement benefits
Surplus (deficit) in plan	$ 66

Post-retirement pension and o_5

Post-retirement pension and other defined benefit schemes - Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Post-retirement benefits
Retirement age used in life expectancy assumption	65 years
Pension schemes \| US
Post-retirement benefits
Discount rate - defined benefit obligation (as a percent)	4.70%	5%
Discount rate - interest cost	4.70%	4.90%
Pension schemes \| SWEDEN
Post-retirement benefits
Inflation assumption (as a percent)	1.60%	1.90%
Rate of increase in salaries (as a percent)	3.10%	3.40%
Rate of increase in pensions in payment (as a percent)	1.60%	1.90%
Discount rate - defined benefit obligation (as a percent)	3.30%	4.10%
Discount rate - interest cost	3.30%	4%
Discount rate - service cost	3.30%	4%
Weighted average duration of the post-retirement scheme obligations	16 years
Pension schemes \| UK defined benefit plans
Post-retirement benefits
Inflation assumption (as a percent)	3.10%	3.20%
Rate of increase in pensions in payment (as a percent)	2.90%	3.10%
Discount rate - defined benefit obligation (as a percent)	4.60%	4.90%
Discount rate - interest cost	4.60%	5%
Discount rate - service cost	4.50%	4.80%
Weighted average duration of the post-retirement scheme obligations	11 years
Long-term improvement rate of Mortality Projections Model	1%
Percentage of members assumed to transfer out	25%	25%
Pension schemes \| UK defined benefit plans \| Life expectancy assumptions at age 65 for male members retiring currently
Post-retirement benefits
Life expectancy assumption	22 years 1 month 6 days	22 years 2 months 12 days
Pension schemes \| UK defined benefit plans \| Life expectancy assumptions at age 65 for male members expected to retire in twenty-years
Post-retirement benefits
Life expectancy assumption	23 years 1 month 6 days	23 years 2 months 12 days
Pension schemes \| UK defined benefit plans \| Life expectancy assumptions at age 65 for female members retiring currently
Post-retirement benefits
Life expectancy assumption	23 years 8 months 12 days	23 years 9 months 18 days
Pension schemes \| UK defined benefit plans \| Life expectancy assumptions at age 65 for female members expected to retire in twenty-years
Post-retirement benefits
Life expectancy assumption	24 years 9 months 18 days	24 years 10 months 24 days
Pension schemes \| Rest of Group defined benefit plans
Post-retirement benefits
Inflation assumption (as a percent)	2.20%	2.50%
Rate of increase in salaries (as a percent)	3.70%	4%
Rate of increase in pensions in payment (as a percent)	2.20%	2.50%
Discount rate - defined benefit obligation (as a percent)	3.30%	3.70%
Discount rate - interest cost	3.30%	3.80%
Discount rate - service cost	3.30%	3.70%
Weighted average duration of the post-retirement scheme obligations	13 years
Pension schemes \| Rest of Group defined benefit plans \| US \| Life expectancy assumptions at age 65 for male members retiring currently
Post-retirement benefits
Life expectancy assumption	22 years 2 months 12 days	22 years
Pension schemes \| Rest of Group defined benefit plans \| US \| Life expectancy assumptions at age 65 for male members expected to retire in twenty-years
Post-retirement benefits
Life expectancy assumption	24 years 7 months 6 days	23 years 2 months 12 days
Pension schemes \| Rest of Group defined benefit plans \| US \| Life expectancy assumptions at age 65 for female members retiring currently
Post-retirement benefits
Life expectancy assumption	23 years 3 months 18 days	23 years 4 months 24 days
Pension schemes \| Rest of Group defined benefit plans \| US \| Life expectancy assumptions at age 65 for female members expected to retire in twenty-years
Post-retirement benefits
Life expectancy assumption	26 years 2 months 12 days	25 years
Pension schemes \| Rest of Group defined benefit plans \| SWEDEN \| Life expectancy assumptions at age 65 for male members retiring currently
Post-retirement benefits
Life expectancy assumption	21 years 9 months 18 days	21 years 9 months 18 days
Pension schemes \| Rest of Group defined benefit plans \| SWEDEN \| Life expectancy assumptions at age 65 for male members expected to retire in twenty-years
Post-retirement benefits
Life expectancy assumption	23 years 7 months 6 days	23 years 7 months 6 days
Pension schemes \| Rest of Group defined benefit plans \| SWEDEN \| Life expectancy assumptions at age 65 for female members retiring currently
Post-retirement benefits
Life expectancy assumption	23 years 10 months 24 days	23 years 10 months 24 days
Pension schemes \| Rest of Group defined benefit plans \| SWEDEN \| Life expectancy assumptions at age 65 for female members expected to retire in twenty-years
Post-retirement benefits
Life expectancy assumption	26 years	26 years

Post-retirement pension and o_6

Post-retirement pension and other defined benefit schemes - Risks (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) person	Dec. 31, 2022
UK defined benefit plans \| Derivatives: Longevity swap
Post-retirement benefits
Number of participants of retirement benefit plan covered by longevity swap \| person	8,000
Scheme obligations covered by longevity swap	$ 2,400
Pension schemes \| Derivatives: Longevity swap
Post-retirement benefits
Measurement period over which life expectancy is expected to increase	75 years
Pension schemes \| UK defined benefit plans
Post-retirement benefits
Total defined benefit obligations as a percentage of total	65%
Defined benefit plan, plan asset allocations, growth assets target ratio	45%
Percentage of Pension Fund in growth assets	47.50%	62.50%
Target hedge ratio of interest rates	100%
Hedge ratio of interest rates	98%
Hedge ratio of inflation hedging	100%
Currency risk of plan assets hedged (as a percent)	92%
Annual inflation increase cap (as a percent)	5%
Percentage of assets allocated to a new cashflow driven investment portfolio	7%
Pension schemes \| UK defined benefit plans \| Derivatives: Longevity swap
Post-retirement benefits
Period of increase in life expectancy to receive cash under hedge	1 year
Increase in pension fund obligations from hedged increase in life expectancy	$ 214
Increase in pension fund assets from hedged increase in life expectancy	$ 108

Post-retirement pension and o_7

Post-retirement pension and other defined benefit schemes - Scheme assets and obligations (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Scheme assets
Derivatives:	$ (92)	$ (290)
Cash and cash equivalents	426	758
Other	315	314
Scheme deficit
Total fair value of scheme assets	6,479	7,030
Total value of scheme obligations	(7,907)	(8,108)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position	(1,428)
Company's own assets included in scheme assets	0	$ 1
Company's own assets included in scheme assets, as percentage of total plan assets		0.05%
Non-current other receivables
Scheme deficit
Included in other non-current receivables	92
Retirement benefit obligations
Scheme deficit
Included in retirement benefit obligations	(1,520)
Quoted
Scheme assets
Derivatives:		$ (4)
Cash and cash equivalents	58	337
Other	(1)	1
Scheme deficit
Total fair value of scheme assets	3,131	3,166
Unquoted
Scheme assets
Derivatives:	(92)	(286)
Cash and cash equivalents	368	421
Other	316	313
Scheme deficit
Total fair value of scheme assets	3,348	3,864
Scheme obligations
Scheme deficit
Total value of scheme obligations	(7,907)	(8,108)	$ (13,018)
Active membership
Scheme deficit
Total value of scheme obligations	(1,273)
Deferred membership
Scheme deficit
Total value of scheme obligations	(1,592)
Pensioners
Scheme deficit
Total value of scheme obligations	(5,042)
Government bonds
Scheme assets
Debt	2,495	2,095
Government bonds \| Quoted
Scheme assets
Debt	2,495	2,095
Corporate bonds
Scheme assets
Debt	473	633
Corporate bonds \| Quoted
Scheme assets
Debt	473	633
Investment funds: Listed Equities
Scheme assets
Investment funds:	377	318
Investment funds: Listed Equities \| Quoted
Scheme assets
Investment funds:	53	49
Investment funds: Listed Equities \| Unquoted
Scheme assets
Investment funds:	324	269
Investment funds: Absolute Return/Multi Strategy
Scheme assets
Investment funds:	1,605	2,182
Investment funds: Absolute Return/Multi Strategy \| Quoted
Scheme assets
Investment funds:	5	6
Investment funds: Absolute Return/Multi Strategy \| Unquoted
Scheme assets
Investment funds:	1,600	2,176
Investment funds: Corporate Bonds/Credit
Scheme assets
Investment funds:	880	1,020
Investment funds: Corporate Bonds/Credit \| Quoted
Scheme assets
Investment funds:	48	49
Investment funds: Corporate Bonds/Credit \| Unquoted
Scheme assets
Investment funds:	832	971
UK defined benefit plans
Scheme deficit
Total value of scheme obligations	(5,161)	(4,801)
Rest of Group defined benefit plans
Scheme deficit
Total value of scheme obligations	(990)	(973)
Pension schemes
Scheme deficit
Total fair value of scheme assets		7,030
Total value of scheme obligations		(8,108)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position		(1,078)
Pension schemes \| Non-current other receivables
Scheme deficit
Included in other non-current receivables		90
Pension schemes \| Retirement benefit obligations
Scheme deficit
Included in retirement benefit obligations		(1,168)
Pension schemes \| Active membership
Scheme deficit
Total value of scheme obligations		(1,120)
Pension schemes \| Deferred membership
Scheme deficit
Total value of scheme obligations		(1,909)
Pension schemes \| Pensioners
Scheme deficit
Total value of scheme obligations		(5,079)
Pension schemes \| UK defined benefit plans
Scheme deficit
Total fair value of scheme assets	4,759	4,573
Total value of scheme obligations	(5,161)	(4,801)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position	(402)	(228)
Pension schemes \| UK defined benefit plans \| Retirement benefit obligations
Scheme deficit
Included in retirement benefit obligations	(402)	(228)
Pension schemes \| UK defined benefit plans \| Quoted
Scheme assets
Cash and cash equivalents	53	52
Scheme deficit
Total fair value of scheme assets	2,809	1,983
Pension schemes \| UK defined benefit plans \| Unquoted
Scheme assets
Derivatives:	(532)	(608)
Cash and cash equivalents	363	415
Scheme deficit
Total fair value of scheme assets	1,950	2,590
Pension schemes \| UK defined benefit plans \| Scheme obligations
Scheme deficit
Total value of scheme obligations	(5,161)	(4,801)	(7,941)
Pension schemes \| UK defined benefit plans \| Active membership
Scheme deficit
Total value of scheme obligations	(233)	(212)
Pension schemes \| UK defined benefit plans \| Deferred membership
Scheme deficit
Total value of scheme obligations	(853)	(804)
Pension schemes \| UK defined benefit plans \| Pensioners
Scheme deficit
Total value of scheme obligations	(4,075)	(3,785)
Pension schemes \| UK defined benefit plans \| Government bonds \| Quoted
Scheme assets
Debt	2,383	1,931
Pension schemes \| UK defined benefit plans \| Corporate bonds \| Quoted
Scheme assets
Debt	373
Pension schemes \| UK defined benefit plans \| Investment funds: Listed Equities \| Unquoted
Scheme assets
Investment funds:	321	265
Pension schemes \| UK defined benefit plans \| Investment funds: Absolute Return/Multi Strategy \| Unquoted
Scheme assets
Investment funds:	1,131	1,701
Pension schemes \| UK defined benefit plans \| Investment funds: Corporate Bonds/Credit \| Unquoted
Scheme assets
Investment funds:	667	817
Pension schemes \| Rest of Group defined benefit plans
Scheme deficit
Total fair value of scheme assets	492	503
Total value of scheme obligations	(990)	(973)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position	(498)	(470)
Pension schemes \| Rest of Group defined benefit plans \| Non-current other receivables
Scheme deficit
Included in other non-current receivables	26	28
Pension schemes \| Rest of Group defined benefit plans \| Retirement benefit obligations
Scheme deficit
Included in retirement benefit obligations	(524)	(498)
Pension schemes \| Rest of Group defined benefit plans \| Quoted
Scheme assets
Derivatives:		(2)
Other	(1)	1
Scheme deficit
Total fair value of scheme assets	162	174
Pension schemes \| Rest of Group defined benefit plans \| Unquoted
Scheme assets
Cash and cash equivalents	3	4
Other	316	311
Scheme deficit
Total fair value of scheme assets	330	329
Pension schemes \| Rest of Group defined benefit plans \| Scheme obligations
Scheme deficit
Total value of scheme obligations	(990)	(973)	(1,300)
Pension schemes \| Rest of Group defined benefit plans \| Active membership
Scheme deficit
Total value of scheme obligations	(442)	(424)
Pension schemes \| Rest of Group defined benefit plans \| Deferred membership
Scheme deficit
Total value of scheme obligations	(294)	(299)
Pension schemes \| Rest of Group defined benefit plans \| Pensioners
Scheme deficit
Total value of scheme obligations	(254)	(250)
Pension schemes \| Rest of Group defined benefit plans \| Government bonds \| Quoted
Scheme assets
Debt	51	60
Pension schemes \| Rest of Group defined benefit plans \| Corporate bonds \| Quoted
Scheme assets
Debt	6	11
Pension schemes \| Rest of Group defined benefit plans \| Investment funds: Listed Equities \| Quoted
Scheme assets
Investment funds:	53	49
Pension schemes \| Rest of Group defined benefit plans \| Investment funds: Listed Equities \| Unquoted
Scheme assets
Investment funds:	3	4
Pension schemes \| Rest of Group defined benefit plans \| Investment funds: Absolute Return/Multi Strategy \| Quoted
Scheme assets
Investment funds:	5	6
Pension schemes \| Rest of Group defined benefit plans \| Investment funds: Absolute Return/Multi Strategy \| Unquoted
Scheme assets
Investment funds:	8
Pension schemes \| Rest of Group defined benefit plans \| Investment funds: Corporate Bonds/Credit \| Quoted
Scheme assets
Investment funds:	48	49
Pension schemes \| Rest of Group defined benefit plans \| Investment funds: Corporate Bonds/Credit \| Unquoted
Scheme assets
Investment funds:		10
US
Scheme deficit
Total value of scheme obligations	(154)	(1,022)
US \| Pension schemes
Scheme deficit
Total fair value of scheme assets	160	1,008
Total value of scheme obligations	(154)	(1,022)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position	6	(14)
US \| Pension schemes \| Non-current other receivables
Scheme deficit
Included in other non-current receivables	66	62
US \| Pension schemes \| Retirement benefit obligations
Scheme deficit
Included in retirement benefit obligations	(60)
Recognised assets offset against recognised liabilities, defined benefit plans		(76)
US \| Pension schemes \| Quoted
Scheme assets
Derivatives:		(2)
Cash and cash equivalents	5	285
Scheme deficit
Total fair value of scheme assets	160	1,009
US \| Pension schemes \| Unquoted
Scheme assets
Derivatives:		(3)
Other		2
Scheme deficit
Total fair value of scheme assets		(1)
US \| Pension schemes \| Scheme obligations
Scheme deficit
Total value of scheme obligations	(154)	(1,022)	(1,404)
US \| Pension schemes \| Active membership
Scheme deficit
Total value of scheme obligations	(45)	(54)
US \| Pension schemes \| Deferred membership
Scheme deficit
Total value of scheme obligations	(2)	(437)
US \| Pension schemes \| Pensioners
Scheme deficit
Total value of scheme obligations	(107)	(531)
US \| Pension schemes \| Government bonds \| Quoted
Scheme assets
Debt	61	104
US \| Pension schemes \| Corporate bonds \| Quoted
Scheme assets
Debt	94	622
SWEDEN
Scheme deficit
Total value of scheme obligations	(1,602)	(1,312)
SWEDEN \| Pension schemes
Scheme deficit
Total fair value of scheme assets	1,068	946
Total value of scheme obligations	(1,602)	(1,312)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position	(534)	(366)
SWEDEN \| Pension schemes \| Retirement benefit obligations
Scheme deficit
Included in retirement benefit obligations	(534)	(366)
SWEDEN \| Pension schemes \| Unquoted
Scheme assets
Derivatives:	440	325
Cash and cash equivalents	2	2
Scheme deficit
Total fair value of scheme assets	1,068	946
SWEDEN \| Pension schemes \| Scheme obligations
Scheme deficit
Total value of scheme obligations	(1,602)	(1,312)	$ (2,373)
SWEDEN \| Pension schemes \| Active membership
Scheme deficit
Total value of scheme obligations	(553)	(430)
SWEDEN \| Pension schemes \| Deferred membership
Scheme deficit
Total value of scheme obligations	(443)	(369)
SWEDEN \| Pension schemes \| Pensioners
Scheme deficit
Total value of scheme obligations	(606)	(513)
SWEDEN \| Pension schemes \| Investment funds: Absolute Return/Multi Strategy \| Unquoted
Scheme assets
Investment funds:	461	475
SWEDEN \| Pension schemes \| Investment funds: Corporate Bonds/Credit \| Unquoted
Scheme assets
Investment funds:	$ 165	$ 144

Post-retirement pension and o_8

Post-retirement pension and other defined benefit schemes - Change in fair value of scheme assets (Details) - Scheme assets - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement
Beginning of year	$ 7,030	$ 10,564
Interest income on scheme assets	300	175
Expenses	(11)	(7)
Actuarial (losses)/gains	(65)	(2,467)
Exchange and other adjustments	329	(914)
Employer contributions	188	205
Participant contributions	12	11
Benefits paid	463	537
Settlements	(841)
End of year	6,479	7,030
Actual return on the plan assets	235	(2,292)
Pension schemes \| UK defined benefit plans
Movement
Beginning of year	4,573	7,333
Interest income on scheme assets	229	123
Expenses	(9)	(5)
Actuarial (losses)/gains	(59)	(1,964)
Exchange and other adjustments	262	(728)
Employer contributions	65	118
Participant contributions	1	1
Benefits paid	303	305
End of year	4,759	4,573
Pension schemes \| Rest of Group defined benefit plans
Movement
Beginning of year	503	584
Interest income on scheme assets	11	5
Expenses	(1)
Actuarial (losses)/gains	(45)	(55)
Exchange and other adjustments	20	(34)
Employer contributions	42	37
Participant contributions	7	5
Benefits paid	45	39
End of year	492	503
US \| Pension schemes
Movement
Beginning of year	1,008	1,413
Interest income on scheme assets	22	29
Expenses	(1)	(2)
Actuarial (losses)/gains	2	(295)
Exchange and other adjustments	(1)
Employer contributions	35	7
Participant contributions	4	5
Benefits paid	68	149
Settlements	(841)
End of year	160	1,008
SWEDEN \| Pension schemes
Movement
Beginning of year	946	1,234
Interest income on scheme assets	38	18
Actuarial (losses)/gains	37	(153)
Exchange and other adjustments	48	(152)
Employer contributions	46	43
Benefits paid	47	44
End of year	$ 1,068	$ 946

Post-retirement pension and o_9

Post-retirement pension and other defined benefit schemes - Movement in and components of scheme obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement
Beginning of year	$ 8,108
End of year	7,907	$ 8,108
Obligations of plans	(7,907)	(8,108)
Scheme obligations
Movement
Beginning of year	8,108	13,018
Current service cost	(56)	(88)
Past service credit/(cost)	12	(6)
Participant contributions	(12)	(10)
Benefits paid	463	537
Interest expense on post-retirement scheme obligations	(338)	(204)
Actuarial (losses)/gains	(341)	3,585
Exchange and other adjustments	(377)	1,096
Settlements	850
End of year	7,907	8,108
Obligations of plans	(7,907)	(8,108)
UK defined benefit plans
Movement
Beginning of year	4,801
End of year	5,161	4,801
Obligations of plans	(5,161)	(4,801)
Rest of Group defined benefit plans
Movement
Beginning of year	973
End of year	990	973
Obligations of plans	(990)	(973)
Pension schemes
Movement
Beginning of year	8,108
End of year		8,108
Obligations of plans		(8,108)
Pension schemes \| UK defined benefit plans
Movement
Beginning of year	4,801
End of year	5,161	4,801
Obligations of plans	(5,161)	(4,801)
Pension schemes \| UK defined benefit plans \| Scheme obligations
Movement
Beginning of year	4,801	7,941
Current service cost	(6)	(14)
Past service credit/(cost)	12	(5)
Participant contributions	(1)	(1)
Benefits paid	303	305
Interest expense on post-retirement scheme obligations	(239)	(132)
Actuarial (losses)/gains	(155)	2,243
Exchange and other adjustments	(274)	744
End of year	5,161	4,801
Obligations of plans	(5,161)	(4,801)
Pension schemes \| Rest of Group defined benefit plans
Movement
Beginning of year	973
End of year	990	973
Obligations of plans	(990)	(973)
Pension schemes \| Rest of Group defined benefit plans \| Scheme obligations
Movement
Beginning of year	973	1,300
Current service cost	(35)	(38)
Past service credit/(cost)	2	3
Participant contributions	(7)	(5)
Benefits paid	45	39
Interest expense on post-retirement scheme obligations	(27)	(12)
Actuarial (losses)/gains	28	268
Exchange and other adjustments	(34)	72
Settlements	11
End of year	990	973
Obligations of plans	(990)	(973)
Funded pension schemes \| Funded pension schemes
Movement
Beginning of year	7,790
End of year	7,618	7,790
Obligations of plans	(7,618)	(7,790)
Funded pension schemes \| UK defined benefit plans \| Funded pension schemes
Movement
Beginning of year	4,787
End of year	5,151	4,787
Obligations of plans	(5,151)	(4,787)
Funded pension schemes \| Rest of Group defined benefit plans \| Funded pension schemes
Movement
Beginning of year	842
End of year	868	842
Obligations of plans	(868)	(842)
Funded post-retirement healthcare schemes \| Funded post-retirement healthcare
Movement
Beginning of year	111
End of year	94	111
Obligations of plans	(94)	(111)
Unfunded pension schemes
Movement
Beginning of year	184
End of year	176	184
Obligations of plans	(176)	(184)
Unfunded pension schemes \| Rest of Group defined benefit plans
Movement
Beginning of year	122
End of year	113	122
Obligations of plans	(113)	(122)
Unfunded post-retirement healthcare schemes
Movement
Beginning of year	23
End of year	19	23
Obligations of plans	(19)	(23)
Unfunded post-retirement healthcare schemes \| UK defined benefit plans
Movement
Beginning of year	14
End of year	10	14
Obligations of plans	(10)	(14)
Unfunded post-retirement healthcare schemes \| Rest of Group defined benefit plans
Movement
Beginning of year	9
End of year	9	9
Obligations of plans	(9)	(9)
US
Movement
Beginning of year	1,022
End of year	154	1,022
Obligations of plans	(154)	(1,022)
US \| Pension schemes
Movement
Beginning of year	1,022
End of year	154	1,022
Obligations of plans	(154)	(1,022)
US \| Pension schemes \| Scheme obligations
Movement
Beginning of year	1,022	1,404
Current service cost	(2)	(1)
Participant contributions	(4)	(4)
Benefits paid	68	149
Interest expense on post-retirement scheme obligations	(22)	(29)
Actuarial (losses)/gains	(12)	268
Exchange and other adjustments	1	(1)
Settlements	839
End of year	154	1,022
Obligations of plans	(154)	(1,022)
US \| Funded pension schemes \| Funded pension schemes
Movement
Beginning of year	851
End of year		851
Obligations of plans		(851)
US \| Funded post-retirement healthcare schemes \| Funded post-retirement healthcare
Movement
Beginning of year	111
End of year	94	111
Obligations of plans	(94)	(111)
US \| Unfunded pension schemes
Movement
Beginning of year	60
End of year	60	60
Obligations of plans	(60)	(60)
SWEDEN
Movement
Beginning of year	1,312
End of year	1,602	1,312
Obligations of plans	(1,602)	(1,312)
SWEDEN \| Pension schemes
Movement
Beginning of year	1,312
End of year	1,602	1,312
Obligations of plans	(1,602)	(1,312)
SWEDEN \| Pension schemes \| Scheme obligations
Movement
Beginning of year	1,312	2,373
Current service cost	(13)	(35)
Past service credit/(cost)	(2)	(4)
Benefits paid	47	44
Interest expense on post-retirement scheme obligations	(50)	(31)
Actuarial (losses)/gains	(202)	806
Exchange and other adjustments	(70)	281
End of year	1,602	1,312
Obligations of plans	(1,602)	(1,312)
SWEDEN \| Funded pension schemes \| Funded pension schemes
Movement
Beginning of year	1,310
End of year	1,599	1,310
Obligations of plans	(1,599)	(1,310)
SWEDEN \| Unfunded pension schemes
Movement
Beginning of year	2
End of year	3	2
Obligations of plans	$ (3)	$ (2)

Post-retirement pension and _10

Post-retirement pension and other defined benefit schemes - Amounts charged to comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Post-retirement benefits
Past service credit/(cost)	$ 12	$ (6)
Net interest on post-employment defined benefit plan liabilities	(38)	(29)	$ (26)
Other comprehensive income
Remeasurement of the defined benefit liability	(406)	1,118	$ 626
Pension schemes
Post-retirement benefits
Current service cost	(56)	(88)
Past service credit/(cost)	12	(6)
Expenses	(11)	(7)
Total charge to Operating profit	(55)	(101)
Interest income on scheme assets	300	175
Interest expense on post-retirement scheme obligations	(338)	(204)
Net interest on post-employment defined benefit plan liabilities	(38)	(29)
Charge before taxation	(93)	(130)
Other comprehensive income
Difference between the actual return and the expected return on the post-retirement scheme assets	(65)	(2,467)
Experience (losses)/gains arising on the post-retirement scheme obligations	(107)	(66)
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations	(243)	3,727
Changes in demographic assumptions	9	(76)
Remeasurement of the defined benefit liability	(406)	1,118
Pension schemes \| UK defined benefit plans
Post-retirement benefits
Current service cost	(6)	(14)
Past service credit/(cost)	12	(5)
Expenses	(9)	(5)
Total charge to Operating profit	(3)	(24)
Interest income on scheme assets	229	123
Interest expense on post-retirement scheme obligations	(239)	(132)
Net interest on post-employment defined benefit plan liabilities	(10)	(9)
Charge before taxation	(13)	(33)
Other comprehensive income
Difference between the actual return and the expected return on the post-retirement scheme assets	(59)	(1,964)
Experience (losses)/gains arising on the post-retirement scheme obligations	(25)	55
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations	(142)	2,272
Changes in demographic assumptions	12	(84)
Remeasurement of the defined benefit liability	(214)	279
Pension schemes \| Rest of Group defined benefit plans
Post-retirement benefits
Current service cost	(35)	(38)
Past service credit/(cost)	2	3
Expenses	(1)
Total charge to Operating profit	(34)	(35)
Interest income on scheme assets	11	5
Interest expense on post-retirement scheme obligations	(27)	(12)
Net interest on post-employment defined benefit plan liabilities	(16)	(7)
Charge before taxation	(50)	(42)
Other comprehensive income
Difference between the actual return and the expected return on the post-retirement scheme assets	(45)	(55)
Experience (losses)/gains arising on the post-retirement scheme obligations	(13)	(6)
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations	44	275
Changes in demographic assumptions	(3)	(1)
Remeasurement of the defined benefit liability	(17)	213
US \| Pension schemes
Post-retirement benefits
Current service cost	(2)	(1)
Expenses	(1)	(2)
Total charge to Operating profit	(3)	(3)
Interest income on scheme assets	22	29
Interest expense on post-retirement scheme obligations	(22)	(29)
Charge before taxation	(3)	(3)
Other comprehensive income
Difference between the actual return and the expected return on the post-retirement scheme assets	2	(295)
Experience (losses)/gains arising on the post-retirement scheme obligations	(2)	(16)
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations	(10)	284
Remeasurement of the defined benefit liability	(10)	(27)
SWEDEN \| Pension schemes
Post-retirement benefits
Current service cost	(13)	(35)
Past service credit/(cost)	(2)	(4)
Total charge to Operating profit	(15)	(39)
Interest income on scheme assets	38	18
Interest expense on post-retirement scheme obligations	(50)	(31)
Net interest on post-employment defined benefit plan liabilities	(12)	(13)
Charge before taxation	(27)	(52)
Other comprehensive income
Difference between the actual return and the expected return on the post-retirement scheme assets	37	(153)
Experience (losses)/gains arising on the post-retirement scheme obligations	(67)	(99)
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations	(135)	896
Changes in demographic assumptions		9
Remeasurement of the defined benefit liability	$ (165)	$ 653

Post-retirement pension and _11

Post-retirement pension and other defined benefit schemes - Pension cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Post-retirement benefits
Defined contribution schemes	$ 482	$ 445
Current service cost and Expenses	67	95
Past service (credit)/cost	(12)	6
Pension costs	537	546	$ 564
Pension schemes
Post-retirement benefits
Past service (credit)/cost	$ (12)	$ 6

Post-retirement pension and _12

Post-retirement pension and other defined benefit schemes - Effect of change in significant actuarial assumptions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) plan	Dec. 31, 2022 USD ($)
Discount rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Actuarial assumption increase (as a percent)	0.50%	0.50%
Actuarial assumption decrease (as a percent)	0.50%	0.50%
Inflation rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Actuarial assumption increase (as a percent)	0.50%	0.50%
Actuarial assumption decrease (as a percent)	0.50%	0.50%
Rate of increase in salaries
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Actuarial assumption increase (as a percent)	0.50%	0.50%
Actuarial assumption decrease (as a percent)	0.50%	0.50%
Mortality rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Actuarial assumption increase	1 year	1 year
Actuarial assumption decrease	1 year	1 year
Pension schemes \| Discount rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	$ 382	$ 403
Effect of decrease in actuarial assumption on defined benefit pension obligation	(435)	(445)
Pension schemes \| Inflation rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	(305)	(277)
Effect of decrease in actuarial assumption on defined benefit pension obligation	288	258
Pension schemes \| Rate of increase in salaries
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	(46)	(47)
Effect of decrease in actuarial assumption on defined benefit pension obligation	42	43
Pension schemes \| Mortality rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	(267)	(255)
Effect of decrease in actuarial assumption on defined benefit pension obligation	$ 265	257
Pension schemes \| UK, US and Sweden
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Number of main defined benefit pension obligation countries \| plan	3
Pension schemes \| US \| Discount rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	$ 4	46
Effect of decrease in actuarial assumption on defined benefit pension obligation	(4)	(49)
Pension schemes \| US \| Mortality rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	(2)	(20)
Effect of decrease in actuarial assumption on defined benefit pension obligation	2	20
Pension schemes \| SWEDEN \| Discount rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	109	95
Effect of decrease in actuarial assumption on defined benefit pension obligation	(123)	(107)
Pension schemes \| SWEDEN \| Inflation rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	(116)	(104)
Effect of decrease in actuarial assumption on defined benefit pension obligation	104	93
Pension schemes \| SWEDEN \| Rate of increase in salaries
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	(46)	(47)
Effect of decrease in actuarial assumption on defined benefit pension obligation	42	43
Pension schemes \| SWEDEN \| Mortality rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	(51)	(44)
Effect of decrease in actuarial assumption on defined benefit pension obligation	51	44
Pension schemes \| UK defined benefit plans \| Discount rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	269	262
Effect of decrease in actuarial assumption on defined benefit pension obligation	(308)	(289)
Pension schemes \| UK defined benefit plans \| Inflation rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	(189)	(173)
Effect of decrease in actuarial assumption on defined benefit pension obligation	184	165
Pension schemes \| UK defined benefit plans \| Mortality rate
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation	(214)	(191)
Effect of decrease in actuarial assumption on defined benefit pension obligation	212	$ 193
Pension schemes \| UK defined benefit plans \| Mortality rate \| Longevity swap
Effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations
Effect of increase in actuarial assumption on defined benefit pension obligation, covered by longevity swap	(108)
Effect of decrease in actuarial assumption on defined benefit pension obligation, covered by longevity swap	$ 106

Post-retirement pension and _13

Post-retirement pension and other defined benefit schemes - Additional sensitivities in the UK and Sweden plans (Details) $ in Millions	Dec. 31, 2023 USD ($)
UK and Sweden defined benefit plans \| Discount rate and inflation rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of reasonably possible increase or decrease in actuarial assumptions	1%
UK defined benefit pension \| Discount rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Effect of increase in actuarial assumption on defined benefit pension obligation	$ 525
Effect of decrease in actuarial assumption on defined benefit pension obligation	(634)
UK defined benefit pension \| Inflation rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Effect of increase in actuarial assumption on defined benefit pension obligation	(384)
Effect of decrease in actuarial assumption on defined benefit pension obligation	363
Sweden defined benefit pension \| Discount rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Effect of increase in actuarial assumption on defined benefit pension obligation	210
Effect of decrease in actuarial assumption on defined benefit pension obligation	(254)
Sweden defined benefit pension \| Inflation rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Effect of increase in actuarial assumption on defined benefit pension obligation	(240)
Effect of decrease in actuarial assumption on defined benefit pension obligation	$ 201

Reserves (Details)

Reserves (Details) - USD ($) $ in Millions	12 Months Ended
Reserves (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reserves within equity [line items]
Goodwill written off	$ 595	$ 591	$ 615
Retained earnings.
Disclosure of reserves within equity [line items]
Number of shares deducted from retained earnings	(1,580,137)	(1,671,446)	(3,922,122)
Amount of shares deducted from retained earnings	$ (129)	$ (112)	$ (239)

Reserves - Reconciliation (Deta

Reserves - Reconciliation (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 1999 USD ($)	Dec. 31, 1993 GBP (£)
Disclosure of reserves within equity
Foreign exchange arising on consolidation	$ 608	$ (1,446)	$ (483)
Foreign exchange arising on designated liabilities in net investment hedges	24	(282)	(321)
Fair value movements on derivatives designated in net investment hedges	44	(8)	34
Foreign exchange arising on net investment hedges	(57)
Foreign exchange change arising on contingent consideration liabilities	81
Cumulative gain (loss) on cost of hedging	(22)	(3)	4
Gain (loss) on cost of hedging	(19)	(7)	(6)
Foreign currency translation reserve from net investment hedging relationships for which hedge accounting is no longer applied	527
Other reserves
Disclosure of reserves within equity
Reserves from cancellation of share premium account \| £					£ 1,255
Reserve from redenomination of share capital				$ 157
Retained earnings.
Disclosure of reserves within equity
Cumulative translation differences included within Retained earnings, beginning of period	(3,694)	(1,934)	(1,143)
Foreign exchange arising on consolidation	608	(1,446)	(483)
Exchange adjustments on goodwill (recorded against other reserves)	4	(24)	(21)
Foreign exchange arising on designated liabilities in net investment hedges	24	(282)	(321)
Fair value movements on derivatives designated in net investment hedges	44	(8)	34
Net exchange movement in Retained earnings	680	(1,760)	(791)
Cumulative translation differences included within Retained earnings, end of period	(3,014)	$ (3,694)	$ (1,934)
BMS's share of Global Diabetes Alliance
Disclosure of reserves within equity
Foreign exchange change arising on contingent consideration liabilities	$ 82

Share capital (Details)

Share capital (Details)	12 Months Ended			132 Months Ended
Share capital (Details)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2021 GBP (£) £ / shares shares
Disclosure of classes of share capital
Par value per ordinary share \| $ / shares	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Share capital \| $	$ 388,000,000	$ 387,000,000	$ 387,000,000	$ 388,000,000
Shares repurchased \| $				$ 0
Number of shares in the Company held by subsidiaries \| shares	0	0	0	0	0
Ordinary shares
Disclosure of classes of share capital
Par value per ordinary share \| $ / shares			$ 0.25
Share capital \| $	$ 388,000,000	$ 387,000,000	$ 387,000,000	$ 388,000,000
Number of shares outstanding at beginning of period \| shares	1,549,800,030	1,549,400,665	1,312,668,724
Issue of share capital (business combinations) \| shares			236,321,411
Issue of shares (share schemes) \| shares	362,596	399,365	410,530
Number of shares outstanding at end of period \| shares	1,550,162,626	1,549,800,030	1,549,400,665	1,550,162,626
Shares repurchased \| $	$ 0	$ 0	$ 0
Preference shares
Disclosure of classes of share capital
Par value per ordinary share \| £ / shares					£ 1
Share capital \| £					£ 50,000
Dividend rights \| $	$ 0			$ 0
Days of written noticed required	7 days

Dividends to shareholders (Deta

Dividends to shareholders (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Sep. 11, 2023	Mar. 27, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends to shareholders
Second interim			$ 3,047	$ 3,046	$ 2,490
First interim			1,440	1,440	1,392
Total			$ 4,487	$ 4,486	$ 3,882
Second interim, per share		$ 1.97	$ 1.97	$ 1.97	$ 1.90
First interim, per share	$ 0.93		0.93	0.93	0.90
Total, per share			$ 2.90	$ 2.90	$ 2.80
Unclaimed dividends, forfeiture period			12 years
Unclaimed dividends forfeited and adjusted for in retained earnings			$ 0	$ 1	$ 0

Dividends to shareholders - Div

Dividends to shareholders - Dividends Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends to shareholders
Dividends charged to equity	$ 4,487	$ 4,486	$ 3,882
Hedge contracts relating to payment of dividends (cash flow statement)	(19)	(127)	(29)
Dividends paid to non-controlling interests	4
Net movement of unclaimed dividends in the year	4
Dividends paid (cash flow statement)	4,481	4,364	3,856
Exchange losses on payment of dividend	$ 5	$ 5	$ 3

Non-controlling interests (Deta

Non-controlling interests (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
Non-controlling interests (Details) - USD ($) $ in Millions	Apr. 30, 2021	Feb. 29, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2021	Jul. 21, 2021	Dec. 31, 2020
Disclosure of subsidiaries [line items]
Equity attributable to non-controlling interests			$ 23	$ 21	$ 19
Equity			39,166	37,058	39,287			$ 15,638
Total comprehensive income (losses)			6	2	3
Results attributable to non-controlling interests			$ 6	5	3
Alexion Pharmaceuticals, Inc.
Disclosure of subsidiaries [line items]
Non-controlling interest in acquiree recognised at acquisition date							$ 150
Acerta Pharma
Disclosure of subsidiaries [line items]
Percentage of equity owned in subsidiaries		55%	100%
Percentage of additional ownership interest in subsidiary acquired	45%
Caelum Biosciences Inc.
Disclosure of subsidiaries [line items]
Percentage of equity owned in subsidiaries			100%
Caelum Biosciences Inc. \| Alexion Pharmaceuticals, Inc.
Disclosure of subsidiaries [line items]
Non-controlling interest in acquiree recognised at acquisition date						$ 150	$ 150
AstraZeneca Pharma India Limited, P.T. AstraZeneca Indonesia, Beijing Falikang Pharmaceutical (China) Co. Limited and AstraZeneca Algeria Pharmaceutical Industries SPA
Disclosure of subsidiaries [line items]
Equity attributable to non-controlling interests			$ 23	21	19
Total comprehensive income (losses)			$ 6	$ 2	$ 3

Acquisitions of business operat

Acquisitions of business operations - 2022 (Details) - USD ($) $ in Millions	Jan. 16, 2023	Nov. 16, 2022
LogicBio
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired		100%
Consideration transferred, acquisition-date fair value		$ 72
Cash transferred		68
Liabilities incurred		4
Goodwill		15
Assets recognised in business combinations		82
Intangible assets recognised in business combination		46
Liabilities recognised in business combination		$ 25
Neogene Therapeutics, Inc
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value	$ 267
Cash transferred	189
Liabilities incurred	120
Goodwill	158
Intangible assets recognised in business combination	$ 100

Acquisition of business opera_3

Acquisition of business operations - 2021 (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended				12 Months Ended
	Jul. 21, 2021	Oct. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about business combination [line items]
Undrawn borrowing facilities						$ 6,875
Repayments of acquired loans and borrowings						$ 4,942	$ 1,271	$ 4,759
Alexion Pharmaceuticals, Inc.
Disclosure of detailed information about business combination [line items]
Percentage of issued shares acquired	100%
Number of ADSs transferred per acquired share	2.1243
Cash transferred per share	$ 60
Total fair value of consideration	$ 41,058
Fair value of issued ADSs	27,196
Cash transferred	13,349
Fair value of replacement employee share awards	513
Intangible assets	26,955
Fair value of inventory recognised in business combination	6,769
Contingent liabilities recognised in business combination	76
Other non-current liabilities recognised in business combination	697
Alexion Pharmaceuticals, Inc. \| Inventory
Disclosure of detailed information about business combination [line items]
Fair value uplift to previous carrying value	5,635
Alexion Pharmaceuticals, Inc. \| Property, plant and equipment
Disclosure of detailed information about business combination [line items]
Fair value uplift to previous carrying value	111
Alexion Pharmaceuticals, Inc. \| Products under development
Disclosure of detailed information about business combination [line items]
Intangible assets	2,760
Alexion Pharmaceuticals, Inc. \| Launched products
Disclosure of detailed information about business combination [line items]
Intangible assets	$ 23,695
Alexion Pharmaceuticals, Inc. \| Bank facilities committed to Alexion acquisition
Disclosure of detailed information about business combination [line items]
Proceeds from borrowings			$ 4,000
Undrawn borrowing facilities									$ 17,500
Cancellation of facilities		$ 13,500	13,500	$ 13,500
Alexion Pharmaceuticals, Inc. \| Long-term debt
Disclosure of detailed information about business combination [line items]
Proceeds from borrowings				$ 8,000	$ 8,000
Alexion Pharmaceuticals, Inc. \| Loans and borrowings assumed in Alexion acquisition
Disclosure of detailed information about business combination [line items]
Repayments of acquired loans and borrowings			$ 2,300

Acquisition of business opera_4

Acquisition of business operations - Alexion -Fair values assigned at date of acquisition (Details) - Alexion Pharmaceuticals, Inc. $ in Millions	Jul. 21, 2021 USD ($)
Non-current assets
Property, plant and equipment	$ 1,135
Right-of-use assets	263
Intangible assets	26,855
Other non-current assets	301
Total non-current assets	28,554
Current assets
Inventories	6,769
Trade and other receivables	2,096
Intangible assets	100
Cash and cash equivalents	4,086
Total current assets	13,051
Current liabilities
Interest-bearing loans and borrowings	(2,336)
Trade and other payables	(1,192)
Other current liabilities	(40)
Total current liabilities	(3,568)
Non-current liabilities
Lease liabilities	(228)
Deferred tax liabilities	(4,191)
Other non-current liabilities	(697)
Total non-current liabilities	(5,116)
Total net assets acquired	32,921
Less: non-controlling interests	(150)
Goodwill	8,287
Total fair value of consideration	41,058
Less: fair value of equity consideration	(27,196)
Less: fair value of replacement employee share awards	(513)
Less: cash and cash equivalents acquired	(4,086)
Net cash outflow	$ 9,263

Acquisition of business opera_5

Acquisition of business operations - Alexion - Acquired intangible assets (Details) - Alexion Pharmaceuticals, Inc. $ in Millions	Jul. 21, 2021 USD ($)
Disclosure of detailed information about business combination [line items]
Identifiable intangible assets recognised as of acquisition date	$ 26,955
Launched products
Disclosure of detailed information about business combination [line items]
Identifiable intangible assets recognised as of acquisition date	23,695
C5 franchise (Soliris/Ultomiris)
Disclosure of detailed information about business combination [line items]
Identifiable intangible assets recognised as of acquisition date	$ 18,480
C5 franchise (Soliris/Ultomiris) \| Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	6 years
C5 franchise (Soliris/Ultomiris) \| Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	15 years
Strensiq, Kanuma and Andexxa
Disclosure of detailed information about business combination [line items]
Identifiable intangible assets recognised as of acquisition date	$ 5,215
Strensiq, Kanuma and Andexxa \| Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	11 years
Strensiq, Kanuma and Andexxa \| Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	17 years
Products in development
Disclosure of detailed information about business combination [line items]
Identifiable intangible assets recognised as of acquisition date	$ 2,760
Other intangibles
Disclosure of detailed information about business combination [line items]
Identifiable intangible assets recognised as of acquisition date	$ 500
Other intangibles \| Minimum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	5 years
Other intangibles \| Maximum
Disclosure of detailed information about business combination [line items]
Useful life measured as period of time, intangible assets other than goodwill	10 years

Acquisition of business opera_6

Acquisition of business operations - Additional disclosures (Details) - USD ($) $ in Millions	5 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jan. 21, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2021	Jul. 21, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about business combination [line items]
Employee benefits expense			$ 12,335	$ 11,531	$ 10,275
Alexion Pharmaceuticals, Inc.
Disclosure of detailed information about business combination [line items]
Intangible assets							$ 26,955
Fair value of inventory recognised in business combination							6,769
Fair value of property, plant and equipment recognised in business combination							1,135
Contingent liabilities recognised in business combination							76
Other non-current liabilities recognised in business combination							697
Fair value of trade and other receivables recognised in business combination							2,096
Goodwill							8,287
Non-controlling interests recognised in business combination							150
Alexion's total revenues since acquisition	$ 3,071
Alexion's profit after tax since acquisition	889
Revenue of combined Group since beginning of period					41,132
Loss after tax of combined Group since beginning of period					$ (1,152)
Total acquisition-related costs	171		5	4
Alexion Pharmaceuticals, Inc. \| Products under development
Disclosure of detailed information about business combination [line items]
Intangible assets							2,760
Alexion Pharmaceuticals, Inc. \| Launched products
Disclosure of detailed information about business combination [line items]
Intangible assets							23,695
Alexion Pharmaceuticals, Inc. \| Retention/transaction bonus plan for legacy Alexion employees
Disclosure of detailed information about business combination [line items]
Potential bonus amount			50
Alexion Pharmaceuticals, Inc. \| Legacy Alexion employees retention bonus
Disclosure of detailed information about business combination [line items]
Expense from Alexion Performance Stock Plan awards in period since acquisition	24		0	3
Period after acquisition during which all outstanding bonuses vested and were paid		6 months
Alexion Pharmaceuticals, Inc. \| Alexion Performance Stock Plan (PSU)
Disclosure of detailed information about business combination [line items]
Expense from Alexion Performance Stock Plan awards in period since acquisition	257		48	257
Alexion Pharmaceuticals, Inc. \| Maximum \| Alexion Performance Stock Plan (PSU), awards granted 2019
Disclosure of detailed information about business combination [line items]
Maximum limit for conversion of Alexion Performance Stock Plan awards									175%
Alexion Pharmaceuticals, Inc. \| Maximum \| Alexion Performance Stock Plan (PSU), awards granted 2020
Disclosure of detailed information about business combination [line items]
Maximum limit for conversion of Alexion Performance Stock Plan awards								150%
Alexion Pharmaceuticals, Inc. \| Selling, general and administrative costs \| Alexion Performance Stock Plan (PSU)
Disclosure of detailed information about business combination [line items]
Expense from Alexion Performance Stock Plan awards in period since acquisition	175		32	156
Alexion Pharmaceuticals, Inc. \| Cost of sales \| Alexion Performance Stock Plan (PSU)
Disclosure of detailed information about business combination [line items]
Expense from Alexion Performance Stock Plan awards in period since acquisition	9		0	9
Alexion Pharmaceuticals, Inc. \| Research and development expense \| Alexion Performance Stock Plan (PSU)
Disclosure of detailed information about business combination [line items]
Expense from Alexion Performance Stock Plan awards in period since acquisition	$ 73		$ 16	$ 92
Alexion Pharmaceuticals, Inc. \| Caelum Biosciences Inc.
Disclosure of detailed information about business combination [line items]
Non-controlling interests recognised in business combination						$ 150	150
Alexion Pharmaceuticals, Inc. \| Fair value uplifts from business combinations
Disclosure of detailed information about business combination [line items]
Deferred tax liabilities recognised in business combination							5,215
Alexion Pharmaceuticals, Inc. \| Inventory
Disclosure of detailed information about business combination [line items]
Fair value uplift to previous carrying value							5,635
Alexion Pharmaceuticals, Inc. \| Property, plant and equipment
Disclosure of detailed information about business combination [line items]
Fair value uplift to previous carrying value							$ 111

Financial risk management obj_3

Financial risk management objectives and policies - Hedge accounting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about hedging instruments [line items]
Borrowings	$ 28,622	$ 29,232	$ 30,781
Hedging instrument
Total carrying value	(28,622)	(29,232)	(30,781)
Hedged item
Net cash inflow	97	(114)	96
Floating rate
Hedging instrument
Total carrying value	5,942	6,078	6,329
Cash flow hedges
Hedging instrument
Total carrying value	$ (3,530)	$ (1,802)	$ (1,910)

Financial risk management obj_4

Financial risk management objectives and policies - Capital management (Details) - USD ($) $ in Millions	12 Months Ended			132 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Financial risk management objectives and policies
Shares repurchased				$ 0
Net debt	$ 22,510	$ 22,923		22,510
Borrowings	28,622	29,232	$ 30,781	$ 28,622
Repayments of borrowings, classified as financing activities	$ 4,942	$ 1,271	$ 4,759

Financial risk management obj_5

Financial risk management objectives and policies - Liquidity risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Maturity analysis of financial liabilities
Cash and cash equivalents	$ 5,840	$ 6,166	$ 6,329
Short-term fixed income investments	20
Fixed deposits		64	53
Overdrafts	203	183	291
Undrawn committed bank facilities	6,875
Total financial liabilities, undiscounted cash flows	62,488	64,071	66,119
Derivative financial instruments	156	93	79
Derivative financial instruments	116	87	83
Effect of interest	(8,352)	(8,019)	(8,635)
Effect of discounting, fair values and issue costs	(630)	(3,414)	(2,893)
Financial instruments after effects of interest and discounting, fair values and issue costs	53,506	52,638	54,591
Issue of Ordinary Shares	34	29	27,214
Contingent consideration	2,137	2,222	2,865	$ 3,323
Borrowings	28,622	29,232	30,781
Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	(93)	48	(6)
Effect of interest	(55)	(22)	(26)
Effect of discounting, fair values and issue costs	(2)	70	(29)
Financial instruments after effects of interest and discounting, fair values and issue costs	(150)	96	(61)
Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(14,946)	(15,062)	(14,555)
Effect of interest	589	227	299
Effect of discounting, fair values and issue costs	44	63	(36)
Financial instruments after effects of interest and discounting, fair values and issue costs	(14,313)	(14,772)	(14,292)
Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	14,853	15,110	14,549
Effect of interest	(644)	(249)	(325)
Effect of discounting, fair values and issue costs	(46)	7	7
Financial instruments after effects of interest and discounting, fair values and issue costs	14,163	14,868	14,231
Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	62,581	64,023	66,125
Effect of interest	(8,297)	(7,997)	(8,609)
Effect of discounting, fair values and issue costs	(628)	(3,484)	(2,864)
Financial instruments after effects of interest and discounting, fair values and issue costs	53,656	52,542	54,652
Bank overdrafts and other loans
Maturity analysis of financial liabilities
Non-derivative financial instruments	542	365	387
Effect of interest	(27)	(15)
Financial instruments after effects of interest and discounting, fair values and issue costs	515	350	387
Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	35,417	36,024	38,158
Effect of interest	(8,270)	(7,982)	(8,609)
Effect of discounting, fair values and issue costs	(168)	(113)	(142)
Financial instruments after effects of interest and discounting, fair values and issue costs	26,979	27,929	29,407
Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	1,279	1,025	1,076
Effect of discounting, fair values and issue costs	(151)	(72)	(89)
Financial instruments after effects of interest and discounting, fair values and issue costs	1,128	953	987
Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	25,343	26,609	26,504
Effect of discounting, fair values and issue costs	(309)	(3,299)	(2,633)
Financial instruments after effects of interest and discounting, fair values and issue costs	25,034	23,310	23,871
Due within one year
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	28,789	25,489	21,639
Borrowings	5,400
Due within one year \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	64	33	8
Due within one year \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(11,302)	(12,445)	(11,766)
Due within one year \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	11,366	12,478	11,774
Due within one year \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	28,725	25,456	21,631
Due within one year \| Bank overdrafts and other loans
Maturity analysis of financial liabilities
Non-derivative financial instruments	542	365	387
Due within one year \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	5,469	5,777	1,981
Due within one year \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	313	249	256
Due within one year \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	22,401	19,065	19,007
Years 1 and 2
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	4,521	7,593	8,389
Years 1 and 2 \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	14	66	11
Years 1 and 2 \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(100)	(1,012)	(55)
Years 1 and 2 \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	114	1,078	66
Years 1 and 2 \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	4,507	7,527	8,378
Years 1 and 2 \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	2,764	5,233	5,647
Years 1 and 2 \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	261	208	210
Years 1 and 2 \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	1,482	2,086	2,521
Years 2 and 3
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	4,148	3,656	7,093
Years 2 and 3 \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	15	4	19
Years 2 and 3 \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(164)	(34)	(1,060)
Years 2 and 3 \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	179	38	1,079
Years 2 and 3 \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	4,133	3,652	7,074
Years 2 and 3 \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	3,137	2,608	5,242
Years 2 and 3 \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	208	172	163
Years 2 and 3 \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	788	872	1,669
Years 3 and 4
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	2,952	3,706	3,587
Years 3 and 4 \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	(41)		4
Years 3 and 4 \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(924)	(103)	(35)
Years 3 and 4 \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	883	103	39
Years 3 and 4 \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	2,993	3,706	3,583
Years 3 and 4 \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	2,230	2,983	2,591
Years 3 and 4 \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	138	128	130
Years 3 and 4 \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	625	595	862
Years 4 and 5
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	3,944	2,168	3,292
Years 4 and 5 \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	22	3	(7)
Years 4 and 5 \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(949)	(32)	(118)
Years 4 and 5 \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	971	35	111
Years 4 and 5 \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	3,922	2,165	3,299
Years 4 and 5 \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	3,822	1,267	2,970
Years 4 and 5 \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	88	84	96
Years 4 and 5 \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	12	814	233
Later than five years
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	18,134	21,459	22,119
Later than five years \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	(167)	(58)	(41)
Later than five years \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(1,507)	(1,436)	(1,521)
Later than five years \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	1,340	1,378	1,480
Later than five years \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	18,301	21,517	22,160
Later than five years \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	17,995	18,156	19,727
Later than five years \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	271	184	221
Later than five years \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	35	$ 3,177	$ 2,212
Maturing July 2024 \| Bank overdrafts and other loans
Maturity analysis of financial liabilities
Borrowings	2,000
Due February 2025
Maturity analysis of financial liabilities
Undrawn committed bank facilities	2,000
Due April 2026
Maturity analysis of financial liabilities
Undrawn committed bank facilities	4,900
Due April 2029
Maturity analysis of financial liabilities
Undrawn committed bank facilities	4,875
Euro medium term note programme
Maturity analysis of financial liabilities
Debt instruments issued	4,855
SEC registered programme
Maturity analysis of financial liabilities
Debt instruments issued	$ 19,959

Financial risk management obj_6

Financial risk management objectives and policies - Market risk (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial instruments by interest rate
Borrowings	$ 28,622	$ 29,232	$ 30,781
Total financial liabilities	28,622	29,232	30,781
Fixed deposits		64	53
Cash collateral pledged to counterparties	102	162
Cash and cash equivalents	5,840	6,166	6,329
Current and non-current asset investments and other financial assets.	11,288	9,546	8,765
Interest-bearing financial instruments
Disclosure of financial instruments by interest rate
Fixed deposits		64	53
Cash collateral pledged to counterparties	102	162
Cash and cash equivalents	5,840	6,166	6,329
Total financial assets	5,942	6,392	6,382
Fixed rate
Disclosure of financial instruments by interest rate
Fixed deposits		64	53
Cash and cash equivalents		250
Total financial assets		314	53
Floating rate
Disclosure of financial instruments by interest rate
Cash collateral pledged to counterparties	102	162
Cash and cash equivalents	5,840	5,916	6,329
Total financial assets	$ 5,942	6,078	6,329
7% Guaranteed debentures
Disclosure of financial instruments by interest rate
Interest rate on borrowings	7%
Interest-Bearing Loans and Borrowings \| Interest-bearing financial instruments
Disclosure of financial instruments by interest rate
Current financial liabilities	$ 5,400	5,542	1,893
Non-current financial liabilities	23,222	23,690	28,888
Total financial liabilities	28,622	29,232	30,781
Interest-Bearing Loans and Borrowings \| Fixed rate
Disclosure of financial instruments by interest rate
Current financial liabilities	2,885	2,476	1,232
Non-current financial liabilities	23,222	21,511	23,985
Total financial liabilities	26,107	23,987	25,217
Interest-Bearing Loans and Borrowings \| Floating rate
Disclosure of financial instruments by interest rate
Current financial liabilities	2,515	3,066	661
Non-current financial liabilities		2,179	4,903
Total financial liabilities	$ 2,515	$ 5,245	$ 5,564

Financial risk management obj_7

Financial risk management objectives and policies - Market risk on equity securities (Details) - Equity securities - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial assets [line items]
Equity securities at fair value through Other comprehensive income	$ 1,530	$ 1,056	$ 1,168
Non-current fixed income securities at fair value through profit and loss		10
Total	$ 1,530	$ 1,066	$ 1,168

Financial risk management obj_8

Financial risk management objectives and policies - Foreign currency risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) country	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Foreign currency risk
Number of hyperinflationary countries in which group operates \| country	3
Borrowings	$ 28,622	$ 29,232	$ 30,781
Cash	$ 1,325	$ 1,411	$ 1,461
Maximum
Foreign currency risk
Typical currency exposure period on working capital balances	3 months
All currencies except US
Foreign currency risk
Percentage of entity's revenue	60%
Pound sterling
Foreign currency risk
Percentage of interest-bearing loans and borrowings	2%
Euro
Foreign currency risk
Percentage of interest-bearing loans and borrowings	16%
Interest rates
Foreign currency risk
Increase (decrease) in interest expense due to reasonably possible increase in risk assumption	$ 25
Increase (Decrease) in interest income due to reasonably possible increase in risk assumption	$ 58
Reasonably possible increase or decrease in risk assumption	1%
Reasonably possible increase in risk assumption	1%	1%	1%
Reasonably possible decrease in risk assumption	1%	1%	1%
Increase/(decrease) in fair value of financial instruments ($m) due to increase in risk component	$ 1,361	$ 1,317	$ 1,978
Increase/(decrease) in fair value of financial instruments ($m) due to decrease in risk component	$ (1,534)	$ (1,490)	$ (2,106)
Exchange rates
Foreign currency risk
Reasonably possible increase or decrease in risk assumption	10%
Reasonably possible increase in risk assumption	10%	10%	10%
Reasonably possible decrease in risk assumption	10%	10%	10%
Increase/(decrease) in fair value of financial instruments ($m) due to increase in risk component	$ 196	$ 81	$ 82
Increase/(decrease) in fair value of financial instruments ($m) due to decrease in risk component	(212)	(89)	(85)
Impact on profit: (loss)/gain ($m) due to increase in risk component	134	26	24
Impact on profit: (loss)/gain ($m) due to decrease in risk component	(128)	(15)	(9)
Impact on equity: gain/(loss) ($m) due to increase in risk component	62	55	58
Impact on equity: gain/(loss) ($m) due to decrease in risk component	$ (83)	$ (74)	$ (76)
Exchange rates \| US
Foreign currency risk
Reasonably possible increase in risk assumption	10%
Reasonably possible decrease in risk assumption	10%

Financial risk management obj_9

Financial risk management objectives and policies - Credit risk (Details) $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2023 USD ($) customer item	Dec. 31, 2022 USD ($) item customer	Dec. 31, 2021 USD ($) item customer	Dec. 31, 2023 USD ($) item
Current assets
Cash at bank and in hand	$ 1,325	$ 1,411	$ 1,461	$ 1,325
Other short-term equivalents	4,515	4,755	4,868	4,515
Cash and cash equivalents	5,840	6,166	6,329	5,840
Cash collateral pledged to counterparties	102	162		102
Fixed deposits		64	53
Derivative financial instruments	116	87	83	116
Non-current assets
Derivative financial instruments	$ 228	$ 74	$ 102	$ 228
Credit risk
Number of significant wholesalers \| customer	1	1	1
AAA rating
Credit risk
Number of fund managers for money market securities \| item	6			6
AAA rating \| Maximum
Credit risk
Single investment as percentage of overall fund value	10%			10%
US
Credit risk
Number of significant wholesalers \| item	3	3	3
US \| All major wholesalers
Credit risk
Percentage of sales	80%	73%	94%
Trade receivables \| Gross carrying amount
Non-current assets
Financial assets	$ 8,452	$ 7,271	$ 6,054	$ 8,452
Movements in provisions for trade receivables
At 1 January	(7,271)	(6,054)
At 31 December	(8,452)	(7,271)	(6,054)	(8,452)
Trade receivables \| Loss allowance
Non-current assets
Financial assets	(45)	(59)	(23)	(45)
Movements in provisions for trade receivables
At 1 January	59	23	23	23
Income statement	(14)	37	(2)
Amounts utilised, exchange and other movements		(1)	2
At 31 December	$ 45	$ 59	$ 23	$ 45
Trade receivables \| Not past due
Non-current assets
Expected loss rate	0.01%	0.03%	0.10%	0.01%
Trade receivables \| Not past due \| Gross carrying amount
Non-current assets
Financial assets	$ 7,709	$ 6,791	$ 5,617	$ 7,709
Movements in provisions for trade receivables
At 1 January	(6,791)	(5,617)
At 31 December	(7,709)	(6,791)	(5,617)	(7,709)
Trade receivables \| Not past due \| Loss allowance
Non-current assets
Financial assets	(1)	(2)	(5)	(1)
Movements in provisions for trade receivables
At 1 January	2	5
At 31 December	$ 1	$ 2	$ 5	$ 1
Trade receivables \| Past due 0 - 90 days
Non-current assets
Expected loss rate	0.30%	0.30%	1.20%	0.30%
Trade receivables \| Past due 0 - 90 days \| Gross carrying amount
Non-current assets
Financial assets	$ 342	$ 331	$ 328	$ 342
Movements in provisions for trade receivables
At 1 January	(331)	(328)
At 31 December	(342)	(331)	(328)	(342)
Trade receivables \| Past due 0 - 90 days \| Loss allowance
Non-current assets
Financial assets	(1)	(1)	(4)	(1)
Movements in provisions for trade receivables
At 1 January	1	4
At 31 December	$ 1	$ 1	$ 4	$ 1
Trade receivables \| Past due 90 - 180 days
Non-current assets
Expected loss rate	0.80%	32%	22.60%	0.80%
Trade receivables \| Past due 90 - 180 days \| Gross carrying amount
Non-current assets
Financial assets	$ 121	$ 50	$ 18	$ 121
Movements in provisions for trade receivables
At 1 January	(50)	(18)
At 31 December	(121)	(50)	(18)	(121)
Trade receivables \| Past due 90 - 180 days \| Loss allowance
Non-current assets
Financial assets	(1)	(16)	(4)	(1)
Movements in provisions for trade receivables
At 1 January	16	4
At 31 December	$ 1	$ 16	$ 4	$ 1
Trade receivables \| Past due > 180 days
Non-current assets
Expected loss rate	15%	40.60%	11%	15%
Trade receivables \| Past due > 180 days \| Gross carrying amount
Non-current assets
Financial assets	$ 280	$ 99	$ 91	$ 280
Movements in provisions for trade receivables
At 1 January	(99)	(91)
At 31 December	(280)	(99)	(91)	(280)
Trade receivables \| Past due > 180 days \| Loss allowance
Non-current assets
Financial assets	(42)	(40)	(10)	(42)
Movements in provisions for trade receivables
At 1 January	40	10
At 31 December	42	40	10	$ 42
Provisions for trade receivables \| Trade receivables
Non-current assets
Payment profile period (in months)				36 months
Counterparty credit risk
Current assets
Cash at bank and in hand	1,325	1,411	1,461	$ 1,325
Money market liquidity fund	4,425	4,486	4,772	4,425
Other short-term equivalents	90	269	96	90
Cash and cash equivalents	5,840	6,166	6,329	5,840
Fixed income securities at fair value through profit and loss	20	13	16	20
Cash collateral pledged to counterparties	102	162		102
Fixed deposits		64	53
Derivative financial instruments	116	87	83	116
Current assets subject to credit risk	6,078	6,492	6,481	6,078
Non-current assets
Derivative financial instruments	228	74	102	228
Non-current assets subject to credit risk	$ 228	$ 74	$ 102	$ 228

Financial risk management ob_10

Financial risk management objectives and policies - Other financial assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial risk management objectives and policies
Cash collateral on derivatives held by group	$ 215	$ 89	$ 93
Cash collateral on derivatives posted by group	$ 102	$ 162	$ 47

Financial risk management ob_11

Financial risk management objectives and policies - continuing designated hedge relationships (Details) € in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, kr in Millions, $ in Millions		1 Months Ended	12 Months Ended
	Nov. 24, 2021 EUR (€)	Nov. 30, 2021 EUR (€)	Dec. 31, 2023 USD ($) EUR (€) SEK (kr) CNY (¥) ¥ / $ € / $ kr / $ JPY (¥) GBP (£) ¥ / $ Option £ / $	Dec. 31, 2022 USD ($) € / $ GBP (£) ¥ / $ EUR (€) CNY (¥) JPY (¥) ¥ / $	Dec. 31, 2021 USD ($) JPY (¥) ¥ / $ ¥ / $ GBP (£) EUR (€) € / $ CNY (¥)	Jun. 03, 2021 EUR (€)
Disclosure of detailed information about hedging instruments [line items]
Hedge ratio for group's existing hedge relationships			1
Number of derivative options held during the year \| Option			0
Non-callable bond, 0.375% due 2029
Disclosure of detailed information about hedging instruments [line items]
Notional amount \| €						€ 800
Borrowings, interest rate						0.375%
Interest rate swaps \| Fair value hedges
Disclosure of detailed information about hedging instruments [line items]
Gain (loss) on hedge ineffectiveness			$ 0	$ 0	$ 0
Interest rate swaps \| Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Gain (loss) on hedge ineffectiveness			0	0	0
Interest rate swaps \| Net investment hedges
Disclosure of detailed information about hedging instruments [line items]
Gain (loss) on hedge ineffectiveness			$ 0	$ 0	$ 0
Cross currency interest rate swap - Euro bond \| Cash flow hedges \| Foreign currency and interest rate risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency \| €			3,200	1,700	1,700
Carrying value			$ 49	$ (160)	$ (43)
Average USD FX rate \| € / $			1.10	1.14	1.14
Average pay interest rate			3.80%	2.85%	2.85%
Cross currency interest rate swap - Euro bond \| Cash flow hedges \| Foreign currency and interest rate risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance			$ 34	$ 27	$ 46
Fair value (gain)/loss deferred to OCI			(210)	118	182
Fair value loss recycled to the Income statement			139	(111)	(201)
Other comprehensive income, closing balance			$ (37)	$ 34	$ 27
Cross currency interest rate swap - JPY investment \| Net investment hedges \| Foreign exchange risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency \| ¥			58,300	58,300	58,300
Carrying value			$ 100	$ 55	$ 62
Average USD FX rate \| ¥ / $			108.03	108.03	108.03
Average pay interest rate			1.53%	1.53%	1.53%
Cross currency interest rate swap - JPY investment \| Net investment hedges \| Foreign exchange risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance			$ (55)	$ (62)	$ (19)
Fair value (gain)/loss deferred to OCI			(45)	7	(43)
Other comprehensive income, closing balance			$ (100)	$ (55)	$ (62)
Cross currency interest rate swap - CNY investment \| Net investment hedges \| Foreign exchange risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency \| ¥			458	458	458
Carrying value			$ (1)	$ (4)	$ (2)
Average USD FX rate \| ¥ / $			6.68	6.68	6.68
Average pay interest rate			4.80%	4.80%	4.80%
Cross currency interest rate swap - CNY investment \| Net investment hedges \| Foreign exchange risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance			$ 4	$ 2	$ 2
Fair value (gain)/loss deferred to OCI			(3)	2
Other comprehensive income, closing balance			$ 1	$ 4	$ 2
FX Forwards short term FX risk \| Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency			2,009
FX Forwards short term FX risk \| Cash flow hedges \| Sweden, Kronor
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency \| kr			9,778
Average USD FX rate \| kr / $			9.9869
FX Forwards short term FX risk \| Cash flow hedges \| JPY
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency \| ¥			24,351
Average USD FX rate \| ¥ / $			141.4050
FX Forwards short term FX risk \| Cash flow hedges \| United Kingdom, Pounds
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency \| £			428
Average USD FX rate \| £ / $			0.7844
FX Forwards short term FX risk \| Cash flow hedges \| Euro Member Countries, Euro
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency \| €			228
Average USD FX rate \| € / $			0.9036
FX Forwards short term FX risk \| Cash flow hedges \| Foreign currency and interest rate risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency			2,009	1,126	1,220
Carrying value			$ 15	$ (12)	$ 12
FX Forwards short term FX risk \| Cash flow hedges \| Foreign currency and interest rate risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance			12	(12)	(5)
Fair value (gain)/loss deferred to OCI			(33)	(14)
Fair value loss recycled to the Income statement			6	38	(7)
Other comprehensive income, closing balance			(15)	12	(12)
Transactions matured pre 2021 \| Net investment hedges \| Foreign exchange risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance				(565)	(565)
Other comprehensive income, closing balance					(565)
Transactions matured pre 2022 \| Net investment hedges \| Foreign exchange risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance			(527)	(527)
Other comprehensive income, closing balance				(527)	$ (527)
Transactions matured pre 2023 \| Net investment hedges \| Foreign exchange risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance			(527)
Other comprehensive income, closing balance			$ (527)	$ (527)
Foreign currency borrowing - GBP investment \| Net investment hedges \| Foreign exchange risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency \| £			350	350	350
Carrying value			$ 444	$ 420	$ 470
Average pay interest rate			5.75%	5.75%	5.75%
Foreign currency borrowing - GBP investment \| Net investment hedges \| Foreign exchange risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance			$ (288)	$ (238)	$ (233)
Fair value (gain)/loss deferred to OCI			24	(50)	(5)
Other comprehensive income, closing balance			$ (264)	(288)	$ (238)
Derivatives related to foreign currency borrowings - EUR investment 450 million notional amount \| Net investment hedges \| Non-callable bond, 0.375% due 2029
Disclosure of detailed information about hedging instruments [line items]
Hedged item, liabilities \| €	€ 250
Maturity of hedging instrument \| €	€ 450
Derivatives related to foreign currency borrowings - EUR investment 450 million notional amount \| Net investment hedges \| Foreign exchange risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency \| €					450
Average pay interest rate					0.88%
Maturity of hedging instrument \| €		€ 450
Derivatives related to foreign currency borrowings - EUR investment 450 million notional amount \| Net investment hedges \| Foreign exchange risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance				$ 38	$ 85
Fair value (gain)/loss deferred to OCI					(47)
Other comprehensive income, closing balance					$ 38
Derivatives related to foreign currency borrowings - EUR investment 800 million notional amount \| Net investment hedges \| Non-callable bond, 0.375% due 2029
Disclosure of detailed information about hedging instruments [line items]
Hedged item, liabilities \| €						€ 550
Derivatives related to foreign currency borrowings - EUR investment 800 million notional amount \| Net investment hedges \| Foreign exchange risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency \| €			800	800	800
Carrying value			$ 881	$ 846	$ 898
Average pay interest rate			0.38%	0.38%	0.38%
Derivatives related to foreign currency borrowings - EUR investment 800 million notional amount \| Net investment hedges \| Foreign exchange risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance			$ (102)	$ (50)
Fair value (gain)/loss deferred to OCI			33	(52)	$ (50)
Other comprehensive income, closing balance			$ (69)	$ (102)	$ (50)
Contingent consideration liabilities and Acerta Pharma put option liability - AZUK and AZAB USD investments \| Net investment hedges \| Foreign exchange risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amounts in local currency			1,937	2,093	2,658
Carrying value			$ (1,937)	$ (2,093)	$ (2,658)
Contingent consideration liabilities and Acerta Pharma put option liability - AZUK and AZAB USD investments \| Net investment hedges \| Foreign exchange risk \| Reserve of continuing cash flow hedges and hedges of net investments in foreign operations
Disclosure of detailed information about hedging instruments [line items]
Other comprehensive income, opening balance			2,216	1,832	1,411
Fair value (gain)/loss deferred to OCI			(81)	384	421
Other comprehensive income, closing balance			$ 2,135	$ 2,216	$ 1,832

Employee costs and share plan_3

Employee costs and share plans for employees - Employee numbers (Details) - employee	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical location
Average number of employees	86,400	82,000	79,600
Number of employees	89,900	83,500	83,100
UK
Disclosure of geographical location
Average number of employees	10,700	9,800	8,900
Europe
Disclosure of geographical location
Average number of employees	23,000	20,600	18,300
The Americas
Disclosure of geographical location
Average number of employees	22,400	20,900	18,800
Asia, Africa And Australasia
Disclosure of geographical location
Average number of employees	30,300	30,700	33,600

Employee costs and share plan_4

Employee costs and share plans for employees - Employee costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee costs and share plans for employees
Wages and salaries	$ 9,341	$ 8,656	$ 7,633
Social security costs	1,100	991	886
Pension costs	537	546	564
Other employment costs	1,357	1,338	1,192
Total employee benefits expense	12,335	11,531	10,275
Severance costs	$ 123	$ 227	$ 238

Employee costs and share plan_5

Employee costs and share plans for employees - Bonus and share plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) plan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Share plans
Bonus and share plans
Expense from share-based payment arrangements, equity settled \| $	$ 579	$ 619	$ 615
Bonus plans \| US
Bonus and share plans
Number of Bonus plans operated by entity \| plan	2
AstraZeneca Deferred Bonus Plan
Bonus and share plans
Deferral period for bonus	3 years

Employee costs and share plan_6

Employee costs and share plans for employees - AstraZeneca UK All Employee Share Plan and Bonus Plan (Details)	12 Months Ended
	Dec. 31, 2023 GBP (£) shares
AstraZeneca UK All Employee Share Plan \| United Kingdom
Share plans
Number of shares awarded for every four shares purchased \| shares	1
AstraZeneca UK All Employee Share Plan \| Maximum \| United Kingdom
Share plans
Monthly investment per individual participant to purchase partnership shares at current market value \| £	£ 150
Swedish all-employee performance bonus plan
Share plans
Percentage of bonuses invested in entity's own equities	50%
Percentage of bonuses paid in cash	50%

Employee costs and share plan_7

Employee costs and share plans for employees - Share plans (Details)	12 Months Ended
	Dec. 31, 2023
AstraZeneca Deferred Bonus Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Deferred Bonus Plan Deferral Period	3 years

Employee costs and share plan_8

Employee costs and share plans for employees - The AstraZeneca Performance Share Plan (Details) - AstraZeneca Performance Share Plan	12 Months Ended
	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shareholder approval period for share-based payment plan	10 years
Vesting period, share-based payment arrangements	3 years
Additional vesting period for executive directors and members of the SET, share-based payment arrangements	2 years

Employee costs and share plan_9

Employee costs and share plans for employees - AstraZeneca Investment Plan, Restricted Share Plan and Extended Incentive Plan (Details)	12 Months Ended
	Dec. 31, 2023 employee
AstraZeneca Investment Plan
Share plans
Vesting period, share-based payment arrangements	8 years
Period of performance conditions	4 years
AstraZeneca Restricted Share Plan
Share plans
Number of times plan was used during period	5
Number of employees granted awards	305
Astrazeneca Extended Incentive Plan
Share plans
Percentage of awards vesting at fifth anniversary of grant date	50%
Percentage of awards vesting at tenth anniversary of grant date	50%

Employee costs and share pla_10

Employee costs and share plans for employees - Reconciliation and weighted average value of awards (Details) EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2023 GBP (£) EquityInstruments	Dec. 31, 2023 USD ($) EquityInstruments	Dec. 31, 2022 GBP (£) EquityInstruments	Dec. 31, 2022 USD ($) EquityInstruments	Dec. 31, 2021 GBP (£) EquityInstruments	Dec. 31, 2021 USD ($) EquityInstruments
Ordinary shares \| AstraZeneca Performance Share Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	3,630	3,630	3,459	3,459	3,045	3,045
Granted	976	976	1,059	1,059	1,275	1,275
Forfeited	(148)	(148)	(132)	(132)	(220)	(220)
Cancelled					(9)	(9)
Exercised	(813)	(813)	(756)	(756)	(632)	(632)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	3,645	3,645	3,630	3,630	3,459	3,459
Weighted average fair value - granted \| £	£ 99.29		£ 83.28		£ 60.12
Ordinary shares \| AstraZeneca Global Restricted Stock Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	2,469	2,469	2,028	2,028	1,626	1,626
Granted	1,185	1,185	1,237	1,237	902	902
Forfeited	(187)	(187)	(190)	(190)	(158)	(158)
Cancelled					(1)	(1)
Exercised	(570)	(570)	(606)	(606)	(341)	(341)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	2,897	2,897	2,469	2,469	2,028	2,028
Weighted average fair value - granted \| £	£ 108.22		£ 91.67		£ 68.93
Ordinary shares \| AstraZeneca Restricted Share Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	233	233	255	255	161	161
Granted	208	208	75	75	139	139
Forfeited	(20)	(20)	(25)	(25)	(18)	(18)
Exercised	(86)	(86)	(72)	(72)	(27)	(27)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	335	335	233	233	255	255
Weighted average fair value - granted \| £	£ 111.35		£ 98.94		£ 74.15
Ordinary shares \| Astrazeneca Extended Incentive Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	259	259	282	282	300	300
Granted	71	71
Forfeited	(8)	(8)	(23)	(23)	(18)	(18)
Exercised	(107)	(107)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	215	215	259	259	282	282
Weighted average fair value - granted \| £	£ 117.48
ADR shares \| AstraZeneca Performance Share Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	5,724	5,724	5,178	5,178	4,791	4,791
Granted	2,071	2,071	2,339	2,339	2,082	2,082
Forfeited	(437)	(437)	(570)	(570)	(494)	(494)
Exercised	(1,470)	(1,470)	(1,223)	(1,223)	(1,201)	(1,201)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	5,888	5,888	5,724	5,724	5,178	5,178
Weighted average fair value - granted \| $		$ 59.95		$ 55.73		$ 41.56
ADR shares \| AstraZeneca Global Restricted Stock Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	11,683	11,683	9,541	9,541	9,175	9,175
Granted	6,343	6,343	6,478	6,478	4,509	4,509
Forfeited	(1,417)	(1,417)	(1,627)	(1,627)	(1,254)	(1,254)
Cancelled	(3)	(3)	(3)	(3)	(8)	(8)
Exercised	(2,738)	(2,738)	(2,706)	(2,706)	(2,881)	(2,881)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	13,868	13,868	11,683	11,683	9,541	9,541
Weighted average fair value - granted \| $		$ 65.38		$ 61.21		$ 47.75
ADR shares \| AstraZeneca Restricted Share Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	678	678	763	763	506	506
Granted	436	436	216	216	481	481
Forfeited	(59)	(59)	(136)	(136)	(42)	(42)
Exercised	(288)	(288)	(165)	(165)	(182)	(182)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	767	767	678	678	763	763
Weighted average fair value - granted \| $		$ 65.37		$ 63.35		$ 53.96
ADR shares \| Astrazeneca Extended Incentive Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	195	195	195	195	65	65
Granted	95	95			175	175
Forfeited					(45)	(45)
Cancelled	(34)	(34)
Exercised	(9)	(9)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	247	247	195	195	195	195
Weighted average fair value - granted \| $		$ 74.78				$ 56.83

Employee costs and share pla_11

Employee costs and share plans for employees - Alexion employee share award plan (Details) - Alexion employee share award plan	1 Months Ended	12 Months Ended
	Jul. 31, 2022 USD ($) EquityInstruments	Dec. 31, 2023 EquityInstruments	Dec. 31, 2022 EquityInstruments	Dec. 31, 2021 USD ($) EquityInstruments
Share plans
Weighted average fair value at measurement date, other equity instruments granted \| $	$ 65.62			$ 57.54
Number of other equity instruments outstanding in share-based payment arrangement		3,022,000		15,220,000
Number of other equity instruments exercised or vested in share-based payment arrangement		2,060,000	8,627,000
Number of other equity instruments forfeited in share-based payment arrangement		531,000	980,000
Number of awards deferred from employees accepting deferral option	1,780,000
Number of additional awards granted from employees accepting deferral option	267,000
If employee chose to defer awards
Share plans
Additional vesting as percentage of deferred shares	15%

Commitments, contingent liabi_3

Commitments, contingent liabilities and contingent assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments
Contracts placed for future capital expenditure on Property, plant and equipment and software development costs not provided for in these financial statements	$ 1,368	$ 502	$ 388

Commitments, contingent liabi_4

Commitments, contingent liabilities and contingent assets - Research and development (Details) $ in Millions	Dec. 31, 2023 USD ($)
Future potential research and development milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	$ 10,971
Future potential revenue milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	20,195
Due within one year \| Future potential research and development milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	1,256
Due within one year \| Future potential revenue milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	43
Years 1 and 2 \| Future potential research and development milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	3,798
Years 1 and 2 \| Future potential revenue milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	491
Years 3 and 4 \| Future potential research and development milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	1,764
Years 3 and 4 \| Future potential revenue milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	2,400
Years 5 and greater \| Future potential research and development milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	4,153
Years 5 and greater \| Future potential revenue milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	$ 17,261

Commitments, contingent liabi_5

Commitments, contingent liabilities and contingent assets - Environmental costs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Environmental costs and liabilities \| Minimum
Commitments and contingent liabilities
Estimated financial effect of contingent liabilities	$ 114	$ 113	$ 99
Environmental costs and liabilities \| Maximum
Commitments and contingent liabilities
Estimated financial effect of contingent liabilities	191	188	165
Environmental
Commitments and contingent liabilities
Provisions	$ 112	$ 131	$ 90

Commitments, contingent liabi_6

Commitments, contingent liabilities and contingent assets - Legal proceedings (Details) $ in Thousands

1 Months Ended

2 Months Ended

12 Months Ended

36 Months Ended

Jan. 31, 2024 patent

Dec. 31, 2023 USD ($)

Oct. 31, 2023 USD ($)

Jan. 31, 2023 patent

Dec. 31, 2022 employee

Jul. 31, 2022 entity

Apr. 30, 2022 USD ($)

Jul. 31, 2020 USD ($)

Aug. 31, 2017

Dec. 31, 2023 plaintiff

Dec. 31, 2021

Dec. 31, 2019

Dec. 31, 2021

Dec. 31, 2023 lawsuit

Jun. 30, 2023 USD ($)

Aug. 31, 2019

Oct. 31, 2012

PARP Inhibitor Royalty Dispute